Category: Leadership

You must understand your clients to operate and scale your business successfully. That is why it is essential for any company providing products or services to conduct user research. The feedback helps lay the foundation for your design strategy and create products that your clients will love. 

So, what is user research, and how can it help you scale your business? It is the process of utilizing user research methods and questions to identify areas where a business needs to improve in providing products or services to enhance user experience and satisfaction.

The primary factor businesses need to pay attention to when conducting UX research is observation, understanding, and analyzing. 

Observe your subject: 

You must always keep an eye out for non-verbal cues as they give you an insight into how they are feeling about your product and services.

Understand:

You need to understand their mental capacity. For instance, their expectation of the products and their anticipation when using a product.

Analysis:

From the information you’ve gathered, try and identify patterns and trends. These are the things that will guide your design strategy for upcoming products.

With that in mind, what are the best user research methods and questions to use to get the best feedback? 

Once you have understood the primary factors to consider and have concrete information then you can proceed and conduct User research to grow your business.

There are several UX research methods. These include:

• Usability Testing
• User interviews
• Online surveys
• User Personas
• User Groups

As a business, it is wise to implement all the research methods. Conducting various research studies will give you a clear indicator of your market perception from customers. The type of user research method you opt for depends on your overall research objective. You will also need to understand the difference between qualitative and quantitative research.

Qualitative research explores the reason and motivation behind user actions and involves applying methods such as usability testing, user groups, and user interviews. 

On the other hand, quantitative research involves gathering measurable data such as how many items were purchased or the number of visitors who put your product on their wishlist. Having understood the definitions let’s dig deeper.

Suppose you are looking to grow your business, it’s advisable to apply both methods. In this article, we will discuss usability testing methods and their benefits to businesses.`

What is Usability Testing?

Usability Testing is when users test a product to make sure that everything is working as expected. Your product should be working from start to finish. Usability testing helps you identify issues that may arise as your product is in use. It helps you identify potential pain points before launching the product.

Most businesses recruit people to test their products by asking them to complete certain tasks in the presence of observers who watch, listen, and take down notes. You should start testing your products early and continue testing until the launch date.

The main goal of usability testing is to pinpoint any problems, collect qualitative data, and determine users’ overall satisfaction with the product. It also helps businesses learn what areas they need to improve to enhance user experience and satisfaction.

However, there are numerous usability testing software and platforms, so companies should always choose the best for their specific needs. This ensures that you get helpful feedback from your user research to help grow your business.

What are the best practices when performing usability testing?

Use a minimum of five to eight test users:

Testing with five users will help you identify the largest percent of the product usability issues. You will have an unbiased opinion from the majority of the test users who will be a representation of how your product will be received in the market.

Involve your team in the testing sessions: 

Since you will hold several testing sessions until you can launch the product, let your team involved with the production, such as the developers or designers, be a part of the testing team. This is because they have the expertise and will quickly identify and suggest how the problems should be addressed.

Your employees should be the first people to test the product. They are dedicated to their work and can identify pain points fast. They are also aware of emerging issues in the industry and can suggest ways to better the product.

Keep your findings short and to the point: 

After each usability test, make sure to report the results and focus on the most important ones. In most cases, people pick the top three positive comments and three product problems.

So, this is how businesses should conduct usability testing:

1. Identify the products you need to be tested and why. For example, it can be a mobile application or a website.
2. Identify your target market
3. Create a list of tasks you want your test subjects to work through
4. Recruit the right participants/ test subject. Ensure that they are a representation of your target audience. It is best if your participants comprise some of your most active and loyal users, infrequent users, and those who have signed up for trial at one time or another. 

When you evaluate the data from each of these three groups, you will find out the changes you need to make to scale your business.

5. Choose the right people from your team
6. Apply your findings

You will always get helpful feedback from your participant only if you apply the right usability testing tools.

How does usability testing benefit your business?

Usability testing has a ton of benefits for any business, from startups to large corporations. It is helpful in all levels of the company as it helps you provide an improved product experience for your future clients. It also helps ensure that your participant completes the tasks in a reasonable timeframe.

Through usability testing, businesses can identify the changes that need to be made to their design and implement the tests’ feedback. It also provides them with an unbiased opinion about their product, real-time and authentic reactions of the participant as they browse through your product.

User Questions

After identifying your UX research method, the next step is to develop user questions. User questions are also known as a maturity assessment, help you to measure the maturity of your users in or more areas. Your questions should be based on why you are conducting business research; in this case, you want to scale your business. Some of the questions you could ask your target audience include:

1. How did you discover our business?

The feedback from this question will help you figure out how most of the people or businesses using your products find you. It will also help you determine the most effective channels of acquiring clients because you will only grow your business by getting more users. 

Once you know where most of your customers come from, this enables you to save on your advertising costs on other platforms and focus more on where the jackpot is. 

You can further get accurate information by using your customer relationship management (CRM) to determine the channels that have brought you the most customers.

2. How would you feel if our business or products were discontinued?

This question is to determine your market reach and fit. If your business is well received in the market, 40% of your participants should be disappointed if your products get discontinued. Provide a field where they can give a lengthy response and say why they would feel that way. However, if your market fit is less than 40%, use the feedback to improve your products and services. 

3. What would be your alternative product or business if ours is no longer available?

This question will help you determine who your competitors are and what you need to do better than them. 

4. How has our business or product benefited you?

This will help you determine the main benefits your clients derive from your products. It also clues you how your products or services benefit your users if you were unaware.

5. Have you recommended our business or product to anyone?

This will show you how good your products are and how clients describe your products or services to others.

6. How or where do you think we should improve to meet your needs better?

This is the most important question during user research as it gives you an idea of where you are falling short, allowing you to fix the gap, thus improving user/product-market fit. The insights gathered from user research methods and questions will help businesses make informed decisions about improving their products and services to accommodate their clients’ needs better. 

It will also help them determine where to direct most of their company resources to capture and retain loyal, infrequent, and prospective users, thus growing their business.

Final Thoughts

Business success is tied to customer satisfaction. So, conducting user research will give you insight into how your products or services are perceived in the market and the areas you need to improve to attract and retain a good customer base.

Running a successful business is not a walk in the park. There is a lot of info that you require to be able to manage a business and conducting user research is a very critical part you should pay attention to. You need to ensure that you carefully select your UX research method and prepare your interview question based on your goals. With the above information, we have shared we hope you will have an easy time when conducting your user research.

Pay stubs show how much you’ve earned and how much is being deducted from your salary. They include all sorts of information that can validate your identity and your income. In this article, you will learn everything you need to know about a pay stub, also known as a payslip, as well as everything that a pay stub can be used for. 

What Is A Pay Stub?

Pay stubs are, quite simply, documents that show your salary. However, they include far more accurate and detailed information than a simple bank transfer or statement. Most employees are paid via bank transfer – over 91% in the US – but many still receive a physical pay stub. 

In the past, most Americans were paid via a physical paycheck, which they then had to take to a bank to pay into their account. In those days, the paycheck pretty much always came with a printed payslip. Since the dawn of electronic banking, however, fewer and fewer companies provide pay stubs.

Who Is Responsible For My Pay Stub?

As mentioned, it is the responsibility of an employer to ensure their staff receive the right pay and, in some cases, a physical pay stub. However, it is only a legal requirement in 11 states. In 26 others, it is a legal requirement for employees to be able to access online records to show their pay is accurate, while in the rest there are actually no laws regarding pay stubs. So, depending on where you are, there may be no legal requirement at all for your boss to share a physical or digital pay stub with you.

Self Generate Pay Stubs

If your employer does not generate pay stubs for you, there is an alternative. You can generate a pay stub yourself using an online service. These services allow you to enter various details including your state, salary, and net pay to generate a new pay stub. This can come in really handy for various reasons – many of which will be discussed shortly. 

Alternatively, most employers’ accounting teams will be able to create a payslip for you. Though, as mentioned, that is not always an easy task. If they feel they have no responsibility to do so, it may be far quicker for you to use an online generator instead. 

Information On Pay Stub

A pay stub includes a lot of information, all of which is designed to show that you are being paid the right amount as well as being deducted the right amounts. Firstly, a payslip needs to include all the right personal details for yourself. This includes your name, address, employee number, and a few other details to verify your identity.

Secondly, a pay stub must show everything you have earned. This includes base salary, hours worked, and any overtime. This section also needs to show if you have lost any of your salaries due to sickness or absence. 

Finally, a payslip has to include any deductions being taken from your account to show your net pay. These deductions can be salary sacrifice schemes such as pensions or benefits, while also showing your tax payments and any employee insurance contributions. At the end of all of this data, you will be able to see your net pay for each pay period as well as your overall yearly gross and net pay.

Pay And Taxes

Your payslip must show your taxes, both federal and state. Federal tax changes depending on which tax bracket you fall into. At the low end, you will pay around 10% of your income as federal tax, increasing incrementally up to 37% depending on your income. A pay stub is a great way to double-check that you are paying the right amount in both this and state tax. 

State and local taxes are worked out differently depending on where you live. Many have brackets, too, just like federal taxes do. But, the amounts massively vary depending on your state. Some local areas have local taxes, which are usually smaller amounts to help pay for certain local services.

Other Deductions Shown

There will be other deductions on your payslip aside from taxes. Some of the most common ones include pension payments and payments to certain benefits such as medical or insurance. Once again, getting a physical or digital copy of your payslip allows you to be able to check that your deductions are fair and accurate and that all your earnings are going where you expect them to be going.

Pay Stubs As Proof Of Income

One of the most valuable uses of a payslip as an individual is proof of income. There are a wide variety of situations where this could be important, from buying or renting a home to applying for a loan. All sorts of lenders could ask for proof of income. A pay stub is the most definitive and obvious way that you can show your quoted income is valid and truthful.

Some of the most common needs for proof of income are housing, car leases, or finance applications. A landlord, for example, is highly likely to request proof of income before they allow you to rent their property. A car dealership, too, is more than likely to require adequate proof of income to show you can afford to keep up with payments on your chosen vehicle. 

Pay Stubs For Unemployment

There is one final, more unfortunate use for a pay stub. Often, you may receive a final pay stub at the end of any employment. This could detail your final pay and deductions and show that you are no longer employed. These can be essential when claiming unemployment benefits, should you need them. Either way, getting that final pay stub is important, as you can triple-check that you have paid the right taxes during your employment term.

As you can see, pay stubs are more important than many give them credit for. In fact, it’s crazy to think that they aren’t important. Knowing that you are being paid the right amount and, in turn, paying the right amount out of your payslip are very important things. If you have any doubts, get a copy of your pay stub ASAP.

With the pandemic lockdowns in 2020, companies were forced to adapt to remote work protocols where possible, or close down operations. For companies that were able to successfully transition to a remote workforce, there were certainly positive benefits, but there have also been complications as well.

One of the complications is employee relocation, whether it’s the company asking a new hire to relocate, or an employee asking to relocate. Both situations have different complexities, but we’ll address both in this article, and give you 3 tips on successfully navigating employee relocations during the pandemic.

Be helpful to the employees travel plans

Companies used to pay lump-sum relocation packages to employees, but this strategy has shown to cause extra stress to employees’ lives, lowering productivity. If at all feasible, you should be there for them throughout the procedure.

Housing is one of the most stressful aspects of relocating. If your employee is a homeowner, you’ll want to do all you can to make the process of selling their property as painless as possible, which includes finding a buyer as quickly as feasible.

When you try to set up staff for employment in new states, you’ll be adding a lot of work to your plate and causing a lot of disturbance. Businesses can utilize the services of specialized employee relocation companies to streamline the process and take care of a lot of the paperwork and needful things. You can check out a helpful employee relocation guide from one such company.

Relocating during a pandemic has its own unique challenges. While some employees are willing to relocate, they expect their employer to provide assistance. 82% of respondents expect living assistance in either the forms of moving expenses (60%), a lump sum (60%), or temporary living expenses (54%).

In a 2020 DSJ Global survey, 69% of respondents in the United States said they would relocate to a different place within the country for the proper job. COVID-19 has also been a big influence in Americans’ propensity to relocate, as seen by studies indicating that 35% of people would migrate for this reason.

Make sure safety protocols are followed for travel

Your employees’ safety is your first responsibility during this epidemic. Because it’s likely that they’ll want to avoid flying or taking the bus, you could want to supply them with a rental car if they don’t already have one.

You must be prepared to give allowances for their stays if they stop anywhere overnight, depending on the route. Keep in mind that if they bring their family with them, you’ll need to set up more money for them.

Be mindful of out-of-state work taxes and labour laws

When an employee works outside of the state or states where the company does business, it creates a physical nexus, making the employer liable to the tax regimes of that jurisdiction. State income taxes, gross receipts taxes, and sales and use taxes might all apply to employers. Taxes levied at the city or county level may be relevant.

Being subject to state and local taxes generally requires both the preparation and filing of tax returns, and the payment of taxes

According to Cincinnati-based law firm Taft Stettinius & Hollister, certain states have temporarily disregarded the development of a business nexus for state taxes for COVID-19-related remote labor on behalf of out-of-state employers. However, out-of-state employers may be required to withhold state income taxes from remote workers who live in these states.

How can you adapt to employee relocation requests?

Businesses throughout the world have had a challenging year, but the most successful ones have adapted to their new circumstances. While struggling to adapt to remote work protocols, it created extra complications when employees suddenly thought they could work from literally anywhere.

Great businesses are able to strike a balance between the demands of the company and the requirements of its employees, which sometimes necessitates accepting and managing risk.

Before approving relocation plans, check with human resources to ensure that workers’ relocation plans will not violate any regulations or exceedingly burden the company with paperwork.

There have been situations where once telecommuting became normal, employees simply casually asked to be able to move further away from the office, and travel to the office would be unnecessary. HR later discovers that this employee relocated to a new state or nation, and the situation is far more serious than the immediate supervisor knew, because of tax regulations across state lines.

If the employee is relocating for personal reasons and it is not something the company is requesting, there is very little moral dilemma over offering a relocation package.

If you are in the process of establishing your new agency, you are most likely encountering difficulties every step of the way. This is totally normal, and every new agency has to make big decisions on everything from branding to client outreach to core services. One of the most important choices that every agency owner has to make very early on, is what kind of pricing model their agency will implement. Pricing has a huge impact on every aspect of a business, including your customer satisfaction and your agency’s profitability. Your pricing model has to align with your agency’s capacity, long-term goals, and the ability of your team to deliver quality service at a particular price. 

To help all the new agency owners take a major step forward, here are some popular pricing models you may want to consider. 

Freemium Pricing

If you are just starting up, this strategy is great for attracting new clients and growing your agency. Freemium pricing means that you will offer your customers some part of your features or services for free, expecting that some of them will become return customers. For example, if you are establishing a digital marketing agency specializing in ads, you can offer some free copy and visuals, and run a trial ad to show your client how effective your marketing solutions can be for growing their business.

Value-Based Pricing

If you believe your agency’s services or products are a unique or extremely effective solution, you can apply value-based pricing. In this strategy, you will look at the actual value your service brings to the customers, and then calculate the pricing as a function of that value. This is a useful model and implementing a value based pricing strategy for digital agencies can help you to make some major profits. The normal starting point for value-based pricing is to set your price at around 10% of the value you expect to provide to the customer. For example, if you expect your SEO strategy to bring in $10,000 for your client, you can offer your service for $1,000.

SaaS Pricing

SaaS stands for “software as a service”, which is perfect if you have an online platform or a digital solution that the customer can use long-term as and when they need it. In this case, you can price periodically through a subscription or membership fee so that clients have the right to use your software. Unlike traditional software models where you charge one time for your license, this model offers you the opportunity to build your brand image and generate returning profit.

Competitive Positioning

Setting your prices based on your competitors’ is always a reasonable starting point. There are different strategies such as undercutting their price to offer a similar service or product or pitching at a higher price with the angle that your service or product is markedly superior. It is important that you do thorough competitor and customer research so that you can get this approach just right. 

The Razor Blade Model

As its name suggests, this pricing model was popularised by razor blade brands. Essentially, razor blade companies sell their handles for a low price and then sell their actual razor blades at a premium price. As an agency, you can apply this method by setting low prices for your ad copy or articles and then putting a premium on your extra services without which the copy or articles will not be effective. 

Tiered or Goldilocks Pricing

If you plan to target different demographics of potential customers, you may want to consider a tiered or goldilocks strategy, where you offer several pricing options, depending on the complexity of the work you are providing. This will start with a basic service package at a lower price all the way up to the most exclusive package which you charge a premium for.  This is also a great model for educating your customers so that they can increase their knowledge and use of the service, and upgrade their plan over time. 

A One-Time Fee

With a one-time fee, as you may have guessed, the customer pays one time for your service. This may be a lifetime contract, but more commonly, it is a yearly contract. This is a good pricing model if you are looking to increase a client’s online presence, where your team will take care of their social media and website, run their online customer service, and implement their internal communication plan.

Per Use/Seat Pricing

If you have a solution and aim to target big corporate groups, this is the option for you. Per-use pricing is similar to SaaS pricing, but instead of paying periodically for unlimited use of your platform, the client pays per seat. That means the customer has to pay for every company in their group that wants to use your service.

Enterprise Pricing

Not all of your clients will fit into your regular standard option plan, as some of them may be larger and come with a bigger budget. This is when you can apply enterprise pricing, where you calculate an ad-hoc price for that specific client for a predetermined period (usually a year). Once that year is up, both parties can then review the price based on the results.

Cost-Based Pricing

Many businesses implement a cost-based pricing strategy, where they analyze the actual internal workload, and then base the price on that work. For example, if the internal costs of a project are expected to be  $1,000, you can level that up by 100% and charge your client $2,000.

There is a lot of work that goes into deciding the right pricing strategy. From analysis and customer insight research to tiered pricing levels, there is often no one size fits all approach. Even after you have chosen the pricing model for your agency, you will still need to execute it effectively. Your pricing strategy may need to change during the lifetime of your agency, so it is crucial that you are constantly reviewing it. When writing your pricing page, try to tell the story of how valuable your service is and why signing up for your agency is worth every penny.

That huge client payment has just arrived, and you get tempted to take the money out and waste it on new gadgets and accessories, but wait a minute. If you want more such huge payments coming your way, postpone your shopping spree and reinvest the money in your company. A long-term investment is a way to go, and the tips we will discuss in this blog will help you set yourself up for more windfalls in the future.

Nine Strategies For Investing Income For Sustainable Growth

1. Business Improvement

Most entrepreneurs reinvest their initial profits, and your company should be no exception. The secret to reinvesting is to have a solid plan in place rather than committing a specific percentage of your earnings. Your reinvestment activities should be consistent with your current strategy.

The majority of company owners chose to reinvest their earnings in business enhancements such as facilities, machinery, streamlining business processes, or seeking ways to improve the customer experience. These tactics are practical because they will boost your earnings in the long run, allowing you to grow your business operations.

If you are willing to take risks, trading with some portion of your money can be a wise choice as it can give you a return in the near future. However, investment or trading needs to be done wisely. To help you on this, CommSec is the best platform to explore. It is a leading online retail broker based out of Australia that helps traders by making use of various trading tools and deep market research. 

But don’t go just by my words. Feel free to check the CommSec review covering details on its forex spreads, trading leverage, deposit & and withdrawal, user experience, and more before making up your mind to invest through this platform.

2. Digital Marketing

When done correctly, digital marketing is still a profitable investment. Many startups hold off on making significant marketing investments for several months. Sometimes it’s because they don’t know where to begin. Investing in success metrics is a no-lose proposition. Keep track of the promotions and make necessary changes. Consider hiring a marketing firm if you have no experience.

3. Invest In Your Team

Building a more robust workforce will help the business run more smoothly, increase productivity, and foster a company culture that attracts hard employees. As the business expands, you can add rewards packages and other discounts. Investing in your workforce from the beginning will help you minimize turnover. Remember that replacing a missing employee costs a lot of money – on average, six to nine months of pay.

4. Invest In Yourself

Look for opportunities to develop your subject matter skills. Many startups, for example, are led by people who have an eye for creativity but don’t know how to handle people. It is one of the most often leveled charges against founders. Management or basic business operations classes can be highly beneficial for people who do not have a structured business experience.

5. Hire Help

To that end, entrepreneurs are prone to attempting to wear all of the company’s hats. Recognize when you need assistance and ask for it. New hires will have the technological expertise and know-how you need to keep the business running smoothly. It is one of the best long-term investments you can make.

6. Consider Coaching

If you’re unsure how to build your strategic plan, consider hiring a career coach with some of your earnings. These experts will advise on corporate leadership, developing a strategic plan, communicating with investors, and dealing with employee conflict, among other items.

7. Outsource Your Least Favorite Tasks

We’ve all got a dreaded job that saps some of the fun out of running a company. For others, it’s balancing the books or processing payroll. Others are responsible for evaluating and monitoring the effectiveness of marketing campaigns or creating material for the business site. Fortunately, the majority of these can get delegated to third parties. Find a competent person and entrust the job to them.

8. Create A Cash Buffer

While it is interesting (and necessary) to reinvest in your company, make sure you have enough cash to deal with any problems that may arise. Even if the company’s insurance policies cover disasters and catastrophes, having some cash on hand for when you need it is always a brilliant idea.

9. Don’t Diversify Too Early

Many aspiring entrepreneurs make the mistake of diversifying their investments too soon. 401k plans are fantastic, but you should be putting those funds to better use in your company. Stocks and bonds are significant, but so is the creation of your empire. Start with what you know when investing your profits. Since no one knows your company better than you, it seems like a natural place to start.

You can add diversification and 401ks plans later. For the time being, enjoy your earnings by reinvesting them in the fruits of your labor. Take care of your staff and clients, and your income will rise more organically. With enough time and money, you’ll be able to open another location or enter a new market. Investing is still a wise business decision.

Bottom Line

Growing a business entails more than just creating and selling quality goods. It is all about developing the structures and processes regularly. From purchasing new goods and equipment to training new employees, any investment you make strengthens the base of your company, allowing it to make money in the future. Prioritize the investments you would make now so that we can toast your yacht in the coming years.