How to Determine Optimal Pricing for Your Products or Services

In September of 2019, Apple unveiled the iPhone 11, featuring a dual-lens rear camera, automated night mode, and built-in support for vision, hearing, and mobility.

One of the biggest surprises of the iPhone 11 was not its technical features, but its price. The iPhone 11 started at $699, down from the iPhone XR’s previous price of $749, and signaling one of the biggest year-on-year reductions in iPhone history. Apple also implemented $150 cuts on products like the iPhone 8 and the Apple Watch. Tech specialists were quick to comment:

“The biggest news from the Apple launch was the price cut for iPhone 11,” Chris Caso, an analyst at Raymond James and Associates, wrote in a note to investors. “We view this as an admission that Apple stretched too far with the price points at last year’s launch.”

Apple executives were not afraid to adjust pricing to current customers, especially knowing it may encourage upgrades or woo digital streaming subscribers. Lowering prices also increased the likelihood of up-selling related products: people who buy iPhones are far more likely to purchase iPads or AirPods.

Pricing that is “Just Right”

What is the best strategy for pricing the products or services you sell?

At first glance, this question seems pretty straightforward. But in reality, pricing is an art. Pricing well can enhance sales and create a prospering business, while the wrong approach can alienate customers and give competitors the edge.

There are a variety of pricing strategies in business, with some psychological influences in the approach you take. Here are four models to consider.

1. Cost-Based Pricing

The most straightforward pricing strategy is “cost-plus” pricing.

This involves calculating the total costs it takes to make your product, then adding a markup to determine the final price. This method is simple, fast, and lets you quickly add a profit margin to any product.

2. Market-Oriented Pricing

Market-oriented pricing starts from a cost-based perspective but adjusts pricing up or down with an eye on the competition and the customer.

For example, after comparing your products to similar items on the market, you can consciously price your products higher and brand your products as “best-quality” or “better performing.” Conversely, companies that price products low can lure more customers or sell large volumes that easily compensate for slim profit margins.

3. Discounts and Markdowns

Discount pricing is a strategy where items are initially marked high but then sold at a seemingly reduced cost to the consumer. 

This can be especially effective during seasonal demand, inventory liquidation, or when marketing to value-oriented purchasers.

4. Flex Pricing

Flex pricing (or dynamic pricing) allows businesses to manipulate sales based on current market demands.

Flex pricing is at its best on big retail days like Black Friday or Cyber Monday, but can also be linked to timebound marketing strategies. Similar to what many sports teams and airlines do with ticket prices, you can manipulate prices up or down in a timebound fashion.

Coupons are another way to discretely provide dynamic pricing to a subset of prospects or customers. This allows you to attract new users or build momentum during seasonal promotions while remaining profitable.

Dynamic pricing can be challenging but worthwhile. In 2013, Walmart used flex pricing to change the prices of its products almost 50,000 times a month, and with this pricing model, its global sales grew by 30 percent!

Adjust as You Go

You have a great deal of flexibility in how you set prices.

And the good news is this: there is no surefire method to pricing things “just right.” Consider the current pandemic situation, your target customers, eyeball the competition, and hone your marketing to match the pricing strategy you pursue. Experiment, adjust, and see what works for your business.

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Five Strategies to Use Your “Quaran-TIME” Effectively

Mike Turner founded the Front Street Brokers real estate firm in 2005, with a desire to offer distinctive client experiences, to equip agents for the maximum efficiency and profitability, and to devote significant firm resources to a local, philanthropic focus.

After three years, Turner’s firm experienced a significant slowdown during the 2008 financial crisis. This was a time of immense strain, especially when scheduled closings dried up before his eyes:

“In that time period, we had 10 real estate transactions scheduled to close, and nine of them fell through for unforeseeable reasons,” Turner said. “All of a sudden, $100,000 worth of business income that we were dependent upon [was] gone.” 

Turner faced difficult choices in this season, and many of us are facing similar decisions in today’s COVID-19 crisis. Today, Turner says that while change is inevitable, he knows we still have a choice. Will we allow unforeseen challenges to drag us downstream, or will we improvise to find a way across the river?

Five Strategies to Use Your “Quaran-TIME” Effectively

Anyone can become a victim when change comes fast and forcefully.

Sudden change is scary, and though we may not be able to swim upstream, we can still strategize and seek active growth. What are some ways your business can grow during this difficult period?

Use Social Media to Connect with Customers

Try a more animated touch through social media. If subscribers are opening your emails, they are expressing genuine interest. Take these customer relationships to the next level by including embedded videos or links to caring content you’ve posted on Facebook, Twitter, or YouTube.

Answer Questions or Position Yourself as a Helper

As you reach out to subscribers, ask if they have any questions or respond to challenges you know they have. Take an interest in the content they post as well – comment on it, share it with your followers, or start real conversations. Connecting to clients now will form a personal bond that lasts longer than the COVID-19 crisis.

Stretch Your Team’s Skills

When activity wanes, morale often follows. Invigorate employees by offering on-going education tools, professional mentoring within your team, or problem-solving workshops that mobilize groups to tackle some of your most ambitious goals. If your company lacks online meeting capabilities, this is a great chance to preview options like Zoom or Google Hangouts.

Do Some Spring Cleaning

While the pace is reduced, give focused attention to your internal atmosphere. Whether you need to spruce up workspaces or sort through old files, redeem the time by getting organized. This may also be a great time to refresh decor, business cards, or your website, or to involve your team in designing new content for newsletters and videos.

Express Gratitude

In hard times, a warm word goes a long way, and this can shift your own perspective from negativity to hope. Take time to say thanks to customers with handwritten notes, personal videos, or future discount options. Whether you plan a summer reunion party or make appreciation phone calls, prioritizing gratitude will make you a better entrepreneur in the long run.

Change Course, but Don’t Quit!

They say that genius is just persistence in disguise.

In tough times it’s ok to be discouraged, but it’s not ok to quit. Be proactive in this season, and keep taking the steps you can to inch ahead. New paths are, by definition, uncleared. But persistence and positivity are your most valuable assets as you journey toward hope.

Is Direct Mail Safe During COVID-19?

In fast-moving and uncertain situations, communication can be a challenge.

While you may have been temporarily stalled by the dramatic changes of the last month, now is the right time to be proactive in your customer connections. Crisis communication specialists tell us that, in hard times, communicating early and often is crucial.

The decisions you make now are essential for your business to survive today and to thrive later on.

Why Direct Mail is Still a Trustworthy Source

Reports of postal workers testing positive for the novel coronavirus may have raised some concerns that the pathogen could live on letters and packages, potentially exposing people to infection just from opening their mail or packages. But the U.S. Postal Service has assured us that the mail is still safe:

“There is currently no evidence that COVID-19 can spread through the mail,” the postal service said recently, alluding to the disease caused by the virus and citing the U.S. Centers for Disease Control and Prevention and the World Health Organization. 

Most businesses are still mailing at this time, but if you have questions about direct mail marketing, you are not alone. It’s important to be ready with answers for your customers, preferably from reliable sources like the Center for Disease Control:

“Although the virus can survive for a short period on some surfaces, it is unlikely to be spread from products or packaging that are shipped over a period of days or weeks at ambient temperatures,” says the CDC. “Currently there is no evidence to support transmission of COVID-19 associated with [mail and packages] and there have not been any cases of COVID-19 in the United States associated with imported goods.”

Because the virus is not spread through the skin, but through the respiratory tracks, any contact with mail or packages is not an immediate danger. Regular hand-washing and proper hygiene are the most important factors for mitigating any risk with envelopes, packages, or really with any contaminated surfaces.

What Kind of Mail Should I Send?

Since people are currently hungry for connection, there is no better time to lean into your marketing efforts.

But be sensitive in doing this, and offer messages of hope and relief. Dartmouth professor Paul Argenti offers these tips for communicating during a crisis:

Focus on What is Important to the Customer

For example, Target sent out a note from the CEO to customers, describing enhanced cleaning procedures and additional staffing for order pickup and drive-up services.

Provide Relief When Possible

JetBlue became the first airline to waive change and cancel fees for coronavirus-related concerns. The move went a long way towards reassuring current customers as well as bringing new ones on board. Insurance companies, in contrast, do not consider the coronavirus a valid reason for canceling a flight.

Focus on Empathy Instead of Pushing Sales

Be creative, but keep empathy in mind. Companies should reshape advertising and promotion strategies to be more in line with the current mood of the day.

Watch for Those Silver Linings

While we’re all in unfamiliar territory right now, everyone wants to support each other.

Businesses care about customers, and all of us care about economic recovery. Keep reaching out to your clients and remember that this is only temporary. While this situation won’t last, many positive outcomes will!

The lessons we learn today can make us more flexible, strategic, and more community-minded.

Leading with Empathy During Uncertain Times

COVID-19 is officially a pandemic, and millions of Americans are working at home.

Even if you aren’t sick, you feel the impact of this pandemic. As the coronavirus has spread across the globe, the CDC has made drastic recommendations on social distancing, self-quarantines, and statewide “stay at home” mandates.

Through this unprecedented season, what are some of the best ways to navigate your professional challenges?

“I Feel Your Pain”

Empathy is one of the best starting points.

Defined as “the ability to understand and share the feelings of another,” empathy allows you to comprehend what another person is experiencing or to put yourself in their position.

Empathy is the ability to perceive a situation from another person’s frame of reference, and possibly to experience the emotions that go with that. Empathy is different from just “being kind” because empathy is a powerful tool that allows you to truly understand points of view that are vastly different than yours. A person leading with empathy is more aware of overworked employees, overtaxed customers, or solutions that another person may overlook.

The benefits of empathy are huge. A recent nursing study showed that nurse managers who were perceived as empathetic could boost vitality and thriving environments in their teams. Empathetic leaders can communicate better with employees and customers, build bridges of trust, and can facilitate optimal employee performance and compliance. And this brings exponential gain: organizations with engaged employees have higher productivity, profitability, customer satisfaction, and loyalty.

Empathy in leadership can manifest in many ways with regard to the coronavirus response. Here are just three:

1. Be Calm

During any crisis, people need their leaders to remain calm and to empathize with their thoughts or feelings.

While you may not share the emotions of your customers or employees, it’s ok to acknowledge feelings of anxiety or stress. When possible, share resources that promote facts, not fear (like information from the World Health Organization or the Center for Disease Control), in order to help people intellectually interpret the outbreak.

2. Be Flexible

With many people working from home (with kids in tow!), some employees may struggle.

Leaders should be considerate of missed deadlines, unforeseen health emergencies, and emotions bubbling near the surface. Remember, things are not “business as usual,” and special times require special considerations. Above all, flexible managers are consistently leading AND responding. Simply directing employees to available support resources can make a huge difference.

3. Be Available

Not everyone is empathetic by nature, so this is a great time to check your own heart.

Examine yourself daily and ask: Am I really listening? Am I taking in others’ points of view? Ask for feedback from people you trust or solicit comments through neutral channels. Or set up work-from-home chats where people can share tips, information, advice, or inspiration as everyone adjusts to a new normal.

Natural routines can also go a long way toward building confidence – consider morning huddles, or regular conference call “office hours” to offer an open door for people in their most vulnerable moments.

Be Positive and Proactive

Still not sure how to show grace?

Perhaps the best strategy is to change your perspective. Instead of prioritizing outcomes or objectives, use this time to focus on your own leadership. Ideally, you should be a coach, a therapist, a sounding board, and a support system to your employees. Allow people to chat candidly and comically, and make room for a few failures.

Create margin during this roller coaster, and everyone will benefit!

Ideas for Paying Employees When Finances are Tight

The coronavirus has rattled the world, and while the health consequences are dire, the economic fallout could be worse.

In just one week, from March 7 to March 14, initial unemployment claims jumped by a third, rising from 211,000 to 281,000. And while we don’t know whether workers have been laid off or furloughed, we do know that lost jobs are bad for families, employers, and the nation.

Job losses translate into increased federal spending and a slower response to unemployment claims, and those businesses that have to hire or train new employees down the road will undoubtedly take a financial hit later. Even if it’s difficult, your business can benefit by keeping employees on payroll and by modifying your business plan.

What might this look like? Here are some options to consider:

Lower Overhead Expenses

The most effective response to financial pain is to freeze spending wherever possible.

This may mean holding off on new investments, eliminating projects where costs exceed value, or re-proposing previously rejected cost-savings ideas. Want a more comprehensive guide to cutting costs? Check out this article from the Harvard Business Review.

Consider Alternative Financing

While borrowing may not have previously been in your plans, the Small Business Association is working directly with state governors to provide targeted, low-interest loans to companies that have been severely impacted by COVID-19.

The SBA’s Economic Injury Disaster Loan program may provide the vital support you need during this temporary loss of revenue. Other options to consider are family borrowing, hard money loans, or seeking a float loan from a customer or an external “angel investor.”

Liquify Assets or Discount Existing Receivables

How can you attain missing funds to pay employees in a crunch?

“Beg, borrow, or sell whatever you need in order to come up with the funds,” says Rod Jorgensen, the director of counseling at the Nevada Small Business Development Center. Whether you sell vehicles, buildings, or equipment, put every option on the table for consideration.

Donald Todrin, founder of the Northhampton, MA-based Second Wind Consultants, says taking as much as a 50 percent hit on your outstanding receivables may also be a wise strategy:

“If I’ve got $25,000 out on the street that I’m owed, I’d slash it down to $10,000 on a promise [that vendors] wire me the money today,” Todrin said. “Pay me half [of what you owe me] and I’ll wipe [the debt] out. And you raise cash instantly and overnight. Now you pay a price for that because that’s your overhead money, but you cover your payroll. You got to play for another day.”

Be Resourceful and Keep Employees in the Loop

If you know you are unlikely to make payroll, it’s essential to be honest upfront.

Proactive communication is crucial during a crisis. If finances are tight, tell people up front, starting with the natural hierarchy of company leaders and involving them in the process. Allowing leaders to inform their teams can soften the blow and make it easier to gather feedback.

And be creative. Teams that want to retain employees in extremely tight situations may consider shrinking paychecks across the board or ask the highest paid, top-level staff members to (electively) forgo paychecks for a short time so lower-level employees can still be paid. This spreads out income and grows confidence and unity in your staff.

People First

Though you may not be closing shop, many businesses will experience shortfalls in this season. Creative, sacrificial entrepreneurs will work hard to protect their most valuable asset: people.

4 Strategies to Curb Communication Breakdowns

They say that the only sure thing about communication is that we tend to get it wrong.

If communication between two family members is a challenge, how much harder is communication at work? Have you ever experienced a team “fail” like this?

  • After meetings, people don’t seem to know what was said or what’s coming next. It’s like the meeting never occurred.
  • After training on a new procedure, only one person recalls the protocol.
  • Following a brainstorming session, everyone assumes someone else is covering the “next step.” The ball is dropped, resulting in blame, disillusionment, and embarrassment.

Make Your Messages Stick

Everyone knows communication is critical to success.

To run a thriving business, employees, managers, and CEOs need to communicate clearly and effectively. Unfortunately, there are hundreds of short circuits in this process, which can result in angry employees, difficult HR situations, and lost profit.

What can you do to improve team communication? Here are a few suggestions from some of today’s best leaders:

1. Kick Silo Doors Open

Many teams work well together but fail to communicate with the larger organization.

Communication silos occur when people in different departments don’t collaborate or connect to the bigger company vision. Enon Landenberg, founder and CEO of tech consulting company sFBI, says this is common:

“It’s very possible for departments to focus too much on their own work and miss out on the big ideas that only come from collaboration,” Landenberg said. “Egos [can prevent] honest discussions about the quality of work, necessary improvements and fresh ideas.”

To avoid this problem, send weekly briefings to the entire company and regularly schedule time for divisions or leaders to connect on projects, questions, or suggestions.

2. Limit Email Communication

When employees receive too many emails, they will start forgetting and ignoring the information they receive.

According to Jeff Corbin, founder and CEO of APPrise Mobile, urgent messages should always be relayed by phone or in person. And when it comes to email conversations, Corbin says this:

“[I follow] the three-email rule: After three messages, we talk.”

Simplify not only the amount of email but the language you use. When technical jargon abounds, you increase the chance for errors because people can’t understand you!

3. Squash the Gossip

News travels quickly, especially if it’s bad.

Some rumors are just silly, but many contain an exaggerated seed of truth. Managers should address issues head-on rather than mopping up messes later. Even if you can’t share all the details, giving people a snapshot of the situation will build confidence and quiet dissension.

4. Lead Engaging Meetings

When people fail to listen, their minds are probably elsewhere. 

The burden of communication is yours, so make meetings concise and engaging. Share the purpose of a meeting immediately, and conclude with assignments and action steps. Train managers to share only the most essential information and to use stories to illustrate a point. (e.g. “Yesterday, I got a phone call from our largest shareholder, and guess what they said?”)

Megachurch pastor Craig Groeschel says this:

“Work to keep your meetings small and your communication large. Too many [leaders] make the mistake of including too many people in too many meetings. The purpose of the meeting determines its size and . . . [it is important to] keep the discussion moving. Maintain a sense of polite urgency, pushing hard enough to keep the meeting moving but not so hard that discussion and decision-making is rushed.”

Eliminating miscommunication can head off a whole host of problems, so be intentional and make improvements each day!

Why Custom Notepads are a Perfect Promotional Tool

Want to give your business a gift that keeps giving?

You can do this by giving gifts to other people. According to the ACI 2019 Impressions study, promotional products bring some of the highest rates of return on advertising, trumping all other forms of media. Consumers surveyed said they were nearly 2.5 times more likely to have a favorable opinion of promotional products compared to online advertising, and consumers under 55 preferred a promotional product message over EVERY other advertising medium (including print, online, or traditional mass media).

Data shows the average household in the U.S. owns 30 promotional items, which means if there are 120 million households in America, over three billion company logos are floating around at any moment!

Looking for a fun but practical promo gift for your clients and prospects? Custom printed notepads are a great, economical option. Notepads are designed for utility and flexibility, meaning people can take them anywhere and will certainly use them. Since notepads are durable and easy to distribute, they’re great for trade show giveaways, sales rep gifts, presentation folder inserts, or fridge magnet marketing.

Making the Most of Your Custom Notepads

When you are ready to maximize the ad potential of a custom notepad, here are some ideas for making the most of your design:

Define Your Key Concept

Not every notepad is created equal, so you should decide upfront what your design concept will be.

Do you want a stand-alone desk pad with a hilarious 3D appearance (like this hilarious “hair thinning” tearaway Pantogar notepad)? Perhaps a vintage cover or a sparkly flip pad? Whether you want simple sticky notes or an artistic journal, defining your concept will clarify details about paper selection, line guides, and binding.

Strive for Consistent Branding

Because clients will use your notepad over and over, this is a very tangible way to build brand awareness.

Consistent color schemes, fonts, and logos all build your brand and strengthen the associations people have with your business. While you may be tempted to stray from your standard branding guidelines for a promotional pad, this can be unwise.

Put Them to Work Yourself

While many professionals give away notebooks, many fail to use notepads for their own needs.

Notepads can leave lasting impressions on your associates. Not only can they be used for notetaking or strategizing, but they are great for casual correspondence too. Think about how often you jot notes to send internally or externally. Why not do this with your own customized marketing tool? Notebooks offer a subtle strategy for increasing brand credibility.

Consider Custom Photo Options

What is more memorable than a photo?

When you want to add extra personalization, consider a photo banner on top or a transparent full-page photo backdrop for each page. People resonate with pictures, and when they connect to an image, they’re engaging with your business.

Overcome the ordinary and try something unique with image-oriented notepads!

Keep Your Name at Their Fingertips

When you want to grab hold of customers, make it easy for them to grab hold of YOU with a pocket-sized promotional notepad.

Notepads are economical, memorable, practical, and fun. Build on-going exposure as you keep your name at their fingertips with this helpful, handy tool. Contact us to learn more today!

How to Shift from Reactive to Proactive Customer Care

Everyone makes mistakes, but no one likes admitting them.

If we’re honest, business professionals hate owning up to mistakes because of pride, embarrassment, or fear that customers will leave. But denying weaknesses only magnifies awkward situations and hurts your company’s reputation. Dealing proactively with problems will strengthen credibility and spark improvements that benefit your brand.

When Micheal Houlihan and Bonnie Harvey founded Barefoot Cellars, they started in a laundry room of a rented Sonoma County farmhouse. Knowing next to nothing, they made many mistakes. In one instance, they discovered a barcode error that led a shipment to ring up for less than it should, which lost the distributor money.

When he caught the mistake, Houlihan showed up personally at the store’s corporate office with a check for the loss, including an added bonus for the distributor’s time and expense. Houlihan described to the manager how Barefoot Cellars was shifting internal processes to make sure the problem never happened again. Because Houlihan owned the mistake and informed the distributor in person, the orders kept coming, and a potential complaint became a memorable learning experience.

Overcoming “Survival Mode” Mentality

For many companies, the default approach is to respond to problems as they arise.

This survival mode mentality may work temporarily, but long-term success is built as your brand is able to impress and delight customers in a more proactive, personalized way.

Future forecasters predict that by 2023 businesses will transition into a season of “continuous service” through artificial intelligence. But in the meantime, customers still need care, and the best strategy is upfront intervention.

Looking to sharpen your systems? Here are three ways to be more proactive:

1. Inform Customers About Your Mistakes Immediately

It’s always better for customers to hear about a problem directly from you instead of discovering it themselves.

If your company identifies a problem upfront, you can avoid costly damages and harmful publicity. As you identify errors, take responsibility for the mistake, offer refunds or future discounts, explain how you are remedying the problem, and let people know who to contact for assistance.

2. Offer Self-Help Customer Service Channels

One reason service can be so frustrating is the wait time and red tape it involves.

Many customers prefer to find answers themselves, so generate accessible content that addresses common complaints. This may include a FAQ page, live chat software, webinar tutorials, or a customer care focus in your print newsletter. Not sure where to start? Review customer service call and email logs or use survey data from clients and customer service representatives. 

3. Build 5-Star Service into Your Company Culture

For proactive service to work, it must be embedded into your company culture.

Here employees are trained to deliver not only “at” the level expected, but above and beyond what is promised. This means everyone (not just the people on the front line) must understand and desire a 5-star service. Teach employees to anticipate what a client MIGHT need and have a solution ready before they ask.

Build Your Brand by Fortifying Customer Confidence

One of the most effective ways to stoke customer confidence is to do things for your customers before they know they need it.

Like a vase on a pottery wheel, proactive service means continually molding and reshaping the interactions customers have with your business. As you preemptively address sore spots, you’ll confirm the customer made the right decision to do business with your company.

How to Build Trust and Unity Through a Strong Company Culture

When it comes to company culture, Zoom is off the charts.

Zoom is a California communications company that provides remote conferencing services for online video meetings, chat, and mobile collaboration.

Zoom’s mission is to develop a people-centric cloud service that unifies meeting experiences while improving the quality of communications forever. Zoom is passionate about connecting not only customers but employees.

The company sports its own “happiness crew,” a team committed to maintaining company values through wacky celebrations, community involvement, and volunteering. Happiness crews coordinate team serving opportunities like Habitat for Humanity, Special Olympics, and more, allowing employees to give back, to enjoy co-workers from other teams, and to make a difference for causes they care about.

Whether it’s arranging a “Bring Your Parent to Work Day” or decorating desks with rubber ducks, this passionate team culture has helped Zoom to grow and thrive.

Company Culture is Beyond “Perks”

Company culture is more than just great coffee or vacation incentives; it goes to the heart of how people treat one another and the values of the company itself.

Deliberately defining and communicating your culture makes it easier to determine who you’re looking for and why certain individuals are a fit for your team. It defines success for employees and encourages people to practice values that are important for your business. And deeper than just perks or parties, company culture unifies people and makes work more meaningful and enjoyable. As you design company culture today, you build trust, responsibility, and vulnerability for tomorrow.

5 Keys to An Enhanced Company Culture

What might an enhanced culture look like for your business? Here are a few keys.

1. Build From the Bottom

Start by defining your mission, vision, and values.

Create language or catchphrases that celebrate a “win,” so values come off the wall and into everyday life. When you center your culture around how you want people to be treated, company culture will fall into place.

2. Identify Cultural Ambassadors

Every company has team members who are passionate about company identity.

These people love the organization and serve as cheerleaders who breathe life into the workplace. Once you identify ambassadors, ask them what they like or dislike about the current atmosphere and what improvements they would suggest.

Ambassadors offer a buffer between the boss and the team and have immense power to sway opinion. Lean on them and be open to change!

3. “Mandate” Fun

A strong work culture requires that everyone gets together, whether it’s a mid-day splurge or an after-work activity.

Offer timed conversation prompts or get people competing to fuel momentum. Looking for ideas? From breakroom cooking competitions to a hilarious round of “Eat Poop, You Cat,” online hacks are endless.

4. Assign Culture Captains

Maybe you can’t afford a happiness crew, but every employee can assist you in connecting with changing personalities.

Involve employees by selecting rotating “Culture Captains” who are in charge of shaping ideas for the month. From Funky Friday costume days to a buffet of the month (with a merit-based giveaway item), getting people involved in planning means everyone will have more fun!

5. Encourage Anonymous Feedback

No one likes criticism, but if you don’t welcome feedback, culture “cancers” can grow.

Send a yearly survey to all employees so everyone can share how they’re feeling and provide anonymous feedback. Allowing an avenue for processing can prompt a wealth of new ideas. Sometimes your team has the solutions you need, and you don’t even know it!

Your Greatest Asset

In a world where great employees are like gold, treating your work atmosphere as an afterthought is a huge missed opportunity. Wise entrepreneurs will design company culture as intentionally as they design the products they sell.