Essential Software Your Growing Business Should be Using

As your business success begins to flourish, you may find your success comes at a price. As your enterprise inevitably grows, so do your responsibilities, yet the amount of time you have to complete these tasks is only diminishing. It’s at this point that most entrepreneurs and small business owners should consider utilizing a variety of software applications and online tools to help streamline their daily operations, enhance their productivity and keep their business success on track.

Business people in a video call meeting

In this post, we’ll explore some essential software that your growing business should be using. Read on to find out more. 

VAT Software

The pressures of accounting and financial management can quickly become overwhelming for small business owners, especially as your enterprise begins to grow. Whether you have minimal experience in handling company accounts or you’re still scrambling together receipts, expenses and financial reports, VAT software is an essential tool, you shouldn’t be working without. Using VAT software is easy to implement and makes navigating your tax obligations easier, allowing you to submit VAT returns to HMRC effortlessly.

No matter how complicated your VAT return may appear, small businesses can streamline their VAT responsibilities with just a few simple clicks. VAT software will also help you create a digital paper trail, one that allows you to register all your VAT-related actions and activities in one easy-to-manage location, highlighting how much you owe with monthly snapshots and giving you the knowledge to make better business decisions. With the right VAT software application, you can protect your business from penalties incurred through late submissions or inaccuracies in your reports.

Time Tracking Software

As your business flourishes, you may find that the hours available to tackle your responsibilities proficiently begin to diminish, and effective time management becomes an essential part of your working day. This is where time tracking software can help. By highlighting how long it takes you and your employees to complete specific tasks, you’ll be able to use this data to your advantage. By developing accurate time frames that streamline your daily operations, you can encourage employees to make the most of their working day and to meet the expectations of your clients, effortlessly.

Understanding how you and your employees spend your working hours keeps everyone accountable while still providing full control over the working day and maximizing efficiency across your business. If you’re working on an hourly basis, then time tracking software also helps to keep payroll/invoices as accurate as possible.

Customer Relationship Management Software (CRM)

Developing meaningful and beneficial relationships with your clients can drive your business success forward. By carefully managing those relationships and interactions using CRM software, you can also improve those relationships and use them to your advantage. This software provides a central location for all client (and prospective client) data to be collected, stored and updated, as well as building a library of individual customer interactions which can be used to curate unique and specific future interactions that can lead to a sale.

A CRM tool gives your customer service the edge, and can completely transform the way your clients view your business. And as this software is cloud-based, this information can be accessed securely from anywhere – so no matter where your working day takes you, your growing business can maintain strong customer relationships effortlessly.

Communication Software and Tools

As a growing business, you’ll already recognize the importance of strong communication. But as your enterprise continues to push forward, the importance of communication now applies to both external and internal situations. Maintaining strong levels of contact between you and your clients was something you undoubtedly managed via email chains and multiple messages across various platforms, but now your communications approach directly impacts the customer experience and employee collaboration.

Therefore, it makes sense for growing businesses to utilize communication software to improve communication workflows and to keep their employees organized. Tools such as Slack and Skype are perfect for businesses with remote teams, whilst video conferencing/calling applications such as Zoom, Microsoft Teams and even WhatsApp can keep you and your clients in touch and improve the client experience.

 Social Media Management Software

A strong online presence is one of the key factors of business success, and while your business is experiencing growth, you must take the management of your social media platforms seriously. SM management software can help you manage multiple accounts, using one login and an easy-to-use interface that helps you move from one platform to another. SM management software means you’ll never miss a notification or an opportunity to engage with your followers. You can also schedule posts ahead of time, freeing up more time for you to focus on other areas of your growing business.

Final Thoughts…

A variety of software and tools can help your growing business continue to flourish. Consider these options above to continue with your success. 

How to Start Software as a Medical Device Business step by step

The use of software within medical devices has grown rapidly in the past 40 years. However, we can notice a rapidly growing trend in the last 20 years. The main reason for this is the interest in things and improved coercivity. With broad access to smartphones, enhanced sensors, wireless connections, artificial intelligence, and clouds, every industry experiences changes. 

Modern technologies impose drastic changes in healthcare in terms of delivering services. It is crucial to know that medical software is an essential element of medical devices. Therefore, things are about to get better within the industry.

SaMD, or software as a medical device, is a unique product that serves a medical purpose, experiencing immense popularity lately. There is no hardware included in the process, or the hardware has already been subject to improvement. Therefore, the software can quickly receive feedback meant to improve the service. Some of the leading aspects for immense growth are machine learning and AI.

The Basics

SaMD, or software as a medical device, is a special software designed to execute medical functions. It can be a mobile device or software specifically designed to prevent, treat, diagnose certain conditions. These functions can be performed without the use of hardware, which makes the process more straightforward. They can be connected to other medical devices or virtual networks without the use of special hardware. 

SaMD Challenges

SaMD is a useful software that has two main functions. Firstly, it uses data to prevent, improve, and diagnose conditions. In addition, the software has a quick feedback-giving process. Lastly, modern technology is subject to improvements and will be updated to suit the emerging needs. 

Even though the software comes with a wide array of benefits, there are specific challenges. We know that digital products are prone to changes to suit the current needs of the market. The rapid improvements need to fit with the regulations, clinical efficacy, and patient safety, vital aspects of healthcare. If a software developer manages to keep all the elements, they will succeed in this specific industry. If they aren’t ready to follow the drastic changes while being mindful of all aspects, they will fail.

The software developers should assure patient safety, innovations and get quick feedback. If we follow the TPLC approach, there is a high chance of succeeding. The total product life cycle gathers valuable techniques, such as improved UX, human factor, agile development, up-to-date data, and other implementable methods.

Large businesses should carefully approach this concept. It would be best to get started with pilot programs to see how the operations proceed. In addition, speeding up the feedback receiving process would be beneficial. Some companies will even implement changes in their current quality management system to fit the new practices better. If your quality management system already solves the methodology at the product level, it is considered an ideal base. 

How to Start the Business

Just like with any other business, you need to do a deep market analysis. To define a clear marketing strategy, take some time to study the market, consumers, and competitors.

Then, it would be best if you double-check whether your product can be categorized as SaMD. Think about how to do the FDA registration and make a strategy. Next, you should define your software’s features and requirements. After that, you need to plan a developing and testing process according to the already defined features.

You need to determine the architecture, tech stack, and integration. Develop your proof of concept, and finally create the product. Do the trials, register with the FDA, and launch your product. 

Tips To Help You When You Are Expanding Your Business

Expanding your small business is not only about making a decision, but you will also have to evaluate every detail about profit and loss, you have to deal with sales and marketing and most importantly, you have to build the whole plan outlining every financial and strategic risk and ways to counter it. Even though you would have to work very hard to expand the company, once your brand or company gets recognition, you will achieve popularity and success. However, you will have to focus on the customer base and marketing techniques to get your product trending and visible in the spotlight. Since the world has completely shifted to online working and social media campaigns, to make your product a success, you will have to target the local buyers of your company through different online marketing platforms. Besides marketing strategies, there are other ways by which you can expand your business and get benefits in the long term. So, here are some proven ways that can help you expand your business in the long run.

Hire the Right Team

One of the most important elements on which a company depends is its employees and staff. The qualification, experience, and working strategies of your workers are what determines how smoothly your company functions and gets success. They must be able to decode your orders and work accordingly because if they are fast learners, your work can get easier. Moreover, you must train them to stay united and dedicated to the goal you are working towards.

Develop a Reliable Sales Funnel

Setting up the right sales funnel can help you automate the marketing process and sales. It helps to drive traffic and customers to your page where some people buy your product and others read and think about it. Subsequently, you add those customers to your target customer list and send them emails of your special offers to persuade them to buy your product. This way, within a short period you will gain several new customers. To elaborate the process of the sales funnel, here are five steps that you need to ensure:

  • Create awareness in your audience about your product by implementing various marketing strategies.
  • Build interest in your customers by email campaigns, blog posts, lead magnets, chatbots, retargeting campaigns, and other deals for customers.
  • Evaluate your customer’s interest and add testimonials, pricing pages, case studies, discounted offers, live demos, product comparisons to help your customers evaluate your product or service quality.
  • Engage with customers who are about to buy your product using follow-up emails, product success stories, and other special offers.
  • Provide your customers with easy and efficient payment methods and platforms like Paypal, Stripe, Snipcart, or the card payment method.

Focus on Loyal Customers

It is crucial to prioritize your customer’s needs and provide them with special and discounted offers. Since your old customers are already acquainted with your old product quality or services, if you will maintain a friendly relation by using marketing strategies and discounted offers, they will maintain a stable buying experience with you. On the other hand, if you ignore your loyal customers and make special deals only for the new customers, there are chances that you may lose both. That’s why established business owners will always suggest focusing on your established revenue more than acquiring new audiences.

Limit the Internal and External Threats

A business is all about taking risks and evaluating your strategies critically. However, you can decrease the probability of these risks by limiting external and internal threats. For small businesses, it’s necessary to manage their resources to achieve success. So they can get investment from different sources like insurance providers, banks, or other investors. 

On the other hand, to limit the resources, businesses can also opt for local coworking services that are more economical. In Australia, there are several coworking locations around Sydney, Darlinghurst, Melbourn, and Brisbane that largely benefit the start-ups. There are many cases where businesses have expanded from these coworking spaces by using shared resources.

Know Your Competition

Before lining up for a competition, you should always study in advance the challenges you are going to face in the market. Once you know how to set your pricing, marketing strategies, and product quality, you can easily create a more improved product with better features that can be a competition for other brands.

Adapt to New Changes

Expansion of a business comes with adaptation and diversification. The more you will learn from the top businesses in the market, the more you can adapt according to it. For instance, most businesses are now virtually functional, that’s why people also prefer online shopping and services. Therefore, you should create websites with SEO optimization to enhance the productivity of your brand. On the other hand, using several ways to market your services and products can benefit you a lot faster than ever. For instance, you can use social media sites to create websites, blog posts, advertisements, business campaign emails, etc.

Benefit From Global Platforms

Your business can experience new levels if you take it to the global platform. These platforms include Amazon, Upwork, AirBnB, etc. Depending on your budget, the more expensive and high rating platform you will consider, the more your business will be in the spotlight. On the other hand, you can also benefit from FBA service to market your product efficiently and get higher traffic.

To expand your business in the long term, you will have to put in a lot of hard work, dedication, patience, faith, and discipline. Since success is not an overnight process, always remember that the higher the density of your success will be, the greater fall your business may experience in the future. If you take slow and steady steps to build your organization, your business will be more stable for a longer period. Moreover, to expand your business, you should take your decisions analytically and follow some proven tips explained by this article.

Driving Efficiency on Your Construction Projects: A Guide

Most leaders in the construction space know that efficiency is everything. Because your projects can last a number of months to complete if they are of a large enough scale, you’ll have seen costs ballooning when you’re not hitting your deadlines and targets, and when workers are disrupted or materials are stuck in supply chains. As such, you’re more than aware that anything you can do to make your processes more efficient could save you hundreds of thousands of dollars. Here are three ways that you can get there, operating a watertight, optimized construction business.

Meticulous Planning

All businesses are only as strong as the thought leadership underpinning them. And all projects require careful management in order for all the individual components to come together as quickly and smoothly as possible. Your job is to facilitate this seamless operational side of your business. And you can get ahead by:

  • Using high-end management technology to keep you abreast of developments on site
  • Structuring a chain of command that helps you remain aware of all elements of the project
  • Making contingency plans in the case of delays that may be out of your hands
  • Hiring outsourced staff where appropriate to help you get the job done

These tips all fall under the auspices of “organizational skills” – absolutely vital if you’re to make a success of your construction projects.

Tech Engagement

On site, your workers will be using all kinds of tools, vehicles and machines to get the job done. They’ll be expensive and valuable, but they may also be approaching several years of age. Some may break, some may be faulty, and others might simply not be up for the job on a modern construction site. So the advice here is to engage with new technology and to make upgrades where you can to your tools and hardware.

Where to start? Well, you should always be keeping an eye out for automation technology. Look to automatic welders for plastic, for instance, to give your workers a head-start when they’re fixing the paneling on roofs and under floors. Or invest in far better material-moving equipment – like cranes – so that the logistics of getting things around your site take far less time.

Great Staff

It’s easy to lose sight of the workers when you’re in the planning office of a project site. You’re trying to see the big picture constantly, envisaging potential delays that could come from anywhere on your risk map. With this perspective in mind, you can often forget that it’s the people who are following your commands that are ultimately going to decide the success of your project.

On site, you want there to be team unity and motivation to get the job done. You want great managers underneath you to head out there, making sure everyone’s pulling in the same direction. And you want to hire the best talent where possible so that you can rely on your workers to get the job done on time.

Run a more efficient construction firm, on more efficient sites, with the three key tips outlined above.

Different Types of Insurance Medical Practitioners May Need

With the rising cases of medical negligence lawsuits against a medical practitioner, medical malpractice insurance has been prevalent over the years to protect the livelihood and assets of such professionals. Overlooking this important aspect has cost heavily for many doctors so far. 

According to Washington Post, 2016 “The medical negligence payouts in 2014 in the New York alone stood at $690 million”

It has also been observed that there are other forms of insurance which a medical professional is required to cover under the law. But due to the lack of inadequate knowledge, most of this coverage is likely to be missed by them resulting in huge losses at the later stages.

Most of the doctors focus on medical liability coverage, which is the largest premium paid by them on account of medical malpractice insurance. However, they tend to ignore the other types of insurance which are equally crucial in protecting their livelihood and assets.

In fact, under several circumstances, these insurances are required by the law which most of the doctors are unaware of. 

In this article we are going to discuss different forms of medical insurances:

Medical Malpractice Insurance

It is one of the prevalent insurance sought by medical professionals. Medical malpractice insurance carriers are protected against the financial losses that arise due to the lawsuits filed by their patients claiming professional negligence leading to an injury/death of the patient. 

Hence the patient’s claim of negligence is covered under medical malpractice insurance for the doctors.  

Business Auto Insurance

Some medical practitioners facilitate their patients with home visits and require using their vehicle for the commutation. Hence the need for commercial or business auto insurance is imperative. 

Most auto insurance policies do not cover the damage that occurs due to business use. Thus business auto policy is designed to cover the vehicles used for business purposes.

The insurance primarily covers the property damage and medical expenses for bodily injury on account of such accidents. Depending on the coverage, the insurance company will replace or repair your vehicles due to theft, accidents, or any natural calamity.

Professional Liability Insurance

The unfortunate event of lawsuits made by your patients to claim negligence on your part is a re-occurrence when you are practicing as a medical professional privately. 

Due to the lack of a one-size-fits-all policy, this special insurance coverage helps in covering the legal defense cost that can even run up to hundreds and thousands of dollars.

Most of the private small physicians do not have enough resources to cover such claims, thus malpractice insurance for professional liability is a must. 

Practice Overhead Insurance

Individual liability insurance is relevant for the inability to practice medicine due to illness or injury. While this type of insurance is usually kept as a backup to recover the medical expenses on such an inability, the prime concern should be – Who will replace your absence in such an event?

However, when you are temporarily out of office, expenses like salaries, rent, taxes, and utility bills are still in place to handle. Practice Overhead insurance helps in recovering such overhead expenses in the event of loss of income due to injury. 

Worker Compensation Insurance

When you come up with a private clinic, you require employing dedicated employees to maintain it. If anyone gets seriously injured, how to continue with your practice? Most of the states in the United States make it a mandate to such business owners to obtain workers’ compensation insurance if they have more than the prescribed limit of employees. 

This type of insurance helps in paying off the loss on account of wages and medical expenses to the employees who get injured while discharging their duties. In the event of the death of the employee, the insurance companies compensate the employee’s family. 

This insurance is significant for most businesses to ensure the livelihood of employees in the event of accidents. 

Property Insurance

Like every business, opening a clinic requires a lot of time, effort, and investment for the right medical equipment, fixtures and furniture, and other medical supplies. But, in the event of a natural disaster, how will you ensure safety?

Property insurance is the best way to secure your property in the event of unwanted theft and fire. It exhaustively covers the physical building along with the medical equipment and other fixtures used for your practice. Especially in the event of leasing your space, property insurance is a must.

Business Interruption Insurance

Some places are likely to be affected by natural calamities and disasters at a higher rate than others. If you choose to practice in such areas, this insurance is of utmost importance for your business. In the event of a catastrophic event, the business operations will suffer.

A reliable business interruption insurance policy helps in running and getting back on your toes. 

Compared to property insurance, this type of insurance aims at covering the income stream from the business, which is adversely affected due to the disaster. 

The temporary closure of business and structural rebuilding to overcome the adversity of natural disasters are the reason for stagnation in business operations. Business Owner policy is a comprehensive insurance solution to cover the property insurance policy and business interruption insurance. 

Life Insurance

Although it is not directly related to your practice, life insurance is a significant form of insurance that extends financial protection to your family member in the event of accidental death. 

Your appointed beneficiaries receive financial protection in the event of your death under life insurance. Not just your family members, your business partner gets their peace of mind too. It is the best way to compensate for the loss of income to your family members in the event of accidental death. 

Summary

The right type of insurance is the best way to avoid major financial losses to any medical practitioner in case of catastrophic events. The day you begin your medical practice, you are certainly exposed to various liabilities. 

Having suitable insurance in place helps a doctor to protect their practice from the various kinds of potential risks. 

Top 10 Must-Follow Marketing Tips for SAAS Start-UPS in 2021

The SaaS market is promising but it also brings incredible competition. With new software products getting launched every day across every vertical, building a viral product is harder now more than ever.

No matter how challenging and saturated the market may look, it is not impossible to gain the attention of your audience. With the right mix of product-market fit and smart email marketing tactics, you will witness the ball to be at your side. This is what we are exactly going to talk about in this blog post.

We take a deep dive into the 10 marketing tips that can create the foundation of your marketing success for your SaaS business in 2021.

10 Marketing Hacks To Skyrocket Your SAAS Start-up in 2021

No matter what marketing technique you use to acquire customers if your product does not meet the demands of your target audience. In other words, build something that people want.

This makes developing a unique selling proposition the heart of every growth hack technique.

Yes, you heard that right.

If your product is just like your competitors then no one is going to care about what you build. Did we tell you that you can use your audience research data here?

Finding the bridge to connect what your audience want and competitors fail to deliver is going to make you unique. The best part? Your perceived value in front of your audience will grow. But once you have developed your USP, the rigorous part comes in; marketing.

Ideally, you would have to undergo multiple experiments and iteration in your strategy to find out what works and what doesn’t but we make that easier for you so here are some examples of a good marketing plan.

The following 10 tips can streamline your SaaS customer base in no time.

1. Adopt a freemium model

If there is one strategy that opens up your software adoption rate like no other, it is the freemium model.

In an oversaturated market, where your customers are overwhelmed with product choices, a freemium model makes it easier for them to make the final decision. You empower them to make their own decision.

There are multiple strategies to experiment with here. From a 30-day trial window to lifelong freemium access, you can sample tests on real audiences.

2. Word of mouth marketing

There’s a good reason why word of mouth marketing is so popular amongst the SaaS startup community. More than often, SaaS startups include this model to gain their first customers.

It is the most effective, sustainable, yet low-cost strategy to gain loyal customers. But all its sweetness comes in one condition.

You need to deliver a superlative customer experience to your early customers. If your first customers do not find you valuable, there is little chance that they would tell their community about you.

This means to turn your customers into brand evangelists you would not only need to satisfy their expectations but exceed them. Be obsessed with customer delight. No matter what you have to do, be it give discounts, create a hyper-active response team, be there in there to answer their needs.

3. Viral marketing

Creating a viral effect with one marketing technique is often hard yet not impossible.

All you need to do is look closely into your process to identify the growth lever that can make it possible. Infact, there are a few established ones already available in the industry. The best part?

They always give results.

From referral schemes, loyalty programs for existing customers to giveaway contests any of them can give you results. It can not only give you the opportunity to establish new relationships with customers but improve the total value of your existing customers.

4.  Content marketing

There is so much value that content marketing can bring to your SaaS process.

Content is king after all.

But while you get invested in developing the heart of this scalable marketing strategy, do not forget to market your content.

There are so many methods to do so. From microblogging, SEO optimized knowledge base, webinars, infographics, time-sensitive promotions, to lead magnets, you can test all. For promotions, you can consider guest blogging or sponsor the content for an influencer to do so. Another cost-efficient way would be to use user-generated content.

5. Branding

Building a successful SaaS product is almost impossible without building a brand. Unsure why?

Here is the answer.

A successful branding venture can bring multifarious benefits to your SaaS product. From faster adoption rate, strong community, higher retention, optimized marketing costs, and the best part, market capture.

You can basically become synonymous with the category of product you are building. Does that suddenly sound like Google?

There are so many ways to do this. From SEO optimization, press review, authority review, influencer marketing to affiliate marketing. But to ensure performance, you need to keep in mind your unique situations. The budget, constraints, and goals.

6.  Optimize all the time

In business, there is no such thing called maximum sales. Ideally speaking, even if you have reached the saturation point of your total market size, it doesn’t mean your growth potential has reached the roof. You can always work on improving the perceived value of your product in the eyes of your target audience.

But to do so, you would need to optimize your processes which makes it so valuable to realize your startup potential.

There is so much you can do here. From aligning the micro-level factors like landing page elements to macro-level factors like product-market fit there is always room for improvement. The best part? It will help you yield better results without investing more resources in your marketing.

What follows is a significant improvement in the LTV (lifetime value), CAC (customer acquisition cost), and the final ROI (return on investment).

7. Create API integrations

APIs are the best scalable customer acquisition techniques you can integrate into your marketing operations.

It can not only open doors to new audiences but reinforce the foundations of strong partnerships with your collaborators. The best part? You automatically gain the position of authority in the market.

But here’s a word of caution.

Partnerships can make or break your brand’s reputation. While the right partner can fast pace your growth by years, the wrong choice can deter your speed by many years. An effective way to think about it is to ask a vital question. Whether your collaborating brand is an extension of your product’s value? If yes, then it is often the right choice.

8.  Paid marketing

Although there is no substitute for what you can accomplish with organic marketing in time, only depending upon organic growth will slow down your SaaS startup significantly. This makes paid marketing and campaigns incredibly vital. But here’s a thing.

Before you jump into paid marketing, ensure you have a complete strategy laid out. With the increasing expense of paid ads, chances are you will invest significant resources with little to no returns.

There are so many techniques to do this right. Use FOMO (fear of missing out), time-sensitive offers. Campaigns that are contextual and personalized on the basis of audience profiles and channels of distribution tend to perform better. But the best piece of advice is to develop a mindset of testing and optimizing.

The more you are open to A/B tests and campaign optimization, the better your long-term results will be. Chances are you can even witness exponential growth.

9.  Invest in building trust and authority

Trust is one of the most crucial elements for your SaaS product to succeed. No matter how promising your product may appear, if your target audience does not trust your brand, they will not engage with your brand.

This puts authority building as one of the top priorities for your marketing team.

The best part is there are many cost-effective ways to do so.

Use social proof like customer testimonials and peer reviews to do so. Platforms like G2, Quora, and ProductHunt are great ways to kickstart this. You can later integrate the best reviews of your clients on your website too. But this is not all.

You need to make sure the payment gateway is safe and secured. Using end-to-end encryptions and third-party vendors like Paypal is a good strategy to do so.

10. Collaborate with experts

Collaborations and partnerships are undoubtedly one of the most sustainable strategies for building a robust SaaS business. But if you thought that your partnerships are limited to indirect competitors, influencers, and authorities, then think again.

There is so much value that a domain expert can bring to your SaaS startup.

A SaaS growth marketer brings their domain expertise. Some of the best SaaS marketing agencies can optimize your growth levers to unleash the true potential of your product. From reducing marketing costs, finding new sales opportunities to improving customer acquisition and retention, there is so much a specialist can do.

They can prove to be your biggest asset when it comes to growth in the long term.

Conclusion

Building a successful SaaS product is hard and going to be even harder in the future.

But that doesn’t mean there is no room for winning. All you need to do is shift your mindset about the development process. Think of disrupting the existing process even in a small way possible.

Keep on reiterating and evolving your product-building methodologies and even your product if required.

This dynamic landscape makes the requirement of a nimble marketing plan incredibly important. Sure, the above tips are to give the foundational speed for today. But to sustain that growth you need to optimize the process and make changes from time to time.

Only then can you see true success with your SaaS startup.

Author bio

Atreyee Chowdhury works full-time as an Instructional Designer and is passionate about writing. She has helped many small and medium-scale businesses achieve their content marketing goals with her carefully crafted and compelling content. She lives in Bangalore, India with her husband and parents. She loves to read, experiment with different cuisines, travel, and explore the latest content marketing and L&D trends in her free time. You can reach her on Linkedin or write to her at atreyee.c@gmail.com for any content writing/marketing requirements.

What is Product Liability Insurance? 4 Things You Need To Know

Large business manufacturers produce goods at a massive scale every day, and there are always products that will have defects that cause malfunctions and a decrease in quality. Because of this, production lines always include a quality testing stage in the whole process to ensure that all products are tested and Inspected for any type of defects. After a product passes quality control, it can now be packaged and shipped to outlet stores and distributors. Still, some products get damaged during transport, and these can still make it to the store shelves and the consumers. When consumers purchase a defective product while being unaware of its condition, it may cause serious harm to the user if an accident occurs due to the malfunction of the product. These situations usually lead to lawsuits being filed against the company, and the consumers may sue them for the damages caused by their products. Lawsuits regarding defective products and damages to customers usually lead to million-dollar lawsuits that can greatly affect the company’s sales and reputation, leading them towards bankruptcy. To avoid such situations, manufacturing companies can avail product liability insurance that can protect them from lawsuits and damages to their company’s name and sales. The next part of this article will cover the basic knowledge that one must know regarding product liability insurance.

Several phone manufacturers also avail of product liability insurance packages.

1. What is product liability insurance?

Product liability insurance is a type of insurance package that companies and manufacturers can avail to protect their companies from lawsuits and claims of personal injury or property damages from their customers. Companies take time to set up product liability insurance since this can help them cover the legal costs brought by lawsuits. The insurance package can also cover costs of medical damages and property damage. Insurance companies offer different insurance packages depending on their client’s business scale, which ranges from small business owners to large conglomerates.

2. How does product liability insurance work?

Whenever a malfunction occurs on a product purchased by a customer, the product liability insurance package of the company will help pay for the damages done by the malfunction of the product. An example of this occurrence can be observed on a Samsung Note 7 lawsuit that happened on a flight of Jet Airways.

In October 2017, a female passager was boarded on a flight to India on Jet Airways when suddenly, her phone burst in flames while stored in her handbag. The passenger observed smoke coming out of her handbag approximately 15 minutes after boarding the flight. A flight attendant immediately responded to the situation and tried to use a fire extinguisher on the device, but the fire extinguisher failed to operate. The attendant then submerged the device in a tray full of water to prevent any possibility of fire or explosion. Fortunately, the device stopped smoking, and nobody was harmed during the incident. In the aftermath, the female passenger was furious over the lack of preparation of the airline’s safety precautions and was planning on filing a complaint against the company as well as the phone’s manufacturer.

In this incident, the phone company was expected to pay for the damages caused by their product. This was not the first time that Samsung has encountered smartphone problems as they had to recall some of their products in the past year. The company did not have product liability insurance, and they also had to recall the note 7 series products in the previous year due to other claims of malfunction and exploding batteries, so they were expecting a loss of over $17 billion in total revenue.

Had they availed a product liability insurance for this product, they could have lessened their losses significantly. They could have avoided a product liability lawsuit that could affect their resources and brand reputation.

3. How much is product liability insurance needed?

To decide how much a product liability insurance package will cover, the scale of the business must be considered. A large-scale business will typically produce a thousand units of products in a single day, which means there is a larger possibility of occurrence of defective products. A larger yield will mean more defective products, so the insurance must cover the majority of the price of production to avoid major losses in case of a recall or a lawsuit. Smaller business owners will only need to avail a basic package for product liability insurance since their production rate is less than that of large-scale companies.

Insurance can help secure a business against liabilities.

4. What is the difference between general liability insurance and product liability insurance?

General liability insurance is a type of insurance purchased by businesses to protect their companies from all types of claims and lawsuits that may affect their sales and profits in any way. This type of insurance covers all types of services provided by a company. The difference between general liability and product liability is the range of the compensation that the insurance will provide. General liability insurance can cover all the services provided by a company, which includes consulting, estimates, and customer service. In contrast, product liability insurance only covers the products sold by the company to its customers.

3 Steps Landlords Can Take to Protect Themselves from Lawsuits

Landlords need to protect themselves against lawsuits to a high degree, perhaps more than any other business owner. Unlike other industries, courts tend to favor tenants, especially in difficult situations. Now that the world is experiencing the COVID-19 pandemic, courts are especially sympathetic toward tenants facing eviction, even when it’s clearly the tenant’s fault.

Tenants don’t just sue their landlords over evictions. The truth is, you never know what will drive a tenant to file a suit. Sometimes tenants file lawsuits that don’t make sense, but you still have to take time out of your day to show up in court.

Lawsuits are costly and time-consuming, so you need to protect yourself if you want to avoid the inconvenience of litigation. Here’s a good starting point:

1. Require Your Renters To Carry Renters Insurance

 To get your mortgage, you probably had to show proof of homeowners insurance, if not additional types of insurance. Renters have their own type of insurance designed to cover losses and damage to their personal property. It’s called renters insurance and if you want to protect yourself from lawsuits, you need to require tenants to hold a policy.

Renters insurance protects tenants’ personal property when it’s damaged by things like natural disasters, burglaries, and random accidents. For example, if the sewer backs up into the house and the flood destroys a tenant’s musical instruments, they can file a claim to recover the cash value of their instruments.

Renters insurance will cover relocation expenses

Relocation is another expense renters insurance covers. If your property becomes unlivable, a tenant with renters insurance can get a hotel covered until you fix the problem. If the problem can’t be fixed, renters insurance will pay for the tenant’s moving expenses. Some policies will even pay the additional cost of increased living expenses if their new rent is higher.

In some states, landlords are required to pay for a tenant’s accommodations if their main rental becomes uninhabitable. Tenants can sue if their landlord refuses to provide alternative housing.

If you don’t want to risk having to pay for your tenants’ hotel stay while you fix a serious plumbing issue, require your tenants to carry renters insurance.

2. Create a Strong Lease With an Attorney

Your lease is only as strong as your weakest clause. If you forget to include a legally required clause, your lease could end up being no better than swiss cheese in court.

The only way to create an iron-clad lease is to consult with an attorney. While you can find lease templates online allegedly created by lawyers, templates are too generic to rely on for the basis of a tenancy agreement.

For example, unlawfully withholding a security deposit is one of the top reasons tenants sue their landlords. You might think you’re fine if you aren’t withholding your tenant’s deposit. However, a lease containing illegal security deposit terms can also justify a lawsuit.

Lease mistakes often have far-reaching consequences. Creating your own lease makes you susceptible to losing lawsuits that you would otherwise win if your lease were designed by an attorney.

3. Be Clear and Direct to a Fault

Some people feel threatened by direct communication, but you can’t be vague or ambiguous with your tenants. For example, if your tenant misunderstands something you’ve said, they might act on that misunderstanding in a way that violates the lease. If you try to evict them, they might sue you – and win.

Once you get to court, it will be your word against theirs. Did you really give your tenant permission to install a zipline in the ceiling? If the judge thinks you did, you won’t easily change their mind. Verbal agreements are considered legally binding agreements.

Make every effort to be clear and concise with your tenants in all of your communications. Try to avoid text messaging and only use email for electronic correspondence. Make sure every phone call is accompanied by a follow-up email to provide a permanent record of the points discussed. Leave no room for unnecessary confusion.

Being a Landlord Is Risky

Being a landlord is a risky business. Although, owning rental property is appealing because it’s one of the best ways to amass wealth over a long period of time.

Tenants have rights, as they should, but often those rights are abused and taken advantage of in the legal system. No matter how great your tenants are, most are just one upset away from filing a lawsuit. While you can’t prevent all lawsuits, you can mitigate the potential for lawsuits arising from common misunderstandings.

What is Mobile DSP and Why Do You Need It for Your Programmatic Advertising?

If you work in the marketing industry, you’ve probably heard about mobile demand-side platforms or DSPs. However, if you don’t have a deep understanding of how this tool works and why you may need it for advertising, keep reading the article!

A DSP is used by marketing agencies and brands to manage ad and data exchange accounts as well as different supply-side platforms through one interface. This software is a great solution to quickly buy mobile and tablet impressions at auctions. You can do it in real time through private marketplaces or direct deals. Purchasing mobile advertising space becomes much easier for media buyers since they can make bids in bulk at lower prices. But this is not the only benefit of a DSP! Check the list of demand-side platform advantages and features below.

Advantages of advertising with a DSP

In-app tracking dsp mobile app

Since apps collect first-party data, they provide advertisers with lots of important parameters, such as user gender, age and geo-location. This data helps marketing experts identify right user segments and find the best-performing audience  Eventually, ads reach potential customers faster and drive better results.

Precise targeting

In contrast to a web environment that may become entirely anonymous in the near future, mobile IDs are really helpful in tracking user performance in the long run. Device IDs provide marketers with more accurate information on user engagement. Specialists can see the exact number of ad clicks and views in the app. This is extremely beneficial for advertising campaigns. Thanks to accurate targeting, your conversions can significantly grow with a DSP.

Engagement boost

As an advertising expert, you must realize that apps allow for highly engaging  and less disturbing ad formats. Users are less likely to be irritated by advertising because it appears during the pauses in their activity. Since they don’t come across boring banners, they may have a good and long-lasting impression from your creatives. Moreover, they may even like your ad if it provides some in-app bonuses for viewing.

High CTRs

The statistics gathered by popular brands shows that in-app ads drive higher CTRs than web ads. The Marketing Dive reported that the average CTR for apps is 0.58%, while for web it equals only 0.23%. The difference is dramatic, isn’t it? Additionally, Appssavvy reported that a DSP mobile app performs nearly 11 times better than traditional banners. As you see, this type of advertising is simply more effective.

No ad blocking

Unfortunately, in-browser blockers disrupt the effectiveness of web advertisement.  Since the majority of people use blocking software, most Internet users are unreachable for your campaigns.  But luckily, in-app environment doesn’t  enable doing this. Hence, you can benefit from accessing various segments, including previously untapped groups.

Higher revenues

Since recently, there has been a dramatic switch from browsers to mobile apps. The eMarketer states that most people spend 90% of their time on smartphone apps, while the rest is taken by web. So no matter what business you have, you should take into account this behavioral change and make appropriate decisions. Consider the example of Facebook that increased its revenues from zero to over 40% of total earnings with the help of mobile apps.

Choosing a decent DSP

To pick the right demand-side platform, you should have a close look at the features listed below.

Software architecture

A good DSP must work well with different apps, browsers, operating systems and devices. As you might understand, huge amounts of data from numerous sources require a very powerful DSP technology. Therefore, you have to make sure that the platform you are going to use is capable of accommodating massive amounts of data and executing a big number of operations at the same time.  A DSP technology must be advanced enough to reflect actual information in real time.

Targeting algorithms

As mentioned above, reaching the right market segments with your ads is crucial for success. Because of that, you should opt for a DSP that has the following targeting capabilities: geolocation, mobile device type, OS, user behavior, context and demographics. If all of these categories are offered by your vendor, then it can be a great choice.

Ad formats

To ensure high engagement rates, you should test different types of ads. Your DSP must support a wide range of ad formats, including videos, rich media and dynamic apps. By analyzing what works best for your potential customers, you can increase your business revenues. Also, make sure that creatives you are using allow for interaction, such as  swiping, touching and expanding.

Safety

Before purchasing a DSP, ask a vendor about the security measures they take. To avoid troubles, your DSP  brand must be safe. That means that the software must have in-built multi-layered anti-fraud system. There also must be mechanisms that detect fake clicks and track the number of real user impressions.

Performance reports

Successful advertising campaign is impossible with tracking its performance. Reports can provide you with a better understanding of how to get more customers from your ads. So you should opt for a DSP that provides frequent reports on your statistics. Having an updated information gives you knowledge about different aspects of your advertising campaign so you can optimize it and maximize your ROI.

Final thoughts

The main value of DSPs is that they allow advertisers to make multiple bids in real time and manage lots of ads from a wide range of publishers almost effortlessly. It ensures great transparency and makes ad tracking and optimization much easier. Hopefully, this article helped you better understand what a demand-side platform is and whether you need it for your marketing campaign.

8 Tips for Onboarding New Tenants

As a real estate investor, it’s important to get new tenants into your property as soon as possible, so you can start making money. But it’s also important to adequately prepare your tenants for their rental.

The onboarding process is a vital step in improving tenant retention and ensuring the handover of keys goes smoothly – and there are several strategies you can use to make it even smoother.

Why Onboarding Is So Important

Onboarding is important for several reasons:

• First impressions

It’s hard to overstate the importance of first impressions. A first impression often dictates how a person feels about another individual or a situation for months, or even years to come. If you start things on the right foot, your tenant will see you – and your property – in a much more favorable light.

• Relationship building

This is also your first opportunity to build the landlord-tenant relationship. You can talk about the property, get to know each other, and set the tone for all your interactions to come.

• Setting expectations

During your initial interactions, you’ll get a chance to set expectations with your tenants. What are the rules and standards for living here? You can look your tenants in the eyes and make sure they fully understand.

Collectively, these effects have a strong influence on your tenant’s disposition, their friendliness, their potential to accommodate your requests, and even their retention.

In other words, a good onboarding process will keep your tenants around longer and minimize stress and headaches for you down the road.

Tips for Onboarding New Tenants

So what can you do to make onboarding new tenants go smoother?

1. Prioritize healthy communication

Good communication is vital when onboarding new tenants. It’s important to articulate your thoughts as clearly and directly as possible and to allow your tenants the chance to speak their mind as well. Remain as polite as you can, be transparent when answering questions, and provide extra details upon request. Any bad communication experience during the onboarding phase is going to set a bad tone for the future of the relationship.

2. Create and keep a checklist

Before going through the onboarding steps, take the time to create a full checklist. Write down everything you want to cover during onboarding and in the days that follow; this will make sure you don’t forget anything. Then, keep this checklist on hand for all your future onboarding sessions to ensure consistency.

3. Explain all your rules and expectations

Take your time explaining all the rules and expectations you have for living at this property, even if they’re spelled out in the lease agreement. Having a conversation will ensure they truly understand.

4. Get all paperwork signed (and make copies)

Obviously, you’ll need to spend some time going over the paperwork and signing it. Make sure you make multiple copies of all these important documents and give your tenants copies they can keep.

5. Get questions, comments, and concerns from your tenant

Onboarding shouldn’t be a one-directional exchange. Instead, it should be a two-way dialogue. Make sure your tenant feels comfortable opening up and ask them if they have any questions, comments, or concerns. If they do, try to address them as best you can.

6. Exchange contact information

Next, exchange contact information. You probably already have your tenant’s primary contact information on file, but this is your chance to get multiple backup forms of communication. In-kind, you should also provide your tenant with multiple ways to contact you – which may be especially important in an emergency situation.

7. Store information properly

Create a file for this tenant and store all your paperwork there. It’s important to stay organized as a landlord for multiple reasons – and onboarding is your chance to get things started on the right foot.

8. Follow up

Finally, make it a point to follow up with your tenant after a few days. Ask if they’re settling in okay and if they’ve had any issues with the property. Verify their understanding of the rules and expectations and ask if they have any follow-up questions. It shows you care about their wellbeing and gives you an opportunity for follow-up discussion if necessary.

Do note that every tenant will be different, so you may need to vary your approach slightly. For example, some tenants are mostly solitary and desire privacy, so you’ll want to respect their preferences. But others are more chatty and outgoing – and they might like to have more conversation before you part ways.

In any case, if you do your best to set expectations, communicate well, and make your tenants feel comfortable, you’re going to be rewarded. Just make sure you continue treating your tenants well consistently throughout their stay at your property.