Category: Brandpoint Business & Finance

2023-02-17T08:01:00

(BPT) – By John Simmons, Head of Middle Market Banking & Specialized Industries, JPMorgan Chase Commercial Banking & Ben Walter, CEO, Chase Business Banking

No matter their size, location or industry, businesses across the country have been hit by inflation in the last year, forcing leaders to use a variety of creative strategies to combat rising costs. While these inflationary pressures show some signs of easing, business leaders’ sentiment around recession expectations raises important questions for businesses on whether they’re prepared for the next big economic challenge.

In the JPMorgan Chase 2023 Business Leaders Outlook survey, we uncovered just how widespread inflation’s impact has been for business owners nationwide and how it and other pressures have contributed to a challenging business outlook. Unsurprisingly, the vast majority of small (94%) and midsize (91%) businesses are experiencing pricing pressures that are affecting their bottom line, while the majority of small (61%) and midsize (65%) business leaders anticipate a recession some time in 2023.

The good news is that despite these expectations, most midsize (66%) and small business (72%) leaders remain upbeat about their own company’s performance, and are focused on growth, hiring plans and other elements within their control. We are encouraged by the optimism and resilience of business leaders after a tough few years, and we know that time and again their mettle has delivered the economy through lean times to propel our economy and communities forward.

As we talk with business leaders about the challenges ahead, there are three main approaches they should consider this year in their preparations for the next economic cycle:

1. Consider Non-Traditional Strategies to Combat Inflation

Small and midsize businesses have had to find ways to meet challenges brought by inflation. Traditional responses, such as raising prices on products and services, have been augmented by some non-traditional strategies. For example, nearly half of midsize businesses have made changes to their purchasing habits, including strategic stockpiling, and more than one-third have turned to automation.

Among small businesses, more than half have said honest and transparent communication with customers is a top tactic for coping with inflation. Because consumers still demonstrate a willingness to shop local, honesty and transparency can help strike the right tone to balance price increases with customer loyalty.

2. Invest in Prospective and Current Employees

The tight U.S. job market presents a challenge for small and midsize businesses; however, economic data show the worst may be behind them. More than half of small business leaders (55%) anticipate hiring full- and part-time staff and 50% of midsize business leaders expect to increase headcount in the next 12 months.

Employee retention and development — always important priorities for business owners — are emerging as even more important in the current economic environment. In fact, more than half (55%) of small business leaders cited retaining top employees as a critical factor for business survival, especially because they operate with less slack from the start.

Likewise, nearly half (43%) of midsize businesses plan to invest in talent development by offering upskilling and training opportunities that increase productivity, improve the quality of work and enhance problem-solving abilities. These programs are hugely important for small and midsize businesses looking to improve retention, limit turnover, boost morale and attract new talent.

3. Optimize Working Capital

Working capital is a key indicator of small and midsize businesses’ financial health, and maintaining it during times of economic volatility is important for long-term prospects. Despite a tough year, the majority of small (69%) and midsize (63%) businesses expect increased revenue and sales in the year ahead, making it important for them to have a corresponding capital plan.

Business leaders are optimizing working capital to finance inventory and accounts receivable through supply chain finance, which helps them move to extended payment terms with suppliers including the option to get paid earlier in their working capital cycle, and dynamic discounting, which enables owners to receive discounted prices in exchange for paying vendors early. They are also investing heavily in inventory management, reworking current debt and securing working capital financing to maintain and even grow their balance sheets.

To learn more about how JPMorgan Chase is helping business leaders build for the future, view the full Business Leaders Outlook survey results for small and midsize businesses.

2023-02-16T07:01:01

(BPT) – The number of natural disasters has increased five-fold in the past 50 years, driven by population growth, climate change, and improved reporting. As the number of disasters continues to rise, so do their associated costs. In 2022, over 29 weather-related events caused damage worth more than $29 billion. The Global Humanitarian Overview predicts that the number of people in need will jump to 339 million in 2023, an increase of over 23% from 2022, and that the estimated cost of the humanitarian response will be $51.5 billion, a 25% increase compared to 2022. To meet this growing challenge, organizations around the world are collaborating and developing new solutions to help communities better prepare for, and recover from, natural disasters and other events.

In 2017, Amazon saw an opportunity to apply its operational expertise, technology, and worldwide logistics network to provide fast and effective support to organizations fighting large-scale natural disasters. Since that time, Amazon and its cloud computing business, Amazon Web Services (AWS), have stepped in to help communities recover from 99 weather-related disasters, donating 22 million items over the course of these efforts.

Amazon’s global distribution network, paired with cloud technologies, can be an important component to address global disasters, as well as large-scale crises like the war in Ukraine. AWS’s Disaster Preparedness and Response team works together with Disaster Relief by Amazon during these events deploying cloud technology to help with critical functions like communications, situational awareness, and humanitarian mapping — all of them essential in the wake of natural disasters.

“The humanitarian crises we face today are increasingly global and complex,” said David Zapolsky, senior vice president and general counsel, Amazon. “We believe the private and public sectors can work together to address these difficult challenges by deploying resources where they are most needed. Whether it’s using our global logistics network to distribute aid more quickly, donating goods, or providing financial donations, Amazon will continue working to improve the lives of communities in need and people impacted by natural disasters to make a positive and meaningful difference.”

As part of these efforts, the company has committed more than $75 million in support to help the people of Ukraine to date. This support during the war in Ukraine includes the donation of 2 million critical relief products — from medical supplies for Ukraine hospitals to blankets, food, toys, and books for refugees crossing the border. AWS provided cloud computing support to help the government preserve vital Ukrainian government, education, and banking institution data.

“We are just beginning to realize the power that cloud technologies can have in humanitarian efforts, from natural disasters to driving more equitable health outcomes,” said Maggie Carter, director of AWS Global Social Impact. “By applying the cloud to these problems, we can innovate and scale at a speed previously unimaginable to drive real, measurable impact.”

That impact was evident during Hurricane Ian in October 2022 as the AWS Disaster Preparedness and Response team deployed volunteers and AWS technology alongside relief organization Help.NGO. Starting in Cape Coral, Florida, AWS helped with activities including establishing internet connectivity for community centers like firehouses to help first responders, relief organizations, and impacted individuals who are relying on these centers for support. Simultaneously, Amazon activated its Atlanta Relief Hub and donated $1 million to the Florida Disaster Fund to help communities impacted by Hurricane Ian. Amazon teams secured 10 trucks with over 360,000 bottles of water and strategically positioned vehicles around Florida and in nearby states, so they could quickly deliver clean water to impacted communities.

When Hurricane Fiona made landfall in Puerto Rico in September 2022, Amazon employed its Amazon Air 737 to ship hundreds of thousands of supplies for Puerto Rican residents, including water filters, tarps, medical supplies, hygiene kits, and food items. Once there, the dozens of pallets of donated products were distributed by partners like the International Medical Corps, SBPUSA and Feeding America to ensure that supplies made it to the people who needed them most as quickly as possible. In the months following, Disaster Relief by Amazon continued supplying much needed relief as part of continued flights to the island. Amazon also expanded their Atlanta Amazon Relief Hub to double its size during the 2022 hurricane season, distributing 1 million critical relief supplies in and outside the U.S. in the wake of natural disasters.

When floods ravaged Kentucky and Missouri in the summer, Disaster Relief by Amazon quickly reached out to support the relief efforts. Responding to requests from Save the Children, Feeding America, the American Red Cross, and local organizations, the team donated over 580,000 relief items, including ready-to-eat meals, water, shelter items, solar chargers and lights, backpacks, pack and plays, strollers, baby tubs, baby carriers, and more than 265,000 diapers and training pants. In Mississippi, Amazon used its logistics and delivery expertise to quickly secure bottles of water for Jackson residents. On September 3, just four days after the city’s emergency declaration, the company held its first water distribution event, handing out 72,000 bottles of water. Amazon also provided 72 pallets of water to support the Jackson School District’s 54 school sites.

Amazon and AWS continue to work backwards to help communities impacted by disasters through expertise, volunteer support, technology and beyond. To learn more about how Amazon and AWS provide support to communities impacted by global events, visit: https://www.aboutamazon.com/impact/community/disaster-relief.

2023-02-15T08:01:00

(BPT) – Now that the new year is underway, it’s time to dream even bigger. Maybe you want to change your unique talent into a side hustle. Perhaps you have a passion that you want to pursue full-time. No matter what it is, there’s a market for different ideas and products — you just need to figure out how to bring it to life and position it to make money.

The key? A custom website. The problem? Most people don’t have extensive website design experience or the finances to hire someone who does.

Monetizing your idea starts with having a high-quality website to market and sell your product or services. Fortunately, even if you’re not trained in technology or web design, you can still build a website exactly how you want and get a custom domain to attract customers and build your brand.

The easy way to build your own site

Universe is an app that allows anyone to create bold, unique, fully featured websites using a grid-based editor and modular, drag-and-drop building blocks. While most website creation tools originated for desktop computers, this one empowers anyone to build, manage and update their sites on their phone, tablet or computer — wherever they are.

The app incorporates everything from a domain to design and commerce tools, and is essentially a business in a box. Creators can use pre-fabricated templates, but don’t have to if they don’t want to feel constrained in their creative process. Whatever your vision, you can bring it to life. You can even create and launch your website for free!

Universe couples ease-of-use with flexibility to empower creators and help them achieve their business goals. Just some of the noteworthy features:

1. Easily customize your layout
2. Link to your other online/social profiles
3. Embed playlists and other media
4. Customize your background and even include a video background

Finding and affording a custom domain

If you want to really brand your business and have a professional appearance, you need a custom domain name. A domain is an integral part of a website: It’s how you find a site, what you call it and what locks your brand into your customers’ memories. A custom domain is a unique expression of who you are.

Once you’ve got a domain, you’re established. Your project’s real. It’s got momentum. Even if no one else knows about it, you made the first move, you put yourself out there on the internet.

Some companies let you build sites and give you a URL that’s a subdomain or subdirectory off their main domain. This option restricts SEO, making it harder for people to find your site on search engines.

Other companies let you add a custom domain to the site you build on their platform, but you have to go to some other service to buy and register your domain. Then you have to link everything together. This is a lot of work across multiple tools, so be informed.

Some other companies let you connect a custom domain to your site for free for your first year, but look at the price in that second year and beyond to ensure the cost is within your budget. Do you really want to invest in making a gorgeous site just to be priced out of maintaining it on its custom, branded domain in the future?

With Universe Domain+, you can host your site on a custom domain for $11.99 per year, which equates to less than $1 per month. If it’s important enough to put on the internet, it’s probably important enough to give it a custom domain. A website isn’t a website without a domain. Do your research and make a decision that makes sense in the long term since your goal is to create a successful business both now and in the future.

Monetizing your business on your website

Universe is continually releasing new updates to their commerce and design tools to empower creatives everywhere to build amazing sites and monetize their passions. These features include updates to make text-styling and color palette selections more intuitive for everyone — not just designers!

There’s also the “Group Block” feature to combine and repeat combinations of site components, push notifications to let merchants know when they’ve made a sale, and the ability to leverage e-commerce and marketing tools like Discounts, Google Analytics and the Meta Pixel natively in sites built on Universe.

The Universe platform helps creators take credit card and Apple Pay payments, sell products, manage inventory and print shipping labels all in one place. If you upgrade to Universe Pro, you’ll also get site analytics, custom domain and email support, mailing list features and so much more to help businesses grow online.

Dream big and set goals for success

Resolutions are hard to stick to, but with a website designer as intuitive as Universe, you’re sure to stick to your goal of finally starting the business you’ve always wanted. Start for free and see what you’re really capable of.

2023-02-07T12:15:00

(BPT) – Consumers are using their mobile phones for banking far more than three years ago, due to the pandemic and technology innovations, according to Chase’s third annual Digital Banking Attitudes Study.

2023-02-07T10:01:00

(BPT) – When stocks seem to be in constant fluctuation, even experienced investors may worry whether their investment strategy will stand the test of time. Whether you are new to investing or an experienced pro, market volatility can cause anxiety. You may wonder if you’ve chosen your investments wisely, when you should sell or buy — and how to stay ahead of a market that seems impossible to predict.

“Risks are up, and the uncertainties are up. That’s uncomfortable for people,” said Nick Juhle, chief investment officer at Greenleaf Trust, a wealth management firm managing nearly $16 billion in investable assets from six Michigan locations. Juhle recommended seeing the big picture to regain confidence: “If you look back over the past 100 years, the stock market has generated strong returns over that period of time. But those returns weren’t linear. They weren’t in the absence of all sorts of risks, events and things happening in the world.”

If you find yourself in a volatile market, what strategies do investment experts recommend? Here are some tips.

1. Define your long-term goals

Whatever life stage you are currently in, experts recommend developing not only short-term financial goals that are realistic to achieve in a relatively short time, but also defining longer-term goals that prepare you for major life events sometimes years away, such as saving for retirement. Having long-term goals helps you to focus on your financial big picture, so you can stay the course no matter the economic circumstances — even providing a legacy that can outlive you.

“Be disciplined and stick with your investment plan through varying market cycles,” advised Brian Schafer, senior wealth management associate at Greenleaf Trust. “Slow and steady wins the race.”

2. Avoid emotional reactions in the moment

Having long-term goals, paired with a firm strategy to get you there, can help you avoid knee-jerk reactions to sudden market changes that could disrupt your overall investment plans.

“The gut reaction when the market is unpredictable — and I’m not going to say it’s the right one — is to sell equities, get out of the market, try to move to the sidelines and get out of the way because it seems like things are bad and perhaps can only get worse,” Juhle said. “But in general, our recommendation to clients is to stay disciplined, and to keep your money invested.”

Trying to outguess the market by buying or selling according to short-term fluctuations is a strategy that few investors can consistently win.

3. Learn how dollar-cost averaging can benefit your portfolio over time

Unlike trying to time the market just right (which can be daunting if not impossible), dollar cost averaging is an approach that helps investors reduce the impact of the market’s ups and downs. This means investing a fixed amount on an ongoing basis, despite the price of securities at a given time, such as allocating a portion of your paycheck to your 401(k) each pay period. This means, while you’re buying fewer shares at higher prices, you’re also buying more shares at lower prices.

Take advantage of employer-sponsored retirement plans or investment platforms that allow you to automate contributions so that you can maintain consistency, regularly investing the dollars from your paycheck or bank account. While this may be challenging to practice when securities are up, the benefits are developing disciplined saving habits and avoiding the emotional stress of short-term investing.

“Contributing money to your investment account regularly allows for the practice of disciplined saving,” observed Schafer. “This strategy allows investors to stay invested and to participate in the historical upward trajectory of the market over time.”

However, you should periodically review your portfolio for rebalancing opportunities, and to ensure that it still aligns with your goals.

4. Live within your means — and plan ahead

To make sure your investment goals will work for you over the long haul, it’s important not to overextend yourself. Since not every need can be anticipated, experts recommend keeping an emergency reserve of cash, saving for retirement and prioritizing your short- and long-term investment strategy, only selling stocks when absolutely necessary to plan for the following year.

“If you need to cash out stocks to cover expenses for the next year, sell only the investments you need to cover those costs, but keep the rest invested,” Juhle noted. “For the money you don’t need to access soon, you’re going to want that money to grow with the market through its ups and downs.”

Decisions to sell should be based only on careful consideration of your needs, long-term goals and potential tax liability.

5. Seek professional advice

Talking to an investment advisor can help you determine long-term goals that reflect what matters most to you — and identify effective strategies to help get you there. In addition, because each individual’s financial and tax situations vary, it is recommended that you consult a tax professional to help you most effectively meet your unique goals.

Learn more about how to plan for your family’s future and help your wealth stand the test of time at www.Greenleaftrust.com.

2023-02-06T12:27:51

(BPT) – Some goals aren’t attainable or sustainable for your life. Instead of making lofty promises that are unachievable, start with modest changes that you can accomplish and build upon in years to come. Not sure where to start? Check out these five achievable goals.

1. Learn or resume a hobby

If you don’t have a hobby or have let it go by the wayside, dedicate some time to doing something you enjoy. Hobbies aren’t just activities we do for fun. They can have huge mental and physical health benefits.

According to VeryWell Mind, enjoyable activities can help you reduce stress, lower blood pressure and combat depression. You don’t have to engage in your hobbies every day to reap the benefits. One study showed that engaging in a physical leisure activity for 20 minutes a week helped people feel less fatigued.

Whether you get back into knitting or playing guitar or pick up a new hobby like painting or ballroom dancing, you’re carving out time for yourself that can take your mind off the stresses of everyday life.

2. Move your body

This year, make it a goal to get your body moving. That doesn’t mean you have to exercise every day for hours at a time. According to the Centers for Disease Control and Prevention, adults need 150 minutes of moderate-intensity activity each week. That may sound like a lot, but it breaks down to 30 minutes a day, five days a week.

Take it slow if you’re new to working out or it’s been a while since you’ve exercised. You can even break up 30 minutes of daily activity into smaller chunks. For example, you can do 10 minutes of brisk walking or aerobic exercises three times a day or 15 minutes twice a day. By breaking up your movement goal into smaller chunks, you can naturally find breaks throughout your day to get moving.

3. Invest in your health

If you want to live a long healthy life, you need to invest in your health. Nicole Avena, Ph.D., Associate Professor of Neuroscience, Mount Sinai School of Medicine and Author of Why Diets Fail, says, “In addition to a healthy and balanced diet and getting an adequate amount of exercise, it’s important to cover all your bases like adding daily vitamins to your health regimen. Each person’s dietary needs will vary slightly. While most people can get enough from diet alone, others may need to take a supplement, and nowadays, there are many vitamin options for men and women of all ages.”

To ensure that you receive essential nutrients, consider taking a daily multivitamin like vitafusion MultiVites which is an excellent source of 12 vitamins and minerals. Offering a selection of multivitamin gummies to support the consumer’s unique needs, vitafusion is America’s #1 adult gummy vitamin brand and the only gummy vitamin brand with a fusion of natural fruit flavors. To learn more, visit vitafusion.com.

4. Mindfulness

You’ve probably heard about mindfulness, but do you know what it is and its benefits? Simply put, mindfulness is being aware and fully present in your body, mind and environment. According to the National Institutes of Health, practicing mindfulness can have several positive impacts on your health and well-being, including reducing anxiety and depression, lowering blood pressure and improving sleep.

A popular way to practice mindfulness is meditation, but it’s not the only way. You can practice breathing or grounding exercises, go on a walk or take stock of how your body is feeling in the present moment. Mindfulness practices can be short or long, but to start, you can carve out five minutes a day in the morning or at night to get in touch with your awareness.

5. Improve your finances

According to the American Psychological Association (APA), 72% of adults report feeling stressed about money at least some of the time. While there isn’t a one-size-fits-all plan for improving your financial well-being, there are simple ways to assess your finances and target areas for improvement.

For one month, track all your income and expenses. You can do this by using an expense sheet, or you can download an app to make things easier. Once you know where your money is coming from and where it’s going, you can identify areas where you could be spending less and saving more and set financial goals.

Small changes can add up quickly and turn into life-long habits. Using these five tips, you can invest in yourself now and for years to come.

2023-02-06T08:01:00

(BPT) – While women make up approximately half of the U.S. workforce, they are underrepresented in the technology sector, making up 28% of the industry. These numbers are even lower for women of color seeking opportunities in the field, with 3% of computing-related jobs being filled by African American women, 6% by Asian women and 2% by Hispanic women.

Over the course of February and March, Black History Month and Women’s History Month respectively, conversations often focus on empowering diverse voices to ensure they are represented in society. While these conversations raise awareness, they may not result in action and shifting the narrative surrounding diverse hiring practices. Diversity becomes a guide for program development to ensure diverse and female students feel supported in their pursuit of tech-related jobs, helping to address the gender gap in the industry.

To address the gender and diversity disparities, women must have access to resources and learning opportunities that give them the skill sets and confidence to pursue tech careers. Higher education institutions can play a significant role in bridging the gap. Creating greater awareness of job opportunities in the tech industry, potential career paths and sharing how to attain the necessary skills provides emerging talent with a clear trajectory for a future career in tech.

Higher education institutions can design inclusive programming.

In higher education, diversity is often thought of as the physical makeup of the student body. But diversity also extends beyond demographic data to how students learn — taking into consideration the tools they need to succeed. These tools can come in the form of academic success teams or programming rooted in uplifting diverse students to help them achieve their academic and professional goals.

Higher education institutions are tasked with providing the most current and industry-relevant education to students to augment a work-ready pool of talent. To be successful in this mission for all students, institutions can use adaptive programs to close the opportunity gap for female and diverse students. An example of a curriculum informed by student need is DeVry University’s Women + Tech Scholars Program, which was established to increase female representation in the tech field by providing women with tools, support and resources such as: access to mentors, early access to industry-related internships and job opportunities and industry association memberships.

Providing more women with a seat at the table helps to advance the tech industry.

Despite increased efforts to diversify a traditionally homogenous workforce, nearly 70% of tech companies report a lack of diverse representation in their workforce. In 2020, Google reported that 5.5% of new hires during that year were Black. Creating a more diverse tech workforce can lead to greater opportunities for collaboration because new perspectives are brought to the forefront that were previously unrepresented — driving innovation, creativity and productivity.

“Considering the current workforce and the growing need for tech talent, the share of diverse and female tech employees remains at alarmingly low levels,” said Randi Zuckerberg, founder and CEO of Zuckerberg Media. “Programs like DeVry University’s Women + Tech Scholars Program help create greater awareness of tech careers and give women of all backgrounds the tools they need to persist in this academic path and obtain the skills they need to pursue tech-enabled careers.”

Diversity of thought enhances problem-solving exercises because teams are mitigating the potential of finding themselves in an echo chamber of a singular thought derived from similar opinions. Studies suggest that companies that prioritize gender or racial and ethnic diversity are more likely to see financial returns that are above national industry averages.

Higher education institutions have an opportunity to create supportive networks and communities.

Seeing someone from a similar background succeeding in a career path builds awareness. Higher education institutions that create opportunities for women to network and build connections with leaders they can identify with increase the chance of success in these highly sought-after, influential industries.

“Access to education alone is not enough. Students, particularly those from underrepresented communities, need support, opportunities and resources throughout their education journey,” added Veronica Calderón, DeVry University’s chief inclusion, belonging and equity officer.

Carving out unique, defined spaces in which diverse and female communities can feel a sense of belonging helps increase overall academic performance, persistence and academic success, which can translate into professional success post-graduation.

As diversity in tech remains a topic of critical importance, comprehensive and agile programming that focuses on female learners allows women, particularly women from diverse backgrounds, to break down barriers that have persisted in the tech industry for decades.

2023-02-02T08:03:00

(BPT) – In an increasingly complex world, successful businesses need to see the big picture in order to excel and grow. Understanding and optimizing the revenue lifecycle can help you see beyond the day-to-day or quarter-to-quarter needs and goals of your business.

What is the revenue lifecycle?

Revenue is your organization’s fuel. Seeing revenue as a lifecycle means maximizing your customer relationships, as well as their lifetime value. It also means recognizing the many personas that comprise the lifecycle stages — sales, product, legal, operations, finance and customer service — and that everyone aligns and supports the model of revenue as a lifecycle.

Complexities arise from the ever-changing nature of the revenue operations landscape, which impacts an organization’s path to revenue predictability. When your business has multiple products and revenue types, the path to operationalizing these too frequently is through a patchwork of siloed manual processes, systems and teams. As a result, creating seamless customer and employee experiences becomes even more challenging.

Organizations often operate without consolidated pricing and discounting. There may be no history of products and services customers had through one division or another, and there’s also complexity around contracting. Many have legacy contracts with preexisting governing terms and conditions — and if they’re added to the company through a merger or acquisition, there could be multiple contracts with one customer. Many organizations must also navigate the intricacies of regulatory compliance and risk management, creating even more complexity.

Even if your organization manages to integrate its products and services with its pricing models and contracting standards, management and fulfillment of those products and services become even more complicated in the backend. Many areas tend to be locked in different enterprise resource planning (ERP) systems, billing systems or order management systems, making it difficult to see what products or services a customer has at any given time.

The ability to lay the groundwork so an organization can easily sell new products and services with new contract terms and conditions over the customer lifecycle is essential.

“Every company is dealing with its unique complexities. Increasing complexity requires process unification and standardization. Our company is laser-focused on helping customers crush their revenue lifecycle complexities to increase revenue certainty,” explains Randy Littleson, chief marketing officer, Conga. “Today we can deliver the breadth of capabilities modern-day companies need to effectively manage their revenue lifecycle.”

How specific tools can streamline processes throughout the revenue lifecycle

A global leader in scalable revenue lifecycle management solutions, Conga provides products and services to help businesses increase revenue certainty, using AI-powered capabilities to deliver faster, smarter experiences for customers and employees alike.

Revenue lifecycle management is unifying and automating all revenue generating processes to maximize customer lifetime value. To improve your company’s revenue lifecycle, you first need to automate processes to remove manual steps that slow the path to revenue — and that can introduce the potential for human error.

Propose and quote: Throughout the revenue lifecycle, configure, price and quote (CPQ) solutions allow companies to sell more easily and effectively by configuring pricing, managing discounting, ensuring that proposed configurations actually work and can be delivered to customers and by streamlining the quoting and proposal processes, using tools like automated document generation.

Next, you need to unify currently disparate adjacent processes. To achieve this, contract lifecycle management (CLM) solutions unify, automate and standardize revenue lifecycle processes across all teams to create one fully visible revenue lifecycle — not several, fragmented ones.

Negotiate and execute: CLM solutions help achieve efficiency and gain strategic insights. CLM manages the entire contract lifecycle for you — negotiating, redlining, approvals, storing of agreements and more — to empower sales to get deals done faster, while ensuring that legal can manage compliance and risk. Your contract center infrastructure (CCI) lets you manage all contracts with AI-driven insights to manage risk and obligations while uncovering new opportunities. Using eSignature solutions is also essential to managing each function of the lifecycle, allowing documents to be generated with data from anywhere and signed easily, so you can seal the deal.

Manage and fulfill: Without sacrificing your customer’s experience during the billing process, you can free your sales teams to focus on customers. Make it easier to up-sell or cross-sell services to your loyal, happy customers using an automated billing system.

Renew and expand: Business viability means acquiring new customers and — more importantly — retaining them. For example, using an automated process for executing renewals will lead to higher renewal rates and delighted customers. Seeing the entire revenue lifecycle, you’ll know which accounts are coming up for renewal and your customers’ propensity to buy.

“Businesses cannot afford to be slowed by cumbersome manual processes,” says Grant Peterson, chief product officer, Conga. “The level of automation we provide gives a business revenue predictability. Conga crushes complexity in an increasingly complex world, simplifying your path to revenue.”

Making sure the revenue lifecycle of your business runs with optimal efficiency benefits your company, your teams — and the experience of your clients and business partners. Learn more at Conga.com.

2023-02-01T07:03:00

(BPT) – As we move into 2023, many students will choose which college they’ll attend in the fall. For parents, there are plenty of questions and concerns about the college process, especially when it comes to cost, scholarships and financial aid.

College Ave Student Loans recently completed a survey to get some insights into parents’ stress, concerns and priorities for affording their child’s college education. Read on to see six surprising findings from this study to help parents set their students up for future success.

1. College costs are higher than parents expected

Three-quarters of parents said college costs are more difficult to cover than in previous years and 71% found the actual cost of college surprisingly high. Also, parents often felt that college tuition, fees and room and board were more than they initially expected. Perhaps this is why one-third of parents said their child attended a school outside their original budget. Starting conversations with parents whose children are currently in college can help set expectations about affordability.

2. Fill out the FAFSA and unlock free aid

While 9 in 10 parents did fill out the FAFSA this year, a majority (61%) found the form confusing to complete. To help cut through the confusion, have all your documentation ready, and talk to other parents who have recently completed theirs.

It’s free to apply for the FAFSA. Even if you think you won’t qualify, it’s worth filling it out. Your family may qualify for merit aid (money that does not need to be paid back), and at a minimum, federal student loans, which offer unique benefits, such as income-driven repayment plans, over private student loans.

3. How families find scholarships

There are several ways students and their parents can apply for scholarships, but they may not know about all their options. According to the survey, 30% of students received scholarships and grants as part of their school’s financial aid package.

Families have also found and received scholarships through the help of a college counselor or the financial aid office, an online scholarship search, a high school counselor, community or local organizations, friends and work. While these methods were used to a lesser extent, they do provide more ways to pay for college.

If you want to help your incoming first-year students search for scholarships, you can use online tools like Scholarships.com. College Ave also has several resources to help with the college selection process, including a college application checklist, instructions on how to apply for FAFSA and a monthly $1,000 scholarship sweepstakes.

4. Perceptions of financial aid award letters

When financial aid letters arrive in spring, many parents found the letters easy to compare. However, 74% of parents who received letters found that the expected family contribution to their children’s education was higher than expected.

It’s likely that because of this higher-than-expected contribution that families have to seek multiple ways to finance their student’s education, from income and savings to scholarships and student loans.

5. Preparing students with financial life skills

Before heading off to college, you should make sure they have the necessary life skills to live independently. According to the survey, parents confirmed that their students had accomplished several skills before college, such as cleaning, preparing meals and working a job. The most common was opening a checking and/or savings account (85%).

However, it seems that many students could practice other important financial skills. For example, only 48% had paid a bill, 26% had balanced a budget and 24% understood investments. For parents of soon-to-be college students, it’s critical that you help your children brush up on their financial skills before they start their classes in the fall.

6. Advice from parents to parents

Parents who have already sent their kids off to college have valuable insight into the process. They recommend parents of incoming freshmen encourage their children to apply for more scholarships, fill out a FAFSA application, and be prepared for unexpected college costs.

Make a plan to set up your student for success

Even after a combination of savings, scholarships, grants and financial aid, students and their parents may find that they can’t cover the full cost of tuition. To bridge the gap, you may need to consider student loans.

Using tools like the College Ave student loan calculator, you can estimate your future monthly payment and an easy-to-understand breakdown of the loan amount, repayment terms and interest rates.

If you already have children in college and took out student loans, see how much you can save by refinancing a student loan using their student loan refinance calculator. To learn more about private student loans and other college finance tools, visit CollegeAve.com.

2023-01-31T11:01:00

(BPT) – Home and auto owners are aware of the financial responsibilities associated with each, but those looking to save money understand it goes beyond only reducing mortgage or auto payments. Regular preventative maintenance will keep your property in good condition while helping you save money in the long run.

“People often think about maintenance when something needs to be repaired, but the truth is that taking care of your property before it breaks might save you even more money,” said Kevin Quinn, vice president of claims at Mercury Insurance. “Policyholders who take care of necessary tasks in order to maintain their personal property may help prevent major problems from happening later on.”

There are routine measures you can take now that might help keep certain costs down when it comes to owning a home or vehicle.

Auto

One of the easiest ways to save money on auto expenses is to keep driving your vehicle for as long as possible. Most cars are built to last and the average age of a vehicle on the road today is at an all-time high of 12.3 years old. Keeping up with recommended maintenance such as regular tune-ups and repairs can save you from needing costly ones in the future, ultimately saving you more money.

Proper tire inflation. According to the Department of Energy, drivers can improve their fuel mileage up to 3% just by keeping their tires inflated to the proper pressure. The right amount of air contributes to increased gas mileage, a safer ride, and reduced tire wear. The appropriate tire pressure for your vehicle is usually found on a sticker inside the driver side door or within your car owner’s manual.

Check your wheel alignment. Do not ignore the signs of a potential wheel alignment problem such as a vibrating steering wheel or a slight pull to one side when driving. Bad alignment can cost you by lowering your gas mileage or putting wear and tear on your tires which may necessitate replacing them sooner than normal.

Keep a maintenance log. Maintaining records of your vehicle’s service history can protect its value. If you decide to sell or trade in your car, you can demonstrate its reliability and dependability with documentation. A well-maintained vehicle with proof of service may be worth even more money.

Home

Check your home’s insulation. Opening up that first energy bill is often a surprise for new homeowners. Beyond trying to install energy-efficient appliances or lighting, new homeowners should check the adequacy of their insulation. Single-family homes, especially those built before 1960, may need an insulation refresh.

“Insulation is what helps keep your home warm in winter and cool in summer,” said Bonnie Lee, Vice President of Property Claims at Mercury Insurance. “Well-insulated homes provide year-round comfort while reducing heating and air-conditioning bills.”

Upgrade to smart home technology. A home equipped with a smart home system that monitors fire, water, and theft may qualify for a homeowners insurance discount.

“Many insurance companies offer discounts to homeowners who install smart-home devices because the technology is able to catch common problems early and can help prevent expensive claims,” said Lee. “By using devices that monitor your home’s safety and help with preventative maintenance, you may be able to save money on your insurance premiums over time.”

Increase your deductible. A deductible is the amount you would have to pay out-of-pocket for damages before your insurance would kick in if you make a claim. If your budget allows you to pay a higher deductible in the event of loss or damage, your insurance premium will most likely go down.

Bundle your insurance. Bundling your auto coverage with homeowners insurance will qualify you for a multi-policy discount and save you money on your premium. It will also help streamline the process should you need to make a claim on both your home and auto at the same time. Contact your insurance agent to review bundling policies and rates.