Economy news – The Sundance Company

December 3, 2014November 24, 2014 sundancecompany business information, Economy news, The Sundance Company

8 Ways Salespeople Can Keep Generating Leads

During a client’s sales meeting, we got into a discussion regarding pipeline values. Needless to say, the number of prospects and dollar values were insufficient to achieve the overall corporate revenue objectives.

Several of the salespeople blamed marketing for not generating enough quality leads (ever hear that before?). As the discussion of “territory development” evolved, several of the salespeople simply didn’t feel it was their responsibility to prospect because of the futility of cold calling and event marketing.

In many organizations, marketing is expected to develop leads via a well-messaged nurturing campaign with a quality database and an objective, in order to set up the salesperson with a highly qualified opportunity. In this format, there may be a series of marketing campaigns, tele-salespeople and a well-designed CRM reporting system. In other organizations, there is limited marketing of this nature, with an expectation that sales will build relationships that lead to additional business opportunities. The question is, as a sales manager, how should you structure your sales team’s expectations around prospecting?

First, it depends. What is your sales process? Are you selling large accounts with a complex sales cycle or are you more transactional with short sales cycles selling to small business? Are you territory-based or open territories? Your business type will alter what works.

Second, it is my belief that salespeople need to prospect continually: the real question is how.

Listed below are eight tips for how salespeople can keep prospecting.

Networking: Every salesperson should attend one networking event a month; this should not be negotiable.

Circles of influence: Develop a list of individuals who can influence your sales opportunities or refer business to you. Depending upon your industry, these could CPAs, commercial real estate brokers, contractors, architects, etc. Each of these individuals need to be contacted at least once a quarter.

20/20 plan: Each salesperson sends two distinct direct mail pieces referring to your products/services to 20 suspects: 20 pieces one week, 20 the next week. The third week, the salesperson calls the 20 suspects. This process is repeated each week.

Thought leadership events: Schedule one breakfast event a month with a topic based upon thought leadership marketing. This event is driven by marketing, but the salesperson is responsible to call and invite individuals to the meeting. This gives the salesperson a reason and message to communicate to their prospects.

Referrals: The salesperson should ask their customers for referrals twice a year.

“Bus-ecosystem”: Each salesperson should develop relationships with three to five other salespeople who sell non-competitive, but related products or services in a common marketplace.

“Who you know” list: Each salesperson should create a list of everyone they know: friends, business associates, professionals. Then hold a sales meeting idea to come up with “titles” of individuals your sales team might know. Make sure these contacts know what you do and what problems you can solve using a personal letter.

Review calendars: Set aside some time to review your calendar for the past 12 months, you might find someone you had forgotten to follow up with.

The story was originally published on Entrepreneur.

About The Sundance Company
Established in 1976, The Sundance Company has the experience to help you with your commercial real estate needs throughout the Boise Valley. If your requirements include property management, leasing, real estate development, project planning, construction or space planning then look to us. The Sundance Company has more than 1.5 million square feet of office and industrial space available in prime locations in the Boise metropolitan area. More information is available at www.sundanceco.com or 208.322.7300.

November 11, 2014October 7, 2014 sundancecompany business information, commercial real estate, Commercial real estate news, Economy news, The Sundance Company

10 Ways To Decrease Distractions In The Office

The Internet is full of gloomy articles about workers who hate their open cubicles and yearn for private offices, where they believe their lives would be full of productivity and peace.

Today’s open environments are designed to foster collaboration by eliminating barriers and making informal interactions easier and more frequent. However, an increase in informal interactions creates distractions, making it more difficult to get the work done.

Susan Cain, author of the book ” Quiet: The Power of Introverts in a World That Can’t Stop Talking,” says this can be difficult for introverts, since they “are more easily overwhelmed, reacting to what’s going on around them.”

Since it’s unlikely that everyone can claim a private office, here are 10 ways to decrease distractions for the introverts in us all, based on Cain’s design principles for the workplace:

Give employees permission to be alone:

Create drop-in workstations where no phones or interruptions are allowed.
Turn a small conference room into private drop-in space, and add homey touches like a small sofa, a pull-up table, and a lamp.
Give staff permission to select the correct setting for a particular task. Make sure management adapts the attitude that it’s OK to work away from your desk and lead by example — management should use these spaces too!

Allow staff to have control over their environment:

Introduce music speakers in quiet rooms, and allow users to control the playlist.
Give workers a desk lamp for personal control over lighting. Haworth’s LIM desk lamp is slim and energy efficient.
Create boundaries around technological distractions, and set policies and expectations around how frequent you expect staff to respond to email/phone messages. Email, phone calls, text messages, twitter can be just as disruptive as that annoying co-worker, and you can experience this loss of productivity even if you have a private office.

Create sensory balance:

Add touches from home by using different textures and patterns to the workplace like pillows, plants, rugs, vases, books and sculptures. Society6 has an awesome collection of fun pillows at reasonable prices. I especially love the faux books of Bookworm or the geometric shapes in tryypyzoyd. Introduce calming colors with wall paint or add interesting accent lighting – go retro with the Aston by Rejuvenation. Or, add a touch of wood with West Elm’s Bentwood pendant.
Try some acoustical solutions to block out unwanted noise.

Provide psychologically safe areas:

Apply “frosted-look” film to glass windows on private spaces to give workers more privacy. However, keep the bottom 12-18 inches clear to increase a sense of security, and to allow occupants to see if someone is approaching.
Think about the orientation of desks and furniture: Orient desks and seating towards doors and openings so occupants can see visitors approaching.

Don’t forget about the extroverts, either: Make sure you have places in the workplace that have increased activity levels like coffee bars, gathering areas, and social spaces. Make sure you buffer these spaces from the quiet ones.

The story was originally published in Dallas Business Journal.

June 17, 2014May 10, 2014 sundancecompany commercial real estate, Commercial real estate news, Economy news, The Sundance Company

Commercial Property Transaction Volume on Course to Reach a 10-Year High by 2016

A new U.S. real estate forecast based on a survey of 39 of the industry’s leading economists and analysts predicts that commercial property transaction volume will reach $430 billion by 2016, exceeding the volume of 2006. The latest multi-year outlook (covering 2014 through 2016) from the Urban Land Institute (ULI) and EY projects steady growth for the U.S. economy; sustained strength from real estate capital markets; and continued improvement in both commercial real estate fundamentals and the housing sector.

The findings were released today in the semi-annual ULI/E&Y Real Estate Consensus Forecast, prepared by the ULI Center for Capital Markets and Real Estate. The survey, conducted between February 19 and March 14, 2014, is the fifth in a series of polls conducted to gauge sentiment among economists and analysts about the direction of the real estate industry.

The latest forecast is more optimistic than the previous one from October 2013. Although survey respondents moderated their expectations for the housing sector – the latest forecast projects housing starts will remain below the twenty-year annual average through 2016 — the overall industry outlook remains positive. The issuance of commercial mortgage-backed securities (CMBS), a key source of financing for commercial real estate, is expected to continue its rebound with consistent growth through 2016. Hotel occupancy rates are expected to continue improving, while vacancy rates are expected to decrease modestly for office, retail, and industrial properties. In addition, the forecast expects a turn-around in 2014 with retail rental rates, turning positive for the first time since 2007.

“Respondents to the Consensus Forecast survey project consistent growth in the real estate industry, bringing some key factors back to pre-recession levels and others moderating to long-term averages,” said Anita Kramer, vice president, ULI Center for Capital Markets and Real Estate. “Fundamentals beyond multi-family continue to improve with the retail sector now joining in. This overall outlook for real estate is supported by expected on-going improvements in the economy.”

Howard Roth, global real estate leader for EY, commented, “Although we’ve made significant improvement over the past year, the recovery has been uneven globally and many risks still exist, including high global unemployment, high government debt, deflationary pressure in advanced economies, weak domestic demand, capital flow volatility in emerging markets and the potential impact from Fed tapering in the US. Still, all signs point to a continued gradual improvement in both the economy and real estate market fundamentals.”

The Consensus Forecast expects the overall economy to continue expanding a rate equivalent to the 20-year average. Gross domestic product (GDP) is expected to grow by 2.8 percent in 2014 and then 3.0 percent in both 2015 and 2016. Survey respondents predict that employment will grow by over 7.5 million jobs in the next three years. The unemployment rate is expected to fall to 6.3 percent by the end of the year, 6.0 by the end of 2015, and 5.8 percent by the end of 2016.

Inflation is expected to grow by 1.9 percent in 2014, and then increase by 2.2 percent in 2015, followed by 2.5 percent in 2016. At the same time, ten-year treasury rates are projected to continue moving up, reaching 3.4 percent by the end of 2014, 4.0 percent by the end of 2015, and 4.4 percent by the end of 2016. Even though treasury rates will increase borrowing costs for real estate investors, survey respondents do not expect these changes to substantially impact real estate capitalization rates for institutional quality investments (NCREIF capitalization rates), which are expected to remain at 5.7 percent in 2014 and then rise to 5.9 percent in 2015 and 6.2 percent in 2016.

Prices and total returns for commercial real estate investments are projected to increase at moderate rates. Institutional real estate assets are expected to provide total returns of 9.4 percent in 2014, moderating slightly up to 8.5 percent by 2016. NCREIF total returns in 2014 are expected to be fairly consistent across property types with retail and industrial at 10 percent, followed by office and apartments at 9 percent. Total office returns are expected to remain at 9 percent by 2016, while retail, industrial, and apartments are all expected to moderate downward.

The Consensus Forecast survey findings, by commercial property type, are listed below:

Apartments – The Consensus Forecast expects end of year vacancy rates to rise slightly to 5 percent in 2014, 5.2 percent in 2015, and 5.3 percent in 2016. Apartment rental growth rate, which slowed in 2013 after two years of significant growth, is expected to slightly increase in 2014 to 2.7 percent and then moderate to 2.3 percent in 2015 and 2.2 in 2016.
Industrial/warehouse – Decreases in the industrial/warehouse sector are expected to continue but at a slower pace. Vacancy rates are projected to go from 11.3 percent in 2013 to 10.7 percent in 2014, 10.3 percent in 2015, and 10.1 percent by the end of 2016. According to CBRE, the sector’s rental growth rate was strong in 2013 at 3.6 percent. The Consensus Forecast projects continued growth of 3.8 percent in 2014 and 3.7 percent in 2015 before moderating to 3.0 percent in 2016.
Office – Office vacancy rates declined for the third straight year to 14.9 percent in 2013 and are expected to continue at the same pace, decreasing to 14.3 percent in 2014, 13.7 percent in 2015, and 13.1 percent by the end of 2016. Survey respondents foresee a healthy and continued growth in office rental rates through 2016. According to the Consensus Forecast, office rental rates will increase by 3 percent in 2014, 3.9 percent in 2015, and 3.6 percent in 2016.
Retail – Retail availability rates decreased in 2013; however, the Consensus Forecast anticipates modest improvements over the next three years, with availability rates expected to decline to 11.5 percent by 2014, 11.1 percent by 2015, and 10.8 percent by 2016. CBRE reported a decline in retail rental rates for the past six year; however, survey respondents foresee a turn-around in 2014 with rental rates increasing by 1.9 percent, 2.5 percent in 2015, and 3 percent 2016.
Hotel – Hotel occupancy rates are expected to continue their steady improvement, with the 2016 projection surpassing the pre-recession peak in 2006. The Consensus Forecast projects that hotel occupancy rates will continue to strengthen, rising to 63.1 percent in 2014, 63.6 percent in 2015, and 63.8 percent by 2016. The strong growth in hotel revenue per available room (RevPAR) of the last four years is expected to continue, remaining above the long-term average annual growth rate but decelerating, with growth of 5 percent in 2014, 4.7 percent in 2015, and 4 percent in 2016.

April 1, 2014March 20, 2014 sundancecompany Boise Valley, Economy news, Rankings, The Sundance Company

National Rankings for the Boise Valley

The Boise Valley, home of The Sundance Company since 1976, has been recognized in several high-profile publications by ranking the city as one of the best places in the United States to do business and live. Below are some of the recent accolades:

#10 Best Place to Invest in Housing 2014
Forbes | February 2014

Top 24 Best Places to Live & Work 2014
 Sunset Magazine | February 2014

Top 25 Best Places to Retire in 2014
Forbes | January 2014

#12 in Top 100 Places to Live 2014
Livability.com | October 2013

#12 Healthiest State
AmericasHealthRankings.org | December 2013  

#9 Best State for Expected Job Growth
Forbes, September 2013  

#4 Best State for Entrepreneurs
Entrepreneur Magazine, August 2013

March 18, 2014February 8, 2014 sundancecompany business information, commercial real estate, Commercial real estate news, Economy news, The Sundance Company

Making Your Business Buzzworthy

An article from the Business News Daily discusses how email marketing used to follow a one-size-fits-all model, but now new technology is giving businesses the chance to take their campaigns to the next level.

Vivek Sharma, co-founder and CEO of email marketing technology provider Movable Ink, said there are numerous new ways businesses can help ensure their emails are not only read, but revisited multiple times.

Originally, email marketing was similar to direct mail in that everyone got the same message, Sharma said. Eventually, email messages could be targeted to different customer segments — for instance, one email could be sent to men, and the other to women.

Sharma said “agile marketing” takes things several steps further. “Agile marketing is actuality-based marketing — meaning, rather than creating a prefabbed message, the message is adapting to you based on when you are [reading it], where you are, what device you are opening it on and even the weather outside,” Sharma said.

To help businesses better understand the capabilities of email marketing, Sharma has compiled a list of 10 ways retailers can use email marketing to generate excitement and boost sales:

Multimedia: Rather than a simple picture, use video and a countdown clock to unveil a new product and create a sense of urgency.
Social media: Use social media to make emails interactive by incorporating real-time tweets and Instagram photos.
Personalize: While some think slapping someone’s name at the top of an email makes it personal, take it even further by personalizing an image with the recipient’s name on it — for example, a piece of jewelry with the person’s name engraved on it.
New deals: To get consumers to revisit the email after they have opened it, use new technology that allows for the email to be updated with new deals every hour.
Shipping: Include real-time shipping-status information in purchase confirmation emails.
Updated locations: Use geo-targeting to show nearby store locations and the hours when each of those stores is open.
New products: Change offers that are promoted based on each shopper’s location. For example, a ticket broker could change the concerts or sporting events it promotes in an email based on each consumer’s location.
Bar codes: Use bar codes in mobile emails to drive sales by letting consumers have their email scanned straight from their mobile device for an in-store discount.
Best sellers: For businesses with fast-moving products on their home page, use new tools that allow the emails to always show the most up-to-date best-selling products. It ensures the emails never go stale.
Mobile friendly: Optimize emails for mobile devices — for instance, include a “click to call” button for customers who want to make a purchase or speak to a customer representative.

Sharma said email marketing makes the most sense for retailers because it has the largest return on their investment. He points to past research that shows that the return on investment for email marketing is $29 for every $1 spent.

“Dollar for dollar, out of all of the digital channels available to retailers, email simply performs the best,” Sharma said. “It is incredibly effective.”

February 11, 2014December 30, 2013 sundancecompany business information, commercial real estate, Commercial real estate news, Economy news, The Sundance Company

Does A BYOD Policy Make Sense For Your Business?

Smartphones and tablets are what make many small businesses tick. Modern mobile devices are portable enough for a daily commute and powerful enough to keep your employees productive from anywhere. For many small businesses and startups, these devices are practically indispensable. So should small business owners be the ones to buy iPhones, Android phones, Windows phones or BlackBerrys for their employees? Or should your employees bring their own?

For decades, companies have usually provided a desktop computer for each employee if the job called for it. But as personal computing devices become more and more mobile — not to mention numerous — small business owners are faced with tough new questions. Shelling out for company-owned devices may be the most secure option, but it can be expensive — and, counterintuitively, could even dampen morale. Here are three reasons to adopt a bring-your-own-device (BYOD) model for your business — and three reasons to stay far away from BYOD.

Your business should go BYOD because:

1. It’s cheaper: Smartphones and tablets are not cheap. Regardless of how many employees you have, these devices might not fit into your business’s budget. And the hardware costs are just the beginning: don’t forget to factor in the cost of a data plan for each device. Prices vary widely between devices and carriers, but providing a Web-connected cellphone or tablet could cost you $1,000 or more for each employee. Besides, most of your employees probably already own at least a smartphone — and if they don’t, they’re likely to be in the market for one soon.

2. Employees want BYOD: When it comes to mobile technology, most workers have strong brand preferences, be it iOS, Android or otherwise. Those employees are most content when they can work using their favorite devices, applications and Web tools, instead of ones hand-picked by their employer. And working from your own smartphone or tablet is often simply easier, since there’s no need to juggle multiple devices or partition mobile activities. That translates into happier, more productive employees. And because workers will almost always have their personal devices on hand, they can be ready to work at a moment’s notice.

3. You’re busy: Let’s face it: You’re busy, and your small business isn’t likely to have an IT department on hand to manage a fleet of cellphones and tablets. And there’s a lot to manage beyond picking the right devices and juggling payment plans. You could spend a lot of time micromanaging which apps your employees use for functions like reading and responding to company email. And if a company-owned device breaks down, you’ll be the one tasked with fixing it. By going BYOD, you leave those decisions in their hands, letting you stay focused on daily business operations.

Your business should stick to company-owned devices because:

1. It’s (much) more secure: Letting your employees work on an unsecured personal device is risky business — especially when it’s a device that’s so easy to lose. Even when using devices and apps that hold sensitive company data, employees are likely to use weak passwords — or no passwords at all. And if an employee accidentally sends private client data to a personal contact, your business is on the hook. By managing company-owned devices, you can control which applications your employees use — and how. You can also retain the option to wipe company devices — even remotely — or revoke access to company accounts at any time. All else aside, legal liability is the No. 1 reason to steer clear of BYOD policies.

2. You own the numbers: Letting employees use their own phones has its perks, but what do you do when an employee leaves? Shelling out for company-owned devices means you own more than just the phones — you also own the corresponding phone numbers. That can save you from a lot of headaches — and keep you from missing out on business if a client tries to contact your company through a former employee. Owning all phone numbers associated with your company will also help your next employee get right to work without any hiccups and avoid lost productivity.

3. Your employees really need them: The majority of Americans have smartphones, but the pocket-size computers are far from ubiquitous. If you depend on your employees to respond to that email from wherever they are, buying them a phone might be the best option. Employees can’t be expected to shell out for an expensive phone or tablet — not to mention foot the bill for a data plan. Biting the bullet on company-owned phones isn’t just secure and practical for small businesses; it might also be the only way to ensure that every employee can stay connected and productive when they’re away from the office.

Ultimately, this choice comes down to the needs of your individual business. Not every employee needs to stay connected to work through a smartphone or tablet. But when they do, there are very good reasons for small business owners to buy and maintain their own devices. On the other hand, if your business is very small, or if employees rarely handle sensitive company data, the flexibility and cost-savings of a BYOD policy might be too good to ignore.

The story was originally published on Business News Daily.

January 2, 2014November 12, 2013 sundancecompany business information, Commercial real estate news, Economy news, The Sundance Company

The Top Workplace Trends for 2014

Happy New Year!! An article from Forbes.com discusses the workplace trends for the new year. 2014 will be a slow period, where a lot of major workplace issues will surface and executives will be scrambling. As more boomers retire and more people work from home, the idea of “work” will start to change. Hiring processes are going to start to shift as more recruiters rely on the Internet and the word “reputation” will become even more important to professionals and companies alike. Here are the trends I’m following that will affect you one way or another next year:

1. Healthcare’s impact on the workplace. CNNMoney.com found that 9 out of 14 economists say that businesses are putting off hiring because of health care reform next year. The reform will force employers with 50 or more workers to provide affordable health insurance starting in 2015. Starting next year, small businesses will be able to get a credit for up to 50% of their health care premium costs if they buy insurance. It’s debatable exactly how Obamacare will impact the workplace but many are saying (at least Republicans and some economists) that companies will be laying off more full-time workers and hiring more contingent workers in order to dodge the penalty.

2. Freelancing becomes a normal way of life. One third of Americans are freelancers (17 million people), contractors and consultants right now and there will be more of them than full-time employees in six years. Employers are saving more money hiring freelancers because they don’t have to pay benefits (they will want to avoid the Obamacare penalties for instance) and they are looking to hire experts who can complete specialized projects. This also means that more professionals will be working from home instead of a traditional office setting, which saves companies money. Despite how the public views the working from home phenomenon, Gallup reports that you are more engaged when working from home.

3. Gender pay gap starts to close. Earlier this year, Gallup found that only 24% of women are happy with what they earn at work compared to 32% of men. This was a more general view of the workforce but what we found recently was that if you break it down by generation, there isn’t much discrepancy between millennials. After controlling for all other factors, there is only a 2-3% difference between male and female pay across all 3 generations, and that difference is the smallest for Gen Y. The gap is going to shrink overall because 36% of the American workforce will be millennials by next year and that number will continue to rise. As more women are becoming educated and more men leave the workforce, the gap will shrink even more. Millennials are all about equality in every aspect of life and want women and men to be treated the same. For instance, 74% of millennials support same sex marriage, which is a big reason why it passed in many states.

4. The economy delays career growth. The economy hit the workforce really hard and there are no clear signs that it’s going to bounce back any time soon. The Congressional Budget Office expects unemployment to remain near 8% in 2014 and Generation Opportunity reports that there is a 15.9% unemployment rate for millennials. A new studybetween my company and PayScale.com shows that millennials are most likely to have had to move back home with their parents due to financial hardship after starting their careers (28 percent) compared to Gen X (11 percent) or Baby Boomers (5 percent). Millennial workers are now 30 years old before hitting a median wage of $42,000–up from 26 back in 1980. Millions of millennials are moving back in with their parents when they graduate and Pew Reports that 36% of millennials are choosing to put off moving out on their own. Many recent graduates are finally getting internships, which delay their ability to actually get a full time job. Degrees and internships don’t guarantee jobs anymore and the economy has slowed down career development for many.

5. Boomers retiring – changing demographics in the workplace. We’re going to see a lot of boomers retire starting next year and it’s going to cause major shifts in workplace demographics. In fact, 18% of boomers will retire within five years and 68% of HR professionals say that boomers retiring will have a major impact on the workforce. Next year, millennials will account for 36% of the American workforce too. One of the biggest problems companies will have is succession planning. They are going to have to train Gen X’ers and Gen Y’ers before their boomers retire or they will be in major trouble. On the flip side, new opportunities will be created for younger generations who are more loyal to their companies.

6. Employers create new ways of filtering candidates. Every year it becomes more competitive to apply for jobs because there are more applicants for fewer positions. In the past, I’ve called this the black hole of resumes and the Wall Street Journal calls it “resume oblivion“. Companies, especially larger ones, are finding new ways to filter candidates. One of them is to have HR programs that filter out those who didn’t graduate from college. The second way is to use social networks to screen candidates. Jobvite.com reports that 94% of employers are using social networks for recruiting and that number will be about 100% next year I predict. More smaller companies and even midsize companies are looking at your online footprint first before giving you an interview to see if you would fit into the corporate culture and if there’s anything negative that comes up for your name. More companies will be using tests next year to try and close the skills gap. One test is called the “Collegiate Learning Assessment“, which provides an objective, benchmarked report card for critical thinking skills.

7. More companies provide wellness programs. Health and wellness at work will become one of the biggest conversations next year, especially with the Affordable Care Act coming into effect. Employers will be able to use financial rewards and penalties to encourage healthier behaviors. Currently, employees who smoke cost companies an average of $5,800 per year and depressed employees cost companies $23 billion each year in loss of productivity. 10.8% of the workforce suffers from depression and they miss an average of 8.7 days per year due to poor health. Companies know they can save a lot of money and be more productive and effective with a healthier workforce. Professionals who are healthier are happier in their jobs too.

8. The continuous job search. Research shows that people are always searching for new jobs and opportunities. People are just not satisfied anymore with the work they do so they are continuously searching even after getting a new job. 73% of workers don’t have a problem looking for new employment before leaving their current employer and 48% of millennials say they conduct job search activities at work. The Bureau of Labor Statistics reports that people have about eleven jobs between the ages of 18 and 34. People are going to get even more restless in the future as the internet creates an even larger marketplace for jobs.

9. ROI of college is looked at closer. Next year the pressure is going to be on colleges much more than in years past. College’s continue to increase their tuition rates for 2014 and there are still one trillion outstanding student loans out there. Due to all the unpaid internships, it’s becoming harder for students to pay back their loans and save up to live on their own when they graduate (26 million of them live at home). In response, colleges are being forced to prove their worth and one way they are doing it is to offset unpaid internships with money. The other threat that college’s have to worry about is MOOC’s that offer free online courses that people can take from their homes. More colleges are going to be offering online courses next year in order to lower costs and allow for more diversity in the student body.

10. Reputation become more important for both professionals and companies. The word “reputation” will be talked about in length next year by employers and professionals alike because people will be hired and promoted based on it and will only work at a company that has a positive one. For professionals, companies are focusing their recruiting on outcomes, waiting for the perfect hire and are more risk averse. They want to hire a candidate that already has a reputation built on a strong track record. From the professionals standpoint, they are starting to judge companies based on reputation when deciding where to work. A recent study by CareerBuilder shows that about 75% of job seekers will accept a lower salary for a good brand.

December 17, 2013November 29, 2013 sundancecompany business information, commercial real estate, Commercial real estate news, Economy news, The Sundance Company

End-Of-The-Year Checklist for Business Owners

An article from the Small Business Center at Fox Business discusses how to wrap up 2013 so you can hit 2014 running.

There are a couple of steps to take to make sure your business is legally fit for 2014. By doing so, you’ll be making sure your business gets the right start in the New Year, and you won’t end up paying extra in administrative fees and fines. Here’s what you need to consider before the calendar hits 2014:

1. Incorporate or change your business structure: If you’re like many small businesses you may have started as a sole proprietorship or partnership. But many businesses eventually outgrow these business structures. If your business is not incorporated, you may want to incorporate (either by forming an S Corp or LLC) to shelter your personal assets and perhaps give you more flexibility and cost savings when it comes to your taxes.

If you choose to incorporate, you can look into a “delayed filing” option with a document-filing company. This option lets you get all your paperwork submitted now, then it will be held and filed on the first business day of 2014. This approach will simplify your tax paperwork, since your business will have the same business structure for all of 2014.

2. Close any inactive businesses: If you’ve ever registered a business with the state and are no longer operating it, you need to file a formal termination with the state as soon as possible. Why? Until that paperwork is in, you’re still going to be charged for any fees associated with the business, you’ll need to file an annual report, as well as submit any tax returns.

To close a business, you need to file an “Articles of Dissolution” or “Certificate of Termination” document with the Secretary of State where your Inc. or LLC was formed. Keep in mind that you will need to settle any owed taxes before you can do this (but again, the sooner you take care of this, the better…when it comes to taxes, ignoring the problem won’t make it go away).

Make sure to take care of these matters while it’s still 2013. There’s no reason to keep paying for a business that’s basically been retired.

3. Hold an annual meeting for your Corporation or LLC: If you’ve gone through the work to incorporate your business, make sure you keep it in good standing. If you haven’t held an annual meeting for your Corp or LLC this year, be sure to get one in before the end of the year. Along with the meeting, you’ll need to generate written minutes/resolutions to be signed by the shareholders (Corporation) or members (LLC). If this will be your first meeting, you can find free meeting minutes online to use as a starting point.

4. Make sure you file an annual report for your corporation/LLC: Most states require some form of an annual report filing (some every year; some every two years). If your state requires you to file this report, there is a specific due date for filing each year. In some cases, it’s on the anniversary of your business’ incorporation date; in other cases, it’s when your annual tax statements are due; and in some cases, it’s at the end of the calendar year. Missing this deadline can result in penalties and late fees, and depleted state budgets mean that we’re seeing several of these late fees grow.

5. File an “Articles of Amendment” to record any company changes: If you made any changes to your business (for example, if you changed your business address, dropped the .com from your official company name, authorized more shares, or a board member left), you’ll need to file an official notification with your state.

This may seem like a pretty trivial thing, but it’s actually essential to keeping your LLC/Corporation in good standing. For example, if your business happens to be sued and your paperwork isn’t up to date, it’s possible that the plaintiff will try to come after you personally.

6. Review your estimated tax payments for 2013: Now that we’re nearing the end point of the year, review what your business has made year to date and assess your estimated tax payments to avoid underpayments or overpayments. You’ll want to adjust your final 2013 payment (which is due Jan 15, 2014) as needed.

The next few months will be busy, but set aside some time to address these legal obligations. It will help you save money in fees and penalties moving forward. And what better gift could you give your business than a fresh start for the New Year?

November 5, 2013September 12, 2013 sundancecompany Commercial real estate news, Economy news, office productivity, office space tips, The Sundance Company

10 Ways to Motivate Anyone

Geil Browning, founder of Emergenetics International, an organizational development firm in the U.S., Singapore, and the Netherlands, discusses how to understand the unique brain and personality types of your employees so you can keep them invested in work and get amazing results.

I am often asked about how I keep employees inspired and productive. It’s an essential question since companies today must accomplish more, with fewer people. The most successful start-ups must be lean, nimble, and fierce.

In a nutshell, you should hire bright, energetic, innovative employees. Then offer them the right incentives–the ones that will impact their personal brain and personality types–to keep them mentally and emotionally invested in doing their best.

It’s impossible to talk about motivation without mentioning Drive, a book by best-selling author Daniel Pink. (His TED lecture was turned into a fabulous video.) Pink notes that people perform best when they are given autonomy, opportunity for mastery, and the belief that their task is meaningful. He says money is not the best motivator, and that employees want to be “players, not pawns.”

Pink believes Google’s “20% time,” in which employees may spend one day a week on whatever they want is a shining example of how allowing intrinsically-based motivations (a sense of accomplishment or purpose) can flourish. Personal endeavors from “20% time” resulted in Gmail, Google News, Orkut, and AdSense. Long before Google–back in 1948–3M instituted the “15% solution” or “dream time,” which yielded both Scotch Tape and Post-It Notes.

There’s no question that intrinsic motivation is essential. However, I do not agree with Pink that all extrinsic motivation (raises, bonuses, commissions, awards, titles, flex time, and other perks) is harmful. A skillful entrepreneur keeps employees motivated with a combination of both.

That said, there is no cookie-cutter approach to motivating your people. What inspires one person may leave the next cold. When you understand an employee’s thinking and behavioral preferences, you’ll be able to maximize his or her enthusiasm. This will help you get your workforce aligned and moving in the same direction, and you’ll see incredible returns.

1. Analytical types want to know that a project is valuable, and that their work makes a difference to its success. They need a leader who excels in a particular area, and whose expertise they believe benefits the group. They prefer compensation that is commensurate with their contribution. If they have done a tremendous amount of work on their own, don’t expect them to be happy if you reward the whole team.

2. People who are “structural” by nature want to know their work aids the company’s progress. They prefer a leader who is organized, competent, and good with details. They like to be rewarded in writing, in a timely manner, in a way specific to the task. An encouraging email is appropriate to communicate with them.

3. Social people want to feel personally valued, and that what they are doing has an impact on a project. They go the extra mile for a leader who expresses faith in their abilities. They prefer to be rewarded in person with a gesture that is from the heart. If your own preference is for written communication, send a handwritten note to a particularly social employee.

4. Innovative employees must buy into a cause. To them, the big picture matters more than the individual who is leading the charge. They prefer to be rewarded with something unconventional and imaginative, and would find a whimsical token of your esteem very meaningful.

5. Quiet staffers don’t need a lot of fanfare, but they appreciate private, one-on-one encouragement.

6. Expressive people feel more motivated when assignments are openly discussed and an open door is available. They like public recognition, with pomp, and ceremony.

7. Peacekeepers hope everyone will move in the same direction. They’ll never demand a reward or recognition, so it’s up to you to offer it.

8. Hard-drivers are independent thinkers. If they agree with you, they’ll be highly motivated. They will let you know what they’d like as an extrinsic reward, and they tend to want whatever it is right away.

9. Those who are focused team members must have confidence in the leader and in the project, or their motivation may falter. They want know up front what kind of reward they can expect. Make sure you follow through on whatever is promised.

10. Flexible people go along with the team, as long as a project does not contradict their morals or beliefs. They’re also happy with any kind of recognition.

Watch for the weakest link among your employees. If you have a slacker who consistently does less than everyone else but seems to get away with it, this can dampen the motivation of everyone else.

October 1, 2013August 8, 2013 sundancecompany business information, commercial real estate, Commercial real estate news, Economy news, The Sundance Company

Do You BYOD To The Office?

A recent article from Steelcase discusses the pros and cons of BYOD (Bring Your Own Device) to work. The workplace is changing; employees are no longer tied to their desks or offices. As the trend of remote and mobile working continues to grow, it’s important for organizations to allow their employees to make personalized choices about the technology they use in remote and mobile settings. That’s why BYOD has become an essential element in how we work.

On the positive side, BYOD can encourage teamwork and collaboration activities, which are often spontaneous in current work settings. Having personal devices handy makes it easier for employees to share information, call up documents on demand, and make changes to documents on the fly. It is also important for employees to be comfortable with the technology they are using in order to reach their full potential as a worker.

This growing trend doesn’t come without its challenges. For example, there’s a greater range of devices with a greater range of applications and content sharing approaches. This has led to more security and compatibility issues and overall governance for the IT support professionals. From the employees’ perspective, there is also a perception that if they have 24/7 connection to work through these devices, they must answer when a call or email comes through. This has even sparked lawsuits over the value of employees’ time.

Despite these potential pitfalls, BYOD is a great tool for companies who want to motivate their employee base, promote collaboration among teams, and offer flexible work strategies, especially for top performers. Additionally, companies can put in place smart and strategic guidelines to help mitigate these risks.

At Steelcase, we’ve seen great success with our BYOD program. We’ve approached our BYOD program as voluntary, meaning employees can choose to use the BYOD program and receive a stipend but buy their own handset hardware, or they can choose to have a standardized hardware device that’s company issued. In our Americas region, almost half of the mobile phone users have chosen the BYOD program. They’re enthusiastic about choosing their own technology for mobile phones.

Additionally, almost all of the people choosing the BYOD program select SmartPhones as their technology of choice. Frequent travelers consistently comment how much productive they can be with a SmartPhone as they travel.

In an ideal setting, people in the workplace have choice and control when it comes to the technology that they use and therefore want to purchase their own technology, perhaps partly from a personal technology budget provided by their employer and partly from their own pocket. It’s important that organizations adapt to these trends and insure that personal technology seamlessly integrates with corporate business systems and networks. This will be a substantial challenge for global IT organizations to face.