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Business

Be Mindful Of Your Tweets

June 1, 2018 By Twila Van Leer

Be Mindful of Your Tweets
Remember, there’s no going back once you hit “send.”
Popular comedienne Roseanne Barr found out the hard way. When she tweeted a message with a definite racial slur recently she ended up out of a job. Her tweet casting aspersions on Valerie Jarrett, a black woman who is a former adviser in the Obama Whitehouse, didn’t set well with Barr’s bosses at ABC Television. Several of them, along with some of her fellow cast members, reacted strongly.

Eleven hours after Barr’s May 29 tweet, Channing Dungey, president of ABC entertainment and a black woman, blasted the tweet as “abhorrent, repugnant and inconsistent with our values and we have decided to cancel her show.”

So what promised to be a highly successful reboot of the long-running “Roseanne” series crashed to a halt. The actress’ talent agency, ICM Partners, also dropped her.

The moral to the story is clear: You tweet, you become a public figure. Your life could blow up in the same way if you are not discreet with the messages you post for public consumption. An egregious comment about another individual, true or not, could put you on the hot seat.

Some media gurus welcomed the quick and decisive response to Barr’s firing. Aram Sinnreich, professor of communications at the American University in Washington, D.C., said the firing is a testament to diversity in the C-suit and the speed with which news travels on social media.

Roseanne has been chided before for racist tweets. What caused the quick and certain reaction this time? The political climate has put people on high alert regarding their employees’ words and behaviors, Sinnreich says. If an individual, especially a well-known individual, becomes in essence the face of a corporation, the corporation should be accountable for the actions of that individual.

Sinnreich noted that some people have become frustrated with the fact that President Trump gets away with racially-tainted and outrageous tweets (he has targeted Mexicans, Haitians and Nigerians in widely reported tweets) without any consequences. Sinnreich is of the opinion that until Trump is held accountable for what amounts to hate speech, others will think they can also go unscathed if they use tweeting as a way of dissing others. The ability to broadcast your ideas to a huge audience is irresistible, he said.

Many of today’s employers are complaining that as much as five hours a day of a worker’s time is spent sharing tweets and other social media.

The number of cases of employees making negative racial statements that raised the ire of their employers has risen. The results, always widely reported in the general media, sometimes rise to the level of the offender being fired. That should be fair warning for careless tweeters.

Tweeters who go beyond the bounds of decency are showing up more frequently in the news. Anthony Weiner, former New York congressman, is now serving a prison sentence for sexting with a minor. He first blamed a hacker for the mess, but later admitted that “These destructive impulses brought great devastation to family and friends and destroyed my life’s dream of public service.”

People are getting fired for posting inappropriate photos or retweeting someone else’s tweets. Immediacy and informality of the social media sites sometimes makes people vulnerable to impulses they might otherwise control. Remember, there’s no going back once you hit “send.”

On the other end of the scale, some employers now encourage their workers to maintain social media activity. Job applications now may ask how many “followers” the prospective employee has on Twitter. But that becomes a double-edged sword when it appears the opinions of the employee, disbursed among many friends, counter the company’s viewpoint.

Concerns about free speech pop up when social media fans defend their right to freely make sexist, homophobic or racist remarks, but Sinnreich is of the opinion that controls on media content are not censorship. “It’s about affiliation and the media role as amplifiers for political ideology.”

Filed Under: Business, Employment, Internet, Technology, Twitter

Choose the Right Credit Card for Your Business

June 1, 2018 By Twila Van Leer

Business Credit Card
Don’t begin using your business credit card without being firmly conversant with the card’s interest rate, payment terms and fees
A credit card is a handy tool for your small business, but you first need to study the options and choose the card that best fits your needs. It provides a convenient way to establish credit, manage cash flow and keep your business and personal expenses separate.

According to the Small Business Administration, there are numerous possibilities, including teaser rate cards (among the most popular), low interest rate cards, rewards cards, airline or frequent flyer cards, unsecured business credit cards, secured cards and prepaid cards.

Start by analyzing how you spend money in your business. Do you want to pay the charges monthly or over time? What grace period does the card you are considering allow?

Expect a credit check when you apply for a business credit card. In most cases, a personal check will be conducted as well as your business credit. Find out if you will be personally liable for outstanding debt on the card. That may depend on whether the card carrier offers commercial liability, joint or several liability.

Don’t begin using your business credit card without being firmly conversant with the card’s interest rate, payment terms and whether it requires fees. Do the benefits offered outweigh the fees? Fees may be charged for cash advances, late payments and foreign transactions. If you expect to carry a balance, what is the annual percentage rate? Create an action plan for using the card, including payoff limits on the balance.

If you will use the credit card for company travel, you might look into a card that offers airline-mile rewards. Look at other awards a card offers, such as internet and phone services, shipping services, gift cards and discounts to selected retailers or simple cash rebates. If your business spends consistently in particular categories, compare cards and get the most benefit for the way you spend company dollars. If you tend to carry a large balance, you could pay more in interest than you earn in perks.

Filed Under: Business, Credit Cards, Finance, Small Business Startups

Learning From Toys R Us Failure

April 2, 2018 By Twila Van Leer

Toys R Us Closing
Toys R Us announced that it will close or sell more than 700 stores across the country.
Well, Toys Rn’t Us any more. The company’s announcement that it will close or sell more than 700 stores across the country is a commentary on today’s American shopping habits and how retailers are coping – or not.

The toy giant, one of Santa’s favorite outlets, just hasn’t been able to compete with online buying. Its more than 30,000 employees are joining the ranks of the unemployed.

Because Toys R Us filled such a special niche in the market, many families are watching its demise with heavy hearts. Buying toys, they say, is different. They and their kiddies want to touch and test out the products before buying. The end of the toy store will mean the end of a special experience for the children who were treated to regular trips to see the goodies. But the likelihood is that most of these families will join the march to online shopping.

But in the retail market, where survival of the fittest rules, the Toys R Us closing will have its effect on other major outlets.

The companies that make toys and games are likely to feel the difference. Toys R Us has served as a test ground or “incubator” for new toys. Hasbro and Mattel, who have stood at the apex of toy-making for years, will feel the pinch and then likely increase their use of major retailers such as Walmart, Target and Amazon. Toys R Us has accounted for 11 percent of Mattel sales in recent years, and about 9 percent for Hasbro’s sales.

Experts in the toy market predict that smaller toy companies will have a hard time because Toys R Us accounted for up to 40 percent of their sales, in some instances. The Walmart and Target stores have less space to display toys and may offer fewer of the toys produced by the smaller companies. Hasbro and Mattel may look at creating smaller toys to survive in the new marketing schemes.

The large malls where the toy company has tended to settle its stores will find themselves with big blanks to fill. Some of them have watched the Toys R Us struggle and have been looking for new tenants already.

Not everyone is assuming that Toys R Us is down for the count. Some retailers that appeared dead have created new incarnations for themselves. Consider American Apparel, which declared bankruptcy and closed its stores last year. It was revived by another company and is enjoying a second life as an online-only clothing store.

Jeffery, Toys R Us’ long-necked giraffe spokes-animal, could find new ways to sell his wares. There will always be a market for toys.

Filed Under: Business, Merchants, Online Shopping, Shopping

Americans Are Shopping Differently

March 19, 2018 By Twila Van Leer

Americans Are Shopping Differently
Retailers are trying to cope with the added competition posed by online buying and other technology-related changes in the market.
Americans aren’t shopping like they used to do, and that is having a great effect on retailers as they try to cope with the added competition posed by online buying and other technology-related changes in the market.

Nobody feels the changes as much as the shelf-stockers, sales personnel, cashiers and others who used to handle things with no competition. They are hustling to address changes in customer behavior and preferences.

Mundane tasks like tracking inventory and checking out customers have been automated and the retailers are trying to capitalize on the thing they do have – direct contact with the buyer.

Sometimes the retailer is interacting in a whole new way. A Best Buy clerk, for instance, may find himself in the customer’s home helping to compare and analyze the choices in electronics. At Walmart, a worker skims the aisles hand-picking products to fill online orders. They will be delivered to the consumer who waits in a car outside the store.

Some advocates for the retail workers believe this may over time mean fewer, but better-paid, employees. As of now, the better pay part of the equation has not been apparent.

With many customers using their electronics to compare prices before making any buying decisions, the nature of in-store selling are changing, Sometimes, a clerk spends time explaining the merchandise, only to have the customer comment, “I’ll buy it online.” Sales people have to work harder to hold their ground.

In 2017, some 66,500 retail jobs disappeared. Some of that loss was made up by hires in accounting jobs in distribution/call centers. The hardest-hit areas of retailing are in clothing and consumer electronics. Department stores have been hardest hit, but many small businesses also are feeling the pinch.

Retailers who survive are scrambling to meet the challenges. The jobs they offer are likely to involve new duties. How these jobs will change depends on three factors: the pace at which online shopping expands; the changes that occur with robotics and shifts in hourly pay. Entry level jobs in retailing will disappear. There will be more pressure to perform. So far, surveys of these personnel show, the pay has not kept pace with the new demands.

Walmart, hustling to meet the Amazon challenge, now has 18,000 personal shoppers with very specific guidelines to do the picking for customers. They have 30 seconds to find an item or, if it is not available, to find a suitable substitute. They report that they come to know the tastes of certain repeat customers and routinely satisfy their shopping desires.

Target stores, too, are training more specialized sales persons in such areas as clothing, consumer electronics and beauty products. They pay them more for the expertise they bring to the job, which results in greater sales.

Filed Under: Business, Shopping, Spending Habits, Technology

Can Millionaires Cure Health Care Crisis

February 11, 2018 By Twila Van Leer

Can Millionaires Cure Health Care Crisis
If nothing else the millionaire consortium on health care will shake up the industry and possibly induce new approaches in the market.
Does a record for amassing money and running successful businesses automatically qualify a trio of multi-millionaires to come up with successful solutions to the medical mess America has fallen into?

Jeff Bezos, Warren Buffet and Jamie Dimon think they can. They have announced that they are creating a new company to address health care costs for their U.S. employees. They think their solutions might work for other companies as well.

Their announcement recently sent shivers through people who are heavily invested in established health insurers and triggered a sell-off in their stocks.

Their particulars haven’t been published, but there are clues to what they might suggest based on their handling of their own businesses.

Buffett has Buffett’s Berkshire Hathaway; Bezos runs one of the country’s biggest retailers in Amazon; and Dimon heads JP Morgan Chase. Together, the three have a market worth of $1.62 trillion. They have used unique and daring methods to put themselves at the top of the earnings heap and are noted for inventive ways to meet challenges.

Buffet may have the most experience in the insurance world. Berkshire Hathaway owns several insurers, including GEICO. While that may not translate immediately into health insurance, Buffet at least knows how the market works. He is as long-time critic of America’s health care costs, calling them a “tapeworm” that harms the growth of the economy.

Dimon, as head of the largest U.S. bank in terms of both assets and deposits, also has an understanding of how money works. JP Morgan Chase got a big tax cut under the new national tax plan.

Bezos has cut a wide swath with his innovative approaches to online marketing. Now the richest man in the world, he has used some imaginative approaches to marketing, being willing to cut prices a little to attract customers. Amazon has built itself on that sort of thinking,

The trio said their project will focus on technology to provide simple, transparent care, avoiding the morass that complicates current health care and multiplies costs.

Though only time will tell if they are onto something good, some analysts who are familiar with their past performances say there is a good chance they can pull it off. Jeffries & Co. analyst Brian Tanquilut predicts that the new company will do such things as negotiating directly with health care providers such as hospitals and health care providers, bypassing the companies that act as middleman between patient and provider. That would reduce costs in medical and pharmaceutical chains, he said.

If nothing else the millionaire consortium on health care will shake up the industry and possibly induce new approaches in the market.

Filed Under: Business, Health Insurance, Top CEOs Tagged With: Jamie Dimon, Jeff Bezos, Warren Buffet

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