All Up In Your Business with First Union Lending

004 - Employment Au Gratin

Episode Summary

Join Madison, Dennis, and Chad while they discuss questions submitted by our clients and listeners. In this episode, we cover how to increase employee productivity, website security, behavioral psychology and more on the PPP.

Episode Notes

1. What software is out there to track employee productivity while working from home? 

You could use something like Google Hangouts or one of the many other products out there that will allow your team to simply be on and stay on video all day so that you can watch what they are doing. Meanwhile keeping the office environment, team and collaboration aspect going.Another option is a program like Time Doctor, this is a great software to keep track of what your employees are doing. They can clock in and out on it, it will record their keystrokes, clock them out if they don’t perform tasks such as typing within a certain amount of time and randomly take screenshots of their computers to make sure they aren’t typing Facebook posts etc. 

2. What is the importance of paying for an SSL certificate for a business website that does not have or accept any sensitive information? 

3. What do you think is the best remedy for lack of motivation? How do you motivate your employees?

First and foremost, you must understand that many studies have been conducted and the carrot approach, or positive reinforcement does work better than the stick or negative reinforcement approach does. Each employee is different, and you must know your employees, what works for one does not work for the other. Know your employees, motivate them based on what motivates them individually. It may take a little more time today but save you time and loss of productivity later.

4. What's the most interesting thing you know about how behavioural psychology affects sales? 

The number one “trick or hack'' they will teach you in marketing, seriously google phycological marketing hacks, the number one is the rule of reciprocity. They will tell you that if you give a customer a coupon they feel obligated to buy something. They will cite studies from the 60’s in psychology. Recently a development I've seen is the “spin the wheel for a coupon” because the advertizer thinks that this makes it more a personalized and fun coupon they think is just for them. Now a wheel pops up every time you open a web store. This is the oversaturated mid-market that we are talking about and people are immune to it! They have built up a tolerance for these things and when a new one comes out it spreads so rapidly that we don't even have a chance. All the spam traps in the world started as the moments best marketing trick 

5.  More on the PPP Loan

Here is the latest on the PPP Loan. The Senate passed a bill yesterday to make some significant changes to the forgiveness requirements of the PPP loan. While the bill still must go through the house and president and no change is in effect today, the fact that these are concerns being voted on is a particularly good predictor of what might happen shortly. First, they are trying to increase the 8-week timeframe in which a business owner can get forgiveness to 16 or 24 weeks. Next, they are proposing to change the rule where 75% of the forgiven amount must be used on payroll to just 60% of it needing to be used on Payroll to still qualify for 100% forgiveness.

The other thing is the retention of employees, the original rule stated that your employee level should be the same when you ask for forgiveness as it was pre-covid or you would automatically be penalized on how much forgiveness you could get. That rule is also possibly being changed.