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Good management is what will give you a great business, here’s how

(MARKETING) Good management practices could translate into great business for you and “good management” is no longer a subjective term.

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Association game

What do you think of when you think of good management? Open communication? Happy employees? Other good stuff? Nobody is against good management, because in the abstract, it’s an objectively good thing.

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It has “good” in the name – doesn’t get any simpler.

Management matters

But until recently, there hasn’t been any real data to back up the fact that it’s good. Other seemingly objectively good things like investment in research and development, skilled employees, and high quality IT have plenty of research backing up their individual value to a standard company.

Good management, though, is usually discussed in terms of giants like Google and Facebook, which aren’t exactly typical firms.

The Harvard Business Review recently released the data they collected through a new study on the real world effects of management practices, and now we have legit proof that good management is good. In collaboration with the U.S. Census Bureau, the HBR collected vast quantities of info on a large number of small and large manufacturing firms across the nation. In total, 35,000 plants were surveyed on three key management metrics: monitoring, targets, and incentives.

The results were pretty clear: management matters.

Only 20 percent of the surveyed plants reported using 75 percent or more of the performance-focused techniques for management mentioned in the survey. These rare good management plants performed dramatically better than did the other 80 percent of plants. The good management plants that use monitoring and incentives-based techniques proved to be more productive, creative, and ultimately, profitable.

Each 10 percent increase in the management index of a plant correlated to a full 14 percent increase in productivity.

That increase was even found true for plants that weren’t already doing well saw performance gains. A higher management index was also found to be an indicator of business expansion, and a sign that the plant was less likely to go out of business.

The above average management techniques also appeared to explain 18 percent of the difference in performance between the top 10 percent of plants and the bottom 10 percent. In contrast, R&D only accounts for 17 percent, employee skills represent 11 percent, and IT spending accounts for 8 percent. AKA management matters most.

Keep an eye open

So what does a firm with good management look like? It starts with their geographical location. Companies in more pro-business states tend to have better management thanks to Right to Work laws. Competitive industries also tend to breed better management, because competition is just magic that way.

College also plays a factor, in a couple of ways.

Businesses with more degree-holding employees, and even the companies that are close to universities, seem to use better management techniques. Proximity to big, successful industry peers also improved practices, likely because smaller local businesses had the opportunity to learn from the big fish.

Gamer changer

That doesn’t account for all the variation, so individual leaders may play a large role in the quality of the management. That means that, independent of all other factors, entrepreneurs and other leaders have the ability and autonomy to re-direct management practices toward the more productive methods.

Good management is THE predictor of business success.Click To Tweet

There’s no excuse not to invest as many resources as you can into achieving it.

#GOODManagement

Staff Writer, Natalie Bradford earned her B.A. in English from Cornell University and spends a lot of time convincing herself not to bake MORE brownies. She enjoys cats, cocktails, and good films - preferably together. She is currently working on a collection of short stories.

Real Estate Marketing

Instagram advertisers no longer required to have a Facebook Page

(MARKETING) Instagram no longer needs a linked Facebook page in order to use Instagram ads, is this a split in properties or is something else going on?

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Instagram will allow new advertisers to create ads without linking to a Facebook page. It feels like this is a move Instagram should  have made a while ago, but better late than never right?

Instagram announced that the social media giant will now allow new advertisers to promote their business, product, or content without having to connect to Facebook.

Previously, Instagram had been adamant about linking business profiles to Facebook, so the change is sudden, and the motive is contentious, buttttttt we’re not gonna question it.

This move supports small businesses, so we’re all for it. Although this change may seem irrelevant, here are five reasons it is:

  1. Previously requiring users to link a Facebook account to their Instagram in order to run an ad is time consuming.
  2. Not everyone has or likes Facebook.
  3. Associating yourself with a Facebook Page creates an additional way for people to get in contact with you, which can make things messy… sometimes less is more.
  4. Creating a business profile without connecting to Facebook will allow more people access to the same great benefits of having a business profile (benefits include insights on impressions, reach, audience, and activity).
  5. Maybe this is the beginning of a separation between the two social media platforms resulting in other new, beneficial policies.

Some have speculated that the reasons Facebook may want to push this slight crack between its products is because of some of their failures recently and the very real possibility of their being broken up by regulators in the future.

Take advantage and quickly set up a business profile, this is a potential opportunity for businesses that are hurting to learn about their customers and promote themselves!

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Real Estate Marketing

Now you can send marketing emails directly from your Facebook page

(REAL ESTATE MARKETING) Facebook is testing a new set of email marketing tools for business pages. Now you can send marketing emails directly from your page.

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Facebook is testing new CRM email marketing tools with businesses. These features reportedly will allow businesses to send out messages directly from the Facebook platform, and track their performance. A user-friendly interface will allow small to medium businesses to upload contact lists and compose messages.

Word of testing of these tools spread after it was spotted by social media marketer Meg Coffey. She posted the screen shots to Twitter.

“Send marketing emails from your page? What new sorcery is this Facebook?! Have you seen this new feature where we can now send emails directly from Facebook? This is definitely new to me and only available on one account so far.”

From what we can see in the screen shots, it looks as if a blue pop up will appear on the left sidebar letting you know that the Marketing Emails feature is available to you. Once you click on that tab you get this notice:

“Reconnect with your email subscribers using marketing emails. Select your audience, customize your design, and track performance all in one place. Confirm your Page’s email address to get started.”

An email confirmation is required, and then you are prompted to add your contacts. A spreadsheet can be uploaded or addresses can be added one-by-one.

A Page Contact Terms of Service agreement prompt then comes up requiring approval before the feature is enabled, and asks for confirmation that the sender has permission to send promotional messages to those contacts.

In a message to Adweek, a Facebook spokesperson confirmed the test of the new tools:

“We’re testing new email marketing tools with a small number of businesses to help them more efficiently notify their customers of changes to their services and operations. We’re evaluating whether these tools are beneficial for people and businesses before deciding whether to expand it further.”

The test is said to be limited to small and medium-sized businesses at this point, and the simplicity of it seems to be geared towards businesses who do not currently have a robust email marketing solution. As the tests continue and more users interface with these tools the more we can expect to know about these features.

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Real Estate Marketing

Airbnb is meeting COVID-19 demand and adding tools to help

(REAL ESTATE MARKETING) Airbnb is changing it up to adjust to COVID-era circumstances- customers preferences have changed- longer stays, local stays.

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Airbnb and other short term rental (STR) platforms utilizing the sharing economy previously reported an average stay in major US cities of less than a week prior to COVID-19. New reports, however, are showing a significant jump in stay length. 1 to 6 month rentals are now the norm, with some hosts fully transitioning to long-term bookings.

In a pivot responsive to the times, Airbnb launched new tools to accommodate more long-term stays. These tools- a new onboarding process specifically to help hosts expand listings to long term guests, and changes to the visibility of local listings in search results – come after rumors and anecdotal reports of declining numbers in the STR host supply base. Although a decline was rumored, the data shows only a 3% reduction in Airbnb listings since February, 2020.

Airbnb says these tools, however, will give hosts a chance to provide local accommodation. It claims that 80% of hosts now accept longer terms stays with a discount for stays of one month or more. Looking at a year over year comparison for the same period in April 2019, this year shows a 20% increase in long-stay bookings.

According to Airbnb, “We’re seeing a larger share of Airbnb guests booking accommodation in their own communities for all lengths of stays, whether that be because they require extra space for their families or a quiet place to work.”

Will Parry, COO of European property management company Altido, which has seen an identical trend to the US, says that while longer stays are on the rise he does expect to see stay lengths reduce as restrictions ease. “In our view, it is too early to say whether the pandemic will have a long-term impact on the average length of stay booked via Airbnb.”

However, Airbnb says: “We saw growing demand for this type of stay before the pandemic, and expect to continue seeing demand as we move forward.” As remote work becomes accessible to more of the workforce, the changes associated with becoming location-independent could have a ripple effect across the housing market, and for those with investment properties.

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