All posts in Business


Why You Need a Risk Management Process (+ Free Template)

risk management process

Can you afford to lose $185 million?

That’s what Wells Fargo had to pay in fines after failing to apply a working risk management process.

Their lack of attention to the risk and pressure that they exposed their employees to led to sales practices that were bad enough to cause 5,300 employees to be fired and the penalty fines mentioned above.

Risk is inherent in everything we do – from conventional ideas of the risks in gambling to the chance of collisions while traveling. In business, risks can come from any direction and can severely impact your output.

Whether you wake up late and get less work done because of it or someone doesn’t get their work done on time and holds up the rest of the team, you need to be able to predict, prepare for, respond to, and monitor the things that can go wrong.

That’s why our post today will examine everything you need to know to build a risk management process to make your work watertight. We’ll even throw in a free, fully-built risk management process for you to use!

If you want to skip to a particular section then feel free to use the links below:

Let’s get stuck in.

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What is Conversion Rate Optimization? 5 CRO Hacks to Boost E-Commerce Sales

What is Conversion Rate Optimization

This is a guest post by Jessica Bruce. Jessica is a professional blogger, guest writer, Influencer & an eCommerce expert. She’s currently associated with ShopyGen as a content marketing strategist. She also reports on the latest happenings and trends associated with the eCommerce industry. Follow her on Twitter.

As soon as a new eCommerce website launches, there’s a race to get as many visitors as possible.

The race certainly isn’t easy, and what makes it harder are the additional hurdles that come up along the way. One of these hurdles, as you may or may not know, is the acquisition of conversions.

Conversion is the most crucial acquisition for any eCommerce business. An eCommerce business cannot survive with mere website traffic; it needs conversions to drive revenue.

“Trying to increase sales simply by driving more traffic to a website with a poor customer conversion rate is like trying to keep a leaky bucket full by adding more water instead of plugging the holes.”Bryan Eisenberg, Call to Action: Secret Formulas to Improve Online Results

That’s why, in this post, we’ll be looking at what conversion and CRO (conversion rate optimization) are, how to calculate conversion rates, in addition to giving you a handful of free, useful CRO hacks that will boost your eCommerce sales.

What is conversion? And what is CRO?

Before digging deeper, let’s consider what conversion actually is first.

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How You Can Create a Sustainable Business For Long-Term Success

How You Can Create a Sustainable Business For Long-Term Business Success

It is becoming increasingly apparent that sustained corporate success lies in harmony with a healthy society and environment.

84% of business executives recognize the importance of adopting a sustainable business. Academics, such as the environmental economist Robert Mendelsohn, agree that sustainability is key:

“We can’t afford not to be sustainable.”Robert Mendelsohn, Can we afford sustainability?

At Process Street we also recognize the increasing priority adopting a sustainable business model should have.

In this article, we explain what a sustainable business is, why it is important, how it can benefit your business in both the short and long term, and how you can implement sustainable actions into your business. At the end of the post, we provide you with templates that act as aids to make your common business processes more sustainable.

Let’s get started.

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What is TAM SAM SOM? How to Calculate and Use It in Your Business

TAM-SAM-SOMHow do you know how much money your business might make?

How do you know how big your business could grow to in future?

How do you explain all that to someone else in a way which makes sense?

Well, a huge part of these kinds of calculations comes down to understanding your market.

Who might need this product? Who tends to buy this type of product? How many of them can you sell to?

There are lots of questions you might ask.

These questions, once you’ve dug deep enough into them, give you your TAM SAM SOM.

In this Process Street article we’re going to look at:

  • What is TAM SAM SOM?
  • How to calculate TAM SAM SOM
  • How you can use Process Street to understand your business

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42 Productivity Hacks to Work Harder, Better, Faster, Stronger

productivity hacks

Self-control is over-hyped, according to Kentaro Fujita, a psychologist who studies self-control at Ohio State University.

Research suggests that the popular idea of self-control as the ability to resist temptation with willpower is fundamentally flawed.

“Our prototypical model of self-control is angel on one side and devil on the other, and they battle it out. We tend to think of people with strong willpower as people who are able to fight this battle effectively. Actually, the people who are really good at self-control never have these battles in the first place.” – Kentaro Fujita, psychologist at Ohio State University

How does this tie in with productivity? If you ask anyone what is the biggest challenge they face in trying to be productive, a likely response will involve something about a “lack of willpower”, or perhaps a difficulty staying focused.

These kinds of responses represent the popular understanding of what it means to exercise self-control.

The most productive people don’t necessarily have the best self-control, they just know how to work smart.

They’ve also most likely built up a lot of good work habits for saving time and effort, allowing them to alleviate some of the stress or discomfort that is one of the root causes of unproductivity.

In this article, I’ll outline 42 productivity hacks to help you understand how to work smarter, improve the quality of your work life, and build habits that will save you time, energy, and mental strain in the long-term.

Here’s the complete list of productivity hacks:

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Social Cognition and How to Spot a Fraudster

Social cognition and How to Spot a Fraudster

In experiment after experiment, the real-world human decision-making process falls outside of rational economic theory. Indeed, many of the decisions we make are completely irrational.

Don’t take my word for it.

Dr. Dan Ariely‘s book Predictably Irrational explores our irrationality and motivations in great detail. If you don’t want to read the book then I highly recommend checking out his Ted Talk:

Simply put, our instinctive brain often seems to take control at the pivotal moment of choice. If you could understand why and how this happens, you can better predict your customers’ behavior and give them the value that they’re looking for.

This is where social cognition and behavioral psychology come into play. It’s an area that the marketing team here at Process Street is spending a great deal of time studying so that we can better serve our customer.

Social cognition is the study of how our minds interpret people and the world around us. This article will give you a primer into some of the core concepts and go over real-world examples to help solidify these principles.

You’ll learn how to have a better understanding of how people interpret your messages (marketing, personal, etc…) and be able to apply these concepts to all areas of your life. You’ll be able to communicate to your audience effectively and accurately.

I am like a machine being driven to excessive rotations: the bearings are incandescing and, in a minute, melted metal will begin to drip and everything will turn to nothing. Quick: get cold water, logic. I am pouring it over myself by the bucketload but the logic sizzles on the hot bearings and dissipates elusive white steam into the air.” – Yevgeny Zamyatin

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How to Pitch Your Company and Land Investors

how to pitch

Your average pitch gets examined by investors for about 3 minutes 44 seconds and (if successful) is worth around $1.3 million.

That’s more than $5800 per second.

With figures like that, you need to know how to pitch to land investors, customers, employees, prizes or whatever it is you’re aiming for.

That’s where we here at Process Street come in.

We pitched to over 2500 top SaaS professionals and investors at SaaStr Europa 2019, walking away with the grand prize from the pitch competition, the contact details of several venture capitalists, and collaboration opportunities for months to come.

However, I’m getting ahead of myself. In this post I’ll show you;

Let’s get stuck in.

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Self-Service Vs. Customer Support: Which is the Best Customer Engagement Strategy?

customer engagement strategy

This is a guest post from Brayn Wills, knowledge management manager at ProProfs. He is responsible for creating unique and relevant content on knowledge base tools and keeping track of the latest developments in the realm of knowledge management. In his free time, he is either reading a new book or exploring offbeat destinations.

When customers deal with businesses, they expect a great experience. This means that some kind of customer support needs to be available to them, around the clock.

Of course, providing quality customer support with real human agents managing helpdesks 24/7 is an expensive proposition.

On the other hand, companies need to make it easy for customers to access information to solve common queries – this is a vital factor in the journey towards consistent, high-quality customer satisfaction.

Many organizations are now implementing customer self-service via traditional and online platforms to ensure that neither the business nor the customer suffers.

This helps them to deliver a double whammy of maintaining their overheads while improving their efficiency in customer service, both of which result in improved customer experience.

With the adoption of digital services, self-service is gradually minimizing the burden on live agents too. It is also allowing businesses to successfully meet customer expectations with regards to servicing queries in a more timely and regulated fashion.

However, going overboard with the automation of customer support self-service can be a risky move for businesses. While it may help in curbing expenses, it may take an adverse toll on customer satisfaction and the overall reputation of the business. Therefore, the key is to hit the right balance between man and machine.

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22 Business Growth Lessons for Startups from SaaStr Europa

business growthStartup life is hard enough when you’re trying to get a product off the ground.

But the challenge doesn’t stop at your first investment round.

The growth stage of a startup is where a whole load more are likely to flounder. You’ve made big promises to your investors and you’re struggling to meet those targets – not ideal.

Achieving the first stages of growth necessary to access further venture capital, or generate revenues you can rely on, is not easy. Your customers have higher expectations for your product and your team is expanding and professionalizing all while you’re still trying to improve output.

Fortunately, conferences exist where you can go to watch lectures, promote your product, and realize that everyone else is fighting the same issues at the networking events.

One growing scene at the moment is the European SaaS market.

Not as mature as its American cousin, the SaaS market in Europe has an explosion of companies and all of them are vying for that next stage of growth.

That’s why we went down to SaaStr Europa to find out what advice the speakers and panels would have for the 2019 cohort.

In this Process Street article, we’ll cover the key business growth lessons from a series of headline lectures:

  • Logging in to Paris
  • The Answers to Everything – with SaaStr, G2, Twilio, and CircleCI
  • Hackathon to Unicorn – with Talkdesk
  • Happy Customers at Scale – with New Relic
  • The Rules You Can Break – with Tradeshift
  • Freemium at Scale – with Typeform
  • Process Street won the prize!

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The 11 Efficiency Killers in Your Workplace That You Should Know About

efficiency-killers

The following is a guest post by Eric Lawton. Eric has been part of the Human Resources sector for most of his career. During this period, he has learnt how to create and tweak hiring strategies to choose specific industries and companies. These days, he prefers to share his experience and knowledge with other people in the business.

The main goal of any workplace is to be as efficient as possible. The more efficient employees are, the more productive they become. This, in the end, leads to greater profits.

Therefore, it stands to reason that you should eliminate any obstacles hindering this process. If you feel that this is easier said than done, though, you are not alone. Most employers have a tough time identifying what the real productivity killers are.

Fortunately, there is quite a lot of research conducted on this topic. As a result, this article contains the relevant statistics and details you need to be aware of. This will make it a lot easier for you to make some real changes in your own workplace.

So, without further ado, here are the efficiency destroyers that you must watch out for:

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