What Does Your Brand Colour Mean?

What Does Your Brand Colour Mean?

Colours elicit emotions and evoke strong feelings, whether we are aware of it or not. It’s no different when it comes to choosing colours for your business. Choosing the appropriate colours for your marketing efforts could mean the difference between your brand standing out from or fading into the crowd. By strategically employing colour in your marketing, you may influence your audience’s perception of you and help them see your brand the way you want them to see it.

A few months ago, we shared a series of branding colour choices and the meaning behind each colour when it comes to your logo. Here is what we found:

RED
Red is said to stimulate senses – including appetite! When designing with red, keep in mind the meanings behind it: energy, power & danger, passion, and love.

ORANGE
Orange is a friendly colour that offers youth, vibrancy, fun, energy, and enthusiasm. It combines the warmth of red with the playfulness and joy of yellow. As 99Designs notes, it is not typically associated with luxury.

YELLOW
Yellow is happy, fun, and youthful but it can also indicate low prices. Different shades of yellow can indicate different things: bright yellow is attention-grabbing and functions as a great brand accent (think McDonald’s, or Best Buy!) whereas a pale yellow may imply health or nature.

GREEN
Green can take on many meanings. When it comes to eco-based branding, it’s a natural choice; it is the colour of leaves on the trees, healthy grass, and Spring gardens. Green is also associated with money offering an instant feeling of prosperity and stability. Many businesses will choose green because it incites action – green means go! We love green for all these reasons and chose it for our branding.

BLUE
There are many different shades of blue which can offer different meanings. For example, light blue may invoke feelings of peace and relaxation (spas for example!) whereas dark blue often invokes depth and power. Many tech companies will use blue for their colours, as well as a number of social media networks! (LinkedIn, Twitter, Facebook…) Blue is one of the most popular and versatile colours when it comes to branding.

PURPLE
Purple is a unique colour when it comes to branding. It combines the energy of red with the calm of blue. This is one of the factors that contributes to it provoking mystery. Historically, purple is associated with royalty. Purple dyes were expensive and thus only royalty could afford them. Purple is also a colour associated with spirituality and holds special meaning in many religions.

PINK
In today’s marketing, pink is automatically thought of as girly, feminine and in many cases has become an indicator that “this is for women.” Pink also has a place in conveying fun, sweet, romantic, and sensitive messaging. Some companies that come to mind with pink branding are traditionally girly companies like Barbie, Victoria’s Secret, and sweet and delicious companies like Baskin Robbins and Dunkin Donuts!

SOURCE: https://99designs.ca/blog/tips/color-meanings/

Additionally, research demonstrates how important colours are and how they play a significant role in all our visual experiences. Here are some interesting facts:

  • Colour increases brand recognition by up to 80 percent.
  • 76% Believe that the use of colour makes their business appear larger to clients.
  • 90% Feel colour can assist in attracting new customers.

Source: Colorcom

Over to you

As you can see (no pun intended!), colour choice plays a crucial role in branding and design. The colours you choose for your brand can create certain impressions that might help or hurt your business. Just remember that colours influence customers’ perceptions and behaviours, so be mindful of how you use them in all your marketing!

Written by: Jennifer Hanford, MYOB Blogger

Social Media Etiquette For Business

Social Media Etiquette For Business

Social media is all about interacting with others, especially as a business. Your goals should include engaging with customers, building relationships, and staying at the forefront of their minds. That is how you achieve repeat and referral business. Using proper social media etiquette is just as important as the other elements of content creation and engagement. Here are a few things to keep in mind when it comes to acing social media etiquette.

Separate Your Personal and Business Accounts

Most people primarily use social media to stay in touch with friends and family. Of course, many businesses use social media to raise brand awareness, drive traffic to their websites, and even generate sales. Perhaps you find it annoying when friends use their personal accounts to promote their businesses. By running separate accounts for your business, you are respecting your friends who are only interested in what’s going on with you. On the other hand, using your business account for personal use could make your company appear unprofessional.

Avoid Misrepresenting Your Company

There are many good reasons for a business to establish a positive social media presence, such as reputation management, growing a base of devoted customers, and gathering feedback. However, it is critical that you represent your company openly and honestly online to build trust with your audience. Even seemingly minor embellishments to make your company appear better can cast significant doubt on the overall integrity of your business.

Respond Mindfully

It makes sense that you may get annoyed if someone disrespects your business or leaves a negative review on your social media channels. But keep in mind that you are speaking for your organization before you react and respond. An explosive or negative response could give prospective clients an unfavourable impression of your business. Before responding, take some time to collect your thoughts. Remember to be as gracious and kind as you can when handling critical feedback. Making that extra effort helps to build and maintain trust with current and prospective customers.

Refrain From Sharing Too Many Posts

Regardless of your social media goals, delivering value to your audience should be top of the list. Some businesses make the error of thinking what is valuable to them is also valuable to their audience. As a result, they exclusively use their social media platforms for advertising and sales. Being informative versus annoying is key.

It matters how frequently you publish on social media, and your profiles may be affected in various ways depending on how often you share posts.

Neil Patel states it well in an article from Forbes:

“If you post too infrequently, your audience will forget that you exist and you will quickly fade into the deep dark recesses of their minds. However, if you are posting too often, you will become a complete nuisance and they will dread seeing your posts overcrowding their feed.”

Always Review Your Posts for Grammar and Spelling

This past April, we explored the topic of grammar in our blog post, “Grammar & Brand Messaging for Your Business.” We mentioned that improper grammar can completely affect the interpretation of what you are trying to communicate. In other words, your company’s overall message is at risk of being confusing and even completely misunderstood. Because business social media accounts are public, many more people can see any mistakes. Simply double-checking a post before you send it out can save you a lot of embarrassment!

Over To You

We hope these pointers will enable you to engage in more fulfilling social media interactions. Are there any you would add? Please keep in mind that if you need help creating and managing social media for your business, we are available to help.

Written by: Jennifer Hanford, MYOB Blogger

An Interview with Tyler Jeffery

An Interview with Tyler Jeffery

On Thursday September 1st, our CEO, Karen Try met with Tyler Jeffery who is an Account Manager at The Business Development Bank of Canada [BDC]. In his role, Tyler works with small to medium-sized businesses to provide guidance and assistance in all areas of financial management so they may increase profitability and boost the value of their company.

The Business Development Bank of Canada [BDC] complements the charter banks and is a financial institution devoted to Canadian entrepreneurs. It is a Crown corporation that operates at arm’s length from their sole shareholder, the Government of Canada. The mandate of the BDC is to be the bank for all entrepreneurs, offering support for the business life cycle and making entrepreneurs’ well-being a priority. The BDC provides funding and advice to small and medium-sized firms in all industries and stages of growth.

Industries such as manufacturing, wholesale, construction, transportation, food, and beverages have been hit hard by the pandemic and have reached out when they have reached their line of credit. Because of flexible financing, advisory services, and smart capital, the BDC can often support businesses when charter banks cannot.

If you have additional questions about the BDC, you can visit their website: www.bdc.ca or contact Tyler directly at tyler.jeffery@bdc.ca. During their one-on-one, Tyler and Karen discussed various topics that small business owners may find useful. Read on to learn more.

Q&A with Tyler Jeffery

Q: What is the most common challenge that leads a small business owner to seek advisory services?

A: Business owners are good at what they do but often find they are lacking in financial management. Owners get consumed by the day-to-day business management. Tyler’s role is to assess the business’s current financial situation, identify gaps, and then help them to prioritize processes to improve cashflows and avoid financial pitfalls in the future. 

The duration of the program is 8-12 weeks. During this time, Tyler advises his clients on the available funding opportunities, either in the form of financing at a reasonable interest rate or grants that are currently available. One example is the current grant referred to as the CDAP [Canada Digital Adoption Program] that was implemented by the government in January 2022. This grant helps small and medium-sized enterprises (SMEs) build their digital plan and adopt digital technologies to increase their competitiveness.

The CDAP covers items directly related to the digital plan, such as the following:

  • Acquiring IT equipment
  • Installation of new technologies
  • Updating and/or expanding IT equipment
  • Training staff on onboarded technologies
  • Materials and support services directly related to onboarding the technology
  • Further advisory services on particular aspects of the digital adoption plan

Source: bdc.ca

Q. Do you have general tips to help all business owners avoid financial pitfalls in their business?

A. The ability to analyze cash flows and maintain regular financial oversight is crucial for business owners. Developing financial acumen can reveal more opportunities to boost cash flow for a better and healthier organization.

 

Q. At what stage in a business’s life cycle would you recommend that a small business owner get in touch with you?

A. Tyler works with business owners at all stages of their business life. A new business owner that brings experience, a solid business plan, and cashflow projections can benefit from the services of the BDC. Generally, a small business would go to the BDC after 24 months in business with demonstrated growth and $250K – 350K (CAD) annual revenue.

 

Q. Since many small business owners relied heavily on rent and salary subsidies to survive the pandemic, they agreed to take out a loan that now must be paid back in full by the end of 2023. Can the BDC help those already cash-strapped businesses?

A. Where a chartered bank generally requires securities for lending, the BDC can be more flexible in financing a business with strong cash flow projections and a solid business plan. In other words, if a business is currently operating with positive cash flow and is solid overall, the BDC may be able to help as financing is typically more flexible.

At MYOB we strive to bring you helpful and valuable business tips through our biweekly blog. Sign up at the bottom of our website to receive our blogs direct to your inbox!

The Great Resignation

The Great Resignation

There is little doubt that the pandemic has left nearly everyone in a state of restlessness. Every day seems to bring new concerns, both in our personal and professional lives. We are navigating through difficult times, which include health concerns, rising costs, and other factors. All of this has many people re-examining their lives and changing their priorities.

One of the most significant changes companies have experienced in the past several months involves the loss of talent. Business owners worldwide are now dealing with the pandemic’s repercussions as their once loyal staff began to re-evaluate their careers and leave in record numbers. Economists in the USA first coined the phrase “The Great Resignation,” and it’s a fitting description.

Majorities of USA workers who quit a job in 2021 say low pay (63%), no opportunities for advancement (63%), and feeling disrespected at work (57%) were reasons why they quit, according to Pew Research Centre survey results from earlier this year. (Source: https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/).

Employers should prepare for a surge of resignations from Canadian workers

Until the beginning of this year, Canada had not experienced the Great Resignation in the same way that America did.  However, what caused a staggering number of Americans to quit their jobs appears to be in motion in Canada. The majority of people who are voluntarily leaving their jobs falls into one of two categories:

  1. Workers on the front line

The pandemic’s added stress and hardship reignited the belief that these workers deserve better working conditions. Their reaction stems from how they believe they have been treated by employers and/or clients.

  1. Work-from-home professionals

Over the past two years, employees have proven they can be just as productive working outside the office. As a result, many have chosen to quit their jobs rather than return to their offices. Employees are increasingly choosing to work for organizations that offer hybrid or remote working arrangements after the pandemic gave them a taste of working from home.

It’s realistic to anticipate an increase in the number of Canadians who decide to change occupations in the upcoming year, though perhaps not at the same rate as in the USA. According to the most recent business outlook survey from the Bank of Canada, “several businesses expect labour shortages to negatively impact their plans. Many firms reported offering higher wages when competing with other businesses to recruit workers.” (Source: https://www.bankofcanada.ca/2022/07/business-outlook-survey-second-quarter-of-2022/).

How to avoid ‘The Great Resignation’ at your business

As with any other business issue, we must first try to understand why our staff wants to quit or change jobs. Here are some approaches that a business facing a loss of talent may wish to consider:

  1. Two-way communication is perhaps the most critical aspect of retaining and attracting new talent. Ask your people what is important to them and remember to listen carefully.
  2. Understanding and supporting your staff’s priorities is critical for developing new work arrangements, allowing for flexible work schedules, and encouraging work-life balance.
  3. Provide your people with all the tools they need to succeed in their work.
  4. Workplace flexibility is a must to attract and retain talent. It is becoming increasingly clear that flexible working has irreversibly changed the workplace, and there is no going back.
  5. Mutual trust is essential for successful flexible working. Remember that you hired your staff based on their skills; as a result, you should have confidence in them to perform their duties efficiently without needing to see them at a desk each day.

Real-life examples of those who made the leap

At this point, many of us have either considered leaving our current jobs or know someone who has. Leaving a job is never easy, but sometimes you know it’s the right thing to do. We recently interviewed some people who resigned from their jobs and asked them 2 questions. Each provided personal insights into why they left their jobs and what their employers could have done differently to change their decisions. We’ve chosen 3 to share:

Contact #1:

What made you decide to quit your job? My choice to quit was due to my mental health. My job was negatively affecting my relationships with my coworkers, family, and my home life. I couldn’t continue to work in an environment where I didn’t feel that my boundaries for my personal health were being respected.

Is there anything that would have made you stay? The only thing that could have made me stay would have been a complete change in attitude from my boss and a commitment to respect my decisions. I’m not sure I would have been able to stay since there was already damage done and promises of change were never carried out.

Contact #2:

What made you decide to quit your job? I wanted to quit my job because I wanted to travel for longer than my vacation would allow.

Is there anything that would have made you stay? I don’t think my employer could have done anything to get me to stay. If they offered me a leave of absence, I would have taken it and still been employed there. No realistic raise would have changed my mind. My employer had a fair compensation package. My priorities were elsewhere.

Contact #3:

What made you decide to quit your job? I started feeling like I was losing my happiness and personality. I felt like I was going inward as a human. Work was just a routine and nothing more.

Is there anything that would have made you stay? If my employer had trained me properly and kept their promises that they made when hiring me.

Over to you

Regardless of why you are thinking of leaving your current job (or have already done so), it’s good to know you are not alone. Take time to figure out what is most important to you, such as your family, supporting your health, taking time to travel, etc. Chances are, there is an employer who needs someone with your skill set on their team and is prepared to collaborate with you to make it a win-win situation.

Written by: Jennifer Hanford, MYOB Blogger

The Fortune is in the Follow Up

The Fortune is in the Follow Up

Do you know how many companies lose touch with a client before they even begin collaborating with them? And, do you know the cost of letting that happen? In the world of business, you already know how important it is to make a good first impression. However, following up in a timely manner on a first inquiry or email introduction is just as essential (if not more so) than the initial meeting. And when you neglect possible customers, you may miss out on valuable opportunities. According to a recent study from LeadConnect Marketing, as many as 78% of customers buy from a company that responds to their inquiry first.

Think of it this way – when a client requests a quote from you, they are shopping! They have decided to start researching before committing and making a purchase. A quick follow-up response is your chance to show that you care about more than just a sale and are interested in building a relationship. This shows potential clients you have not forgotten about them and that you are available to them should they need additional assistance.

Also, when you follow up with them right away, they are more likely to trust your brand. Simply following up with a potential client might be what entices them to do business with you. On the other hand, a lack of communication or negative interaction could influence a customer to choose a competitor instead.

When you receive an inquiry, you should contact the person or business as quickly as possible to ensure they feel you have noticed them. You can think of following up as a form of customer service since doing so improves the flow of communication and allows you to address their concerns upfront.

Have you ever responded to an inquiry immediately with a quote or proposal and not received a response from your potential client? If you shrug and move on, the possibilities end. There could be a fortune in this follow up! So many things could happen to derail a prospective buyer from responding and your cheery follow up email or call, could spark the action to close the sale!

Many businesses who schedule appointments for their clientele have learned that sending reminders and following up to confirm the scheduled appointment a few days before, will result in less no-shows because people do forget and do get busy. Incorporating this customer service follow up is a win for your business to stay booked and busy!

Here are some simple things to consider when following up:

  • Take a few minutes to send an email, text, call, or even send a handwritten note.
  • Treat everyone with respect. Listen to what they have to say.
  • Quickly respond to an inquiry or introduction but be sure to use a message that doesn’t seem canned or meaningless.
  • Don’t assume you are being ghosted. Reach out to keep the conversation going and build the relationship.

Over to you

The bottom line is that prompt follow-ups are essential to your business’ success, both now and in the future. Effective and timely communication, especially at the beginning of the relationship, goes a long way toward a successful future working together.

Written by: Jennifer Hanford, MYOB Blogger