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If I had to name my Mount Rushmore of brands seen as quintessentially American around the globe, it would probably be Levi’s, Harley-Davidson, McDonald’s, and Budweiser. While there are an impressive number of iconic American brands—Apple, Coca-Cola, Nike, Google, Amazon, and Walmart among them—only a few have an identity that is also closely tied to the idea of “America” itself. So it should come as no surprise that Budweiser is tapping that identity to simultaneously celebrate America’s 250th, along with its own 150th anniversary. The brand just launched a new spot called “Great Delivery” to start its summer campaign that will also include limited-edition patriotic cans, and the Budweiser Clydesdales hitting the road to bring the mission of its non-profit partner Folds of Honor to communities across the country. Here we see Clydesdale-led wagons packed to the rim with beer making their way across the country to the wild shirtless lyrics, bong-rattling bass, and confident drumwork of Grand Funk Railroad’s “We’re an American Band.” Anheuser-Busch senior vice-president Todd Allen says the goal is to make this summer the most celebrated Budweiser has ever had. “Brands don’t turn 150 years old every year, and our anniversary lining up with America’s 250th birthday gives Budweiser a once-in-a-lifetime moment to celebrate,” says Allen. “When a brand has been part of the fabric of a country for more than half its history, a milestone like this isn’t just a marketing moment, but a chance to celebrate that shared heritage and the people who are part of it.” Allen is absolutely right, and given the occasion, Budweiser should be treating this entire year as one big Super Bowl. But if 2026 is particularly special, here’s hoping the generic look and feel of “The Great Delivery” is just the opening salvo in a summer of more inspiring work. Hot ‘MURICA Summer The year got off to such a great start for Budweiser at the Super Bowl, with the undeniably charming “American Icons,” featuring the budding friendship between a Clydesdale and a bald eagle. If the brand truly does see this year as more than a mere marketing moment, it needs to treat it as such. Sure, patriotic cans are cool, but also something the brand did in 2016 for its 140th anniversary. I’ve got my own Hot ‘MURICA Summer idea for Budweiser. Remember the brand’s epic 2017 Super Bowl spot “Born the Hard Way”? It was a 60-second version of the story behind company co-founder Adolphus Busch’s 1857 journey stateside from Hamburg, Germany, and meeting Eberhard Anheuser. Now that AB InBev has that significant deal with Netflix, let’s get a director like Peter Berg—a master of straddling both Hollywood and brand content—to helm a full-on miniseries based on that same story. One of the best ways to celebrate America today, amid an unprecedented level of political polarization, is to dip back into our shared history. This story has everything: an immigrant’s tale, the American West, the drama of entrepreneurship, and of course, beer. Hey, if they can do it for the House of Guinness, why not the King of Beers? View the full article

A recent Washington Post investigation described something called “degree hacking” — students racing through accredited online bachelor’s and master’s programs in weeks rather than years. One woman earned both degrees in 2024 for a combined cost of just over $4,000. Another completed 16 college courses in 22 days. A cottage industry of YouTube coaches and $1,500 consulting packages has sprung up to help people game the system. Academic officials are alarmed. Accreditors are saying they may investigate. Reddit moderators at one university forum have had to create a separate subforum to contain the conflict between regular students and speed-runners. I am not alarmed. I’ve been warning about exactly this dynamic for years. If anything, I’m surprised it took this long. We’ve known this was coming since at least 2018 Back in 2018, I wrote a piece I called “Breaking Up the Degree Stranglehold.” The core argument was straightforward: the four-year college degree had become a blunt instrument — a filter employers used to manage hiring volume, not a reliable signal of whether a candidate could actually do the job. Drawing on research by Harvard’s Joseph Fuller, I pointed out that 67% of production supervisor job postings at that time required a college degree, while only 16% of employed production supervisors actually held one. More than six million jobs were already experiencing what Fuller called “degree inflation.” We weren’t hiring for competence. We were hiring for a credential — and then confusing the two. The costs were enormous and fell hardest on people who could least afford them. Requiring a bachelor’s degree for entry-level work knocked out nearly 83% of Latino candidates and 80% of potential African American candidates. It drove students into debt to obtain credentials that were, in many cases, economically irrational proxies for skills employers weren’t even that sure they needed. The degree had become, as I wrote then, “a handy shortcut” — a one-click filter that reduced the hiring pile without requiring anyone to think harder about what the job actually demanded. The shortcut was always a stand-in Here is the uncomfortable truth at the center of the degree-hacking controversy: employers never really cared about the degree. They cared about what the degree was supposed to represent. What does a bachelor’s degree signal? Loosely, it suggests that a person can manage sustained effort over time, read and write with reasonable competence, show up reliably, and work within institutional structures. It also, especially at selective schools, signals that the candidate has been sorted against a competitive peer group. These are real things. They matter in the workplace. But they aren’t what we’re measuring when we issue a diploma. We’re measuring seat time, credit hours, and completion of a curriculum designed, at its core, around the research interests of faculty rather than the capability needs of employers. The degree is a contract between a student and an institution. The employer is a third party who has agreed, by convention, to treat it as meaningful. When a student completes an accredited competency-based program in eight weeks, they have fulfilled the terms of that contract. The institution says they have demonstrated competency. The credential is technically legitimate. And yet something that employers were treating as a proxy for three or four years of formation and signaling has been compressed into a fraction of the time. No wonder they’re worried. The shortcut just got a shortcut. Both sides are now weaponizing technology What’s happening here follows a pattern that anyone who studies technological disruption would recognize. When a system creates a scarce and valuable signal — in this case, an accredited degree — the people locked out of it will use whatever tools they have to obtain it or replicate it. And the people benefiting from its value will use tools to defend it. We are now in a full-scale arms race. On one side, job seekers are using online learning platforms, competency-based pathways, credit transfers, and AI-assisted coursework to obtain credentials at a fraction of the traditional cost in time and money. One of the students profiled in the Washington Post finished her undergraduate and MBA at Western Governors for under $9,000 — covered largely by her employer and a Pell Grant — while raising a six-year-old and holding a full-time job. She subsequently earned a promotion to a higher-paying role. For her, hacking the system worked. She was richly rewarded for it. On the other side, employers are increasingly turning to AI-powered resume screening, structured skills assessments, and work-sample tests — precisely because they’ve figured out that the degree doesn’t reliably deliver what they thought it did. LinkedIn’s skills-based hiring tools, HireVue’s competency assessments, and a wave of pyschometric screening products are all essentially employers trying to get to the signal underneath the credential. Both sides are making rational choices. The system in between — the degree as a trusted proxy — is being hollowed out from both ends simultaneously. Purdue Global saw the problem clearly enough to stop allowing unlimited concurrent enrollments in its ExcelTrack program in January, citing concerns about “academic integrity and the value of a Purdue Global degree.” That’s one institution trying to defend the signal. But unless most institutions align around a similar standard, individual holdouts simply divert traffic to schools that don’t impose limits. This is a collective action problem, not an individual institutional one. The real fix is hard and nobody wants to do it The degree-hacking phenomenon will not be resolved by accreditors issuing stern inquiries, or by universities capping enrollment speeds, or by hiring managers adding another screening filter. It will persist until we do something genuinely difficult: reconnect what educational institutions actually certify with what employers are genuinely confident represents mastery. Right now, those two things are almost entirely decoupled. An accredited degree certifies that a student completed a curriculum designed by people whose primary professional incentive is research output, not employer-relevant skill formation. The accreditor certifies the institution’s process, not the student’s capability. The employer uses the resulting credential as a signal for things nobody in the chain actually measured directly. What would a real fix look like? It would require employers to define, with much greater specificity, what capabilities they actually need — and to be willing to assess those capabilities directly, rather than outsourcing the work to universities. It would require universities to design curricula around demonstrable competencies, not credit hours. It would require accreditors to evaluate whether graduates can actually do things, not merely whether the faculty had the right publications record. It may even mean changing the nature of incentives at universities to reward transfer of capability to students at least as much as being cited by academic peers. Some of this is happening. Competency-based education, when done rigorously, is a step in the right direction. So is the growing use of employer-designed certifications — think of how Google’s professional certificates have gained traction — and apprenticeship models that keep the learning tethered to real work. But “a step in the right direction” is not the same as a functioning system. Until we establish credible, widely accepted mechanisms for certifying that a student has reached a meaningful level of mastery in something specific — and until employers trust those mechanisms enough to hire against them — we will keep running this same race. The students degree-hacking their way through online programs aren’t the problem. They are a symptom. The problem is a credential infrastructure that was always a proxy, pretending to be a signal. View the full article

A new integration between Constant Contact and Canva promises to streamline marketing efforts for small businesses. Small business owners can now create eye-catching designs in Canva and immediately push those designs into their marketing campaigns with Constant Contact, making the process smoother than ever. This partnership was announced during the Canva Create event and aims to assist small businesses and nonprofits in effectively managing their marketing campaigns across several platforms, including email and social media channels like TikTok, Instagram, Facebook, and LinkedIn. With this integration, users can accomplish tasks like designing, scheduling, and automating campaigns from within a unified platform. Lee Ott, Chief Product and Growth Officer at Constant Contact, emphasized the significance of this integration: “When you can go from a great design to a campaign that gets you seen by your customers across email and every major social channel in one click, that’s not just a better experience. That’s a real competitive advantage for the businesses that need it most.” One-click convenience is a game-changer for busy entrepreneurs who juggle multiple responsibilities. Instead of downloading and re-uploading designs, business owners can now seamlessly transition their Canva creations directly into Constant Contact. This saves precious time and reduces the potential for errors. Brand assets in Constant Contact remain synced with Canva, ensuring that all materials are easy to access. Roger Coles, a Canva Verified Expert and Corporate Trainer, noted this time-saving aspect: “If you’re handling your own marketing, every minute matters. Previously, spotting one tiny typo meant 20 minutes disappeared in a cycle of downloading and re-uploading. This integration changes that, giving those 20 minutes back to the business owner.” Small businesses represent a significant segment of the market for both companies. The integration requires no extra costs; businesses can start using it without incurring additional charges, making it accessible for those with tight budgets. Existing and new Constant Contact users can connect their accounts at no additional cost, and new users can sign up for a free trial with no credit card required. This integration allows not just for publishing but also for managing campaigns. It offers built-in reporting, enabling users to track their performance across all channels. Entrepreneurs can select the social platforms they wish to share on directly from the Canva interface, and then let Constant Contact manage the delivery and scheduling. However, as with any new technology, small businesses may face challenges. Those unfamiliar with either tool may need time to adapt to the integration. Understanding how to maximize this partnership will require thoughtful planning, such as determining the best types of content for different channels. Additionally, while the integration offers a host of features, businesses need to ensure that they have a strategic approach to their social media presence and email marketing. The integration also prompts a reflection on how to manage brand identity across platforms, especially if a business is not currently utilizing Constant Contact or Canva. Small business owners might want to assess their existing marketing tools and develop a comprehensive strategy that aligns with their goals. With this new integration, Constant Contact and Canva stand poised to give small business owners the tools they need to enhance their marketing efforts while saving time and effort. This advancement represents both a simplification of the design-to-publish process and an opportunity to elevate brand visibility across various platforms effectively. For more information, you can read the full press release at Constant Contact’s news page. Image via Google Gemini This article, "Constant Contact and Canva Team Up to Streamline Marketing for Small Businesses" was first published on Small Business Trends View the full article

A new integration between Constant Contact and Canva promises to streamline marketing efforts for small businesses. Small business owners can now create eye-catching designs in Canva and immediately push those designs into their marketing campaigns with Constant Contact, making the process smoother than ever. This partnership was announced during the Canva Create event and aims to assist small businesses and nonprofits in effectively managing their marketing campaigns across several platforms, including email and social media channels like TikTok, Instagram, Facebook, and LinkedIn. With this integration, users can accomplish tasks like designing, scheduling, and automating campaigns from within a unified platform. Lee Ott, Chief Product and Growth Officer at Constant Contact, emphasized the significance of this integration: “When you can go from a great design to a campaign that gets you seen by your customers across email and every major social channel in one click, that’s not just a better experience. That’s a real competitive advantage for the businesses that need it most.” One-click convenience is a game-changer for busy entrepreneurs who juggle multiple responsibilities. Instead of downloading and re-uploading designs, business owners can now seamlessly transition their Canva creations directly into Constant Contact. This saves precious time and reduces the potential for errors. Brand assets in Constant Contact remain synced with Canva, ensuring that all materials are easy to access. Roger Coles, a Canva Verified Expert and Corporate Trainer, noted this time-saving aspect: “If you’re handling your own marketing, every minute matters. Previously, spotting one tiny typo meant 20 minutes disappeared in a cycle of downloading and re-uploading. This integration changes that, giving those 20 minutes back to the business owner.” Small businesses represent a significant segment of the market for both companies. The integration requires no extra costs; businesses can start using it without incurring additional charges, making it accessible for those with tight budgets. Existing and new Constant Contact users can connect their accounts at no additional cost, and new users can sign up for a free trial with no credit card required. This integration allows not just for publishing but also for managing campaigns. It offers built-in reporting, enabling users to track their performance across all channels. Entrepreneurs can select the social platforms they wish to share on directly from the Canva interface, and then let Constant Contact manage the delivery and scheduling. However, as with any new technology, small businesses may face challenges. Those unfamiliar with either tool may need time to adapt to the integration. Understanding how to maximize this partnership will require thoughtful planning, such as determining the best types of content for different channels. Additionally, while the integration offers a host of features, businesses need to ensure that they have a strategic approach to their social media presence and email marketing. The integration also prompts a reflection on how to manage brand identity across platforms, especially if a business is not currently utilizing Constant Contact or Canva. Small business owners might want to assess their existing marketing tools and develop a comprehensive strategy that aligns with their goals. With this new integration, Constant Contact and Canva stand poised to give small business owners the tools they need to enhance their marketing efforts while saving time and effort. This advancement represents both a simplification of the design-to-publish process and an opportunity to elevate brand visibility across various platforms effectively. For more information, you can read the full press release at Constant Contact’s news page. Image via Google Gemini This article, "Constant Contact and Canva Team Up to Streamline Marketing for Small Businesses" was first published on Small Business Trends View the full article

Mojtaba Khamenei says Iranians will defend their nuclear capabilities as a ‘national asset’View the full article

Electric bills are rising in Ann Arbor, Michigan, just like in other cities. But a new city program is starting to install city-owned solar panels and batteries at homes, a move that could save some residents hundreds a year. The first projects are underway now. For residents, it’s a way to get the benefits of solar without the upfront investment. “Any other way, I couldn’t afford to do it,” says Bruce Schauer, age 80, who saw the advantages of adding solar panels and a battery, but wouldn’t have gotten a system otherwise. After his system is installed in the next couple of weeks and starts sending power to his home, he expects to save around $400 a year on his electric bills. “I’ve looked into solar in the past, but the upfront cost is huge,” says Myles Burchill, another resident who will get a system added in the coming weeks. “I would have loved to do it as soon as we moved in. With this opportunity, we don’t own the panels, but we get the benefits of paying lower rates. And if we don’t use all the electricity, the potential for [the local utility] to pay us.” The installations are happening first in a pilot in Ann Arbor’s lower-income Bryant neighborhood, where around 150 homes will add solar and batteries this year. The program will scale to around 1,000 homes next year, and then several thousand per year after that. The pilot is the first step for the city’s new Sustainable Energy Utility, which aims to speed up the grid’s transition to renewable energy. “It’s bringing clean, affordable and resilient energy to residents quickly who need it the most, and who’ve traditionally been left out of the energy transition,” says Shoshannah Lenski, executive director of the Sustainable Energy Utility, also known as A2SEU. Ann Arbor realized that by creating its own power company, it could add clean energy faster than the existing local utility, DTE Energy. DTE doesn’t plan to reach 100% clean energy until 2050 (and includes gas in its definition of “clean”). Instead of building large-scale wind and solar projects—which typically take several years to get approval and be built—the city also realized that it could more quickly create a distributed network of rooftop solar, batteries, and geothermal power throughout neighborhoods. As the program scales up, by buying equipment in bulk, it can negotiate lower costs. (For the pilot, solar panel and battery costs are being covered by a grant.) The city hopes to also negotiate lower costs with installers, who will be able to efficiently work on several homes in a neighborhood at once and avoid marketing costs, since the city will deliver customers. The city can also save on financing. “We can use municipal financing, with its lower cost of capital, to take on debt to install these systems,” says Lenski. Residents who sign up still have accounts with DTE. But the solar panels on their roof will cover their electricity needs first, sending extra power into the batteries for use at night and in cloudy weather. Any extra solar power after that can be sold back to DTE. In some cases, the system may cover nearly all of a household’s energy use. In other cases, it will just shrink the amount of power drawn from the grid. In the pilot, the city utility will charge a flat rate of $75 a month for the service from April to September, when it’s sunniest, and $25 a month over the fall and winter. Since the equipment is owned by the city, there’s no upfront cost. Residents will get solar without adding to their electric bills, and many may end up paying less in total. They’ll also get battery backup if the grid goes down, which has a financial value. “Maybe two, three times a year the power goes out,” says Schauer. “Last year, we lost $250, $300 worth of food.” DTE has raised its rates repeatedly in recent years, and proposed another $474 million rate hike on April 28, two months after its last 4.6% increase went into effect. The utility’s power rates per kilowatt-hour are the highest in the Midwest. While those rates go up, the city is offering guaranteed rates for the next four years. “Relying on renewable energy only, the A2SEU rates will never be subject to the volatility of fuel prices,” Lenski says. The approach is unique, but the city gets calls every week from other communities that are now being to consider doing something similar. “Part of the fun and part of the challenge is that we’re having to write our own playbook as we go,” she says. “We’re really hoping to do this in a way that we can document our learnings and share those with other communities that may want to follow in our footsteps.” View the full article

Growth in retained and investment portfolios drove gains as the government-sponsored enterprise reported the highest refinancing share seen in four years. View the full article

We may earn a commission from links on this page. With fine central chemistry, a sense of humor, and interesting things to say about the challenges of interfaith romance, Nobody Wants This has been a rom-com hit for Netflix, with a third season coming this year. The world may be a cesspit, but we still love love—at least on TV, and not only on the Hallmark Channel. With that in mind, here are 15 more streaming shows that deal with romance (exclusively) and comedy (mostly), all filled with will-they/won't-they suspense and wildly shippable characters. Fleabag (2016 – 2019) This critical favorite stars Phoebe Waller-Bridge as the title character (she's only ever referred to as "Fleabag") in a comedy-drama about a free-spirited, deeply angry single young woman in living in London and sharing her romantic ups and downs via confessional asides to us, the audience. She falls, rather reluctantly, for "The Priest" (Andrew Scott)—she's a confirmed atheist and he's, obviously, not, so it's a bit like Nobody Wants This but messier. Waller-Bridge won separate Emmys as the star, creator, and writer of the series. Stream Fleabag on Prime Video. Fleabag (2016 – 2019) at Prime Video Learn More Learn More at Prime Video Crash Landing on You (2019) That title isn’t just a metaphor: This Korean series involves a literal crash landing into the North side of the Korean Demilitarized Zone. Yoon Se-ri (Son Ye-jin) is an heiress and independent business owner whose complicated relationships with her family have caused her to step away from them. On a paragliding trip, a tornado sends her north, and she’s rescued from disaster by a captain in the North Korean Special Police Force. The romance between two characters, as well as the sensitive and humane portrayal of life in the North, made this a mega-hit on South Korean TV, and a fan fave worldwide. Stream Crash Landing on You on Netflix. Crash Landing on You (2019) at Netflix Learn More Learn More at Netflix Catastrophe (2015 – 2019) A family sitcom that feels far more believable than most, this British import sees Irish primary school teacher Sharon (Sharon Horgan) hooking up with American ad exec Rob (Rob Delaney) over the course of a week, only to discover that she's pregnant once he returns home. They don't really have feelings for each other, but decide to give a go at being a couple, eventually falling into marriage just before the birth of their child. There are lots of jokes and plenty of acerbic dialogue, but this isn't Married... with Children. Sharon and Rob can be a bit nasty, to each other and to their sloppy friend group, but there's also something rather sweet in the show's conviction that having someone to be a mess with can be one of life's great joys. Stream Catastrophe on Prime Video. Catastrophe (2015 – 2019) Learn More Learn More Younger (2015 – 2021) Younger follows Liza Miller (Sutton Foster), a recently divorced woman in her 40s who finds that age is a barrier to reentering the publishing industry she left years earlier. After a compliment convinces her that she could pass for a younger woman (poor thing), she manages to convince the right people that she's just 26 in order to land an entry-level job. Seven seasons of misadventures ensue, but much of the show revolves around the twisty-turny relationship between Liza and Josh (Nico Tortorella), a tattoo artist in his twenties. Stream Younger on Netflix. Younger (2015 – 2021) at Netflix Learn More Learn More at Netflix Normal People (2020) OK, not so much with the comedy here. This one comes from Sally Rooney's smart, bestselling novel about the appropriately steamy coming-of-age romance between Marianne (Daisy Edgar Jones) and Connell (Paul Mescal), characters and actors with impressive chemistry. She's rich but lonely, he's popular but the son of the housekeeper. As time goes on and their roles start to shift, life and love only grows more complicated. The plot isn't groundbreaking, but there's an uncommon intelligence here, as well as a frankness about sex and sexual violence that sets it apart. Stream Normal People on Hulu. Normal People (2020) at Hulu Learn More Learn More at Hulu It’s Okay to Not Be Okay (2020) Discussions around mental health remain fraught most anywhere in the world, and South Korea is no exception. Though opportunities for treatment are better than in many other places, social stigma remains a problem. Which is part of the reason Jo Yong and Park Shin-woo’s miniseries was such a sensation when it was released last year: Writer Jo based the show on her own life, plus a good bit of research. The show chronicles the slow-burn romance between Moon Gang-tae (Kim Soo-hyun), a health care worker living with his autistic brother, and a famous children’s book author (Seo Yea-ji) with antisocial personality disorder. It’s lovely, frequently quite funny, and was popular enough in South Korea to inspire a series of children’s books based on the work of the show’s fictional writer. Stream It’s Okay to Not Be Okay on Netflix. It’s Okay to Not Be Okay (2020) at Netflix Learn More Learn More at Netflix The Lovers (2023) Janet (Roisin Gallagher) is a deeply cynical, foul-mouthed supermarket employee. Seamus O’Hannigan (Johnny Flynn) is a very mildly famous, but incredibly self-involved TV presenter with a nice girlfriend. Given the title of this British comedy, you won't be surprised to learn that the mismatched pair fall in lust almost immediately, the indifferent Janet pricking Seamus' considerable ego in a way that seems to work for him. The relationship is prickly, but the chemistry here is palpable. Stream The Lovers on Prime Video. The Lovers (2023) at Prime Video Learn More Learn More at Prime Video Sex Education (2019 – 2023) There’s a fair bit of sex on TV (having migrated from the now largely sexless movies), but that’s not the same thing as sex positivity. In this British comedy-drama, Asa Butterfield and Gillian Anderson star as an insecure, shy teenager named Otis and his mother, Jean, a frank and sometimes painfully honest sex therapist. When a school bully needs some sex advice, Otis dispenses some of the wisdom he’s picked up from mom, eventually making a name for himself around school by selling his knowledge as expertise. It’s a funny and charmingly raunchy show, treating sex with humor and positivity, and features a great will-they-or-won't they couple in awkward Otis and the more fearless Maeve (Emma Mackey). Stream Sex Education on Netflix. Sex Education (2019 – 2023) at Netflix Learn More Learn More at Netflix Heated Rivalry (2025 – ) You've probably heard the buzz about this one: Shane Hollander (Hudson Williams) and Ilya Rozanov (Connor Storrie) are professional ice hockey players who compete on rival teams, the Montreal Metros and the Boston Raiders. Even as their public relationship remains contentious over a period of years, the two develop a casual (at least at first) sexual relationship that grows increasingly sweaty, ice notwithstanding. (If you want to narrow your recommendations to more shows like Heated Rivalry, we've got a list for that too—along with the books, movies, and video games to explore next.) Stream Heated Rivalry on HBO Max. Heated Rivalry (2025 – ) Learn More Learn More The End of the F***ing World (2017 – 2019) In this extremely unlikely, pitch-dark romantic comedy, James (Alex Lawther) is a budding self-proclaimed psychopath dreaming of killing a person for the first time. He decides on rebellious classmate Alyssa (Jessica Barden), and sets off with her on a road trip across England in order to work his way into her good graces first. It doesn’t work out the way he plans, not even a bit. You’ll finish the first season satisfied and convinced another isn’t necessary, and then be amazed as the second manages to top it. Listen: Sickos can enjoy rom-coms, too. Stream The End of the F***ing World on Netflix. The End of the F***ing World (2017 – 2019) Learn More Learn More The Good Place (2016 – 2020) Not a rom-com, at least not primarily, but there is nonetheless a strong romantic throughline in the relationship between central characters Eleanor Shellstrop (Kristin Bell) and Chidi Anagonye (William Jackson Harper), who are both...deceased. The show is set in an idyllic afterlife run by Ted Danson's immortal Michael, and Eleanor and Chidi are meant to be soulmates—except that rude, crude, and selfish Eleanor was mistaken for another woman, and assigned to the wrong place and the wrong soulmate. To avoid disaster, the two have to fake their love until it starts to become something a bit more real. Stream The Good Place on Peacock, Prime Video, and Hulu. The Good Place (2016 – 2020) at Peacock Learn More Learn More at Peacock Emily in Paris (2020 – ) Lily Collins stars as the faux pas-prone Emily Cooper, who moves to Paris and lands a temporary job at a glitzy French marketing firm kind of by accident. She doesn't speak the language and doesn't get the culture, but slowly manages to ingratiate herself to the locals while juggling work and a romance with Lucas Bravo's Gabriel. The series hails from Darren Star, creator of Sex and the City, so her budding high-fashion sense and tendency to narrate adventures à la Carrie Bradshaw make perfect sense. Stream Emily in Paris on Netflix. Emily in Paris (2020 – ) at Netflix Learn More Learn More at Netflix Modern Love (2019 – 2021) The theme of this series is, mostly, New York City—it's a genuine anthology with rom-com leanings, with episodes dealing with dating apps, mental illness, romance among older couples, etc., with each telling an entire story inspired by the New York Times column of the same name. Tina Fey, Julia Garner, Andrew Scott, Sophie Okonedo, Anne Hathaway, Dev Patel, and Cristin Milioti are just some of the performers who appear across the show's two seasons. If you get sick of NYC, Prime also has five spin-offs set in cities around the world (Hyderabad, Chennai, Tokyo, Amsterdam, and Mumbai). Stream Modern Love on Prime Video. Modern Love (2019 – 2021) at Prime Video Learn More Learn More at Prime Video Heartstopper (2022 – ) Repressed yearning is all well and good, but Heartstopper is the affirming high school/coming-of-age/queer teen love story we all kinda need right about now. While it never soft-pedals the dangers of homophobia, it likewise doesn’t wallow in tragedy. Kit Connor and Joe Locke deliver sensitive (and often very funny) performances in a show that’s nearly all smiles without feeling treacly. Stream Heartstopper on Netflix. Heartstopper (2022 – ) at Netflix Learn More Learn More at Netflix With Love (2021 – 2023) Last, but not least: Gloria Calderón Kellett (One Day at a Time) created this series that follows four couples at once, making for an excellent and very efficient use of your romantic-comedy screen time. At the center of the show is the large and tight-knit Diaz family lead by Lily (Emeraude Toubia) and her brother Jorge (Mark Indelicato), each of whom faces romantic entanglements across an entire year in each of the show's two seasons, with each episode involving a holiday starting with an eventful Nochebuena. Some of the storylines hit harder than others, but this sweet, funny show hits way more than it misses. Stream With Love on Prime Video. With Love (2021 – 2023) at Prime Video Learn More Learn More at Prime Video View the full article

The soccer coach had blocked himself from sportsbooks by the time he found prediction markets. The tax accountant said he “got the same high” on those platforms that he got from gambling. “That was how I relapsed — with Kalshi and Polymarket. I lost a bunch of money.” The rapid growth of prediction markets has sparked a high-stakes debate that is playing out in courts and legislatures all over the country. Operators of those companies believe they should be regulated like the stock exchange because of federal law and their customer-to-customer structure, while sportsbooks and state officials think they should be supervised the same way as sports gambling platforms. While that argument continues with no sign of resolution, the clinicians who treat gambling disorders are more concerned about what they are seeing with their patients. In their spaces, when it comes to sports gambling and prediction markets, the end result is virtually the same. Two gambling addicts who spoke to The Associated Press — the soccer coach and tax accountant — say they had relapses on prediction markets after they took legal action to protect themselves from the allure of sports betting. They are being identified by their occupations because of the sensitivity of their situations. Their stories reflect what experts say they see with some of their clients. “There may be real differences in how these products are defined or regulated, but in the therapy room, we are often seeing the same cycle of anticipation, action and reaction play out again and again,” said Dr. Cynthia Grant, the vice president of clinical for Birches Health, which operates a national network of providers for treating gambling addiction. “I sometimes think of it like different doors into the same room. The label on the door may change, but once someone’s inside, the experience can feel very familiar.” The road from sportsbooks to prediction markets Sportsbooks and prediction markets offer a lot of similar options. Wagers on games, individual performances and other possibilities. But the format is different. Sportsbooks have in-house experts who set odds that dictate payouts for winning bets. It’s the house versus the gamblers. Traders on predictions markets swap contracts of yes-or-no questions, and profits and losses are dictated by the market. Win a “yes” holding on an event contract where most of the market guessed “no,” and the payout is bigger. Prediction markets generally make money through fees on contracts. For addicts, they are two paths to the same result. The soccer coach who spoke to the AP started gambling when he was 16. Small bets against friends in his New York neighborhood, everything from cards to basketball and tennis. When he turned 18, he started going to casinos and making bets at sportsbooks. Amid mounting losses, he turned to prediction markets. “I would be in all this debt and get a paycheck for $2,000 on a Friday and it would be gone by Saturday or Sunday,” said the coach, 21. “I wouldn’t have money to fill up my gas tank.” He was struggling with loans and maxed-out credit cards while working and going to college before he stepped away in January to confront his addiction problems, which also included smoking marijuana. He joined Gamblers Anonymous, and he was told he had to stop associating with people who gamble. “For a younger crowd, that’s difficult because it’s everywhere,” the coach said. “My friends from childhood — most of them all gamble.” The coach and the tax accountant had formally self-excluded from sportsbooks before they started trading on prediction markets. Self-exclusion programs provide an opportunity for gamblers to ban themselves from gambling facilities and betting apps. They are offered in many states as part of gambling regulations, but there is no widely adopted national system. The landscape for self-exclusion programs becomes even more fragmented when predictions markets are included. Kalshi started a voluntary opt-out program when it launched a customer protection hub in March 2025, and it’s one of several platforms — including Polymarket — collaborating on a national self-exclusion program for prediction markets. But it’s not clear if that program would ever overlap with the systems used by state gambling regulators. The accountant, 33, said his gambling problems started after New York launched legalized mobile sports betting in January 2022. He had “a boatload of debt” in August 2023 when he told his then-fiancée about what was going on with him. She married him anyway. Looking to save money after the wedding, they moved into a rental house owned by his parents. He self-excluded from sportsbooks. Then, after the couple lost their first pregnancy, the accountant started day-trading before signing up for Kalshi. “Prediction markets are the same thing packaged in a different way,” the accountant said. “It’s a dangerous loophole. … How can you do all that and say you’re not a sportsbook?” Tennis was his go-to sport — he liked the speed of the matches — before he went to rehab in Virginia last year. He had a relapse in December when he downloaded Polymarket and made a free $10 wager. He was confronted by his wife, who had his email connected to her phone and reached out to his sponsor. While there has been no substantive research into the effect of prediction markets on sports gambling addiction, the experiences of the coach and the accountant are not uncommon for treatment experts. “You’re seeing a lot of the same behaviors, whether it’s a prediction market or it’s gambling,” said Jody Bechtold, the CEO of The Better Institute, a Pennsylvania practice that works with people impacted by gambling disorders. “You’re seeing, you know, wagering more and more. Chasing losses, so ‘Oh, today was a bad day, I have to work tomorrow at the prediction markets to get my money back.’ … The lies, the secrecy, and that it’s impacting everyday life.” Kalshi spokeswoman Elisabeth Diana highlighted its programs for responsible trading — such as trading breaks and self-limits — and said it’s working on other measures to further facilitate healthy trading behavior. Compared to casinos, Diana said, Kalshi is “fairer, more transparent, and less predatory.” “There is no house that wins when customers lose,” she said. “This means that Kalshi doesn’t hook losers and penalize winners.” A message was left seeking comment from Polymarket. Event contracts are increasingly popular on prediction markets Sports have become a major category for prediction markets. Kalshi had more than $2 billion in total trading volume on this year’s NCAA men’s basketball tournament, according to Diana. Michigan’s 69-63 victory over Connecticut in the championship had $10.6 million in volume on Polymarket. The U.S. market for sports-focused event contracts could grow to approximately $1.1 trillion in annual volume, according to a Bank of America report. “A year ago, if you said prediction markets, I mean I don’t know what that is, I don’t see it,” said Dr. Timothy Fong, the co-director of the UCLA Gambling Studies Program. “Now we’re starting to see it more and more in our patients that come into the clinic. And it’s usually not one, it’s multiple platforms they’re betting on, right? … When you have something that’s available, that’s accessible, that’s anonymous, is super easy to use, multiple times in a day, of course that’s going to raise the risk of addiction for any human on Earth.” There are multiple ongoing lawsuits involving states and prediction markets, and the ramifications of the legal dispute are being felt on a variety of levels. Marlene Warner, the CEO of the Massachusetts Council on Gaming and Health — a private nonprofit health organization that provides educational programs on gambling along with other services — said the situation with prediction markets “feels a bit like the wild, wild west right now.” “We’re very used to like going to our state regulator or, you know, seeing a process go through where all of a sudden now you’re like, ‘OK, a piece of legislation has outlined what is appropriate for a licensed sports betting operator to do,'” Warner said. “And then you see the regulation come into place. And so you can track it. But right now, nobody knows kind of what the limits are.” In most states with legal sports gambling, it is limited to ages 21 and older, while prediction markets are open for 18- to 20-year-olds with some exceptions. Prediction markets also have a presence in states where sports betting is illegal, including Texas and California. “I don’t know enough frankly, we don’t know enough, nothing’s been studied about them, I can’t tell you whether they’re more less or exactly the same in terms of risk level,” Warner said. “But what I do know is they’re in a very gray, unregulated space and that alone makes it difficult.” Prediction markets fall under the jurisdiction of the federal Commodity Futures Trading Commission, which has a regulation that prohibits an event contract “that involves, relates to, or references terrorism, assassination, war, gaming, or an activity that is unlawful under any state or federal law.” CFTC chairman Michael Selig is backing prediction markets in their legal proceedings against several states, asserting the commission’s “exclusive jurisdiction over these markets.” While that argument continues, the soccer coach and tax accountant are rebuilding their lives — while doing their best to stay vigilant with their addictions. “You have to face this stuff or it just keeps getting worse,” the coach said. AP sports: https://apnews.com/sports The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. —Jay Cohen and Cora Lewis, Associated Press View the full article

In this political climate, corporate sustainability initiatives are not always a popular topic of conversation. But even though they are less visible, with companies greenhushing, sustainability commitments and actions are continuing—and in some cases growing. We asked our Fast Company Impact Council members how their approaches to sustainability have changed in the last year. Six leaders shared positive changes and thoughtful tactics their companies were taking. Some efforts are internal, some are external. But all are intentional. 1. B CORP CERTIFICATION We achieved B Corp certification last year for our Philadelphia location, which was a culmination of 15 months of work to improve every aspect of our business to align with positive environmental and social impact. In that process, we developed clear metrics and measurement methodologies around waste and emissions reduction and codified community engagement initiatives. — Bo Zhao, Baby Gear Group 2. SUSTAINABLE CONFERENCE Engage for Good’s annual conference is our biggest event and we’ve tried to make sustainability a series of practical choices rather than a slogan. We’ve moved away from printed agendas in favor of digital materials through our event app, encouraged speakers to share resources electronically, and worked with venues that prioritize water conservation and other sustainability efforts. Even small decisions, like offering strong vegetarian options, can meaningfully reduce the footprint of a large event. — Muneer Panjwani, Engage for Good 3. EXTERNAL APPROACH Our company was founded 75 years ago on a commitment to be forever 100% PVC-free. So in many ways there’s been no change internally, as we continue to champion more sustainable practices as the foundation of who we are. What has changed is our external approach. We’ve evolved our focus to creating and being part of industry-wide coalitions to raise awareness and promote education on the built environment’s significant impact on our ecosystem, inspiring tangible change and action on a wider scale. — Gordon Boggis, Carnegie 4. EMBED SUSTAINABILITY INTO OPERATIONS We’ve shifted from treating sustainability as a standalone initiative to embedding it into how we actually work. Being 100% remote, our globally-distributed team operates across time zones by design, which means less travel, fewer offices, and a delivery model that’s inherently lighter. The focus now is on removing waste from every process rather than layering sustainability on top of existing ones. — Peter Smart, Fantasy 5. BETTERMENT INTELLIGENCE We have evolved beyond passive sustainability toward what we call “betterment intelligence.” In the past year, we’ve integrated AI-first tools to simulate the long-term social impact of branding decisions before they are executed. As a Certified B Corp with a record score of 110.4, we no longer view sustainability as a departmental initiative, but as the primary standard of brand survival. Whether it’s branding the first smart farm in Mongolia or metropolitan identities in Busan, South Korea, our approach now demands that commercial success and social betterment are mathematically inseparable. — Sooyoung Cho, the bread and butter brand consulting LLC 6. COMMUNICATION AND TIMELY TOOLS In light of AI’s impacts on sustainability, we’ve reinforced actions to take a firmer stance and communicate this to employees and clients. We invested in local hardware to run as much of our generative platforms as possible. With full control, we closely monitor usage and right-size it for our 1,250-person firm. We’re also investing more in our sustainability and resiliency center as a growth engine, paired with responsible design including eco-friendly water re-use systems for data centers. It’s about being responsible, balanced, and providing timely tools while driving stewardship. — Mike Sewell, Gresham Smith View the full article

It’s not just you. Workplace stress is at a breaking point and starting to manifest in some alarming ways. Overstressed workers are now crying, having panic attacks, and even using substances to cope with work stress while on the job in strikingly high numbers. A new report from Modern Health, a mental health platform offered as an employee benefit, surveyed on a random sample of 1,000 workers at companies of 250 or more employees. It found that employees are deeply stressed, feel largely unsupported, and that it’s all bubbling over to the point that it’s impacting their behavior at work. For many workers, AI fears are driving their stress levels. Two-thirds say AI has raised the bar in terms of what’s expected of them day-to-day and 64% say their stress has ticked up as a result. One in four employees say that AI is actually harming their mental health. The stress is changing the way employees show up at work: 63% report using alcohol, THC, or prescribed pharmaceuticals to unwind once they are home for the day. A staggering 52% said they’ve used substances at the office over the past year. Employees are also having more meltdowns than they did just a year ago. Per the report, 51% of employees said they’ve cried at the office within the last 30 days alone. That’s up 12 points from last year’s survey. Likewise, 52% say they’ve experienced an anxiety or panic attack at work. Often, this is the result of employees feeling bogged down with work but unable to set boundaries or take breaks. Case in point, 72% said they felt pressure to work through their mental health strains (up 10 points from the previous year). The same number said their employer prioritizes productivity over wellbeing. And over half (57%) said they felt pressure to respond to work messages outside of work hours. When employees feel like they can never log off, the lines between what they bring home and what they bring back to work get very blurred. As such, workplace stress is reshaping behavior in ways employers can’t afford to ignore. View the full article

In the basement of an Emack & Bolio’s ice cream shop in Midtown Manhattan, six batteries—each about the size of a toaster oven stood on its side—are plugged into the wall, connected right to the breaker box. Those batteries will charge during off-peak electricity times, when power is cheap. When energy demand increases and power prices go up, the batteries will discharge, keeping the freezers running and lights on while cutting the business’s utility costs. The batteries are from David Energy, a New York City-based startup energy provider. David Energy provides batteries to businesses for free, and then uses its software platform to manage when they draw and discharge power. It’s a unique solution that has the potential to lower businesses’ electricity bills while also easing overall demand on the power grid, which makes it more reliable for everyone. An aging grid increases costs David Energy’s ultimate mission is to have a power grid that runs 100% on clean energy, but especially in a city like New York, not every building, business owner, or tenant can access solar power directly. In the meantime, plug-in batteries—which can connect to a standard wall outlet and don’t require any electrical work to get up and running—can be an easy, low-lift solution to reduce energy demand and decarbonize a business’s operations. “The grid is aging, and a big reason why [utility] bills are going up is the infrastructure itself,” says David Energy cofounder and CEO James McGinniss. “More than half of most of our customers’ bills is just the cost of delivering the power, and we want the grid to continue to be reliable while still being affordable.” Over the last five years, electricity costs in New York have gone up nearly 37%, according to the Chamber of Commerce. For business owners who have felt that squeeze, David Energy promises at least a little relief. “We promise a customer that we will charge them less than what they would have paid the utility had we not been their supplier, as long as we can install on-site, plug-in batteries,” McGinniss says. “That value proposition to the customer is ultimately saving money on their power bills.” The company says it’s consistently delivering about 5% savings to customers, though that can vary based on power demand. Depending on the size of the storefronts, and how many locations a business has, that could mean hundreds to thousands of dollars off their electricity bills annually. Easing strain on the power grid Emack & Bolio’s only received the batteries a few weeks ago, and so hasn’t been able to track savings yet. But owner Neil Glaser is excited about the potential savings, especially in the summer. Glaser also likes the climate benefit. He also owns a Brooklyn location of the ice cream chain that has solar panels, but the Manhattan location lacked enough sunlight to make that tech viable. “We’re very green oriented, and always have been,” he says. “We’re always looking at ways to draw less from the grid and cut our energy costs, because we have freezers running 24/7.” Before being contacted by David Energy, Glaser hadn’t known personal plug-in batteries were an option. New York City fire and building codes prevent small buildings from having their own solar batteries, like a Tesla Powerwall, but plug-in batteries skirt those complexities. Plug-in batteries only power the store directly; they aren’t large enough to export power to the grid. But they can still provide broad grid benefits. When demand peaks, particularly during hot summer days, utility provider Con Edison often asks customers to lighten their electricity use and turn off appliances to ease the strain on the grid. If businesses can shift their power needs to plug-in batteries, that means less of a chance for a blackout—which is always a big concern for an ice cream store, Glaser notes. The potential of plug-in batteries and solar David Energy’s small batteries fit easily into cramped New York City retail spaces. And again, because they just plug into the wall, there’s no landlord approval needed. If a business closes or moves, the startup can collect the battery and install it somewhere else. The battery program launched in December 2025, and already David Energy has more than 1,000 batteries (representing more than 2,000 kilowatt hours of power) contracted with customers, with hundreds already installed and connected. Those batteries are dispersed among more than 80 customers (many of which have multiple batteries on site) spanning all sorts of retail businesses—restaurants, gyms, coffee shops, spas, and soon, laundromats. Big chains like Domino’s, Beard Papa’s, and Barry’s, and local ones like Black Seed Bagels, are among David Energy’s customers. In the future, David Energy hopes to provide solar to customers as well, but McGinniss is still excited about the potential of plug-in batteries alone. They’re a somewhat new technology, particularly to the United States. McGinniss learned about them from Germany, which started rolling out both plug-in batteries and plug-in solar—also called balcony solar, a similar tech that is gaining support across the country—after the 2022 Russian invasion of Ukraine. “Access to solar and batteries is just growing exponentially because of this new plug-in form factor,” he says. The plug-in phenomenon that has gained traction across Europe is starting to come stateside, he adds, “where people are turning to this really novel, new class of technologies to say, ‘my bills are getting out of control and [this is] really simple to use.’ And we’re helping lead the charge there.” View the full article

Tracking key customer retention metrics is crucial for grasping your business’s health and growth potential. Metrics like Customer Retention Rate (CRR) reveal how well you’re keeping customers over time, whereas Repeat Purchase Rate (RPR) indicates the frequency at which they return. Moreover, monitoring Customer Churn Rate helps identify those who stop using your service. Comprehending these metrics can guide your retention strategies, but there are more factors to reflect upon. Key Takeaways Customer Retention Rate (CRR) measures the percentage of customers retained over a specific period, indicating loyalty levels. Repeat Purchase Rate (RPR) tracks the percentage of existing customers making additional purchases, reflecting customer satisfaction and product appeal. Customer Churn Rate quantifies the percentage of customers who discontinue using a service, helping identify retention issues early. Customer Lifetime Value (LTV) estimates the total revenue expected from a customer throughout their relationship with the business, guiding marketing strategies. Net Promoter Score (NPS) gauges customer loyalty by measuring the likelihood of customers recommending the business to others. Understanding Customer Retention Metrics Comprehending customer retention metrics is crucial for any business aiming to cultivate loyalty and drive revenue growth. Key metrics include Customer Retention Rate (CRR), which measures the percentage of customers retained over time. You can calculate CRR using the customer retention rate calculation formula: ((End number of customers – New customers gained) / Starting number of customers) x 100. Furthermore, the Repeat Purchase Rate (RPR) shows how many existing customers make further purchases, with an average of 28.2% across industries. The Customer Churn Rate indicates customer loss, ideally between 3% and 8% for SaaS businesses, whereas Customer Lifetime Value (LTV) estimates the total revenue a customer generates during their relationship with your company. Regularly monitoring these retention KPIs informs improvement strategies. Importance of Customer Retention Metrics Grasping the significance of customer retention metrics is crucial for any business looking to nurture long-lasting relationships with its clientele. Recognizing the importance of customer retention not only aids in evaluating your business’s effectiveness but furthermore improves your overall profitability. Here are three key points to contemplate: High retention rates indicate satisfied customers, leading to increased loyalty and revenue. Retaining existing customers is considerably more cost-effective than acquiring new ones, with acquisition costs being 5 to 25 times higher. Monitoring customer retention KPIs, like Churn Rate and Customer Retention Rate (CRR), allows you to identify dissatisfaction early and improve customer experiences. Customer Retention Rate (CRR) The Customer Retention Rate (CRR) is a crucial metric that quantifies the percentage of customers a business retains over a specific period. To calculate the customer retention rate, use the formula: ((End number of customers – New customers gained) / Starting number of customers) x 100. A CRR of 95% is considered good for SaaS companies, reflecting strong customer loyalty and satisfaction. Monitoring retention metrics like CRR over time helps you identify trends and potential issues in customer experience that may lead to churn. If your CRR is low, it may signal problems in the purchasing or product usage process, prompting you to investigate customer needs and feedback for improvement. Repeat Purchase Rate (RPR) The Repeat Purchase Rate (RPR) is an essential metric that measures the percentage of your existing customers who make additional purchases, calculated by dividing the number of customers who bought more than once by the total number of customers. Comprehending your RPR is imperative for nurturing customer loyalty, as a higher rate often leads to increased revenue, considering that existing customers typically spend considerably more than new ones. Calculation Methodology Explained Calculating the Repeat Purchase Rate (RPR) is essential for comprehending customer loyalty and identifying effective retention strategies. To measure RPR accurately, you can use the following client retention formula: Identify the number of customers who made more than one purchase during a specific timeframe. Determine the total number of customers within that same timeframe. Apply the formula: (Number of customers who made more than one purchase / Total number of customers) x 100. Importance for Loyalty Grasping the significance of the Repeat Purchase Rate (RPR) is vital for businesses aiming to improve customer loyalty. The RPR measures the percentage of existing customers who make additional purchases, calculated as (Number of customers who made more than one purchase / Total number of customers) x 100. On average, RPR across industries stands at 28.2%. High customer retention rates are found by analyzing RPR, which indicates greater customer satisfaction and engagement. When RPR is low, it could signal issues with product quality or customer service, making it imperative to investigate. Comprehending why customer retention is important allows businesses to implement targeted strategies, enhancing overall customer experience and boosting loyalty through improved retention rate definition measures. Customer Churn Rate Customer churn rate measures the percentage of customers who stop using your service during a specific period, and calculating it’s crucial for comprehending customer retention. You can determine your churn rate using the formula: (Number of customers who left / Total number of customers at the start of the period) x 100. Identifying the causes of churn, such as dissatisfaction or unmet expectations, allows you to implement effective strategies to reduce it and improve customer loyalty. Churn Rate Calculation Comprehending churn rate calculation is vital for evaluating customer retention effectiveness within your business. The churn rate reflects the percentage of customers who leave during a specific period. To calculate it, use the formula: Identify the number of customers lost during the period. Determine the total number of customers at the start of that period. Apply the formula: (Customers lost / Total customers at start) x 100. This metric provides valuable insights into user retention metrics. When you know how to find customer retention rate, you can effectively measure retention rate and identify trends over time. A good churn rate for SaaS businesses typically ranges between 3% and 8%, and regular tracking can uncover underlying issues affecting customer loyalty. Causes of Churn Comprehending the causes of churn is essential for any business looking to improve customer retention and boost overall performance. A churn rate between 3% and 8% is typically healthy for SaaS companies, but higher rates can signal serious issues. Common causes of churn include poor customer support, insufficient product value, and competitive offerings. To effectively address these issues, you must regularly monitor client retention metrics, as they highlight trends and patterns in customer behavior. Gathering customer feedback through surveys can provide insights into why customers leave, helping you understand how do we measure retention. By identifying these underlying reasons, you can develop targeted strategies to improve customer satisfaction and reduce churn effectively. Reducing Churn Strategies To effectively reduce churn, businesses must implement targeted strategies that address customer dissatisfaction and improve overall experience. Focusing on customer feedback is crucial; it helps identify pain points and areas needing improvement. Here are three effective strategies: Regularly Collect Feedback: Use surveys and session replays to gain insights into customer experiences and identify trends that may lead to churn. Personalize Interactions: Tailor customer interactions based on their preferences and behaviors, which can greatly improve satisfaction and retention. Monitor Churn Rates: Keep an eye on churn rates and analyze the reasons behind customer departures to proactively address issues and enhance retention efforts. Revenue Churn Rate Revenue Churn Rate is a crucial metric for businesses, particularly within the SaaS industry, as it quantifies the percentage of recurring revenue lost from existing customers over a specific period. You can calculate it using the formula: {[(MRR at the beginning – MRR at the end) – upsells] / MRR at the beginning} × 100. A healthy Revenue Churn Rate is typically less than 5%, indicating effective customer retention strategies. Monitoring this metric helps you identify high-impact customer segments and comprehend how customer loss affects overall revenue. Metric Healthy Range Importance Revenue Churn Rate Indicates retention effectiveness Customer Lifetime Value > $1000 Guides marketing strategies Monthly Recurring Revenue Increasing Shows growth trends Customer Lifetime Value (LTV) Comprehending Customer Lifetime Value (LTV) is essential for businesses aiming to optimize their marketing strategies and improve customer retention efforts. LTV estimates the total revenue a business can expect from a customer throughout their relationship. Here are three key points to reflect on: E-commerce Calculation: LTV is determined by multiplying the average order value by the average number of purchases per year and the average customer lifespan in years. SaaS Calculation: For SaaS, LTV is calculated by dividing the monthly average revenue per account by the monthly churn rate, offering insights into long-term profitability. Importance of Monitoring: Tracking LTV trends allows businesses to make informed decisions on customer acquisition costs and retention strategies, in the end driving growth and profitability. Customer Satisfaction Score (CSAT) Customer Satisfaction Score (CSAT) is a key metric that measures how satisfied customers are with your product or service. You calculate it by dividing the total number of positive scores by the number of respondents, and scores above 90% typically indicate high satisfaction. Comprehending the importance of high CSAT scores can greatly impact your retention strategies, as satisfied customers are more likely to return and recommend your brand to others. Calculation Methodology Explained To accurately assess customer satisfaction, businesses often rely on the Customer Satisfaction Score (CSAT), which gauges how well a product or service meets customer expectations. You can calculate CSAT by following these steps: Collect Responses: Ask customers to rate their satisfaction on a scale, typically from 1 to 5 or 1 to 10. Identify Positive Ratings: Count the total number of positive responses, which are ratings of 4 or 5 on a 5-point scale or 8-10 on a 10-point scale. Calculate the Score: Divide the number of positive responses by the total number of responses, then multiply by 100 to get the percentage. A CSAT score above 90% indicates high customer satisfaction and effective service or product delivery. Regular tracking helps identify pain points in the customer experience. Importance of High Scores High scores in the Customer Satisfaction Score (CSAT) are crucial indicators of how well a business meets the needs and expectations of its clients. A CSAT score above 90% typically signals high customer satisfaction, reflecting effective service delivery. Regularly tracking CSAT allows you to identify pain points in the customer experience and adapt strategies to improve overall satisfaction. Furthermore, high CSAT scores correlate strongly with increased customer loyalty and retention, as satisfied customers are more likely to make repeat purchases and refer others. Impact on Retention Strategies Measuring customer satisfaction using the Customer Satisfaction Score (CSAT) plays a pivotal role in shaping effective retention strategies. High CSAT scores directly correlate with customer loyalty and reduced churn rates. To implement effective retention strategies, consider the following: Regularly Collect CSAT Data: Gather feedback immediately after customer interactions to identify pain points and areas for improvement. Monitor Trends Over Time: Track CSAT scores to assess the effectiveness of your retention efforts and make necessary adjustments. Focus on High-Scoring Areas: Identify which aspects of the customer experience contribute to high satisfaction, and improve those elements to drive loyalty. Net Promoter Score® (NPS) The Net Promoter Score® (NPS) serves as a crucial metric for comprehending customer loyalty and satisfaction. By asking customers how likely they are to recommend your product or service on a scale from 0 to 10, you can classify them into promoters, passives, and detractors. A positive NPS of 60 or above indicates strong satisfaction, whereas a negative score highlights areas for improvement. Calculating NPS involves subtracting the percentage of detractors from the percentage of promoters, providing a valuable snapshot of customer sentiment. Category Score Range Description Promoters 9-10 Loyal customers, likely to refer others Passives 7-8 Neutral, can easily be swayed Detractors 0-6 Unhappy customers, may harm your brand Customer Effort Score (CES) Customer Effort Score (CES) is an essential metric that measures how easy it’s for you to complete a task or resolve an issue with a company. By focusing on reducing customer friction during interactions, businesses can improve your overall experience, leading to higher satisfaction and loyalty. Aiming for a CES score of 5 or lower on a 7-point scale can highlight areas where improvements are needed, eventually making your purchasing process smoother and more enjoyable. Measuring Purchase Ease How easy is it for your customers to complete a purchase or use your service? Measuring Purchase Ease through the Customer Effort Score (CES) can provide valuable insights. A higher CES indicates that customers find the purchasing process less strenuous, which correlates with increased satisfaction and retention. Here are three key points to evaluate: CES Calculation: Ask customers to rate their experience on a scale from 1 to 7, where lower scores signify easier experiences. Impact on Loyalty: Customers who find the process easy are 96% more likely to repurchase and 88% more likely to recommend your business. Ongoing Monitoring: Regularly tracking CES helps identify pain points and allows for targeted improvements to improve customer experience. Reducing Customer Friction Reducing customer friction is crucial for improving the overall experience and satisfaction during interactions with your business. The Customer Effort Score (CES) helps you measure how easy it’s for customers to engage with your company. By asking customers to rate their effort on a scale, you can identify areas that require improvement. Research shows that lower CES scores lead to higher customer satisfaction and loyalty, as customers prefer seamless interactions. Companies with low CES often experience reduced churn rates, as customers are less likely to leave when their experiences are smooth. Regularly monitoring CES will provide insights into pain points in the customer experience, enabling you to implement targeted improvements that improve overall satisfaction and retention. Daily, Weekly, and Monthly Active Users (DAU, WAU, MAU) Comprehending Daily, Weekly, and Monthly Active Users (DAU, WAU, MAU) is crucial for evaluating user engagement and retention within your product or service. These metrics provide insights into how often users interact with your offering, helping you identify trends and areas for improvement. DAU: Measures the number of unique users engaging with your product daily, indicating immediate user engagement levels. WAU: Tracks unique users over a week, allowing you to spot behavioral patterns and engagement fluctuations. MAU: Counts unique users over a month, serving as a key indicator of overall user retention and long-term engagement. Engagement Rate by Channel and Segment Engagement rates by channel are crucial metrics that help businesses assess how effectively different communication methods, such as email, social media, and direct messaging, capture and sustain customer interest. Higher engagement rates indicate successful outreach, whereas segmenting these rates allows you to analyze performance across various demographics or behavior patterns. This reveals which customer groups respond best to specific channels. For example, a good email engagement rate is over 20%, whereas social media engagement typically ranges from 1% to 5%, varying by platform. Regularly tracking these metrics helps identify underperforming channels and informs necessary adjustments to your communication strategies. In the end, this optimization improves customer retention by tailoring content to suit the preferences of different segments. Reactivation and Renewal Rates Reactivation and renewal rates are essential metrics that can profoundly influence a company’s customer retention strategy. Monitoring these rates helps you understand customer behavior and the effectiveness of your re-engagement efforts. Here are three key points to take into account: Reactivation Rate: This measures the percentage of previously churned customers who return to make a purchase. Use the formula: (Number of churned customers who returned / Total number of churned customers) × 100 to evaluate your win-back strategies. Renewal Rate: Especially crucial for subscription businesses, it reflects the proportion of customers renewing their subscriptions. Calculate it by dividing the number of customers who renewed by those up for renewal. Trend Analysis: Tracking both rates identifies patterns, enabling customized strategies to boost customer loyalty and reduce churn. Analyzing Customer Feedback for Insights Analyzing customer feedback is crucial for gaining insights that can greatly improve your retention strategies. By utilizing surveys and tools like Voice of Customer, you can capture qualitative data at critical points in the customer experience. This information complements quantitative metrics, offering a deeper comprehension of customer experiences and satisfaction levels. Regularly collecting and analyzing feedback helps identify pain points and areas for improvement. For instance, addressing specific concerns raised by customers can lead to increased repeat purchase rates, as customers are more likely to engage with a brand that listens and responds. Furthermore, grasping the reasons behind customer churn allows you to implement targeted strategies, ensuring you retain valuable clientele and improve overall satisfaction. Frequently Asked Questions What Are the Metrics for Customer Retention? To measure customer retention effectively, you’ll want to track several key metrics. Start with Customer Retention Rate (CRR), which calculates the percentage of retained customers over a specific period. Next, consider the Repeat Purchase Rate (RPR) to gauge loyalty by identifying customers who make additional purchases. Monitor Customer Churn Rate to understand how many customers leave, and assess Customer Lifetime Value (LTV) to estimate the total revenue generated from each customer during their relationship with your business. What Are the 5 Key Performance Indicators for Customer Service? To measure customer service effectiveness, focus on five key performance indicators (KPIs): First Response Time (FRT), which indicates how quickly your team responds to inquiries; Resolution Rate, showing the percentage of issues resolved on first contact; Customer Satisfaction Score (CSAT), reflecting customer satisfaction levels; Net Promoter Score (NPS), which gauges customer loyalty; and Customer Effort Score (CES), evaluating how easy it’s for customers to interact with your service. What Are the 8 C’s of Customer Retention? The 8 C’s of customer retention are crucial for building strong relationships with your customers. They include Clarity, ensuring customers understand product value; Convenience, simplifying the purchasing process; Consistency, maintaining quality across touchpoints; Connection, nurturing relationships; Communication, keeping feedback channels open; Community, creating a sense of belonging; Commitment, showing dedication to customer needs; and Customer-Centricity, focusing on the customer’s experience. Together, these elements augment loyalty and satisfaction, in the end improving retention rates. What Are the 5 Key Factors That Drive Retention? To drive customer retention, focus on five key factors: grasping customer needs, providing excellent service, delivering consistent quality, personalizing experiences, and engaging customers regularly. By actively listening to feedback, you can tailor your offerings to meet their expectations. Guarantee your service team is responsive and helpful, maintain high product standards, and utilize data to personalize interactions. Regular check-ins and targeted communications can strengthen relationships, in the end encouraging customers to remain loyal. Conclusion In summary, tracking key customer retention metrics like Customer Retention Rate, Repeat Purchase Rate, and Customer Churn Rate is crucial for comprehending your business’s performance. By analyzing these metrics, along with engagement rates and customer feedback, you can identify areas for improvement and develop targeted strategies to improve customer loyalty. Monitoring these indicators not just helps retain existing customers but additionally contributes to long-term profitability and growth, ensuring your business remains competitive in the market. Image via Google Gemini This article, "What Are Key Customer Retention Metrics to Track?" was first published on Small Business Trends View the full article

Tracking key customer retention metrics is crucial for grasping your business’s health and growth potential. Metrics like Customer Retention Rate (CRR) reveal how well you’re keeping customers over time, whereas Repeat Purchase Rate (RPR) indicates the frequency at which they return. Moreover, monitoring Customer Churn Rate helps identify those who stop using your service. Comprehending these metrics can guide your retention strategies, but there are more factors to reflect upon. Key Takeaways Customer Retention Rate (CRR) measures the percentage of customers retained over a specific period, indicating loyalty levels. Repeat Purchase Rate (RPR) tracks the percentage of existing customers making additional purchases, reflecting customer satisfaction and product appeal. Customer Churn Rate quantifies the percentage of customers who discontinue using a service, helping identify retention issues early. Customer Lifetime Value (LTV) estimates the total revenue expected from a customer throughout their relationship with the business, guiding marketing strategies. Net Promoter Score (NPS) gauges customer loyalty by measuring the likelihood of customers recommending the business to others. Understanding Customer Retention Metrics Comprehending customer retention metrics is crucial for any business aiming to cultivate loyalty and drive revenue growth. Key metrics include Customer Retention Rate (CRR), which measures the percentage of customers retained over time. You can calculate CRR using the customer retention rate calculation formula: ((End number of customers – New customers gained) / Starting number of customers) x 100. Furthermore, the Repeat Purchase Rate (RPR) shows how many existing customers make further purchases, with an average of 28.2% across industries. The Customer Churn Rate indicates customer loss, ideally between 3% and 8% for SaaS businesses, whereas Customer Lifetime Value (LTV) estimates the total revenue a customer generates during their relationship with your company. Regularly monitoring these retention KPIs informs improvement strategies. Importance of Customer Retention Metrics Grasping the significance of customer retention metrics is crucial for any business looking to nurture long-lasting relationships with its clientele. Recognizing the importance of customer retention not only aids in evaluating your business’s effectiveness but furthermore improves your overall profitability. Here are three key points to contemplate: High retention rates indicate satisfied customers, leading to increased loyalty and revenue. Retaining existing customers is considerably more cost-effective than acquiring new ones, with acquisition costs being 5 to 25 times higher. Monitoring customer retention KPIs, like Churn Rate and Customer Retention Rate (CRR), allows you to identify dissatisfaction early and improve customer experiences. Customer Retention Rate (CRR) The Customer Retention Rate (CRR) is a crucial metric that quantifies the percentage of customers a business retains over a specific period. To calculate the customer retention rate, use the formula: ((End number of customers – New customers gained) / Starting number of customers) x 100. A CRR of 95% is considered good for SaaS companies, reflecting strong customer loyalty and satisfaction. Monitoring retention metrics like CRR over time helps you identify trends and potential issues in customer experience that may lead to churn. If your CRR is low, it may signal problems in the purchasing or product usage process, prompting you to investigate customer needs and feedback for improvement. Repeat Purchase Rate (RPR) The Repeat Purchase Rate (RPR) is an essential metric that measures the percentage of your existing customers who make additional purchases, calculated by dividing the number of customers who bought more than once by the total number of customers. Comprehending your RPR is imperative for nurturing customer loyalty, as a higher rate often leads to increased revenue, considering that existing customers typically spend considerably more than new ones. Calculation Methodology Explained Calculating the Repeat Purchase Rate (RPR) is essential for comprehending customer loyalty and identifying effective retention strategies. To measure RPR accurately, you can use the following client retention formula: Identify the number of customers who made more than one purchase during a specific timeframe. Determine the total number of customers within that same timeframe. Apply the formula: (Number of customers who made more than one purchase / Total number of customers) x 100. Importance for Loyalty Grasping the significance of the Repeat Purchase Rate (RPR) is vital for businesses aiming to improve customer loyalty. The RPR measures the percentage of existing customers who make additional purchases, calculated as (Number of customers who made more than one purchase / Total number of customers) x 100. On average, RPR across industries stands at 28.2%. High customer retention rates are found by analyzing RPR, which indicates greater customer satisfaction and engagement. When RPR is low, it could signal issues with product quality or customer service, making it imperative to investigate. Comprehending why customer retention is important allows businesses to implement targeted strategies, enhancing overall customer experience and boosting loyalty through improved retention rate definition measures. Customer Churn Rate Customer churn rate measures the percentage of customers who stop using your service during a specific period, and calculating it’s crucial for comprehending customer retention. You can determine your churn rate using the formula: (Number of customers who left / Total number of customers at the start of the period) x 100. Identifying the causes of churn, such as dissatisfaction or unmet expectations, allows you to implement effective strategies to reduce it and improve customer loyalty. Churn Rate Calculation Comprehending churn rate calculation is vital for evaluating customer retention effectiveness within your business. The churn rate reflects the percentage of customers who leave during a specific period. To calculate it, use the formula: Identify the number of customers lost during the period. Determine the total number of customers at the start of that period. Apply the formula: (Customers lost / Total customers at start) x 100. This metric provides valuable insights into user retention metrics. When you know how to find customer retention rate, you can effectively measure retention rate and identify trends over time. A good churn rate for SaaS businesses typically ranges between 3% and 8%, and regular tracking can uncover underlying issues affecting customer loyalty. Causes of Churn Comprehending the causes of churn is essential for any business looking to improve customer retention and boost overall performance. A churn rate between 3% and 8% is typically healthy for SaaS companies, but higher rates can signal serious issues. Common causes of churn include poor customer support, insufficient product value, and competitive offerings. To effectively address these issues, you must regularly monitor client retention metrics, as they highlight trends and patterns in customer behavior. Gathering customer feedback through surveys can provide insights into why customers leave, helping you understand how do we measure retention. By identifying these underlying reasons, you can develop targeted strategies to improve customer satisfaction and reduce churn effectively. Reducing Churn Strategies To effectively reduce churn, businesses must implement targeted strategies that address customer dissatisfaction and improve overall experience. Focusing on customer feedback is crucial; it helps identify pain points and areas needing improvement. Here are three effective strategies: Regularly Collect Feedback: Use surveys and session replays to gain insights into customer experiences and identify trends that may lead to churn. Personalize Interactions: Tailor customer interactions based on their preferences and behaviors, which can greatly improve satisfaction and retention. Monitor Churn Rates: Keep an eye on churn rates and analyze the reasons behind customer departures to proactively address issues and enhance retention efforts. Revenue Churn Rate Revenue Churn Rate is a crucial metric for businesses, particularly within the SaaS industry, as it quantifies the percentage of recurring revenue lost from existing customers over a specific period. You can calculate it using the formula: {[(MRR at the beginning – MRR at the end) – upsells] / MRR at the beginning} × 100. A healthy Revenue Churn Rate is typically less than 5%, indicating effective customer retention strategies. Monitoring this metric helps you identify high-impact customer segments and comprehend how customer loss affects overall revenue. Metric Healthy Range Importance Revenue Churn Rate Indicates retention effectiveness Customer Lifetime Value > $1000 Guides marketing strategies Monthly Recurring Revenue Increasing Shows growth trends Customer Lifetime Value (LTV) Comprehending Customer Lifetime Value (LTV) is essential for businesses aiming to optimize their marketing strategies and improve customer retention efforts. LTV estimates the total revenue a business can expect from a customer throughout their relationship. Here are three key points to reflect on: E-commerce Calculation: LTV is determined by multiplying the average order value by the average number of purchases per year and the average customer lifespan in years. SaaS Calculation: For SaaS, LTV is calculated by dividing the monthly average revenue per account by the monthly churn rate, offering insights into long-term profitability. Importance of Monitoring: Tracking LTV trends allows businesses to make informed decisions on customer acquisition costs and retention strategies, in the end driving growth and profitability. Customer Satisfaction Score (CSAT) Customer Satisfaction Score (CSAT) is a key metric that measures how satisfied customers are with your product or service. You calculate it by dividing the total number of positive scores by the number of respondents, and scores above 90% typically indicate high satisfaction. Comprehending the importance of high CSAT scores can greatly impact your retention strategies, as satisfied customers are more likely to return and recommend your brand to others. Calculation Methodology Explained To accurately assess customer satisfaction, businesses often rely on the Customer Satisfaction Score (CSAT), which gauges how well a product or service meets customer expectations. You can calculate CSAT by following these steps: Collect Responses: Ask customers to rate their satisfaction on a scale, typically from 1 to 5 or 1 to 10. Identify Positive Ratings: Count the total number of positive responses, which are ratings of 4 or 5 on a 5-point scale or 8-10 on a 10-point scale. Calculate the Score: Divide the number of positive responses by the total number of responses, then multiply by 100 to get the percentage. A CSAT score above 90% indicates high customer satisfaction and effective service or product delivery. Regular tracking helps identify pain points in the customer experience. Importance of High Scores High scores in the Customer Satisfaction Score (CSAT) are crucial indicators of how well a business meets the needs and expectations of its clients. A CSAT score above 90% typically signals high customer satisfaction, reflecting effective service delivery. Regularly tracking CSAT allows you to identify pain points in the customer experience and adapt strategies to improve overall satisfaction. Furthermore, high CSAT scores correlate strongly with increased customer loyalty and retention, as satisfied customers are more likely to make repeat purchases and refer others. Impact on Retention Strategies Measuring customer satisfaction using the Customer Satisfaction Score (CSAT) plays a pivotal role in shaping effective retention strategies. High CSAT scores directly correlate with customer loyalty and reduced churn rates. To implement effective retention strategies, consider the following: Regularly Collect CSAT Data: Gather feedback immediately after customer interactions to identify pain points and areas for improvement. Monitor Trends Over Time: Track CSAT scores to assess the effectiveness of your retention efforts and make necessary adjustments. Focus on High-Scoring Areas: Identify which aspects of the customer experience contribute to high satisfaction, and improve those elements to drive loyalty. Net Promoter Score® (NPS) The Net Promoter Score® (NPS) serves as a crucial metric for comprehending customer loyalty and satisfaction. By asking customers how likely they are to recommend your product or service on a scale from 0 to 10, you can classify them into promoters, passives, and detractors. A positive NPS of 60 or above indicates strong satisfaction, whereas a negative score highlights areas for improvement. Calculating NPS involves subtracting the percentage of detractors from the percentage of promoters, providing a valuable snapshot of customer sentiment. Category Score Range Description Promoters 9-10 Loyal customers, likely to refer others Passives 7-8 Neutral, can easily be swayed Detractors 0-6 Unhappy customers, may harm your brand Customer Effort Score (CES) Customer Effort Score (CES) is an essential metric that measures how easy it’s for you to complete a task or resolve an issue with a company. By focusing on reducing customer friction during interactions, businesses can improve your overall experience, leading to higher satisfaction and loyalty. Aiming for a CES score of 5 or lower on a 7-point scale can highlight areas where improvements are needed, eventually making your purchasing process smoother and more enjoyable. Measuring Purchase Ease How easy is it for your customers to complete a purchase or use your service? Measuring Purchase Ease through the Customer Effort Score (CES) can provide valuable insights. A higher CES indicates that customers find the purchasing process less strenuous, which correlates with increased satisfaction and retention. Here are three key points to evaluate: CES Calculation: Ask customers to rate their experience on a scale from 1 to 7, where lower scores signify easier experiences. Impact on Loyalty: Customers who find the process easy are 96% more likely to repurchase and 88% more likely to recommend your business. Ongoing Monitoring: Regularly tracking CES helps identify pain points and allows for targeted improvements to improve customer experience. Reducing Customer Friction Reducing customer friction is crucial for improving the overall experience and satisfaction during interactions with your business. The Customer Effort Score (CES) helps you measure how easy it’s for customers to engage with your company. By asking customers to rate their effort on a scale, you can identify areas that require improvement. Research shows that lower CES scores lead to higher customer satisfaction and loyalty, as customers prefer seamless interactions. Companies with low CES often experience reduced churn rates, as customers are less likely to leave when their experiences are smooth. Regularly monitoring CES will provide insights into pain points in the customer experience, enabling you to implement targeted improvements that improve overall satisfaction and retention. Daily, Weekly, and Monthly Active Users (DAU, WAU, MAU) Comprehending Daily, Weekly, and Monthly Active Users (DAU, WAU, MAU) is crucial for evaluating user engagement and retention within your product or service. These metrics provide insights into how often users interact with your offering, helping you identify trends and areas for improvement. DAU: Measures the number of unique users engaging with your product daily, indicating immediate user engagement levels. WAU: Tracks unique users over a week, allowing you to spot behavioral patterns and engagement fluctuations. MAU: Counts unique users over a month, serving as a key indicator of overall user retention and long-term engagement. Engagement Rate by Channel and Segment Engagement rates by channel are crucial metrics that help businesses assess how effectively different communication methods, such as email, social media, and direct messaging, capture and sustain customer interest. Higher engagement rates indicate successful outreach, whereas segmenting these rates allows you to analyze performance across various demographics or behavior patterns. This reveals which customer groups respond best to specific channels. For example, a good email engagement rate is over 20%, whereas social media engagement typically ranges from 1% to 5%, varying by platform. Regularly tracking these metrics helps identify underperforming channels and informs necessary adjustments to your communication strategies. In the end, this optimization improves customer retention by tailoring content to suit the preferences of different segments. Reactivation and Renewal Rates Reactivation and renewal rates are essential metrics that can profoundly influence a company’s customer retention strategy. Monitoring these rates helps you understand customer behavior and the effectiveness of your re-engagement efforts. Here are three key points to take into account: Reactivation Rate: This measures the percentage of previously churned customers who return to make a purchase. Use the formula: (Number of churned customers who returned / Total number of churned customers) × 100 to evaluate your win-back strategies. Renewal Rate: Especially crucial for subscription businesses, it reflects the proportion of customers renewing their subscriptions. Calculate it by dividing the number of customers who renewed by those up for renewal. Trend Analysis: Tracking both rates identifies patterns, enabling customized strategies to boost customer loyalty and reduce churn. Analyzing Customer Feedback for Insights Analyzing customer feedback is crucial for gaining insights that can greatly improve your retention strategies. By utilizing surveys and tools like Voice of Customer, you can capture qualitative data at critical points in the customer experience. This information complements quantitative metrics, offering a deeper comprehension of customer experiences and satisfaction levels. Regularly collecting and analyzing feedback helps identify pain points and areas for improvement. For instance, addressing specific concerns raised by customers can lead to increased repeat purchase rates, as customers are more likely to engage with a brand that listens and responds. Furthermore, grasping the reasons behind customer churn allows you to implement targeted strategies, ensuring you retain valuable clientele and improve overall satisfaction. Frequently Asked Questions What Are the Metrics for Customer Retention? To measure customer retention effectively, you’ll want to track several key metrics. Start with Customer Retention Rate (CRR), which calculates the percentage of retained customers over a specific period. Next, consider the Repeat Purchase Rate (RPR) to gauge loyalty by identifying customers who make additional purchases. Monitor Customer Churn Rate to understand how many customers leave, and assess Customer Lifetime Value (LTV) to estimate the total revenue generated from each customer during their relationship with your business. What Are the 5 Key Performance Indicators for Customer Service? To measure customer service effectiveness, focus on five key performance indicators (KPIs): First Response Time (FRT), which indicates how quickly your team responds to inquiries; Resolution Rate, showing the percentage of issues resolved on first contact; Customer Satisfaction Score (CSAT), reflecting customer satisfaction levels; Net Promoter Score (NPS), which gauges customer loyalty; and Customer Effort Score (CES), evaluating how easy it’s for customers to interact with your service. What Are the 8 C’s of Customer Retention? The 8 C’s of customer retention are crucial for building strong relationships with your customers. They include Clarity, ensuring customers understand product value; Convenience, simplifying the purchasing process; Consistency, maintaining quality across touchpoints; Connection, nurturing relationships; Communication, keeping feedback channels open; Community, creating a sense of belonging; Commitment, showing dedication to customer needs; and Customer-Centricity, focusing on the customer’s experience. Together, these elements augment loyalty and satisfaction, in the end improving retention rates. What Are the 5 Key Factors That Drive Retention? To drive customer retention, focus on five key factors: grasping customer needs, providing excellent service, delivering consistent quality, personalizing experiences, and engaging customers regularly. By actively listening to feedback, you can tailor your offerings to meet their expectations. Guarantee your service team is responsive and helpful, maintain high product standards, and utilize data to personalize interactions. Regular check-ins and targeted communications can strengthen relationships, in the end encouraging customers to remain loyal. Conclusion In summary, tracking key customer retention metrics like Customer Retention Rate, Repeat Purchase Rate, and Customer Churn Rate is crucial for comprehending your business’s performance. By analyzing these metrics, along with engagement rates and customer feedback, you can identify areas for improvement and develop targeted strategies to improve customer loyalty. Monitoring these indicators not just helps retain existing customers but additionally contributes to long-term profitability and growth, ensuring your business remains competitive in the market. Image via Google Gemini This article, "What Are Key Customer Retention Metrics to Track?" was first published on Small Business Trends View the full article

A new analysis suggests Americans are being overcharged by $150 billion annually to insure their homes, autos and businesses — and it proposes federal guardrails so that a public beset by affordability pressures could see savings. The analysis by the Vanderbilt Policy Accelerator obtained exclusively by The Associated Press details how insurers are paying out less on claims after an accident, natural disaster or other misfortune than they did decades ago. For every $1 collected in premiums, insurers reimbursed 62 cents for claims in 2024, down from an average loss ratio of 80 cents in the 1980s and 1990s. The analysis wades into a thorny set of economic and political questions as insurance companies are managing the potential risks of climate change when the cost of groceries, gasoline and housing are a frustration for many voters. Insurance companies say they have hiked premiums because of rising prices for homes and autos and the expenses of fixing them. “The fact that the loss ratios are so low means that the insurance industry is charging too much,” said Brian Shearer, director of competition and regulatory policy at the Vanderbilt University think tank and a former senior adviser at the Consumer Financial Protection Bureau. The insurance industry said its current loss ratio reflects the costs for insurers in recent years and the steps deemed necessary for ensuring that insurance funding is stable and solvent. “Current loss ratios reflect the impact of enormous financial losses over the last several years and the steps insurers have taken (to) maintain and restore financial strength so funds are available to pay future claims,” Don Griffin, vice president for policy and research at the American Property Casualty Insurance Association, said in an emailed statement. “Loss ratios in the 1990s were driven to nearly unsustainable levels by Hurricane Andrew in particular.” While President Donald The President won a second term on the promise to contain inflation, he has also gutted institutions such as the CFPB that sought to find potential savings. Housing costs have been particularly acute. Average mortgage rates remain above 6%, and an executive order by The President to increase construction of new homes would still take years to bend the curve on housing prices. When The President, a Republican, signed the order on housing regulations in March, he emphasized that he was eliminating the heightened standards to protect homes against damage from natural disasters and improving energy efficiency because he said they were increasing construction costs. “We will slash many of these pointless regulations that do nothing for safety and add lots of costs,” he said at the signing. Research by the economists Benjamin Keys and Philip Mulder found that average premiums for home insurance climbed an inflation-adjusted 28% between 2017 and 2024 to an annual cost of $2,750. Their research found reasons for the increases: Roughly a third came from higher construction costs, and another 20% came from greater disaster risks. But it also noted the higher costs for financial instruments such as reinsurance, which insurers purchase to protect them from catastrophic financial losses. The Vanderbilt analysis by contrast looks at the gap between what insurers charge and what they pay out to customers. By returning to the loss ratio of 80 cents paid out for each $1 collected, it estimates that households and businesses could have saved roughly $150 billion from the $1 trillion-plus paid in premiums in 2024. The analysis includes proposed legislative language for the federal government to set a higher loss ratio for insurers. Currently, state governments primarily regulate insurance, but a federal mandate would be harder for companies to challenge. The analysis further argues that insurers are using the premiums “to pay for corporate perks, corporate jets, stock-buy backs, excessive executive compensation, excessive dividends, excessive advertising, and excessive agent commissions.” “Companies are competing against each other, not based on price but just based on brand awareness,” said Shearer, the author of the analysis, arguing that too much money is spent on marketing. —Josh Boak, Associated Press View the full article

If you’re self-employed and spend any time on social media, you’ve seen the debate. One person swears you need a professional website from day one. Another says a logo is the first thing to invest in. Someone else is selling a $500 course that promises to “elevate your brand’s presence.” Everyone has an opinion about where your money should go first (and they’re usually selling whatever they’re recommending). I’ve been running my own business for three years. I’ve run the branding gamut from DIY templates in Canva to hiring a professional brand designer. Here’s what I’ve learned: the right branding investment depends entirely on where your business is today. When you’re spending money, you need an actual payoff in your business. Branding investments might not turn into specific dollars, but they should make sense for your business and the clients you want to attract. Start with low-cost investments In the early stages of a solo business, your identity is still forming. You might still be tweaking your specific offers and ideal customer profile (ICP). Spending thousands of dollars on branding at this point means you’re paying a professional to work with a moving target. You can start with professional headshots. AI-generated headshots, for example, are very affordable and get used everywhere, from LinkedIn to guest bios. Next, you can create a visual identity. Consistent branding signals to potential clients that you take your business seriously. But the key word is consistent—not expensive. A consistent visual identity means picking two or three colors, choosing a font, and sticking with them across your LinkedIn profile, your website, and your content. Canva templates make this accessible without a designer. You can also start with a simple one-page website that communicates what you do and how to contact you. Unless your services include “designing websites” or something very high-ticket, your homepage doesn’t need to be fancy. If a website feels like too much, even a Linktree page that organizes your key links gives potential clients a place to land. These are appropriate investments for the stage you’re in. In the beginning, you have to be strategic about where your money goes. Know when to upgrade About a year and a half after I launched my business, I hired a designer. I’d been using Canva for everything from social posts to client proposals. It was consistent, but started to feel “homemade.” I spent months working with a designer who put a ton of energy into understanding who I am and what I do before creating a full suite of assets for every aspect of my business. The signal to invest more in your brand isn’t a specific timeline. It’s a feeling: you’ve outgrown the DIY version, and your business identity is stable enough that a professional can work with it. If your services, your audience, and your positioning are still shifting, a designer is working with incomplete information. The cost range is wide. A brand designer or a professionally built website might cost thousands of dollars. You might also hire someone to help with messaging or copywriting. The question isn’t whether any of these are worth it—it’s whether your business is at the stage where the investment pays off. Don’t let someone else’s timeline pressure you into spending money you’re not ready to spend. The solopreneur who spent $5,000 on a website in year one is in a very different position than the one who waited until year three. Don’t invest in brand before you’re ready The most expensive branding mistakes aren’t the investments themselves. They’re the ones you have to redo because you invested at the wrong time. You don’t want to be in a situation where your business is still fluid enough that you have to make a lot of changes later. On top of the additional cost, it is a lot of work to update your brand assets and visual identity. Nearly 18 months after I completed work with my brand designer, I felt like my tagline was no longer a good fit. I had shifted my focus a bit, so we iterated and came up with a new one. It was a giant chore to update all the places where my tagline existed. It needed to be done, but I had to feel that the change was absolutely necessary in order to offset the effort. Your brand will always be a reflection of where your business is today. It’s supposed to change. But your investments should happen when you have a firm grasp of who you are and how you want to communicate your brand to clients. View the full article

If you’re considering becoming a sole trader, it’s important to understand the fundamental steps for business registration. You’ll need to choose a unique business name, file an Assumed Name Certificate if necessary, and determine your business location. Compliance with local regulations is critical, as is obtaining the required licenses and permits. Furthermore, setting up your tax registration and keeping accurate financial records can greatly impact your success. Knowing these steps will prepare you for the responsibilities ahead. Key Takeaways Choose a unique business name and verify its availability through the Secretary of State’s database to avoid conflicts. File an Assumed Name Certificate (DBA) with the county clerk if operating under a different name, ensuring public identification. Determine your business location, checking zoning ordinances and local market demographics for compliance and strategic placement. Obtain necessary licenses and permits specific to your industry and location, facilitating legal operation and avoiding fines. Register for tax purposes by obtaining an Employer Identification Number (EIN) and understanding federal, state, and local tax obligations. Choose a Unique Business Name Choosing a unique business name is a vital step in establishing your sole trader business, as it sets you apart from competitors and helps define your brand identity. Start by conducting a name search through the Secretary of State’s database to verify your desired name isn’t already in use or trademarked. This step is important for your sole trader business registration and can save you from potential legal issues. Make certain your chosen name complies with state regulations, avoiding terms that may suggest an affiliation with government entities or regulated professions without appropriate licensing. A distinctive name not only differentiates your business but further improves your marketing efforts and boosts online visibility, making it easier for customers to find and remember you. If you’re operating a home-based business, consider how your business name aligns with your home-based business license requirements and overall brand strategy. File an Assumed Name Certificate (DBA) Once you’ve settled on a unique business name, the next step is to file an Assumed Name Certificate, commonly known as a DBA (Doing Business As). If you choose to operate under a name other than your legal name, this filing helps identify your business to the public. You’ll need to file the DBA with the county clerk in the location of your business premises, or in each county where you conduct business if there’s no physical site. Keep in mind that filing a DBA doesn’t grant you exclusive rights to that name; others can still use it except you trademark it. The registration process typically involves a fee, usually under $100, and may require a public notice in a local newspaper after registration. Finally, remember to renew or update your DBA registration as local regulations mandate to verify your business operates legally under that name. Determine Your Business Location How do you decide on the best location for your sole trader business? The right location can greatly influence your success, so reflect on several factors. First, check zoning ordinances to guarantee compliance with local regulations. Next, think about accessibility—being in a central area can improve visibility and operational efficiency. Additionally, evaluate the local workforce availability, as this affects hiring and day-to-day operations. Here are three key points to reflect on when choosing your location: Customer Reach: High-traffic areas can boost sales opportunities by attracting more potential customers. Local Market Demographics: Researching the demographics helps tailor your services or products to meet community needs. Supply Chain Access: Proximity to suppliers can reduce costs and streamline your operations. Taking these factors into account will help you select a location that aligns with your business goals and improves your chances of success. Obtain Necessary Licenses and Permits After you’ve selected a suitable location for your sole trader business, the next step involves obtaining the necessary licenses and permits. Start by researching the specific requirements for your industry and location, as these can vary considerably. Many local governments require a general business license, with fees typically ranging from $50 to several hundred dollars. Depending on your business type, you may also need specialized permits, such as health permits for food services or professional licenses for trades like plumbing or electrical work. Make sure you’re compliant with state regulations, as failure to do so can lead to fines or even closure. In addition, check zoning laws to confirm that your business can legally operate in your chosen area. Thorough research and adherence to these requirements are essential for a smooth start to your sole trader venture. Register for Tax Purposes Before you can effectively manage your sole trader business, it’s vital to register for tax purposes. This step guarantees you’re compliant with federal, state, and local tax obligations linked to your business activities. Start by obtaining an Employer Identification Number (EIN) from the IRS, which is significant for tax reporting. You’ll additionally need to take into account: Filing specific forms like Schedule C to report income and expenses on your personal tax returns. Keeping accurate financial records to facilitate tax compliance and filing. Grasping sales tax responsibilities, especially if you’re selling tangible goods or taxable services in Texas, which requires obtaining a Sales & Use Tax permit. Set Up a Business Bank Account Setting up a business bank account is essential for keeping your personal and business finances separate, which simplifies tracking expenses and income for tax purposes. When choosing the right bank, consider the account features that best support your business needs, such as merchant services and expense tracking tools. Furthermore, be mindful of any monthly fees or minimum balance requirements that different banks may impose, as these factors can impact your overall financial management. Importance of Separate Finances Establishing a separate business bank account is crucial for any sole trader, as it allows you to clearly distinguish between personal and business finances, which is critical for accurate record-keeping and tax reporting. Here are some key benefits of having a dedicated business account: It improves your professional image, building trust with clients and suppliers. It simplifies tracking your income and expenses, making financial statement preparation easier. Many banks offer specialized services, such as lower transaction fees and business loans. Furthermore, a separate account is often required for tax identification purposes, and it helps guarantee you file your taxes on time. Prioritizing separate finances not only keeps you organized but supports your business’s growth. Choosing the Right Bank With your separate business finances in place, the next step is choosing the right bank to set up a dedicated business bank account. Opening this account is essential for separating personal and business finances, simplifying tax compliance and financial management. When selecting a Bank of America, consider factors like monthly fees, transaction limits, and interest rates that align with your business needs. Many banks offer specialized accounts for small businesses, which may include benefits such as waived fees for a period, access to loans, and customized online banking services. Be sure to compare multiple banks, focusing on customer service, branch locations, and digital banking platforms. Finally, confirm the bank allows easy integration with accounting software for efficient financial tracking. Account Features to Consider When you’re looking to set up a business bank account, it’s crucial to evaluate the various account features that can support your operations as a sole trader. A dedicated business account helps separate personal and business finances, ensuring accurate record-keeping and tax compliance. Consider these features when choosing an account: Invoicing tools to simplify billing and payment collection. Expense tracking to manage your finances effectively. Low fees and favorable transaction limits to minimize operating costs. You’ll typically need to present your EIN, business registration documents, and any necessary licenses during the setup. Moreover, look for accounts that offer online banking capabilities and access to credit lines for added convenience and flexibility in managing your business finances. Create a Business Plan A solid business plan acts as a blueprint for your sole trader venture, guiding you through the intricacies of entrepreneurship. It serves as a dynamic road map, outlining your business’s purpose, value proposition, structure, financing, and competitive advantages. By leveraging resources like the U.S. Small Business Administration (SBA), you can access templates and guidance to create an effective plan, which is essential for informed decision-making and securing financing. A well-structured business plan helps you identify your target market, assess competition, and formulate strategies for growth. Including financial projections and budgets allows you to anticipate cash flow needs and evaluate your business model’s viability. Regularly updating your business plan guarantees it remains relevant, reflecting changes in the market or business environment. This adaptability is key to thriving as a sole trader, as it keeps your goals aligned with evolving opportunities and challenges. Understand Your Tax Responsibilities As a sole trader, you need to understand your tax responsibilities to stay compliant and avoid penalties. You’ll file federal taxes through the IRS using Schedule C with your Form 1040, and in Texas, you’ll likewise handle state taxes via the Texas Comptroller, which may include collecting sales tax if you sell taxable goods or services. Furthermore, don’t forget about self-employment taxes, which cover your contributions to Social Security and Medicare, so keeping accurate records of your income and expenses is crucial. Federal Tax Obligations How can you guarantee compliance with your federal tax obligations as a sole trader? First, obtain an Employer Identification Number (EIN) from the IRS, as it’s crucial for tax filings. You’ll need to file an annual income tax return using Schedule C to report your business income and expenses. Furthermore, be aware of self-employment taxes covering Social Security and Medicare, calculated on your net earnings. To stay compliant, consider these key steps: Keep accurate records of your income and expenses. Make estimated tax payments quarterly if you expect to owe $1,000 or more. Understand your deductions to maximize your tax benefits. State and Local Taxes Comprehending your state and local tax responsibilities is vital for maintaining compliance as a sole trader. You need to identify your federal, state, and local tax obligations, including income tax, self-employment tax, and sales tax if you sell taxable goods or services. In the U.S., you’ll typically report your business income and expenses on Schedule C of your personal tax return (Form 1040). Furthermore, some states impose extra taxes, like state income tax or franchise tax, which you must consider. If you’re selling tangible goods in Texas, obtaining a Texas Sales & Use Tax permit is imperative; penalties for not having one can reach $500 per day. Keeping accurate records of your income and expenses will help you stay compliant and simplify tax filing. Maintain Accurate Financial Records Maintaining accurate financial records is crucial for sole traders, not just to meet tax obligations but furthermore to understand the financial health of your business. Proper record-keeping lets you track income and expenses effectively and simplifies reporting to the IRS. Key records to maintain include: Sales invoices Receipts for business-related purchases Bank statements Store these documents for at least three years to support your tax filings. Utilizing accounting software can streamline tracking financial transactions and generating reports, making it easier to assess your business performance. Regularly reconciling your bank statements with your financial records helps identify discrepancies and guarantees accuracy in reporting. You might as well consider consulting with a tax professional, who can provide guidance on best practices for record-keeping and help mitigate the risk of errors in your tax filings. Keeping everything organized will save you time and stress in the long run. Stay Compliant With Local Regulations Staying compliant with local regulations is vital for the success and legality of your sole trader business. If you’re operating under a name different from your own, make certain to register that business name with the county clerk to meet local naming regulations. If you sell tangible goods or taxable services, you’ll need a Texas Sales & Use Tax permit; operating without it can lead to fines up to $500 per day. Furthermore, maintaining proper business licenses and permits is critical, as requirements can vary by locality, helping you avoid penalties or potential shutdowns. Don’t forget to file for an Employer Identification Number (EIN) with the IRS, which is necessary for tax reporting. Finally, regularly review local zoning ordinances to verify your business location complies with regulations regarding the type of business you conduct, preventing legal issues down the line. Frequently Asked Questions What Are the Key Steps in Registering and Legally Starting a Business? To legally start your business, first, choose a unique name and register it with the county clerk if it’s different from your legal name. Next, obtain an Employer Identification Number (EIN) from the IRS for tax purposes. Familiarize yourself with your tax obligations, including any necessary permits. Keep accurate records of income and expenses, and consider consulting a tax professional for customized advice on filing requirements and deadlines to guarantee compliance. What Is the 7 Step Process for Starting a Business? To start a business, you’ll follow a seven-step process. First, create a business plan outlining your goals. Next, choose a strategic location for your operations. Then, explore financing options like personal savings or loans. Afterward, register your business structure, whether it’s a sole proprietorship or LLC. Don’t forget to understand your tax obligations, including permits if needed. Finally, launch your business and begin marketing to attract customers effectively. Conclusion By following these ten fundamental steps, you’ll establish a solid foundation for your sole trader business. From choosing a unique name to maintaining accurate financial records, each step is vital for compliance and success. Comprehending your tax responsibilities and local regulations will help avoid potential issues down the line. In the end, taking the time to plan and organize your business setup will position you for growth and sustainability in your chosen market. Image via Google Gemini This article, "10 Essential Steps for Sole Trader Business Registration" was first published on Small Business Trends View the full article

If you’re considering becoming a sole trader, it’s important to understand the fundamental steps for business registration. You’ll need to choose a unique business name, file an Assumed Name Certificate if necessary, and determine your business location. Compliance with local regulations is critical, as is obtaining the required licenses and permits. Furthermore, setting up your tax registration and keeping accurate financial records can greatly impact your success. Knowing these steps will prepare you for the responsibilities ahead. Key Takeaways Choose a unique business name and verify its availability through the Secretary of State’s database to avoid conflicts. File an Assumed Name Certificate (DBA) with the county clerk if operating under a different name, ensuring public identification. Determine your business location, checking zoning ordinances and local market demographics for compliance and strategic placement. Obtain necessary licenses and permits specific to your industry and location, facilitating legal operation and avoiding fines. Register for tax purposes by obtaining an Employer Identification Number (EIN) and understanding federal, state, and local tax obligations. Choose a Unique Business Name Choosing a unique business name is a vital step in establishing your sole trader business, as it sets you apart from competitors and helps define your brand identity. Start by conducting a name search through the Secretary of State’s database to verify your desired name isn’t already in use or trademarked. This step is important for your sole trader business registration and can save you from potential legal issues. Make certain your chosen name complies with state regulations, avoiding terms that may suggest an affiliation with government entities or regulated professions without appropriate licensing. A distinctive name not only differentiates your business but further improves your marketing efforts and boosts online visibility, making it easier for customers to find and remember you. If you’re operating a home-based business, consider how your business name aligns with your home-based business license requirements and overall brand strategy. File an Assumed Name Certificate (DBA) Once you’ve settled on a unique business name, the next step is to file an Assumed Name Certificate, commonly known as a DBA (Doing Business As). If you choose to operate under a name other than your legal name, this filing helps identify your business to the public. You’ll need to file the DBA with the county clerk in the location of your business premises, or in each county where you conduct business if there’s no physical site. Keep in mind that filing a DBA doesn’t grant you exclusive rights to that name; others can still use it except you trademark it. The registration process typically involves a fee, usually under $100, and may require a public notice in a local newspaper after registration. Finally, remember to renew or update your DBA registration as local regulations mandate to verify your business operates legally under that name. Determine Your Business Location How do you decide on the best location for your sole trader business? The right location can greatly influence your success, so reflect on several factors. First, check zoning ordinances to guarantee compliance with local regulations. Next, think about accessibility—being in a central area can improve visibility and operational efficiency. Additionally, evaluate the local workforce availability, as this affects hiring and day-to-day operations. Here are three key points to reflect on when choosing your location: Customer Reach: High-traffic areas can boost sales opportunities by attracting more potential customers. Local Market Demographics: Researching the demographics helps tailor your services or products to meet community needs. Supply Chain Access: Proximity to suppliers can reduce costs and streamline your operations. Taking these factors into account will help you select a location that aligns with your business goals and improves your chances of success. Obtain Necessary Licenses and Permits After you’ve selected a suitable location for your sole trader business, the next step involves obtaining the necessary licenses and permits. Start by researching the specific requirements for your industry and location, as these can vary considerably. Many local governments require a general business license, with fees typically ranging from $50 to several hundred dollars. Depending on your business type, you may also need specialized permits, such as health permits for food services or professional licenses for trades like plumbing or electrical work. Make sure you’re compliant with state regulations, as failure to do so can lead to fines or even closure. In addition, check zoning laws to confirm that your business can legally operate in your chosen area. Thorough research and adherence to these requirements are essential for a smooth start to your sole trader venture. Register for Tax Purposes Before you can effectively manage your sole trader business, it’s vital to register for tax purposes. This step guarantees you’re compliant with federal, state, and local tax obligations linked to your business activities. Start by obtaining an Employer Identification Number (EIN) from the IRS, which is significant for tax reporting. You’ll additionally need to take into account: Filing specific forms like Schedule C to report income and expenses on your personal tax returns. Keeping accurate financial records to facilitate tax compliance and filing. Grasping sales tax responsibilities, especially if you’re selling tangible goods or taxable services in Texas, which requires obtaining a Sales & Use Tax permit. Set Up a Business Bank Account Setting up a business bank account is essential for keeping your personal and business finances separate, which simplifies tracking expenses and income for tax purposes. When choosing the right bank, consider the account features that best support your business needs, such as merchant services and expense tracking tools. Furthermore, be mindful of any monthly fees or minimum balance requirements that different banks may impose, as these factors can impact your overall financial management. Importance of Separate Finances Establishing a separate business bank account is crucial for any sole trader, as it allows you to clearly distinguish between personal and business finances, which is critical for accurate record-keeping and tax reporting. Here are some key benefits of having a dedicated business account: It improves your professional image, building trust with clients and suppliers. It simplifies tracking your income and expenses, making financial statement preparation easier. Many banks offer specialized services, such as lower transaction fees and business loans. Furthermore, a separate account is often required for tax identification purposes, and it helps guarantee you file your taxes on time. Prioritizing separate finances not only keeps you organized but supports your business’s growth. Choosing the Right Bank With your separate business finances in place, the next step is choosing the right bank to set up a dedicated business bank account. Opening this account is essential for separating personal and business finances, simplifying tax compliance and financial management. When selecting a Bank of America, consider factors like monthly fees, transaction limits, and interest rates that align with your business needs. Many banks offer specialized accounts for small businesses, which may include benefits such as waived fees for a period, access to loans, and customized online banking services. Be sure to compare multiple banks, focusing on customer service, branch locations, and digital banking platforms. Finally, confirm the bank allows easy integration with accounting software for efficient financial tracking. Account Features to Consider When you’re looking to set up a business bank account, it’s crucial to evaluate the various account features that can support your operations as a sole trader. A dedicated business account helps separate personal and business finances, ensuring accurate record-keeping and tax compliance. Consider these features when choosing an account: Invoicing tools to simplify billing and payment collection. Expense tracking to manage your finances effectively. Low fees and favorable transaction limits to minimize operating costs. You’ll typically need to present your EIN, business registration documents, and any necessary licenses during the setup. Moreover, look for accounts that offer online banking capabilities and access to credit lines for added convenience and flexibility in managing your business finances. Create a Business Plan A solid business plan acts as a blueprint for your sole trader venture, guiding you through the intricacies of entrepreneurship. It serves as a dynamic road map, outlining your business’s purpose, value proposition, structure, financing, and competitive advantages. By leveraging resources like the U.S. Small Business Administration (SBA), you can access templates and guidance to create an effective plan, which is essential for informed decision-making and securing financing. A well-structured business plan helps you identify your target market, assess competition, and formulate strategies for growth. Including financial projections and budgets allows you to anticipate cash flow needs and evaluate your business model’s viability. Regularly updating your business plan guarantees it remains relevant, reflecting changes in the market or business environment. This adaptability is key to thriving as a sole trader, as it keeps your goals aligned with evolving opportunities and challenges. Understand Your Tax Responsibilities As a sole trader, you need to understand your tax responsibilities to stay compliant and avoid penalties. You’ll file federal taxes through the IRS using Schedule C with your Form 1040, and in Texas, you’ll likewise handle state taxes via the Texas Comptroller, which may include collecting sales tax if you sell taxable goods or services. Furthermore, don’t forget about self-employment taxes, which cover your contributions to Social Security and Medicare, so keeping accurate records of your income and expenses is crucial. Federal Tax Obligations How can you guarantee compliance with your federal tax obligations as a sole trader? First, obtain an Employer Identification Number (EIN) from the IRS, as it’s crucial for tax filings. You’ll need to file an annual income tax return using Schedule C to report your business income and expenses. Furthermore, be aware of self-employment taxes covering Social Security and Medicare, calculated on your net earnings. To stay compliant, consider these key steps: Keep accurate records of your income and expenses. Make estimated tax payments quarterly if you expect to owe $1,000 or more. Understand your deductions to maximize your tax benefits. State and Local Taxes Comprehending your state and local tax responsibilities is vital for maintaining compliance as a sole trader. You need to identify your federal, state, and local tax obligations, including income tax, self-employment tax, and sales tax if you sell taxable goods or services. In the U.S., you’ll typically report your business income and expenses on Schedule C of your personal tax return (Form 1040). Furthermore, some states impose extra taxes, like state income tax or franchise tax, which you must consider. If you’re selling tangible goods in Texas, obtaining a Texas Sales & Use Tax permit is imperative; penalties for not having one can reach $500 per day. Keeping accurate records of your income and expenses will help you stay compliant and simplify tax filing. Maintain Accurate Financial Records Maintaining accurate financial records is crucial for sole traders, not just to meet tax obligations but furthermore to understand the financial health of your business. Proper record-keeping lets you track income and expenses effectively and simplifies reporting to the IRS. Key records to maintain include: Sales invoices Receipts for business-related purchases Bank statements Store these documents for at least three years to support your tax filings. Utilizing accounting software can streamline tracking financial transactions and generating reports, making it easier to assess your business performance. Regularly reconciling your bank statements with your financial records helps identify discrepancies and guarantees accuracy in reporting. You might as well consider consulting with a tax professional, who can provide guidance on best practices for record-keeping and help mitigate the risk of errors in your tax filings. Keeping everything organized will save you time and stress in the long run. Stay Compliant With Local Regulations Staying compliant with local regulations is vital for the success and legality of your sole trader business. If you’re operating under a name different from your own, make certain to register that business name with the county clerk to meet local naming regulations. If you sell tangible goods or taxable services, you’ll need a Texas Sales & Use Tax permit; operating without it can lead to fines up to $500 per day. Furthermore, maintaining proper business licenses and permits is critical, as requirements can vary by locality, helping you avoid penalties or potential shutdowns. Don’t forget to file for an Employer Identification Number (EIN) with the IRS, which is necessary for tax reporting. Finally, regularly review local zoning ordinances to verify your business location complies with regulations regarding the type of business you conduct, preventing legal issues down the line. Frequently Asked Questions What Are the Key Steps in Registering and Legally Starting a Business? To legally start your business, first, choose a unique name and register it with the county clerk if it’s different from your legal name. Next, obtain an Employer Identification Number (EIN) from the IRS for tax purposes. Familiarize yourself with your tax obligations, including any necessary permits. Keep accurate records of income and expenses, and consider consulting a tax professional for customized advice on filing requirements and deadlines to guarantee compliance. What Is the 7 Step Process for Starting a Business? To start a business, you’ll follow a seven-step process. First, create a business plan outlining your goals. Next, choose a strategic location for your operations. Then, explore financing options like personal savings or loans. Afterward, register your business structure, whether it’s a sole proprietorship or LLC. Don’t forget to understand your tax obligations, including permits if needed. Finally, launch your business and begin marketing to attract customers effectively. Conclusion By following these ten fundamental steps, you’ll establish a solid foundation for your sole trader business. From choosing a unique name to maintaining accurate financial records, each step is vital for compliance and success. Comprehending your tax responsibilities and local regulations will help avoid potential issues down the line. In the end, taking the time to plan and organize your business setup will position you for growth and sustainability in your chosen market. Image via Google Gemini This article, "10 Essential Steps for Sole Trader Business Registration" was first published on Small Business Trends View the full article

Cicero would have applauded the royal message for the US president — even if JD Vance held backView the full article

Kevin Warsh will be trying to shift central bank’s approach at time of deep division, say fund managersView the full article

Also in today’s newsletter, political violence in the US isn’t just rising — it’s broadeningView the full article

We may earn a commission from links on this page. Deal pricing and availability subject to change after time of publication. A whole-home wifi setup usually becomes a priority when your current router starts dropping signal in the rooms you actually use. That's where the Netgear Orbi Wi-Fi 6 System AX6000 (RBK852) makes a case for itself, especially at its current price of $199.99, down from $490 at Woot. This deal is available for two days or until it sells out, and shipping is free for Prime members, while non-members will need to pay a $6 fee. That said, Woot only ships within the contiguous U.S.—orders to Alaska, Hawaii, APO addresses, and P.O. boxes are not supported. Netgear Orbi Wi-Fi 6 System AX6000 (RBK852) A tri-band Wi-Fi system for up to 5,000 sq. ft. $199.99 at Woot $490.00 Save $290.01 Get Deal Get Deal $199.99 at Woot $490.00 Save $290.01 This is a two-piece mesh system, made up of a main router and a satellite, designed to spread a stable connection across larger homes. Netgear says it can cover up to 5,000 square feet (and supports up to 100 devices), and in practice, that translates to fewer dead zones in back bedrooms, upper floors, or balconies. The system uses Wi-Fi 6, which is designed to handle more devices at once, so in a home where multiple people are streaming shows, taking video calls, or gaming at the same time, it tends to hold up better without slowing everything down. Each unit is fairly large at about 10 inches tall, but that size allows room for multiple antennas and a processor that keeps traffic moving smoothly. There is also a dedicated backhaul channel between the two units, so they can communicate with each other without interfering with your everyday usage, which helps maintain stable speeds across the house. If you still rely on wired connections for a work setup or a gaming console, both units include four Ethernet ports, along with a faster multi-gig internet port on the main router. Setup and management happen through the companion app, and it is straightforward enough if you follow the prompts, notes this PCMag review. All that said, there is no built-in parental control suite, no device-level prioritization, and no USB port for sharing storage or printers. And while Netgear offers its Armor security tools, it’s only available as a 30-day trial before it becomes a paid add-on. At its original price, that felt limiting, but at $199.99, it is easier to justify if your priority is strong, consistent wifi across a large space. Our Best Editor-Vetted Tech Deals Right Now Apple AirPods 4 Active Noise Cancelling Wireless Earbuds — $148.99 (List Price $179.00) Apple Watch Series 11 [GPS 46mm] Smartwatch with Jet Black Aluminum Case with Black Sport Band - M/L. Sleep Score, Fitness Tracker, Health Monitoring, Always-On Display, Water Resistant — $329.00 (List Price $429.00) Fitbit Versa 4 Fitness Smartwatch (Black) — $149.95 (List Price $199.95) Apple iPad 11" A16 128GB Wi-Fi Tablet (Silver, 2025) — $299.99 (List Price $349.00) Anker Nano 45W 10,000mAh Compact Power Bank With Retractable Cable — $49.99 (List Price $59.99) Deals are selected by our commerce team View the full article

The next time you open Netflix’s app, it may look a lot more like YouTube, Instagram, or TikTok. That’s no accident: On April 29, the streaming service begins rolling out its biggest mobile redesign in years, with a major focus on vertical video. Netflix is launching the new mobile UI in the U.S., U.K., Canada, and a handful of other countries now, with plans to expand globally in the coming months. Once the app updates, subscribers will gain access to a new “Clips” tab featuring trailers, highlights, and behind-the-scenes footage from Netflix shows, movies, and podcasts, all optimized for quick, on-the-go viewing. Clips appear in an endless scroll feed, much like the experience on popular social apps. The redesign is a clear acknowledgment that the way people consume video, both on phones and TVs, is shifting. Netflix is also facing a growing field of competitors vying for viewers’ time, including YouTube, which now accounts for nearly 13% of all TV viewing time. Netflix’s answer is to bring the fight directly to YouTube’s and Instagram’s home turf: mobile phones. With vertical videos, Netflix puts podcasts front and center Media companies have long struggled to adapt to the rise of mobile-native video platforms like Instagram, TikTok, and YouTube. Case in point: Jeffrey Katzenberg’s Quibi raised $1.75 billion to create a Netflix for short-form vertical video, only to shut down six months post-launch after failing to attract viewers. Netflix aims to avoid those mistakes, and it’s not treating vertical video as an end in itself. While Quibi attempted to pioneer entirely new formats, and apps like Instagram are built to keep users scrolling indefinitely, Netflix’s Clips feed is focused on content discovery. Users can find a clip from a show they may enjoy, add it to their watch list, or rotate their phone and begin watching immediately. At its core, Netflix remains focused on long-form storytelling, which has not always translated easily to smaller screens. “Professional TV and film historically makes up a pretty small percentage of mobile viewing,” Netflix co-CEO Ted Sarandos acknowledged during a recent earnings call. That reality helps explain why Netflix has embraced one of YouTube’s most successful categories: podcasts. In recent months, Netflix has partnered with companies like Spotify, Barstool Sports, and iHeartMedia to expand its podcast offerings, adding video episodes of The Breakfast Club, The Bill Simmons Show, and the like. Highlights from popular podcasts feature prominently in Clips feeds for interested users. Netflix plans to personalize the feeds based on a subscriber’s viewing history and their Clips browsing behavior. In the coming months, the company plans to add the ability to browse Clips by categories, and, for instance, scroll through an endless feed of swoon-worthy romance moments. The new app makes room for further expansions Podcasts are just one of the ways Netflix has been expanding beyond movies and TV shows. Over the past few years, the streaming service has also embraced live programming and sports as avenues to keep its subscribers hooked. Last year, Netflix relaunched its TV experience to better incorporate this content. Today’s mobile app relaunch is supposed to solve the same problem for small screens, according to Netflix co-CEO Greg Peters. “[It] will better serve the expansion of our business over the decade to come,” Peters told investors earlier this year. Part of that is a new top-row navigation that specifically highlights podcasts and other new content categories while also leaving room for further personalization and changes in the future. “Just like our TV UI, it then becomes a starting point,” Peters said. “It becomes a platform for us to continue to iterate, test, evolve, and improve our offering.” In other words: No matter what TikTok, Instagram, and YouTube cook up next, Netflix wants to be ready for it. View the full article

Jerome Powell said Wednesday he plans to remain on the board of the Federal Reserve after his term as chair ends next month “for a period of time, to be determined,” saying the “unprecedented” legal attacks by the The President administration have put the independence of the nation’s central bank at risk. “I worry these attacks are battering this institution and putting at risk the things that really matter to the public,” Powell said in remarks at a press conference after the Fed announced its decision to keep its benchmark interest rate unchanged. Powell’s decision to stay — the first time a Fed chair will remain on the board as a governor since 1948 — denies President Donald The President a chance to fill a seat on the central bank’s seven-member governing board with his own appointee. The Senate Banking Committee earlier approved Powell’s successor as chair, The President appointee Kevin Warsh, on a party-line vote. Powell will continue as a Fed governor, possibly until January 2028. Warsh, if confirmed, will take a seat currently held by Stephen Miran, a previous The President appointee, whose term ended in January. Powell’s move could make it a bit harder for Warsh to engineer the rate cuts that The President has demanded, and Warsh advocated for last year, economists say. “It probably means it will take Warsh a little bit longer to build the consensus he is trying to build,” said David Seif, chief economist for developed markets at Nomura, an investment bank. U.S. Attorney for the District of Columbia Jeanine Pirro said on X Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinize them instead. But she added that her office could reopen the investigation if “the facts warrant doing so.” And Pirro had said previously that she would appeal a court ruling that threw out subpoenas her office had issued. Powell said Wednesday he had been assured by the Justice Department that the appeal wouldn’t result in a reopening of the probe unless a separate investigation by the Fed’s inspector general finds evidence of criminal activity. Apparently, that didn’t bring Powell the closure he felt is needed. “I’m waiting for the investigation to be well and truly over with finality and transparency,” he said. “I’m waiting for that and I will leave when I think it appropriate to do so.” The Fed Wednesday left its benchmark interest rate unchanged for the third straight meeting but signaled it could still cut rates in the coming months, moves that attracted the most dissents since October 1992. Three officials dissented in favor of removing the reference to a future cut, while a fourth, Miran, dissented in favor of an immediate rate cut. The dissents underscore the level of division on the Fed’s 12-member rate-setting committee ahead of the end of Powell’s term as chair on May 15. “Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook,” the Fed said in a statement after its two-day meeting. “Inflation is elevated, in part reflecting the recent increase in global energy prices.” The President responded to Powell’s decision late Wednesday on his social media website: “Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else — Nobody wants him,” The President posted, using his nickname for the Fed chair. Warsh has promised “regime change” at the central bank and may make sweeping changes to its economic models, communications strategies, and balance sheet. He has argued in favor of rate cuts, as The President has demanded, but he will likely find it harder to implement them with inflation topping 3%, above the Fed’s target of 2%. When asked if he believed Warsh would stand up to political pressure from The President, Powell answered, “He testified very strongly at his hearing, and I take him at his word.” The three officials who dissented against hinting that the Fed may reduce borrowing costs were Beth Hammack, president of the Federal Reserve Bank of Cleveland; Neel Kashkari, president of the Minneapolis Fed; and Lorie Logan, president of the Dallas Fed. The regional Fed bank presidents have historically been more likely to dissent, while the Washington-based governors more often support the chair. The dissents could renew tension between the The President administration and the bank presidents, who White House officials have previously criticized. Beth Ann Bovino, chief economist at US Bank, said the dissents demonstrated that Fed policymakers are “very independent” and will likely be on hold for months longer. She has forecast a rate cut in December but now isn’t sure. Wall Street investors on average don’t expect a reduction until well into next year, according to futures pricing. Powell’s decision to stay on could worsen tensions with the The President administration and would create what some analysts refer to as a “two Popes” scenario, with a chair and former chair both on the Fed’s board. In that case, divisions among policymakers could increase, if some decided to follow Powell’s lead rather than Warsh’s. Powell dismissed the notion that his staying on could cause dissension, saying, “My intention is not to interfere,” later adding that, “I’m not looking to be a high profile dissident or anything like that.” Still, Powell said he remained concerned about the Fed’s independence from the White House, which he said is essential to its ability to set rates to benefit the public, rather than in response to political pressure. When the Fed raises or cuts its short-term rate, over time it affects the cost of mortgages, auto loans, and business borrowing. Fed independence remains “at risk,” he said. “We’re having to resort to the courts to enforce our … ability to make monetary policy without political considerations. We’ve had to do that and we’ve been successful so far, but that’s not over, none of that has concluded yet.” The unusual situation comes while the economic picture remains unusually murky, putting the Fed in a difficult spot. Inflation has jumped to 3.3%, a two-year high, as the war has sharply raised gas prices. That makes it harder for the central bank to reduce rates. The Fed typically leaves rates unchanged, or even raises them, if inflation is worsening. At the same time, hiring has ground almost to a halt, leaving those without jobs frustrated by the difficulty of finding new ones. Typically, the Fed cuts rates when the job market is weak, to spur more spending and job gains. But layoffs also remain low, as employers appear to be following a ” low-hire, low-fire ” strategy. Many Fed officials have suggested that as long as the unemployment rate is low, the central bank doesn’t need to cut rates to spur more spending and hiring. Unemployment declined to 4.3% in March, from 4.4%. AP Writer Alex Veiga contributed to this report. —Christopher Rugaber, AP Economics Writer View the full article

Policymakers warn risks to economy from energy shock driven by Middle East conflict have ‘intensified’View the full article