Motivating Your Workforce

November 11, 2015 by

62227730When you are a small business owner, you concentrate in making sure the success of the company is possible by working hard and having employees that can help you achieve your goals.  Your goal is to optimize employees work to reach the success you envisioned.  Dedicated employees that can help you achieve your goals are an important part of having a business, and many employers fail to engage or value key employees that are an integral part to the success of their business.

For more small business news, follow the links below.

How Business Owners Can Stay Motivated Every Day

One of the biggest challenge that business owners face is motivation. Yes, they are motivated enough to start their business but there is no one really on top of them telling them what to do, how to do it, why to do it. They need to figure it out on their own. Entrepreneurs need to motivate themselves each day to get out of bed and create the perfect business.

That takes emotional fuel and it sometimes runs out. Wouldn’t it be great to figure out a strategy to load up on the emotional fuel needed to stay motivated? Imagine you can drink some kool aid that was legal and you can feel motivated with no low after. Sugar can get you hyper but it will also get you down right after it runs out. Real motivation comes from within. Here are a few strategies that have worked for me.

Create Clarity – The most important thing that you can do to feel great about yourself and your business is to have a clear strategy, purpose and vision. You need to be clear on why you are doing what you are doing. Once you know exactly how you will be spending your time and why you will be doing each thing that you are doing you will have two decisions to make.

Working hard to feel better: The importance of corporate wellness

Your shoulders ache, your head pounds and crashing on the sofa after a long day in the office is the only thing for which you can muster any enthusiasm.

If this sounds familiar, you’re not alone. Work-related stress — compounded by poor eating habits and lack of exercise — affects most of us at some stage, leading to low energy levels and, in extreme cases, cardiovascular disease and certain cancers.

While many strive to lead a healthy life, working for more than 40 hours a week inevitably takes its toll, and with the results of a recent IPSOS survey showing that 42 per cent of UAE employees find the workplace stressful, is there more employers can do to improve employee wellness?

“Absolutely,” says Andrew Picken, managing partner at Bespoke Wellness in Dubai, which offers corporate wellness programmes throughout the country.

Going Millennial: The Perks of Hiring Generation Y

Millennials: The Benefits, the Challenges and Why You Should Hire Them.

America’s population statistics are changing, and so is the workforce. Millennials now officially outnumber Baby Boomers 83.1 million to 75.4 million, according to themost recent US Census.

This means the workplace will soon undergo a transformative change—if it hasn’t already.

As more Baby Boomers reach retirement age, more millennials join the workforce. With this  drastic change in maturity comes a dramatic change in style—and we’re not just talking fashion!

Millennials have different takes on life, different motivations and vastly different expectations of the world compared to the generations before them. Businesses that want to remain successful would be wise to keep up with the times and find new ways to appeal to these burgeoning masses.

 

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Entrepreneurial Stubbornness – the Good, the Bad, the Ugly

November 4, 2015 by

59948705Persistence, not listening to the nay-sayers, determination, following your dream: All things which contribute to starting and building a thriving business. All things which are fueled by good old-fashioned stubbornness.  I have yet to meet a successful small business owner who doesn’t have a very large streak of it.  Unfortunately, that’s not always a positive.

The Good

Stubbornness is a positive quality when it’s driving you to create, build and sustain a business.  The desire to “do things my way”  is a powerful motivator.  It’s what keeps you on track to work the long hours and make the hard decisions.  It has built multi-national Fortune 100 companies, as well as the local machine shop.

The Bad

As the saying goes, “There are 2 sides to every coin.”  There’s a bad side to entrepreneurial stubbornness.  It’s human nature to become attached to our own viewpoint – not only do we get stuck in ruts, we furnish them for additional comfort.  This makes it difficult to see other’s (accountants, consultants, employees, managers) points of view and listen to their ideas. 

Ideas which are good for you and your company.  When a company is growing there’s a juncture when the owner should shift from “a one-man show” style of management to a team approach.  Many don’t make that change, they stubbornly hang on to old ideas and ways of doing things, which often leads to the ugly.

The Ugly

There comes a time when an owners’ refusal to modify his inflexibility crosses the line from poor management skills to self destructive behavior-“the old way is good enough, no  one is going to tell me what to do”.  Resulting in — due to the owner’s unwillingness to recognize and adapt to changing ideas, technologies, employee’s needs and market requirements — a bankrupt company. 

Good entrepreneurial stubbornness often turns bad and ugly over time.  Owners fail to understand that we all need to evolve if we are to thrive in an ever changing world, and we have to be willing to listen to others to do so.  As Benjamin Franklin said, “We are all born ignorant, but one must work hard to remain stupid.”

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Strategic Planning For Small Business Owners

October 7, 2015 by

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Developing a business strategy is for many small business owners a fundamental step that they cannot afford to ignore.  Hiring a business consultant to brainstorm ideas and the steps to put this strategy in place is imperative for the success of the strategy.  Many small business owners ignore the importance of not only developing the strategy , but implementing it as well.  Consistent effort should give you the results that a good implemented strategy can bring to your business. For more about this and other news follow the links below.

STRATEGIC PLANNING: Planning for the future

When you bring up the term “strategic planning” to most company owners, you normally get some hesitant stares and mumbled words. Most owners think strategic planning is only for large companies and the time and resource commitment is too large for them to bear. If done properly, it does not have to be so at all. When most companies really think about how much time they think about and discuss all of the future needs of the business, it probably adds up to more time than an actual planning process would take.

Many companies think they have a strategic plan, but what they really have is a one-year operating plan or budget. A strategic plan looks at all phases of the business over a longer time horizon, normally five years or more. It helps companies set a long-term direction that drives short-term activities and behaviors, and helps allocate time and resources to future endeavors, challenges and opportunities that are out there. We all hear “be proactive, not reactive” all the time — a strategic planning process makes you do just that. You can plan for more than you think you can.

 

The 5 Steps of Strategic Planning for a Small Business

Strategic planning for small business is not a process that is completed overnight–or even within one week. According to the U.S. Small Business Administration (SBA), planning for growth should include a “high level review of the different elements of your business,” almost as if you were “describing” your company for the first time.  Take a close look at the marketplace, delineate the precise “needs you are trying to satisfy,” and describe to yourselves (to owners and top managers) exactly how your “products and/or services” are meeting the needs of your target “consumers, organizations and/or businesses.” Honestly evaluate your “competitive advantages,” and your “competitive weaknesses,” within your industry and locale. Then, take your time within each of the following business areas.:

Is budgetting drowning strategic planning in your organisation?

​“The budget is not just a collection of numbers, but an expression of our values and aspirations”…Jacob Lew

We can hardly see any organisation that does not have a well outlined budget in place. Organisations often rely on their budgets to guide them. It is not out of place to have a budget, but it is not enough to rely only on budget in driving the vision of the entire organisation.

Most organisations have missed it. How? They have allowed the budget to drive the organisation’s vision. Such organisations have worked day and night to develop a well outline budget but may not have realised the need to develop a strategic plan first. For the purpose of clarity, your organisation’s vision and the strategic plan are what drive your budget, and not vice versa.

Organisations that are reactive in their operations have low level of planning effectiveness. They allow the budget alone to drive the plan for the entire organisation. They also view planning as synonymous with financial objectives alone. Some other organisations are traditional in their planning effectiveness, and surprisingly are even better than the reactive organisations.

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It’s Time to Get Serious About Strategic Planning

October 6, 2015 by

business (11)It’s that time of year again. The time of year when companies are — or should be — developing their strategic plans for 2016. Compared to larger companies small business owners are in an enviable position. They have more control over the development and execution of their plans. They can have a greater impact on the profitability and success of their business, with significantly less hassles and politics.
But, the downside is they have fewer resources (people, experience and knowledge) to draw from while formulating their plans. Often, in a small business, owners don’t know where to start or what’s needed to put one together and they need to figure it out for themselves. Here are 3 things they can do to fill in these gaps.
Combine data with intuition
Successful planners strike a balance between relying on just their gut or just the numbers. Usually, an owner falls into 1 of 2 camps — the “I don’t even look at the numbers, I go with my gut” guy and the “I’m a by-the-numbers, they don’t lie” guy. Neither is productive for the long term health of the company, good strategic thinkers use both to counterbalance each other.
Develop a trusted group
The most effective planners solicit information from others (i.e., peers, experts, employees, managers, vendors, customers) who’re successful. Because no one can know everything they seek out knowledge they don’t have. They cobble together their own panel of specialists. However, this isn’t group decision making — it’s about owners gathering data and opinions, and then reaching their own conclusions.
Be willing to learn
Questioning and listening aren’t the same thing. We all know people who ask questions, then don’t pay attention to the answer. The best strategic thinkers are open to what others have to say. They don’t substitute someone else’s judgment for their own, but they’re willing to learn from others.

In addition, not only do they seek knowledge, they look for insight from others. Businesses fail everyday because the person(s) in charge made mistakes based on uniformed, misguided assumptions, ideas and biases. Effective planners learn from mistakes and don’t do them again; ineffective planners make the same ones over and over expecting different results.
Successful, well thought out strategic planning relies on good critical thinking skills, which leads to good decisions. As one of our greatest generals Dwight D. Eisenhower said, “In preparing for battle I have always found that plans are useless, but planning is indispensable”.

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Starting A Small Business and Succeeding

September 10, 2015 by

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Many small business owners enjoy the fact that they are in control of their business and their future.  At the beginning of their endeavors, willing to take the many responsibilities that a small business entails, it is not only smart but cost effective.  As the business grows, the ability to delegate and give responsibilities and control over various aspects of the business become more of a difficulty for many small business owners, and some of them do not welcome the change. Follow the links below to read more about this topic.

9 Steps That Will Help Your Chances of Starting a Successful Business

If you are unemployed, underemployed or unhappily employed, the idea of taking control and becoming your own boss might be sounding pretty sexy right about now. Plus, the past decade has shown us that jobs aren’t quite as dependable as perhaps we previously thought.

However, the success rates for new business are quite scary too, with the majority of all new businesses failing in just a few years’ time. While there is never going to be a “sure thing,” if you are thinking of leaving your job to hang out your own shingle, there are significant benefits to preparing before you take the leap.

Here are nine ways to make sure that you are prepared before you start your own business, so that you can give yourself the best chances to succeed. These are adapted from my bestselling book, The Entrepreneur Equation.

Maybe It’s Time to Let Go of Control in Your Business

How much control do you really have in your business? Do you know what to do with it? Does having it help you or hold you back in your business? What about when you want to change something? Does control help you then? 

Growing a business is one of the most life changing experiences on which you will embark. It’s challenging, exhilarating, exhausting, scary, fun and my goodness, some days it can be downright hard.

Why is it hard?

Because it involves change, trust and letting go of control.

Surrendering to change means letting go of being in control. Yet, as much as we want our lives to be different the truth is, we don’t like it much when our illusion of being in control is challenged. The feeling that we are in charge of our lives gives us leverage in our attempts to avoid the experience of loss. Yet, these efforts to circumvent loss are the very foundation of our excessive anxiety and worry. – Katherine Woodward Thomas (Calling In The One).

Instead of Flexing Authority, Leaders Should Influence Employees

When it comes to managing employees, most employers tend to take one of two key leadership approaches. There’s the “power/authority” approach, where it’s their way or the highway, or the “influence” approach, where the goal is to get employees on the same page and empower them to make decisions that will have a positive impact on the organization.

In today’s work world, employees want to feel like they are a part of the decision-making process. Millennials, especially, want managers who give them the freedom to do their jobs and trust they will deliver.

In fact, in a 2014 survey of 16,637 millennials worldwide titled Millennials: Understanding a Misunderstood Generation, nearly half of people in this age group from North America want a manager who “empowers their employees” above all else.

Clearly, for those who manage the fastest growing part of today’s workforce, it’s time to take the focus off of the power/authority approach and on to the influence approach. Here are three areas where the influence approach is especially useful in the office:

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Retirement and Small Business Advice

August 19, 2015 by

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For many employees, working for a small firm that offers no health insurance or retirement plans is something to think  about very carefully. Top talent invariable seek companies that will offer them those extra benefits that make taking the job appealing, and worthwhile. In some states in the United States though, legislation is underway for  launching pension programs with no employer contributions for employees. These Individual Retirement Accounts (IRA) can help small business employees plan for their retirement, with no extra burden for the small business owner.

For more about this and other topics follow the l inks below.

4 Bad Business Habits Of Small Business Owners… And What Can Help Them

The 6th annual Small Business Survey conducted by Wakefield Research for Brother International revealed that  the majority of small business owners are ready to invest in their businesses – as well as let go of bad habits. Having surveyed 500 small business owners with 100 employees or less, the report identified that 54 percent of small business owners surveyed would prefer to invest in their businesses rather than stockpiling their profits – an 18‐percent swing in preference since 2010.

Additional insight from the survey  shed light on how small business owners feel about the economic climate. Based on this 2015 survey, 42 percent of respondents reported a high level of stress because of the economy – a figure that is flat with last year and down 16 percent from a 58‐percent high‐water mark recorded by the survey in 2013. Meanwhile, forty‐one percent of respondents stated they would be interested in investing their money on tech purchases or upgrades only if they increase their revenues by five percent or more this year.

States Developing IRA Plans for Small Business Employees

Roughly half of the U.S. states are working to create government-sponsored automatic individual retirement account (IRA) plans that would enroll workers without access to employer-sponsored retirement plans.

California, Illinois, Oregon and Washington state have taken the lead, passing legislation to launch Secure Choice Pension programs. California and Illinois both aim to begin enrolling workers in 2017.

Employees would contribute through payroll deductions to Secure Choice Pension accounts. The plan’s investments would be professionally managed, but no employer contributions would be required.

There is a regulatory sticking point, though: Will the plans be governed by the Employee Retirement Income Security Act (ERISA), the federal law that sets standards for private-sector pension plans?

Although IRAs are not covered by ERISA, the payroll deduction feature of Secure Choice Pension plans raises the question. Concerns about regulatory burdens for employers – and their possible fiduciary responsibilities under the plans – led states to include clauses in their enabling legislation stating that these pension plans would not proceed if they were deemed to be ERISA plans.

5 Types of Pillar Posts to Write for Your Small Business Blog

I’ve been blogging for over 2 years now (man does time fly) and believe me when I tell you that it has been a journey.

I’ve had my ups and a lot of downs, but one thing’s for sure is that blogging…mixed with social media marketing and content marketing has been instrumental in getting more traffic to my site and visibility for the Small Business Sense brand.

I decided to write this blog post today to one: stress the importance of blogging and content marketing for business purposes and two: to give beginners, give you a reference point for pillar content that you can create for your business blog.

Sure, there are a million ways to skin this cat…(with creating content that is) however, these are 5 types of blog posts that are known to drive traffic to your website and generate a lot of shares on social media.

What is Pillar Content?

Pillar content is essentially blog posts that as Singlegrain.com states “will solidify your blog’s reputation as a go-to source for good content within your industry”.

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Small Business Tax Cuts and Other News

July 31, 2015 by
64002400When the Ohio government talks about tax cuts, it is a good indication for the small business owner that things might improve a bit.  Although some of the tax cuts in the past have been negligent, and hardly make a difference, one hopes that there will be one that will truly benefit the small business owner across Ohio.  By giving small business owners tax breaks, the economy can improve and benefit the whole economy as a whole.  For more about this and other topics follow the links below.

New small-business tax break in Ohio will make a difference: Rion Safier and Steve Millard (Opinion)
The Ohio General Assembly and Gov. John Kasich recently approved a biennium budget bill that allows small business owners a 75 percent tax deduction for the first $250,000 in small business income for 2015 and a 100 percent deduction beginning in 2016.If you are a small business owner, work for one, or frequent their services, this is good news. Because most small businesses are pass-through entities, the owners pay taxes on their business income on their individual income return, at their individual income tax rate. And, a small business owner’s tax burden impacts the prices consumers pay and the benefits their employees enjoy.In April, the editorial board of the Northeast Ohio Media Group and The Plain Dealer wrote in opposition to giving “owners of small businesses a huge and unmerited tax break.”

Small business improving in Ohio

Ohio’s small businesses reported a slight improvement in July, bucking a national downward trend, according to the Thumbtack.com Small Business Sentiment Survey, a monthly survey of independent local service businesses in the U.S., including 360 responses in Ohio.

Designed with Bloomberg, the survey is housed and integrated into the economic functions of the Bloomberg Professional service.

In that report, Portsmouth is listed as having multiple small business services available. Among those are business plan consulting, catering, commercial cleaning, DJs, event photographers, karaoke rental, magicians, makeup artists, photo restoration, photographers, tree trimming, videographers, wedding officiants, wedding photographers and wedding videography.

Opening doors for small business in Ohio

​From the barbershop around the corner to the entrepreneur working solo to launch a business venture, small businesses form the cornerstone of Ohio’s economy. Small business owners comprise 98 percent of all employers in Ohio and employ half of the state’s private sector labor force. Large corporations may attract a sea of job applicants every year, but small businesses create every three out of four jobs in the state.

Clearly, there is nothing small about small business in Ohio.

The stakes are high for entrepreneurs and small business owners who face formidable start-up fees, a sizable tax burden and burdensome regulations in many states around the country. In traditional industries like manufacturing, Ohio has historically struggled to find the right balance of incentives to attract and retain employers.

Fortunately, times are changing.

This General Assembly, the Ohio Senate has taken several major steps toward creating a more favorable business climate for small businesses and attracting new investment to the state. We recognize the tremendous value of the innovation and hard work that small business owners bring to Ohio, and we can’t afford to give them anything less than our measure of support.

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Succession Planning – Protect Your Future Now

July 16, 2015 by

59948705It is a given, among professionals who work with them, that small business owners are bad at succession planning.  It’s also a given that being bad at it is entirely normal.  The owner who follows a well thought out and executed plan culminating in a successful retirement is the exception rather than the rule.

Many people are uncomfortable with, and resistant to, planning for their retirement.   But, this is especially true of the independent entrepreneur who’s the heart, soul and brains of his organization.  He finds it difficult, often impossible, to give up control of all he’s built over years.  His mantra is “there’s time, it’ll all work out”. 

Unfortunately, it usually doesn’t work out and this belief sets the organization up for failure.  The number 1 reason companies don’t survive into the next generation is the lack of a properly implemented succession plan.  According to a 2013 Small Business Administration (SBA) study only about 30% of businesses survive a transfer of management into the 2nd generation. 

This number is alarming when you consider that family businesses comprise 90% of all  small business in the country and 88% of owners want to pass it on rather than sell it (SBA, 2013).  The only succession plan most of them have is to be an absentee owner, while the successor — a family member or key employee — runs a profitable concern which will support him in his retirement. 

Therefore, most successors aren’t successful and the company doesn’t survive the transfer of power.  Not only does this leave him with no retirement it often leaves him with debts and a tarnished reputation, because there was no proactive plan.  Too often when the average owner is ready to relinquish control and retire he’s already run out of time for a successful changeover. 

There’s no one size fits all plan so it’s important to seek outside help for organizational, management, financial and legal issues which will arise.  Effective succession planning is a challenging task, but worth the reward.  It’s good stewardship of your company’s, employee’s, customer’s and family’s future. 

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Thinking About Starting Your Own Business? Read Ahead

June 25, 2015 by

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Individuals as well as businesses of any size deal with financial woes, but if you want to start your own business or want to get into the franchise world, being financially aware of what to expect can help you avoid the many pitfalls that a lot of small business owners and individual deal with in a daily basis.  Meeting payroll and paying for expenses for the business can be financially draining if you do not budget your money well.

For more about this and other topics follow the links below.

Pop Quiz: Do You Know the 5 Basics of Financial Literacy?

Financial literacy, financial capability, financial understanding.

Whatever the name, the core idea is the same: being equipped with the knowledge, skills and tools to manage your money and secure your future.

That’s no easy task, but here are five key money topics you’ll need to understand and put into action to make financial literacy a reality:

    • Budgeting. Financial security starts with prudently managing your money on a day-to-day basis. That means spending less than you earn and saving consistently. Try to save at least 15% of your gross pay for short-term goals, long-term goals and unexpected expenses. Do it first and not with what’s left of your paycheck. Track all your expenses and set reasonable spending guidelines. Finally, don’t get caught up in how others are spending and undermine your own budget.

Plan Ahead to Be Your Own Boss

When Lisa Hennessy’s pet collie was diagnosed with a degenerative disease, she prepared a special, home-made diet for him, and discovered all her dogs loved it. So when she lost her job as a manager for an automotive parts distributor a few years later, she saw an opportunity to launch Your Pet Chef, a company that makes personalised dog food.

“We now make food for over 125 dogs and help them eat healthier every day,” said Hennessy, 52, who lives in Chicago in the US.

While Hennessy enjoys her new venture, which launched in 2012, she also faces a common problem among new business-owners: dwindling funds. Three years in, the business is self-sustaining but still doesn’t pay her a salary. “Now I’m trying to find investors so I can keep doing it and not drive for Uber [to supplement income],” she said.

It takes determination, experience, research, timing and hard work to start a business. And, many fail. But that doesn’t stop people from trying. In the US, 476,000 new businesses launched each month in 2013, according to the Kauffman Index of Entrepreneurial Activity. That same year, more than half a million new businesses were started in the UK, according to StartUp Britain. In Australia, about 300,000 new small businesses launch each year, according to the Reserve Bank of Australia.

10 Questions to Ask When Franchising Your Business

Your business is booming, easy to duplicate and ripe for growth. You’ve always dreamed of expanding to multiple locations. You decide the time is right — you’re making the leap to franchising.

Like tying the knot, becoming a franchisor isn’t an endeavor you rush into. With so many opportunities for failure, it’s critical that you do your due diligence when researching how to properly franchise your brand.

From budgeting for up-front costs, filing the right legal paperwork, vetting trustworthy franchisees, to scheduling royalty payments, there’s no shortage of challenging tasks ahead. But, if you play your cards right, your brand could one day be the next Supercuts or Subway.

Here are 10 essential questions to ask when franchising your business:

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Small Business Job Creation, Lending, and Taxes

June 18, 2015 by

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The statistics for the small business community  are looking good for 2015. Small business owners believe and are confident that this year will be more profitable than last year, they intent to hire more employees, and feel confident they will invest more in technology.  Taxes, new regulations, and other costs associated with the running of the business are not pleasant nor foreseeable, but those are some of the limitations that they can, and are used to dealing with in a daily basis.

Read more about this by following the links below.

Small Business, Job Creation, And Why We Should Lend To Young Companies

Any honest conversation about creating jobs in the United States must include the role played by small business. Collectively, these businesses create the lion’s share of new jobs. The current SBA Administrator Maria Contreras Sweet regularly argues that two out of every three new jobs are created there. So when Experian approached me with a new study that explored the impact of small businesses (particularly startups), on our economy and what we could do to encourage more job creation, they had my attention.

As one of the three biggest business and personal credit reporting bureaus, I consider Experian’s advice and perspective very relevant to this conversation. I recently spoke with Peter Bolin, Experian Director of Consulting and Analytics, to talk about the research. When they dived into the data they found that small businesses and startups really do have a direct impact on job creation in the United States. They focused on the 2010 class of startups and looked at the resilience of the overall US economic recovery and how these businesses have performed in the four years since they opened their doors.

New chip credit cards putting squeeze on small businesses

NEW YORK — New credit and debit cards with computer chips are putting the squeeze on small businesses.

The cards being rolled out by banks and credit card companies are aimed at reducing fraud from counterfeit cards. As chip cards are phased in, magnetic stripe cards, which are easier for thieves to copy, will be phased out. Businesses of all sizes face an Oct. 1 deadline to get new card readers and software that can handle chips. Most estimates of transition costs for small companies vary from the low hundreds to tens of thousands of dollars due to the wide range of equipment used.

If businesses don’t meet the deadline set by companies including MasterCard, Visa and American Express, they can be held liable for transactions made with phony chip cards.

Small Business Owners Want a Fair Share of Their Taxes Back

New Jersey’s Small Business Development Centers are pushing again for an increase in their state funding — which would in turn make the centers eligible to have federal funding increased to the program in a state with one of the nation’s highest unemployment rates.

The network, formally called America’s SBDC New Jersey, says it had its state support slashed in former Gov. Jon Corzine’s term from $1 million down to $250,000 — and then survived an attempted cut to zero in Gov. Chris Christie’s administration. The state Legislature restored that $250,000, but the funding has been frozen at the same level since Christie’s first year in office, 2010.

Officials with the group argue that’s too little — especially because restoring the $1 million state matching funds would bring back almost that much in federal support for the small-business centers.

By its own figures, SBDCNJ helped 534 clients start new businesses last year, and “helped its clients create and save 15,089 jobs.”

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