6 Tips on Training Your Small Business Employees on a Budget

The value of well-trained employees to a small business is priceless. However, when severe economic times bear down on us, employee training budget is usually the first to be cut. Cutting your small business’s training budget often makes sense at the time; however, it will prove to be a costly mistake in the long run.

By giving employees an opportunity to develop their skills, small businesses stand to benefit from increased employee engagement and job satisfaction. This enhances their productivity and makes them less likely to leave.

In fact, a survey by the Society for Human Resource Management revealed that over 86% of employees attributed an organization’s commitment towards their professional development as one of the top factors that contribute towards their job satisfaction.

This has seen to employers spending over $177 billion per year on formal training and a further $413 billion on informal training. Now small business employers may feel like they cannot compete with the big boys when it comes to training expenditure. However, there are cost-effective solutions that can help you develop your workforce’s skills.

1. Know Your Needs and Identify Your Goals

You need to review your business’s goals. Research has shown that over 80% of SMB owners with fewer than ten employees did not track their goal-setting. Yet, business success often depends on setting business goals. 

Thus, being aware of your short- and long-term objectives will allow you to create an employee development plan which will facilitate those goals.

After pin-pointing specific goals for each aspect of your business, look at your workforce’s performance and identify areas that need improvement. Now observe while testing your employees to see if they have all the necessary skills you require them to have. 




Nevertheless, asking is the best way of knowing where they are struggling. A good relationship with employees is therefore important to help you realize fruitful discussions with your workers.

Testing is important as well since some employees may be unable to communicate their training needs effectively. This data will enable you to draw a baseline for goal-setting and identifying solutions.

2. Find Affordable Training Programs

A lot of trade associations often provide training programs to their members during annual events or regularly hold seminars and workshops. Check your association’s newsletter or website for information about training opportunities that come with the membership.

3. Mentoring Opportunities

By offering your workforce opportunities to learn in a peer environment, you contribute to a good office culture. You can seek help from organizations that have faced similar issues, so your employees can discover other ways of handling their jobs or gain a fresh perspective.

Moreover, consider mentors a highly important factor in your employee training strategy, as they are individuals that are experienced in their areas and thus are well suited to offer guidance and support to others. 

Mentorship is an excellent way of developing professional skills and knowledge. The majority of mentors tend to do it on a voluntary basis which means it is not necessarily expensive.

Coaching is an efficient and cost-effective method of fostering and developing talent within the organization. It will enhance not only the worker’s performance but also that of the organization. 

Unlike mentorship, it does not offer specific advice; instead, the coach uses their questioning and listening skills to help bring out the best out of an individual. Managers need to embrace the coaching role more to help employees find answers within themselves.

4. Technology-based training

The Internet abounds with information that is invaluable to your workforce. The employees can access courses from their computers at designated times. E-learning does reduce overheads while also making it possible to monitor progress, which does not only come in handy with in-office employees, but also with your remote workforce. 

They choose when and how they want their training thus enabling them to use time efficiently.

Online courses can be free, paid for, or a combination of both. They allow you to customize your employees’ experience by either allowing an open enrollment or signing them up for particular lessons.

Nevertheless, these courses are not an instant fix as you still have to ensure that your employees are responding well to the learning. You also have to be sure that the e-learning platform complements your business.

5. Gamifying the Training Experience

Incorporate games at the workstation to increase employee engagement. Learning a new game is akin to learning a new skill thus incorporating games that task the mind is important for developing the employee. 

Also, it makes the actual training much easier. Gamifying the training experience also leads to competitiveness among employees which consequently leads to increased productivity.

6. Establish Relationships

At times, a training course is what your employees could use. However, training courses are not always budget-friendly. Thus, a relationship with an organization that has a similar plight to your small business means you can share the training course thus reducing costs.

Having already established goals and put systems in place such as employee training to facilitate their achievement, you need a means of tracking your small organization’s success. 

Ensure that both employees and management are aware that their performance is going to be measured. Everyone should own their roles so that you can track their performance through efficiency and productivity metrics.

For instance, how much an employee can accomplish in a day is a productivity metric while an efficiency metric will look at how much effort and expenses are used in a particular task.

Your small business, just like any other, has top-tier performers as well as average ones. Thus, for the holistic growth and development, employee training is vital. Utilize the above cost-friendly techniques to see a boost in your staff’s efficiency and productivity.

Jasmine Williams covers the good and the bad of today's business and marketing. When she’s not being all serious and busy, she’s usually hunched over a book or dancing in the kitchen, trying hard to maintain rhythm, and delivering some fine cooking (her family says so). Tweet her @JazzyWilliams88

How to Secure a Surety Bond as a Small Business

A surety bond can benefit small businesses such as construction companies or other contractors by widening their opportunities. 

The surety bond is basically an insurance policy issued to guarantee a client certain compensation if you fail to meet the terms of an agreement. It’s usually expected in state or government contracts, but many other organizations or individuals may request one. 

If you are asked to provide a surety bond, here are some tips on securing one through an agency like Zuma Insurance.

Decide What Kind of Bond You Need

What kind of bond you need depends on what industry you’re in and what kind of obligations the client expects you to honor. 

For government agencies, sometimes a certain type of bond is needed to gain a license. Usually the client will tell you what’s expected as part of the agreement or proposal. 

A general Small Business Service Surety Bond may be sufficient, or a Performance and Payout Surety Bond for stipulated conditions. A bidder’s bond may be required just to bid on certain contracts, or additional policies such as CA concrete contractors insurance.

Bond Costs

You also need to know how much coverage the requesting party, or obligee, is expecting to cover their risk. The actual cost of the bond to you is usually between two and 10 percent of the total coverage, so you’ll need to make sure your profit margin more than covers the bond’s cost. 

This cost will be calculated by the bond issuer based on risk factors such as your credit score, history, and current financial obligations. 

Some insurers will expect you to have 10 percent of the bond’s value in capital funds, or may limit the amount to 10 or 15 times your business equity.

Where to Look

One great source for obtaining bonds is the Small Business Administration. They will charge a fee for their assistance, but it’s only 0.729 percent of the total contract value.

If you can find more than one insurer that provides the type of bond you need, you’ll be able to compare to get the best rates and “bonding capacity”, or cap limit. 

For a sole proprietorship, a bond may be dependent on your personal credit score more than your business credit, with scores as low 550 occasionally accepted. 

The exact terms usually vary from one insurer to another and include other business factors, as well, such as years of experience and financial history. 

You can also apply for and obtain surety bonds from companies operating online. Make sure the issuer is licensed to provide bonds.

When looking for a surety bond, be sure you have all the information and references requested. Approving your bond may take anywhere from a few days to a few weeks.

5 Essential Finance Tips Every Small Business Should Follow

Most startups and small businesses are looking for ways to manage their finances more effectively. Success in the early stages takes both operating capital and controlling costs to allow profitability. 

This can seem like a delicate juggling act, but there are some financial strategies that small business owners can use to support growth.

Think Lean

Lean practices consist of limiting your spending and reducing waste of all kinds. Don’t indulge yourself with a big, fancy office if the money is better spent elsewhere. Look for lower-cost alternatives in everything, such as office furniture, electronics, equipment, supply chains, and so on. 

Don’t spend based on anticipated growth that isn’t guaranteed. And always, in every aspect of your business, look for ways to eliminate wasted time, effort, and materials.

Use Capital

While it’s a good idea to save up as much operating capital as possible, don’t be afraid to spend it on good opportunities, including building your credit. Work on building it by borrowing and using some capital to cover interest payments. 



If you have enough credit, acquisition of other startups can be a fast path to growth. Outside investments, such as real estate or bonds, may support positive cash flow over time.

Realistic Budgets

You have to balance your budget so that you’re left with useable net income every month, not just covering the bills. Identify a suitable gross profit margin for your industry and try to stick to it. 

Your budget should include normal business expenses, current payroll, utilities, and certain amounts to be set aside for marketing, emergency funds, and business investment. The budget has to be adjusted constantly to allow for a changing business environment.

Delay Hiring Help

Payroll is often one of the highest expenses for any company. For every new employee, you have to think about things like raises, benefits, workman’s comp insurance, and other issues. Hiring additional help should be the last resort. 

Instead, it might be cheaper over the long run to look at alternatives such as additional training, reorganization, better tools and technologies, or establishing a company culture of collaboration and mutual support.

Aggregate Spend

This is a process for the healthcare industry used to aggregate and monitor spending by manufacturers on individual doctors or caregiver associations to avoid inappropriate influencing. 

This includes products from related industries like pharmaceutical and biotech companies. You might face a penalty of $10,000 per violation. Providing gifts, bonuses, and other benefits must be transparent through mandatory documentation and reporting. 

This can be streamlined with tools designed to simplify aggregate spend compliance, such as those like Porzio AggregateSpendID®.

Managing finances takes a system of tracking and controls, as well as discipline. You should develop a smart financial plan and stick to it, while making adjustments as needed.

Tips for How to Be Successful As A Small Business

Owning a little business isn't just an occupation; it's a lifestyle. The modest businesses modes disruptive normally imply that setting up a lot of extend periods of time and a lot of drudge to help it develop. Keep a level head and gives the business all the due constancy it merits with many brilliant tips.

Concentrate the Market

It is a direct condition: the extra information you have a couple of market, the higher your modest strategies for success are. Handle World Health Organization to concentrate on, an approach to target them, and once to concentrate on them. The extra right your business' objective market is, the higher you're outlining and deals are.

Be that as it may, wherever could be a brilliant place to begin?

The web, overviews, center groups, or just {about} something that makes communication with people to look out World Health Organization enjoys the stock or administration are decent places to lead investigation about your objective market. 

Nonetheless, get a handle on that your objective market might be a considerable measure of entirely unexpected than anticipated. It ought to be an intense technique; however it's all beneficial inside the wrap up.

Be enthusiastic

It’s a dependable fact that people should move into business related with one thing they're frightfully snared in to. A few people have discovered their specialty. 

Some as yet need. Some don't see their energy till they're kneeing somewhere down in it. However once you find your energy, your drudge won't be along these lines strong.

Market Yourself and Your Business

So you have a solid business orchestrate, a range of business, and each one the red hot energy inside the world, however as of now what? Right now it's a great opportunity to initiate your business out there so everyone knows about with respect to you.

These days, every business will use web-based social networking and on-line local deliver postings to frame its essence eminent. 

Be dynamic, post redirecting content; utilize every one of the apparatuses available to you to initiate people intrigued. Exceptionally demonstrate the demeanor of the business through pleasant film, recordings, and posts.

There is no immediate science to offering. Business house proprietors basically must be constrained to get themselves and their business out there and make mindfulness in any technique potential. 

Regardless of whether it's through public exhibitions, web-based social networking, promotions, giveaways and challenges, flyers, or regardless of various implies that you use. 

Furthermore, on the off chance that you are feeling, for example, you have reached a stopping point and essentially don't get a handle on what to attempt and do, there are a few offices World Health Organization will help you deal with your offering ways.

Have some good times

Maintaining a business might be extremely attempting. However that doesn't mean there isn't enjoyable to be had. A business could be a reflection on the proprietor and World Health Organization they're. 

When things start to instigate vigorous they should basically stop, slowly inhale, and appearance at issues in an exceedingly entirely unexpected light-weight. When house proprietors get joy from the voyage they'll have the capacity to give it all that they have.

Conclusion

We've all recognized those stories of those huge organizations nowadays that began in an exceedingly carport and were built from the base up. Odds are high that they require been inside the shoes of a new company at some reason. 

What's one thing of these business house proprietors have in like manner? They work level out and leave nothing on the table. By making an endeavor to inspect the reassurance in each situation, you might be stunned at what extent fun you'll have the capacity to have.

Author Bio: Ronny Dsouja is a freelance content writer. He has written many good and informative articles on different categories such as Technology, health, fashion, beauty, finance, education, career, travel etc. He is very responsible towards his job. He loves to share his knowledge and experience with his friends and colleagues. To know more about him, please check his Site - http://how2reach2every1.org/

6 Ways Technology is Helping Small Business Become More Productive

If you own a small business, you might believe that modern technology is only appropriate for larger businesses with deep pockets. Nevertheless, technology is making a large impact even for small companies around the world. 

Technology is not just assisting small companies to become more efficient, it's also boosting their productivity and helping them develope their product line. 

Here are 6 ways technology is helping small business compete better in the new century.

Productivity

Small companies typically need to optimize productivity in their business. Today team members are using technology to do their work quicker and with more efficiency. 

Lots of business are now utilizing business resource preparation (ERP) systems instead of accounting software applications. An ERP system is much more than an accounting system because it handles much more than accounting-related jobs. The growing importance of ERPs for small businesses has been increasing steadily because of its effectivness in larger businesses and its cost of use has steadily declined over the years making them more cost effective even for the smallest startup.  

An ERP system, nevertheless, can deal with not just accounting jobs but also handle other parts of your whole business. When workers have access to the best hardware and the latest software applications, they have the tools to be very effective. 

Communication

Technology is assisting small companies to improve communication within the company, along with its consumers and providers. For example, mobile phones have become a business tool for the company owner and workers alike. 

Mobile phones are must-haves for remaining in touch with clients on the go and reacting to queries in a timely fashion. Mobile phones have actually raised the bar because they supply web access to business and e-mail applications. 

Text messaging, social networking and e-mail are other technological advancements that have actually improved communication and assisted small business to remain linked to their consumers and internal communication within your business.

Marketing

Technology has freed small companies from the restrictions of print marketing, specifically when it pertains to reaching existing and brand-new consumers. Internet marketing campaigns from basic educational sites, to marketing on online search engines, to internet sales has streamline and organized sales. 

Email marketing is a low cost and reliable technique that assists small companies to reach lots of people with business updates, discount coupons or newsletters. Mobile marketing is a brand-new frontier that is assisting small business to reach possible and existing consumers through text, mobile apps, and deal branded applications that link consumers to the most recent business news in a most efficient way. Contibuting to better tracking of sales campaigns.

Telecommuting

Nowadays, numerous small companies provide telecommuting and dynamic time schedules to its employees. Staff members, clients, providers and other business stakeholders can remain in touch from numerous places while working various hours through making use of online resources and mobile computing devices. 

Employees can now share digital files through e-mail, have online realtime discussions, and use training videos and handbooks to orient brand-new workers on what is going on in your business.

Customer Service

Technology helps build better communcation between customer and company. Companies can utilize e-mail to react to consumer questions, utilize online chat to help clients that check out the business website, and give customer service agents better tools to solve customers problems. Technology offers a business's clients many options to stay in touch with your business.

Teleconferencing

Teleconferencing through the phone is a tried and true conferencing technique, however current advancements in technology have actually brought online conferencing to the leading edge. 

Online conferencing can connect web video cameras, audio, in addition to incorporated web conference enhancements to come up with an extremely interactive environment. All participants can see each other as they communicate, share files, deal with tasks collaboratively, and recreate the in person conference experience despite their physical place. 

This is just a few of the methods which small companies can broaden their reach to engage worldwide customers and partners.

What Your Small Business Needs to Keep Up With Competition

 (Photo credit: Wikipedia)

With a high rate of failure within the first five years of business, it's important that business owners take the necessary steps to keep up with competition to survive. 

Successful businesses think outside the box and find ways to keep customers engaged and coming back. Focus on these basic strategies to help you survive, and thrive.

Use the Internet

Everybody is online, including most of your customers. Smart business owners make maximum use of the internet. Google Analytics tracks and analyzes your web traffic. Create your website in an afternoon with Wix if you need a time-saving solution for creating your site. 

You should also have social media accounts like Facebook, Twitter, Instagram or Pinterest to find more customers and keep them engaged and update. If customers cannot find you on the internet, they may not find you at all.

Create an Advisory Board

Whatever your business and your knowledge, there's always someone that may know a little more and can help. Recruit some people with a variety of experience and ask them to serve on your advisory board. 

Meet virtually, so you are not limited to people in your area. Make the meetings substantive, and don't give board members an excuse not to participate. Listen to their advice. Get that talent and experience available even one hour per month, and you are a big step ahead. 

Know Your Competitors

You can’t get ahead of your competitors if you don’t know who they are. Identify your direct competitors, and predict every move they make. Don’t forget indirect competitors. Many small businesses have multiple lines of products and services. 

Follow them on social media and stay up-to-date on new things they are doing in the industry. This will help you to find ways to stand out amongst your competition. If you are exactly like another business, why would consumers chose you over them? By studying your competition, you can find ways to be more unique in the field. 

Know Your Customers

Talk to them, and ask what they like and need. Ask their opinion about your new products. Include survey links with online orders. Even negative feedback helps you make your business better. 

If you don't know what your customers like and dislike, you are losing out on their business. Aside from surveys, pay close attention to what they are saying on social media. Comments on your posts, pictures and videos can tell you a lot about how they feel about your company and products. 

Manage Your Cash

This seems pretty basic. Many business owners focus on profit. You can’t pay utilities and meet payroll with profit. If you can’t afford to stock what you need to make your business work, customers won’t take you seriously. 

You will need to make sure you have a supply of the basics such as credit card paper rolls, business cards, advertising leaflets and order forms. Without these simple items, your business can really suffer from missed opportunities and frustrated customers. 

Have a Higher Purpose

You’re in business to make money, but make your business more financial gains. Customers will pay a premium to support a good cause. Don’t do your good works in the dark. If you’re contributing 15% of sales every Wednesday to the Little League, tell your customers and the baseball fans. Don’t use a gimmick. Customers recognize that right away. Identify how your business can contribute to a cause you care about.

Making sure that you are doing the basics is only the first step to growing a successful business. Be sure to keep up with industry news and find ways to make your business more unique to stand out amongst competition.

How to Save Money on Your Business Start-up

Small business owners know better than anyone that it will almost always take money to make money as expenses quickly begin to accumulate. Those that have recently set out to develop their own business start-up may just now be realizing how much capital these ventures require, but there is help out there. Anyone looking to make save money without cutting the wrong corners needs to keep these actionable tips in mind.

Save and Spend Your Money Wisely

When you are first starting a business, it can be very hard to bring any kind of revenue. This is to be expected when you first start a business as you are trying to create a customer base. Therefore you want to be careful how you spend and save your money. You don’t want to spend your money on unnecessary things as this is how many new businesses go under so quickly. They spend too much and bring in too little revenue. However, you do have to spend some money and you have to take some calculated risks. Therefore you don’t want to just horde all of your money either. If you can make smart investments with the money you make in the early stages of starting your business that will bring in more customers or clients, then you want to spend that money. If it is necessary, you may want to take out a business loan of look for investors willing to put money in your company in the beginning which will hopefully allow your business to grow.

Focus on Free or Affordable Advertising

It will often take a little more time from the owner or their employees, but small businesses will mostly likely need to forgo paid advertising in the beginning. Instead of going with radio, TV, or local newspaper spots, it is more efficient to begin building a powerful online presence with social media companies. Attaching social media accounts to the company's primary website will have the added benefit of making it more visible to search engine users. 

A Virtual Assistant

Virtual assistants are now highly-trained and can be found for businesses of any size. Some of the top virtual assistant companies now provide small business owners with tiered and industry-specific training for four weeks or longer. They will also do all of the legwork for hiring a new employees such as carrying out a background check, drug tests, the interview process, and even supplying the new virtual assistant with health insurance and other benefits. 

Streamline Your Payment Services

Figuring out how payment services are going to work is often one of the most confusing steps for new merchants and business owners. This is why it is important to figure out simple and streamlined solutions early on with options such as a mobile point-of-sale device. In addition to handheld devices, owners could also opt for programs such as auto-deposits for payroll or the use of smartphones to accept physical checks to cut back on CPA or banking expenses. Owners could also apply for an ACH Merchant Account.

Buy Secondhand Office Supplies

Unless the product is absolutely essential or going to be seen by clientele, no one should ever think twice about purchasing secondhand supplies for their start-up. Going out and purchasing new purpose-built machines or expensive software is impractical for most. By searching online or going through bidding sites, small business owners can find high quality office furniture, electronics, software, and anything else they will need at a fraction of the price.

Money is going to be tight for almost every new start-up, and this is why cutting back on expenses should be on the business owner's mind at all times during those first few months and years.

Top 7 Mistakes Made by First-Time Business Owners

Image via Flickr by IntelFreePress

First time business owners are usually experts in the products or services they offer. But that alone is not enough to make a person successful at business. They focus on improving technical aspects of their business while neglecting strategic and management aspects of the company: the necessary components that grow a business. Consider the following mistakes first-time business owners often make.

Lack of a Well-Defined Vision

First-time business owners need to create a view of the future — a vision. It has to be far-reaching and state a positive direction that the company will take. What’s more important, it has to inspire employees so that they buy into the vision and work toward the same future for the company the owner has envisioned. This will make for happier, more efficient employees who are able to properly operate your business, whether you’re present or not.

Improper Systems and Processes

It’s very challenging to start a business off with the most efficient systems and processes, but failure to review and establish the most efficient processes possible quite often will lead to the business’ downfall. Proper systems and processes mean that employees are working effectively and efficiently. Document every step in your business model, form goals, outline steps and then compile it all into an operating manual.

Micromanaging

First-time business owners are extremely invested which quite often leads them to trying to run every aspect. The truth is that this kind of micromanaging stifles employee productivity, as well as loyalty to the business. Trust in your employees is essential to your success. Train your employees to do their jobs then allow them to do it. You need to elevate yourself above task manager and focus your efforts instead on growing your business.

Ill-Defined Job Roles

Creating accurate and well-defined job roles increases your rate of hiring the right people to make you successful. It’s easy for first-time owners to offer new jobs that aren’t well defined. The result is less productive workers and owners who continue to try to do it all. When employees fully understand the expectations of their positions the more likely they are to optimize performance. That is why it’s important to research and look at statistics job analysis list to help have a better understanding of where the job market is booming and for who.

Lack of Outstanding Customer Service

There are many factors that lead to a successful business, but one of the easiest and most effective is customer service that exceeds industry standards. This is where your business meets the customer; this is where the public gets to know you. Providing superior customer service is like planting seed money that over time will lead to bumper-crop type profits for a company. Conversely average customer service could slow down business growth and even kill it.

Failure to Expand Beyond a Small Group of Customers

One you develop a certain clientele, it’s easy for new businesses to focus their growth on this same population. This is very tempting, and generally an easy path to follow; however, relying on a small group of customers does not truly grow your company and should be avoided if you want to survive. Of course remain loyal to your core customers, but look beyond them as well so that your business continues to grow.

Over Concentration on Sales

When starting out, it’s easy to see only one line on a profit-and-loss statement — sales! On the surface, this seems to be true: the more sales you make, the bigger and better your business seems to be doing. This is not completely true, however. Having a lot of business is terrific, of course, but focusing only on sales will eventually lead to ruin. A “more sales only” mentality causes companies to grow too quickly, and many businesses have failed during such a peak growth phase. Focusing on only one aspect will result in early failure.

There are many other ways in which first-time business owners can make mistakes. But not learning from those mistakes and failing to pick yourself back up can also be a fatal mistake. Move forward with confidence and learn all you can and you’ll eventually find success.

Top Tips to Start a New Business

All of us love to lead a comfortable life in all aspects, and most of us used to adopt various tips and techniques to make it smooth by all means. 

People all around us love to start their own businesses rather than work as an employee for others throughout our life. To achieve this target, people plan many tactics in their minds to start a new business. 

But the business world is highly competitive in nature, and ‘Survival of the fittest is the most suitable phrase which can be used to symbolize the happenings in the business sector.

While selecting a new business, you should be very careful and should always make sure that it is going to be profitable in the future. 

If you pay close attention and care to every aspect of your new business, it will surely emerge successfully, and you will come out with flying colors. You need to plan everything from the initial investment, to the marketing, to the packaging of goods you will be selling. For instance, even just a simple idea like using custom stand up pouches for your products can really be useful for the modern entrepreneur.

In each phase of your business, you should be very careful, and even a small flaw from your end will lead to business collapse. There are various tips you can follow to start a new business, and some of the noted ones are mentioned below.

Find the appropriate arena: This is the first and foremost tip you should follow while starting a business of your own. You should try to do what you love. 

First, you should find a business sector which is loved by you. Always remember that you will spend your future with this business, and it should be lovable to you. 

If you are doing business with love and passion, then it will surely bring about success in your life, and you will literally enjoy each and every moment of your business.

Prepare a business plan: This is another tip you should follow while starting a business. You should first create a business plan, and this will surely help you to conduct the business in a much more effective manner. 

You should possess a clear idea about the things which you are going to do, and thus you will climb the stairs of success in a quick way.

Find the startup money: Money plays a crucial role in all areas of our life. If you need to conduct your business effectively, then you should find the proper sum of money which is required to run the business. If you fail to do so, it will drastically affect the effectiveness of your business.

Adopt proper marketing tips: If you want to conduct your business successfully, you should adopt proper marketing techniques. In this arena of science and technology, you should adopt new and innovative ways of marketing. Social Media Marketing is the best way to proclaim your products and services.

Find the right employees: This is another topmost tip that will help you to run the business effectively. Employees play a crucial role in determining the fate of any company, and so you should select them with utmost care. 

You should make sure that the employees are highly sincere in their attitudes, and this is one of the key factors you should consider. Also, your employees should be capable of finishing the work on time, and they should be well proficient in your business area.

All the business ideas mentioned above are highly effective, and they will help you to find success in the business sector efficiently.

Small Business Stalled by Cash Flow Crisis

Almost half of small companies in the UK have been hit by a cash crisis – for 50% of the small businesses polled by Everline in 2013, money was not readily available to pay for essential financial obligations and expansion was put on the back burner. Regular access to cash flow is crucial. For example, small recruitment agencies set up to handle a specific need in the area are finding it hard to progress beyond making ends meet. If you run a small business, what solutions do you have to avoid cash flow problems and move forward?

Cash Flow Problems

In the survey, 29% of respondents said that a lack of cash flow was restricting their business expansion. An additional 23% of businesses had put marketing initiatives on hold, and 28% said they paid suppliers and other businesses late because of a lack of access to cash. These cash shortages occurred at least once a month, and the main problems happened when clients or customers paid late. 

Bank Loan Solutions?

It is all too easy to fall into the cash flow trap. You run your business efficiently, but if you have no access to cash when you need it, you quickly run into problems. It only takes a few suppliers to pay late or several customers to forget to pay, and you end up stalled, with no money to go forward. Sometimes the only solution seems to be a business loan, but it is increasingly difficult to access loans in the current financial climate, and debt in the form of bank loans can be difficult to sustain. Fortunately, there are other solutions to free up your cash flow and maintain a healthily functioning business. 

Look in a Different Direction

For example, outsourcing functions such as payroll can help streamline your business and make it easier to access cash when you need it. Outsourced payroll services are designed to take the payroll off your hands, so it is guaranteed to be paid. You can then use the cash to generate new business. This access to ready cash flow is vital for recruitment businesses and other companies that need to deliver payments regularly on time. In fact, when you think about how to set up a recruitment agency, one of the first things you need to consider is how you will make payroll.

Additional benefits of outsourcing payroll include no need for a payroll team and, therefore, a reduction in wage overheads. You also do away with other hidden costs such as postage, stationery, and printing. Once you have outsourced financial functions such as payroll, you can develop marketing and sales strategies and concentrate on how to grow the business rather than how you are going to find the cash to meet your regular payment commitments.

Outsourcing can have many benefits apart from not needing to house your payroll team in your office. You only have to pay for the service provided and not for additional expenses like sickness and holidays for team members. You can operate from a smaller office with less overhead for heating and light. You don’t have to provide office equipment and furniture. Perhaps the biggest benefit is that you gain from having a professional, knowledgeable team that specifically understand payroll. It is far better to have a specialist team that is up-to-date with the latest legislation than to have a ‘Jack-of-all-trades’ in your office who has to juggle many jobs at once. Outsourcing shouldn’t be viewed as a cheap option, rather a far better resource than you could otherwise provide.

Of course, this kind of service must be used responsibly, and it is important to know how you are going to ultimately pay your bills as well as the cost of the outsourcing. Outsourcing is no match for sound financial planning – when you prepare for the future, you increase the chances that you can cope with unexpected costs and obligations.

Source: http://www.telegraph.co.uk/finance/yourbusiness/10504363/SMEs-in-the-grip-of-cash-flow-crisis.html

Image attributed to FreeDigitalPhotos.net David Castillo Dominici

6 Cheap and Creative Ways to Effectively Advertise Your Business

In today's digital age, business owners must reconsider their marketing strategies to ensure that they are effectively targeting the best market for their products and services. Technology has created a variety of different ways that businesses can reach out to potential customers, but this variety of different choices can often obscure the choices that will truly yield results and a return on investment. Thus, consider the following inexpensive and innovative ways you can spread the word about your company, all of which you can try without fear of losing a great deal of money.

Blog Online

Establishing an online blog in your line of business is a great way to position yourself as an expert while promoting your company. Add a blog to your website or join Bloggit.com or Blogger.com to start a separate blog. Discuss problems addressed by your goods or services, and readers will remember your company when a need arises. The key with blogging is to not advertise your product. Yes, you can talk a bit about your products, but you usually want to talk about general topics within your industry. By doing this, you will get a greater number of followers, which increases your ranking in search engines and introduces your website to a greater number of people.

Be Interviewed

Offer interviews on relevant subjects to local radios, newspapers, and Internet communications. For example, if you sell gardening tools, offer an interview in February or March about spring planting. Listeners and readers will appreciate the free advice and consider you an expert when they need additional gardening help. If you are unable to find local opportunities for offering interviews, you might want to consider starting up your own podcast or starting a YouTube channel that contains videos that address relevant topics and issues.

Write Articles

Offer op ed pieces to community newspapers or magazines, or submit an article to the trade publication associated with your company's industry. In marketing your knowledge and skills, others will appreciate your expertise and contact you with future business needs, such as a financial adviser for someone who is planning for retirement. Also, consider writing articles for other blogs, since this might give you valuable links back to your website and blog.

Give Donations

When possible, donate equipment, expertise, or services to individuals or programs who can benefit. Contribute to special holiday collections for the needy. Participate in volunteer programs. Sponsor children's educational initiatives. Giving back to the community will not only make you feel good, but it can also help others consider your business in a favorable light.

Demonstrate Skills

If you have a skill that others might value, whether or not it is company-related, share it with the public. Libraries, schools, and certain social service organizations appreciate those who are willing to share their knowledge and experience to help others. For example, if you own a restaurant, you may want to teach a nutrition class or workshop at a high school or college, or perhaps to a group of low-income residents at a housing development. They will recognize you as someone who cares and be likely to do business with you in the future when possible.

Join Organizations

Become a member of the chamber of commerce and other civic groups. Network with members to learn more about their services and how your business might complement their enterprises. Ask them, where should I advertise my business? Networking is often the best way to get new customers and valuable referrals, and it is completely free and relatively easy in most cases.

The above methods can help your business get noticed. Start growing your company innovatively.

5 Secrets to Getting Your Business Loan Approved

English: (Photo credit: Wikipedia)

Applying for and obtaining a business loan can feel like an overbearing process. Every year, thousands of people apply for loans for their business, be it a new business or a credited one, and do not get approved. Here are some facts and tips to make sure you can secure the funds you need.

1. Be able to articulate the future

Borrowers need to have an updated business plan. Show the lenders how the business is expected to grow in every aspect. Have a detailed report of how you believe you will profit from the loan. More and more lenders and starting to dig deeper into the plans of businesses. You should talk about all aspects of your business from employees, to management, to cash flow. Lenders will feel much more confident in loaning their money if they feel good about your plans and know exactly what the money is going towards.

2. Know Your Business History

When it comes to getting a business loan, your past history definitely becomes a major supporting factor in the decision of whether you are acceptable for a business loan. Lenders will review past business earnings as well as business history to help decide if your request warrants an approval. New businesses can still get a loan without any history by having a well-organized and situated business plan.

3. Be smart in other financial aspects of your life

When applying for a business loan, lenders will examine all aspects of your financial life including your personal credit. Personal credit can play a huge role in deciding if you are granted approval for your loan request. To the lenders, how you manage your personal expenses are most likely how you are going to handle your business expenses.

4. Present yourself well

Bankers do not want to give their money out to people they do not believe can pay it back. First impression makes a huge difference when meeting with a loan advisory board. You should come into the meeting with a detailed business plan extremely confident, without appearing needy or helpless. Dress professional, be clean-shaven, shake hands, look the lenders in the eye and be stern. If you present yourself well and provide a great business plan, it gives the lenders confidence in you, they will feel better about lending their money to you.

5. Build a board of advisers

Building a board of advisers will put you over the top in your loan seeking process. If possible, put together your team of accountants, management, legal experts, marketing advisors etc. Some small businesses simply cannot compile advisers, however. Contracting your business with an agency, such as the CPA who understands the world of business and can work on tax returns, looks just as good in the eyes of the lenders. This compiled with the rest of the steps stated above will show lenders how organized and thought out your business plan is. The more detailed your overall plans are, the better bankers will feel about lending you money.

By following these 5 simple tips, you’ll give yourself the best chance of getting the business loan you need.

Author Bio: – Jason Bengert is a professional blogger and works at Park Place Equity. He is a fun loving person and his areas of interest are finance and technology. You can connect with him at Google+.

Latest Trends in the Corporate Sector

The world is changing at a fast pace and so is changing the face of the corporate sector, or at least in the way we know it. In the recent times, professionals have developed a different kind of mind set, than they had few decades ago. With the emergence of more number of professionally managed big and small businesses, the competition has also become tougher. Businesses have incorporated many changes within themselves, to survive and excel in this competition. The current times has seen certain trends affecting the business world today. These trends are basically a result of the changes occurring in the world outside, and the businesses trying to adapt themselves to these changes. This article discusses the latest trends seen by business today.

Growth of women power: The women-owned businesses have increased by about 54% in the last 15 years. When the world was hit by recession in 2008, a more number of men lost their jobs as compared to women. The reason behind this is that women possess the positions based on knowledge and have been capable of adapting themselves. Many women went for getting new degrees to get placed in new industries. This pace needs to be sustained in the new economy for having holistic development.

Growth in number of entrepreneurs: More and more young people, especially MBAs, are going for starting their own business, rather than working for large companies. Entrepreneurship has the potential to create opportunities for employment for the millions of employable resources of our economy.

Blue Ocean Strategies: A large number of companies are using blue ocean strategies to figure out growing needs in the ever changing global market. This occurs in diverse industries like construction, financial services and hydration system manufacturing. This further helps in the branding of the business.

Extinction of the middleman: The role of distributors and middlemen is changing rapidly, irrespective of the industry. The reason behind this is the change in the supply chain and business model of companies. These changes can be attributed to the growing e-commerce and the transformation of the buying process of end-users, in both B2B and B2C companies.

Change of culture: There is a serious need for the change in the culture of professionally managed multi national organizations. This may mean improvement in quality or engagement of employees. Culture change is also needed in K-12 schools. This will impact the overall welfare and nursing development for the hospitalized.

The market of sustainability: The companies creating energy efficient and new methods of carrying out things would fit well to this group. In the recent times, if a roof is old, the momentum has shifted to addition of roofs, instead of roof replacement, as it reduces usage of energy. The sustainability directors need the help of efficient home builders in today’s market.

Outsourcing: Too much of the non core activities were being managed by firms earlier. Today, it has been recognized that the non-core business processes can be outsourced so that firms can focus on their core competencies.

In conclusion, these are the trends affecting business in the current year. The business today has certain positive as well as negative aspects. The business owners have to tactfully deal with the negative aspects, to promote overall economic development. The changing times and advancement in science and technology, has resulted in many changes in the world of business. The business today is ruled by certain trends.