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Running a smallbusiness is no small featespecially when it comes to managing finances. Luckily, if you’re in Northwest Phoenix, you’re surrounded by tools and experts ready to help you take your business to the next level. SmallBusiness Development Centers (SBDCs) are another must-know resource.
Maybe because they have often been called the backbone of the American economy, smallbusinesses are among those with the heaviest burdens to bear. The sad reality is, some of these smallbusinesses may never open their doors again. The odds were always difficult for smallbusinesses even before the pandemic.
The business environment began to change dramatically after the 2019 pandemic. PNAS surveyed 5,800 smallbusinesses and found that 43% were temporarily closed. Now smallbusinesses and startups have to compete with large corporations that have weathered the crisis of 2019 and know the secrets of attracting buyers.
Numerous risks are associated with running a business successfully. An employee could get hurt while on the job, a client file a lawsuit, or a natural disaster could destroy your business premises and equipment. For these and many other reasons, it’s fundamental to protect your business. To Cover Your Employees.
Not only do these requirements ensure that businesses operate within the law but it also protects smallbusiness owners and their consumers. . Let’s take that innovative new business idea and walk through all the requirements you need to consider to successfully start a business that’s legally recognized.
SmallBusiness Owners: Who Should You Hire for Marketing? written by Jordan E read more at Duct Tape Marketing When it comes to marketing, smallbusiness owners have a big decision to make: who should you hire to get the job done? Cons : The cost is high, and for many smallbusinesses, it’s just not practical.
In today’s rapidly evolving digital landscape, smallbusinesses face the ongoing challenge of streamlining operations, maximizing productivity, and staying competitive. Image Source Gone are the days when smallbusinesses had to rely on manual processes and spreadsheets to manage their operations.
Owning a smallbusiness isnt just a job; its a full-blown adventure. The Everyday Risks of Running a SmallBusiness Running a smallbusiness is like jugglingexcept the balls are on fire, and someone keeps throwing new ones at you. Employee-Related Claims: Got employees? Like, really wrong?
Think of it as an investment in your company — you’re dedicating resources (compensation) to highly skilled employees who will hopefully bring your business to the next level. Depending on your business, you may need an executive-level role unique to your organization — like chief creative officer or employee well-being executive.
Every new business I know dreams of building momentum in their business, where growth continues to increase, customers become your best advocates, and employee motivation is high. It’s important to define your growth strategy, document it, communicate it to your team, and align metrics and employee rewards to target goals.
Most of these benefit the physical and psychological well-being of the employees. In other words, SaaS helps your business succeed. The benefits of using software in business processes include cost savings, back-end management, scalability, innovation, and flexibility. Your employees tend to work better together with morale.
These days, it is almost impossible to find a smallbusiness where everything is done by full-time employees, in the office or at home. These approaches allow your startup to grow more rapidly, save costs, but costly mistakes can lead to business failure. Don’t get caught off guard.
Running a smallbusiness can come with a slew of challenges. The loss of these major customers can have a dramatic impact on both internal (employees) and external contributors (investors). Company culture may also be a contributing factor in the manner in which employees deal with hindrances.
Having a vast range of employees that differ in experience, background, beliefs, and specialties bring new perspectives to the table that would be nonexistent without them. Additionally, as you look to bring on new employees, you’ll also want to focus on your current staff’s professional development. Showcase your expertise.
Smallbusinesses rely heavily on customer loyalty to stay competitive. If youre a smallbusiness owner, you know how challenging it can be to meet these rising expectations. Its these little moments of connection that set your business apart. Theyre often the firstand most memorablepoint of contact for customers.
These days, it is almost impossible to find a smallbusiness where everything is done at the home location, by full-time employees. These approaches allow your startup to grow more rapidly, save costs, but costly mistakes can lead to business failure. Utilization and personal growth of virtual employees is not my problem.”
Remember that leadership is both upward, as well as downward to direct reports and employees. Disconnects on how employees are treated or decisions will be made can be disastrous, especially with family-owned or closely held ventures. Provide effective leadership. There are several books written on this subject.
Unfortunately, even today, building a good product doesn’t guarantee you a business. Most entrepreneurs realize and budget for the additional costs of incorporating a business, marketing, equipment costs, and manufacturing. Your frugal role model of bringing your own lunch won’t be convincing to most employees.
Be sure to attach employee bonuses and even overtime opportunities to measurable business results. Make employee management a proactive process. In reality, there are an infinite number of ways to jeopardize the future of your business, but these are common ones I see that are often invisible to the business owner or founder.
Among other things, he presents convincing reasons why employee empowerment is now a force that is here to stay in today’s workplace: A new generation of workers are flexing muscles. Smallbusiness growth over the past three years has been phenomenal. Like it or not, social mores have changed.
Yet, in my daily role as an advisor to entrepreneurs and smallbusiness owners, struggling to boost revenues, profits, and earnings, I still see too many managers falling back on command-and-control, a focus on weaknesses, and not enough time for people. Change is hard. But these days it’s required and inevitable.
Smallbusinesses are an easy target for ill-intended actors ( 43% of cyber attacks are aimed at smallbusinesses ), but very few of them are well-prepared to face this type of scenario. Train your Employees. As such, employees must be trained on how to identify and react to threats under any circumstances.
There is so much confusion and misinformation out there about the government sponsored “payroll protection plan” loans to companies that the heads of every smallbusiness CEO in the country must be spinning. 350 billion of this money is dedicated to smallbusinesses under a loan program called the PPP (payroll protection plan).
Small-business owners across America face intense competition in the digital marketplace. The agency specializes in helping smallbusinesses in essential service industries, from home-repair contractors and auto shops to legal offices and medical practices. Hibu, a U.S.-based And the results speak for themselves.
The good news is that there are firms that offer quality financial services, including smallbusiness tax preparation. Smallbusinesses can hire such firms and get quality services on a pay as you go basis. On the other hand, small companies have a small customer base. Final thoughts.
In the past, working remotely was considered “normal” for entrepreneurs or independent contractors in the gig economy only, but organizations wanted employees, and consultants, to be onsite and working in the office. Employees clearly want and enjoy the flexibility. This greatly narrowed the talent pool. It’s a win-win.
Check if the the Paycheck Protection Program , ( here and here ) which provides 100% federally guaranteed loans to smallbusinesses, can apply to your company. Nothing is more important than assuring the company can continue to pay its employees. Award equity to employees equal to the value of their reduced salaries.
It’s a great time to invest in or buy a business because the playing field has been reset. These are smallbusinesses, companies that are nimble and can shift easily. It is more important than ever to streamline operations and create an implicit trust with employees to ensure your business thrives in the post-pandemic world.
Due to advancements in technology, assistants are now becoming a common good — even for businesses — and are no longer limited to the high-earners. According to a survey conducted by DELL Technologies, 82% of surveyed managers expect integrated teams to consist of employees, machines, and systems in the next few years.
Any operation that involves an employee, like recruitment, payroll management, or even offboarding, can be included in these HR functions or duties. . On the other hand, HR agencies offer cost-effective, standardized services, while consultants offer customized HR solutions (best for small companies). Which HR tasks can be delegated?
All of these businesses had to roll back their remote work policies and call employees back on-premises. Lag in information access: Remote employees spend more time and effort locating information pertinent to their tasks. Unhealthy Employee Morale. Yahoo, Aetna, and Best Buy reported similar trends.
The advancement of information technology has made it affordable even for smallbusinesses to get sophisticated software. Furthermore, you can also connect employees of various departments via CRM software, enabling you to understand your customers better and respond to them sensibly. Make Use Of CRM And Other Tools.
Getting to the stage in the business where you can hire your first members of staff is an excellent achievement and one you will want to make sure you get right. It shows that you are on the path to success, and hiring the correct employee will boost the value of the business. Choose the Right Space. Be as Open as Possible.
How smallbusinesses can benefit from no-code tools. To go back to the drawing board would require time and money most smallbusinesses can’t afford. Software like this can take repetitive tasks off the plates of entrepreneurs and small teams—and for a much smaller investment than hiring a whole new employee.
Sudden payment of unaccrued tax, bonus, or commission liabilities (this is a common bookkeeping and forecasting error for smallbusinesses.). For example, a rapidly growing business is often purchasing lots of inventory, investing in fixed assets, and not managing their accounts receivable. Furlough non-essential employees.
Gain Client’s Trust by ensuring Cybersecurity written by John Jantsch read more at Duct Tape Marketing The Duct Tape Marketing Podcast with Zach Kromkowski In this episode of the Duct Tape Marketing Podcast , I interviewed Zach Kromkowski, co-founder of Sention, about the importance of cybersecurity for smallbusinesses and marketing firms.
If you are a business owner or manager, you certainly have put some thought into the way your business presents itself. This could be as simple as painting your storefront or making sure that all of your employees stick to a dress code, but sometimes presentation can go further than that. Photos Are Versatile in Use.
In my current role as a consultant to entrepreneurs and smallbusiness owners, I’ve accumulated my own list of insights on how some people get more done. In addition, he has often stated that his first priority is serving his employees and his extended business family, through coaching, mentoring, and effective communication.
While morality in business goes beyond your online presence, it can be much more difficult to monitor and contain. An unsavory news article, misguided social posts from employees, or a slew of public complaints can quickly catch fire. So, focus first and foremost on the culture and intent of your business.
While large companies can afford to implement automated procurement systems, many smallbusinesses still email, or even fax, purchase orders and quotes. B2B marketplaces should create buyer-driven workflows, tailored to the specific needs of a given vertical. Increase trust and social proof.
Specifically, I often point to the NSF or the SmallBusiness Innovation Research (SBIR) program for high-tech startups. Government grants start as small a few thousand dollars, but can provide a million dollars or more in capital to new ventures.
Success in any business these days requires a constant flow of new and innovative solutions, to keep up with changes in the market, competition, and to attract new customers. Yet in my role as a smallbusiness advisor, I still see a singular focus on achieving repeatable processes and “cookie-cutter” manufacturing.
“While fraudulent email requests appear legitimate and harmless, one malicious email can severely damage the organization if an employee completes a fraudulent request,” said Nasser Chanda, CEO of Paymerang , one of the leading financial automation platforms that helps companies prevent and detect payment fraud.
Its use helps to significantly save time for both the manager and ordinary employees. However, a real estate CRM capabilities should be linked to the size of the business. In the case of smallbusinesses, it makes more sense to go with a pre-made solution that is tailored to their specific requirements.
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