The Upside of Downsizing: Why Small Businesses Should Embrace Being ‘Small’
Many small businesses actually foil their own chances of success by trying to expand too rapidly — hiring too many employees, taking on too many contracts, buying too much equipment etc. This mistake is known as premature scaling, and it’s estimated that it accounts for the failure of up to 50 percent of small businesses.
Surprisingly, having a smaller workforce and fewer resources may actually give you an enhanced ability to succeed in a competitive environment, as you’ll have less management responsibilities and more time to focus on mission-critical aspects like outreach and product/service improvement. Here are three ways to downsize effectively, and how they can help your company earn more profit:
How To Avoid Procrastination
It is commonly believed that procrastination is born out of laziness, but this is generally not the case. Some people feel that they work better under pressure, while others may be dreading the work they have to do so much that they spend hours avoiding it. Still more people procrastinate because they feel overwhelmed by the amount of things they have to get done and have no idea where to start. People procrastinate for different reasons but the end result is the same: they spend an hour or two completing a project or researching a potential client for a meeting the next day; that they have known about for weeks and should have been working toward all along.
7 Awesome Apps You Can Use to Run Your Small Business
These days, modern technology has made it possible to run a business almost solely from a mobile device. Want to know how? Check out these seven awesome apps you can use to run your business:
How to Get the Most From an Average Employee
The workforce is full of different types of employees. You have the overachiever who tries to take on a variety of projects at once, the slacker who barely skates by and the average employee. The average employee does their job, maybe a little more, but is more than content to be average. Here are some ways that you, as an employer, can get the most out of your average employee and turn them into a stellar one.
Group Brainstorming Exercises for More Effective Idea Generation
The generation of new ideas is vital for the success of any organization, whether it is a business trying to come up with new product ideas or a non-profit organization trying to raise more funds for its cause. Ideas can come from many places and group brainstorming sessions can be one such avenue when done correctly. While you may think of brainstorming as just shouting out any idea that comes to your mind, it usually needs to be a lot more involved than that to come up with ideas that may actually be good. When brainstorming in a group, there are certain techniques that may help generate a greater number of quality ideas.
How to Resolve a High Turnover Rate in Your Business
You may be seeing a high turnover rate –-the rate in which employees leave your company and thus need to be replaced at your company. For some businesses, like fast food restaurants, which have low wages and tough jobs the turnover rates may be astronomical. For other places, such as a highly-desired company to work for, the turnover rates may be low.
Creating Higher Profits From a Family Business
A family business usually comes in with a lot of responsibility for entrepreneurs. It feels a lot tougher, especially when they are young. New dependability never comes easy, as it requires understanding of each and every aspect, right from scratch. Right from production and manufacturing functions, to sales and marketing ones, this could be a tedious process. One can also not ignore the fact that such businesses are usually considered as family traditions, and are passed down from one generation to another. It has immense sentimental value, as the earnings from this business could be one of the main income sources for a family.
5 Strategic Disadvantages for Small Businesses Offering Health Benefits
Many companies today offer their employees health benefits. While it is a normal practice, some companies feel as if offering these benefits to their employees is also beneficial to their company. Though there are a few advantages in offering benefits to your employees, there are also disadvantages associated with it. The following are five disadvantages that come with offering employee health benefits.
Credit Awareness: Taking the Necessary Precautions to Prevent Late Payment
There is nothing more annoying than when a customer misses their payment date. You’re left in the position to track them down, figure out what’s going and motivate them to pay what you are rightfully owed. But what if chasing payments became something of the past? Seems too good to be true but believe it or not, if you take the proper measures beforehand, you can actually find yourself preventing these kinds of situations (and late payments) all together. Here are a few tips to aid with preventing late payments:
The 5 Easiest Ways to Handle Late Customer Payments
Let’s face it: nobody loves late paying customers. Although business owners can take many precautions to help prevent late paying customers, what happens when you get stuck with them? How do you make sure a late payment doesn’t become a missing payment? Knowing how to strategically handle these situations and being aware of your options can give you the tools you need to manage any customer who’s check hasn’t arrived on their payment due date. The following five tips can assist business owners with handling late payments.