Tips from the Top®: Small Business Tips From Business Owners For Business Owners
The Challenge of Using Credit Cards
How much do you spend in credit card fees every year? This was a topic in our recent board meeting. Most likely you are spending thousands of dollars every year if you accept credit card payments. Most will agree that credit cards are needed to run certain kinds of businesses.
The big benefit of credit cards for business owners is receiving money quicker, and for that you pay a fee. These fees can add up to a significant amount of money annually.
So what are your options…Read more
3 Tips for Delegation Management
When it comes to time management, one of your strategies is to delegate more effectively. Your ability to delegate depends upon the following…Read more
Consistent Effort is Key
Because you can’t always control your results the important thing is to control your effort. Results may be impacted seasonally, but your consistent input can see you through to the brighter side of each phase.
My board has been working on helping our employees follow up on assignments. Rather than merely explaining what we expect, we have taken it a step farther to require staff to agree to expectations.
We have employees sign job descriptions and email acceptance of report deadlines and other assignments. We are finding that this not only holds them accountable, but in turn we are also increasing our accountability to each other. This solution works beyond what we could have expected!
From Conference Room to Couch
While I host team meetings every week, they were devolving into me talking and the employees barely listening; there was no real involvement or interaction. My coach suggested I move the location of the meetings from the 'bull pen' to the sofa where it's relaxed and folks could put up their feet on the table.
I saw an immediate impact! Putting my employees in another environment—away from their desks, with us all sitting around the sofa or floor with a box of donuts—gave them a sense of ease. They started giving me the kind of feedback that was useful and they heard from each other's perspectives, adding a new level of understanding about how they all contribute to each other's daily success.
Overcome the Hiring Hassle
It’s easy to be overwhelmed by applications for a job opening.
Consider reviewing the job description and defining a questionnaire with 10-15 items. Email the questionnaire to applicants as a prescreening step to sort the wheat from the chaff.
Another board member who implemented this process was shocked by how many candidates failed to respond, and he was able to hone down his applicant list, saving him a lot of time and energy!
Show Your Staff You’re In for the Long Haul
Some companies like to do profit sharing. Typically, the company needs to meet or exceed a certain financial goal and then a percentage is shared with employees.
Instead of profit sharing, you could consider doing a match for your staff’s 401(k) or contributing in some other way to their retirement plan. This is an investment in their future and is a pre-tax benefit you can give them today. If you do the math, you will see that contributions to a retirement plan can grow significantly and are beneficial to you and your employees.
Since not all employers offer retirement programs, retirement contributions are a great retention tool so that you can attract and keep high quality people.