Successful Blog

Is Your Business Functioning on All Levels?

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It can be easy to keep track of your small business when you are first starting out.

You know what everyone is doing; in fact, you are often the person doing most of the work. However, as your business grows and expands into new areas and new departments, it can be difficult to ensure that everything is working smoothly until it isn’t.

To avoid crisis, you need to know if your business is functioning well in all areas. This is part of the role of business administration.

Organization

One area where you must review is on leadership.

Do you have a leader for every department or is one person trying to handle multiple areas? Is the right person in the right position of leadership?

Whether you believe that leaders are born or made, you must make sure you have a true leader in the right position to achieve the best results from your staff. That may mean hiring the right person or training someone to become the right person for the job.

You must also make sure you have your small business divided into the correct categories or departments to operate in the most efficient way possible.

Tasks need to be delegated to the area where it makes the most sense. This may differ from what has been done in the past, but results in better operations.

Communication

Do you have adequate communication channels set in place for your business?

A successful organization is one that receives input from all areas of the company. Furthermore, the leaders of the organization provide information that is accurate, relevant, and timely to the staff. No one feels left out or left “in the dark” as to the direction of the organization.

To have an effective administration means in part that you offer the opportunity for everyone to be heard.

This may include providing anonymous surveys for input. An organization must have weekly or monthly department and company-wide meetings to keep everyone updated on the different aspects of the business.

Review

A business must also have an effective review system in place.

This not only ensures that things are working well, but it gives you the opportunity to see if there are ways you can do it better. It helps keep your company organized while you make sure everything is progressing along based on the business plan. If you find deviations, you must decide if they need addressed or if your plan needs altered.

As your business grows, you will find it harder to keep your hands on the pulse of the organization. However, it is important to maintain the proper oversight of every aspect of your company to ensure future success.

By focusing on having the proper administration in place, you can achieve your goals and keep your company running smoothly on all levels.

Photo credit: smallbusiness.chron.com

About the Author: Joyce Morse is an author who writes on a variety of topics, including SEO and business administration.

Why Your Business Still Needs to Attend Conferences

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Everything’s online nowadays, meaning people can easily connect via social media and phone conferences.

It’s easy to think that real-life conferences are a thing of the past, but actually, it’s the exact opposite. Conferences are important for small businesses to attend more than ever now. Basically, there’s no replacement for meeting people in-person.

With that in mind, here are some reasons you should not shy away from conference opportunities:

  • To network – While you can network online, there’s nothing like networking face-to-face. Face-to-face networking allows you to have a long conversation with someone, get to know someone on a more personal level and get to know those that are presenting. You may forget an email between a business associate, but you’ll never forget a face.
  • To break up your routine – Stepping outside the box allows you to think outside the box. By breaking the monotony of your day to day routine, you’re helping get your creative juices flowing. You may come up with a new business strategy, think of a way to better your product or connect with someone to market with. Attending a live conference is one of the best ways you can break up your routine.
  • To learn from others – Even if you consider yourself an expert in your field, you can always learn more. You may pick up something as big as a new strategy for your business plan or something as small as a new marketing technique. Either way, you’re guaranteed to learn something that will help your business by attending a face-to-face conference.
  • To meet your competitors – By attending a small business conference in your field, you’ll meet business owners just like yourself, i.e. your competitors. This is your chance to mingle with those that are more successful then you. You can ask questions and gain insight in order to improve your business. It’s also your chance to share your knowledge with businesses either just starting out or not as successful as yourself. You can present yourself as an expert in your field.
  • To relax – That’s right, attending a business conference can be a great way to relax while still working and improving your small business. It’s the best of both worlds. Come a day or two early or stay an extra day to explore the city the conference is in. Don’t feel obligated to attend every conference, either. If you wish to sleep in, sleep in. If you want to catch up with an old friend who lives in that town, go! Think of it as a mini-vacation where you get to have fun while still growing your business.

If you’re worried about travel expenses, most small businesses can write them off come tax season.

You should be able to write off food and hotel expenses, as well. Make sure to check discount travel sites for deals on airfare and consider splitting the cost of a hotel room if you know someone else that’s attending.

Small business conferences take place nationwide throughout the year.

Find one in your field, book your flight and go. Make the most of the experience by having fun, being social and proudly sharing what you’ve accomplished with others. More than likely, you’ll want to attend conferences on a yearly or semi-yearly basis.

Like was stated earlier, nothing replaces face-to-face interaction that a business conference provides.

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About the Author: Sarah Brooks is a freelance writer living in Glendale, AZ with her husband and two daughters. She writes on cheap Vegas hotels, travel and small businesses.

Budget for Small Business Health Insurance

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With the introduction of Obamacare and your employees rushing to find out what insurance plans will work best for them, it is no wonder you are wondering how these changes are going to impact your business.

While the world of business insurance is changing, there are ways to keep up with these changes and still provide your employees with the health insurance and benefits they need. But before you do that, it helps to create a realistic budget that lets you offer insurance but still remain within the business assets you have available for these benefits.

Here are some tips and resources to help you get started.

Choosing to Offer Health Benefits

The first step when creating your budget should always be to decide if you will offer health insurance.

While in the past, this was a given, you might want to rethink your plans for 2014 and later years. Obamacare is going to change the necessity of businesses offering health insurance plans and the plans that are available.

However, keep in mind offering insurance is also considered one of the many benefits that entice employees and keep them happy with working for your company.

Some things to note are that health benefits are cost effective when combining with other benefits for your employees and they improve employee morale. This can help your business advance to the next level, improving your productivity level.

Creating Your Health Insurance Budget

Next is the budget factor.

No matter how small your business is, you still need to create a health insurance budget before moving further with the type of health insurance benefits that will be offered to your employees.

Start by looking at your current or past budget, if you have it. Look at different budget templates. You may need to make some tweaks to it, but it’s a great place to start.

Look at your overall business budget and how much you can set aside for health insurance, and start there. Once you have this number, you will be able to then look for insurance plans within this budget.

You may also want to compare the costs of individual versus family health insurance benefits.

Types of Health Insurance Plans

Now that you are working on your budget, think about the types of health insurance that is available to choose from. This includes group health insurance and defined contribution plans.

The group health insurance plans are the most common and are sponsored by your business. You will provide these benefits to your employees, who then get a choice of which they opt in for, changing their premiums, plans, coverage and more.

Instead of paying costs to a specific plan, you can also offer defined contribution health plan which is a more affordable option and is more of a discounted plan, rather than insurance plan.

Moving forward into 2014, you will find that the current health insurance plans you are offering have changed somewhat, but are still available.

If you are fine with your budget and these plans suit your employees, don’t stress about making big changes.

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About the Author: Tina Samuels writes on social media, small business, marketing, and insurance.

Should You Allow Your Employees to Nap While on the Job?

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There was a time when people could get into trouble for falling asleep at work, but things have changed in recent years.

More and more companies are encouraging their employees to take naps during work hours.

If you are considering whether or not you should allow your employees to nap on the job, the following information can help you make the right decision.

Napping at Work in the United States

Many companies in the U.S. require their employees to work very long hours. To ensure that their employees will not be overly exhausted, these companies provide napping rooms or pods as a perk.

A report released by the Society of Human Resource Management revealed that napping rooms or pods were found in about six percent of all workplaces in 2011. Some of the well-known companies that allow their employees to nap at work are Google, Nike, Ben & Jerry’s, Pizza Hut, Huffington Post, Workman Publishing, Deloitte Consulting and Yarde Metals.

Cost of Sleep Deprivation to U.S. Businesses

According to the National Sleep Foundation, adults sleep an average of about seven hours per night during the work week, which is one hour less than the sleep duration recommended by experts. This means that a large percentage of American workers are sleep-deprived.

Sleep deprivation can have many adverse consequences, including increased errors, accidents, absenteeism, drug use and turnover; higher insurance rates, and lower productivity.

Depending on the severity of its consequences, it may result in substantial financial loss for a company. In 2011, Harvard scientists found that sleep deprivation costs U.S. businesses about $63 billion in lost productivity every year.

Benefits of Allowing Employees to Nap on the Job

Dozens of medical studies have found that sleeping for 30 minutes to one hour in the afternoon can increase alertness, productivity and mood.

Employees who are sleep-deprived have a greater tendency to feel tired than those who have enough sleep, and they may lose their ability to focus on their work. This can result in a decline in work quality and productivity, and even costly errors and accidents.

Napping at work can make your employees feel more refreshed and revitalized, enabling them to perform their duties more competently. It is especially helpful for those who are working in a creative field, because it can boost their ability to think creatively.

Create a Conducive Environment for Napping at Your Workplace

The best way to create a nap-friendly workplace is to dedicate a room for napping.

You can place beds, recliners or sleeping pods in the room and use dim atmospheric lighting to provide a comfortable sleep environment for your employees. If you do not have enough space to create a napping room, you can supply nap mats and eye masks instead.

Many companies that encourage napping on the job have seen a significant increase in employee productivity.

Therefore, it is highly recommended that you make napping a part of your company culture.

Photo credit: newscolater.com

About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from running a small business to online reputation management.

5 Keys to Properly Selling Your Small Business

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If you’ve started a small business from the ground up, then you know just how much hard work goes into making a business successful.

So, when it comes time to sell your baby, it’s important that your exit strategy is the right one in order for all that hard work to pay off.

With sale success in mind, here are 5 key strategies to properly selling your small business:

1. Patience is a Business Virtue

No matter how much planning goes into the sale of your small business, if you don’t wait until the most opportune time to sell, then you’ll likely end up disappointed. This is true for you, the seller, as well as the potential buyer.

In other words, it’s wise to wait until the timing is right and your small business is financially stable before selling. A business that’s successful on paper will result in a higher selling price. That said it’s also important to wait for a buyer who’s not only financially capable of taking over your business, but also business savvy.

2. Picking the Right Buyer

Most small business owners don’t just sell their livelihoods only to walk away and never think about the sale again. In fact, owners have a vested interest in their businesses long after the sale either in the form of shares, partial ownership, or on an emotional level.

Because of this, it’s imperative that you choose the right buyer to take over your small business. This means a financially stable buyer with experience in running a small business. On top of that, look for a buyer with the same passion you have for your small business.

3. Broker vs. Sell by Owner

Selling your small business yourself may sound like a good idea, especially considering the fees and commission involved with hiring a broker. But, if you don’t know what you’re doing in the sale department, then the money saved selling on your own may be more trouble than it’s worth.

So, take into consideration the paperwork involved with purchase agreements, nondisclosure and confidentiality agreements, bills of sale, leases, and security agreements. If that’s something you can handle realistically, then a broker may not be necessary.

4. Finding the Right Selling Price

When it comes down to the bottom dollar, a lack in research could result in your small business’s selling price coming in too high or too low. A high price is bad because it scares away potential buyers whereas a low price makes you, the seller, look like you’re trying to get out of a business gone wrong.

So, it’s wise to consider everything from the competition to the economy to the industry your business is based in before setting the sale price. This, combined with independent research on brand specifics, will result in the right asking price.

5. The Why Behind the Sale

Beyond all the pre-sale preparation and planning, everything about selling your small business will boil down to one word and one word only: why? The buyer’s definitely going to want to know, so be prepared.

Ask yourself why you’re selling your bread and butter – if it’s because you’re moving on to new horizons or retiring, then that’s perfectly fine. But, if you’re selling because the business is failing, then that’s something the buyer needs to know. In other words, be honest with yourself and the potential buyer.

By keeping these key strategies in mind, you’ll have a hassle-free time selling your beloved small business.

Photo credit: sellabusinessflorida.com

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including personal health, the best accounting software, and small business.

3 Small Business Concerns Going Into 2014

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What will 2014 have in store for small businesses?

A few small business concerns certainly present themselves, as owners prepare for some hurdles that come in the way of a successful year.

Looking ahead to 2014, here are a few small business concerns that you will do well to counter if you hope for your small business to succeed.

 1.    Health Care

Without question, health care will remain a concern for small businesses heading into 2014.

Largely due to health care concerns, a recent report found that optimism among small business owners fell to 59 percent in October, where it was as high as 72 percent in the prior month.

While these numbers were affected by the government shutdown, health care remains a big concern of small business owners.

As worded in the report by SurePayroll CEO and President Michael Alter, “the only thing that’s certain about health care reform right now is that it’s causing more uncertainty.”

As the dust settles heading into a new year, small business owners will need to grapple with the implications of health care reform.  Business owners will need to understand and react to how it will affect their business.

Many owners would do well to take this matter seriously.

If these changes are not understood, it would be a smart move to consult with a professional on the business’ options moving forward.

2. The Economy

Indeed: the economy could easily land on any year’s list of small business concerns.  It is clear that 2014 is not bucking the trend.

Based on the previous report, year-over-year nationwide hiring is down 1.7 percent, while paychecks are down 0.1 percent.  While the West (down 2.5 percent), Midwest (down 3.0 percent), and Northeast (down 4.1 percent) were not positive, the South is the only region where hiring is up – at 1.3 percent.

As you might expect, there is not simple solution for dealing with economic difficulties at the small business level.

Savvy budgeting and planning will need to take place, with a careful eye towards difficult areas like health care and insurance.

3.    Taxes

In a recent article from the Washington Post, tax reform is said to target small business concerns.  Yet, as the headline asks, “will it matter?”

With criticisms of the current rate structure and the overall code, there are plenty of hurdles that must be overcome.  Small business owners are awaiting the changes that will occur with tax reform, in order to react and – hopefully – enjoy any benefits that come from its developments.

Similar to the subject of health care, small business owners are advised to stay abreast of relevant changes.

Finding a professional that can be trusted can be an invaluable step towards staying on top of any and all relevant changes.

As a small business owner, what has you most concerned as we head into 2014?

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About the Author: Brian Neese is an author that specializes in content marketing, social media, and SEO.  He writes about technology, how to be first on Google, marketing, much more.