Successful Blog

Business Reports You Need on a Regular Basis

by

By Wendy Dessler

Running a business, whether offline or online, can be a lot of work. While many people dream of becoming an entrepreneur or running a business, the chances of success are unfortunately not as high as you might hope. In fact, only around half of all small businesses will survive into their 5th year.

One of the best ways to ensure your business is successful is to make sure you remain in tune with all that is happening. To do this successfully, you will often need to see actual reports that outline your success. Thankfully, technology has made it easier than ever to produce a wide range of reports that you can analyze. These business reports can be quite important to your business for a number of different reasons.

Without any further ado, this article is going to look at a few different reports that your business needs to check out on a regular basis.

Website Analytics Report

With more and more people using the internet to shop or influence purchases, it is important to have a good business website. You should also be monitoring the various different analytics produced by your site. This can give you insights on your customers and the overall success of your business. However, in addition to knowing things like traffic, traffic sources and demographics, there are many more analytics and information that you should familiarize yourself with. For example, you should be sure to frequently check out your logs.

Your website or software will create logs, which are essentially a time-stamped documentation of events. Anything that happens on your site such as successful logins, failed logins, security threats or dozens of other events will be logged. By checking these logs, automatically or manually, you will have a good idea what is going on behind the scenes. If you want to learn more, be sure to check out the advantages of Apache Logging Basics.

A Productivity/Time-Tracking Report

The employees at your company are incredibly important to the success or failure of your business. If they are productive and on-task, you will likely be successful. However, if they are wasting time or generally being unproductive, it can hurt your bottom line. And unfortunately, while the internet has helped businesses in a lot of ways, it can also be a massive distraction for employees.

To ensure everyone is on-task and productive, you should be sure to use a software that can produce a productivity or time-tracking report. These types of reports will be able to tell you what your employees are really doing while they are clocked in at the office. This can help you address potential issues directly and ensure everyone remains productive while at work.

A Variety of Financial Reports

cartoon hands on laptop Image by mohamed Hassan from Pixabay

Of course, one of the single biggest indicator of the success of your business is your finances. Not only do you have to be making money, but you also need to ensure you are spending less than you are making, too. Thankfully, there are a variety of different financial reports that can provide you with all of this information and more.

You should be checking sales and revenue reports, expense reports, your balance sheet, your budget and even cash flow statements. Each of these reports can provide you different information about the finances of your business. They can help you notice if anything needs to be changed and can assist in making important business decisions.

 

Featured Image by rawpixel from Pixabay

 

About the Author: Wendy Dessler frequently writes about the latest advancements in tech and digital marketing. She currently focuses on helping SaaS businesses create a better world for our kids.

How to Use the Ivy Lee Method for Success

by

By Kayla Matthews

In the modern world, people are very concerned about getting things done. Blame could go toward the state of the economy or the drive for more innovation, but the song remains the same: People want to be more productive to have something to show for their work. However, some are having a hard time doing it.

Bullet journals and other analog organizers are trendy, and there are plenty of productivity tips for professionals that you could follow.

But, truth be told, you don’t need something new to be productive. To-do lists are just about as old as time. Maybe you’ve tried these methods already and are still having trouble keeping up. Perhaps what you need is a 100-year-old technique worth over $400,000.

Who Is Ivy Lee?

Ivy Ledbetter Lee was a publicity expert and the founder of modern public relations in America during the early 1900s. Charles M. Schwab was the president of Bethlehem Steel Corp., the second-largest steel producer and largest shipbuilder in the United States during this era. In 1918, Schwab held a meeting with Lee to heighten productivity in his workplace.

Lee, offering his services for free, asked to meet with Schwab’s executives for 15 minutes each. During these meetings, Lee taught his method to all the executives and sent them back to work. After three months, Schwab asked for a second meeting with Lee, this time writing the other man a check for $25,000. Today, that amount is worth $420,000. That’s the price Schwab thought was appropriate for Lee’s advice to increase productivity.

What Is the Ivy Lee Method?

Lee’s method was actually incredibly simple, and most people easily overlook the basics. The secret is the psychology. The simplicity and ease-of-use in everyday life is just a bonus. Though there are other similar methods out there, this is the only one that goes to the root of the problem and removes distractions.

Here is the process as Lee taught it to Schwab’s executives.

  1. At the end of the day, write down six important things to do the following day. Never write down more than six. This means you don’t have to think about what to do that day and keeps the list small enough for you to tackle everything.
  2. Arrange the tasks in order of importance. List the most crucial task first.
  3. On the next day, start the first task immediately. Don’t go to another item until the first is completed. If an emergency or other things crop up, do them only if they absolutely must be finished before what’s on your list. Never stray from the list if it can be helped.
  4. Continue the list in the same manner. Any unfinished tasks at the end of the day get moved to the agenda for the next day. You’re not punishing or berating yourself for not getting everything done, which would be extremely unproductive.
  5. Repeat the process for every workday. At the end of the week, if you find you can’t complete all six tasks, shorten the list to five or four. Use whatever number works best for you.

The strategy sounds too simple to work, but Schwab evidently saw a lot of success and improvement after only a few months. The same could potentially be said for anyone, whether they’re looking to be more productive in running their own business or just a parent trying to be less overwhelmed during the day. Anyone can use the Lee method and see success.

Why the Method Works

There’s psychology at play here. We’ve been led to believe over the years that multitasking is the best way to be productive. In reality, it only leads to stress and distraction.

Focusing on a single task at a time results in more getting done in the long run without tripping over your own feet in a rush. If you’re skeptical, give the Ivy Lee Method a try for a week or two and see for yourself why Schwab thought it was worth so much.

 

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured Photo by Clark Tibbs on Unsplash

The Importance of Delegation in Business

by

By Kayla Matthews

 

Delegation happens when you give at least one task to other people to handle. Many business professionals are reluctant to delegate because they want to remain in total control of their responsibilities. It’s natural to feel that way at first, but once you learn about the importance of delegation and the benefits it can bring to yourself and others, you should be more likely to engage in it.

1. Delegate in Ways That Maximize Your Value

When thinking about things you could do that could help you earn more, the things that come to mind are likely self-development or making sure your superiors know you’d be an excellent candidate for an upcoming promotion. Those things could help, but a 2016 HBR study that quantified the returns of delegation found that earnings capabilities go up when people delegate.

The research examined the payoffs from delegation occuring at law offices with partners and associates. It showed that, on average, a partner could earn 20 percent more by delegating, and top lawyers increased their earnings by as much as 50 percent through delegation.

Delegating enabled lawyers to spend more time with clients and handle complex tasks instead of routine ones. Then, the clients were willing to pay higher rates for the services.

You could apply this tip to whatever you do by thinking about which tasks you handle are most valuable to the company and the people you serve. Then, ponder which responsibilities prevent you from doing those things. By taking this approach, you should be able to see which duties are best left up to you, and how you could free up your time and excel by delegating.

Bill Gates is a well-known person who knows how to delegate. He did so by tasking his staff with going through his emails and determining which ones were most important. Gates recognized that reading emails wasn’t a valuable way to use his time, and you could do something similar.

2. Always Give Feedback

Distributing responsibilities to others can be a way to empower your employees. Delegation is an art, and you can do it better by offering both positive and negative feedback. Delegation itself can be a morale booster because it shows people that you trust them. Plus, positive feedback lets individuals know they’re doing well.

Negative feedback is just as essential, as long as it’s constructive criticism. Instead of merely telling a person what they’re doing wrong, be specific about how they could do better. Then, the worker can take action with your feedback, growing as a person and helping the company via improved performance.

Also, don’t wait to provide feedback until the person does something outstanding or makes a huge error. Continually providing feedback removes doubt that people will likely feel if they fear not living up to your expectations.

3. Take Time for Person-Task Matching

Delegation doesn’t mean assigning any task you’d rather not do to the closest person within earshot. You’ll be able to recognize the importance of delegation by carefully choosing tasks to delegate that align with the skills or goals of those who ultimately perform them. It’s also crucial to be aware of things like a person’s workload, how they handle pressure and if they work well on teams.

When people do handle responsibilities that fit them well, they’ll feel motivated and well-equipped. On the other hand, being asked to do an ill-suited task could make the person feel like you’re dumping things on them. Be aware of how certain tasks may cause a person to realize their potential and step outside of their comfort zone, too.

4. Provide Employees With the Resources They Need to Succeed

Handing a duty over to someone else requires you to give them all the authority and other resources necessary for doing the job to the best of their ability. As such, you may need to let relevant workers in other departments know that someone other than you is handling a particular responsibility.

Delegating correctly by providing resources as well as responsibility could make your company more productive overall. That’s because people spend less time waiting for you to make decisions and devote larger portions of their workdays to tackling the tasks you’ve given.

5. Give Guidelines and Ask for Input

Demonstrating effective delegation skills means setting a framework. People who delegate should be clear about what they want and need, as well as any associated timeframes. Also, if there are things a person taking care of a task absolutely must or must not do, those things should be spelled out at the start.

Additionally, it’s a good idea to ask the person receiving the task if they have ideas to improve what you outlined to them about the responsibility. The information they chime in with could make you realize that process improvements exist that could make the job less expensive or time-consuming. Seeking feedback also reminds the person that you care about what they think.

Delegation Can Provide Mutual Benefits

Psychological barriers often cause people to resist delegation and not recognize its importance. For example, you may assume you can do a task faster and better than anyone else without being open to letting someone else do it. But the information above highlights why delegation could help you and your employees alike — and in turn the whole company.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

 

Featured image credit: Photo by rawpixel on Unsplash

How Design Affects Productivity in a Coworking Space

by

By Kayla Matthews

With control and flexibility in their jobs, freelancers and remote employees determine where they work. Many choose to join coworking spaces to carry out their work hours. A variety of professionals join these membership-driven communal workspaces to get out of the house or bounce ideas off other creatives.

While there are plenty of reasons to frequent a coworking space, the benefits of a diverse work area unite independent workers. After joining a coworking space, 74 percent of workers had an increase in productivity, making many people appreciate these communal areas.

With the proper design, professionals can thrive in these settings. A substantial factor in productivity involves a positive surrounding. Well-designed environments attract occupants, and the perks of the layout, furnishings and decor can help professionals stay on task. Here’s how design in coworking areas changes focus and efficiency.

Balances Distinct Productivity Styles in the Layout

Coworking spaces prioritize creativity and collaboration in primarily open office layouts, but with an assortment of people, some prefer less chatter to function at their best. Open office layouts can create high levels of stress or a lack of motivation for some, which hampers productivity. Coworking spaces that cater to both personality types help all professionals function at high levels.

Since concentration is a key part of productivity, coworking spaces are designed with the verbal and internal processors in mind. Open floor plans attract and increase productivity for interactive people and groups, while quiet zones and private alcoves allow space for others to work on their own. Members of coworking spaces are encouraged to respect designated talking and quiet spaces to help their fellow co-workers remain focused and on task.

Gives an Impression of Identity and Belonging

Individual workers who don’t have a set office may find community in vibrant, contemporary coworking spaces. They also often feel less isolated and can find belonging and recognition. Coworking spaces are more conducive for collaboration and networking, too. These components help to increase work performance and satisfaction.

Although there isn’t a set “company culture” in a coworking space, the decor can still connect workers to an overall purpose. Decorations like large-scale murals can instill enthusiasm and identity in independent workers. Adding graphics and artwork can enliven a workspace and make it a pleasant context to complete tasks in.

Boosts Moods With Visual Accents

Although it seems like a subtle aspect of design, sufficient lighting can transform a place for workers. Natural light can elevate your workplace performance because of the connection between daylight exposure at work and overall quality of life. When asked about elements of an effective workplace, over 75 percent of 250,000 employees said they feel natural light is important.

Adding more windows to the design place can help co-working spaces give independent professionals a productive edge during the workday. Thrive Workplace, a coworking community in Denver, includes natural light in their facility to cultivate a vibrant atmosphere. Greenery and office plants also help to brighten and invigorate communal work areas.

Offers a Sense of Flexibility

Certain types of stress during work can be detrimental to productivity. When you start producing low-quality work, the pressure can keep you from operating at full capacity. However, workplaces with informal breakout rooms and relaxing stations provide a chance to regroup and give your mind a break.

The right setup can amplify the freedom of independent work with additional opportunities to de-stress. Fun, versatile areas in a coworking space can diminish the burden of work, as long as they don’t impede on zones reserved for formal meetings and serious tasks. Separating the main working section from places to unwind can produce flexibility.

Incorporate Helpful Design Elements

An appealing design can set apart a coworking space and lead to further productivity for occupants. Decor, layout and accents can all form a beneficial setting that suits a diverse group of professionals. Complement the best components of communal work areas with an engaging design.

Do you use a coworking space? What would you say are the pros and cons?

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

 

Featured image: Photo by Al ghazali on Unsplash

7 Small Business Resolutions to Achieve in 2019

by

By Kayla Matthews

2019 is here, and even if you haven’t made a personal resolution, you can still make a professional one. Whether your small business wants to focus internally or externally, there are plenty of resolutions to make that will help your business grow and accomplish its goals throughout the year. Here are seven small business resolutions you can work to achieve in 2019.

1. Try Automating Certain Business Processes

If 2018 was a year of rapid growth for your small business, you might look to expand into additional coverage areas. Instead of hiring new staff members, try automating some of your business processes to save you time and money. For example, use QuickBooks to manage your books. Digitize whatever you can as well. If you’re still sending out invoices, try encouraging clients to sign up to receive bills electronically to save on postage.

2. Delegate More Tasks

Managers everywhere talk about delegation, but is your small business putting it into practice? Although it can feel challenging to hand off an essential task to someone else, it’s an important choice that frees up your time for other areas. For example, if you’re the CEO of a small business, try delegating invoices to someone else in the company. Then, you have more time to network with employees and clients and build your business.

3. Secure Financing

Small businesses at every stage need cash. Whether your new business needs startup capital or your established company needs some extra cash to cover expenses during slow months, it’s essential to secure financing in the New Year.

Take time to learn what your financial options are, like a traditional bank loan, SBA loan or a line of credit. Your bank can help you secure the funds and make sure you’re in good financial shape for 2019.

4. Communicate More Effectively

Better communication is a broad goal, but you can tailor it to the needs of your specific small business. For example, maybe you want to communicate better with your clients or potential clients in 2019 by responding to their comments on your post. Or, perhaps your goal is to communicate more effectively with your employees. Whatever the case, make a strong communication plan and follow through with it all year.

5. Focus on Professional Development

Running a small business is hard work and takes up a good chunk of your time. With such a busy schedule, it can be a struggle to find time for professional development opportunities. A great resolution for 2019 is to dedicate time to your personal and professional development. If this goal is valuable to you, try implementing it with your employees as well. You can set monthly webinars or have speakers come in to help employees learn.

6. Start a Blog

If the content on your site needs a facelift, 2019 is a great time to make it happen. Try starting a blog to put fresh content on your site daily, weekly or monthly. Engaging content on a blog can give your customers helpful information and further solidify their relationship with your brand. Identify some topics with SEO value at the beginning of the year, and make it a goal to keep the content coming from January to December.

7. Support Other Small Businesses

Chances are, you remember what it was like to build a business from the ground up. Now that you have established your small business, another resolution for 2019 could be to pay it forward to others in your shoes. Shop at other small businesses when you can and talk to fellow business owners in your community about working on a joint marketing campaign. Pooling funds will help other businesses, plus it will get your name out in the community in a new way.

Make 2019 Your Best Year Yet

Take time out of your schedule during January to sit down and outline some goals for your small business. Do you want to communicate with employees more? Delegate more tasks? Partner with other small businesses? Whatever your goals are, following through with them could make 2019 your best year.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: Photo by Martin Adams on Unsplash

Do Co-Working Office Spaces Really Help Productivity?

by

By Kayla Matthews

Co-working office spaces are popping up all over the country and inspiring people to look at office culture in a new way. In the past five years, co-working office spaces have grown 21 percent and are expected to grow two to four percent more each year.

What Is a Co-Working Office Space?

Co-working office spaces are designated workspaces shared among remote and independent workers who want the sense of an office without the competitive corporate atmosphere. In addition to offering desks and work lounges, co-working spaces often provide other office amenities like meeting and conference rooms, coffee machines and kitchens. The goal is to provide a productive working environment with a better culture than the traditional cubicle or home office.

Benefits of Co-Working Office Spaces

With their emphasis on the individual having control over the workplace environment, co-working spaces are drawing more professionals each year. Harvard Business Review says co-working spaces also foster more dedicated employees and new ideas. Business News Wales also sports positive reports of co-working spaces, saying that 89 percent of people who co-work are happier than those who don’t.

Here are some other benefits of co-working office spaces.

  1. Sense of Community

Co-working office spaces provide a sense of community that you could normally get in the typical office environment — without the office politics. Workers who feel alienated and disconnected working from home or in a solitary space can take advantage of a co-working office, connecting with others and the working culture again.

  1. Networking Opportunities

Being with other professionals who are working in different industries and fields offers a prime opportunity to broaden your network. A small chat at the co-working kitchen or sharing a desk with someone you wouldn’t normally interact with could spark a potential partnership and friendship. Plus, you never know what ranks of professionals are sharing your space and can provide referrals and recommendations.

  1. Affordable Space

The average cost of a co-working office space is about $295 a month depending on location. Included are electricity, internet, air, heating and maintenance. Unlike in traditional office spaces, desks, chairs and other office furniture is provided. Some facilities even offer additional amenities, making it a better value than a traditional office.

  1. Flexibility

With a co-working space, you use it when you need it. You’re not obligated to be there from nine to five or any other set of hours like in a traditional office, and you don’t have to be committed to using the space for longer than you want to. Co-working office spaces offer shorter lease and contract periods than typical office spaces.

Drawbacks of Co-Working Office Spaces

Even with all the benefits that co-working office spaces provide, there are drawbacks too, including the following.

  1. Distractions

The best thing you can do to help your productivity is to eliminate distractions. But when you’re working in a space that’s open to everyone, there are ample opportunities to become distracted.

Co-working office spaces are usually open-air and made for individuals who are coming and going. With people constantly moving around, arriving and leaving, your eyes can get drawn away from work. Plus, without walls to block sound, you can hear everyone’s phone calls, cell phone vibrations and music unless you have headphones in.

  1. Lack of a Designated Spot and Privacy

When you become comfortable in a certain place, you assume ownership. Because co-working spaces are shared, the spot you’ve come to be most productive at might be taken the next day, and you can’t personalize your desk without taking pictures and supplies home each day.

Most co-working spaces are also open air, which means everyone sees and hears what you do.

  1. Hidden Fees

Some co-working office spaces aren’t all-inclusive. There may be hidden fees or costs in addition to the amount you pay to rent your space, including:

  • Commuting or transportation costs
  • Purchasing food and drinks
  • Renting a locker or other storage
  • Printing and copying charges
  • Reserving a meeting or conference room

Things to Consider

Before you select and lease a co-working or other office space, here are some things to consider:

  • Location
  • Length of lease or contract
  • Workspace layout
  • Internet speed
  • Amenities
  • Security

Choosing Your Office Space

When it comes to considering a traditional office or co-working office space, determine which one fits your productivity style. Changing your environment could be just the move you need to amp up your productivity and get things done.

 

About the Author: Kayla Matthews writes about communication and workplace productivity on her blog, Productivity Theory. Her work has also appeared on Talent Culture, MakeUseOf, The Muse and Fast Company.

Featured image: Photo by Mimi Thian on Unsplash