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7 Small Business Resolutions to Achieve in 2019

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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?

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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

5 Benefits of an Energy-Efficient Office

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By Kayla Matthews

Conserving energy has many business benefits that can make your office run more smoothly and bring in profits. If you’re considering implementing energy-efficient practices in your workplace, you might be looking for some specific reasons to make the switch. To give you confidence and change your business for the better, let’s look at five benefits of an energy-efficient office.

1. Healthier Workplace Environment

A sustainable workplace offers many benefits for employees, from improving their health to their happiness. Stress and environmental factors both pose health risks in the workplace, but an improved physical setting can change that. With an energy-efficient office, you might see fewer sick days and turnovers, along with an increase in satisfaction, motivation and productivity.

Air quality and temperature also affect the wellbeing of office workers. Overuse of air conditioning can release toxins and other substances that can have harmful health results into the air. Monitoring the thermal conditions and dampness can make employees feel more at ease, reduce stress levels and lower the spread of illness.

2. Lower Operational Costs

Major businesses and large companies can more readily accept the costs of adopting energy-efficient practices, but in the long run, all businesses can save on costs by choosing sustainable measures. Retrofitting seems expensive while turning a facility green, but once these new features are added, building owners can see a difference in their operating costs.

Less invasive eco-friendly changes are even easier and more cost-effective. Other indirect costs from suppliers and logistics can be reduced by identifying and reducing waste — a pillar of energy efficiency.

3. Reduced Energy Consumption

Business costs such as energy expenses can be cut down with efficient procedures, such as upgrading to LED lights or enhancing ventilation.

Businesses are beginning to recognize the extent and impact of their energy use. A study showed 60 percent of executives expected their energy expenses to rise in the next year. To help keep business booming, they are adopting new practices and cutting back on energy use.

The efforts of using green buildings can produce financial benefits, as owners have seen an average ROI improvement of 19.2 percent for existing building projects. Energy consumption like carbon emissions is dropping, saving businesses substantial money. When you switch to energy efficiency, your sustainable efforts can provide profitable results.

4. Better Public Image

Making environmentally friendly advances gives your company a better reputation in the community and attracts customers or clients. Your brand can appear more responsible and capable to the public once you introduce energy-conserving features. Aiming your campaigns or your company’s values towards eco-friendly principles can communicate care that goes beyond your office’s walls.

5. Higher Market Value for Your Building

Green buildings are becoming more attractive on the market. When you make your building efficient or Energy Star certified, the value goes up. The market demand encourages many building owners to invest in energy-efficient developments.

Occupancy rates climb when businesses give attention to their environment and incorporate sustainable actions. If you decide to sell your building or move locations, a green building can drive your facility’s price up. New commercial real estate is increasingly created with energy considerations in mind.

Energy Efficient Strategies

The following solutions can cut costs and energy use for your company if you’re aiming to pursue green practices.

  • Switch from desktops to laptops, because they take significantly less energy to power.
  • Add motion sensors for lights so that no one forgets to turn them off at the end of the day.
  • Check and replace HVAC filters more often.
  • Upgrade old office equipment to energy-efficient models.
  • Use LED lights and signs.
  • Adjust the thermostat based on the season.

Incorporate Energy-Efficient Habits Into Your Office

While you benefit your workplace by adding sustainable solutions, you’re also helping the environment as a whole. Employees and overall profits can both show positive results when you strive for energy efficiency.

 

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 Siarhei Horbach on Unsplash

How to Develop an HR Strategy for Your Startup

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By Kayla Matthews

Since startups often have limited resources, you may not think it’s necessary for yours to have a human resources (HR) strategy. However, the people you hire will have a direct impact on the organization’s long-term performance, along with its culture, turnover rate and more, and the HR strategy could affect all those things.

Also, if you only begin forming such a strategy once problems become apparent, it may be too late. Instead, be proactive and ensure there’s an HR strategy in place to promptly deal with issues that arise.

Being Aware of Needs Is Essential

One of the earliest parts of making an HR plan involves being aware of skills gaps that are hindering the startup’s progression. Determining that means meeting with all the decision-makers at the startup and getting input about hiring needs.

Anything you bring up at this stage must also be feasible concerning the company’s budget. Plus, any needs assessment should include company or industry-related forecasts. After all, those projections could cause needs to shift.

Have a Goal-Oriented Mindset

Staying focused on goals is also helpful when creating an HR plan. Looking at the company’s goals and determining how the human resources department or person fits into those aims is a good start. However, it’s also necessary to find out about the individual goals employees have. There are many things for startup companies to know about HR as a whole, but learning about employees is valuable, too.

Perhaps the HR strategy could accommodate some workers’ aspirations through online or night classes, cross-training or mentorship programs. The results of a global survey from PwC found only 33 percent of HR professionals had talent practices in place to drive skill development, but a majority of those polled recognized the connection between skills and the future development of the company.

Startups must realize how skill development ties into overall company prosperity and move beyond that knowledge by actually coming up with actionable programs.

The HR Plan Should Make Dedicated Individuals Responsible Answering Specific Questions

An excellent HR strategy should spell out how human resources professionals are the points of contact for questions employees have. For example, a person might want to learn information about workers’ compensation or know the process for requesting time off from work. HR professionals can handle both of those queries and many others.

When the HR plan outlines the kinds of questions HR professionals will answer, it’ll become clear which topics the HR staff needs to periodically stay abreast of while working at the startup. Plus, when employees know how to get the insights they need, they can avoid frustration.

Designating an HR professional as a point of contact for particular matters also sets professional boundaries by ensuring unqualified people don’t get swamped by questions they can’t or should not answer due to a lack of expertise.

A Hiring Process Offers Uniformity for Job Candidates

Even if your startup isn’t hiring right now, it may soon, and it’s best to prepare. Implementing a hiring process into an HR plan means all candidates applying for jobs have consistent experiences. The hiring process involves factors such as how and when you post positions, the methods you use to contact people for interviews and the steps of the onboarding process.

It’s smart for companies to address the hiring process in an HR strategy to prevent problems. Otherwise, people could make discrimination accusations or become so frustrated because of rampant disorganization at the startup that they have second thoughts about applying for jobs at the company.

Software Can Facilitate Creating or Adhering to a Human Resources Plan

Thinking about employee succession is another aspect of a well-rounded HR plan. That involves thinking ahead and getting people ready to replace leaders who may retire or leave the company due to other opportunities. Specialized software programs can make succession planning simpler by providing insights related to potential candidates within and outside of the startup.

Also, many software titles offer numerous features. That means companies may find options that meet several of their needs simultaneously.

Adapting to Change Should Factor Into Any Strategy

Things such as market developments, unmet needs and profit margins may cause changes in a startup’s direction. When those alterations occur, HR professionals can play crucial roles in managing change and setting expectations. As such, an HR strategy should detail the responsibilities HR professionals must handle, such as informing employees of changes and addressing their concerns.

Your HR Strategy May Evolve as the Company Does

In addition to being mindful of the recommendations here, remember you don’t need to make a plan that’s overly rigid. As your startup makes progress, it may become evident it’s time to make changes to the HR strategy, too.

 

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

Do You Need an MBA to Own a Business?

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By Kayla Matthews

It’s the American Dream, right? Graduate high school, go to college, get a degree and open a successful business. Is an MBA (Masters in Business Administration) necessary to open and own a business?

New trends seem to suggest that it isn’t. Let’s take a closer look at these trends and help you figure out whether you need to go back to school to get the most out of your business.

Successful Without a Degree

An MBA might seem like the perfect tool to help you succeed when owning a business, but that isn’t always the case. Some hugely successful individuals, from Bill Gates of Microsoft to Mark Zuckerberg of Facebook succeeded without degrees, but they exemplify the exception rather than the rule.

A report by the Bureau of Labor Statistics and the U.S. Small Business Administration shows that 20 percent of new businesses fail within the first 12 months. Of those that survive, only half will reach their five year anniversary.

The basis of any successful business means having more cash coming in than going out. This fundamental rule seems like common sense but business colleges still teach it — and many business owners without an MBA seem to miss this.

If you don’t have a degree but own a business, should you consider going back to school?

A Changing Landscape

Business isn’t as simple as it used to be. Gone are the days where you could open a store and make it successful by running a couple of ads in the local paper. The business landscape constantly changes, and it can be difficult to keep up with these changes without a degree under your belt — especially with new techniques taught in the classroom.

Getting an MBA is an expensive proposition — a complete degree program at a prestigious school can cost upwards of $130,000. For someone working in a business career, the ROI on a business degree is quicker than someone starting their own business. Becoming an entrepreneur doesn’t come with a signing bonus, unfortunately.

Networking Is Key

Getting an MBA — or taking some business-focused night classes to continue your education — isn’t just good for learning how to navigate the ever-changing business landscape. It is also an invaluable tool for creating professional connections that can mean the difference between a successful business and a failed one.

Even if you think you have enough experience to run a business, going to business school can be one good way to make the networking connections you might not find elsewhere. You might even find a business partner!

Experience Isn’t Everything

Small businesses start every single day based solely on the skills and passion of the business owner, but experience and passion aren’t always enough to keep a business afloat. Ambition will only carry you so far without the business acumen to turn your dreams into reality.

A business degree is also a great fall-back if your business ends up being one of the ones that fail within its first year. Having a few years of experience under your belt makes you a more attractive candidate for hiring managers than someone who has the same degree but is fresh out of college.

 

When it comes down to it, do you need an MBA to run a business? The answer is both yes and no. A business degree can teach you things you might not learn otherwise, and it is an invaluable tool for networking and gaining industry experience. You don’t need to have a degree to create a successful business, but it helps.

 

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 MD Duran on Unsplash

15 Podcasts for Business Managers and Professional Entrepreneurs

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By Kayla Matthews

Business managers and entrepreneurs are busy people — there’s always more to do and room to grow. Busy people can still take time to learn, however. If you’re an ambitious worker, there’s a good chance that you’re always hungry for more knowledge. Podcasts allow you to fit learning into your free moments. If you’re interested in learning even more about your field, consider listening to a few of these 15 excellent business podcasts.

1. Seeking Wisdom

In the Drift podcast Seeking Wisdom, hosts David Cancel and and Dave Gerhardt talk personal and professional growth. They’ve covered topics ranging from marketing to running a meeting to furthering your personal career. Every episode comes in a short, bite-sized format perfect for busy managers and business owners.

2. Hack the Entrepreneur

In his interview podcast Hack the Entrepreneur, Jon Nastor talks to big-name and upcoming entrepreneurs about their fears, habits and inner battles to find out what makes them successful. Listeners learn about forming successful habits, finding ideas and starting an online business.

3. Startups for the Rest of Us

Startups for the Rest of Us is a show for developers, designers and entrepreneurs focused on helping people launch software products successfully. Listeners interested in tech entrepreneurship can learn loads from the hosts’ combined 20 years experience as software engineers.

4. HBR IdeaCast

From the people behind Harvard Business Review, HBR IdeaCast features talks with leading thinkers in business and management. Business professionals and entrepreneurs can learn about innovations and current issues in business, from AI to workplace diversity. The show’s host is Sarah Green Carmichael, an executive editor at Harvard Business Review.

5. Business Wars

Fans of documentaries and audio dramas will love Business Wars. Both entertaining and informational, this show tells the inside stories of battles in business. Some of the stories covered include Netflix vs. Blockbuster, Marvel vs. DC and eBay vs. PayPal. Learn what makes successful companies rise and others fall when facing fierce competition.

6. 1st Talk Compliance

Employers hoping to get legal advice during their morning commute might consider listening to 1st Talk Compliance. Host Catherine Short and her guests address issues employers face when understanding and complying with the Americans with Disabilities Act and handling ADA claims. Listeners can find legal definitions, discussions and more from experts in health care and compliance.

7. BBC World Business Report

Entrepreneurs who want to stay informed about the current biggest market influences might listen to BBC World Business Report. The show updates daily and brings listeners business and financial news from around the world.

8. The $100 MBA Show

Wish you could expand your business knowledge in the time it takes to take a shower? The $100 MBA Show provides short, actionable business lessons in just over 10 minutes. New episodes provide “no-fluff” advice every day on a variety of topics, so you can learn what you want whenever you want. Whether you’re new to business or an experienced entrepreneur, you’re sure to learn something new.

9. Mixergy

In the podcast Mixergy, host Andrew Warner interviews successful business founders so you can learn from them. You can listen to interviews with more than 1,500 entrepreneurs, including founders of well-known companies like Pixar and Linkedin.

10. Planet Money

From NPR, Planet Money explains the economy in a way that’s actually fun by telling both common and lesser-known money stories — from combating money in politics to conquering the onion market. Planet Money is entertaining, informative and weirdly fascinating.

11. WorkLife With Adam Grant

In the TED podcast WorkLife, organizational psychologist Adam Grant gives listeners an inside account of unusual workplaces. The show provides insight into how people tackle work challenges together, so it’s a great resource for managers and employers.

12. Girlboss Radio

In each episode of Girlboss Radio, host Sophia Amoruso interviews glass-ceiling-shattering women entrepreneurs, founders and creatives. Their conversations are honest, insightful and funny, providing lessons for hopeful female entrepreneurs and everyone.

13. No Quit Living

The No Quit Living podcast knows that people need motivation to reach their potential. In every episode, host Christopher Wirth interviews successful people from all walks of life to find out what motivates them to succeed. No Quit Living helps entrepreneurs find drive to pursue their goals even in the face of adversity.

14. Entrepreneurs on Fire

Award-winning podcast Entrepreneurs on Fire focuses on providing the inspiration and strategies entrepreneurs need to succeed. With over 2,000 episodes, Entrepreneurs on Fire has useful interviews and tips for anyone interested in business. You can listen to new episodes every Monday and Thursday.

15. Growth Now Movement

The Growth Now Movement podcast brings listeners interviews with entrepreneurs and game-changers who’ve turned professional and personal struggle into growth. Episodes will inspire you while providing some truly useful insight into the nature of growth and success.

Listen and Learn Today

As an ambitious entrepreneur, you’re always looking for new opportunities to learn an improve. These podcasts can provide insight and inspiration, whether you’re just starting your career or moving up. All you have to do is listen to start learning.

 

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 Mohammad Metri on Unsplash