Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In today’s digital age, many individuals are moving their products using an online store. If you have an online store, it’s important to be able to deliver your products as efficiently as possible. The following contributed post is thus entitled, 3 Important Changes You Need To Make To Your Online Delivery Process.
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A good shipping process is vital for online retailers. Customers have high expectations and they want their products to arrive as quickly as possible. Even if they love your products and the prices are great, they’re not going to come back to you if you make them wait a week for delivery. You’re not going to be able to match the next day or even same day delivery that the big companies are offering because you simply don’t have the resources to do it, but you do need to make sure that you’re getting products out as quickly as possible. You also need to make sure that you’re doing it in a cost-effective way and products aren’t getting broken in transit. It sounds tough, but if you follow these basic tips you can handle your shipping efficiently.
Supply chains are a difficult thing to manage and there are a lot of different steps to consider along the way. You need to get the products from the manufacturer delivered to your warehouse, then you need to pack them all and plan routes for your delivery vehicles. If this is your first business and you’ve never dealt with a supply chain before, you probably haven’t got a clue where to start. That’s why it’s a good idea to consult professional companies like the Moresby Group and get their advice. They’ll have a lot more experience than you and they’ll be able to help you set up and manage an efficient supply chain so you don’t make any costly mistakes.
Route Planning Software
Giving your driver a list of addresses and sending them on the way isn’t the most efficient way to handle your deliveries. Everything will still get there on time but it’ll take longer than it needs to and you’ll be using more fuel. But if you use route planning software, you can create the most efficient routes possible. That saves your drivers time, saves you money and makes your business more eco-friendly because you’re using less fuel.
Barcode Scanners
Picking items from the warehouse is quite a long part of the shipping process, especially if your employees are doing it all manually. You’re wasting so much time if people are searching the warehouse for products every time they need to load a shipment. That’s why you need to invest a bit of money in some inventory software and barcode scanners. Your employees will be so much quicker if they can scan their picking list and find out exactly where the products that they need are stored.
Consider Outsourcing
If you’re selling products on a large scale, it might be more cost-effective to run your own warehouse and shipping process. However, if you’re a relatively new business and you don’t make that many sales yet, you probably don’t have the capital for that. It’s also not necessary at this stage in your business career. Instead, you should consider outsourcing to a courier company. They’ll already have the infrastructure in place and the necessary experience to handle your deliveries in a timely fashion.
If you don’t have a good shipping service in place, you’re never going to get your online retail business off the ground.
The first principle of my blog is Creating Ecosystems of Success, and two key focuses are Financial Literacy/Money and Business/Entrepreneurship. Whichever kind of organization you’re running, taking care of your employees is key. If you do that, they’ll continue to give maximum effort. The following contributed post is thus entitled, More That a Cog: Show Your Employees That You Care.
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These days, employees want more than a paycheck from their employers; they want to feel like they’re part of something more important, to believe that they’re not just slogging away at a job so that a salary ends up in their bank account each month. Of course, money is a factor – a big factor – but there are others, such as knowing that their boss sees them as more than a cog in their machine. Showing a more caring approach doesn’t just affect your employees, either – it’ll be good for you, too, and the culture of the company. Below, we take a look at a number of ways you can become a more caring boss.
You’ve hired your employee to do a job for you, but that doesn’t mean that all of your interactions have to be solely about business. If they are, then you can’t have any complaints if they think you just see them as an expendable employee. Get to know your staff on a deeper level. No, that doesn’t mean you should spend every Friday night bar-hopping; it just means getting to know what makes them tick, what they want to achieve in life, what their dreams are, things like that. Their chief aim in life isn’t to work for you — but maybe you can help them along on their journey to wherever they want to go.
Give Trust
There are some bosses who really shouldn’t have hired any employees at all, since all they want their employees to do is whatever they’re told to do. They’re micromanaged to death, and when that happens, there’s no amount of personal chit-chat that can make up for what is painfully obvious — that the professional side of the employee’s life is of no importance. As such, one of the best ways to foster a deeper relationship is to give the employee the opportunity to do the job they were hired to do, without looking over their shoulder. It’ll be a big step along their professional journey, and you’ll have been responsible.
Sympathy
In the cold-hearted corporate world, you’re told to park your personal problems at the door when you arrive at work. This might work if the human switched to robot mode once they entered the workplace, but it’s not realistic if that’s not an option. If you’ve got a huge personal problem in your life, then there’s not much you can do about the influence it has on your life, nor should you need to. No-one likes a boss who puts the company’s profits above an employee’s personal problems. Show some sympathy, and do what you can to alleviate any problems that they may have, such as giving them extra time off from work.
Look After Their Health
Employees are working longer hours than ever before, and it’s beginning to take its toll. There’s been a sharp rise in work-related health conditions, especially those connected to mental illness and prolonged periods of sitting. This, of course, does nobody any good — not the employee nor the company. So put making sure your employees are fit and healthy at the heart of your employee wellness programs. If someone’s feeling the mental strain from work, give them a few paid days off. You can also initiate a telemedicine system at the office, so your employees can get their health virtually assessed by a professional. These types of workplace initiatives will, primarily, show that you care about your staff’s wellbeing, but also boost morale and reduce sick days, too.
Take Their Side
If you’re in business for long enough, eventually you’re going to have to deal with a rude or hostile client. Or, to put it another way, your staff may have to deal with such a client. Now, in business, it’s generally recommended to make believe that the customer is always right, but to do this, this may sometimes mean throwing your employee under the bus. Once you side with a client who was rude and in the wrong, you’ll have lost the trust, and most likely respect, of your employee. You do not have to take the side of a customer who is rude and insulting towards your staff — side with your employee, and tell the client that their business is no longer welcome.
Employee Perks
You are, of course, paying your employees a salary, which is hopefully relatively generous in the first place. But just think about how much money they’re making for you; it likely greatly exceeds their salary. While your staff will know that this is part of the deal of a job, a few employee perks that go beyond their pay are always appreciated. Even small things, like buying a few drinks at Friday happy hour, will be a good start. Treat them well, and they’ll treat you well — it’s the same in business as it is in life.
Tell The Truth
An employee will always be skeptical of a boss who says nothing but good things. And why wouldn’t they be? There are problems in every aspect of life, including business. If the boss isn’t mentioning anything contrary at all, then what’s the deal? Get into the habit of telling it to your employees straight. This could be about the health of the company, your expectations for their work, or any mistakes the employee has made. It’ll make the praise all the more believable. And talking of which….
Genuine Praise
Let’s never forget that employees are human, and, like all humans, like praise! So if one of your workers does something praise-worthy, then tell them. And don’t just say “good job” and punch them on the shoulder; tell them specifically what they’re being praised for, including what it was about their work that impressed you.
All In It Together
Finally, work hard to avoid any divisions between you and your employees. You do not exist on a higher plane to your “regular” workers, you’re just the leader of the team. Emphasize that you’re all in it together!
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Starting a business isn’t easy and it’s important to assess one’s self before starting down that road. The following contributed post is thus entitled, 5 Things to Ask Yourself Before Starting a Business.
More people than ever before are starting up their own business. They start businesses out of their own house, catering, baking, designing and creating. They begin online businesses like ecommerce stores. They turn their blogs into a business. They work as writers, designers, social media managers and virtual assistants online. People are still opening brick and mortar stores and salons. Some work alone, others employ staff. The internet has made things much easier to start up on your own, without lots of money or training.
This has, unfortunately, lead many people to think that it’s easy. They rush in with nothing more than an idea. They start with nothing, throw themselves in and quit their jobs straight away, believing that they’ll make a success of things quickly. They don’t realise how much time, effort and hard work goes into starting their own business and unfortunately, this means that many small businesses fail within the first year or two.
If you want to start your own business, great. There’s no reason that you shouldn’t. But, there are some things that you should ask yourself before you get going. Here are five of them.
If you are considering starting your own business, chances are you’ve already got an idea of what you want to do. But, it’s always a good idea to give it a little more thought and ask yourself more in-depth questions. If you’re going to sell a product, how? Will you create it yourself and sell it on existing sites like Etsy? Or would you rather launch your own website and store? If you are selling a service, do you need further training? Or do you already have the skills that you need? If you want to launch a real-world store like a salon or a shop, where will it be based?
If you don’t yet know what you want to do, write a list of your skills and ask yourself if anyone else would be willing to pay for them.
Do You Have Time?
How are you going to run your business? Will you quit your job? Or will you be working around another job? Do you have a family that needs you? Starting a business takes time and commitment, especially in the beginning when you can’t afford staff and you are doing most of the work yourself. Ask yourself if you’ve got time to commit before rushing in.
How Will You Finance Your Business?
Some businesses can start with very little. You might already have what you need to get going. Others, don’t. You might need startup costs or even small business equipment loans. Ask yourself how much you need to get going, and where it’s going to come from. Loans, investors, your own savings and crowdfunding are all options. If you face a loss of income while you start out, can your family cope?
Is There a Market for Your Business?
A big question that you need to ask is, do people want your business? Is there a gap in the market that you can fill? Is there too much local competition? What is your target market and where will you find them?
Is It the Right Time?
Look at your current situation. If you’ve got a young family, personal debts or a large mortgage, is this the right time? Or, would you be better taking the time to improve your personal finances first?
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many people say they want to become entrepreneurs, but they don’t understand all that goes into becoming one. There are a host of other considerations involved than when being an employee. The following contributed post is there entitled, The Things People Don’t Consider When Becoming An Entrepreneur.
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When trying to become an entrepreneur, you’ll often find that people are only thinking about a few things, and nearly all of them are positive. People think about the money, the opportunities it could bring, and the general happiness of being their own boss. Does this sound like everything that’s going through your mind at the minute, or perhaps did go through your mind when you were setting up your business. But there really are some things that we know people just don’t consider when starting up their own business, for one reason or another. Perhaps the positives really do cloud the vision, and it becomes hard to see what the reality is behind it. Which is why we want to create this article for you, because we really do want to highlight some of the things you might not think about when becoming an entrepreneur. It’s not even if you’re just considering to become an entrepreneur, because we know that some of you reading this might actually already be an entrepreneur, and trying to deal with the scary realities yourself now. We want to make this journey easier, and we think the tips we’ve got below for you will do just that, so keep on reading to find out more.
There are some personal losses that you will feel alllll along the way of your business journey, and the first will start at the very beginning. The first loss you’re going to have will be financial, because we hope that you’re not just going to rely on the banks to give you a loan. Do this, and the money you could be racking up will drown you in the coming years. Unless of course you do become that successful entrepreneur that can control the money of their company without having to keep dipping back into bank money to move forward. So, if you’re investing so much money, you probably want to know how to make sure it doesn’t become a personal loss, and more a personal gain. Well, all you have to do is grow, grow, and grow some more. If you take it steady, seek out opportunities, and focus on getting your company name out there in every way that you possibly can, then you’re heading towards success already.
We think another big personal loss that people never seem to consider, is the loss of your time that you’re never really going to get back. You might think that your working life was restricting, but those of you who run your own business at the minute will know that your time just melts right away, and your main focus does become your business. All hours of the day are controlled by it, and if not because you physically have to do something, then because you’re thinking about it constantly. Don’t even get us started as to what it’s like when things start going wrong. You have all of these worries going on, and you just know how much is riding on it, yet you still have to try and balance normal life as well. Our top tip is to always communicate your fears with the people closest to you, and perhaps even have a business advisor on hand to help you through any of the tricky situations. Someones to talk to, and someone to guide you is actually going to be so beneficial.
The Problem Solving
Problem solving is something you’re going to have to become good at, but we don’t think people are actually prepared for how many problems they’re going to have to solve. It can become a serious issue for a business when there’s just so many problems present, but we think we have a few solutions for you. A big problem a company has is tracking what their employees are doing, and what they should be paid for. For example, some companies pay mileage if their employees are out on their road, but tracking actual business mileage can be hard. However, if you check out companies such as triplogmileage.com, you’ll find your solution to your problem. All you need is an app or software to track it for you, and you’ll find it’s so much more trustworthy than your employees. You also need to be able to track the hours they’re working, and we promise you there’s software for that to. We think that pretty much any problem you have can be solved with software, so check out what solutions you can find today!
Lingering Feelings
The biggest lingering feeling that every entrepreneur has to go through, is the one that they’re going to fail. It’s the feeling that your business is going to drop at the minute, and the financial weight is going to come crashing down on you. Because if you have a big investment from the banks and your business fails, you’re just going to have a whole world of problems to deal with. But these lingering feelings are something you’re most likely going to have to deal with everyday. The slightest change in your monthly profit, a slow day in the office, an employee leaving… it can all trigger these feelings. But, we think the best way to battle them, is to focus on turning them all into positives. If you know you’ve had a really slow month with your profits, figure out a plan that will ensure you more than make up for it the next month. If you feel like your business is becoming a little stale and that’s why you might not be able to attract as many customers, think of ways that you can jazz it up a little bit! We also find that business owners have the lingering feeling of success in their mind, which can only be a positive. If you always have that thought that you’re going to succeed in your mind, it’s going to be so much easier for you to have that drive to win. We think it pays for a business owner to be a little cocky in this respect.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As with any field, the legal world is competitive. It’s thus important to understand how to set yourself apart from your competition. The following contributed post is thus entitled, Making Your Legal Practice More Enticing To Prospective Clients.
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Running a successful legal business requires a lot of dedication and perseverance. It’s an industry that fosters fierce competition, so you need to continuously reinvent your business plan in order to help your practice grow. Still, it can be difficult to turn heads when there are so many other firms with highly professional teams of lawyers in the market. You need to be unique in order to stand out from the crowd. What can you do to make an impact on the target market? Well, in this article, we’re going to discuss some ways in which you could make your legal practice more enticing to prospective clients.
Focus on your company culture. It’s easy to become laser-focused on clients when you run a law firm because your reputation is important. And it’s true that your clients are important – you need to become known for delivering an exceptional legal service to clients. People and businesses choose firms to represent them based on their success rate; it’s a highly competitive industry. But you need to start by improving your legal practice behind doors. You can’t deliver an exceptional service to clients and take the industry by surprise unless you have an exceptional team of attorneys to help you out. A strong workforce is important in any company, but law practices entirely depend on the legal expertise of their employees. You can’t just hire any average candidate, and you also can’t take your members of staff for granted (even if they are exceptional). You need to treat your team well and foster a strong company culture. Not all cases will be easy to solve, so you need employees who are going to work well together.
Additionally, you need a balanced workplace. Take a look at firms such as Ogletree Deakins which have taken huge strides forwards and achieved balance in terms of gender. This isn’t just to avoid workplace discrimination; it’s about creating a more diverse and varied work environment. In the legal industry, this is essential. Creativity is involved in unpacking many legal claims and protecting individuals. You don’t want a team full of employees who are carbon copies of one another. But it’s important that your team works together. You don’t want senior attorneys who make newer and less experienced attorneys feel stupid. This might cause newer members of staff to shy away from offering the full extent of their legal advice to clients because they’re afraid they’ll get something wrong. If your team is cooperative then everyone can learn from one another. In turn, you’ll create a team that can solve any legal problem or simply offer exceptional advice to clients by pooling together their expertise and experience.
Deliver customer service that is second-to-none. Again, this is important for any business in any industry, but it’s particularly important for legal practices. As stated above, you need an exceptional reputation if potential clients are going to trust you, and this starts with you impressing your current customer base. For example, you need to understand clients on a personal level. In other words, keep the technical legal jargon in your head and try to relate to them on a human level. Understand their problem or their concerns, depending on the type of legal representation they need. You might even be able to offer a more appropriate type of legal coverage or protection if you get to know them and their situation more thoroughly. This will give you a reputation as a business that cares about its clients. In turn, you’ll be able to make your business look more enticing to prospective clients.
Project the right message. Branding depends on more than a pretty logo. It’s about the message that a business presents to the target market. And in the legal industry, it’s vital to craft the perfect statement. As has been discussed throughout this article, reputation is important for legal practices. Clients put a lot of money and trust in attorneys. They’re not buying some menial and unimportant product; they’re buying a service that has value to them in more than just a monetary sense, whatever the field of practice in which you operate. A good rule of thumb is to keep quiet if you’re ever in doubt. Saying the wrong thing can really damage your company’s reputation. As a law firm, you are expected to say the right thing on behalf of your clients, so you need to prove that you can say the right thing on behalf of your own brand.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Most successful business enterprises eventually reach a point where moving to a new location makes sense. A change of location requires a lot of thought and consideration. The following contributed post discusses this and is entitled, Heading To A New Commercial Premises In 2019? Here Are Some Things You’ll Need To Consider.
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Who knows what new heights of growth, prosperity and productivity 2019 will bring for your business? You may well find that this is a transitional year for you. A year in which you outgrow the limitations of your current business model, throw out the rule book and rewrite a new one as you go along. This can be extremely exciting and liberating… It can also be kinda scary! As you take baby steps down the path to sustainable growth you may feel like a novice all over again, grappling with the inherent challenges of growth like you’re still a year one entrepreneur.
This is all part of the learning curve of entrepreneurship and should be embraced. Take searching for a new commercial premises, for example. When you first started out and were trying to make waves in your community and industry, your selection criteria for a premises was probably pretty simple. The only real question was “what’s available”. Now that you’ve reached a period of growth, however, you need to think a little more strategically. You’ll need to consider…
Footfall
Not only will you have to consider footfall in a very general sense, you’ll also need to consider exactly which feet are falling as they pass your business. Do the passers by match your target demographic? The best market research you can do is position yourself outside for a couple of hours and take notes about the age groups, genders and groupings of people who pass by your prospective new place of business.
Surveying
Whether you’ll be moving into a purpose built commercial premises or making one from scratch on a newly acquired plot, you may need to consider the surveying needs of the project. These may have a knock-on effect on your budget and moving date. Potential surveying needs may include;
• Topographic surveys
• Property boundary surveys
• Zoning and land use investigations
• Subsurface utility mapping surveys
Knock-on effect on punctuality
Your new premises’ location may well have a knock-on effect on your employee punctuality and productivity. How easy is your new premises to get to from where they live? What is the parking situation like compared to where you currently do business? You may find that even if you’re able to find a spot in a great location in terms of customer footfall, it may be harder to get to and park in for your employees which could have a residual effect on punctuality and productivity, especially if employees wind up fighting over parking spaces.
Layout
Your premises’ layout can have a knock on effect on productivity and profitability whatever the nature of your business may be. For retailers, for example, it’s essential to have your store set out in a way that makes the products easy to find and showcase, while lending a sense of journey and progression as customers move around the store.
Security
Security is an important consideration for all kinds of businesses. Will your site be safe and secure from prospective thieves or saboteurs? Will the site have its own security staff or will you be expected to provide your own? Will the lease agreement prohibit the installation of CCTV cameras, fencing, window bars or other anti-theft measures?
Physical security is important, but let’s not forget digital security too. Premises using a shared Wifi network, for example, can face potential security risks that could compromise your data.
If you shop around for a new premises with the above in mind, you’re likely to find a great fit for 2019!
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. No matter which sector you are in, and no matter which products you are seeking to produce, you want to think about how they will be received as positively as possible. The following contributed post gives some considerations for this and is entitled, What To Do To Ensure Your New Products Are A Success.
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Launching a new product in a business can be a daunting experience. It is a time where you are in a new and unknown territory so for any business it can be a scary time especially if you are sinking a lot of time and money into it. When launching a new product there are a few things you need to be aware of such as will the customer base like it, is it relevant for the market you are within and so on, so here are a few tips to help you make sure your product launch is a success.
Making sure a product is suitable and required by your customer base is key to ensuring its success. This means giving your customers input into what they want and what they think the business needs is a great way to ensure you are keeping your customers happy. This doesn’t mean you have to relinquish the decision making and control to them but giving them an option between multiple ideas is a great way to gauge interest and the success of that potential product. This can be easily done through customer surveys where they can give their input, surveys are great as they can be sent out online or handed out instore meaning you can reach more customers and make sure the data you collect is relevant to both type of customer. If you are struggling to find someone to use to create the surveys then there are lots of idea online such as survey tools by PeoplePulse who can help you create and distribute your survey to your customers.
Check your competitors
To make sure your new product is going to be relevant to your market, checking with your competitors to see what they are selling and if they are selling anything like your product can help you gauge whether this product is right for your store. It is best to check with multiple competitors because if they all or most of them are selling similar products then you have a substantial amount of data to go on and make sure that you have made the right decision. Although they are competitors they may have better or the same ideas as you so seeing what they have to offer helps you stay competitive with them and allows you to stay current in the market you are in.
Product testing
Making sure your product is fit for market and consumers is really important. If your product is not properly tested and is released to the public you can end up with problems with the product this then can then lead to lawsuits which are damaging to the business. So making sure it is tested is crucial. Take extra care to be sure it meets standards for the category it falls into and make sure it checks all the boxes before release.
When releasing a new product in your business, it can be make or break for your business. If your product fails it can cost a lot of money and damage your reputation this then leads to losing more money in the long run while you recover from it. If you follow the above tips it will help to make sure you are making the right decisions and your products are more likely to succeed.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Advertising and promotions is a major part of any business. It’s therefore important to understand the most effective ways for promoting yourself. Knowing to effectively do so can cause your business to thrive while not knowing how to do so can cause it to falter. The following contributed post is thus entitled, Could You Be Using More Creative Ways To Promote Your Business?
One of the most difficult things about running any kind of business in the modern era is the fact that there really has never been so much competition out there. After all, thanks to the internet, there are more and more people starting their own businesses and the modern marketplace really has never been more saturated. This means that reaching your customers comes with extra challenges that many businesses simply aren’t ready to deal with. One of the most common challenges is that many of the more traditional methods of marketing your business simply aren’t going to be as effective as they once were. In order to avoid falling into that trap, here are some more creative things that you could be doing to promote your business.
Video content
If there’s one kind of marketing content that become more popular and effective than just about any other it has to be video content. Sites like Youtube have become such a natural part of people’s daily lives that ignoring video content would be irresponsible. Putting out content that is well made, funny, and engaging is a wonderful way to create positive associations with your customers. You can easily find royalty free music online to give it some extra sparkle, and finding someone who can present on camera effectively is going to be a godsend. It doesn’t have to be particularly complicated stuff, just think about the kind of content that your customers would enjoy.
Behind the scenes
One of the biggest problems that a lot of businesses run into when it comes to connecting with their customers is that their customers don’t have much interest in connecting with faceless companies. That’s why it’s such a good idea to give your business a face. Behind the scenes blog posts are an amazing way to show your customers the human side of your business. They’re going to be far more invested in the success of your business when they see what the people behind it are really like and read their stories.
Direct contact with customers
One of the biggest developments in the modern era has to be that of social media. It has completely changed the way that people talk to each other and it has definitely altered the way that businesses and customers interact. One of the best things about it is that it has made your interactions with customers public. This means that if you can show that you’re offering great service to customers and that you’re always willing to offer help and support, that’s something that other people are going to be able to see. This turns your customer service into an incredibly effective promotional tool.
Now, it’s important to think of these kinds of things as an addition to your current marketing model rather than a complete replacement for it. Remember that the more popular marketing methods out there are popular for a reason: they’ve been effective for a very long time. In the same way that you don’t want to rely exclusively on traditional marketing techniques, relying purely on the more unusual methods can cause just as many problems.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. An important part of running any business enterprise is recruiting and retaining talented staff. Doing so often requires competition for qualified individuals. The following contributed post is thus entitled, Low Unemployment Levels: How Can Your Business Compete For Staff?
For business owners, the unemployment rate of a country is perhaps the strangest of all the economic indicators. On the one hand, a low unemployment rate is undeniably good news; more people are in work, thus more people are paying taxes and – importantly for businesses – that means there are more people who will be spending money on goods and services.
On the other hand, a low unemployment rate can be rather troubling for businesses.
Why can low unemployment be a problem for businesses?
Essentially, the more people that are in work, the harder it is to recruit and retain staff.
If unemployment is high, staff recruitment is relatively simple; there is a large pool of – often highly qualified – potential employees to choose from. Furthermore, existing staff are also more likely to stay in their existing job, as they are aware there is more competition for other roles.
However, if unemployment is low, the pool of potential employees diminishes. Worse yet, businesses can find that their existing staff are more likely to leave, as competing businesses begin to offer tempting deals to attract highly qualified, experienced workers.
As a result of the above, low unemployment levels are something of a double-edged sword: it’s good news, as there are more consumers looking to purchase goods and services, but the bad news is that companies may lose, or struggle to recruit, staff – which, in the worst case scenario, could mean that businesses cannot take advantage of the beneficial boost in consumer spending.
What are the current trends for unemployment levels?
Unfortunately – or, in some ways, fortunately – analysis shows that unemployment is low across the globe; not quite at pre-financial crisis levels, but the trend is definitely in a downwards direction.
What does this mean for businesses?
Essentially, low global unemployment levels mean that businesses now find themselves having to actively compete to both hire and retain the right staff for their company. What’s more, this competition is a truly global competition; so even if business owners wanted to try to hire overseas workers due to low unemployment at home, they are still likely to struggle.
How can businesses compete for staff in the current environment?
If you are a business owner, this question is by far the most crucial – and so below, we’ve sought to answer it, by providing a list of five tips that can help you both hire and retain staff even when unemployment levels are low.
#1 – Provide written employment contracts
Written employment contracts have fallen out of fashion in recent years, with employers preferring “at will” contracts that are more flexible – the employee can quit whenever they choose, and the employer can dismiss the employee at any time, provided their reason for doing so is not illegal.
However, written employment contracts are definitely beneficial for employees, as they offer robust job security. Prospective employees will be attracted to any job posting that provides a long-term, formal written contract, while existing employees will be less likely to leave a job with a written contract, especially if other employers will only offer “at will” contracts. As a result, written contracts mean that everyone benefits: your staff enjoy security, and your business’s ability to hire and retain staff increases.
#2 – Shorten probationary periods for new employees
Probationary periods are tough for new employees, causing a kind of ‘suspended animation’ – they might have a long-term job, but they also might not. This uncertainty is generally disliked, especially for probationary periods that stretch for up to six months.
Realistically, a three-month probationary period provides plenty of time to assess an employee’s skills and ensure they are suitable for the job. Alternatively, if a role is particularly complex and you need longer to evaluate your new employee, opt for a shorter probationary period as mentioned, but then only initially offer an “at will” contract for a longer period. You can then offer a full written contract after a set period, informing any new candidates of this arrangement during interviews.
#3 – Offer retirement benefits
Fuelled by multiple stories in the media about how much of the modern workforce tends to be unprepared for retirement, many people have made retirement benefits a specific focus when considering their career options.
To keep pace with workers who factor their post-career life into their present-day working concerns, it’s best to look for a specialist company that is experienced in providing group retirement planning and similar services, then formulate a customized plan that is suitable for both your business and your employees. Furthermore, when your plan is in place, advertise this fact in your job recruitment adverts and on your website to catch the eye of prospective employees.
#4 – Allow remote working
Over the past ten years, remote working has moved from a rather odd concept that few businesses implemented to a mainstream norm. There are two reasons in particular for this change: technology advancements have made remote working more viable, and secondly, employees simply like having the opportunity to work from home rather than having to commute to an office every day.
It is also worth noting that, in addition to attracting and retaining employees, remote working is actually beneficial for businesses, too – so there really is every reason to consider making a change.
#5 – Break away from the weekday/weekend structure
A conventional working pattern is five days “on” and then two days – usually Saturday and Sunday – off. Unfortunately, this working pattern may be well-established, but it’s far from beloved – which means you could seize the opportunity to do something different.
For example, you could consider switching to a four-day week, wherein employees work for 10 hours Monday to Thursday and then enjoy a three-day weekend. Alternatively, you could move to a rotating pattern; for example, employees work for seven days in a row, then have seven days off. A huge number of employees will embrace these innovative working patterns, and your business doesn’t need to suffer: employees will still, across the course of a year, work the same number of hours – just arranged a little differently than has been seen as “normal”.
Low unemployment levels can be detrimental for businesses due to their impact on the ability to hire and retain staff. However, with the measures above, you should be able to ensure your business enjoys only the positives of low unemployment; a rise in workload and custom, which in turn results in higher profitability overall.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When your business is in its early stages, it’s important to understand how to maximize your visibility and presence. This will increase your patronage, sales and potential return customers. The following contributed post is thus entitled, How To Make Waves As a New Business.
When you’re brand new in business, your future can seem overwhelming. For some, it’s always going to be exciting. Because the prospect of being able to reach goals or take your business to new heights is always going to give you endless opportunities. But then to some of us, this is scary. Because you’ll never really know what your future looks like or what you can do to get results. Instead, you need to have faith and then a plan to back it up. Sure, you really don’t have to spend hours pouring over how you’re going to make money and the exact way it will all pan out. Sometimes, you just need to have determination, a gut instinct, and then work hard enough to make it happen. And, it also helps to be able to make waves too. So, what can you do to stand out as a new business?
Have Personality
Now, one of the most important things that you can do to make waves, is have some personality. If you’re memorable or likeable or outspoken or you have something about you that stands out, you’ve got something to work with. So think about what it is in your personality that is going to be your ticket to making waves.
Be Everywhere
When you want to rock the boat and start to get noticed, you have to be noticeable. So the first thing is to make sure that you are everywhere. At industry events with different branded merchandise options, check them out here. Or writing articles online, which you can search for in your industry. Or affiliating yourself with big names. Just be everywhere and you will get noticed.
Show Up
However, you cannot be fooled into thinking that a lot of publicity and marketing is enough. Because it’s not. If you really want to make waves, then you need to show up and put the work in. You need to be at bat. Working harder than anyone else. And this will often speak for itself.
Get Your Name Out There
But not only that, you’re going to want to be talked about as much as possible. Because if you want to make waves and be known, people need to write about you. This is why you should invest in PR or spend time on it yourself. Because if you can get your name out there, and you can be features in articles or referred to as someone to watch, an up-and-comer, or even an expert, then you’re making it happen.
Be Audacious
But above all else, you just need to put yourself out there. You need to have the audacity to knock on doors and make opportunities for yourself. If you’re shy and you hide away, you’re just not going to get anywhere. But, instead, if you understand how important it is to have grit and to just keep on going, and keep asking for the opportunities, you are bound to make waves. So just keep going and go get your success!
