Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Starting any business is an ambitious, both a potentially rewarding but also a perilous feat. Online business are more prevalent now than ever before, and there are a separate set of considerations for starting and online business versus a traditional bricks and mortar business. The following contributed post is thus entitled, How To Bootstrap Your Online Business.
When it comes to starting an online business, there’s no doubt that it can be an expensive thing to get up and running. With so many things to have in place, it can be quite off-putting and you may wonder if it’s even financially possible for you to start an online business without taking out loads of cash loans.
The good news is, it’s completely possible to do it and when you’re just starting out it’s actually advisable to bootstrap until you know it’s something that’s actually working because you don’t want to invest a ton of money into something that simply doesn’t work and then you end up losing everything you put into it.
In this post, we’re going to give you some tips on how exactly you can bootstrap your online business.
Realize that not everything needs to be brand new:
Especially when starting an online business, then one of the main things you’re likely going to need is a computer, and although it can be tempting to buy the latest model with all the bells and whistles, this is something that will eat into the costs of starting your business, so you need to shop around and you’ll soon see that you can actually pick up great things like computers and other things you need by buying second hand. The fact that it’s second hand doesn’t mean it’s going to be any less of a good quality machine – you can either buy direct from someone who’s selling something because they never really used it or you can buy a refurbished item that’s basically the same as a brand new one, but for a fraction of the cost.
Avoid bright shiny object syndrome:
Bright shiny object syndrome is something that affects many people, and business owners are pretty badly affected by it – especially since you’re going to be excited about starting your business, it can be difficult to avoid buying all the things you think you need, but that are actually nothing more than a distraction. To avoid this, you need to discipline yourself and keep things simple within your business. Allow yourself to get clear about what things you actually need for running your business and just stick to those – you can always add new things on later if you need to.
Learn things yourself:
One of the best things a business owner can do is outsource all the things they don’t enjoy and that they aren’t particularly good at, but in the beginning if you’re trying to bootstrap, then you need to be able to learn these things for yourself. Sure it may take a bit of time and mean you’re working a lot, but even when you come to outsource these things later, they can be useful if you already know how to do them and have to step in for a day or teach someone else how to do them.
Have a plan and stay focused:
As a business owner, failing to plan is planning to fail so it’s super important that you make yourself a clear plan and stick to it so that you don’t get distracted by thinking you have to do all the things and get every shiny new thing out there.
“Every entrepreneur dreams of making their empire bigger and better than ever. While there are many different ways to achieve this goal, acquiring a smaller business is perhaps the most efficient of all.”
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In addition to growing organically, businesses can also grow by acquiring other smaller businesses. There are positives and negatives when acquisitions occur. The following contributed post is thus entitled, Expanding The Empire – What You Need To Know About Business Acquisitions.
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Every entrepreneur dreams of making their empire bigger and better than ever. While there are many different ways to achieve this goal, acquiring a smaller business is perhaps the most efficient of all. First and foremost, it provides a shortcut by allowing you to inherit the existing brand, equipment, and innovations. Secondly, it enables you to grow your empire without impacting the already successful business that you’ve built from scratch.
Global giants such as Nike, Apple, and Microsoft acquire small businesses on a regular basis. Sometimes those brands are incorporated under the umbrella, and something the products are repackaged as a part of the main brand. Either way, if it’s good enough for the big players, it’s certainly good enough for you. Nonetheless, if you’re going to expand the empire in this manner, it’s vital that you do it in the best possible fashion. The following tips will allow you to make it happen by avoiding the pitfalls and focusing on the positives.
Buying out another business isn’t something you do on a whim. There will be solid reasons for wanting to take on this company. This could revolve around a love of the products, especially if there is a potential for them to bolster your own services. Or perhaps you love the brand image and have ideas to take it to the next level. Either way, it’s imperative that your acquisition includes the physical and intellectual assets that you crave. Experts at De Bruin Law Firm offer a specialized service in acquisitions and mergers to ensure that things go to plan. Purchasing a venture that isn’t as it seems would be a nightmare.
It’s equally important to understand the finances behind the business, as you may be forced into taking on the debt from the previous owners. The legalities and practicalities behind purchasing a smaller company are fairly complex. This is why you must never rush into the process, a principle which corporate experts such as David Shulick will always emphasize. This is especially true if the company has been listed on a business exchange platform. After all, there could be a reason for selling that would discourage you from completing the transaction. Due to the financial implications involved, extensive research is a must.
There are literally thousands of great companies that have either been listed or would be open to being bought out. However, that doesn’t mean every option is right for your empire. In fact, the harsh reality is that only a small percentage of prospective acquisition will be worth your time and money. Patience is a virtue when scouting potential businesses to purchase. Even a company that seems like the perfect fit at a glance could have contrasting goals and values. Essentially, it’ll only work out when the two companies can successfully merge and work together.
With this in mind, you must consider the target demographics and the various aspects of daily operations. If the companies are at odds with each other despite being closely related in some areas, it’ll be a smarter move to look elsewhere. This proactive planning will also make the transition far smoother when you announce the plans to your current team. It is particularly noteworthy if the merger will affect them. Of course, you might want to acquire an operation that has no real link to the current business. This is absolutely fine too, but it should at least be a venture you can feel passionately about. Otherwise, the lost enthusiasm can lead to negative outcomes.
Once you’ve acquired a company, there is a huge decision to make regarding the brand. You can either persist with the brand as it is, or merge the assets and transfer them to the existing company that you’ve built. Either way, you’ll need to put some personal touches on things. Nevertheless, the impacts created depending on the chosen pathway are huge. When opting for the former, you may want to relaunch with new logos and artwork to underline that this is a new era. This can drum up excitement from loyal customers as well as new demographics.
If you are going to simply incorporate the products and services as a part of your company, there are many ways to do it. Some companies like to present the acquired company as a sub-brand under the umbrella of the company. Others prefer to simply rebrand the products and services as though they are a new addition. There is no one right or wrong way to do things. Ultimately, you just have to do what feels right for your company and brand. As long as your decision is calculated and built to gain the best long-term results, you should be just fine.
As you already know from your existing business endeavors, the importance of a strong team cannot be emphasized enough. This is especially true when acquiring another business for your empire. Attracting the best new candidates is vital. Still, you should also existing employees the opportunity to continue their work for the company. Even if the company is to be relocated, some staff members may be willing to follow. Alternatively, remote-based positions can open doors that were previously closed. Aside from satisfying your human responsibilities, it’s the perfect way to retain info and insight into the workings of the operation.
Whether taking on new employees or persisting with the existing ones, you need them to be on the same page. The strong recruitment process should be followed by smart onboarding procedures. The idea is to make new members feel included. Simple ideas like having their desk and name badges ready can make a big impact. Going forward, staff training and team building enable you to sculpt the team into the shape that you desire. This is the best way to build upon the success of the old regime while still stamping your authority on procedures too.
Know The Numbers
Every major business decision should be made with financial elements in mind. Completing an acquisition is only worthwhile if the numbers add up. Experts at KPMG offer the full auditing services that you need to complete before making the transaction. This includes weighing up every financial aspect on the books to ensure that the buy is worthwhile, and in your best financial interests. The recent performance needs to be weighed up against the ongoing expenses and various other features. Given the significance of the decision, getting the company accountants involved is also advised.
It’s impossible to predict the future, especially if you are planning to make wholesale changes to the acquisition. Still, making forecasts is the only way to gain any real confidence before making the purchase. Without those predictions, every action is made on pure speculation. While it could work in your favor, it’s likely that it will backfire spectacularly. On a similar note, you need to consider the implications that the initial outlay and ongoing expenses can have on your business and brand. If the new acquisition is going to pile the pressure on your empire, it’s not a risk worth taking.
As was the case when launching your initial business empire, it’s not all about your company. The marketplace will inevitably be bursting with competing businesses, and it’s vital that you pay respect to them. Apart from anything else, a deeper understanding of the market could potentially open your eyes to a far better solution. More importantly, when you do make your decision, this market research will help you plot your next moves. After all, the marketing exploits following the merger are almost as crucial as every other element combined. Without an appreciation of the competition, it’s impossible to show clients why your new business is the right choice.
It’s not uncommon for bigger empires to take on several smaller companies and merge them together in one larger acquisition. If this is to be the path that you choose, be sure that all of those associated firms fit together. It’s likely that you will join them together and rebrand them as one, either as a new entity or by incorporating one into the other. Once again, the research you’ve done into the competition (branding and products) will give you the best shot at doing something bigger and better. Whether this includes wholesale changes or leaving things largely unchanged is entirely up to you.
Acquiring a business to form the latest part of your empire can unlock a bigger and brighter future, but only when it’s done well. While there are a lot of issues to consider, it’s imperative that you complete those tasks now rather than later. Essentially, failure to prepare is preparation to fail. With the right research into the finances, performance, and long-term prospects will work wonders. If those findings show that the company will fit in with the existing operations, you can be sure that this will be a long and successful partnership. If that doesn’t signify a successful acquisition, then what does?
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In any business enterprise, especially those that are younger and still growing, it’s critical to understand how to most efficiently increase its capacity. The following contributed post is thus entitled, How to Increase the Capacity of Your Business for Growth.
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If you are looking for a way to grow your business, chances are that you will have to invest time and money in redesigning the systems. The good news is that there are several cost-effective approaches that will allow you to measure your return on investment and help you achieve your goals no matter where you are looking for development areas. From staffing to reducing waiting times, there must be several rooms for improvement. Find out more below.
Outsource
If you simply cannot do everything alone, and your order volumes have increased, you will need to make a decision to use other people’s time and skills. In case you are not yet ready to employ people full time, or don’t have the office or workshop space to accommodate employees, you might decide to outsource and increase your capacity this way without having to make permanent investments.
Simplify
If you are dealing with complicated processes and services, it might be time to simplify some of them, so you can see the system working and get a snapshot of where your projects are heading and what the holdup is. You can utilize some advanced project management systems, as well as a CRM system that will save you time on keeping an eye on your leads and your customers.
Automate
There are several things you can automate in your business without having to opt for employing people or outsourcing. If your bookkeeping takes you a lot of time, you can get an app that will do all the jobs for you, and you can spend time on what really matters in your business. You can also automate communication and follow ups, so you don’t have to call every client back to see if they are happy.
One of the main reasons for business failure is low productivity. If you are running your one-man band, you need to make sure that you can pay yourself a decent salary and still have funds to grow your business. There are several ways you can improve your productivity, such as increasing your delivery capacity or reducing your turnaround times. If you own a warehouse, for example, you simply changing your Casters can make a huge difference in your business output.
One of the main reasons why companies are unable to progress to the next stage is the lack of workflow management. If you are not familiar with lean organizations, it might be time to take on a course or employ an advisor. Chances are that there are some bottlenecks in your workflow processes that hold you back from improving your productivity and your profitability. Identifying your bottlenecks will help you improve your business long term.
There are several reasons companies stagnate in their growth and cannot move on to the next step. You will need to identify what is holding you back from progress and improving your productivity and capacity. Growing your business is challenging, and you might need professional advice to avoid the most common pitfalls.
hree of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. In today’s digital world, technology has infiltrated and affected pretty much every aspect of life and the business world is the same. Falling behind these advancements can be very, very costly. The following contributed post is thus entitled; Importance of Technology In Business.
More and more we are seeing businesses turn to technology for all manner of things. The importance of tech in the modern world cannot be overstated and yet some companies continue to lag behind. To make sure you are not one of those businesses, we are going to discuss here so of the important things to remember when it comes to technology and your operations.
Equipment
Firstly, it is important to remember that technology is not just referencing the modern day use of computers. We will come on the value of the computer era shortly, but it is worth bearing in mind that if you are a manufacturer, then there may be equipment out there like CNC Machining Centres that will help you make your product quicker and possibly better. Researching the impact of the tech landscape for the industry you are working in before pushing ahead is critical to your success, so make sure you’re addressing any technological pitfalls in your business quickly.
Computers must also be discussed when it comes to the equipment being used in business, and more importantly what they are used for. Every office around the country has a computer of some kind at this point of the 21st century, but the important thing is are they using it for all they can. A lot of employees will know how to use the basics from documents to spreadsheets, but there are advantages with computers that can make your operations more efficient. You should consider applications that focus their attention on productivity like Asana so that your company can operate at a higher level than your competitors.
Technology and security have had a fractious relationship over the years. It is fair to say that the rise of different software and hardware has created criminal activity that was unthought of just a few decades ago. However, there are pros as well thanks to the ability to track your systems remotely, protect your company’s important documents and keep track of your premises.
Running a business, cybercrime is never going be too far away from your thoughts due to all the sensitive data that you will be handling. For this, however, some solutions are relatively straightforward, and that also open up other opportunities for you. A virtual private server (VPS), for example, is a remote server accessible only by the user, meaning that you can install software away from your main operations and be confident in its security. Companies like HostGator and BlueHost both offer you the chance to explore this technology not just for protection, but also so that you can have a dedicated server for your website or software. What that means is that rather than splitting server power across lots of different parts of your business, you can direct one sole server to the most important bit.
Technology and business should go hand in hand. It’s just about finding what is best for you.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Chief Executive Officers (CEOs) wield a lot of power and control whole industrial sectors. Their decisions greatly impact the lives of those under them and their influence even rivals that of politicians. They must possess a select collection of skills to ascend to their positions and be successful. The following contributed post is thus entitled, What It Takes To Be A CEO.
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To be a CEO is one of the biggest responsibilities in the world. You have a whole company relying on you, and you have your own lifestyle to support through it. But everyone thinks that’s just as easy as setting up a business, figuring out how to run it, and then helping it along its way. Oh no, this is far from what it takes to be a CEO. To be a CEO you have to have so many qualities and skills, that this article truly won’t cover it. If you’re not a CEO at the minute, and you’re just thinking of becoming one, then you really do need to have a general insight of what it takes to be a good CEO. There’s no point setting up your own company if you’re not the right person to do it. If you have your own company at the minute, there’s also no point in moving forward if you don’t know what it takes to be a good CEO. So, let us enlighten you, and show you what we think it’s going to take!
You definitely do need the right skills if you’re going to be the best CEO for your company. We’re talking skills like communication, problem solving, and working under pressure. You might think you have all of this at the minute, but we think there are always areas that can be improved. To make sure you have all of the necessary skills, and that you perfect them, we think you should take some business management courses. Don’t think there’s just one that will tell you all, there’s so many different management courses you could go on to make sure you’re the best. Even if it’s just you at the minute, the courses won’t be teaching you how to lead, they’ll be teaching you how you can run a business more than anything!
The Right Vision
The vision you have is essential, and please don’t tell us it’s focused around putting millions in your bank account. Of course this is going to be the end goal, but it shouldn’t be the vision. The vision should be what you think your company should be doing in a few years time, and how you want it to expand. Jos Opdeweegh is a businessman who has been successful throughout his career, and has now wrote articles on the vision that business owners should have, and what they shouldn’t have. If the focus is always on money, the bigger picture of the business could be lost sight of.
The Ability To Lead
The ability to lead is definitely something we want to finish the article with. You have to be that person that your whole team can come to in a time of need, not just when it’s to do with business. We think that’s really what it takes to be a true leader. If you can’t be that person who anyone can come to, you’ll be the person that anyone turns against. There really are some terrible CEOs that bring a company down because they just can’t lead.
Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. I didn’t learn until later in life that there are five economic/business ‘cycles’ and whenever there is a ‘Prosperity’ there will eventually be a ‘Recession’, so this isn’t all magic and chance. Once you know that there will be recessions in the future, you can think about how to prepare for them. The following contributed post is thus entitled Are We Heading For A Recession And How Can You Prepare?
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Are you worried about the potential threat of a recession? It’s understandable if you are because the last time one rocked the global economy, a lot of people suffered. Savings were lost, businesses crashed, pensioners were left penniless and people lost their homes. The last time we had a serious recession was in 2008. Now, you may not be aware of this, but the economy is pretty much like a rollercoaster or a constantly repeating bell graph. It climbs up, remains at roughly the optimum point for a while and then comes crashing back down. It’s a system that never fails and while we can’t predict when the next recession will hit, we know one is coming. However, there are a few questions that need to be answered.
By economists 2008 is counted as a severe depression for some parts of the world including the UK and America. It was devastating and while it’s not quite the worst case scenario, it wasn’t too far off. So, you would be forgiven for panicking about whether or not another could potentially hit sooner rather than later with this magnitude. The good news is that currently, economists are not predicting a severe recession similar to the Wall Street Crash which actually bordered on a depression. If that happens then it will be a complete shock with very few people actually predicting it. We say very few because there’s always someone that sees this type of collapse coming. You can read more about this on https://observer.com/2018/03/niall-ferguson-warns-next-recession-near/.
In fact, Goldman & Sachs recently reported that as long as consumers continue on this trend, the fears of a potential recession can be ignored. Ultimately, the general public can keep the economy swinging high. This will actually offset other issues such as failing stocks and high interest rates. Those issues are currently on the market right now and without a high level of spending, we could still reach a recession even before 2018 ends.
There is one important distinction here though with spending. Spending is only a good sign if people can afford it. One of the main causes of the last depression was people spending money they didn’t have and buying homes or investing in property that they couldn’t actually afford. Ultimately, this leads to an economy being built on something that’s no more stable than a house of cards. Eventually, it will come tumbling down.
First, if you are living in rented accommodation, inquire with your landlord and check whether they own the property outright. They are under no obligation to tell you this, however many will, to provide you with the peace of mind you need. If they own the property outright, there is less chance, they’ll lose it and you’ll be forced to move out during a recession. If you are currently paying a mortgage on your home, make sure that your budget is flexible for changes and that you will be able to afford a significant increase in costs.
This is all about saving. You need to make sure that you saving as much as you possibly can through the months or years leading up to a recession. It’s crucial that you have a solid amount that you can fall back on if the economy does take a turn for the worse. If you are worried that a recession is on its way, it’s time to cut out the luxury purchases. Instead, you need to make sure that this money is being kept and not just kept but invested.
Any money that you do save should not remain stagnant and must be invested in the right areas. For a recession, you need to focus on the securest and firmest investment possibilities. There are a few choices to consider here.
You can learn about some of the possibilities on sites like https://www.collinseow.com/cpf-investment. One option would be gold. Gold is often considered to be the only true currency because unlike other possibilities it doesn’t rise or fall in value. This means that if you invest in gold, your shares will ultimately remain more or less constant and that’s exactly what you want
Property is another choice that is largely considered to be secure. When you invest in property, it’s important to choose a property that you can afford and that is not going to negatively impact your finances. If you do need to take out a mortgage, you need to make sure it fits your budget and that the rent or resale more than covers the cost.
For business owners, it’s all about cutting costs. When a recession hits, you might experience a severe drop in level of customer interest or the number of customers making purchases. If this happens, then your business model needs to be able to handle the change. The best way to guarantee this is to make sure that your business budget is as tight as possible. Ultimately you need to streamline your company and reduce wastage as much as you can.
You might also want to think about increasing levels of flexibility in your business model. You can do this if you cut out some of the more expensive and permanent parts of your company. For instance, you should think about getting rid of the business model and instead working from home.
The businesses that tend to be hit most by a recession are those selling luxury products and services. If this describes your company, then do consider thinking about refocusing your efforts on delivering budget-friendly options that all clients and customers can afford. You can learn more about selling luxury products on https://www.theguardian.com/media-network/2014/nov/.
We hope this helps you handle the potential threat of a recession as a private individual and potentially a business owner.
Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. There is a lot of talk these about the increased role of automation in the business world. There are some important considerations to think about in terms of incorporating automation into your operations. The following contributed post is thus entitled, What You Should Know About Business Automation.
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You can’t turn a corner in today’s business world without hearing about automation. By utilizing automation, you can increase the speed, efficiency, and accuracy of your business processes. Things like marketing, recruiting, and time saving can become a breeze, and you and your team will be able to focus on more important work.
Here, you’ll find what you need to know about business automation so you can do it effectively. Take a look and see what you can learn below:
Ensure You Understand The Processes That You’re Automating
If you don’t fully understand the process you’re supposed to be automating, you won’t be able to do it effectively. Make sure you evaluate the process and change it where necessary.
Let Your Team Test Out Solutions Assign a team to your automation solutions, allowing them to experiment to find the best tools and then test and implement them gradually. Remember to help your team adopt these new automation processes, too. An automation process will only work as well as the team who uses it. Most people don’t like change, and it can be hard. Remember to build in change management and training to any workflow automation you introduce. By clicking here your team can begin their exploration of processes that can introduce reduced costs and time savings.
Calculate Your ROI
Although automation can make things much easier when you have it up and running, it’s not always going to be simple. You need to make sure you estimate the time/cost savings that the automaton process will give you, compared to the time and costs it will take to automate the process. Is the amount of time it takes to recoup that investment acceptable?
Consider Security Risks Anything that is automated and digitized can also be hacked. Automation makes things so much faster for you, but it can also make things much faster for an attacker. Make sure you think about security in advance and plan for it.
Go Slowly And Prioritize
Automating your workflow takes a lot of upfront time and resources, but if you go about automation the right way you will recoup this. However, there are learning curves involved, so going slowly and prioritizing is key. Make a list of what will have the biggest impact on your company and how much work/effort/rich is involved as you implement each one.
Keep It Simple To Begin With You can’t always predict the issues you’ll run into with automation, so it’s best to start with something simple. You’ll avoid wasting time and resources and you’ll even learn things you didn’t know about your organization. You can carry these lessons forward when you start off simple and it’ll help you to prepare for bigger things will maximizing your productivity gains.
Ensure You Have Super High Quality Control Standards
Automation will have bugs just like any other computer system. These bugs mean you must have a degree of quality control so you can monitor and measure effectiveness and ensure each process is working as expected.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. An important part of any business/organization is attracting the personnel you need to for it to achieve its mission. The following contributed post is thus entitled; Why You Just Can’t Attract The Right People To Your Startup.
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The early days in most startups are a lot of fun. You’re usually among a team of people you respect and admire and with whom you get on well. There’s a degree of necessity in this: you need to get on so that you can pay back angel investors and venture capitalists.
But over time, startups need to take on more people, whether it’s to develop new products or support the work of the core employees. And here’s where the problems can start. New people joining an organization can often cause conflict and chaos. New arrivals may leave after several weeks if they’re not happy with the conditions. And you, as the founder, are left with the headache of trying to find somebody else to fill the role: something that’s often expensive to do.
Let’s take a look at some of the reasons why you might not be able to find the right people for your business, and how you can fix it.
Today’s labor market is entirely different from the labor market of the 1970s and 1980s, yet many businesses still operate as if nothing has changed. For starters, there’s far less unemployment than there was in the era of unionization and coal mining. There are many jobs, and workers have a lot of choices. Low unemployment means that workers can demand higher wages and find better jobs more easily than ever before. They don’t just have to stick with the same employer, decade after decade.
Secondly, talented people know that they’re capable. They know that they can show their CV to another firm and get a job with them quickly. Companies are crying out for people with the skills necessary to drive their businesses forward: there’s a chronic shortage right now.
Startups, therefore, need to be savvy. They can’t just rely on the fact that they provide jobs to attract people to work with them. There’s far too much choice available to people these days, especially at the high end of the market. People who are in-demand can pretty much choose who they work for and when.
Startups, therefore, need to think about how they appear as both a customer and an employer brand. Google, for instance, is one of the most attractive companies to work for in the world because of the well-known job perks the company offers to staff. Incredible office spaces, health cover, exciting days out, time each week to pursue side projects: you name it, the company does it.
Lower down the skill ladder are other companies like Zavvi, which offer excellent pay and conditions for warehouse workers, in stark contrast to some other online retailers.
Successful startups are those who can market their desirability as an employer. It’s not just about great pay: it’s also about what it’s actually like to work at your organization. Most workers would be willing to sacrifice a lower paycheck for a great relationship with their manager, for instance.
Building an employer brand isn’t as difficult as you might think. If you’re a new company, try becoming a member of the employer review site Glassdoor. Glassdoor allows employees to post reviews about their experience of working with you. Their reviews often reveal a lot about the company culture, how they can expect to be treated, and whether their peers would recommend working with you.
You Don’t Do The Basics Right
It’s no secret that startups can be chaotic. When Elon Musk and Peter Thiel were working on Paypal, it wasn’t unusual for them to put in 90-hour weeks. But just because running a startup is difficult, doesn’t mean that you shouldn’t get the basics right. Just as you would judge an applicant on any spelling or grammar mistakes they made on their CV; high-quality people will do the same for you.
Make sure that you do the following:
● Check your website for spelling, grammar, and punctuation errors. Pay particular attention to the candidate-facing parts of your site. If you’re not a native speaker, find an internal colleague or external professional to proofread your content for you. ● Make sure your emails are well-written. Good email writing is a hallmark of a professional company and a signal to high-quality people that you are an excellent employer. Yes, it might seem trivial, but people who don’t know you or your startup usually have very little to go on, and so any obvious and silly grammatical errors may count against you. Make sure that your HR staff knows the difference between “your” and “you’re” – a particularly common mistake.
Your Recruitment Process Does Not Respect Applicants
Some companies are still stuck in the past, believing that there are thousands of people lining up to take a job with them, no matter how rude or obnoxious they are. Firms will host application days where candidates attend mass meetings together only to be berated and ridiculed by company bosses.
Startups should avoid this kind of thing altogether and instead focus on investigating each promising individual based on their merits. They should also be respectful of candidates’ time. That means reducing the length of the application process and ensuring adequate notice of any interview days or on-the-job assessments.
You’re Not Using The Right Recruiters
Inexperienced startups can fall into the trap of thinking that all recruiters are the same. But labour hire is a multifaceted process that involves creating the right linkages to relevant people and knowing where to look. Too many startups focus on building links with a single recruiter, without really thinking about whether that recruiter specializes in the right areas.
Using the wrong recruiters can result in all kinds of headaches for startups. The first issue is the fees, which can be quite substantial. But the main problem is not getting the people you need with experience to drive growth in those critical early months and years. It’s people who drive growth, and so when it doesn’t materialize, it can have a severe impact on your overall business.
Many inexperienced entrepreneurs believe that they must get the people with the exact qualifications and experience that they need, and with a personality that fits their company. If not, they should just keep on looking. But it turns out that this might not be the best strategy.
Elon Musk has repeatedly said in interviews that he wishes that he hadn’t paid so much attention to candidate’s CVs in the early days. He would often find that somebody would have the technical skills on paper, but that they just wouldn’t be very good at their job or fit in with the people around them. Over the years, he found himself regularly surprised by people who weren’t particularly good on paper, but ended up doing exceptionally well once employed in his companies.
Companies, especially startups, shouldn’t expect people to come to them fully-fledged. Instead, they should view candidates as a work-in-progress: something that requires further development as time goes on. Smart entrepreneurs choose people they believe have the potential to develop into the leaders of the future rather than just people with the right skills on paper.
Your Job Advertising Is Boring
If you’re trying to attract exciting, talented people to your organization, you need to give them a reason to read your job ad. Just stating the salary and listing bullet points of the responsibilities of the role is hardly inspiring stuff.
There are all sorts of ways that you could add a bit of “oomph” to your advert:
● Give them a flavor of your company culture. People want to work in exciting, stimulating environments where people are friendly and engaging. If this describes your startup, say so in your job ad, and make it clear that you want people with a similar approach to work as you. ● Talk about purpose. Talented people are rarely satisfied with going to work to get a paycheck. They want real meaning in their lives. If your startup is trying to do something that will make the world a better place, then talk about this in your ad. Make it clear that the candidate who gets the job will have meaning and purpose in their role. ● Use exciting, personable language. Finally, it’s worth thinking about how you present the job. Many startups believe that they have to be as dry as possible to come across as professional, but doing so is unlikely to attract the most interesting people. It’s much better to use exciting language and to really tell a story about what the job entails. Draw them in – don’t push them out.
You Haven’t Described The Role
Newbie entrepreneurs sometimes struggle to accurately define roles in their businesses, just because their needs change all the time. A startup that needs a software programmer may not know exactly what kind of programmer they need, or what additional responsibilities they may have.
Unclear job ads can lead to employing unsuitable people who leave after a couple of weeks when they realize that they cannot do the work. Be precise about what you need in your advertisements, or consult with external recruiting professionals if you’re not sure.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many people say they want to start businesses but they’re unclear on what actually goes into starting one. What some important considerations for starting a business? The following contributed post is entitled; Don’t Let Your Business Fall At The First Hurdle.
It’s easy to see why starting a business can be so tempting. Getting to do business your way. Being in charge of your own decisions. Providing the market with a fresh, new service or product it sorely needs. It’s exciting and has the potential to grow into something great. But when you’re starting your own business you can’t afford to do things by halves. You need to make sure to do your research to ensure that you’re running your business as well as possible. The trouble is, there are so many different elements that go into creating and running a business that it’s easy to miss some important ones. Here are some aspects of running a business you might not be aware of, but will definitely want to keep in mind.
How will you pay yourself?
It seems obvious right? Of course, you need to be able to pay yourself! That makes it all the more ridiculous just how many people forget to think about this when setting up a business. The passion of starting something close to your heart can be overwhelming. Not to mention the focus on turning a profit can leave things like personal payment in the shadows. The last thing you want is to realize you’ve been budgeting for everything except actually being able to eat, sleep and stay warm. You might want to plow all your profits straight back into the business. But shaving enough off the top to provide yourself with a wage is more important than that extra profit. If you’re not able to run the business at all, it will work out worse for everyone in the long-term.
Who are your customers?
Again, this might seem obvious. But too many businesses go forward with only a vague idea of who their target customer really is. Make sure that you’re thinking beyond just age and gender. Create a clear and detailed profile of your customers. That way you can focus your energy on providing them with the best product, service or user experience possible. Focusing in this way will end up being far more useful and productive than trying to please everyone.
The physical realities of your business
You might think that businesses can exist entirely online these days. However, the truth is that there’s still plenty of brick and mortar elements that you need to remember. From things like whether or not you’ve got enough space for your employees to smart parking systems, you can afford to ignore the physical side of your business. There are some things that are just as important no matter what year it is.
The truth is that there are so many different things that go into creating a successful business that it can often be pretty overwhelming. The truth is that the only way that you’re going to be able to keep on top of it all is to make sure that you’re planning things out as carefully as you possibly can. Without a clear business plan, you’re just going to end up falling at the first hurdle.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Entrepreneurs should always have their eyes on what’s going on to potentially take advantage of the next great opportunities. The following contributed post is entitled, The Hottest Business Trends For Entrepreneurs To Jump On Right Now.
The difference between a good entrepreneur and an excellent one is that the latter will concern themselves with adapting to current trends. You should always be looking out for potential business ideas that can take off shortly, catapulting you towards profits.
On that note, I’ve been doing some research and come up with three of the hottest business trends to jump on right now. These are some of the best business ideas you could hope to start, and they’re only going to get more popular!
Bespoke Software Development
Starting things off on a rather technology-focused foot, the last year has seen an increased demand in bespoke software development for businesses. We’re in a digital world, and companies are no longer looking to use packaged software, opting for a customized design instead. It puts them in a position of power as they have a unique piece of software that’s made for them, and can help make their company more productive. So, this is definitely a trend to look into! Start your own software development company today, and you can start creating bespoke software for different businesses. There’s loads of money in this sector, and the demand is higher than ever!
Eco-Friendly Gardening
As far as small businesses go, gardening has always been a sector that reaps plenty of profits. People need gardening services to help maintain their backyard, and there’s been a rise in eco-friendly methods as of late. It’s a booming world, and one you can quickly jump on board with. There are loads of different ideas out there, such as using mulch delivery to provide a more environmentally friendly solution to a weed problem. Or, even something as simple as setting up a garden cleaning business where you trim trees and bushes, but then recycle all the waste, so it’s used again. This is a big trend as everyone worries about climate change, so it makes sense to jump on it right now.
Influencer Marketing
It’s no secret that online influencers are quickly becoming a business’s best friend. Companies are starting to piggyback on the social presence of influencers to help market and advertise their products/services. Log into Instagram right now, and you’ll probably see a handful of people trying to market something as part of a brand deal or sponsorship they have. It’s proven to be very effective, but where does this fit in with the idea of business trends? Well, seeing as more and more companies are looking for influencers, this means they need a way of finding the right people for the job. As such, an influencer marketing agency is the perfect business idea. You work as the middle-man between influencers and businesses, matching the ideal partners with one another. Influencers get paid, businesses get targeted marketing, and you get a load of cash for your part in the deal.
Fancy your chances at starting a new business? Then think about any of these three ideas as they’re very hot right now! Bespoke software development is becoming more and more central in the business world, eco-friendly gardening is slowly being seen as essential, and influencer marketing is a massive industry.
