What’s Your Employment Brand?
Did you know your company has an employment brand? Whether by design or default (usually by default) every company has its own employment brand. I talk to many small business owners who tell me they have difficulty attracting and retaining the talent they need to grow their businesses. They typically blame their inability to provide competitive salary and benefits packages to their employees. But money isn’t always the biggest motivator for employees today — particularly younger workers. Many job seekers place more importance on the quality of the work environment when making a job choice. Some people refer to it as the “cool” factor — companies that offer employees a sense of purpose and an opportunity to have fun on the job. That’s what defines their employment brand. Many talented workers are willing to take less in pay and benefits in order to be part of a company that they believe in and that gives them the opportunity to flourish. Have you ever asked one of your employees why they wanted to work for you? Even more important, have you ever inquired as to why an employee has resigned? Do your team members recommend your company to others? You need to know the statement your employment brand makes in the market. If you don’t like what you discover, put together an action plan to change it. Build a company culture people want to be part of and you’ll find it easy to attract the best and the brightest to help you build your business...
read moreEmployers Beware of Cyber-Bullies in the Workplace
The increased use of social media platforms may be affecting your company’s morale. A recent study from AVG Technologies finds the mis-use of social media infiltrating the workplace with negative effects. Over half of those employees surveyed believe their company is responsible for online behavior of co-workers, but 25 percent say they aren’t protected from cyber-bullying within existing company policies. What constitutes cyber-bullying? Four out of five (80 percent ) believe that sending unpleasant or defamatory remarks to or about a co-worker constitutes cyber-bullying. Other respondents find romantic advances from colleagues or supervisors, negative comments about their work or appearance, and secretive discussions about their work performance all to be forms of cyber-bullying. In addition to affecting company morale, cyber-bullying may also lead to workplace violence. Fifty one percent of the surveyed workers admit they would confront colleagues in person if they felt they were a victim of cyber-bullying. While you can’t control everything your employees post in social media, as a small business owner you need to maintain a written social media policy. Review the policy with your team so everyone is aware of what’s acceptable and what’s not. Define the consequences for the mis-use of social media. Most importantly, encourage employees to careful about what they post on social media platforms. Bottom line: If you don’t want to see it in the headlines of the New York Times, don’t post...
read moreTHE Small Business Expert’s 4 Step Process for Hiring The Right Employee
Hiring employees is one of the most difficult and expensive aspects of building a business. Therefore, I’ve created a four step process to help you make sure your investing in the right talent from the beginning. The first step in this process is to Identify Your Needs. Examine what’s happening in your business right now. Are things starting to slip through the cracks? Are you missing deadlines? Are you reaching the point of being burned out? Any of these situations can be indicators that it’s time to bring someone on board to assist you. My strategy for adding employees is what I call MYTOP, or multiply yourself through other people. Your first employee should be someone who complements your skill set, allowing you to focus your time and energy on the things you do well and that add the most value to your business. So before you hire anyone, identify and analyze your own strengths and weaknesses. The second step is to Determine and Convey Exactly What You Want for the position. After you’ve settled on the skills that would be most helpful to you, write a job description that encompasses those skills. Yes, I realize this is challenging because, since the job never existed, you’re not yet sure what the job is going to entail. It doesn’t matter. You still need to map out the responsibilities of the position and document it before you start your search. To identify the right candidate, it’s important to establish your expectations. This is also important for your new employee. Without articulating your specific expectations, the chances of your new hire failing are great. And that will be frustrating and unpleasant for both of you. Let me explain. During a question-and-answer session at one of my seminars, an attendee wanted to know why she couldn’t seem to find a good administrative assistant. She told me how several people she’d hired for the position hadn’t worked out, and she was ready to give up. She concluded that there wasn’t anyone out there to fit the job. Then I asked the obvious question: “Do you have a job description that lays out expectations?” The woman responded with a vague “sure,” mumbled, and gave rambling explanations. So I asked again . . . and again. Finally, she admitted that she hadn’t actually written anything down. Voilà! Problem identified. If you don’t know specifically what you expect the new hire to do for your business, then don’t be surprised when it doesn’t work out. Take the time to draft a comprehensive job description before you begin your employee search. Once you’ve done that, it’s time to move on to the third step, which is Determining the Salary Range. I realize that committing to a salary amount is scary, but it’s also necessary. You also need to come to grips with the fact that sometimes, in order to hire the type and caliber of individual who can help you grow your business, you may have to take a salary cut yourself. In fact, many entrepreneurs find they have to miss a paycheck here and there in order to make sure their employees are paid. Be sure you are ready to make that sacrifice. Don’t forget, your employees are a financial investment in your business. However, if you...
read moreBusiness Travel is Up: 7 Tips to Hold Costs Down
Clean and safe. That used to be my only criteria for booking business travel. Because business travel can be a significant hit to a small business budget, I, like many entrepreneurs, was willing to make compromises in order to hold the cost down. So as long as I felt safe and my room was clean, I was happy. However, today business travelers don’t have to make huge sacrifices on quality to have both comfort and recently reported that the number of business trips by U.S. companies is on the rise, up 3 percent in the first three months of the year as compared to the same period in 2013. Therefore, I thought it would be the perfect time to review some of my cost-saving business travel tips to make your trip enjoyable as well as economical. 1. Book Airfare in Advance. Try to book your airfare as far in advance as possible. The longer you wait, the higher the fare will most likely be. If you’re afraid you may need to change your flight, then look for airlines with the most flexible change fees. For example, Southwest Airlines doesn’t charge a change fee (a penalty) whereas American Airlines charges a change fee of $200. 2. Fly in and Out. If you can catch an early morning flight to your destination and fly out that same day, you’ll save the cost of a hotel and meals. In fact, if you belong to an airline club, you may be able to arrange for a meeting with your customer right at the airport, saving on ground transportation too. 3. Use Hotels for Business Travelers. There are some hotel chains that cater to road warriors. They aren’t the five star, glitz and glamor hotels, but they are nice and comfortable. Some of my favorites have pillow top beds with fluffy pillows. These chains also typically have an on-site fitness center, free wi-fi and offer a hot breakfast every morning. Recently, I stayed in an Embassy Suites in Boston where the rate also included an evening reception with free appetizers and soft drinks. That was dinner for me! 4. Watch for Deals. If you travel to the same cities frequently, subscribe to fare alerts and keep an eye out for deals. For example, I fly to New York several times a month so I watch for discounted round-trip fares. Fare alerts work particularly well if your travel plans are flexible. 5. Become a Member. Enroll in the airline and hotel loyalty programs. I have so many of these cards that I carry them in a separate wallet. Earning points that you can use for future travel provides a cost savings. If you primarily use one brand, consider getting an affinity credit card so you can earn points or miles when you use it. 6. Watch for Coupons. If you need to stay several days in one city, pick up local publications and/or search the Internet for restaurant coupons. Also, ask the front desk manager or concierge if they have any coupons available for guests. Sometimes restaurants in the area will provide hotels with coupons for their guests to attract new business. 7. Ship in Advance. Tired of baggage fees. If you need to check multiple bags, consider shipping your luggage or cases in advance. ...
read morePeople Can Make or Break Your Small Business: Place Your Trust Wisely.
People can make or break your business. This includes everyone from your professional advisers, suppliers, customers and clients to your employees, business partners, and even your friends and family. Making wrong decisions about any of the people with whom you deal can significantly hurt your business and impede—even destroy—everything you are trying to achieve. When it comes to people, I’ve made both good calls and bad. In most cases, the bad calls were no big deal, but a few of the bad choices left me feeling angry and betrayed. (One of them left my checkbook significantly lighter.) There’s an old saying: Business is business and friendship is friendship, but when it’s your business, it’s always personal. Fortunately, I’ve been able to rebound from bad calls, but not all entrepreneurs are so fortunate. Some find placing their trust in the wrong people to be too devastating, emotionally and financially, to overcome. A number of years ago, I personally saw the tragic ending for a friend who simply couldn’t overcome business betrayal. I’ll call her Sally. Sally had tremendous entrepreneurial drive. She built a business from nothing in 1993 to nearly $100 million in revenue by 2006. She recognized that she didn’t have the sophistication to develop the structure and process for such a large organization, so to help her manage the rapid growth, she hired a chief operating officer. Things seemed to be going well until documents from the IRS arrived indicating she owed $2 million in back taxes. A complicated investigation ensued, and it turned out that the trust Sally had invested in her second-in-command had been misplaced. According to sources close to Sally, the COO, who we later learned had previously been convicted of IRS fraud, failed to pay the Sally’s company’s federal taxes for two years. The IRS troubles caused other financial problems, putting the business in dire financial straits. One Thursday evening, Sally left her office and never returned. Her body was found on Saturday. She had taken her own life. As one of Sally’s friends noted, “Sally believed that she would lose herself if she lost her business. She had fought so hard for so many years to build that company, and she was deeply ashamed about her financial problems.” This is an extreme story, but I feel compelled to share it because it drives home the importance of understanding that your business is only as good as the people involved with it. Surround yourself with quality people, and be careful about where you place your trust. Every choice you make has an impact on your success. Oprah Winfrey says — always sign the checks. Sage advice from a successful entrepreneur....
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