Fire Employees Wisely, or Pay the Price
Firing an employee is never easy for anyone involved. Not only are there emotional entanglements, there is the potential for legal entanglements – small business owners need to conduct themselves wisely on both accounts. State laws vary, so before you even hire your first employee, get legal advice on firing; as soon as you have employee number one on the payroll, the possibility of firing enters your world. In most states, workers are employed on an “at-will” basis, meaning they can be fired at anytime. However, if you have a contract with any employees, the terms of the contract will come into play. Tip: Be careful not to give a verbal contract when hiring, such as, “The only reason you could ever lose your job would be if we don’t get the contract from Acme Widgets.” If you’ve made any promises or commitments, then you may end up with a fight on your hands. Small business owners also need to understand that they cannot violate a person’s rights. The Supreme Court just ruled that Abercrombie & Fitch violated a Muslim women’s religious rights when the company refused to hire her because she would wear a head scarf on the job. Other categories include age, race, sex, national origin, and disability (as long as it does not hinder job performance). Sexual orientation may also be on that list in your state. There are other mistakes you must avoid. In order to dodge firing a worker, some small business owners make work miserable for an employee in the hopes that he or she will just quit. If the scheme works and the employee quits, the small business owner is likely to end up in the middle of an expensive wrongful termination suit. Be a straight shooter with your employees, even in difficult situations. The fundamental guidance when firing is that it should be the final step in a process. If the day arrives when an employee must be fired, it should never come as a surprise. The process must include: Documenting the problems, Working with the employee on corrective measures, Informing the employee of the consequences. However, many companies have “zero-tolerance” policies that cover some behaviors, such as violence, harassment, drugs and discrimination. If you decide to implement any zero-tolerance policies, get legal advice; enforcement is not always as easy as it might seem. When you decide it’s time to fire someone, do not act in haste or anger. Take the time you need to be sure your attitude is right and you are fully prepared for the process. Here are some tips: Do it fast. As soon as you know someone isn’t right, end the employment relationship. Dragging it out doesn’t do anyone a favor. Be brief, direct, straightforward and unapologetic when delivering the news. “We’re letting you go today,” is really all you have to say, along with any details regarding pay and packing up. Don’t allow the employee to start a long discussion or argument. Be prepared for the logistics. Have a person ready – or it can be you – who oversees the employee when packing up. Don’t let the employee finish the day or the week. Experts advise firing at the beginning of the week and never on Fridays. Although it’s optional, try to have a...
read moreSmall Business Success: Refuse To Be Sucked into Uncertainty
Whenever it looks like we’re in an economic downturn, a handful of optimistic and hard-working small business owners and entrepreneurs charge ahead behind the rallying cry: I refuse to participate in a recession! We aren’t currently in a recession, but according to the most reliable economic indicators, we aren’t in a boom cycle either. However, we are in an era where one indicator is going through the roof: The number of opinion surveys. More public opinion surveys are being conducted today than ever before and frankly many are starkly contradictory. The entire polling and surveying industry is in a state of flux itself. Recent major misses in predicting elections results are signs of this. Small business optimism polls But, their accuracy in measuring the health and attitude of small businesses seems to equally as poor. Here’s a quote from the CNBC article summarizing the recent survey conducted by Gallup for Wells Fargo: “The Wells Fargo/Gallup Small Business Index, a measure of optimism, dropped from 71 in January to 64 in April, Wells Fargo said. It was the first significant decrease since November 2012. The survey questioned 601 small business owners.” That article appeared on May 11. One day later, reporting on a National Federation of Independent Business optimism survey, the Wall Street Journal said this: “Confidence among small business owners increased in April after a March drop, according to a report released Tuesday. Hiring activity also picked up, although many owners said they could not find qualified workers.” In fairness, I need to point out that the Wells Fargo index has a reporting period of January to April, while the NFIB index has a reporting period of March to April. But the important thing to learn is that surveys, polls and indexes aren’t important. In an era like today, they are “all over the place” and at best they create an attitude of uncertainty. Further, even an accurate survey shows where we were, not where we are and certainly not where we are going. Your future is not controlled by a survey, unless you allow it to. This is why I exhort you: Refuse to be sucked into the current atmosphere of uncertainty. The enemy of small business owners Uncertainty is the enemy of a small business owner. You need to make decisions every day. You need to have a strategy that guides you over the next several months. You will make some wrong decisions and you will make some great decisions. That’s just a fact. However, you must be resilient. You must be able to put bad decisions behind you and carry on. I believe that for any of your decisions to have a chance at being successful, the actions that follow those decisions must be founded on confidence. Half-hearted efforts are bound to fail. All of us prefer recoveries over recessions and certainty over uncertainty, but for you – small business owner – all that matters is how you are doing. Remember, even in the absolute worst economic times, such as the Great Depression, there were plenty of successful businesses and startups. • • • New, affordable small business resource I hope the observations, advice and encouragement I’ve given you here provide you with you some mental ammunition to shoot down any doubts that creep into your...
read moreThis Week in Small Business: How Entrepreneurs find happiness, social media tools and much more
Entrepreneurship and startup news Money isn’t always the thing that makes serial entrepreneurs happy. In this video, WSJ’s Charlie Wells joins Tanya Rivero to discuss. Bill Carmody, CEO of Trepoint, describes five ways entrepreneurs can use “emotional intelligence” for marketing. When you go to Amazon and the site recommends products based on your browsing, that’s one example behavioral marketing. Learn more and see if you need it in this article. Good ideas are the heart of a successful startup. Author and inventor Stephen Key points us to an unusual place we can find good product ideas. Here’s how Selena Soo – who once made a $42,000 salary – built a business that earns up to $300,000 a year. Most of the heavy hitting entrepreneurs are on Twitter. Here are seven things that they do. Marketing and sales Every small business needs to handle social media marketing efficiently. These five tools help a lot. This concise overview of email marketing basics will help you get off to a strong start. No budget for marketing? Content marketing can solve that problem for your small biz. When it comes to commandments, the magic number is always 10. Here they are for your content marketing. Influencer marketing paid $6.85 in earned media value for every $1 spent. Fad or a strategy with staying power? You’ll find plugins and SaaS galore among these 35 growth hacking tools for people who don’t code. And speaking of growth hacks, here are five email list builders from a guy who knows what he’s talking about. Understanding video analytics will help you make better explainer videos. Here’s the lowdown. It’s easy to lose consistency in your branding. Look over these lessons from the world of financial advisers. Radha Giri, CEO of Midas Touch Consultants, discusses four “secret weapons” in online marketing that you may be overlooking. Can you describe the difference between a lead, a prospect and an opportunity? S. Anthony Iannarino can and he explains it in this short article. Politics, government and the economy Robert Reich, former Treasury secretary under President Clinton, says that small-business Republicans are getting fed up with their party. Gallup polled a wide range of small business owners – men, women, veterans, LGBT – to gauge their attitudes, habits and experiences. Leadership, management and productivity Here’s a list of six things productive people do every day. The one about email may run contrary to everything you believe. We read this so often that it may not be news anymore, but it’s still important to keep up on: Online scams and frauds are increasing, with an emphasis on social media (like and share buttons). It’s often said that “Culture eats strategy for breakfast.” With that in mind, here are four ways to design a more authentic workplace and small business culture. Dr. Karen Keller gives us four ways to develop our leadership “X Factor.” If you think that new technology is going to lower your costs, you may be sorely mistaken. However, putting together remote teams, might. Here are some tips. Olympic skier and NFL football player turned entrepreneur and philanthropist Jeremy Bloom discusses how to develop your management style and put together a great team. The latest SurePayroll Small Business poll found that 75 percent of small business owners help their employees...
read more15 Business Apps (plus or minus) that Will Calm the Road Warrior
Charging out into unfamiliar realms, a good smart phone loaded with great travel apps is the business traveler’s best friend. Dealing with airlines, hotels, new cities and the requirements of conducting business can be made a lot easier with the right hardware and software. Consequently, there’s always been a lot of app development in this sector. Some disappear (remember Mynd Calendar?), some rebrand (Taxi Magic is now Curb) and some pivot (Hipmonk is now a more general hotel and lodging finder service). No business traveler needs all of these, but every business traveler needs some of these apps. We’ve categorized them so you can more easily zero in on the ones relevant to your habits and experience. Air travel Gate Guru. This is designed to help you navigate all the twists and turns on your travel day. You get real-time updates on security line wait times, gate changes, schedule changes and more. Seat Guru. You can drill down and get the best information on how comfortable you can expect to be on any given flight, airline or route. Knowledge is power. Tripit. This comes in free and paid versions. The paid version is just over $4 per month paid annually, so it isn’t an inexpensive app. It allows you to have all your travel information in one place, share it with others, track rewards, receive real-time flight alerts and more. Traxco has fewer bells and whistles, but is free. Lodging Hotel Tonight. This quickly became a favorite with business travelers. When you find yourself spending an extra night in a city, you can discover a conveniently located and relatively inexpensive hotel room. Recently, I was stranded in Chicago and found a 4-star hotel, near the airport for a reasonable price. The app allowed me to quickly select my room preference and book it, alleviating much of the stress. Airbnb. If you like staying in residence suites, you should love Airbnb. Also, when you have to bring other team members along, why not find a condo or townhouse? In most cases, you’ll find it less expensive than a hotel. Couchsurfing. Ambitious entrepreneurs looking to bootstrap their startups are renting couches in San Francisco. Here’s an app that will put you in that crowd. It’s also great for meeting locals and saving a lot of money. Grand transportation Uber. The peer-to-peer car ride company is well known. It can save you money and make life a bit easier on the road. The same goes for Lyft. Curb. The traditional taxi cab companies were feeling the heat, so they needed an app. If you’re a bit more mainstream, this should work for you. Silvercar. Every legacy car rental company has an app, but if you’re okay with a silver Audi A4 at $59-$99 per day, this is your app. They meet you at the airport with your Audi and it includes free GPS, free Wi-Fi, and free satellite radio. However, it isn’t available everywhere. Local knowledge Weatherpro. Why pay for a weather app? This popular app includes a lot more information than the free apps, such as how it “feels” and worldwide weather alerts. Around Me. When you’re plunked down in an unfamiliar city, this app lets you quickly get your bearings and find things that are conveniently located near you. Take your...
read moreThere are No Mulligans in the Retirement Game: Small Biz Owners, Be Prepared.
I love the spirit I find in small business owners like you when I get to travel around the country. You’re optimistic, confident and willing to take risks. We need more people like you! You know that if one business idea doesn’t work out, it won’t be long before you get another great idea and you can give that one a try. In the world of startups, if you fail once there’s always another opportunity for success. However, that’s not true with your retirement. When the calendar or your health says it’s time to retire, there aren’t any “do-overs.” Small business owners unprepared A TD Bank survey found that 47 percent of small business owners didn’t have a retirement plan in place. For owners who started their businesses from scratch, 27 percent said they just plan to shut the doors when they retire. Interestingly, for small business owners who purchased their businesses, only 8 percent will merely walk away when retirement time comes. If there is any good news in these figures it may be that the Baby Boomers typically started their businesses at an older age – 47 years on average – while Millennials started their businesses when they were 26 years old. In other words, there is still time for Millennials to get their retirement plans in order. For the small business owner, preparing for retirement is more complicated than for someone whose income has always come from a salaried position. For the salaried worker, the only real question is how to invest one’s savings. There are many options and strategies to consider, but the central question is simple and direct. Don’t waste your work However, for a small business owner, the question of transferring the business is also part of the retirement strategy. Shutting the doors, as so many are planning to do, yields nothing on all the sweat equity small business owners invest in their businesses. Frankly, if you don’t have a succession plan, it would probably be better to work for an employer with a 401(k) where the company matches contributions up to the legal limit. At least then you’re getting some return for just “showing up.” Books are written on retirement strategies, and I recommend you get a few and read them; I can’t say everything that needs to be said here. But let me leave you with three solid pieces of advice: Find a financial planner who you like and trust. Start working regularly with this person. If you can see the retirement light at the end of the tunnel, don’t plow your savings into another business venture. It’s far too risky. Grow your business. A business that shows solid growth and growth potential will find a lot of willing buyers when it’s time for you to cash out. Benjamin Franklin is famous for the wisdom he captured in short maxims. This one fits retirement perfectly: “If you fail to plan, you are planning to...
read moreYou Need To Consider Slideshare For Your Small Business Content Marketing
I often discuss ways of making your small business stand apart from the crowd by creating a noticeable difference. It’s not a principle that applies only to the products you send out the door or the service you provide, it’s also relevant to the way you conduct your business. It’s no secret that the competition for eyeballs in the world of content marketing is very high. Posting something that will get in front of your target audience is difficult and one of the best ways to achieve this is to post differently. Slideshare is a platform that many overlook in their content marketing campaigns and that works to your advantage. Even though the platform doesn’t boast user numbers like Facebook, it still pulls in some 60 million unique users every month. If you create an informative and attractive Slideshare presentation, you can get noticed simply because there’s far less competition. Great B2B Content Marketing I should also point out that it’s a fantastic platform for business-to-business content marketing, which is great because many of the other social media platforms seem to be better suited for business-to-consumer marketing. There are two reasons why Slideshare is a great choice for B2B content marketing: As basically an Internet-based “PowerPoint,” Slideshare is ideally suited for business presentations, and As a LinkedIn company, there is a complementary relationship between users of both platforms. By the way, not every Slideshare presentation needs to be a straight “Powerpoint” clone, it also supports videos and infographics. If you are already creating videos for YouTube, Slideshare gives you another place for posting. The same applies to infographics that you might be posting to Twitter, Facebook and your own website. I’m a big fan of two important small business productivity boosters: Squeezing the most value out of everything, and Doing things the easy way. Let’s look at how these two principles can be applied to Slideshare. Repurposing existing slide presentations or other materials. If you are in the B2B world there’s a good chance you have already made some presentations. They might be instructional or sales oriented. You may have created these for a trade show or a conference at which you spoke. With a little bit of editing they can easily be adapted and uploaded to Slideshare. And once you have done, this you can embed them in your website and throughout the social media platforms where you have a presence. Suddenly you have bolstered your content over several channels and your only expense was a few minutes of time. Also, review any infographics or videos you have created and post them to slideshare if you feel they would make worthwhile content for your target audience. Once you have content posted on Slideshare, promote it as you would other content you have created. If it is high quality, there’s a good chance others will share. Slideshare users can “follow” other Slideshare users, so you can begin building your audience. And because you are competing with fewer small businesses, winning followers isn’t as difficult as it can be on other social media platforms. Finally, despite the fact that Slideshare doesn’t have the mega-huge audience some other social media platforms have, remember that in B2B, size doesn’t matter. If you connect with a small number of the right people,...
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