Small Business

Fast Track: How to Streamline Your Hiring Process

May 18, 2016 by Guest Contributor

If your company is struggling to hire new employees, it’s time to review your hiring processes and change some of your practices. A sluggish economy that is compounded by competitive candidate market means most companies need to speed up their hiring processes through strategic planning, better decision making, and implementing technological solutions.

Revamp the Selection Process

Before the interview process even begins, the job description needs to describe real requirements and mandatory qualifications. Because job hunters are pressed for time, they can rapidly apply for any open online positions with only a few mouse clicks. This results in HR managers having to deal with hundreds or even thousands of applications.
Be sure to repeatedly highlight that candidates who lack the target skill sets, education levels, and work backgrounds that will not be considered for employment. HR managers do not need to set a high bar when it comes to hiring, they just need to set a specific one. Some prefer to use web-based hiring programs or onboarding software like BambooHR. Either way, using a centralized technology solution will better track data, decrease errors, and maintain efficiency during your process.

Interview Tips

Every interview may take 20 to 40 minutes, but will most likely not result in an ideal match. Be sure to use phone interviews to properly screen out job applicants. Face-to-face interviews should be reserved for [Read more…] about Fast Track: How to Streamline Your Hiring Process

Startup Success: Max Sales-Low “Burn Rate”

March 21, 2016 by Tim McMahon

The key to a startup success is knowing that the faster your startup can get from a business plan to revenue, the more likely it is the company will survive and succeed. Many new businesses measure their finances in terms of their “burn rate,” which is a number that indicates the rate at which venture capital is being used and not replaced through sales.

The burn rate problem can be resolved by using resources more efficiently while boosting sales.

Sales

Your new company should try to offset its costs as fast as possible through sales. This is called “customer financing” and it is a powerful way to alter your balance sheet in your favor. Sales are the mechanism by which all companies will survive long-term. The faster you can replace financing, investor support and capital with sales revenues, the faster your company can begin building long term equity growth.

Supplier Financing

If you’re selling a physical product often you can arrange terms with your suppliers so that they will provide 30 or 60 day financing. This should give you time to generate the sale and collect the money and then cover your inventory costs. In order for this to work effectively you need to keep your inventory levels at the bare minimum, ideally through the use of “JIT” i.e. “Just In Time” ordering. This involves precision timing and often computer integration with your suppliers.

Information Technology

A variety of companies require sophisticated IT infrastructure in order to ramp up operations. It could be for “Just In Time” inventory management as previously mentioned but it could just as likely be for e-commerce or document processing. Outsourcing some IT functions can be some of the wisest money spent during your new enterprise’s startup phase.

For instance if your company is based in Canada rather than hiring your own Microsoft Certified Professional to manage your Exchange Server, you could contract with a company like IT services Ottawa, to provide your e-mail services. Through economies of scale this will probably save you a bundle compared to trying to hire all these professionals yourself. In addition to cost savings it will also save in recruiting time and allow you to get your email server up and running in days compared to months.

Professional Services

In addition to IT professionals every company needs competent legal counsel and the services of a talented and knowledgeable accountant. These two individuals can provide your company with insights it would otherwise lack and further, provide your strategy team with legal and financial ideas they might otherwise overlook. If even one major legal or financial obstacle can be avoided by something as simple as retaining a couple of professional firms, the reward just might be a successful startup instead of an exhausting bankruptcy.

Success in business is far more often the result of where money is spent than how much is available. Taking the time to build a solid foundation for a company can set your management team at ease and allow them to concentrate on important topics rather than spending time putting out small fires in places they should never occur.

Business Organization: Ways to Track Inventory and Streamline Processes

March 10, 2016 by Guest Contributor

The success of many businesses depends on inventory management i.e. how well inventory is tracked, organized and handled. Here are three proven ways to increase efficiency and profitability through better inventory tracking, reviewing data and streamline processes.

Inventory Management System

A solid, cutting edge inventory management system offers significant logistical, operation and financial benefits. Using a technology-based inventory control system will enable employees to easily track down and ship products. Even better, it will enable management to obtain real-time data regarding inventory levels, future orders and product movement history. These customized reports will enable managers to make better decisions and react faster to market and customer changes. Inventory management systems should be integrated with point-of-sale style systems that automatically decrease available inventory counts and send out orders to vendors when stock levels reach certain levels. These systems are capable of printing out quick inventory count sheets and reports. [Read more…] about Business Organization: Ways to Track Inventory and Streamline Processes

Creative Ways to Increase Employee Loyalty and Job Satisfaction

February 26, 2016 by Guest Contributor

Employees are what give every business life. A business’s reputation can be built or destroyed by the actions of their employees. Happy employees will shine, while disgruntled employees do sub-par work and may even steal from or defraud the company. Given these crucial points, it is important that business owners identify ways to increase employee loyalty.

Pioneer Employee Engagement

When employees feel engaged by their employers, they have enthusiasm for the work they do. The fact is that employee engagement can be quantified by [Read more…] about Creative Ways to Increase Employee Loyalty and Job Satisfaction

7 Tips to Cutting Business Expenses

February 23, 2016 by Tim McMahon

Business expenses can quickly spin out of control and cause you, the proprietor, quite a bit of undue stress. So, how do you prevent it and more importantly how do you get back the monetary control that you need in order to keep your business healthy?

Pay Attention to Even the Smallest Business Expenses

The important thing, when cutting business expenses, is to go over thems with a fine-tooth comb. Begin by taking a look at your available funds and your overall expenses. Scour your accounting information and pay attention to all of the details.

Plug the leaks

#1 Check your records for exactly where your cash is going, who you are paying, etc. Make sure all of the expenses are vital (and legitimate), and see if there can be changes made in order to increase revenue. Plug the leaks, whether it is employee theft of office supplies or wasted electricity. These things might seem small but [Read more…] about 7 Tips to Cutting Business Expenses

4 Software Programs Every Small Business Needs

January 28, 2016 by Guest Contributor

Every entrepreneur needs affordable and efficient software programs to help them run their company, to save time and save money. Read on to learn about four key programs that will ensure the financial success of your small business.

Accounting Software

Smaller companies generally have a narrow profit margin, so they need to carefully manage their finances. Small business finances can involve everything from inventory management to product costs and billing cycles. In order to get an accurate picture of your financial health, small business owners should use accounting software programs. These helpful programs allow the users to process and record basic financial transactions such as accounts payable and receivable.

They can also provide [Read more…] about 4 Software Programs Every Small Business Needs

Saving Money on Small Business Expenses

November 24, 2015 by Guest Contributor

Running a small business can be tough. If you’re not careful with your expenses, you can easily go into the red. Thankfully, there are many things small businesses can do to save money. Below are five strategies for saving money on all your most important expenses.

Don’t Tie Up Too Much Money in Inventory

At home it often pays to buy in bulk but in business capital is usually scarce and if you are borrowing money capital is expensive. In order to be successful, you have to weigh the cost of capital against any savings for buying in bulk. So while it may appear that you are paying less for each item, you will probably be wasting money in the form of overstock. Instead, try to keep inventory to a minimum with “just in time” ordering i.e. only order new stock when you’re close to running out. It takes a little bit more work and logistics, but there are plenty of programs and apps that can make the task easier.

Minimize Fixed Costs

Fixed costs are things like rent, that [Read more…] about Saving Money on Small Business Expenses

Lessons in Funding for Entrepreneurs

August 24, 2015 by Guest Contributor

Today’s entrepreneurs need to understand all aspects of their industry in order for their business to thrive. This includes financial funding as well as how to interact with investors and lenders that provide them with the early money and the ongoing cash flow support needed. Below is an analysis of some of the most important lessons gained by successful entrepreneurs who were able to find money when they most needed it.

Communicate Your Vision

Successful companies are built on a meaningful vision. Trends come and go, but long-lasting companies have something more to put on the table than just a killer value proposition. They have a worthwhile and enduring vision that attracts strong capital partners with good connections in the earliest stages. Sometimes these connections become key employees and indispensable managers. If you want to build a strong organization, start with [Read more…] about Lessons in Funding for Entrepreneurs

Which Benefits Aren’t Benefiting Your Employees?

August 6, 2015 by Guest Contributor

More and more businesses are being forced to eliminate certain benefits in order to reduce costs so they can survive financially. This is due to increased competition, reduced market shares, and a sluggish economy. Supplemental insurance expert, William Hofto at All About Voluntary explains that voluntary benefits are a better option for most businesses and most employees, since they meet the exact needs of employees and save companies money. Here are some benefits that may be made optional in order to keep your company financially healthy. [Read more…] about Which Benefits Aren’t Benefiting Your Employees?