When you’re an entrepreneur, you generally need to understand every function of your company: operations, sales, marketing, finances, and human resources. Many business owners, however, only concentrate on departments that are directly linked to sales and increased ROI, and put human resources on the back burner.
However, by not making HR a critical department in your operation, you are sabotaging your company. This is not to say that a startup should immediately hire an HR coordinator, but if you run a small business, you need to be knowledgeable about HR. Implementing the following practices will put your organization in a stronger position for growth and financial success.
As we wrap up the year and prepare for the next, make sure to give your business a cash health checkup. This is more than looking at a statement to see if there is money in the bank or to check the profit margin. It’s analyzing where you are, deciding where you want to be, and outlining a strategy to get you there.
Many small business owners are guilty of micromanaging. It’s no secret that delegating tasks is often very hard for small business owners to do. After all, how many of you started your business thinking, “I can do it better than my boss can!” or something similar?
When you’re the best at something, it’s tough to let anyone else take the reins. But micromanaging can hurt you, your employees, and your business.
A business credit card can be much more than a convenient way to pay for purchases. These cards can also provide lucrative rewards, superior fraud protection, and can smooth out cash flow. According to the Federal Reserve’s 2019 Small Business Credit Survey, 52% of firms with 1 to 499 employees use credit cards on a regular basis.
Here, seven small business owners reveal the smartest purchase they ever made on a credit card, and why putting those purchases on plastic was a savvy move. In addition, you’ll learn strategies for making the most of your business credit cards.
Digital technology is disrupting almost everything, which includes education. According to the self employment statistics in FreshBooks’ 2019 Self-Employment in America Report, college education is becoming less of a prerequisite.
The percentage of self-employed professionals with college degrees has decreased considerably in the last couple years. In 2017 it was 64%, followed by 60% in 2018 and it now stands at 56% in 2019. This doesn’t mean people are not getting educated. The only thing that has changed is how they’re getting this education.
A fact which supports this point is how much those with and without college degrees earn. In the past the earning disparity between high school and college graduates was significant, this is no longer the case. The report reveals there is no difference in revenue between businesses founded in the last two years for both groups.
Small business owners often find themselves taking on every task in their company.
But, as a business grows, this hands-on approach becomes harder to maintain.
A business’s ability to evolve depends on its leader’s ability to let go of that death grip on… everything… and learn to delegate without micromanaging.
But, despite the fact that hoarding tasks is exhausting and detrimental to business, it’s still a hard habit to break.
Laptops continue to increase in popular for business use. And not only do they allow you and your team to get work done from anywhere. But many also provide all the power, storage and speed that you really need. And this allows you to perform your day-to-day functions.
However, with the increasing popularity of laptops, there are also more devices to choose from than ever before. Wading through all the brands and specs can get complicated, especially for small business owners who already have tons of other tasks on their plate.
How to Choose a Laptop
Whether you’re looking for a laptop that you can use personally in your home office or a selection of devices to supply to a small team, here are some helpful tips for those who aren’t sure how to choose a laptop for business use.
Often in life, we wait until a change in circumstances to make a big decision. Exit planning is an example of something so many entrepreneurs put off. In business, our focus is firmly on the here and now decisions: marketing, HR, inventory, cash flow, etc. It doesn’t feel like there is the time or the impetus to create an exit strategy, especially if you don’t plan to sell soon.
But, you can’t be complacent about exiting your business. A study by Securian Financial revealed that 72% of small business owners have no exit strategy at all. The reality is it can take years to execute a successful exit, so the endgame needs to be in your mind from the start.
January’s going by in the blink of an eye as businesses of all sectors channel their energies into starting the new year as they mean to go on.
The good news is that while it might not be home to a ‘momentous’ holiday like Christmas or Easter, February is brimming with some wacky and wonderful holidays that offer business owners opportunity to promote themselves, extend their reach and ultimately make money.
Weird Holidays in February
Take a look at the following weird February holidays small business owners can celebrate and make money from.
If you’re a woman business owner looking for financing to start or grow your business, one thing you may be dreaming of (aside from winning the lottery) is getting a grant. Unlike a loan that you have to pay back, or an investment in your business that requires giving up equity, a grant is basically free money that you don’t have to pay back.
Of course, that doesn’t mean grants are “no strings attached.” In fact, most grants typically come with quite a few strings. Similar to scholarships that are given to students to help finance their educations, grants can come from a wide range of sources: from the federal government to a wealthy individual, from a small nonprofit organization to a multinational corporation. What grants all have in common is they’re designed to reward organizations that are doing something the grant-giver believes is important. A corporation with a commitment to women might give grants for women business owners, for example.