Month: December 2022

6 ways to avoid burnout for you and your team

6 ways to avoid burnout for you and your team

Establishing and managing a startup is hard work. While we tend to associate startup work with a fast-paced race for success, in reality startup work can become monotonous. You can only spend so many hours coding, writing business plans, and contacting potential investors before your brain turns to soup. Day after day starts to feel like day after day and before you know it, you’re staring into his ugly mug burning. The cost of burnout is losing stellar employees and putting your team at risk of collapse

Burnout can be fatal for young startups, especially when it targets key members of your team. In the early days of a startup, your capital is your team members. It is often all hands on deck and is noticeable when an important hand is missing. As teams grow and startups mature, this frenetic culture can persist even as teams and resources grow.

Burnout occurs across all industries, roles, demographic groups and locations. At one time or another, we will all experience some degree of burnout. It’s impossible to remove all stress in your workplace for every employee, but there are steps you can take to slow down or even eliminate it. Symptoms of burnout.

This process has to start with that recognition Burnout is a problem in your team This needs to be openly talked about and addressed. When people feel they are alone in their problems, they are less likely to seek external support and more likely to internalize these problems. Once the problem is out in the open, you can take steps to reduce burnout for your team and in your own life.

Root cause assessment

Burnout can happen in many ways. Your team may be understaffed and under impossible deadlines. Or, one may struggle to manage their work and personal life. Ask questions to get to the root of the cause of burnout. Do you not have enough resources to work? Are there any problems with your institutional structure or management? Are your employees working hard but not smart?

Listen to and implement employee feedback

As companies grow, employee feedback can start to fall by the wayside. Employees are a valuable resource for first-hand feedback on what’s working and what can be improved that employers would be foolish to ignore. Collecting employee feedback can happen in a group meeting, One word after another, or via anonymous feedback. Take that information and use it to understand workload, work-life balance and whether someone is struggling.

Value people over profit

Think of your employees as your capital. Good traders invest to grow and strengthen their capital. The same goes for your employees. Invest your employees’ time and energy To make them feel supported and appreciated. People experiencing work-related burnout often report that they felt under-supported and under-appreciated in their positions, and these feelings contributed to their decline in burnout.. A little gratitude goes a long way, especially when it’s thoughtful and personal.

Encourage healthy peer relationships

We know that co-workers’ relationships with each other can be either a blessing or a curse. Healthy relationships among colleagues A strong company can foster culture, build employee investment in their jobs, and positively influence the overall behavior and tone of the office. Poor coworker relationships can become toxic and force employees to continue in a job where they feel attacked or find another with a better environment.

Offer comprehensive health plans that address mental health

Work stress can have a profound effect on one’s health and well-being. While the physical health of your team is undeniably important, theirs Mental health is just as, if not more, important. Health plans that cover mental health are an important way to help your team get the medical care they need. Anxiety, depression, and feelings of helplessness that can wreak havoc on your life both inside and outside of work. Focusing solely on workplace effects, mental health issues can reduce productivity, increase absenteeism, increase employee discomfort, and increase the likelihood of burnout.

This is especially true among startup founders. We make failure and frustration and hurt a natural part of the startup process. Startup founders are expected to pour their lives into their new venture, working 100+ hour weeks and giving up everything not directly related to getting their ideas off the ground. It’s unsustainable, unhealthy, and can prevent people from getting the help they need.

Offer work-from-home or remote opportunities

We’re seeing a huge increase in the number of people reporting working from home one or more days a week. While it is probably unrealistic to allow every employee to work from home every week, many employees appreciate having the option available. You can invest in a designated office in a local co-working space. In this way, employees Those who are able to work remotely Have a consistent area to work from. Offering work-from-home options to an employee who you understand struggles with work-life balance shows them that you are confident in their abilities and that you understand their need for balance.

Conclusion

Try doing a self-assessment when you start to notice that you’re starting to feel stressed, disorganized, unhappy, and unproductive. Sit down for 30 minutes and try to think about the past few days or weeks. Are you happy with your job more than half of those days? If not, try to think about what might be the source of your frustration or unhappiness. Keep an eye out for Signs that an entrepreneur is burnout is going to happen then ask yourself “what can I do to change it”? While startups can certainly do a better job of reducing burnout in the workplace, only you know how you feel.

This article was first published in January 2017 but has been updated and expanded.

Cassidy Welter on Twitter
Cassidy Welter

Staff Writer: Cassidy Welter is a Chicago-based researcher at a consulting firm specializing in nonprofits. When she’s not working, she’s reading anything she can get her hands on, debating politics, watching the Pittsburgh Penguins, and eating her way through the city’s food scene. See more from Cassidy on Twitter at @CassidyWelter.

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Company Culture · Features · Growing Your Business · Leadership · Personal Development · Your Mindset

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4 productivity tips to maximize a 6-hour workday

4 productivity tips to maximize a 6-hour workday

You’ve probably heard how Sweden debated establishing a six-hour workday with full-time pay and benefits. The hope was to protect workers from long-term potential exploitation and make it easier for workers to achieve a positive work-life balance.

in sweden, Six-hour working days were tested among nurses in an elderly care home in Gothenburg. Nurses reported that they had more energy for their work and increased enthusiasm about working fewer hours. Part of this is because they had more time to spend with their children and families.

After the trial was over, the six-hour workday scheme was scrapped across the country due to high costs. In other words, the labor cost of paying full wages for six hours was too high to make it a sustainable model.

It’s important to remember, however, that nursing is a position that requires staffing at certain times of the day or, in some cases, around the clock. During this trial, 17 nurses were recruited to cover the hours cut off from working a six-hour schedule. A six-hour workday only works if you can compress the productive projects of an eight-hour workday into six hours.

For some people, this will be impossible, especially if the employee’s hours are dictated by staffing reasons. However, if your job is more flexible and you find that there are parts of the day where you feel behind and Decreased productivity Because of the possible length of the day, then this may be a good place to shape your productivity output.

Advantage of a 6-hour workday

Positive effects of the six-hour workday include increased energy throughout the workday without any slumps. Taking short breaks rests your mind and can make you more productive when you return to work. On the other hand, taking long breaks can stall productivity and lead to lack of motivation.

Due to the faster pace and increased value of work time, many people experience a strong productivity boost. Workers feel that every hour is more valuable than before. At the same time, they value themselves more as people, as their leisure time becomes an important consideration. This increases employee loyalty, and studies have shown that fewer employees took sick leave when working six hours. A Good work-life balance It will also help reduce burnout in those who don’t feel overly stressed by this schedule.

Disadvantages of a 6-hour workday

Some people do well with quick bursts of energy and project-oriented focus. For such people, a closed cut-off period and limited breaks are a boon. Other people, however, enjoy and even require eight-hour workdays to complete their projects. They may need a more leisurely pace or feel stressed and stagnant when they run out of time. Increase excitement and productivity. They may need a break to decompress their mind and may not mind the extra two hours they spend at the desk.

If a six-hour workday is a possibility that increases stress and reduces productivity, it’s definitely not right for you or your startup. However, if you thrive on speed challenges and hate that extended slump after lunch, give it a try for a week or two and see what you can do.

Maximize a 6-hour workday

1. Adjust your time for communication needs

Because your workday will not cover normal business hours, you should adjust your hours to facilitate communication between you and those who need to contact you. If everyone is contacting you between 1pm and 4pm, set your hours so that you are available during that stretch. This is an especially important consideration if you are traveling between different time zones.

2. Make a clear separation between work hours and holidays

If you plan to have a six-hour workday, but end up dragging your workday into the evening, it will be difficult for you to take your six-hour workday seriously. A productive six-hour workday depends on a sense of urgency when you’re at the office. It also depends on enjoying your free time away from the office when you stop working.

Many positions require fielding emergency calls and emails even when the office is closed. But try to check email at least. Reward your workdays and validate your time with late-afternoon walks or hikes, meals you don’t usually have time to cook, hobbies you’re interested in, and time with your loved ones.

3. Make a plan every day

Use the last five minutes of your workday to plan what you need to do tomorrow, so you can start without distractions.

Then, when you come into the office the next day, use your first 10 minutes to go through your emails and memos, so you can plan a solid list of what you need to do that day with notes from the previous day. . This will set you on track to work your way down by progressing through the list. It will also reduce stress by preventing you from thinking about what to do next.

4. Keep a productivity journal

Keep a short journal while you try it. It can be part of your daily planner, if that makes it easier for you. Evaluate what you did and how your workday went. It’s also important to make a note of how you feel at the end of the day. Do you still have energy for your hobby at home? Are you more tired now than if you worked the full eight hours? Or do you find yourself excited to embrace the rest of your day?

This journal is a good place to aim if you find that your work is piling up and need those extra hours. Above all, keep yourself open to change and feedback so that whether it’s this schedule or another, you can find the best work rhythm for your daily patterns.

Conclusion

If you’re an entrepreneur or business owner who has the flexibility to adjust your hours, the 6-hour workday may be for you. One of the main goals of any manager of a business is to Increase productivity. A shorter workday may seem counterproductive, but in reality, your business needs may change. Test different methods to see if the change will move your business forward and improve the lives of you and your employees.

This article was first published in December 2017 but has been updated and expanded.

Rebecca Moses on Twitter
Rebecca Moses

Staff Writer: Rebecca Moses is a creative writer who can’t stop meddling in the real world. While living in Colorado, he developed a special interest in small business manufacturing. He loves a writing challenge, dabbles in illustration, and reads to understand how all things work and grow. Find her at RebeccaMosesWriting.com

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Business Opportunity · Featured · Grow Your Business · Leadership · Mindset · Productivity · Your Mindset

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(Uploaded) Marketing Consulting Business – Startup Mindset

(Uploaded) Marketing Consulting Business – Startup Mindset

How to market your consulting business

Author: Sarah Ruddle

It doesn’t matter how strong your consulting power is if no one knows your services are available. Although marketing for a consulting business may seem complicated, you can use several tried and true methods to create a comprehensive plan and grow your clientele. This easy-to-read article walks you through three important steps to set up your consulting business for success.

Step 1: Know yourself

Before you can market your consulting business, you must clearly understand who you are, your services, and your niche. There are two factors to consider:

  • Are you an expert?
  • What is your niche going to be? For example, are you going to focus on life coaching, fitness or IT?

Once you’ve identified your niche and aligned it with your expertise, it’s time to decide how you’ll structure your consulting business. There are several Different business models, so choose the one that best suits you and your goals. For example, are you a solopreneur, have a partner, or are you part of a firm?

Now that you have a clear understanding of who you are as a consultant, it’s time to learn about your audience.

Step 2: Know your audience
The better you understand your target audience, the more focused and successful your marketing efforts will be.

For example, if you consider your potential consumers to be “all men who want to get in good shape,” you will have difficulty reaching your target client. Narrowing your focus allows you to efficiently help the customers you know and speak to them more directly. Try something more focused, like “All men ages 30-45 who live in California and have families.”

Not only can you customize your messages with buzzwords that will speak directly to your audience, but it will also help you focus your messaging on the places your clients visit. For example, try local gyms, sporting leagues, school functions such as “donuts with dad,” coffee shops, and local veterans affairs groups.

Step 3: Build it

Now comes the fun part – spreading the word about your consulting business and building a client base. Marketing is constantly evolving, so while it’s impossible to follow every trend, it’s wise to be aware of the latest marketing techniques and methods and social media apps. Therefore, it is essential to market your consulting business, which can be used to help your new clients. This can include anything from mastering the basics of search engine optimization (SEO) to understanding the latest technology in customer relationship management (CRM) or learning the latest Tik Tok dance routine.

Some excellent places to start marketing your consulting business include:

  • A Website – Even if you have no experience setting up a website, you can set up a personalized website with minimal investment and effort. Many great “drag and drop” website builders, like GoDaddy, Wix, Mailchimp and Weebly, walk you through the entire process.
  • A strong social media presence can help get your consulting business in front of potentially millions of people quickly. Platforms like Facebook, Instagram, Tik Tok, LinkedIn, Reddit and Twitter reach millions of people every day, so spend time creating focused content that will reach your target audience. For example, if your ideal clientele is “all men aged 30-45 who live in California and have a family,” you can post short gym workout videos on TikTok, tweet workout tips on Twitter, and post “reels” on Instagram. Making high protein and low fat desserts.
  • Even with changes in how social media marketing is done, word of mouth referrals are still the most effective method of getting clients. Start with your circles of influence, share what you’re doing, show them your website, invite them to follow you across your social media apps, and ask them to help spread the word.
  • Networking is another great way to advertise your new consulting firm. Consider joining your community’s business association and attending local networking events. If there is a professional association for your field, attend their events for networking or rent a space at a trade show, farmer’s market, or other local event.

It’s important to note that when creating your website and social media presence, you should include “proof of concept.” If you’re promoting yourself as a workout consultant, show proof that you’re in good shape and knowledgeable about healthy eating and fitness. When possible, include testimonials from people you’ve worked with previously.

off

Starting your consulting business may seem daunting, but rest assured that if done methodically, it can not only get off the ground but become a highly rewarding and incredibly rewarding career. Each consultant discovers a unique combination of marketing strategies that work for them. For example, you can spend most of your efforts on social media or asking for referrals.
Alternatively, you may find more success by writing a weekly blog or attending networking events.

The marketing that works best depends on you meeting your clients where they are, so find out where they spend their time practically and in the real world and meet them there!

One last reminder: keep marketing even if your schedule is packed. A customer can change their mind, get sick or quit

Startup Mindset

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out of class

Scale and Small Business (Freelancer Grid)

Scale and Small Business (Freelancer Grid)
Which quadrant is your goal?

The Industrial giants Tonnage Wanted Separate, product-valued, regularly distributed, consistent work for hire. They are not going out of their way to find freelancers that are desirable, skilled or even ‘good’. They just want to fulfill the specifications at the best price. They can keep you very busy and they can also pay on time.

There are a few rare bird, large potential clients who want freelancers who will give them something unique and difficult to replicate. They know what they want is scarce, and pay accordingly. Not many of them out there. If you find one, treasure them.

This leaves us with the last two sections:

By far the most common is waste of time. These small businesses want to be (or pretend to be) industry giants, but only want product prices, small volumes and lots of last-minute changes. Obviously, smart freelancers avoid these people, no matter how well-meaning they are.

This leads us sweet place. The client that wants you, with all your uniqueness, value and magic. One who pays a lot and gets more than their money’s worth.

If you look for them, they will be easy to find. And especially if you’re actually offering unique magic.

Importance of keeping employees happy

Importance of keeping employees happy

As a business owner, you probably care about keeping your customers happy. That’s the secret to being successful, isn’t it? You’re not wrong, but the whole picture doesn’t stop there. It is true that keeping your customers happy is a necessity, but Keep your employees happy This is also part of the equation.

The importance of employee happiness cannot be understated. Employee happiness is directly linked to customer happiness.

Don’t believe it? Let’s break it down a bit more. Here’s what you get when you commit to keeping your employees happy.

Better customer service

There is a major difference between how happy and unhappy customers treat their customers. Attitude is contagious.

Think about your own experiences. Has a store cashier ever been rude or indifferent to you? What about in a restaurant or coffee shop – has the host, server or barista ever given you the impression that you are a burden to them? These bad customer service experiences are different, and your business may not get a second chance to make a good impression.

On the other hand, happy employees try to be friendly with every customer. They do their best to complete their tasks at a top level, even if they are sometimes asked for help. Happy employees know that their job is always to do their best.

Positive team morale

Have you ever been part of a group where you felt like you just didn’t belong? Perhaps there was a tension undercurrent, or some members were bullied or excluded. Team members who are happy and positive want to bring this positive attitude to the workplace. As a business owner, it is important for you to encourage and develop this positive team morale. This can be a game-changer at work.

Employees who are not happy at work may not feel empowered to do more than the minimum. Perhaps they are overburdened, overscheduled and don’t have time to take on exciting challenges. As a business leader, it’s important for you to be proactive about identifying challenges that can demotivate the team.

You can ensure that all new employees are properly trained for their jobs. Promote a work environment where all team members are welcome and where harassment is not tolerated. This will boost team morale and where people are most empowered to perform at a high level.

Increased profitability and productivity

Depending on the industry or job location, happy employees can sometimes earn more than their unhappy colleagues. A common example of this would be in a sales position. Happy employees at work go the extra mile to educate their customers about all the company has to offer. An employee who is just coasting can do the bare minimum to close a sale. The difference between the two is that happy employees are motivated to do more.

In roles that aren’t sales-based, happy employees can still be more productive. One reason is that they may have an internal drive to succeed and perform. It can make them take on their day with enthusiasm. In some cases, they may even seek additional work that is outside of their job description.

Do you have an amazing team? Have you shown them appreciation recently? 4 Ways to Show Employees You Really Appreciate Them You can start.

Turnover is reduced

Sometimes, a happy employee will leave the company even though they loved the job. Any time an employee leaves the company, it causes turnover, which can be costly in both dollars and time. Time is required to review applications and interview applicants.

When you decide who to hire, time will be used to train new hires. This time is invested in a new employee time that would be spent on other tasks. Turnover is a natural part of business, so it cannot always be avoided. however, Employee investment May reduce happiness.

Are many of your best employees leaving? 6 Reasons Why Good Employees Quit Explains why some of your best people may jump ship.

improved reputation

Turnover isn’t the only thing that costs having a bunch of unhappy employees. Other damage may occur. Does your company employ people who are not committed to protecting the reputation of your business? Are there unhappy employees on your staff who just don’t care what their co-workers or customers think?

Unhappy employees who are not properly trained may show apathy. They can be careless about how they talk to customers, creating a bad reputation for your business. These employees can ignore the procedures you have in place to run your business smoothly. And, they may show a lack of commitment to work. This can be done by consistently showing up late or calling frequently. These actions cause service disruptions for your customers. These are all signs that an employee is unhappy and likely, Signs that an employee is about to quit.

In contrast, happy employees show that they are committed to building a positive reputation for themselves and the team. They have a positive standard for how they conduct themselves. They arrive at work on time as expected. These employees learn from mistakes and are committed to growth.

Conclusion

Keeping your employees happy is important. Happy employees make for better customer service and they help build positive team morale. Compared to unhappy employees, happy employees are less likely to make careless mistakes at work that create a burden for their colleagues. If you believe you have disgruntled employees on your team, create an action plan to change the situation. Now is the time!

Startup Mindset

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Business Opportunities · Company Culture · Featured · Find Your Way · Grow Your Business · Leadership · Mindset

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How much does Jeff Bezos donate to charity?

How much does Jeff Bezos donate to charity?

Entrepreneur and business pioneer known as Jeff Bezos One of the greatest entrepreneurs of all time. He is best known as the founder and CEO of e-commerce company Amazon.com. Amazon’s Business Model It has revolutionized how consumers shop and buy products online. The company is now valued at $863 billion.

Bezos owns the Washington Post and is the founder of the space exploration business Blue Origin. According to Bloomberg, Bezos is the fourth richest person in the world, with a net worth of $124 billion. The business tycoon has also proven that there are different types of business models to generate wealth and different ways to donate through his many philanthropic endeavors.

Jeff and Mackenzie

Before becoming a world-renowned businessman, Bezos began his life humbly in New Mexico. Born on January 12, 1964, he developed an early interest in computers and technology. He will attend Princeton University to study computer science and electrical engineering.

After graduation, he worked on Wall Street. In 1990, he was appointed the youngest senior vice president at the quantitative hedge fund, Dee Shaw. While there, he would meet his future wife Mackenzie Tuttle.

Mackenzie Tuttle, an alumnus of Princeton University, earned a bachelor’s degree in English before starting work at Dee Shaw. The pair got engaged within three months of dating. They married six months later in 1993. In 1994, Bezos and Scott left their high-paying positions at D Shaw, moved to Seattle, and founded Amazon. Bezos and Scott launched Amazon in their garage. Scott served as the organization’s administrator.

As one of Amazon’s original employees, Scott was instrumental in the company’s early development. The couple have four children and were married for 25 years before divorcing in 2019, leaving Scott with a $38 billion stake in Amazon. Scott pledged to contribute the bulk of his wealth shortly after their divorce settlement, and in July 2020 he said he would donate $1.7 billion.

Jeff Bezos and Philanthropy

Although their marriage ended, it was only the beginning for Bezos, who went on to amass an impressive portfolio. He bought the Washington Post in 2013 and Amazon bought Whole Foods in 2017. On February 17, 2020, Jeff Bezos unveiled the Bezos Earth Fund, which aims to fight climate problems and promote a future that values ​​the environment, and he launched philanthropic giving.

In 2020, Bezos pledged to donate $10 billion to his environmental foundation, the Bezos Earth Fund. The fund has distributed more than $1 billion through November 2021. Mr Bezos stepped down as CEO of Amazon in 2021 to focus on his philanthropy, where he has recently increased his philanthropy.

How much does Jeff Bezos donate?

one with Lifetime giving is $2.1 billion, Bezos said at the end of 2022 that it was time to “batt the hatches” due to current economic conditions. Bezos has occasionally allowed other well-known people to decide how to use his philanthropic donations. He recently gave country legend Dolly Parton $100 million to donate to any charity of her choosing as part of the Courage and Civility Award.

Bezos has committed $100 million to former President Barack Obama’s foundation in 2021. He also funded World Central Kitchen chef José Andrés and company founder Van Jones. The money was given to donate to causes of their choice.

The Smithsonian Air and Space Museum also received a $200 million donation from Bezos in July 2020. Additionally, Bezos donates $100 million annually to organizations that help homeless families as part of his Day One Fund efforts.

Since becoming chairman of Amazon in July 2021, Bezos has increased his philanthropy enough that he was named to Forbes’ list of the 25 most generous billionaires the same year. A large portion of Bezos’ charitable giving is made in the form of Amazon shares. Non-profit recipients can sell without capital gains tax. According to SEC filings, Bezos gave 84,030 Amazon shares worth $233 million to an undisclosed NGO in 2022.

The Amazon founder said in November 2022 that he intends to donate the bulk of his $124 billion fortune to charity during his lifetime. Bezos went on to say that he and his girlfriend, Lauren Sanchez, are “making it possible to pay.”

Bezos is focusing on space

About Bezos’ spending priorities, one thing is clear. His charitable and commercial investments saw a future in space as Blue Origin, and his venture into space tourism was off to a strong start. The specifics of how its resources will be used are also hidden in the technical print of the 2020 Earth Fund grant.

The Environmental Defense Fund received the same amount to support the “completion and launch of Methanesat, a satellite that will … detect and measure sources of methane pollution around the world.” The World Resources Institute received $100 million to “develop a satellite-based monitoring system to advance natural climate solutions around the world.” Bezos believes that space exploration will be essential to solving the climate problem.

Conclusion

Mr. Bezos’ net worth has fallen by about $68 billion this year as his Amazon stock price has fallen. Before Elon Musk takes the top spot in 2021, The title of the world’s richest man was held by Bezos. While we don’t know how long the current market conditions will last or Amazon’s future, we can be sure that Mr. Bezos will continue his philanthropic giving and focus on donations to space, the homeless, and climate change.

Sarah Ruddle

Tim Author: For more than 15 years, Sarah Ruddle has been a notable leader in the business and nonprofit world. Sarah has led an impressive career as the founder of the nonprofits The Torch and Torch180. She has been featured in well-known publications including Women’s Day Magazine.
Sarah was honored with the President’s Award for her MBA thesis on how cryptocurrency can revolutionize homelessness and was awarded the Entrepreneurship Award for her doctoral thesis. He holds a doctorate from Berkeley and is a professor teaching business and entrepreneurship classes at the University of Iowa, Eastern Michigan, and Cal Southern.
On a mission to support young entrepreneurs, she is focused on improving education, developing critical soft skills, increasing self-awareness and confidence, and creating collaborative learning spaces as a business mentor. An inspirational speaker at schools across America, speaking on leadership, selfless service and commitment to community. Prior to her time in the business world, Sarah served in the United States Army as a youth pastor, an commissioned chaplain, and an intelligence analyst.

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How to Upgrade Your Business Cash Flow Management

How to Upgrade Your Business Cash Flow Management

Cash flow management refers to how much money your business brings in (inflows) and how much money it spends (outflows). It may seem quite straightforward; In reality, it can be the small details that make the difference between business failure and business success.

In fact, about 82% of companies fail in their first few years because their liquidity becomes too thin. Many small business owners have to spend their own money to keep the business running. Fortunately, there are many things you can do to improve your cash flow management and avoid a make-or-break moment for your business.

Types of Cash Flows

Overall, cash flow is pretty straightforward with two main pillars: how much money you generate and how much money you spend. If you spend more than you earn, cash flow is negative, so you may need to take out a loan or pour personal money into the business to keep up with all your expenses.

If you earn more than you spend, your cash flow is positive. However, to stay green, you need to monitor your cash flow management frequently and know when it’s the right time to improve it. Fortunately, there are many early signs that indicate your positive cash flow may be turning negative. The most common ones are late or missed payments and you need to scrounge up funds to cover expenses on time

What affects cash flow management?

Depending on the type of business you have, there are many factors that affect cash flow management. On the revenue side, having late paying customers can lead to negative cash flow for your business. Depending on the industry, running regular credit checks on your clients can help you identify customers who may be putting your business at risk.

A myriad of expenses must be covered to stay afloat in business. Some examples include rent, utility bills, employee salaries and benefits, equipment (such as computers, accessories and software), taxes or additional labor costs, accounts and legal services, and more if your business expands overseas.

Tips for better cost management

Imagine your expenses

Keeping track of all your expenses — no matter how big or small — is the first step to avoiding rainy days. While this may sound simple, it can be challenging for any business. One of the main benefits of tracking your expenses accurately is that you can better predict your future budget and expenses, and you’ll also be able to identify investment opportunities.

Payroll Management

It is very important that payroll is managed effectively in any company. Along with property and capital costs, such as machinery, salaries are typically the largest expense for most companies. Companies need to ensure that they are deducting and withholding the correct taxes, social security adjustments, etc. Added complexity All of which need to be accounted for in your business cash management

Shipping is a priority

Businesses create invoices to ensure they are paid by their clients, so this is a very important step. Invoicing also helps your company accurately track all potential revenue Acts as a legal document Between your business and its clients.

Opt for high-interest savings accounts

Switch your regular savings account to a high-interest account, which typically earns many times the average savings account. In general, such an account must be opened at another institution, where you do not keep your regular checking account.

However, over time, you can leverage your cash and build higher liquidity for your business, which can potentially save you if you go through a major setback, such as the loss of a key customer.

Increase prices and product rates

If your cash flow is negative, you may have to raise your prices and product rates, which will increase your revenue. However, it is important to target positive feedback from your current and potential customers by using the right marketing mix channels.

Outsource business processes

Small business owners can easily become overwhelmed by all the functions they need to cover. A large business usually has a department for each function (marketing, accounting, human resources, finance, and so on) and staff to cover each function.

For a small business owner, it can be nearly impossible to cover all areas efficiently, so sometimes it is essential to outsource. For example, a global payroll company can help you by handling all the documents and legal aspects on your behalf, so you can focus on growing your business instead.

Protect against data breaches

Data breach Can be very costly both financially and in terms of reputation and brand image. Make sure you protect your business using the right methods. For example, a cloud-based payroll service can keep your data safe.

last row

Cash flow management is very important for any business. Finding the right solution for your business is critical to staying afloat and succeeding in the long term. Outsourcing some key functions, being aware of your expenses, and monitoring your revenue are some of the main things you can do to avoid running out of cash.

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Understanding the difference between business objectives vs. marketing objectives

Understanding the difference between business objectives vs. marketing objectives

Although they sound similar, business objectives and marketing objectives are far from the same. Understanding both is important when running a business, they both play very unique roles. In this article, you’ll learn the difference, and how to feel confident setting them.

What is marketing?

Marketing An umbrella term used to describe the various strategies through which a business reaches and engages with consumers. Different styles of marketing can be used to interact with a business’s audience, but the primary goal remains the same: generate public interest in what your company has to offer.

When you think about business objectives, it can help to think of them as “big picture” strategies. Marketing, on the other hand, is a small – though extremely important – aspect of running a business.

business purpose

When running a business, it’s always smart to have a game plan. This is where objectives come in Objectives are measurable, specific and realistic goals that you strive to achieve More specifically, a business objective relates to the overall success of your company. This is important to understand Difference Between Business Objectives and Business Goals. Business objectives are achievable, realistic, short-term tasks that must be accomplished in order to move toward the overarching business goal. Objectives help track progress toward your company’s big plans.

to stay business purpose In Place helps you keep track of your company’s growth, revenue and other achievements. Business objectives can cover a variety of categories and topics, including revenue, productivity, customer satisfaction, operational processes, and more.

Here are some examples of business objectives:

  • Increase profits by 10% in the next sales quarter.
  • Improve customer response by 30% in the next three months.
  • Reduce checkout time by 5 minutes next week.

Marketing objectives

Unlike business objectives, marketing objectives exclusively cover marketing strategies. When setting marketing objectives, you want to focus on improving the way your company communicates with its target audience, as well as the way your brand identity is expressed, especially online.

You want to make sure that your marketing objectives are directly related to your business’s style of outreach. For example, if your business relies heavily on its online presence or use of social media, then those areas should be prioritized in your objectives. Similarly, if advertising is important, it should also be reflected.

Here are some examples of marketing objectives:

  • Reach 5K Facebook followers by the end of next year.
  • Gain 50 new customers in the next sales quarter.
  • Increase website visitors by 30% in the next month.

Use smart methods

When creating objectives for your company, whatever their variety, you should try to align with the SMART acronym. SMART is a goal-setting framework that sets specific criteria for the objectives you create, bringing them closer. Here is what SMART stands for:

(Specific

Make sure your objectives are specific. Instead of using broad, generalized statements, narrow down the exact terms of your goal. This makes your objectives clear and easy to understand and track. This prevents you and your team from wasting time or being confused about your terms of success.

instead of: “Improve the company’s sales.”

Try: “Increase online store revenue by 30% this upcoming sales quarter.”

(M) Tolerable

Objectives are easier to track when they are measurable Keeping track of how close your team is to success can be great for morale and has been proven to improve goal progress. Businesses that set and track their goals Achieving 96% of their target.

instead of: “Increase Social Media Followers.”

Try: “Reach 2K followers on Twitter by the end of this year.”

(a) Achievable

Making a goal achievable means it doesn’t seem too far out of reach. If you and your team feel that an objective is too difficult or realistically achievable, it can be discouraging. Instead, keep your spirits up and stay on track by making sure your goals are within reasonable expectations.

instead of: “Cut production time by 85%.”

Try: “Reduce production time by 30% next year.”

Remember that there is nothing wrong with taking baby steps. Objectives don’t have to be extreme or high-pressure to be successful. As you continue to achieve smaller goals, the bigger ones will become easier.

(R) Increase

Relevance in setting a goal means it is important and meaningful to your business. Don’t waste your time setting goals that cover small, innocuous aspects of the business. When you do that, no one feels motivated to work towards it, because the end result isn’t worth it.

Instead, set objectives that are truly important to your company. This requires an in-depth understanding of the most important factors for your own business needs

(Time bound

Setting a time-bound objective indicates that you have set a time frame in which to reach this goal. This is important because otherwise, you can endlessly aim to achieve your goals. Assigning a deadline to your objectives adds a little pressure, which is good for productivity and gives your goal a sense of urgency.

instead of: “Make 10 New YouTube Videos.”

Try: “Make 10 YouTube videos every week starting next month.”

Setting goals thoughtfully, using the SMART method, can make them more realistic and even easier to achieve. Writing objectives has also proven to work for organizations that consistently track their progress toward achieving goals.

know the difference

Although marketing objectives and business objectives are vastly different, both are necessary for a business to succeed. Knowing their differences is as important as understanding their similarities. With consistent hard work and determination, both types of goals can be within your reach.

Startup Mindset

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Stories, values, and points

Stories, values, and points

what a the car for? transport with reliability. Status. A transaction with the bank. A transaction with a dealer. Your relationship with your neighbors. A statement about your style and design beliefs. Your sense of quality. A statement about how you walk this planet.

what a job for? A way to pay the bills. how is your day What do you talk about at the party. A sense of purpose. A chance to dream. People you connect with. Something to be proud of. A statement of self-worth and dignity. A chance to make a difference, or a chance to lower your status regularly.

what a marriage for? A ceremony commemorating a long-term commitment. A statement of status. Expansion of historical male dominance. An opportunity to make a statement against patriarchy. Play within the rules and standards of a community. Deliberately challenging those norms. A statement of mutual self-esteem. A party, possibly the biggest you will ever host. Scarcity, determining who will come and who won’t, and abundance, using resources to expand boundaries.

what a home for? Safe place to stay. An investment. Transactions with brokers. A statement to family and friends. An investment. A monthly payment. An expression of personal taste and style.

As our wealth grows, so does the power of the stories we tell ourselves.

5 Important Goals for a Catering Business

5 Important Goals for a Catering Business

Can you create mouth-watering sandwiches, crowd-pleasing croissants or decadent desserts? If so, you may have already thought about starting a catering business. People turn to caterers to take one important task off their plates: cooking. Whether it’s preparing food for a birthday party, wedding, baby shower or other important event, caterers ensure that everyone is treated to great tasting food. If you have decided to start a catering business, how can you make it successful? Create goals A must.

Setting good business goals will help you continuously grow your catering business experience. Without clear goals, you may find yourself struggling to retain clients and managing business operations may be difficult. One of many reasons Why does the target fail? Due to lack of transparency. Don’t let that happen to your new venture. In this article, we list five important goals for your catering business.

1. Establish your niche

What, specifically, are you good at? You can say “I’m good at everything,” but be more specific. To be successful, you need to think about how your business will differentiate itself from the competition. what will you be great At?

Here are some questions to help you establish your niche:

  • Consider where you think your menu will be most popular. Where do you envision customers enjoying your food?
  • Do you think your meal would be most popular in a casual, laid-back setting like a backyard barbecue? Or would it be most popular at formal dining events where there is a black-tie dress code?
  • Is there a dish you make that you’re most proud of? Is there one that you admire the most?
  • Have you had little success—or a lot of success—accommodating special dietary preferences, food allergies, and the like? Think about the growing demand for vegan, vegetarian and gluten-free foods. Do you see your business meeting these needs in a unique way?

2. Promote top-selling or most popular items

Over time, you will begin to see trends in your catering business. After establishing a niche, you may find that some items sell more than others. You can also look at seasonal trends for which menu items are popular, especially if you cater weddings.

Look for opportunities to improve the sales volume of your best-selling items or your most popular items Think outside of your usual offerings and look for opportunities to expand. For example, you can assess the popularity of your dessert options. Since Valentine’s Day is a “sweet” holiday, brainstorm places that sell sweet items this holiday. Pitch to them to sell your best-selling dessert.

3. Increased profitability

In the early days of any business, profitability may seem far away. Money is being spent just to start the business, and money coming in is often used to pay back vendors or employees. So, an immediate goal for any catering business is to increase profitability. Creating a profit that allows the business to survive.

Increasing profitability is not an option: it is a must. This goal never goes away: it’s important to ensure you’re able to stay in business.

Let’s say that a year into building your business, you are starting to make a profit. However, that trend may not continue. Five years into your business, you will find that you are losing profits due to increased costs from your vendors. This simple example shows that profit is one aspect of your business that you should always keep your eye on. Increase in profitability a Long-term business goals for any new business.

4. Build partnerships with event planners and venues

Relationships with other businesses are an absolute must. The more connections you can make, the better. Developing quality relationships with event planners and venues will help you find new customers. These relationships will be part of your business reputation.

If there are groups you can join in the event-planning industry, see how you can get involved. You may be introduced to people you may know, which will ultimately lead to more business referrals.

5. Have a well trained staff

You may decide to start your catering business alone but you will need a team to run and grow it properly. A catering staff will consist of one or more kitchen assistants and a serving staff. Your kitchen assistants will help prepare the food and the serving staff will be responsible for serving the event guests.

Every day, your employees are enabling you to reach your goals. As you bring new employees into the business, consider your confidence level: How confident are you that your employees are trained to do their jobs? Think about training your employees in small steps. Here are some things to think about when you’re bringing on new employees:

  • Do they have prior catering experience? If not, do they seem coachable?
  • Give new hires a full orientation to your business: your expectations, how many hours they’ll be expected to work and who they should go to if they don’t know what to do, etc.
  • Make sure employees know what to do if a customer complains about their food. Whether they’re told it’s too hot, too cold, or the correct item wasn’t ordered, make sure everyone knows how to respond to complaints.
  • Consider dress codes for your employees. Uniforms with your business logo can promote your business.
  • Make sure your employees are aware of any health and safety regulations they must follow.

Conclusion

Building a catering business is exciting. Before you know it, you’ll be delighting your customers with amazing entrees, delightful desserts, and delectable finger foods. But to sustain your business long-term, you need to have clearly defined goals. Your goals are important. you can ask Achieve your business goals fasterBut don’t despair.

Establishing your niche can help you stand out in a crowded market. Improving your top-selling items can help you sell more. When you build relationships with others, you get more customers. Always keeping an eye on profits, you will train your staff to achieve business goals. All together, it’s a recipe for success!

Erin Shelby on Twitter
Erin Shelby

Team Writer: Erin Shelby is a writer and blogger based in Ohio. Follow her on Twitter @ByErinShelby

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