Your employees will be one of two things for your business. Either, they will ensure that your company soars to new heights on the market. Or, they will bring your business model crashing down. The results of hiring the right or wrong way could be that dramatically different. It all depends on whether you prepare your business before making your first hires. Specifically, you should be thinking about the possible legal issues that come with hiring business staff. Everything from accidental injuries to wrongful termination lawsuits can be a problem for your company. So, what do you need to do before you begin putting the team together?
Well, you may want to reduce the chances of lawsuits in your company. To do this, you could think about hiring a legal advisor. A legal advisor will aid you by ensuring that you are kept up to date with the latest rules and regulations affecting your company. Essentially, they can make sure that you are not leaving your business open to a lawsuit. Lawsuits are almost inevitable when you run a company. But there are ways you can protect yourself early on.
What Is Required?
You must make sure that employees know their place in your business. There should be clear lines drawn in the sand to show exactly what employees need to accomplish to be considered an asset for your company. This includes long-term goals that will be constant every working day and weekly or daily targets that employees should be reaching. By doing this, you can make sure that if any employee doesn’t match these requirements, you can fire them without the fear of a lawsuit in the wake of your decision.
Approach Terminations Carefully
You shouldn’t rush terminating an employee’s contract if you do choose to let someone go. Instead, you should give them ample time to improve and perhaps adopt something similar to a three strike rule. If an employee has been hired by your business, you will have already invested time and resources into them. You should not be so quick to throw that investment away. Of course, if the situation doesn’t improve you still need to explain why they are being let go. Try to be as discreet as possible. Make sure you have a plan for terminations in place before you start hiring people. That way, you won’t be caught off guard when the time to take action arrives.
Remember, there are various ways an unhappy previous employee could cause havoc for your business. Negative online comments for instance will make new candidates think twice about joining your business.
Zero Tolerance And Plenty Of Training
Before you start making your first hires, you should consider the issues that could be devastating for your business. We’re talking about the possibilities of bullying, discrimination and prejudicial views. You may not realise this, but any issue like this in your workforce will be detrimental to the workings of your company. You need to make sure that you are offering training on how to deal with issues like this and ensure that you adopt a no tolerance policy. If anyone is guilty of this type of behaviour, you might want to consider firing them immediately. Don’t forget an issue like this won’t just open up the possibility of lawsuits. It will damage your businesses performance because employees won’t be as effective.
By The Book
Do everything right when it comes to your employees, and you might still find you’re hit by a lawsuit eventually. As we said, they are almost unavoidable. But that doesn’t mean you shouldn’t do everything in your power to ensure that you are following rules and regulations from day one. By providing evidence that you were working to keep your business up to code you can guarantee you have a solid defence in any legal matter.
You need to keep personal records of everything that happens in your business. Any issues or incidents should be noted down, and the logbooks must be kept up to date. Again, this will help you defend yourself and your business in the case of a lawsuit. By showing an accurate history, you can argue against any accusations that have been completely fabricated.
Of course, lawsuits aren’t the only issue employees can bring. You might find that they simply aren’t up to the tasks and this will be the case if you don’t take your time choosing employees.
Before you think about hiring employees, you may want to test them. You need to make sure that they are the right fit for your business model with the personality and traits that you need in your company. With tests like psychometrics, you can get a good feel for a candidate long before the interview and weed out the weakest possibilities early on. You will also be able to compare the results of the test to the interview and catch out any liars.
With tests like this, you can look at everything from skillsets to personality traits to problem-solving abilities. You can find out how potential employees would respond when presented with a situation they could encounter working in your company on a daily basis.
Check Their Background
A background check on anyone you hire will bring up some red flags sooner rather than later and avoid you being held liable for hiring negligent workers. For instance, you should certainly looking for any criminal records and don’t take employees at their word on their resume. Many will lie and hope that employers don’t run that check. You shouldn’t make this mistake. You can also look at background checks like credit histories if the job in question is in any way related to finances.
Keep It Fair And Legal
Finally, you should look at each position in your business and decide how much you should pay employees. If you are running unpaid internships, you need to make sure they are legal. If you are hiring freelancers, you need to check the typical rate of pay for this type of labor. And if you are hiring full-time employees, look at the national averages. Aim to pay slightly more than your competition as this will attract skilled workers and give your business the upper hand. It will make your company far more attractive to the top candidates you need to take it to the next level.
How Your Business Can Help The Planet
Climate change is real, so don’t let any politician tell you otherwise. Their denials are most likely motivated by their personal goals, not what’s right for our planet.
Forbes reported from a recent Intergovernmental Panel on Climate Change that there is still optimism that the increase in global temperature can be kept to just 1.5°C, but it required a massive commitment to reducing emissions to zero by 2050.
Is Time Running Out?
Milestones needed to be met before that date to show we’re on track including the commitment to the Paris Climate Agreement signed in 2016. 195 UNFCCC signed the agreement and a year later US President Donald Trump declared his intention to withdraw America, one of the world’s highest polluters.
There is a chance America’s withdrawal won’t happen as they have to stay in the agreement until November 2020 just before Trump’s first term ends, and with a new President with more realistic views on climate change they could reverse the withdrawal – fingers crossed.
What’s disappointing is the US is already acting as if it’s no longer part of the Paris Climate Agreement with rises in emissions. Most Americans believe in climate change, so have you see any notable change happening your industry?
Own Your Carbon Footprint & Change It
There are many actions businesses can take to make a difference to their carbon footprint, especially when they are taken collectively, i.e. Businesses acting together. You’ve heard the saying: the whole is greater than the sum of its parts; so in this blog article, we mention some actions you can use in your own business and share your experiences to inspire your peers to join you.
The benefits are not just for our planet; there’s also a great business case for making changes too. Consider the benefits that will arise from changing your policy and use of energy, transport, and travel. Reducing costs and doing right for future generations that’s inspiring and worth sharing.
Start With A Plan
Develop a Climate Change Action Plan – and this will be a work in progress. It will take time, but you need to start somewhere and make a commitment to reaching some milestones that reduce your emissions.
Assign a team to the campaign project and choose a leader. It will surprise you just how much interest there is in doing good and how inclusion in the project will raise the overall productivity and staff satisfaction.
Open Invitation Meetings
Regular meetings with an open invitation so all workers can attend and participate in the discussion. Maybe the ideas presented will see rewards for the business, which may include customers electing to buy from your business due to its climate change policy, over your competition.
Attracting staff may become easier too as they want to get from their work than just their pay packet.
Consider your supply chain and where change can happen. You’ll be surprised where you can get a win-win, with cost savings and positive change in worker well being. Mentioned earlier in this article are areas all businesses can start on. Travel, transport, and energy-use are within the control of the business, so a commitment to use less or a different approach will reduce your carbon footprint and provide other rewards.
Where is your business using energy and where’s it coming from – i.e. the source? Consider moving using solar power and renewable energies.
Would you need your current premises if your staff could work from home and desk share when they’re in the office?
Swapping out your petrol or diesel vehicles for electric cars, and trucks.
Use technology to cut down on your business travel, and it’s carbon footprint. Chatbots, Videochat or conferencing, VOIP, are excellent tools for online meetings with clients, suppliers and for selling your services. Imagine the cost savings for a business without long-haul travel!
Climate change is real and time is running out before we experience catastrophic and devasting outcomes, with the loss of many lives. There is a lot we can control to reduce emissions and at the same time, reap the rewards for standing up and being counted as a climate-conscious enterprise.
Secrets of Good Business Management
Every entrepreneur who wants to achieve a relevant profit margin should keep in mind that the secret to success is good management. Regardless of the size of the company, it is of fundamental importance that the manager be able to integrate all of his or her personality development in order to boost growth.
A good administrator personality should keep in mind that flexibility is required to accept the constant changes that occur in the market, so it is vital to upgrade and acquire the skills needed to implement those changes within your business.
Based on this assumption, we selected a few secrets to an efficient business management that will certainly help you excel in your business. Get to know them:
Do a market study
For a venture to achieve the expected positive results, it is of the utmost importance that some positions are taken into consideration by investors. The market study emerges in this scenario with the objective of evaluating the economic viability and offering the evaluation on the effectiveness or not of the implementation of the company or the product or service in which it is wanted to invest.
In this sense, market research emerges as a great tool, since it enables the business manager to understand the operation of competing companies in terms of price, costs, payment deadlines, and thus, to be able to gather some indicators that will serve as parameters to ensure a differential and get better results.
Gain skills in business management
The competition, as well as the great instability in the market, makes it necessary for the business manager to have the skills and abilities that stand out from other entrepreneurs in the same segment.
In order for a good performance to be achieved, the administrator must acquire characteristics and postures capable of doing so if he excels and obtain the desired success for the company. We have selected some practices that will assist you in this process:
A good manager should always be looking for new ideas, new concepts and personal developments. Always be in search of information, knowledge. So stay current, make specializations, and deepen your knowledge.
In this way, you will not become obsolete and bring the innovations that your company needs to stand out from the competition.
Learn to Lead
Being a leader of a corporation carries responsibilities for which the professional is not always prepared. A true leader is not the one who gives only orders and results, but rather, the one who uses communication to get the support of the collaborators and who knows how to argue and solve conflicts in search of positive results.
Do a self-assessment
The entire process of company growth depends on business management, so make a self-assessment of the effectiveness of your contribution within the company. Also try to set personal goals to achieve the desired goals.
Managers must have broad knowledge in the processes they are managing so that they do not lose efficiency and control their execution.
Value your employees
Just as the manager’s role is fundamental to the firm’s solidity, employees have a primary role in executing actions.
It is common consensus that the valuation of employees enables the success of a business. It is up to managers to assess their potentials and motivate them so that they integrate into the ideal of that growth.
A good alternative is to maintain direct communication by emphasizing the qualities of each one, making them feel recognized for their work. Holding meetings where they can make criticisms and suggestions is also a great way to engage employees.
A company that offers good working conditions will keep the team motivated, enabling the generation of profits expected by the entrepreneur.
Invest in financial management
The actions of the financial sector of a business involve all planning and analysis regarding the company’s equity, investments, inflows and expenses. These actions have the objective of increasing stockholders’ equity and increasing the capital invested.
An efficient business management should pay particular attention to the financial managers of the company, because the lack of training of this professional can cause problems to the development of your enterprise. Among the actions of a good financial manager are:
The preparation of a balance sheet , without which it is possible to evaluate the value of the company’s net worth.
Make analysis and financial planning , bringing the possibility of projections about the future of the business.
Know where to invest the resources, so that the expected return is viable.
With all this, so that a company has effective financial management, it must be based on a plan in which goals, objectives and strategies are the pillars, enabling the reduction of risks and capital losses and reaching the goals expected by the entrepreneur.
Stay tuned to cash flow
Also included in the context of financial management, cash flow deserves special attention, because it is through this tool that we calculate capital inflows and outflows of a company, being essential for day to day business management.
Through the cash flow it is possible to know the values that the company has, as well as the possibility of future projections of the assets (assets, credits, rights) and liabilities (suppliers, loans, fiscal obligations) of the business in a certain period of time.
For this cash flow to be effective, it must be calculated daily. Only in this way is it possible to keep track of the amount of capital existing in the company, as well as its obligations.
Take care of marketing
The Positive business management is only achieved when managers acquire knowledge about the market and customers. The marketing functions within an enterprise as a wild card, identifying customer preferences and requirements and market needs.
Look at some of the marketing functions in a business:
Tracing the profile of potential customers
Assessing consumer needs and preferences is a key. With the strong competition in the business world, it becomes indispensable a tool where managers can capture the desires of customers.
One of the ways to draw this profile is through market research and also the creation of personas, which, in general, is the representation of your ideal client. In this guide , you can follow a step-by-step approach to building people efficiently.
Caring for the company’s reputation
Marketing has the function of advertising and creating actions that promote a good reputation of your company and thus, bring positive impacts to the loyalty of its customers, as well as to capture new ones.
Creation of strategic actions
It is through marketing actions that it is possible to generate new sales, new contracts. In this way, the goals of the company can be achieved. The manager must work to develop actions that take into account the challenges of the market and integrate the sectors responsible for obtaining new clients.
Pay attention to the knowledge management of a business
As important as any other sector of the company, the management of knowledge , that is, of all informational content and business documents, is not always as simple as it seems, one has to fulfill a series of organizational techniques.
The business manager should try to insert this practice within the company in order to save the search time, making the information available more quickly.
Implement a structure where physical and electronic files are arranged so as to facilitate the company’s day-to-day operations. Adopt with your employees a culture of preservation of this material.
There are several advantages to having an organized file, among them the ease in identifying the information, the agility and the convenience for the queries.
Given the competitiveness in the market, the business management that stands out is the one that has some differential to offer customers and consumers.
The art of innovation is achieved with much study, planning, analysis and refinement. Only then will you know if that project you have in mind will be feasible for your company.
Another way to implement the processes of innovation in a business is to surround yourself with people with good ideas and committed to your business.
So, let your collaborators’ creativity come out, listen to what they have to say. Motivate them, challenge them, congratulate them on results, and believe in their potential. This will bring the positive results you both expect.
At this point in the reading you must have realized that there is no magic formula for the success of an enterprise. There is a lot of work and techniques that, if followed, can make you succeed.
Also, do not forget the primordial for any company: to build your way, you will need knowledge. Research, perfect yourself, only the knowledge of the product or service you want to offer will make what your business advances.
Risks do exist, and must be taken into account, but with determination, willingness and common sense to make assertive decisions in business management processes, you will surely achieve the desired success!
Offshoring Versus Outsourcing Which Is Best For Business?
Businesses need to be competitive to make a profit so they’re always seeking solutions that reduce their overheads. Offshoring core activities is one way to reduce overheads, keep control of a business’s intellectual property and keep their data secure.
In this blog article, we look at offshoring and outsourcing and we consider if there is a right and wrong time for a business to consider either option.
There are countries that are considered the back office of major corporations located somewhere else. China, Vietnam, India are some of the nations that provide goods production and professional services for businesses located in western countries like USA, Canada, UK, and Australia. These countries are used for offshoring and outsourcing.
Is Outsourcing Another Name For Offshoring?
The short answer is no, outsourcing is quite different in its workings to offshoring. With outsourcing, your business has essentially signed a contract with a service provider to deliver the services on behalf of your business.
The similarity between the two services is the business or team providing the manufacturing or professional service is usually located out of state or in another country to that of the business.
Where in the business is full outsourcing is popular?
Server and Website Hosting is an area we’re all familiar with and most businesses outsource this service. The other areas deemed more sensitive and systems critical to a business also often outsourced are:
- Technology hardware & software
- Data communications
- Software development
- Payroll services
There is more control over the process with offshoring as the business can dictate the terms and use its own rules and systems.
The starting point is to choose where you want your business process to be carried out, i.e. in which country and area.
Setting up a team or purchasing a business in another country to roll out the service is not as challenging as it might appear as countries like those aforementioned are used to the activity.
The offshore team will work exclusively for the one business and therefore adhere to their methodology.
An example of where this activity is prevalent today is in the professional services sector. Law firms and accounting practices readily place services offshore to reduce staff costs. An Accounting firm will locate part of its practice in a country and hire qualified workers i.e. accountants who cost less than their peer in the area or country the Accounting firm is located.
Is there a right or wrong time to consider outsourcing or offshoring?
Timing Is Everything
Yes, as timing is everything especially with everyone connected online in social media.
The reputation of a business can be damaged if clients start complaining of a negative change in the service. Therefore a business needs to do a thorough analysis and weigh up the pros and cons of moving core processes or systems offshore or into the hands of another business entirely as is the way with outsourcing.
Managing the move will be challenging as people don’t like change especially if it costs them time. Just think of how annoying it is to visit a website or use the App you use regularly only to find its user interface in a new design and it’s functionality changed.
Learning takes time and requires patience so it’s important for all businesses moving to an offshoring or outsourcing model mark sure their staff and end users are managed during the transition and that their experience is satisfactory with knowledge of much better service on its way.
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