Hiring staff is always going to be a risk for any business owner. You need to consider whether the potential hire is going to be worth it and if hiring a new staff member will help your company make larger earnings. You might be a solopreneur, in the midst of considering hiring your first employee. If you have reached this stage, you are probably starting to find that you can’t manage all the jobs in your business yourself anymore. If you want to expand your position on the market, you have to be willing to grow and move forward. That means hiring more staff so you can take on larger contracts and increase your market presence. But when is the right time to hire the first members of your team?
‘Sorry, I Can’t Take On Anymore Work’
If you are constantly saying this to potential new clients, you should definitely consider hiring your first staff member. The fact is that if you’re turning down the chance of more work you are losing revenue. You have more demand than you can meet. By turning down work, your business looks weak, and clients will think twice about using a company who can’t meet all their needs.
Of course, it is possible that you want to keep the business small for personal reasons. Perhaps you don’t have the time to run a larger company. If that’s the case, you may still want to think about hiring the right individuals who can help manage the workload. This could give you more free time outside of your company if you choose the right team of staff. However, your workload isn’t the only factor to take into consideration.
More Money, Less Problems
If you think about hiring staff, you need to take a long hard look at your accounts. You need to think about whether you can afford to take on new staff members. Perhaps you have enough revenue that you will easily be able to afford a new team member. Or, maybe, your business hasn’t grown because right now you can’t afford it. You should not take on new staff unless you have the demand to cover the cost.
To get around the heavy cost of a full team, you can consider hiring part-time staff. This will allow you to provide more services to clients and customers while still keeping costs low. Or you can hire workers on a freelance basis. One of the best advantages of this business model is that you won’t have as many responsibilities for your employees. For instance, the employee will be responsible for managing payment of their own taxes.
Potential For Profits
It’s possible that there’s the potential to increase profits in your business if you hire a new staff member. For instance, you might have assessed your marketing and found with an increased focus on content, you can gain new clients. If that’s the case, it would be beneficial for you to hire a content manager or a content writer. These individuals will grow your marketing campaign and provide you new ways of reaching customers that you could never attract without their help. There are lots of areas where businesses can expand, but usually, it requires specialist staff and knowledge that the business owner might not have themselves.
With the right employees on your team, it is possible to take your company to the next level. But you have to hire at the right time. You shouldn’t hire a staff member with the aim to identify further profit potential. Instead, you should identify the area and then use a new member of staff to make it happen.
The Customer Is Always Right
If customers and clients are complaining about your level of service, then something has to give. Complaints and queries from customers can be tools that you can use to make your business stronger and more competitive. But it might also be a sign that you should be thinking about increasing your staff numbers. It’s possible that clients are constantly complaining about missed deadlines and a low-quality output. If that’s the case, you might need more staff to manage the workload that you’re currently undertaking. Continuing on the same path could lead to the permanent damage of your company profile and reduce the chance of positive word of mouth.
You might find that you just need a staff member behind the scenes, dealing with customer queries. If you have the money to pay them, they could be a valuable asset. They will be able to ensure customer complaints are handled more efficiently and free up your time to focus on other areas of the business.
A Role To Fill
If you are considering hiring staff for your business, you need to make sure that there is a role that exists for them to fill. Some business owners make the mistake of hiring employees because they think it’s a required part of making a business successful. But if you hire staff without a role in mind, they’ll just end up sitting around doing nothing, and you’ll still need to pay them. The trick is finding the role and then filling it with the right team member and this brings us neatly to the next point.
Take The Time
A pitfall new business owners always fall into is filling the office with staff as quickly as possible. The desire to hit the ground running is understandable, but if you hire the wrong individual for a position, you’ll quickly trip over your own feet. Don’t forget, not all the candidates on the job market right now are going be a brilliant new addition to your business. Some will be inept, inferior or simply uneducated and untrained. Hiring people like this by mistake will cripple your business potential. Make sure you are taking your time with hires, searching far and wide. The right employee might not even be in the same country as your company.
Taking on your first hire is a big decision, and it’s one that all business owners must make. While there is a right time to hire, if you leave it too late you will just need to take the risk. No company can grow effectively without a strong team to help steer the ship.
How to Improve Employee Development
How are you developing your employees? Hiring and retaining the right staff is a top priority for most businesses, and the process needs a failproof plan.
Employee development should also be part of your HR strategy and include online training for your remote workers. Plus professional development should commence from the moment staff are hired and continue throughout their employment.
If you’re wondering if your employee development program is up to scratch, don’t worry, we can help, and there are some straightforward steps you can take that will improve it immediately.
Below, we look at what employee development is and what it takes to make it successful.
Employee Development Explained
Supporting your staff to develop their skills is not solely about their current job. Nor is it just about where they can progress within your organisation. Staff development is about providing a series of training and knowledge programs and workshops that develop the employee.
The training should include on the job training, and ‘hard skills’ pertinent to their ability to perform their current role and move up the ranks in their profession. For example, a cybersecurity analyst will undertake certifications, and industry recognised training or learn a new skill like pen-testing.
The training also should cover soft skills which are transferrable to other roles. Every employee needs to develop their social and communication skills. Emotional Quotient (EQ) or emotional intelligence, will play a role in the hiring and promotion opportunities for all staff.
Now we know the basics of professional development let’s look at how you can improve your program.
How To Improve Your Employee Development
Employee development should begin from the moment that your new member of staff steps through the door. This means coming up with a training program that gets them up to speed with the company and how it does business at the earliest possible opportunity.
Not only will this help your company, but it will also show the new employee that you are committed to their development right from the get-go. As a result, they are more likely to stay with your organization as it improves their career prospects in the future.
Run Regular Programs
Running a series of mandatory and voluntary employee development programs that take place throughout the year ensures that your staff members are always learning something and never stagnating. The programs could focus on their soft skills, particularly communication, or focus on something that is altogether more technical and specific such as looking at their Google cloud abilities.
Plus when there are some assessment and certification at the end of each program, the employee keeps it. Plus exams or tests are evidence the knowledge has been properly absorbed and retained.
Create Individual Development Plans
The general training programs that you put into place also help if you make some of these more specialized and personalized for each employee.
Usually, the setting of goals and targets can take place at each employee review. As well as the setting of targets, you also need to go back and check that everything has been followed up effectively.
Make sure that each employee is closely involved in their own development plan and that they agree to the targets that have been set for them.
Give Constructive Feedback
The art of giving feedback is a difficult one to master. Essentially, it should involve ensuring that any advice you give to your employees is constructive. If it’s too critical, it can have the opposite effect on the one you were intending. This is also the case if you make it too vague with no actionable steps that the employee can put into practice.
There is a balance to be struck along the way, and you may not be able to get the hang of it straight away. Over time, you will be able to put your finger on which feedback is constructive and not.
Use Certified Trainers
While you may want to take care of some of your own training in-house, there is a lot to be gained from getting in touch with certified trainers and bringing them in to manage some of the programs.
They are experienced in the sector and have specifically designed their classes to get the best from the people who take them. However, make sure that you read all the reviews and hire a team that knows what they are doing and talking about.
Hiring is costly and retaining the right employees can be even more expensive if your only option is to pay them more.
Improving employee development should be a reason staff stay, and it can end up bringing all sorts of unexpected advantages to your organization beyond staff retention. So, now is the time to put some of these techniques into practice.
5 Steps You Can Take To Become A Successful Business Leader
Do you want to know five steps you can take to further your career as a business leader?
Getting ahead in any career is challenging and in leadership more so as this discipline requires soft skills that are harder to obtain from your usual tertiary qualification.
If leadership is your thing, you’ll need to take roles and opportunities to improve year upon year, so you’re not stagnating but climbing up the management ranks.
In this article, we look at the fundamental steps you can take to hone your leadership acumen, to give yourself a fighting chance to secure roles that are developing you as a leader.
Understand the business from the inside out
If you’re to find solutions to break down resistance to change as a leader and get more productivity from your people, expanding your thinking and attaining a wider skill-set will never go a miss.
For example, you may be managing a customer support team. Your direct knowledge and accountability are within customer support. However, this current leadership role is not the end game for you.
To be an effective business leader, you’ll need a working knowledge of the business as a whole, including operations, sales, technology, finance and so on.
Thorough knowledge of your business as a whole will make it easier for you to plan your rise up the ranks of leadership and management. How do you get it? This is easier than you think.
Form close alliances with other leaders in the company and suggest working together on projects that allow knowledge transfer. As the saying goes: a problem shared is a problem halved.
Your peers will be experiencing some of the same people management issues so you can learn a lot about their departments with closer associations with them.
Further education can deepen your knowledge
It sounds counter-intuitive, but further education is a powerful way to lead by example and thus become a role model in business. You may feel you left education behind years ago, that the only learning you need is outside the classroom, on the job – this is a grave mistake.
After all, you wouldn’t just be learning about your own business and colleagues, but the bigger picture. A deep understanding of how to manage and motivate those around you and organizational techniques is crucial. So, studying a degree like the BSBA degree will act as a springboard for your business leadership career.
Share what you’ve learned
Now that you’ve gained a deeper understanding of business administration and a grasp of relevant skills outside your area of expertise, it is time to solidify your newfound knowledge so you can implement it when you need it.
A great way to understand what you’ve learned is to teach it. Why not offer your advice to colleagues who need guidance or speak at seminars and events?
By teaching others, you can better understand what you’ve learned yourself.
Building the confidence to teach and learn from others will also sharpen your leadership skills further still.
Widen your network of contacts and your visibility
Attend in-person events and speak to as many attendees as you can. Turn up early and leave late, so you get ample time to circulate and introduce yourself to like-minded peers.
Get your profile set up on business networking sites such as LinkedIn and regularly post interesting, relevant information, so your network grows.
All leaders need to be confident communicators so improve your public speaking skills by joining seminar groups and putting yourself forward as a speaker.
Widening your network isn’t reserved for networking events either. Simple, everyday acts can help, too.
Make time to chat with your colleagues daily. You’ll stay engaged with what’s happening in different areas of your business and the wider industry. It will also keep your name at the front of people’s minds and stop you from slipping out of touch.
Have clear achieveable goals
Understand where you’re going in your career and how the role improves your leadership acumen. Having a clear business goal is a proven method for furthering your business career.
Where do you see yourself in a year? Or five years? If you can picture what you want to be doing in the future, it is easier to organize the ‘now’.
With clear, reachable goals, you’ll be inspired and motivated to work harder, smarter, and smash through any ceiling of resistance.
Strive for more in your leadership career using these five steps to deepen your knowledge and experience. Then use your network of contacts and goals to acquire new leadership roles that challenge you and are rewarding.
Business Tips You Need To Know As a Small Business Owner
There are various strategies that business owners embrace to stand out in the market. From staying focused, getting creative, and finding ways to surpass competitors, these strategies boost businesses to greater lengths.
When it comes to operating a small business, you need to adopt a flexible approach as customers build trust with you. Thankfully, due to an upsurge of digital commerce platforms, it is much easier to get valuable business tips online. Let’s discuss some prominent business strategies you should consider for repeat success.
6 Tips For Growing Your Small Business
Make Realistic Goals
The biggest hindrance that pulls down businesses is lack of practical objectives. Sometimes, in the excitement of a new business, owners come up with huge, unattainable goals. The best approach to use is to break down your progress in a matter of months and years. For instance, you can forecast the number of followers you want to attain on your Facebook page after a month, one year, or even a decade. When you understand what you want to achieve, it is easier to navigate your business operations as you pursue it.
Concentrate on Your Strengths
There is a history of companies using different approaches to success. The strategy may work better with big companies that can afford diversification but may fail with small enterprises. As a small business manoeuvre through the growing process, it is wise to concentrate on one thing at a time.
Remember that each specialization costs money, for example, you will need to invest in marketing and advertising and if relevant, also branding and packaging. The best thing to do is to focus on a profitable niche and work around it for your breakthrough.
Understand the Legal Requirements
In any business, there are various government rules stipulated based on size, industry, and location. There is a high chance of facing heavy penalties if one fails to follow the rules to the letter.
The laws start from the business launch where you have to register with the state. You then have to pay your taxes on time and keep records. When you start hiring your employees, there is also a list of regulations that you must follow to protect both of you.
Keep in mind that as your business grows, some of your workers may violate some of these laws. For example, by illegitimate means, they may try to embezzle funds from your company. In such situations or any other instances that involve the law; your business will benefit from engaging a reliable lawyer to handle it for you.
Learn to Delegate
As you start running your business, you may find it convenient to handle all departments. However, as the business thrives, it is a struggle to balance everything without burning out.
When you are not in the right state of mind, you may not manage to push your business to the success you desire. As a result, your reputation may get affected as you head to losses. That’s the worst mistake for any type of business and especially a growing one.
As a business entrepreneur, you should introduce a tradition of effectively giving instructions to your juniors and partners. By using that approach, your business will progress well, even in your absence.
Surround Yourself with a Reliable Support System
As a business owner, operations may isolate you from what is happening around in the market. The main focus of keeping in touch with other business owners within your niche is to share in-depth information beneficial to all. From such interactions, you may learn the techniques they used to enhance their operations.
Sometimes, you can also seek advice on the best suppliers or vital documentation processes when branching out. Do not fear to share your failures with dependable people who can help you out. It might not be easy to get time to network, but if you manage to maintain trustworthy contact, your business will thank you for that.
Strive to Satisfy Your Customers
As much as you invest immeasurable time and money in your business, without customers, everything is a waste. A happy customer will always come back and refer to others. For a satisfying experience for all, you should initiate fulfilling approaches in all departments. Start by coming up with a customer care desk that handles queries and complaints.
Take advantage of online platforms to reach out to your old and potential clients. You can also get out of your comfort zone and introduce creative and amusing ways to attract more clients. For instance, if you are running a hotel, you can give discounts on specific menus or introduce a happy hour.
Make it a habit to follow up on your customers and confirm their satisfaction with your services or products. In the end, your customer-focused approach would pay off as you significantly reach out to please them.
Did you enjoy our exhaustive guidelines on how to run your small business effectively?
Follow our future advice on how to enhance your business while avoiding grave mistakes within your industry.
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