kristymlopez

Archive for the ‘What You Need To Know About Small Business’ Category

How To Go About Downsizing Your Business

In What You Need To Know About Small Business on January 16, 2019 at 7:29 am

There are many reasons for downsizing a business. Perhaps things have been tough and you need to cut costs. Or maybe you feel your business can actually be more streamlined and more profitable by decreasing in size a little. If you think that this is the way forward for your business right now, read on and find out about how to downsize the right way.

Weigh Up the Costs and Benefits

You should first make sure that you’re happy to proceed with the downsize. It’s a move that’s right for many businesses but it all depends on your aims and the circumstances you find yourself in. Don’t press ahead with this if you’re unsure as to whether your business is going to be best served by the change. Weigh up the costs and benefits, then take things from there.

Aim for Long-Term Sustainability

All this should be geared towards sustainability, so try to keep that in mind throughout the process. You’ll want to make sure that you’re taking a sustainable and realistic approach to business, and a downsize can be part of that. Put some long-term plans in place and be clear about where you feel these changes could take you going forward. Downsizing doesn’t have to be negative; embrace the future positives.

Don’t Rush the Process

Taking things slowly and gradually because this will avoid any crash landing that the business might experience if you try to downsize operations too fast. Trimming the fat is a good place to start so look at where and why your business is inefficient and downsize in those areas first. From there, you can make bigger and bigger changes until you’re happy with the scale of the business.

Find a New Location

One of the things that you’re probably going to want to downsize is your business’s location. If your office, store or headquarters is too big, finding a smaller and more sustainable space will be key. You could head to the dental practice exchange if that’s your niche and find a new location there. These kinds of industry-specific resources can be very useful when you’re looking to move into a new working space.

Ensure You’re Significantly Cutting Your Overheads

All of this most likely comes down to wanting to cut the business’s overheads. No business can afford to spend more than it’s sustainably able to for too long before it lands itself in some pretty serious trouble. So cut in the right places and ensure overheads are significantly lower, and lower in the right ways, by the time you reach the end of the process. Also, don’t cut so deep that it becomes damaging to the business.

Now that you understand the process of downsizing a business, all that’s left for you to do is make all this happen. It won’t be easy and you might have problems along the way, but if you believe it makes the long-term future of your small business brighter and more positive, you should go for it.

This post may contain affiliate links.

Tightening Up: Ensure Your Business Is Running Effectively

In What You Need To Know About Small Business on January 15, 2019 at 9:21 am

Running a business of any size can be a challenge, but, you knew that already; and, hopefully, it’s what you thrive on. It can be difficult to keep up with your competition, and ensure that your momentum remains high. However, investing in the areas of your company that have slowed down, is the best way to ensure that every part of your business is performing to a standard you desire (or, even exceeding it). There’s no better time than the beginning of a fresh year, to begin going through your brand in as much detail as possible. Embracing new ideas and processes will always give your business and team a boost, so why not look into the ways you can improve things for everyone? The following are some ideas and inspiration for entrepreneurs who want to tighten up the areas of their business that they feel might be letting it down the most.

Invest In Experts

You might be at a total loss regarding where to start, and, you wouldn’t be the first entrepreneur to feel a little overwhelmed. Therefore, it’s worth looking into the experts that can look at your business with subjective eyes and assist you with making the necessary changes and improvements. Your digital and It management is a crucial area to polish-up on, and companies like WGroup can help you make smart decisions, and close those costly gaps that you’ve been worrying about in various areas of the company. The same goes for your finances; even though you have a great business brain, it’s always worth investing in a long term accountant who will ensure that your profits are in sight and that your outgoings are kept to a minimum.

Motivate Your Team

If you have employees and run a team, you’ll already understand how vital they are to the productivity levels of your business. However, just like you, people can feel overwhelmed at times, which will lead to a lack of motivation and little job satisfaction. It’s your job to ensure that your staff are happy and have all the information and equipment needed to carry out their work effectively. Regular meetings and communication, incentives and bonus schemes, and team-building activities outside of the workplace, are all excellent ways to boost morale. It won’t be long before you’re noticing the improved productivity levels.

Spruce Up The Environment

Last on the list for many business owners is the space in which they (and the rest of the company) work. However, studies have shown that an office and work environment will directly impact the positivity and productivity of the business. Therefore, perhaps it’s time to get some office interior inspiration and invest in creating a space that people look forward to spending their time. You’ll not only impress and encourage those that work for you, but, you’ll make an excellent impression on all your visitors, clients, and potential customers.

Take Note Of Competitors

Last of all, it’s worth checking out what your competitors are up to, and how they go about things to reach the success they’ve gained. By no means should you be copying processes and techniques, but, you’re entitled to get your ideas from an array of sources, and success stories are a great place to start.

This post may contain affiliate links.

Data Analysis 101: Top Tips For Businesses

In What You Need To Know About Small Business on January 15, 2019 at 9:17 am

As a new business this year, it is always important for you to think about the best way to beat the competition and make an impression with your audience. There are a lot of different factors to think about when creating the perfect business and this year you can use data analysis and savvy techniques to predict your audience’s behavior and improve your business. Here are some of the ways you can use data analysis for your own benefit this year.

Use descriptive statistics

When you are trying to use types of data analytics for your business you should always start with the most simple first and then after this you can move onto the deeper analysis. For example if you start with descriptive analysis you can see exactly what is happening in front of you before you delve into the rest. This can allow to gain an insight into the full picture before you start looking at anything else.

Trim your data

When you first receive a run down of data for your business, it can be tempting to sift through everything and look deeply at every single nook and cranny. However it can be just as simple to go through the data and delete and fields you definitely won’t need. For example if you were to export a Facebook analytics spreadsheet you would come across A LOT of data which you simply don’t need. Make sure to separate the wheat from the chaff and only take a deeper look at data which will actually help you and your business.

Make a copy

As a business owner it is crucial that you always have a record to everything you do and make sure that it is accurate and true to the business. When it comes to performing data analysis on your records it is always best to make a copy of the records and do your analysis on this. This will always be a better option than working on your master copy because then if you make a mistake you can go back and look at what you have done wrong.

Make a theory

Before you start any data analysis it is important for you to come up with a theory which you believe will be true,. The reason for this is that you can then use this theory and compare your data to it, thereby either proving you right or wrong. A theory is always important to have because it gives your analysis a sense of direction and helps you to really hone in on your conclusions.

Accept that it might not work

Unfortunately, as any scientist will tell you, even if you have the most amazing theory in the world, things don’t always come to pass. As much as you may hope for a certain result when you conduct your analysis, this isn’t always going to be the case and sometimes you might notice that nothing at all has happened. It is always good to be prepared for this and even to expect this initially because anything other than this will then be a good thing.

Analyse something useful

Data analysis is one of those jobs which can take up a lot of your time and it is this time which can mean you have less time to do other things. This is why when you come to analyse your data you should always spend a decent amount of time making sure that you are analyzing the most useful data you possibly can. If you are able to do this it will make life much easier for you and you will gain an answer for your question without having to sift through hours and hours of data.

There’s no such thing as bad

The most important thing you need to bear in mind when you are analyzing data is that there is no such thing as a bad result. Sure, your results might not show much of an answer, or maybe it will show something you didn’t want, but that doesn’t make it bad. Never feel disheartened by the results you see from data analysis because these will only serve to help you improve your performance and make changes to your work accordingly.

Data analysis is a big part of a successful business so it is worth learning how to conduct this properly and to the best of your ability. Make sure you spend the time each and every working day improving your skills and your business will thrive in no time.

This post may contain affiliate links.

FAO Backseat Business Owners: How To Keep Employees Happy Through Outside Help

In What You Need To Know About Small Business on January 7, 2019 at 2:11 pm

Every business owner appreciates the importance of keeping employees happy. Their morale will influence everything from productivity to client interactions. This is why you simply cannot afford to ignore it. However, you can probably think of better things to invest your time into, especially as those tasks could prove to be quite distracting.

So, it makes sense to embrace the support of a winning network to keep your team happy. Here are four fantastic sources that can have a telling impact on the morale and atmosphere within your workplace. Let’s get started.

Safety Consultants

A safe workplace is a happy workplace. Using management consulting firms to ensure that the staff are using sound behavioral principles will help. Meanwhile, it’s equally important to invest in the latest safety equipment and clothing. A combination of the right facilities and staff knowledge will serve you well for the long haul.

Cleanliness is an equally crucial factor. Therefore, hiring the right cleaning company could be one of the smartest decisions that you’ll ever make. This should prevent the spreading of germs while also promoting a happier vibe in the workplace.   

Training Experts

Employees want to do well for the company, but their main goal is to achieve success in their own careers. Showing them that there is a pathway to success within the company will result in greater spirits. Whether it’s training in cloud computing, selling, or any other aspect of business doesn’t matter. Those improved skills will have a positive impact for workers and the business alike.

Some business owners like to teach employees themselves. There’s nothing wrong with being a tutor. Still, most staff members will gain something extra from the mentorship of outside experts in the chosen field. You’d be a fool not to capitalize.

Team Bonding Specialists   

Individual happiness is one thing, but employees also need to get along with each other. Using away days and other team bonding sessions that take place off-site, with the help of outside firms, is ideal. After all, a break from the work arena can bring new energy while forcing employees to mix with people from other departments. This is vital for long-term success.   

A team that works together succeeds together. Given that those sessions also temporarily put you on the same level as your staff, it can help the employer-employee bond. In turn, morale throughout the workplace is likely to reach previously uncharted territory.   

Pension Providers

Financial security is something that’s sure to keep your employees happy. This shouldn’t be limited to the immediate future either. Pension planning experts can help you establish a winning strategy for all parties. From your perspective, it saves time while also providing the reassurance of knowing that things have been handled in the best way.

Whether it’s 401k plans or another option, employees can see that you care. Crucially, they’ll know that their family’s needs are safe and secure for years to come. If this doesn’t promote a greater level of happiness around the workplace, nothing will.

This post may contain affiliate links.

Starting Your Business: Which Business Entity Is Right For You?

In What You Need To Know About Small Business on January 2, 2019 at 9:06 am

When you come to start a new business, one of the first things you must do is figure out which one of the types of business entities you think is best for your company. To understand which one you are going to choose, here is a breakdown of the different types available to you and what they offer in comparison to the other types. Bear in mind, all of the options discussed have pro and cons so you need to weigh up your options.

C-Corporation

A corporation is a separate legal entity from the owner of the business and as such means that they are protected from the company’s liability and debts. In addition to a layer of protection for the owner, a corporation can also raise additional funds through the sale of stocks which means the ownership can be transferred based on share allocation. This type of business entity comes with its own rules, as they all do, and for a corporation, it starts with the structure of the business which is as follows:

  1. Shareholders
  2. Directors (elected by shareholders)
  3. Officers (appointed by directors)
  4. Officers run day to day business

Some of the cons of a c-corp include that it can be expensive to start one and there tends to be more paperwork than an LLC, which we all come onto later.

S-Corporation

C-corporations can transition themselves to s-corporation and the reason for doing that tends to be for tax reasons. There are more restrictions on an s-corp than a c-corp, but there are positives such as the distribution of tax being different. By operating as an s-corp the shareholders can take on the income and losses of the business and write it off in their personal income tax. This means that s-corps avoid the double taxation that c-corps have to pay.

Double taxation means paying personal income and corporate tax.

S-corp is something that small business owners prefer but as a company grows they may choose to switch back to c-corp. This is because the former can only have under 100 shareholders who are citizens of the company’s home country which is not the case with the latter.

Limited Liability Company (LLC)

Often described as a combination of a corporate structure and a partnership, an LLC allows flexible ownership without stock options and the ability to choose how it is treated when it comes to taxation. Like a corporation an LLC is considered separate to the owner and therefore their assets are not liable in the case of debt.

Over 80% of small businesses choose to operate as an LLC for the above reasons as well as the option for it to be taxed as a sole proprietor without the risk to the owner that a DBA has. However, an LLC may opt to be taxed as a c or s-corporation if the company’s finances tend to fluctuate.

This post may contain affiliate links.