Building a Team: The Basics

Business

Hiring is one of the most important decisions you’ll ever make at work. The people you bring in to your business don’t just bring a skillset and experience, they bring personality, attitude and the ability to influence the people around them. Your company culture is only partly set by corporate diktat: what really creates your working environment is the people who fill it.

Hiring is a chance not just to find a new programmer, executive, or department manager, it’s an opportunity to make your whole company more committed, more sustainable, fairer, more diverse or whatever you’ve decided your priorities are as a business owner. If you say you’re running a company that values it’s employees, that wants people to work smart not hard, and support a healthy work-life balance, but you don’t hire executives who believe in this and encourage those values, you don’t really have that philosophy at all. So when you’re building a team you need to make sure you’re talking the talk as well as walking the walk.

Today we’re looking at how you can do that, and build a team that works for you, your company and your employees.

Shortlisting

The first, and most important thing is to make sure that your values and culture are built into the recruiting process from the off. Whether you’re using your internal resources to recruit or retain an executive search agency, don’t just include a list of the experience you want, whether that’s managerial, in client facing roles, or developing products. Include your values as requirements, and your candidates will know from the start whether this is the job for them. If you’re consciously building a diverse team (and research suggests you should be), an upfront discussion of that as part of your job description will help you find the candidates who will fit into and foster that culture.

Regulations

When you’re doing this you need to make sure that the culture you’re trying to foster is supported by the law. If your attempt to build a company based on ‘old fashioned, reliable values’ and that leads to you turning away highly qualified women and minorities, what you’ve actually done is built prejudice into the heart of your company.

Run your ideas past a lawyer to make sure your corporate values don’t have a darker side, which could lead to you ignoring valuable talent as well as ending up on the wrong side of the law.

Interview

Don’t neglect to discuss what’s important to your company at the interview stage, and as with your other questions don’t hedge around in hypotheticals. Get specific. If you value a good work life balance, ask what they’ve done to foster that value at other companies. Ask how they’ve reacted when their personal feelings have conflicted with a company’s stated position.

If you can follow these three important points you’ll find you’re building a team that gels well and gets results!

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Top 5 Things You Should Know About Your EIN

Business

An EIN number is a nine-digit number required by the IRS for businesses in the United States. The Employer Identification Number is mainly used as identification of your business by the IRS, however, the number has other uses. Once you apply for an EIN online, you will have the number you need to use for your business. Below are the top five things you should know about this number as it is associated with your business.

Open a Business Account

One way you can use your new EIN number is to open a business bank account. Most banks will require your business to have an EIN number before you will be allowed to open up a new account for the company.

Business Permits

Another use of your EIN number is for business permits. If you need permits for your business based on the type of company or location, you will need an EIN number. With this number, you will be able to apply and secure such permits for your company.

Filing Taxes

With your EIN number, you can file your taxes with ease. An EIN number for a business is considered to be like a Social Security Number for an individual. With this number, you can file taxes for the business as well as focus efforts on employee payments and tax needs.

Credit Card Needs

To help with expenses, a credit card for your business will be needed. Applying for a credit card requires an EIN number when considering a company card. The EIN number will ensure that a card is issued to your business so that purchases can be made as needed.

Applying for Loans

An EIN number is also required by banks for a business to be able to apply for a loan. If your business will need monetary assistance via a loan, the EIN must be secured first before applying.

As you can see, there are many ways that an EIN number is used within a business. Be sure to file online to secure the number you need to get started.

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Sticking the Landing – How to Perfect Your Point of Sale

Business

If you are in retail business, whether it is selling clothes, cooking food, or any number of other products and services individuals purchase, you know how vital point of sale is. You want a sales-friendly environment and be able to upsell to any customer with ease.

You also want software that can assist you in your retail endeavours. Since technology is the future, it is time to get on board with point of sale or POS software. This software tracks critical information that you need regarding your clients and their wants and needs.

Continue reading below to learn how you can make your point of sale operate more efficiently.

Know Your Busy Times

Regardless of the type of retail business you own, you need to know your busy times of the day, week, month, and year. You need to know this information to be able to schedule appropriately as well as order the right amount of inventory. To be able to perfect your point of sale, you need software that can track this data to be able to better your company and get the highest ratings from clients that you can.

Market To Current Clients

Another excellent way to increase your point of sale is to keep in touch with repeat customers. If a customer has purchased with you before and had a good experience, they are more likely to come back and purchase from you again. Take advantage of this and market to your returning clientele.

Many businesses will focus on getting new customers in the door. However, if you can get repeat business, that is where the money is at. Find software that will integrate loyalty reward programs as well as personalized mailings and emails to clients who have already shown you some love.

Simplify Inventory

Inventory is needed in any business, whether that inventory is ingredients for a restaurant, or clothing for a fashion store. Inventory can be fickle though. How can you make the process simple, especially if you have multiple locations, new staff, or a tricky budget? You need to investigate software that can scan the current inventory in stock and recommend what needed items should be ordered. Certain software can also make it impossible for store clerks to lower prices or change the price at the register.

Make Your Register Precise And Accurate

The most crucial item you need to perfect your point of sale is an accurate and precise cash register. You want software that can work offline if you lose internet connectivity and that will save the transactions on the device and sync to the cloud when the connectivity returns. You also need to have the ability to run the point of sale software on the go, especially in a restaurant setting.

Involve Your Employees

The last vital tip to perfect your point of sale is to involve your staff with the acquisition of new point of sale software. This is an important gesture as the employees are the ones who will be using the software the most. It will also show your employees that they matter in your decision-making, which makes morale rise and respect gain momentum.

Why Should I Change My Software For My Business?

As a business owner, you want to have the top of the line software, and other technological advances as that are what consumers are looking for. They do not want to do business with an outdated or antiquated retailer. That is why many customers go online to shop, as it is so much easier.

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If you want to stay relevant, you must switch your software and the way you do business. By doing so, you can market to repeat customers for additional sales, know when you are the busiest to appropriately staff and order the correct inventory. But, most importantly, you can have pinpoint accuracy with your cash register where errors are a thing of the past and move towards a more efficient point of sale setup for your business.

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District Dilemmas – 3 Areas in Hong Kong to Consider for Your Business

Business

Those who have been fortunate enough to visit Hong Kong have experienced the wonder one of the world largest economies. The city, home to a number of financial institutions and corporate conglomerates, has one of the most thriving hospitality industries boasting some of the most luxurious hotels and restaurants. However, Hong Kong is really known for an economy supported by a variety of industries.

In this island city, this wealthy locale has been an attractive place for many entrepreneurs for years. Finding office space is no longer a problem, as Hong Kong’s commercial real estate market has a number of traditional and alternative office leasing formats. In addition to the standard co-working and virtual office formats, serviced offices in Hong Kong can accommodate your business. The problem is no longer whether you can find affordable space but where to set up shop.

Let’s take a look at some of the best locations to get started with a serviced office space in Hong Kong.

The Central

While you can consume a good portion of your time in the Golden Shopping Centre, and your money, a few miles away in Hong Kong’s central business district, known as The Central, professionals can experience the awe of working among some of the most internationally-known, wealthy institutions. Key areas that are a draw for both business and tourism are the Bank of China building and HK Convention and Exhibition Centre.

The area is located below Victoria’s Peak, which is directly across the harbour from Kowloon. In this area, financial titans, government consulates, and other corporate interests make this location their home. The area bordered by Aberdeen (Wing Kut Street), Admiralty and Victoria Peak has been the centre of international trade and finance since the British colonial era in 1841. For those looking for office space, this area is serviced by a few leasing companies that can provide you with office space.

The Pearl River Delta

Another possible lucrative market is the Pearl River Delta (PRD) located around the Pearl River estuary. As one of Hong Kong’s most densely urbanised areas, the PRD is known for being a consumer market, a trading hub, a services market and place for investing. The area has one of the fastest growing economies, and because of its link with Hong Kong, it has seen rapid growth in the last couple of years.

Described as a boon economy, the PRD’s economy is primarily supported through trade of goods, services and capital among major cities Guangzhou, Shenzhen, Zhuhai, Macau, Zhongshan, Dongguan, Foshan, Huizhou, Huiyang, Huidong, Zhaoqing, and Jiangmen. For this reason, this area’s population is expected to become one of the largest in the world, overtaking even The Central in terms of business. Those looking test out this market might take advantage of the numerous all night co-working spaces or even the virtual office, both offering professionals a lot of flexibility.

Container Terminal 9 (Container Port)

As with many other international locations, where there is a port, there are opportunities for business, and Hong Kong’s Container Terminal 9 offers prospective business interests the opportunity to take advantage of this area’s import/export trade. The port is undergoing a facelift that when completed will provide those doing business in this area six berths with a capacity to hold more than two million twenty-foot equivalents (TEO) yearly. This area is primed to be one of the busiest ports in the world.

An Island With Plenty Of Growth

Hong Kong’s beauty is the stuff of legend, but on a more mundane level, its business economy offers any entrepreneur a number of options. Entrepreneurs can find they have a place among all three areas whose intertwining interests go back and forth between finance and trade. The Central, PRD and the port are the financial backbones of a city-state whose economic presence in the world has been long-standing.

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How to Choose the Best Utility Broker for Your Business

Business

In times of confusion, it is refreshing to find someone who can help you sort out things, especially if you are putting up a business or a company. You don’t want to go through the hassle of picking the perfect electricity and gas provider for your business when you are too occupied by work stuff, right?

So how do you choose the perfect utility broker for your start-up company? Here are some tips.

Pick someone you can trust

From your set of employees, pick someone who is knowledgeable about energy tariffs and other things related to energy. You may want to assign someone who is budget conscious, curious and a perfectionist. Let them understand that you have entrusted them with a very vital task which will affect the company as well as their co-workers.

Research

Pull up Google and start typing “the best utility broker” then it will show the list of the most reputable brokers in town. Look into their history, the services they provide and of course, customer reviews.

Reading customer reviews both on the company’s official website and other sites will be helpful for you. You will have a clear view of how they handle their business and see if customers are satisfied with it or not. You may also want to consider the following factors:

  • How long have they been in the business?

  • How long should you wait to receive a quote?

  • What are the terms and conditions?

  • Do they bill a reasonable price for the service?

  • Are they really good at negotiating prices with energy companies?

  • What do customers say about the company?

  • Do you have to spend too much time negotiating with them?

List down choices

After your thorough research, you may want to take notes on the companies that appealed to you the most. Take note of their phone number as you will be needing it in the next couple of days. At least pick 2 of the best companies and you can start from there.

Call and make an appointment

Some utility brokers offer free consultations while some charge for a quote. You may want to talk to those who offer to provide quotes for free before going to those who charge. Once you are fully decided, you may set an appointment and take time to finish the forms as soon as possible.

Finding the perfect energy company is a pain but with utility brokers like Utility Bidder you can surely save more money. They eliminate the hassle of completing a lot of paperwork and will surely be by your side until you have signed the contract. They are not biased, and they conduct research to be able to provide you with the most cost-efficient energy provider for your business.

Utility brokers are here to make your business decisions easier. So, before you jump into a contract with an energy company, consider using a third-party intermediary in the market.

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Like a Boss – 6 Secrets to Being a Great Employer

Business

A company’s employees are its greatest asset. Too often, workers feel undervalued or as if their work isn’t making any real difference. People thrive on recognition and positive reinforcement. It’s human nature. There is no shortage of ways that an employer can demonstrate to their employees how much their efforts are valued to ensure their happiness and productivity continues to thrive! Here are a few of them:

  1. Show Appreciation

It’s natural for employees to want to feel recognized and appreciated for the work that they put in to contribute to their company’s success. It might come as a surprise to know that in many cases, this does not have to take a monetary form. In fact, more tangible forms of acknowledgement such as a thoughtful personalized corporate gift, a new work computer or phone, or even a free lunch at a nice restaurant can be more effective in communicating how much you value their contribution.

  1. Genuinely Value Your Employees

Treat your workers like family. Sure, this must be balanced with a degree of professionalism; however, the workers who feel more at ease and valued in their workplace are typically more efficient, creative and productive in their roles. Make a habit of expressing positive feedback and feelings to your employees, so they know that they are considered an integral part of your team. Respect your staff, and watch your business thrive.

 3. Give Them a Life Outside of Work

‘Work-life balance’ is the buzzword of the decade. In an age of 24/7 connectivity and the idea that if you aren’t burning the candle at both ends, you’re not doing it right, the need for some downtime is at an all-time high. A recent survey found that the demand for remote work is climbing as more people crave more flexible workplace arrangements. Consider providing your employees with the opportunity to work from home if appropriate. Workers appreciate having the option to be flexible. In return, you will see higher standards of work.

4. Cultivate Proper Leadership

Without a proper leader, the flock will begin to scatter. Your workers need engaging leaders to help drive better work performance. The right leader will help to energize and assist managers and employees and enable an open and honest dialogue between workers and management. Think about developing a mentorship program that can provide opportunities for growth and leadership among employees. Employees work hard for leaders they believe have their best interests at heart.

5. Long-Term Relationship

Encourage employees to want to stay long-term by providing them with the best loyalty incentives. Foster a growth mindset, and help your employees to flourish and achieve their long-term goals. Personal growth leads to professional growth. With your assistance, your employees will find more motivation to stay.

6. Funny Business

A fundamental way to cultivate better employees is to make them happier employees. Yes, even the Financial Times reported that being funny at work is good for business. Here’s why; work doesn’t feel like work when you’re having fun! Encourage your employees to bring joy into the workplace by hosting themed office parties or provide a games area for workers to let loose during lunch-break. There’s an ulterior motive to those office day’s out, not only are they fun, but they’re also great for team-building.

To be the best, you have to produce the best. Loyal employers foster loyal staff in return. The key takeaway from all this is that as an employer, your primary business should be the happiness of your employees. All of these strategies will help to make your business more effective, more productive and more successful.

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Are you spending too much on office supplies?

Business

Running your own business provides the type of freedom that many people spend years dreaming of. And if it is a home-based enterprise, you have the added bonus that costs and overheads are kept to a minimum. It all sounds great, until you look at the bank statement at the end of the month and ask yourself just where all that money is going.

The problem is that whether it is in a traditional corporate environment or a room at the back of your home, an office soaks up money in consumables. Generally, it is more in the form of small drips than major floods. However, that is only the more dangerous, as those expenditures are harder to spot, yet they can still add up to a significant dent in your bottom line. 

If you’re scratching your head as to how you’re managing to spend so much on office supplies, here are some areas to look at that might just alleviate the problem. 

Paper

An office gets through lots of paper. That might come as a surprise in this largely online world, but it is true, and it goes to show that we are not quite as paper-free as you might think. In part, however, our use of paper is down to habit rather than necessity. Some people still prefer to read a hard copy of a document, as opposed to simply viewing it on a screen. 

If that’s because they want to make ink annotations, fair enough, but if it really is simply to print it, read it then throw it in the recycling, it is a habit that you should encourage them to break. Also, adopt a policy of printing double sided, or of placing waste sheets face down in the printer feed so that they can be reused. 

Ink

Reduce the amount of printing, and you won’t just save paper, you’ll also use less ink. It is one of life’s ironies that while today’s printers are incredibly cheap, their consumables can still cost a fortune, especially if you buy direct from the manufacturer. It is both cheaper and easier to buy Canon ink from third parties, and they typically stock cartridges for other major manufacturers such as HP, Epson and Xerox, too. 

Desktop stationery

A basic fact of life is that you can never find a pen when you need one, and this is particularly the case when you operate a business. You can order pens, staplers and so on in bulk, but the problem is that if you employ staff, they can start to assume there is a magical and inexhaustible supply. The result? A few weeks later, you are having to order more. 

You don’t want to make a mountain out of a molehill and start rationing out paperclips, but if you choose wisely and give one person the responsibility for stocking, distributing and reordering stationery, there is a 100 percent guarantee that people will take better care of it, and what was lasting only six weeks will suddenly keep you going for six months! 

When you are trying to spend as little as possible, when purchasing a range of leased lines, make sure it is from trusted, affordable provider, like leased line quotes.

 

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4 Reasons Why You Should Write Your Notes

Business Education

In spite of all the technology available to jot down information like important notes, there are still many reasons to take what feels like a step backward and write your notes by hand.

You may look at the abundant stash of digital equipment you’ve gathered to support your business enterprise goals and wonder, “Why would I let this amazing technology go to waste?” Quite simply, there are some tasks that benefit from a more traditional — or some may even consider it old school — approach. More importantly, you don’t have to completely abandon your technology in your quest to take truly beneficial notes, as you will soon discover.

Consider these four important reasons why you should write your notes:

1. It Is an Effective Method of Learning, Absorbing and Retaining Information

Research shows that hand writing notes is one of the most effective ways to study and retain new information. According to a study published in Psychological Science, taking notes by hand requires extra processing of the material written. The reason for this seemingly simple phenomenon is that committing information to paper through writing stimulates a part of the brain called the Reticular Activating System (RAS). The RAS serves as a filter for all that your brain needs to process, prioritizing the information upon which you are immediately focused.

Essentially, writing your notes means you may find it at least slightly less likely to refer to them in the future, thanks to better retention. Your new associates and business prospects will appreciate your sharp memory and attention to detail.

2. Hand Writing Can Help to Improve Any Necessary Content for Your Business

If any aspect of your home-based business requires writing tasks and capabilities, such as writing blog posts to support your website, note that writing by hand can help you improve your writing skills. Writing out an early draft, or even just jotting down notes from your research, can help you gain a better understanding of the topic, how it relates to your business and the best approach to writing the post. Think of all the outlines you wrote out in school and how useful they were to guiding your writing. The same benefits are there, no matter how much or little writing you do for your business.

3. You Can Use Your Tablet or Smartphone to Write Your Notes

You can have the best of all worlds with the right electronic devices to support your business goals. A mobile phone along with its accompanying smart writing stylus is a prime example of tech gadgetry that lets you do it all. For example, the Samsung Galaxy Note8’s intelligent S Pen lets you write, draw and even doodle with incredible accuracy. You get the sensation and memory retention benefits of hand writing while still being able to save every document for future reference.

4. Writing By Hand Helps You Maintain Focus

It is easy to become distracted during meetings, training sessions and seminars if you are not an active part of the event. If you pull out your laptop to jot down a few notes, you may find yourself wandering over to Facebook or answering a few emails. Using pen and paper — or the electronic equivalent — to dash out ideas can help you stay focused, according to The Chronicle of Higher Education.

Whether you are drafting your notes with a classic pen and legal pad combination, or a smartphone and stylus, you will discover a newfound depth that can help bolster your daily business practices.

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Success on a Shoestring – How to Build a Healthy Business on a Small Budget

Business

In today’s economy, growing a successful business is an accomplishment of which you can be proud. Unfortunately, one of the drawbacks to starting a business these days is the fact that it probably won’t see a profit for quite some time. However, finding cost-effective ways to grow a healthy business can be easier than you think. To establish a viable venture, you must be smart with its budget. Below is a short guide on how to do just that:

Have a Plan

Every good business starts with an idea, which evolves with a solid plan. Your business plan should include specific details for how things will operate. For instance, will your company trade from a brick-and-mortar building or will you explore virtual office solutions to cut costs? When you have a clear vision of the path to success, it’s much easier to get the job done.

Don’t Obsess About What the Competition is Doing

Yes, it’s important to know what your competition is up to but you don’t want to become totally fixated on them. Instead, focus on managing your bottom line and what you can do to be more attractive to customers than the other guys. Believe in the unique advantages and value that you offer, rather than attempting to mimic the competition and becoming just another me-too. It’s crucial to understand that every business, even those operating in the same market, can and should have different ways of serving their clients. If you don’t find ways to differentiate yourself from your competitors, you won’t be able to grow.

Automate Tasks

You can save your business a lot of money by automating tasks rather than hiring employees to do them. In today’s “there’s an app for that” environment, things like inventory, communications, sales activity, accounting and more can be managed virtually, at huge savings.

Foster Good Supplier Relationships

Regardless of the type of business you run, you must rely on others to make it successful. From inventory to office supplies, the people from whom you purchase your stock and supplies should receive high priority. Go out of your way to build a friendly rapport with them, and they’ll be more apt to extend a line of credit that frees up short-term capital for other productive uses.

Figure Out Where to Cut Costs

Growing a business on a tight budget is tricky, but not impossible. The key is to figure out what expenses are necessary, and which ones you can do without. For example, do you listen to music in the office? If so, is that Spotify subscription a necessity or can you just turn on the radio instead?

Cutting costs anywhere you can – even those that seem minimal – can free up funds for more important things that will contribute to the growth of your business.

Use Social Media to Market Your Business

Marketing can be expensive, and there’s no way around having to do it. Fortunately, social media is a very cost-effective way to market your business to the masses. While you’ll still have to spend money to advertise on social media if you’re prepared to put in the work, it can be much cheaper than most other forms of marketing. As your company grows, so should your marketing budget, which will open other channels for building your brand.

Just because you don’t have a huge budget, doesn’t mean you can’t experience business success. By implementing the tips above, you can build a healthy business, even on a shoestring.

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Leadership: Putting an end to the Classic Myths

Business Education Entrepreneurship

It’s become something of a buzzword in the industry over the last few years, with umpteen autobiographies and business journals really putting a spin on the term “leadership”.

In truth, this isn’t something that you can pick up a book and learn in a flash. Sure, if you were to turn to the best online MBA, you would probably see some real progress, but a lot of people rely on pure experience over a long period of time.

The problem with a lot of the autobiographies is that they are very opinion-based. In the business world especially, there are a lot of opinions doing the round. This, in turn, creates a lot of misconceptions which can cloud the issue of leadership somewhat.

Bearing this in mind, today’s post is going to tackle some of these leadership myths, and highlight what’s really true about the elusive L-word.

“Leaders have to be born”

This is one of the most ridiculous myths of all. There’s no doubt that every person in the world is born with a different personality, and some of these personality types will be associated with leadership more than others.

However, to suggest that leaders can’t be made would be a gross inaccuracy. Many believe that leaders are created through the circumstances that they find themselves in. There will be occasions when they naturally find themselves in said circumstances, and others where they strategically place themselves in these situations to try and develop themselves. To coin the same example, studying for an MBA is a case of someone aiming to creep out of their comfort zone and ultimately develop their leadership qualities.

“Leaders will never delegate the important tasks”

This is another myth that couldn’t be further from the truth. One of the most important things that a leader needs to be able to do successfully is delegate. This is a point that few would disagree with.

It’s plain wrong to suggest that leaders won’t delegate the most important tasks on their agenda though. On the contrary, they will find the right person to do the job. In some situations, this might involve them carrying out the task themselves, but on others they will be more than happy to delegate accordingly.

“Leaders are imposing and charismatic”

One of the biggest stereotypes of leaders is that they are imposing figures that are full of charisma. The main reason behind this misconception is that it’s these types of leaders which tend to find themselves in the public domain. In other words, they put themselves in the shop-window, and everyone else thinks that there is no other way to be a leader.

However, if we were to view leaders around the world, the overriding characteristic would be influence. Some might do this through more vocal ways than others, but the key attribute beneath everything is the ability to influence others. Others will respect them, and it’s not necessarily for the way that they portray their ideas.

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