If you spend time trawling through those “How to Make Extra Cash … Quick!” articles, you’ll inevitably find this bit of wisdom: “Just head down to your local watering hole and pick up a few bartending shifts.” As if it’s that easy. Bartending is one of the more coveted jobs in a restaurant, and not...
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Reports of sexual harassment and discrimination in the workplace appear to be at an all-time high. The media reports daily on allegations across every industry—entertainment, technology, media, law, venture capital, finance, government, and more.
The actions taken after an employee alleges harassment or discrimination can be key in limiting the employer’s potential liability and resulting adverse publicity. This article examines the important steps a company can take in responding to sexual harassment or discrimination claims, both with respect to addressing workplace allegations as well as dealing with any resulting litigation. While legal and policy considerations are key, effective communications are equally essential, and a team of HR, legal, and (where appropriate) communications professionals should coordinate carefully with senior management on the company’s response.
Sexual harassment or discrimination complaints can lead to serious liability, including punitive damages designed to punish the company for inappropriately handling the complaints. The company may face significant liability even if a low level supervisor fails to comply with company rules and policies. Not all of the proper responses to these claims are intuitive and many require knowledge of complex applicable laws and regulations.
The company should involve outside legal counsel experienced in handling such claims as soon as possible to navigate the thicket of related legal issues. Counsel can provide guidance on compliance with legal requirements for the response as well as assist the company in determining whether early resolution is advisable or possible.
With the assistance of legal counsel, the company can also take the appropriate steps to ensure that communications with executives, Board members, and employees are protected by attorney-client privilege. To protect that privilege, communications with the company’s legal counsel should be restricted to those individuals with a legitimate need to know and include a subject line that reads “Confidential and Subject to Attorney-Client and Work Product Privileges.”
Board members may be able to provide helpful advice regarding difficult allegations based on their experience advising other companies. Additionally, Board members hate to be surprised with bad news, especially if that news shows up in the media before they have heard about the claim.
Accordingly, once an employee makes a significant allegation of sexual harassment or discrimination, especially one likely to bring media attention, the CEO, ideally with the General Counsel or outside counsel (to ensure the communication is privileged), should promptly inform the Board of Directors.
Employees usually find it very difficult to make allegations about sexual harassment or discrimination. They worry about the consequences and the effect the complaint will have on others in the workplace. They may feel vulnerable and concerned about losing their jobs.
The employer should show respect, understanding, and concern, including in initial responses to the complaining party. Employees and managers may have misbehaved and violated company standards, and the complainant may be legitimately upset and concerned about that behavior. Swift and appropriate action, including thanking the employee for raising the concern and quick initiation of an investigation, sends a message not only to the complaining employee but to others watching for the company’s reaction.
Employees who observe the company taking concerns seriously are also more likely to seek internal resolution and less likely to resort to litigation.
The company should promptly investigate complaints (including those which may initially appear to be meritless). Failure to treat a complaint seriously can significantly exacerbate the problem and the liability.
Investigations of these concerns should be conducted by persons with training and experience who have the ability to be neutral and impartial (i.e., who don’t report to or have relationships with those individuals involved in the complaint). Legal counsel should provide advice as needed, including on any thorny evidentiary or credibility issues which could arise during the investigation.
The investigator should create an initial plan for thoroughly analyzing the actions at issue, ideally in consultation with counsel. Here are some basic steps which may be appropriate for that plan, depending on the facts:
Here are some tips for an appropriate investigation:
The Guiding Principles for Conducting Workplace Investigations prepared by the Association of Workplace Investigators contains additional helpful advice.
A full investigation into sexual harassment or discrimination often takes time, and it may be appropriate for the employer to take immediate steps with respect to the employee who raised the concerns. Protective measures may include, depending on the circumstances, the following;
Once the investigator reviews all information, and resolves any credibility conflicts to the extent possible, the investigator should attempt to reach a conclusion about the complaint. The investigator’s conclusions should generally be tied to determination of whether the company’s anti-harassment (and any related) policies were violated by the conduct at issue. Harassment policies typically prohibit inappropriate conduct which does not necessarily fall within legal definitions of harassment or discrimination, but which the company nonetheless prohibits. For example, the telling of an inappropriate joke will not typically meet the legal test for harassment, but it may be prohibited by the policy nonetheless.
A finding by the investigator that is tied to legal concepts, such as a conclusion that an employee “engaged in discrimination,” or that his or her “conduct constituted sexual harassment,” may not only be inaccurate under applicable legal standards, but may be argued to be an admission of liability in future litigation (even if incorrect). Accordingly, in most cases the appropriate conclusions will be “the company’s policy was violated”; “the company’s policies were not violated”; or “based on the evidence, I cannot determine whether the company’s policies were violated.”
If the company determines that a policy was violated and inappropriate conduct occurred, it should take appropriate disciplinary action. The correct discipline, depending on the severity of the situation, can include warning, counseling, impact on bonus, impact on future compensation increases, suspension, or immediate firing of the wrongdoer. It is important to document the discipline carefully, although specifics about the investigation should not go into personnel files.
The complainant needs to understand that the investigation has been completed, what the results were (for example, that a policy violation occurred, the investigation could not determine whether a policy violation took place, or that the investigation showed that no violation occurred), and that, if applicable, action has been taken to resolve the issue. The company should remedy any inappropriate action taken against the complainant (for example, a performance rating lower than it should have been, unfair compensation treatment, etc.) and consider whether there should also be an apology with the explanation of the changes.
Even in situations in which the investigator concludes no policy violation occurred, the facts may suggest that the workplace would benefit from anti-harassment or discrimination training as well as written reminders of the company policy. And, in many cases, those who behave with bad judgment may need one-on-one training designed to encourage appropriate behavior and spell out clearly the consequences of further questionable actions.
Ideally the company already has a carefully drafted anti-harassment and anti-discrimination policy (which is required by some state laws and expected by many jurors). If it doesn’t have such a policy, or if the policy doesn’t address the issues below in language appropriate to the company culture, the company should adopt one or edit the existing policy.
Helpful policies typically run 2-3 pages in length and samples can be obtained from experienced employment lawyers or HR consultants. A good policy will typically address the following concepts:
The company should distribute the policy, ideally annually, to all employees with a cover email or other communication insisting on its importance and the need for compliance.
The EEOC strongly advises employers to promptly investigate complaints of harassment or other unfair employment practices. But the EEOC or similar state agencies may conduct their own investigation related to employee claims, typically after the employee files an administrative “charge” accusing the employer of discrimination. Some background facts about the process can be reviewed at the EEOC’s Get The Facts Series: Small Business Information.
If the EEOC or other government agencies do become involved in reviewing a complaint, the company must cooperate. The governmental agency likely will require a response to the complaint and production of relevant documents (typically those related to the personnel actions at issue). The cooperation and document production should be coordinated with legal counsel, as the company’s response may lead to action by the agency or cause problems in future litigation.
The EEOC maintains a free, voluntary mediation service which is often available to the parties. If both sides agree to participate, the EEOC will typically delay the due date for the company’s written response to the charge. The mediation, a confidential settlement and negotiation process conducted by trained mediators, which usually takes place at the EEOC’s offices, can present an early opportunity to resolve the claim. If the agency doesn’t offer mediation, it will often agree to conduct one if both parties agree to attend. See the EEOC’s Questions and Answers About Mediation.
If litigation is threatened or filed in court, the company should determine whether any arbitration agreements might apply to the claim. Arbitration has downsides for employers, such as the possible requirement to pay an arbitrator’s fees (and good arbitrators can be expensive). But it also has powerful upsides, including less public airing of the dispute, typically a faster and less formal process to completion, and a decision maker who may—unlike a juror—be less likely to have bad employment experiences color his or her decision-making process.
Arbitration provisions may be present in hiring letters, employment agreements, benefit plans, bonus agreements, employee handbooks, and documents created by outside HR providers (Tri-Net, for example, may include arbitration provisions in the documents they provide their clients). Although courts have held that arbitration agreements cannot easily be waived, you don’t want to take a chance in waiving the agreement inadvertently.
The company should ensure that it does not retaliate against a complaining employee (or a witness involved in the investigation), even if the initial complaint proves to be unfounded. Retaliation claims are often more difficult to defend against than harassment or discrimination allegations, in part because jurors tend to believe that those who are falsely accused have a natural motive to strike back. Retaliation can include many negative acts, including:
Additionally, courts have held that retaliation protections extend beyond the employment relationship, and a falsely negative post-employment reference can violate anti-retaliation laws. The EEOC gives further guidance on retaliation issues at Questions and Answers: Enforcement Guidance on Retaliation and Related Issues and at Facts About Retaliation.
After an employee lodges a harassment or discrimination allegation, executives often exchange a flurry of emails or texts responding to and attempting to address the problem. This can be extremely problematic in future litigation, as the shock or concern may lead to emotional and negative reactions to the claim. A company may be required to turn over these emails and texts (and any other forms of communications, such as Slack messages and voicemails) in the course of the litigation. These communications can come back to haunt the company, as the plaintiff’s counsel will attempt to use these as evidence of the company’s bad faith, complicity, or retaliatory motive.
Once a claim is made, it’s important for the company to put a “legal hold” in place. This means that any relevant emails, memos, and other documents must be preserved and not deleted or destroyed, in anticipation of potential litigation. Failure to protect these documents (even inadvertent and unintentional destruction through automatic email deletion processes) can lead to punishment from the court. This can include both monetary fines and evidentiary sanctions, which can adversely affect a company’s ability to fully defend itself against the claims.
Many companies have Employment Practices Liability Insurance (EPLI) or riders to insurance policies that may cover sexual harassment or discrimination claims. But it’s important that the insurer be properly and quickly notified of a claim or else the company runs the risk of denial of coverage.
Notification to the insurer of a claim is best done after the policy has been reviewed by legal counsel and the notification is made by counsel and the insurance broker. Insurers may also insist on approval of any litigation or arbitration counsel, and may put rate restrictions in place. The company will typically need to cooperate with any insurer providing coverage for the claims.
With the development of online court dockets, reporters now have access to many litigation filings. A newly filed lawsuit will soon appear on an online cou
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What’s your biggest fear? Public speaking? Spiders? Failure?
I’d wager failure is pretty high up on the list. Especially if you’re a small business owner.
As you know, it’s great to be able to run your own business. But there are responsibilities that go with the freedom. Screw up badly enough, for long enough, and your business will fail. You’ll fail.
Fortunately, this doesn’t have to be as scary as it sounds. While most small businesses do fail, yours doesn’t have to be among them. Even more fortunately, the things that cause small businesses to fail are oddly consistent. There’s a surprisingly small pack of causes that tend to do them in.
This is good news for you. Because if you know what those causes are and how to deal with them, then you’ve just knocked out most of the things that could bring your business down. This makes the path to success much clearer.
So you probably want to know what these causes are, right? Great. Keep reading.
Ever had a plan look beautiful on paper, only to fall flat in the real world? That’s what I’m talking about here.
Note that I wrote “verify” your market, too. Don’t just confirm it exists. You need to verify that those people are interested in what you want to sell.
In a study of 101 startups that failed, CBInsights found that “No Market Need” was the #1 reason companies failed. So how do you avoid this?
Start small, then scale. Try a food truck or a table at a farmer’s market or a craft fair. Try a pop-up shop. Try a one-time event at an existing business, or a few events around different parts of town. Whatever you do, don’t solely rely on text-based research. Don’t rely on what people say they’ll do. Confirm they will hand over dollars for your product or services.
You’re already risking enough to start this thing—make sure you know there’s demand for what you want to sell or do.
RELATED: Best Practices for Conducting Market Research
Stop me if you’ve heard this story: A star employee gets tired of his employer. He leaves and sets up his own shop, then nearly drowns in the nuts and bolts of running his business. He barely ever gets time to do the thing he so excelled at in his old job.
This happens a lot, but it is a manageable problem.
To solve the problem, you’ll need to demonstrate the two skills that are critical for small business owners: The ability to learn and the ability to adapt. And here’s why these are so essential. Anyone of reasonable intelligence can learn the basics of running a business. If they don’t like certain parts of running their business, or they’re just not good at them, they can hire someone else to do that work.
Take marketing, for example. Most small business owners aren’t enthusiastic about it, but only 14% of them outsource their marketing, public relations and advertising. That’s a missed opportunity, both as a way to get more business, and a way for the small business owner to save some time.
This one seems particularly hazardous for new restaurant owners. How hard could it be to run a restaurant, right? You’re an awesome cook already—you just need a great location, some staff, and enough money to equip the place and stay open for a few months until you hit operating costs. Right?
Um, no. Remember: You’re not just running the restaurant. You’re the owner. You’re responsible for all the financing, the legal issues, the staffing issues, the certifications (including that coveted liquor license), the food sourcing . . . and all the other problems that will arise from any one of those systems.
One particular area of difficulty that people don’t expect? Employees. Notice how “Not the Right Team” came in third in the CBInsights study of why startups fail? Finding the right team is hard. In the WASP Barcode Technologies’ 2017 “State of Small Business Report,” we found that hiring employees is one of the biggest challenges in small business.
So how to avoid this? Get some experience. You need experience in the industry your business is in, and experience in what’s it’ll be like to run your business, including managing employees.
Staying afloat when things are going well for your business is not enough. Your business needs to be disaster-proof. So how do you make it disaster-proof?
That’s just a few ways to avert a problem. Realistically, you should also be ready for two bad things to happen at once. If you’re in business long enough, it’s going to happen. It’s not an “if”—it’s a “when.”
Alas, most of us on Main Street do not have access to the coffers of Silicon Valley or to the riches of Wall Street. It can be hard to get a loan . . . especially when your business is in a position when it needs a loan.
I don’t recommend funding via credit cards (or via 401(k)s, or via second mortgages), but they have gotten businesses through tough times. And let’s face it, there’s no complete solution to funding. As mentioned earlier, it can be hardest to get when you need it the most.
However, some advice:
So flex with it. Don’t be like the old handheld calculator company that refused to invest in computers. There are always opportunities, even in full-on depressions. We just need the eyes to see them.
So those are the boogeymen of small businesses. But let’s not be all doom and gloom.
That’s what Bill Gross, the founder of Idealab, thought he knew. Until he looked at the data—his own data. And he learned it wasn’t necessarily having a great idea that made a business work. It wasn’t having enough funding. Or having an awesome team. It was… timing.
So there’s a question to ask yourself, before you take out the loan, hire anyone, or quit your day job. Is the timing right for your business? Is this an idea whose time has come?
We all want to avoid failures, especially when they affect other people; laying off employees is especially hard. But business failures happen. Most successful business people have several failures under their belt. They succeeded because they kept going. They learned from their mistakes, adapted, and went out and tried again. So shouldn’t you?
RELATED: 5 Entrepreneurs Who Failed Before They Found Success
The post 5 Reasons Small Businesses Fail—And How to Avoid Those Fatal Pitfalls appeared first on AllBusiness.com
The post 5 Reasons Small Businesses Fail—And How to Avoid Those Fatal Pitfalls appeared first on AllBusiness.com. Click for more information about Brian Sutter.
What’s your biggest fear? Public speaking? Spiders? Failure?
I’d wager failure is pretty high up on the list. Especially if you’re a small business owner.
As you know, it’s great to be able to run your own business. But there are responsibilities that go with the freedom. Screw up badly enough, for long enough, and your business will fail. You’ll fail.
Fortunately, this doesn’t have to be as scary as it sounds. While most small businesses do fail, yours doesn’t have to be among them. Even more fortunately, the things that cause small businesses to fail are oddly consistent. There’s a surprisingly small pack of causes that tend to do them in.
This is good news for you. Because if you know what those causes are and how to deal with them, then you’ve just knocked out most of the things that could bring your business down. This makes the path to success much clearer.
So you probably want to know what these causes are, right? Great. Keep reading.
Ever had a plan look beautiful on paper, only to fall flat in the real world? That’s what I’m talking about here.
Note that I wrote “verify” your market, too. Don’t just confirm it exists. You need to verify that those people are interested in what you want to sell.
In a study of 101 startups that failed, CBInsights found that “No Market Need” was the #1 reason companies failed. So how do you avoid this?
Start small, then scale. Try a food truck or a table at a farmer’s market or a craft fair. Try a pop-up shop. Try a one-time event at an existing business, or a few events around different parts of town. Whatever you do, don’t solely rely on text-based research. Don’t rely on what people say they’ll do. Confirm they will hand over dollars for your product or services.
You’re already risking enough to start this thing—make sure you know there’s demand for what you want to sell or do.
RELATED: Best Practices for Conducting Market Research
Stop me if you’ve heard this story: A star employee gets tired of his employer. He leaves and sets up his own shop, then nearly drowns in the nuts and bolts of running his business. He barely ever gets time to do the thing he so excelled at in his old job.
This happens a lot, but it is a manageable problem.
To solve the problem, you’ll need to demonstrate the two skills that are critical for small business owners: The ability to learn and the ability to adapt. And here’s why these are so essential. Anyone of reasonable intelligence can learn the basics of running a business. If they don’t like certain parts of running their business, or they’re just not good at them, they can hire someone else to do that work.
Take marketing, for example. Most small business owners aren’t enthusiastic about it, but only 14% of them outsource their marketing, public relations and advertising. That’s a missed opportunity, both as a way to get more business, and a way for the small business owner to save some time.
This one seems particularly hazardous for new restaurant owners. How hard could it be to run a restaurant, right? You’re an awesome cook already—you just need a great location, some staff, and enough money to equip the place and stay open for a few months until you hit operating costs. Right?
Um, no. Remember: You’re not just running the restaurant. You’re the owner. You’re responsible for all the financing, the legal issues, the staffing issues, the certifications (including that coveted liquor license), the food sourcing . . . and all the other problems that will arise from any one of those systems.
One particular area of difficulty that people don’t expect? Employees. Notice how “Not the Right Team” came in third in the CBInsights study of why startups fail? Finding the right team is hard. In the WASP Barcode Technologies’ 2017 “State of Small Business Report,” we found that hiring employees is one of the biggest challenges in small business.
So how to avoid this? Get some experience. You need experience in the industry your business is in, and experience in what’s it’ll be like to run your business, including managing employees.
Staying afloat when things are going well for your business is not enough. Your business needs to be disaster-proof. So how do you make it disaster-proof?
That’s just a few ways to avert a problem. Realistically, you should also be ready for two bad things to happen at once. If you’re in business long enough, it’s going to happen. It’s not an “if”—it’s a “when.”
Alas, most of us on Main Street do not have access to the coffers of Silicon Valley or to the riches of Wall Street. It can be hard to get a loan . . . especially when your business is in a position when it needs a loan.
I don’t recommend funding via credit cards (or via 401(k)s, or via second mortgages), but they have gotten businesses through tough times. And let’s face it, there’s no complete solution to funding. As mentioned earlier, it can be hardest to get when you need it the most.
However, some advice:
So flex with it. Don’t be like the old handheld calculator company that refused to invest in computers. There are always opportunities, even in full-on depressions. We just need the eyes to see them.
So those are the boogeymen of small businesses. But let’s not be all doom and gloom.
That’s what Bill Gross, the founder of Idealab, thought he knew. Until he looked at the data—his own data. And he learned it wasn’t necessarily having a great idea that made a business work. It wasn’t having enough funding. Or having an awesome team. It was… timing.
So there’s a question to ask yourself, before you take out the loan, hire anyone, or quit your day job. Is the timing right for your business? Is this an idea whose time has come?
We all want to avoid failures, especially when they affect other people; laying off employees is especially hard. But business failures happen. Most successful business people have several failures under their belt. They succeeded because they kept going. They learned from their mistakes, adapted, and went out and tried again. So shouldn’t you?
RELATED: 5 Entrepreneurs Who Failed Before They Found Success
The post 5 Reasons Small Businesses Fail—And How to Avoid Those Fatal Pitfalls appeared first on AllBusiness.com
The post 5 Reasons Small Businesses Fail—And How to Avoid Those Fatal Pitfalls appeared first on AllBusiness.com. Click for more information about Brian Sutter.
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When people imagine a small business, a lot of times they picture a mom-and-pop shop with a couple of employees. The business maybe has a strong local following, but its popularity doesn’t reach a national crowd.
Describing a small business is easy when you think about hometown entrepreneurs; however, the government’s way of defining a small business is a little more complex. It’s important that you know your business’s size status so you can comply with the law and take advantage of the perks of small business classification.
There is no one way to define a small business. Your business’s size can depend on a number of factors, based on your industry, sales, and/or number of employees. Different industries have different standards for defining what a small business is.
The government uses size standards to make rules for businesses, so you need to be able to define your business’s size. Take a look at the following small business size guidelines:
The Affordable Care Act (ACA) requires businesses of a certain size to provide employee health coverage.
What the standards are: Under the ACA, you are defined as a small business if you have 50 employees or fewer. The employees must be full-time workers or full-time equivalent. A full-time equivalent employee is someone who works an average of 30 hours per week, according to the ACA.
If you have part-time workers, you must calculate full-time equivalent employees. To do this, add up the number of hours part-time employees work; then, divide the sum by the number of part-time workers for the total full-time equivalents.
Add your part-time equivalent employees to the number of full-time workers. If the total is 50 or fewer, you are a small business. If the number is more than 50, you are a large business.
Where to find info: You can find small business standards on the ACA website, Healthcare.gov. The website also offers employer resources on health coverage rules and Small Business Health Options Program (SHOP) plans.
Why these standards matter: If you have 50 or fewer employees, you are not required to provide health insurance. You can still choose to implement a health care plan for your employees. If you have 25 or fewer employees, you could be eligible for a tax credit when you buy a plan through the SHOP Marketplace.
The Small Business Administration (SBA) provides loans, contracts, counseling, and resources to American small businesses. By meeting the size standards of the SBA, you are eligible for perks that can help you grow your business.
RELATED: 3 Big Ways the SBA Helps Small Businesses (That You Might Not Know About)
What the standards are: The SBA uses your industry, annual sales, and number of employees to decide size standards. But first, you must:
So far, so good? Now, look at how much you make in sales per year and the number of people you employ. Here is the general rule of thumb for a small business:
The SBA guidelines range widely because industries have different standards. Depending on the kind of business you operate, you will have higher/lower sales and employee standards.
Where to find info: Search the SBA’s Table of Small Business Size Standards to know your size requirements. Use your industry’s NAICS code to make sure you’re looking at the right industry.
Why these standards matter: If you’re considered a small business, you are eligible for government aid through financial assistance and business counseling. The SBA ensures that at least 23% of government contract work goes to small businesses.
You can secure a loan guaranteed by the SBA if you meet the lending requirements. These loans are easier to secure than a traditional bank loan. The SBA’s 7(a) loan has a maximum amount of $5 million, with an average amount of $371,628 in 2015.
The Internal Revenue Service (IRS) is the national tax collection agency that collects and administers tax money. You file and pay your business taxes to the IRS.
What the standards are: The IRS does not have a standard small business size. The size of your company depends on individual tax laws. You must look at your business entity to determine your tax responsibilities.
The most common business structures are the following:
Most single-owner small businesses operate as sole proprietorships or single-member LLCs. Most multi-owner small businesses operate as partnerships or multi-member LLCs; corporations are usually large businesses.
Check with the IRS guidelines to see your small business responsibilities. It might be a good idea to have a business tax professional help you.
Where to find info: You can find information about your tax responsibilities on the IRS’s Small Business and Self-Employment Tax Center. This resource shows you how to handle your taxes, plus offers more business-related help.
Why these standards matter: As a business owner, you must report and pay taxes based on your company’s income; your business’s tax entity determines your business tax obligations. You need to understand the structure you operate under and its responsibilities.
RELATED: 5 Action Items You Can Do Today to Prepare for Tax Season
The post Size Matters: The Benefits of Being a Small Business appeared first on AllBusiness.com
The post Size Matters: The Benefits of Being a Small Business appeared first on AllBusiness.com. Click for more information about Mike Kappel.
By Lexy Garrett
You finally have your business up and running, but it isn’t growing at the pace you’d expected, or maybe it is even struggling. What steps can you take to grow your business?
It is important to take action daily to improve your business. Every business is unique, but these steps will help set your business up for growth.
When trying to grow your business, it is important to see what is working and what is not. Sometimes revenue may be growing adequately, but some products may be costing you much more than you are making—preventing that growth from falling to the bottom line. Consider simplifying your business by weeding out unprofitable products. Also, don’t try to be everything to all people. Know what you do and what you don’t do. Focus on what you are good at and which audience can benefit from it.
Action items: Answer “what are we good at?” and “who is our target audience?”
Take the time to manage your cash flow. It is important to constantly evaluate all of the financial metrics contributing to your cash flow. You may find that you need to improve your accounts receivable, and bill customers more quickly. You also may need to improve your inventory turnover or trim some overhead expenses. Regardless, it is important to understand all of the cash inflow and outflow in order to find opportunities to grow your business.
Action items: List all of the cash inflows and outflows in your business; highlight items that can be improved.
RELATED: Cash Flow Management—Critical for Success
Teach your team the importance of customer service—both to suppliers and customers. If you take care of people and build relationships, people are more willing to return the favor. It is more cost effective to cross-sell to existing customers than to acquire new customers.
When is the last time you or an employee talked extensively with your customers? Find out if there is anything else you can do for them; it might generate ideas for new products or services at the same time it solidifies the existing relationship. Exceed your customer’s expectations so you don’t have to spend all of your efforts replacing customers who left you. Similarly, good relationships with vendors can pave the way to the best prices and service.
Motivate your team to care about your business. Train for efficient approaches and set goals. Goals can be around expenses. If team members meet these goals (helping reduce expenses), offer them a 5% bonus.
Action items: Set goals and incentives for each employee; create a plan to follow up with customers.
A business might have the best product and best customer service, but it doesn’t matter if no one knows about it. Make sure you are taking the time to market your business; there are many low-cost strategies that can have big returns in certain industries.
The first step is to make sure you understand and protect your brand. What is it that makes your business different from competitors? Creating a positive brand image that provides customers with an emotional attachment will make it difficult for them to switch to a competitor. Create social media accounts and promote them on your website. Be part of relevant community groups and directories, and if financially able, sponsor local teams. Create content that educates your users.
Ask current customers if they would refer friends to your business. Word-of-mouth is a huge way to expand your customer base. Always under promise and over deliver; do more than they expect. If you there aren’t people willing to refer your business, ask them what you are missing.
Action items: Make guidelines around your brand image, describing what you want it to convey and what you do not. Make a list of all marketing opportunities and find gaps that you can fill. Do you use Facebook, Twitter, Instagram, Snapchat? Are you in relevant LinkedIn and Facebook groups? Are you involved in your chamber, local meetups? Do you release any content (blogs, articles, etc.)?
Technology can help you grow and manage your business more efficiently. Try to automate your processes to save you time and to provide more opportunity to grow your business. There is technology for almost every area of your business. Consider technology for onboarding employees or customers, marketing applications, raising capital, productivity, customer support, storage, and cash flow management. Real systems and processes can help you do more with less human resources.
Action items: Make a list of all of the processes required to run your business; which processes could be automated to make it more efficient?
RELATED: The Secret to Business Growth: Focus on the Best, Automate the Rest
The post Want to Grow Your Small Business? Here Are 5 Action Items to Get Started With Right Now appeared first on AllBusiness.com
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By Bruce Hagenau
There are many articles written about new product development, offering tips on major considerations ranging from patent protection and cost estimating to prototype development and materials (e.g., drawings, cardboard, molded plastic). Yet, beyond the traditional wisdom, there are questions many inventors never ask themselves—and that aren’t often covered in articles about product design, development, and launch.
As the owner of a fabrication shop that works with inventors on a regular basis, I have identified many important, less common questions that, depending on the answer, can boost the odds of success for inventors moving from prototype to finished product. The three that follow are among the most important to consider:
Product design experts will tell you a product should be unique; marketing experts will encourage you to target your product for a market large enough to provide a solid sales flow. They are both right, because the intersection of these two factors is often where successful products are found.
Nevertheless, before you can put your unique item in the hands of an eager market, it’s likely you will need to persuade someone (or some company) to invest in it—lending their money, expertise, manufacturing time, and resources, or some combination thereof.
When pitching your product to a potential investor or partner, it helps to have a “hook”—a story so compelling that the person considering your idea is too interested to tune out. What about your product (or the inspiration for it) is truly unusual and engaging? Figure that out and start your presentation with the story. If you can hook someone in the first few minutes—and help them see the product through your eyes—you will increase your chances of success.
If you’re a budding inventor, especially one with an especially compelling idea and background story, the world is full of partners. Companies will “partner” with you to refine your idea or to identify the “right” manufacturer or fabricator for your needs. Other “partners” want to help you market your product, streamline your supply or distribution chain, and perform other activities.
When evaluating these partners, you must consider whether these potential partners are simply salespeople in disguise. Consider whether they are offering a service rather than a partnership—usually for a fee and with no guarantee of success. Such offerings are not necessarily inappropriate or unhelpful. However, it’s easy for an excited inventor to invest in a few of these services and quickly find his or her bank account emptied with little or nothing in return.
RELATED: How Hiring a Contract Manufacturer Can Bring Your Invention Idea to Life
Everyone needs a payday to make a living, but prudent inventors will ensure they are receiving real value from any partnerships into which they enter. In my experience, the best “partners” meet all the following criteria:
Finally, if an inventor is considering outsourcing a wide array of functions, the best “partner” may be one with a turnkey process—handling most, if not all, aspects of manufacturing marketing, distribution, etc. (This assumes, of course, that the partner also meets the above criteria.)
In today’s market, environmental and/or social consciousness are hot. In particular, the demand for products that save water, energy, or some other precious resource is growing, and numerous studies show that many consumers prefer products from companies that care. If you wish to fit into that niche, whether for personal satisfaction or market appeal—ensure all your partners feel and act the same way.
For example, assume you have devised a more efficient solar device—one that stores solar energy for nighttime use in a very environmentally-friendly way. That’s a great start, but when you move into production, you should also consider the external influences that impact your “green quotient.” If your fabricator or manufacturer is also committed to lean, efficient production, and your supply and distribution chains are as lean and efficient as possible, your customers will love you and your product even more.
Bringing an idea to fruition (and a waiting market) is hard work. Many people with great ideas follow the traditional advice that’s out there and still fail. By paying attention to the subtler nuances of product development and marketing, inventors with a solid product will enjoy the best possible chance of success.
RELATED: Lessons in Innovation From 4 Famous Female Inventors
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Filing your business formation paperwork with the state is a big first step in getting your new business up and running. But that’s just the beginning.
After you have officially incorporated your business or formed an LLC (Limited Liability Company), you need to tackle a variety of tasks to make sure your company is legally compliant.
What should you be thinking about after you’ve formed your business entity? Here’s a list to guide you:
Most states make it mandatory for LLCs and corporations to have a registered agent (also known as “agent for service of process”). A registered agent is a party that will receive legal notices, tax documents, and other notices and documentation from the state on your behalf.
To be recognized as a legitimate registered agent, the party must have a physical address within the state in which your business is registered; it must also maintain office hours from 8 a.m. to 5 p.m. on weekdays. Depending on your state’s requirements, you might be able to serve as your own registered agent, but only consider this if you are available to receive documents all day on every business day.
As a corporation or LLC, you must maintain certain documentation to stay in good standing with the state. Many states require that corporations have bylaws, and although not a requirement in all states, an LLC should have an operating agreement. Bylaws and operating agreements define the internal governing rules of a company.
Bylaws, for example, lay out meeting procedures; describe roles and responsibilities of directors, officers, and employees; identify how company stock should be issued; and other details. An LLC’s operating agreement serves to establish the LLC’s management structure, member’s roles and responsibilities, the decision-making process, profit distribution, and other operational considerations.
Known also as a Federal Tax ID number, an EIN serves to identify your business (similar to a Social Security number for an individual). You can obtain one from the IRS (they’re free by the way). If you have employees or are a corporation or a multimember LLC, you must obtain an EIN. You’ll use your EIN on tax forms and other business paperwork Often, banks will require an EIN before they’ll open a business bank account for your company.
To keep your business finances separate from your personal funds, open a business bank account. This is a must so you avoid commingling funds and jeopardizing your status as an LLC or corporation. Find out in advance what your bank will require in the way of formation-related paperwork and proof of identity. Generally, you will need to show your articles of incorporation or articles of organization, your EIN, and your bylaws or operating agreement.
RELATED: Checklist for Opening a Business Bank Account
Your business, depending on the goods and services it provides and where it’s located, may need business licenses and permits to operate legally. To make sure you know which licenses and permits apply to you, contact your Secretary of State, county, and municipality offices.
Although the act of forming an LLC or incorporating automatically offers some protection of your business name, I encourage you to consider trademarking your name.
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Sneak a peek at your average entrepreneur’s smartphone and you’ll probably find plenty of apps popular with small business owners. It’s a safe bet they’ve got Evernote handy for organizing their thoughts, Square for making payments, Mint for tracking finances and spending, and QuickBooks to cover accounting.
Every app is designed to better help run their business seamlessly and as such, these entrepreneurs probably couldn’t live without that extra bit of virtual assistance.
As we wind up the year, let’s take a closer look at apps on smartphones and tablets belonging to entrepreneurs. Are there any niche ones that small business owners should download next? The answer, of course, is yes—and the sheer amount of business apps is always ever-growing. Luckily, we’re here to whittle that list down from the hundreds to five unusual ones that do a little bit of everything from saving your passwords to analyzing your KPIs with just a tap of the button.
So, how does your small business measure its success again? With Fathom, the ability to create management reports on the go that tap into a variety of KPIs for your business has never been easier. The tool works to take your existing data and transform it into intelligence that you can understand and learn, from covering everything about the performance of your business to opportune areas for improvement.
RELATED: How to Use KPIs to Help Run Your Business
“Move work forward” are the first three words on Asana’s website; the Asana app specializes in project management. If you work alongside a team of employees or even just a handful, Asana allows you to create and track assignments together. Notifications within the app also give you the ability to see what team members are doing to ensure overall collaboration.
The mission for TripIt is you (the entrepreneur) handle the booking for all business travel and it (the app) takes care of the rest. All of the rest includes forwarding confirmation emails, creating a master itinerary for your plans, and the ability to access said plans from anywhere, all in one place. With regular and pro plans available, it has something for every entrepreneur on the go!
From banking to social media, who among us can really remember every password they’ve created for all of their online accounts? What about the strength of said passwords? If you’re ready to hand off this responsibility to a trusted party, look no further than LastPass. This app manages your passwords to simplify the process of logging in, safely and securely storing your digital records, and assisting in generating stronger passwords for your personal and professional life alike to protect you against hackers.
Headspace is a meditation app. Loaded with hundreds of themed sessions, it allows entrepreneurs to meditate whenever and wherever is most convenient for them. All it requires of you is a commitment of 10 minutes a day spent on mindfulness. Not a bad trade-off if you think about how meditation allows you decompress, gain perspective, and set your mind up for success each day!
RELATED: 11 New Apps That Will Add a Boost of Productivity to Your Workday
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By Bruce Hagenau
There are many articles written about new product development, offering tips on major considerations ranging from patent protection and cost estimating to prototype development and materials (e.g., drawings, cardboard, molded plastic). Yet, beyond the traditional wisdom, there are questions many inventors never ask themselves—and that aren’t often covered in articles about product design, development, and launch.
As the owner of a fabrication shop that works with inventors on a regular basis, I have identified many important, less common questions that, depending on the answer, can boost the odds of success for inventors moving from prototype to finished product. The three that follow are among the most important to consider:
Product design experts will tell you a product should be unique; marketing experts will encourage you to target your product for a market large enough to provide a solid sales flow. They are both right, because the intersection of these two factors is often where successful products are found.
Nevertheless, before you can put your unique item in the hands of an eager market, it’s likely you will need to persuade someone (or some company) to invest in it—lending their money, expertise, manufacturing time, and resources, or some combination thereof.
When pitching your product to a potential investor or partner, it helps to have a “hook”—a story so compelling that the person considering your idea is too interested to tune out. What about your product (or the inspiration for it) is truly unusual and engaging? Figure that out and start your presentation with the story. If you can hook someone in the first few minutes—and help them see the product through your eyes—you will increase your chances of success.
If you’re a budding inventor, especially one with an especially compelling idea and background story, the world is full of partners. Companies will “partner” with you to refine your idea or to identify the “right” manufacturer or fabricator for your needs. Other “partners” want to help you market your product, streamline your supply or distribution chain, and perform other activities.
When evaluating these partners, you must consider whether these potential partners are simply salespeople in disguise. Consider whether they are offering a service rather than a partnership—usually for a fee and with no guarantee of success. Such offerings are not necessarily inappropriate or unhelpful. However, it’s easy for an excited inventor to invest in a few of these services and quickly find his or her bank account emptied with little or nothing in return.
RELATED: How Hiring a Contract Manufacturer Can Bring Your Invention Idea to Life
Everyone needs a payday to make a living, but prudent inventors will ensure they are receiving real value from any partnerships into which they enter. In my experience, the best “partners” meet all the following criteria:
Finally, if an inventor is considering outsourcing a wide array of functions, the best “partner” may be one with a turnkey process—handling most, if not all, aspects of manufacturing marketing, distribution, etc. (This assumes, of course, that the partner also meets the above criteria.)
In today’s market, environmental and/or social consciousness are hot. In particular, the demand for products that save water, energy, or some other precious resource is growing, and numerous studies show that many consumers prefer products from companies that care. If you wish to fit into that niche, whether for personal satisfaction or market appeal—ensure all your partners feel and act the same way.
For example, assume you have devised a more efficient solar device—one that stores solar energy for nighttime use in a very environmentally-friendly way. That’s a great start, but when you move into production, you should also consider the external influences that impact your “green quotient.” If your fabricator or manufacturer is also committed to lean, efficient production, and your supply and distribution chains are as lean and efficient as possible, your customers will love you and your product even more.
Bringing an idea to fruition (and a waiting market) is hard work. Many people with great ideas follow the traditional advice that’s out there and still fail. By paying attention to the subtler nuances of product development and marketing, inventors with a solid product will enjoy the best possible chance of success.
RELATED: Lessons in Innovation From 4 Famous Female Inventors
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Starting and running more businesses than ever, women business owners worldwide are on the rise, according to the Global Entrepreneurship Monitor (GEM) 2016/17 Women’s Report. The report surveyed women entrepreneurs in 74 global economies to create a snapshot of women’s progress. Here’s some of what the new report found:
This continues the positive trend revealed in the previous report, which showed an average 7 percent increase in women’s TEA rates and average 6 percent reduction of the gender gap.
Entrepreneurial intentions—that is, the intention to start a business—among women increased by 16% from 2014 to 2016. The highest participation in entrepreneurship among women is in the 25-34 and 35-44 year old age groups. (This is also true for men.)
What prompts women to start businesses? On average, women in the survey are 20% more likely to start a new business out of necessity than are men. However, spotting entrepreneurial opportunity still accounts for the majority of women’s business startups. In innovation-driven (developed) economies, women are over 3.5 times more likely to start businesses of opportunity rather than necessity.
Women in factor-driven (undeveloped) economies are more likely to see opportunities for starting a business than women in innovation-driven economies. Fifty-seven percent of women in factor-driven economies say there are plenty of good opportunities to start a business, compared to 39% of women in innovation-driven economies.
RELATED: 3 Leadership Lessons Wonder Woman Can Teach Female Entrepreneurs
Overall, women entrepreneurs are 5% more likely to start innovative businesses than are men, the study reports. The highest level of innovation occurs in North America, where 38% of women say their businesses involve innovative products and services. North America also has the highest education rates among women entrepreneurs; 84% have a post-secondary or higher education.
Overall, just 10% of women entrepreneurs are sole proprietors with no plans to add any employees in the next five years.
Over half of women entrepreneurs in innovation-driven economies are in government, health, education, and social services. In fact, at all economic development levels, women dominate this business category relative to men: On average, they are 2.25 times more likely than men to start businesses in this sector.
Women still remain less prominent in information and communications technology, however. Overall, fewer than 2% of women are starting business in this sector—slightly more than one-fourth the percentage of men starting IT/communications businesses.
Despite all the positive news the GEM survey reports, there is still room for improvement in one key area: confidence. Surprisingly, women’s confidence seems to be lower the more developed their economy. In factor-driven economies, for example, more than two-thirds (67%) of women believe they have the capabilities to start businesses based on the opportunities they see. However, fewer than 35% of women in innovation-driven economies believe the same thing.
This is partly because businesses in innovation-driven economies are more complex, of course. But is it also due to a lack of confidence about our abilities? The gender gap in capabilities perceptions is widest in the innovation-driven economies, at just over two-thirds the level reported in men.
Perhaps part of the problem is that despite the attention paid to entrepreneurs in American culture, just 27% of women in the U.S. say they know an entrepreneur personally.
How can you change things?
RELATED: 10 Reasons Why Women Kick Butt in Business
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By Lexy Garrett
You finally have your business up and running, but it isn’t growing at the pace you’d expected, or maybe it is even struggling. What steps can you take to grow your business?
It is important to take action daily to improve your business. Every business is unique, but these steps will help set your business up for growth.
When trying to grow your business, it is important to see what is working and what is not. Sometimes revenue may be growing adequately, but some products may be costing you much more than you are making—preventing that growth from falling to the bottom line. Consider simplifying your business by weeding out unprofitable products. Also, don’t try to be everything to all people. Know what you do and what you don’t do. Focus on what you are good at and which audience can benefit from it.
Action items: Answer “what are we good at?” and “who is our target audience?”
Take the time to manage your cash flow. It is important to constantly evaluate all of the financial metrics contributing to your cash flow. You may find that you need to improve your accounts receivable, and bill customers more quickly. You also may need to improve your inventory turnover or trim some overhead expenses. Regardless, it is important to understand all of the cash inflow and outflow in order to find opportunities to grow your business.
Action items: List all of the cash inflows and outflows in your business; highlight items that can be improved.
RELATED: Cash Flow Management—Critical for Success
Teach your team the importance of customer service—both to suppliers and customers. If you take care of people and build relationships, people are more willing to return the favor. It is more cost effective to cross-sell to existing customers than to acquire new customers.
When is the last time you or an employee talked extensively with your customers? Find out if there is anything else you can do for them; it might generate ideas for new products or services at the same time it solidifies the existing relationship. Exceed your customer’s expectations so you don’t have to spend all of your efforts replacing customers who left you. Similarly, good relationships with vendors can pave the way to the best prices and service.
Motivate your team to care about your business. Train for efficient approaches and set goals. Goals can be around expenses. If team members meet these goals (helping reduce expenses), offer them a 5% bonus.
Action items: Set goals and incentives for each employee; create a plan to follow up with customers.
A business might have the best product and best customer service, but it doesn’t matter if no one knows about it. Make sure you are taking the time to market your business; there are many low-cost strategies that can have big returns in certain industries.
The first step is to make sure you understand and protect your brand. What is it that makes your business different from competitors? Creating a positive brand image that provides customers with an emotional attachment will make it difficult for them to switch to a competitor. Create social media accounts and promote them on your website. Be part of relevant community groups and directories, and if financially able, sponsor local teams. Create content that educates your users.
Ask current customers if they would refer friends to your business. Word-of-mouth is a huge way to expand your customer base. Always under promise and over deliver; do more than they expect. If you there aren’t people willing to refer your business, ask them what you are missing.
Action items: Make guidelines around your brand image, describing what you want it to convey and what you do not. Make a list of all marketing opportunities and find gaps that you can fill. Do you use Facebook, Twitter, Instagram, Snapchat? Are you in relevant LinkedIn and Facebook groups? Are you involved in your chamber, local meetups? Do you release any content (blogs, articles, etc.)?
Technology can help you grow and manage your business more efficiently. Try to automate your processes to save you time and to provide more opportunity to grow your business. There is technology for almost every area of your business. Consider technology for onboarding employees or customers, marketing applications, raising capital, productivity, customer support, storage, and cash flow management. Real systems and processes can help you do more with less human resources.
Action items: Make a list of all of the processes required to run your business; which processes could be automated to make it more efficient?
RELATED: The Secret to Business Growth: Focus on the Best, Automate the Rest
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When people imagine a small business, a lot of times they picture a mom-and-pop shop with a couple of employees. The business maybe has a strong local following, but its popularity doesn’t reach a national crowd.
Describing a small business is easy when you think about hometown entrepreneurs; however, the government’s way of defining a small business is a little more complex. It’s important that you know your business’s size status so you can comply with the law and take advantage of the perks of small business classification.
There is no one way to define a small business. Your business’s size can depend on a number of factors, based on your industry, sales, and/or number of employees. Different industries have different standards for defining what a small business is.
The government uses size standards to make rules for businesses, so you need to be able to define your business’s size. Take a look at the following small business size guidelines:
The Affordable Care Act (ACA) requires businesses of a certain size to provide employee health coverage.
What the standards are: Under the ACA, you are defined as a small business if you have 50 employees or fewer. The employees must be full-time workers or full-time equivalent. A full-time equivalent employee is someone who works an average of 30 hours per week, according to the ACA.
If you have part-time workers, you must calculate full-time equivalent employees. To do this, add up the number of hours part-time employees work; then, divide the sum by the number of part-time workers for the total full-time equivalents.
Add your part-time equivalent employees to the number of full-time workers. If the total is 50 or fewer, you are a small business. If the number is more than 50, you are a large business.
Where to find info: You can find small business standards on the ACA website, Healthcare.gov. The website also offers employer resources on health coverage rules and Small Business Health Options Program (SHOP) plans.
Why these standards matter: If you have 50 or fewer employees, you are not required to provide health insurance. You can still choose to implement a health care plan for your employees. If you have 25 or fewer employees, you could be eligible for a tax credit when you buy a plan through the SHOP Marketplace.
The Small Business Administration (SBA) provides loans, contracts, counseling, and resources to American small businesses. By meeting the size standards of the SBA, you are eligible for perks that can help you grow your business.
RELATED: 3 Big Ways the SBA Helps Small Businesses (That You Might Not Know About)
What the standards are: The SBA uses your industry, annual sales, and number of employees to decide size standards. But first, you must:
So far, so good? Now, look at how much you make in sales per year and the number of people you employ. Here is the general rule of thumb for a small business:
The SBA guidelines range widely because industries have different standards. Depending on the kind of business you operate, you will have higher/lower sales and employee standards.
Where to find info: Search the SBA’s Table of Small Business Size Standards to know your size requirements. Use your industry’s NAICS code to make sure you’re looking at the right industry.
Why these standards matter: If you’re considered a small business, you are eligible for government aid through financial assistance and business counseling. The SBA ensures that at least 23% of government contract work goes to small businesses.
You can secure a loan guaranteed by the SBA if you meet the lending requirements. These loans are easier to secure than a traditional bank loan. The SBA’s 7(a) loan has a maximum amount of $5 million, with an average amount of $371,628 in 2015.
The Internal Revenue Service (IRS) is the national tax collection agency that collects and administers tax money. You file and pay your business taxes to the IRS.
What the standards are: The IRS does not have a standard small business size. The size of your company depends on individual tax laws. You must look at your business entity to determine your tax responsibilities.
The most common business structures are the following:
Most single-owner small businesses operate as sole proprietorships or single-member LLCs. Most multi-owner small businesses operate as partnerships or multi-member LLCs; corporations are usually large businesses.
Check with the IRS guidelines to see your small business responsibilities. It might be a good idea to have a business tax professional help you.
Where to find info: You can find information about your tax responsibilities on the IRS’s Small Business and Self-Employment Tax Center. This resource shows you how to handle your taxes, plus offers more business-related help.
Why these standards matter: As a business owner, you must report and pay taxes based on your company’s income; your business’s tax entity determines your business tax obligations. You need to understand the structure you operate under and its responsibilities.
RELATED: 5 Action Items You Can Do Today to Prepare for Tax Season
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