It is the case that many individuals want to do more to ensure that their workplace is as green as possible. After all, we all recycle and make changes to our homes in response to climate change and the desire to live in a more sustainable way – so it is only natural that we would want to do the same thing at work.
In a company workplace, this can be easy – ideas can be taken to managers and schemes can be easily implemented. But what happens if your working day takes place in a coworking space. Coworking has become a very popular way to enjoy the advantages of an office environment for those people who work remotely or freelance. But trying to introduce green schemes in such as an environment is not always easy.
But it is important to remember it is achievable – huge Australian coworking space provider The Commons, which has over 11,000m2 of space, went entirely carbon neutral in 2019. Here we take a look at seven steps you can take towards a carbon neutral coworking space.
1. Go paperless
One of the most important steps in going carbon neutral is in moving to a paperless office. This can be done far more easily than you might imagine. The first step is to get rid of printers, and instead to encourage everyone in the coworking space to avoiding printing out documents needlessly – it is estimated that 20% of pages printed are never retrieved from the printer.
Additionally, you should look into ways to ensure that you never need to use paper. Many businesses are happy to send over documents in a purely digital form, so there is generally no need to have them in paper too.
2. Switch off computers not in use
There is a major problem in coworking spaces looking to achieve carbon neutrality – people leaving their computers on. Many people in a coworking space will get into the habit of logging out from a machine but won’t shut it down. This can mean it can go draining energy for many hours unnecessarily.
Make sure that people get into the habit of fully shutting down their machine.
3. Don’t charge your phone all day
Another problem comes in the common sight of phones being charged all day. Staff might get into the coworking space in the morning, see that their phone needs charging, plug it in, and then leave it there all day without thinking about it. Not only is this bad for your phone, it also is an unnecessary drain on electrical power.
4. Promote renewal energy
There are many ways that a coworking space can utilise renewable energy. If you can look into having solar panels installed on the roof of the space, this can be extremely effective. According to Geo Green Power, specialists in renewable technologies “There are significant benefits to be had from investing in solar energy, for businesses both large and small. With rising energy costs, putting your roof space to good use can be a sensible decision.
Many commercial organisations have already realised the huge potential income stream available from solar energy.”
However, many don’t realise that there are many different forms of renewable energy that a building can invest in. This ranges from solar heating to green source heat pumps.
5. Put a recycling scheme in place
Many individuals who wouldn’t dream of doing so at home, will simply throw their rubbish away when at work – regardless whether any of it could potentially be recycled. This can be out of frustration that there is no proper recycling scheme in place at the coworking space.
This can be easily set up. All you need is a recycling bin – get in contact with your local council if you don’t have access to one.
6. Switch to energy efficient lightbulbs
It is the same changes that can add up to a big difference. Ensure that every time a lightbulb goes, it gets replaced with an energy efficient one. There is double the good news here, as energy efficient lightbulbs tend to last longer than traditional bulbs.
7. Be smart with heating and cooling
Sometimes it is important to be mindful of your own actions. If you get cold in your coworking space, don’t immediately go and demand that the heating is turned up. Instead, consider putting on another layer in order to warm up – and vice versa if you need to cool down. Once again, this is a small issue that makes a huge difference throughout the course of the year.
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It is common for businesses to think of research and development (R&D) to be something that is only carried out by specialist science labs and large corporations. And this can lead to them imagining that R&D tax credits are not something that could possibly apply to them. However, it is important to understand that these are misconceptions.
Businesses of all sizes can carry out R&D work – it is just a problem that many people don’t know what qualifies as R&D, or how they might go about making a claim. So here we take a closer look at R&D tax credits and examine some of the situations in which you might be able to claim them. It could be the case that you are missing out on a significant amount of tax relief for your current projects.
Here are some of the signs that your business might qualify for R&D tax relief.
You are an SME
Small and medium sized businesses (SMEs) are sometimes the most likely to miss out of forms of tax relief, because they may lack the accounting expertise to make the most of them. However, the R&D tax relief scheme was specifically designed for SMEs – defined in this case as companies with fewer than 500 staff and a turnover of under €100m.
Larger companies can get tax relief on R&D activities too, but under the R&D expenditure credit banner. But it is just quite ironic that many SMEs don’t realise they can claim on the R&D tax scheme even though it is specifically designed for them.
You’re trying to solve a problem
Even though many assume that their company needs to be scientific or advanced, however, this is not the case. You do need to be looking for ways you can improve what you are doing, and experimenting and researching ways that you can do this. But these activities do not need to be limited to a specific area.
You can claim R&D tax credits across a wide variety of industries. If you create products then it likely that you will be engaging in work that falls under the category of R&D. This could involve creating new products, or improving existing products. It may be in the production process itself, or even in distribution.
As long as there is a problem, and you are trying to solve it – you may qualify for the R&D tax credit scheme.
You are looking to advance the field as a whole
To qualify for R&D tax credits it is important that your project is aiming to advanced knowledge in the field as a whole, rather than simply as a way to benefit your business alone. For example, it would not qualify for R&D tax credit if you were just utilising an existing technology for the first time in your industry.
If your advance can be used by others, then you may qualify for tax credits. This is because the government is intending to incentivise things that the general public can use.
You are doing work others can’t
Another factor in qualifying for R&D tax credits is in showing that the work that you have carried out is not something that can be easily achieved by others. There can be many ways to do this, but one of the most effective is in being able to show that others in your field have attempted to find a solution to the problem.
It is worth noting here that being successful is not a condition of receiving R&D tax credits – you only need to show that you have attempted to find a solution.
You can show that the problem is real
To be able to claim tax relief, it is important to be able to show that there is a problem or uncertainty that you are trying to deal with. You cannot get tax relief for simple exploratory work in the hope that some positive is developed. Additionally, it means that your business cannot already have knowledge of the solution to be able to claim tax relief for it.
If you know the problem that you are trying to solve and can show how it has encumbered others, this can be a strong sign that you can get tax relief for it.
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It happens to all of us at some point. No matter how hard you work and no matter how much you try to do your best, a customer eventually has a negative experience. Unfortunately, when a customer has a negative experience no matter the fault, you can get hit with a negative review. While it surely stings, it’s not the end of the world. Luckily, you can actually take steps towards turning the negative review into a positive experience for both your business and the customer if you handle the situation the right way. Below, we will be going over some tips for handling negative reviews with the help of Cormac Reynolds from VelSEOity.
1. Don’t React
One of the main things that you want to do is avoid having a knee jerk reaction to the customer who is upset. By responding with negativity, you can guarantee that you will encounter even more negativity which can spiral out of control. Avoid reacting negatively and slapping back to the negative review for the entire world to see. While you want to respond swiftly, you need to do so in a calm and collected manner. If necessary, vent your frustration offline by doing some exercise or by conducting deep breathing exercises. It’s important to understand that a negative review can be a good opportunity to showcase your customer service.
2. Respond Quickly
As mentioned, you don’t want to delay when you are dealing with a negative review. Take quick action and don’t let the negative review fester. Ignoring a negative review is one of the worst things you can do. You want to deal with the negative review as soon as you calm down and can approach the situation with a calm mind. You should take steps towards acknowledging the customer’s pain points and let them know that you are there to remedy any situation they feel they’ve been wronged in.
3. Don’t Make Any Excuses
Even if you feel as though you did nothing wrong in the situation, it is important to avoid making excuses. You want to accept responsibility no matter what because “the customer is always right.” By showing the customer you understand they had a bad experience and you want to make it right, you will be able to showcase that you care about your customers for the world to see.
4. Make It Better
Once you have established communication, you will want to take steps towards actively resolving the problem. When you showcase that you are able and willing to take responsibility for the situation and that you are willing and able to make it right, you have a good chance of convincing the customer that it was a one-time mistake that didn’t warrant such a harsh review.] A lot of times, you will even be able to convince them to change their review and showcase the steps you took to remedy the situation which can turn it into a positive for your business.
One way to do so is to hire an online reputation management agency that can help you suppress and repair comments, all while monitoring your online presence. Make it better by taking control of what information is out there about you and your business and what consumers see. You can not only suppress negative Google results but can work to impress everyone who comes across your business online and create a long-lasting and positive impression. The experts can ensure your reputation is a good one and that you’re able to rebuild and regain trust with your customers and potential clients. Let today be the day you work to improve your business reputation and get off on a better foot.
5. Ask For Positive Reviews
When you are dealing with customers that just want to be angry or even trolls that haven’t frequented your business, you simply have to showcase your motivation for resolving the problem. Another good way to minimize the negative impact a bad review can have on your business is by asking for positive reviews from satisfied customers – this helps you pre-empt such issues and helps protect your reputation. This will help you drown out of the negative feedback with positive feedback. A lot of customers are ready and willing to help out their favorite businesses by writing positive reviews. All you have to do is ask! It is very important to encourage feedback across all review channels for various reasons:
72 percent of customers look towards online reviews when they are attempting to make purchasing decisions. There are search engines like Google who even include online reviews when they are ranking query results. Therefore, the more positive feedback you are able to accumulate, the higher you will likely get your rankings. The more positive feedback you are able to get, the better your chances of converting a prospective customer into an actual customer since they will be much more inclined to frequent your business due to having a high customer satisfaction rating.
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Every year in the United States, about 600,000 new businesses open up.
Are you planning to join the list of entrepreneurs who will start a small business this year? Thumbs up!
However, if you’re anything like the average entrepreneur, there’s one burning question in your mind: How much does it cost to start a business?
Considering that 82 percent of businesses that fail do so because of cash flow problems, you don’t want to start your business without adequate capital at hand.
The good news? You can raise funds from other sources.
Continue reading to learn more about business startup costs and some of the top funding options.
How Much Does It Cost to Start a Business?
You’re probably expecting a ballpark figure, but that’s not how this works. Every business has unique capital demands.
As such, the amount you will need to open a new business will depend on the nature of the business, as well as factors like industry regulations and economic conditions.
For example, it costs a lot more money to start a restaurant than it costs to start an ecommerce store for selling handmade crafts. A restaurant is space and equipment-intensive, which cost tens of thousands of dollars. On the other hand, an ecommerce store owner’s biggest expense is setting up a website.
A good way to know how much your business will cost is to hire a small biz specialist to write your business plan. This professional will analyze your idea and use their expertise to make a fair estimate of the business’ capital requirements.
The Top Funding Options
Now that you know how to determine your business startup costs, let’s focus on how to raise the money. Here are some of the top funding options.
1. Business Loans
Thirty-four percent of entrepreneurs rely on bank loans for startup capital. This makes business loans a top funding option for you.
The first step to getting a business loan is to identify your preferred lender. Ideally, this should be a local bank or credit union with a reputation for making loans to small businesses. There are also online companies that specialize in offering business loans.
Although it’s possible to get an unsecured business loan, your best bet is to pursue asset based lending. If you’ve got an asset, such a car or a house, you can use the title to secure a loan. Use the money to fund your business idea.
2. Equity Investment
When you set up a business, you own 100 percent of it. Did you know you can give away a certain percentage in exchange for funding? This is known as equity capital.
However, equity investment isn’t for every other kind of business. Equity investors love startups with high growth potential.
3. Personal Funds (Bootstrapping)
If you want to retain full control of your business and not have any debt obligations, consider self-funding.
If you can raise the money you need to start your business from your savings or day job salary, well and good. But if you’re low on cash, don’t shy away from withdrawing from your retirement account or selling personal assets. As long as you’ve got a good business idea, you’ll make enough profit to refund your retirement account.
Funding Your New Business Simplified!
So, how much does it cost to start a business?
In truth, there’s no specific figure. But having read this guide, you now know the factors that will determine your startup costs. You also know how you can raise this capital.
All the best and keep reading our blog for more small business tips.
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If you run an organization, one of the most important departments is human resources. The HR department is responsible for all aspects of your workforce, whether it be the hiring process or providing opportunities to develop for existing staff members.
When you consider employees are what keep the wheel turning, their competency and happiness are what determine if a business will succeed or fail. If your staff members don’t possess the necessary skills to do the job, this will impact overall productivity levels. If they are unhappy, they will be less inclined to work hard and may seek alternative employment.
To ensure these problems are limited, you need to maximize your company’s HR. Thankfully, this handy guide is here to help. From applicant screening software to reward programs, here are five key steps to improving your human resources department.
1. Picking the right person for the role
When in the process of hiring, every business wants to acquire the perfect individual for the job. Sadly, doing this is far from straightforward. Browsing someone’s CV and conducting an interview can only tell you so much about a person.
There are, however, certain steps you can take that will increase your chances of securing the right recruit.
This starts with pre-employment screening. With the assistance of applicant screening software, you can easily take a closer look at a potential employee’s background. You gain insight into their possible criminal record, driving history, and so much more. It also provides the ideal opportunity to analyze a candidate’s CV and see if it contains any inaccurately reported information.
The interview process should also be meticulously planned. Ensure your HR department asks all the right questions, and even plan a relatable activity to gain a better understanding of their skillset.
2. Make your expectations clear
Before the HR department brings an employee onboard, it’s important to create a set of rules that each hired person needs to follow. By doing this, you are establishing the expectations of the business from the outset.
Why is this important? Well, sometimes, no matter how refined your hiring process is, a less-than-desirable employee will be brought into your business. If they have trouble following the set rules, you have the grounds to discipline them.
3. Allow employees to grow
If a worker remains in the same position for years and years without any change, their motivation will soon start to drop. One way of avoiding this from happening is to allow your employees to learn and grow.
Your HR department should arrange opportunities that provide the chance for them to develop both their personal and professional skills. This can be done with, say, online courses or local classes.
There are two big reasons why you would want to help employees grow. First of all, your workers will have the incentive to continue to work for your business and climb the career ladder. Secondly, your organization benefits from the added skills they now possess. It’s a win-win situation.
4. Feedback and analyzing performance
If the HR department fails to keep track of your employees and how they’re feeling, this could prove to be a disastrous mistake. They might have concerns bubbling under the surface which are making them unhappy, or their performance might not be matching expectations.
While this could be done by frequently meeting with every employee, this is far from the most efficient option. Instead, specialist HR management software makes the task an easy one. Workers can communicate with ease, and the HR department can keep all information in one place.
5. Rewarding work
Employees like to feel appreciated. While this can be achieved by praising work on a frequent basis, there’s a more effective way to motivate your workforce: rewards.
Your HR department, for instance, might decide to do a weekly competition for the top salesperson. Or they may arrange a group prize for when a department completes a task on time.
These rewards don’t have to break the bank. They could be as simple as free movie tickets or a gift card but it could provide the extra encouragement to work harder.
Conclusion
Your human resources department should never be overlooked. With great HR, your entire organization will function with greater efficiency and productivity. It will also help to retain employees, which means you no longer have to continually hire, train, and familiarize workers with your business. The end result: your business saves money and becomes more profitable.
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Seven steps for a carbon neutral coworking space
/in Managing Your Business/by StrategyDrivenIn a company workplace, this can be easy – ideas can be taken to managers and schemes can be easily implemented. But what happens if your working day takes place in a coworking space. Coworking has become a very popular way to enjoy the advantages of an office environment for those people who work remotely or freelance. But trying to introduce green schemes in such as an environment is not always easy.
But it is important to remember it is achievable – huge Australian coworking space provider The Commons, which has over 11,000m2 of space, went entirely carbon neutral in 2019. Here we take a look at seven steps you can take towards a carbon neutral coworking space.
1. Go paperless
One of the most important steps in going carbon neutral is in moving to a paperless office. This can be done far more easily than you might imagine. The first step is to get rid of printers, and instead to encourage everyone in the coworking space to avoiding printing out documents needlessly – it is estimated that 20% of pages printed are never retrieved from the printer.
Additionally, you should look into ways to ensure that you never need to use paper. Many businesses are happy to send over documents in a purely digital form, so there is generally no need to have them in paper too.
2. Switch off computers not in use
There is a major problem in coworking spaces looking to achieve carbon neutrality – people leaving their computers on. Many people in a coworking space will get into the habit of logging out from a machine but won’t shut it down. This can mean it can go draining energy for many hours unnecessarily.
Make sure that people get into the habit of fully shutting down their machine.
3. Don’t charge your phone all day
Another problem comes in the common sight of phones being charged all day. Staff might get into the coworking space in the morning, see that their phone needs charging, plug it in, and then leave it there all day without thinking about it. Not only is this bad for your phone, it also is an unnecessary drain on electrical power.
4. Promote renewal energy
There are many ways that a coworking space can utilise renewable energy. If you can look into having solar panels installed on the roof of the space, this can be extremely effective. According to Geo Green Power, specialists in renewable technologies “There are significant benefits to be had from investing in solar energy, for businesses both large and small. With rising energy costs, putting your roof space to good use can be a sensible decision.
Many commercial organisations have already realised the huge potential income stream available from solar energy.”
However, many don’t realise that there are many different forms of renewable energy that a building can invest in. This ranges from solar heating to green source heat pumps.
5. Put a recycling scheme in place
Many individuals who wouldn’t dream of doing so at home, will simply throw their rubbish away when at work – regardless whether any of it could potentially be recycled. This can be out of frustration that there is no proper recycling scheme in place at the coworking space.
This can be easily set up. All you need is a recycling bin – get in contact with your local council if you don’t have access to one.
6. Switch to energy efficient lightbulbs
It is the same changes that can add up to a big difference. Ensure that every time a lightbulb goes, it gets replaced with an energy efficient one. There is double the good news here, as energy efficient lightbulbs tend to last longer than traditional bulbs.
7. Be smart with heating and cooling
Sometimes it is important to be mindful of your own actions. If you get cold in your coworking space, don’t immediately go and demand that the heating is turned up. Instead, consider putting on another layer in order to warm up – and vice versa if you need to cool down. Once again, this is a small issue that makes a huge difference throughout the course of the year.
Signs your business might qualify for R&D tax credits
/in Managing Your Finances/by StrategyDrivenBusinesses of all sizes can carry out R&D work – it is just a problem that many people don’t know what qualifies as R&D, or how they might go about making a claim. So here we take a closer look at R&D tax credits and examine some of the situations in which you might be able to claim them. It could be the case that you are missing out on a significant amount of tax relief for your current projects.
Here are some of the signs that your business might qualify for R&D tax relief.
You are an SME
Small and medium sized businesses (SMEs) are sometimes the most likely to miss out of forms of tax relief, because they may lack the accounting expertise to make the most of them. However, the R&D tax relief scheme was specifically designed for SMEs – defined in this case as companies with fewer than 500 staff and a turnover of under €100m.
Larger companies can get tax relief on R&D activities too, but under the R&D expenditure credit banner. But it is just quite ironic that many SMEs don’t realise they can claim on the R&D tax scheme even though it is specifically designed for them.
You’re trying to solve a problem
Even though many assume that their company needs to be scientific or advanced, however, this is not the case. You do need to be looking for ways you can improve what you are doing, and experimenting and researching ways that you can do this. But these activities do not need to be limited to a specific area.
You can claim R&D tax credits across a wide variety of industries. If you create products then it likely that you will be engaging in work that falls under the category of R&D. This could involve creating new products, or improving existing products. It may be in the production process itself, or even in distribution.
As long as there is a problem, and you are trying to solve it – you may qualify for the R&D tax credit scheme.
You are looking to advance the field as a whole
To qualify for R&D tax credits it is important that your project is aiming to advanced knowledge in the field as a whole, rather than simply as a way to benefit your business alone. For example, it would not qualify for R&D tax credit if you were just utilising an existing technology for the first time in your industry.
If your advance can be used by others, then you may qualify for tax credits. This is because the government is intending to incentivise things that the general public can use.
You are doing work others can’t
Another factor in qualifying for R&D tax credits is in showing that the work that you have carried out is not something that can be easily achieved by others. There can be many ways to do this, but one of the most effective is in being able to show that others in your field have attempted to find a solution to the problem.
It is worth noting here that being successful is not a condition of receiving R&D tax credits – you only need to show that you have attempted to find a solution.
You can show that the problem is real
To be able to claim tax relief, it is important to be able to show that there is a problem or uncertainty that you are trying to deal with. You cannot get tax relief for simple exploratory work in the hope that some positive is developed. Additionally, it means that your business cannot already have knowledge of the solution to be able to claim tax relief for it.
If you know the problem that you are trying to solve and can show how it has encumbered others, this can be a strong sign that you can get tax relief for it.
Handling Negative Business Reviews
/in Online Marketing and Website Development/by StrategyDrivenIt happens to all of us at some point. No matter how hard you work and no matter how much you try to do your best, a customer eventually has a negative experience. Unfortunately, when a customer has a negative experience no matter the fault, you can get hit with a negative review. While it surely stings, it’s not the end of the world. Luckily, you can actually take steps towards turning the negative review into a positive experience for both your business and the customer if you handle the situation the right way. Below, we will be going over some tips for handling negative reviews with the help of Cormac Reynolds from VelSEOity.
1. Don’t React
One of the main things that you want to do is avoid having a knee jerk reaction to the customer who is upset. By responding with negativity, you can guarantee that you will encounter even more negativity which can spiral out of control. Avoid reacting negatively and slapping back to the negative review for the entire world to see. While you want to respond swiftly, you need to do so in a calm and collected manner. If necessary, vent your frustration offline by doing some exercise or by conducting deep breathing exercises. It’s important to understand that a negative review can be a good opportunity to showcase your customer service.
2. Respond Quickly
As mentioned, you don’t want to delay when you are dealing with a negative review. Take quick action and don’t let the negative review fester. Ignoring a negative review is one of the worst things you can do. You want to deal with the negative review as soon as you calm down and can approach the situation with a calm mind. You should take steps towards acknowledging the customer’s pain points and let them know that you are there to remedy any situation they feel they’ve been wronged in.
3. Don’t Make Any Excuses
Even if you feel as though you did nothing wrong in the situation, it is important to avoid making excuses. You want to accept responsibility no matter what because “the customer is always right.” By showing the customer you understand they had a bad experience and you want to make it right, you will be able to showcase that you care about your customers for the world to see.
4. Make It Better
Once you have established communication, you will want to take steps towards actively resolving the problem. When you showcase that you are able and willing to take responsibility for the situation and that you are willing and able to make it right, you have a good chance of convincing the customer that it was a one-time mistake that didn’t warrant such a harsh review.] A lot of times, you will even be able to convince them to change their review and showcase the steps you took to remedy the situation which can turn it into a positive for your business.
One way to do so is to hire an online reputation management agency that can help you suppress and repair comments, all while monitoring your online presence. Make it better by taking control of what information is out there about you and your business and what consumers see. You can not only suppress negative Google results but can work to impress everyone who comes across your business online and create a long-lasting and positive impression. The experts can ensure your reputation is a good one and that you’re able to rebuild and regain trust with your customers and potential clients. Let today be the day you work to improve your business reputation and get off on a better foot.
5. Ask For Positive Reviews
When you are dealing with customers that just want to be angry or even trolls that haven’t frequented your business, you simply have to showcase your motivation for resolving the problem. Another good way to minimize the negative impact a bad review can have on your business is by asking for positive reviews from satisfied customers – this helps you pre-empt such issues and helps protect your reputation. This will help you drown out of the negative feedback with positive feedback. A lot of customers are ready and willing to help out their favorite businesses by writing positive reviews. All you have to do is ask! It is very important to encourage feedback across all review channels for various reasons:
72 percent of customers look towards online reviews when they are attempting to make purchasing decisions. There are search engines like Google who even include online reviews when they are ranking query results. Therefore, the more positive feedback you are able to accumulate, the higher you will likely get your rankings. The more positive feedback you are able to get, the better your chances of converting a prospective customer into an actual customer since they will be much more inclined to frequent your business due to having a high customer satisfaction rating.
How Much Does It Cost to Start a Business: The Top 3 Funding Options
/in Starting Your Business/by StrategyDrivenAre you planning to join the list of entrepreneurs who will start a small business this year? Thumbs up!
However, if you’re anything like the average entrepreneur, there’s one burning question in your mind: How much does it cost to start a business?
Considering that 82 percent of businesses that fail do so because of cash flow problems, you don’t want to start your business without adequate capital at hand.
The good news? You can raise funds from other sources.
Continue reading to learn more about business startup costs and some of the top funding options.
How Much Does It Cost to Start a Business?
You’re probably expecting a ballpark figure, but that’s not how this works. Every business has unique capital demands.
As such, the amount you will need to open a new business will depend on the nature of the business, as well as factors like industry regulations and economic conditions.
For example, it costs a lot more money to start a restaurant than it costs to start an ecommerce store for selling handmade crafts. A restaurant is space and equipment-intensive, which cost tens of thousands of dollars. On the other hand, an ecommerce store owner’s biggest expense is setting up a website.
A good way to know how much your business will cost is to hire a small biz specialist to write your business plan. This professional will analyze your idea and use their expertise to make a fair estimate of the business’ capital requirements.
The Top Funding Options
Now that you know how to determine your business startup costs, let’s focus on how to raise the money. Here are some of the top funding options.
1. Business Loans
Thirty-four percent of entrepreneurs rely on bank loans for startup capital. This makes business loans a top funding option for you.
The first step to getting a business loan is to identify your preferred lender. Ideally, this should be a local bank or credit union with a reputation for making loans to small businesses. There are also online companies that specialize in offering business loans.
Although it’s possible to get an unsecured business loan, your best bet is to pursue asset based lending. If you’ve got an asset, such a car or a house, you can use the title to secure a loan. Use the money to fund your business idea.
2. Equity Investment
When you set up a business, you own 100 percent of it. Did you know you can give away a certain percentage in exchange for funding? This is known as equity capital.
However, equity investment isn’t for every other kind of business. Equity investors love startups with high growth potential.
3. Personal Funds (Bootstrapping)
If you want to retain full control of your business and not have any debt obligations, consider self-funding.
If you can raise the money you need to start your business from your savings or day job salary, well and good. But if you’re low on cash, don’t shy away from withdrawing from your retirement account or selling personal assets. As long as you’ve got a good business idea, you’ll make enough profit to refund your retirement account.
Funding Your New Business Simplified!
So, how much does it cost to start a business?
In truth, there’s no specific figure. But having read this guide, you now know the factors that will determine your startup costs. You also know how you can raise this capital.
All the best and keep reading our blog for more small business tips.
How to Improve Your Human Resources Department: 5 Key Steps to Success
/in Managing Your People/by StrategyDrivenWhen you consider employees are what keep the wheel turning, their competency and happiness are what determine if a business will succeed or fail. If your staff members don’t possess the necessary skills to do the job, this will impact overall productivity levels. If they are unhappy, they will be less inclined to work hard and may seek alternative employment.
To ensure these problems are limited, you need to maximize your company’s HR. Thankfully, this handy guide is here to help. From applicant screening software to reward programs, here are five key steps to improving your human resources department.
1. Picking the right person for the role
When in the process of hiring, every business wants to acquire the perfect individual for the job. Sadly, doing this is far from straightforward. Browsing someone’s CV and conducting an interview can only tell you so much about a person.
There are, however, certain steps you can take that will increase your chances of securing the right recruit.
This starts with pre-employment screening. With the assistance of applicant screening software, you can easily take a closer look at a potential employee’s background. You gain insight into their possible criminal record, driving history, and so much more. It also provides the ideal opportunity to analyze a candidate’s CV and see if it contains any inaccurately reported information.
The interview process should also be meticulously planned. Ensure your HR department asks all the right questions, and even plan a relatable activity to gain a better understanding of their skillset.
2. Make your expectations clear
Before the HR department brings an employee onboard, it’s important to create a set of rules that each hired person needs to follow. By doing this, you are establishing the expectations of the business from the outset.
Why is this important? Well, sometimes, no matter how refined your hiring process is, a less-than-desirable employee will be brought into your business. If they have trouble following the set rules, you have the grounds to discipline them.
3. Allow employees to grow
If a worker remains in the same position for years and years without any change, their motivation will soon start to drop. One way of avoiding this from happening is to allow your employees to learn and grow.
Your HR department should arrange opportunities that provide the chance for them to develop both their personal and professional skills. This can be done with, say, online courses or local classes.
There are two big reasons why you would want to help employees grow. First of all, your workers will have the incentive to continue to work for your business and climb the career ladder. Secondly, your organization benefits from the added skills they now possess. It’s a win-win situation.
4. Feedback and analyzing performance
If the HR department fails to keep track of your employees and how they’re feeling, this could prove to be a disastrous mistake. They might have concerns bubbling under the surface which are making them unhappy, or their performance might not be matching expectations.
While this could be done by frequently meeting with every employee, this is far from the most efficient option. Instead, specialist HR management software makes the task an easy one. Workers can communicate with ease, and the HR department can keep all information in one place.
5. Rewarding work
Employees like to feel appreciated. While this can be achieved by praising work on a frequent basis, there’s a more effective way to motivate your workforce: rewards.
Your HR department, for instance, might decide to do a weekly competition for the top salesperson. Or they may arrange a group prize for when a department completes a task on time.
These rewards don’t have to break the bank. They could be as simple as free movie tickets or a gift card but it could provide the extra encouragement to work harder.
Conclusion
Your human resources department should never be overlooked. With great HR, your entire organization will function with greater efficiency and productivity. It will also help to retain employees, which means you no longer have to continually hire, train, and familiarize workers with your business. The end result: your business saves money and becomes more profitable.