Are You Paying Your Employees Enough?

Are You Paying Your Employees Enough?

That feeling when you are compensated right for your service, efforts, skills, and expertise is a matter of fact satisfying. Well paid employees are even more work-driven, feels secure, important and valued. Therefore, every business owner should, at all times, remember that the backbone of their company and the most valuable asset is their employees.

Compensating employees suitably has its edge and advantages

  • Losing good employees to other companies with higher offers is lessened
  • The loyalty of your workforce is on you and your business because they know that you are a fair employer and when the time comes that others would try to woo them, they don’t easily give in.
  • Employees will be more productive
  • Operational efficiency of your company will be better because employees are happy
  • Growing and successful business

There are several factors on how an employer can compensate their employees enough and not monetarily.

Do a research

Review the industry that you participate in. Compare compensation package, salary increase and other benefits that are given by others. Balance your offer and you should always be on par with the competition. Recruiters are still on the hunt for talents, and you don’t want your company to be the picking field. Employees are also sometimes tempted to look for better offers, and if they see that you pay according to industry standards, they will stay.

Ask industry experts

It is a common practice to seek the help of recruiters, HR managers and other people that may know the prevailing rates in the business you are in. They’ll give you an idea regarding the amount you can offer and what other forms of benefits you can add to your current portfolio.

Take surveys

The better and unbiased way to know the sentiments of your employees is by conducting a survey. You may do it every so often. Results of the study will show what the employees think and feel about every matter such as salaries, benefits and whatnots. Keep an open mind when you do this since survey data and results will not always side with you. There will be demands and suggestions from employees that you cannot meet and you, as an employer, do not agree with. However, with proper negotiation and sensible decision making, stakeholders and the workforce can meet halfway.

It’s not all about money

Nonmonetary benefits can often lure employees to stay. If an employer offers a proper work-life balance package, then people tend to stay. Your people appreciate flexible schedules, family-oriented programs, health benefits, incentives and even extra paid leaves.

Some companies offer profit sharing, which is much appreciated by employees because they feel that the company earnings are being shared with them.

Always make sure that your salary and benefits package is always competitive because these are factors that may affect if your employee will stay or not. Remember that is more efficient to maintain an employee than train a new one because a minimal disruption in your operation will cost you exponentially.

The smooth process of your business is also dependent on how your employee feels about their job. Keep them happy, and you will have a prosperous relationship.

Watch this video from Capital Associated Industries for more info:

What To Include In A Proper Business Plan

What To Include In A Proper Business Plan

A business plan is a written document where objective, target, strategy, finances and other details are elaborated. It acts also as a guide for the business to where it is headed and what it wants to achieve in a couple of years. A help when problems, anticipated or not, arises. The business plan doesn’t necessarily have to be formal and long provided that everything is stated clearly and strategically.

Having no business plans is up for an impending doom. That’s why, it is of paramount importance to create a proper business plan, whether it’s a new venture or an existing one.

An effective business plan should be in this manner:

Executive Analysis

Basically, an executive analysis is an overview of everything you have planned for. It is precise and brief wherein the reader can easily get the idea of the business plan.

Business Description

This is where you will introduce and describe the business or company including its background, how it started and where your business is headed. In short, the vision and mission.

Product and Services Description

What is being offered by your business should be on the Product and Services Description. Give details of the products and services. Master your product and be well versed. Know the ins and outs of your business for success to follow.

Competitive Analysis

According to Sun Tzu, a Chinese military strategist, “If you know your enemies and yourself, you will not be imperilled in a hundred battles.”. Although he was talking about a real battle per se, it is also applicable in creating your competitive analysis.

Identify and study your toughest competition. Know their strength and weaknesses. Beat your competitors and pounce on their weaknesses. By that, you can create a good strategy to defeat thy enemy in the same market.

Sales and Marketing Strategy

Know your target market. By doing this, you could easily position your products to potential business partners and possible customers. You can identify easily on what segment of the market your product suits best and properly target the consumer segment where your product belongs. Plan on how you will generate more sales.

Operation and Management

In this part, you should have a detailed account of how you’ll optimize your logistics and emphasis on the efficiency of your manpower. Show the structure of the company,  your management team, the number of people needed and positions to be filled. Remember that the fate of your business relies on the people running it. Your team should be capable and knowledgeable about the task at hand. They should have a complete grasp of your day to day operation because the efficiency of your company is based on the competency of your employee.

Finances

In here, a clear explanation of where your funding will be sourced and where it will be invested should be shown. Explain also what assets you need to acquire and on what part of the business will it be used. For every investment, there should also be a return so don’t forget to include your projected revenue both short and long-term.

Watch this video from Brian Tracy for more info:

Good And Bad Debts In Business

Good And Bad Debts In Business

Who among us doesn’t have debts? Even for once in our lives, we have asked for someone to loan us a sum of money. In business, it is often the same. Some business owners loan money to put up their businesses; some for additional expenses that it incurs. No matter the reasons are, debt is part of our lives.

What is Debt?

According to the FreeDictionary: Debt is something owed, such as money, goods, or services; an obligation or liability to pay or render something to someone else; a condition of owing.

Debts have two types: Good and Bad.

Types of Debt

Good debt – a debt that helps you generate income and increase your net worth. A business’s good outcome is the main reason for this type of debt.

Bad debt – a debt that put no good for the business; it even depreciates your assets. A type of debt that you incur or purchase that will not benefit your business.

What’s the difference between the two?

It is how it affects the business. If the debt increases the net worth or has a future value then it is a good debt; if it doesn’t and you have to pay for it, it is bad debt.

Examples of Good Debt

Education

Regardless of the business you choose, even if you are an employee, an investment in education should essentially possess by an individual. The greater the education is the possibility of high earning potential. Education can put you in a good-paying job and will open many opportunities. Don’t think about the long journey you take; this is an investment that has a good return and can put you in a good career.

Loaning to put a small business

Putting up a small business is helpful in starting your career. You don’t have to worry about unemployment or waiting for your paycheck because your willingness and hard work will depend on your earnings; you are the boss.

Examples of Bad Debt

Automobile loans

Aside from cars are expensive, it is high maintenance. There are expenses that you have to incur in maintaining your car. Furthermore, purchasing a car is a waste of money, you often pay the interest only. There are times, our payment for the car loans only reduces the interest and not the principal amount. This is not a good investment as time will come that its value will depreciate.

Credit card loans

Like purchasing a car, credit cards, also have interests. In using this, you are paying more than you loaned, a waste of money on your behalf.

Life has no guarantee, and so does debt. From the examples given, like in education, it cannot merely provide you with wealth and success. Pushing yourself harder will help you gain it. You will experience many trials before reaching the top. The good thing about education it gives you an edge over the other; still, it will depend on your abilities and capabilities. Always remember that everything involves risk.

Avoid Getting Your Business Sued

Avoid Getting Your Business Sued

Business set up is not as easy as you think. You have to bear in mind some important matters to help you achieve a smooth running company that runs for a long time. Businesses’ common mistake is violating the law. A smooth sailing business does not need this kind of error.

Common violations the businesses do

Business, same as the owner and its employees, is not perfect. It sometimes happens to encounter some violations. Typical violations are the following:

  • Unregistered or making your business legal.
  • Failing to file taxes and making of the report.
  • Copyright, patent and Trademark violation.

Dealing with the violations

Legality of the business is always a proper precaution. Register your business and give the necessary documents and reports needed. Put in mind your business’ legitimacy to ensure the longevity and to avoid a future lawsuit.

Other reasons putting a business into a lawsuit

Aside from the following mentioned above, another reason to sue a company is a scandalous or libelous act; instances that limit ourselves and forgetting the ethics learned. Fighting your belief sometimes puts us to our limit and ignoring your morals.

How to avoid a lawsuit

  • Watch your word

The business is giving importance to their image. The owner, as well as the employees, should avoid scandalous and libelous act. The overall performance and perception of business matters. Think first your actions for a specific situation. Avoid situations with conflict of interest. The damage is not only on your part, as well as the business’s integrity itself.

  • The separation of personal matters from the business.

Separate personal assets from the company. If you merge personal to business, engaging in a lawsuit will result in your personal assets being dragged. You don’t want to include your holdings in the trial. It separates business from personal and still lets you enjoy the rights and responsibilities of an individual.

  • Put your business on insurance

Insurance will help a company protects itself from any lawsuit that it may face. It protects you and the business from any liabilities. You should also put in your contract that for certain situations, like when the supplier did not fulfil their obligation, you don’t have responsibility for the inconvenience upon completion of specific work.

Final word

Business is important. Handle it like how you treat yourself. Protect it the way we care for ourselves. Aside from the above mentioned, you can also protect your files. Most of the businesses today make the use of a computer. Software, like antivirus, is a necessity to protect their data. Perform a monthly check-up of your computer, provides the necessary backup for the files safety assurance. Having a backup ensures you that whatever happens, you a file to use.

A legal consultant helps a business primarily for insurance and for setting up any document that shows about the enterprise. They help you put everything in writing that says about your business. Aside from this, they are helpful in any lawsuit the company may face.

Signs That It’s Time To Close Up Your Office And Stop Fighting

Signs That It’s Time To Close Up Your Office And Stop Fighting

Starting a business is tough and closing one is even emotionally tougher. As a business owner, we often envision our enterprise to succeed; yet, in life, there’s no guarantee – even in business.

There’s a saying: “A quitter never wins, and a winner never quits”. Yes, it is, yet, this isn’t always true. If you are drain emotionally, then perhaps, it’s time for you to call it quits. Seek in your heart, do you really want to continue the business? Your heart always knows what’s right. Try listening to what it says.

Signs showing a need to close the office or business

  • You no longer recognize yourself

Slowly, you’ll notice a sudden change with yourself. You become impatient, you can’t even attend to special occasions that worry your family. You tend to neglect your family because your focus is on how to save your business. You are not the same you before putting up the business.

  • A Lot to deal with

As a business grows a greater the demand for employees. We cannot do all the works by ourselves. We need to find someone to do the job for us or ask for some help. Apparently, not everyone can afford all the necessary workers you need.

  • The excitement is gone

Excitement is what everyone feels in starting up anything, even for a business. Your workload for the day gives a thrill to you. This feeling subsides as you have responsibilities with a lot of work. Exhaustion replaces the excitement over a period of time.

Additional Warnings

  • You are not meeting the annual capital. Failure to fulfil the annual requirements for a number of times is a big no for any business. It is a significant sign to consider in deciding to close the office or business. Don’t wait further as it can lead to financial losses not only professionally, as well as, personally.
  • The business is affecting your health. Feeling tiredness over a long period of time is unhealthy. You don’t want to keep a business that affects your physical health as “health is wealth”. Money is useless if your health deteriorates.
  • The demand for your product is decreasing. You know how important to consider the needs of your customers. The sign of loving your own products more than the customers is a big factor to consider if you have to continue or not. Suggestions and the needs of your customers are helpful, however, failure to meet them will result in losing customers and your business.

These are signs that give us awareness of stopping and closing our business or office. Furthermore, it is what you feel that matters most. If the following signs are showing up on your face, reflect, listen to your heart. “When it comes to forks in the road, your heart always knows the answer, not your mind.” according to @marieforleo. Our hearts sometimes give us the answer, still, facing it is frightening; answers we never wish to receive, however, they are helpful in decision making, even when it comes to business.

What Can You Do With A Business Degree?

What Can You Do With A Business Degree?

At an early age, we already have our desires. We oftentimes know even the type of career to take. There are times our own family has to say about what path to take. No matter the circumstance, we should follow our own preferences in the future.

Most of the businesses today offers business careers that provide skills mainly for managerial purposes, financial, marketing, and strong leadership. Business studies not only provide you with these skills but even gives you the choice to invest in a further specialization like Masters in Business Administration, Finance, and Management. Moreover, specializations will give you a high percentage of employment.

What is Business Degree?

A business degree contains a broad coverage. Having a business degree doesn’t always mean you are in a leadership role. A Business degree becomes your stepping stone to a high-salary career. Most business degrees include profitable skills that school provides.

The scope of Business Degree Careers

Accounting and Finance

If accounting and finance is the career path you want, typically, the work involves reviewing company’s financial status. You have to check the cash flows, tax, managing records, and all business transactions. They give an overview of the business’ status. They have a say in the whole business performance.

Management Career

One of the highest paid careers in different industries. You cannot put someone in this career without a proper knowledge in managing. In this career, investment in knowledge is essential. Management provides the structure and strategy of the workspace.

Other Careers

Aside from the above-mentioned careers, these are some of the careers that also needs a business degree:

  • communications,
  • hospitality and leisure,
  • insurance,
  • journalism,
  • law,
  • risk management,
  • public relation, and more

To state an example let’s look at journalism. Business in media mostly involves writing, covering a specific news on tv, newspaper, and so on. These journalists don’t oftentimes focus on that scenario alone, they also need to think of their roles in sales, marketing, branding, advertising, and more. They are not just journalists to write, they need business degrees, of some sort, to fulfil their career.

Another career, public relation, also needs a business degree. Communication skills are not the only factor to consider, you should have business operations and management knowledge.

Business degree lands to a range list of careers. It gives useful intelligence and skills useful for a career path, and they are as follows:

  1. Proper communication skills
  2. Time management skills
  3. Teamwork
  4. Leadership skills
  5. Analytical skills, and more

Regardless of career path you choose, knowledge of a business career is a must. A business degree is a stepping stone in reaching the professionalism. It also provides the best exercise for further knowledge in handling specific tasks that most businesses do. For students, investment in business knowledge is fundamental. Regardless of the journey, study hard, focus, and invest in the knowledge that businesses need. Expect a return on investment for the hard work you put. Many opportunities are waiting for business degree graduates. Take business degree courses if you wish to enter business careers in the future.