Management Tips | Non-monetary Rewards
If you find yourself in the precarious position of managing a staff to which you are unable to give a well-deserved raise, you may feel lost as to how to otherwise motivate your team. Until your company is more financially prepared to raise the salaries of your employees, you can use non-monetary incentives to motivate your staff. After a round of layoffs, a bad product launch or other touch-and-go situation, morale may be low, and your staff’s productivity may suffer. Use the following ideas to create incentives that won’t bankrupt your company:
1. Experiences: Oftentimes, experiences are more sought after than cash. Things like a weekend trip, a spa day, meeting a celebrity or attending an exclusive gala can all be used as motivation to achieve. Offering an appropriate variety of experiences will appeal to your whole staff (not everyone in your office would work harder for a skydiving voucher, for example).
2. Time: Any amount of time away from the office is hugely motivational for a multitude of workers. Even the promise of an afternoon off can boost your team’s achievements significantly. If you run a small company that cannot afford any out-of-pocket expenses for incentives, it may work in your favor to come to an agreement with your staff: in order to pick up the slack for employees who earn time off, others might have to contribute more in their absence. If your team is willing to work a little harder in exchange for an opportunity for everyone to get some much-needed time off, you may be able to motivate your employees without losing any productivity or money whatsoever.
3. Goods: Know your staff. Do you work with a bunch of basketball fanatics? Tickets to a playoff game can be a relatively low expense overall, but could be enough of a motivation to create an influx of achievement. Call around; you never know who is willing to donate goods to your company for incentives.
4. Training: Providing your employees with training that they can take with them wherever they go is very valuable to many people. If that training leads to a certification, that will help your employee as well as your company, so pick up the tab on trainings and certifications whenever possible.
If your company is unable to provide monetary incentives at this time, put non-monetary incentives into place and watch morale soar. Contact us today to begin constructing a staffing plan that can help your business prosper!
Tips for Applying Data to your Business Strategy | Arizona
The world of business has evolved rapidly. In the technological age, even businesses that do not deal in e-commerce have an online presence, and this presence is one of the best available strategies for growing a business’s reputation and revenue. Big, small, service-oriented or product-base, businesses are seeing surges in productivity and revenue after applying data analytics to their strategies.
It is important to note that when it comes to data, size doesn’t matter. Every business, regardless of its size, has data that can be collected and analyzed to create strategies to increase productivity and revenue. For instance, a self-employed college math tutor can use data to recognize that a majority of his clients seek his help to tackle problems with calculus; using this data, he can create a flyer that mentions a strong calculus skill set which can increase his client base. This is a very rudimentary example of data analysis application, but it illustrates that every businessperson can benefit from data.
Finding relationships between metrics is key. Setting up the collection of data around a handful of areas (for instance: media spending, online purchases, and points of customer contact) is useful in finding out how these areas affect each other–as well as how, when, and what trends might be reasonable to expect in the near future. These relationships can be helpful in knowing how to allot funds for media spending during different fiscal quarters.
Using analytics in complaints, comments, suggestions and reviews made by customers can help businesses know if they need to change something that is proving to be a problem that recurs. Fixing this problem–and letting customers know that their comments have been heard–can save money and increase revenue and client loyalty. Keyword correlation is helpful in this area of data analytics, and again, these keywords can be helpful in heading off negative interactions with customers who are “at risk” for an irreversibly negative interaction with your company.
Social media is a free focus group. The data from the conversations made up of likes, tweets, and comments can be used to make small adjustments now, as well as make big plans for later.
Find people who are for whom data and technology are second-nature. It is likely that you need not look further than your current employee pool; younger employees who has been raised on the Internet and social media are excellent candidates for these tasks. Constant participation is key–customers will not respond as eagerly to static websites or cloud-based applications.
Analyzing and applying data to your business strategies is an excellent opportunity to grow your business for a cost that is likely much less than you would anticipate. Contact us today to discuss how you can implement these strategies in your own business. We invite you to let us help you prosper!
Character in Business
“The truth is, if you want a decent job that will lead to a decent life today, you have to work harder, regularly reinvent yourself, obtain at least some form of post-secondary education, make sure that you’re engaged in lifelong learning and play by the rules.” Thomas L. Friedman writes in a September Op-Ed in The New York Times that the outline for success is quite attainable, given one’s attitude and character. But how can you go about identifying if you are one of these individuals who inherently displays these characteristics, or if you need to put in some work?
The answer? No matter who you are or how you represent yourself, your character can always use improvement. Follow these guidelines for taking inventory of your character to ensure success in all areas of your life.
Work harder. This does not have to mean that you work longer, that your work must increase in its level of stress, or that you must seek to burn yourself out. Working harder than the people around you can mean fast and simple strategies such as choosing to take steps to evolve your ideas in order create more robust presentations. Work smart, work hard, and take the time to see the short-term and long-term value in your hard work.
Regularly reinvent yourself. Self-awareness is an invaluable asset to successful individuals. Forming the habit of regular check-ins with yourself will lead to increased self-awareness and will make it much easier to make tweaks to improve your habits and shape the roles you play in your business, your family, even in your own health.
Obtain post-secondary education. Education is vital to your career. Whether you choose to attend a college or university, a trade school, a certification program or an apprenticeship, higher education often makes the vast difference between a career and a job.
Engage in lifelong learning. The educational buck does not stop at your post-secondary education. It is imperative that you seek out and engage in learning opportunities (both business-related and otherwise) for the rest of your life. This can be as simple as attending a workshop related to a project you are completing. This action continually refreshes your skill set, which in turn refreshes your hire-ability and/or promotability.
Play by the rules. It goes without saying that commonly accepted attributes of “good character” would include following rules. Following rules indicates obedience, trust in whatever system one is following ( i.e.your employer’s policies, or the laws governing your town or province) an appreciation for rank and order, and a working understanding of consequences.
Character is not attainable in a vacuum–character develops over time, across circumstances, and because of purposeful searching for ways to become the best version of yourself. Contact us today to find candidates with the type of character that best fits your needs!
Prioritizing Analytics in Business | Arizona
One of the biggest differences in how customers acquaint themselves with products, keep updated on their current favorites and create new brand loyalties is the emergence of prominent mobile and cloud technologies. A comprehensive understanding of what your customer needs, and a plan for strategically executing solutions to cater to those needs, are what is keeping companies in the shark pool of viable competition. Without these plans and strategies, companies are falling by the proverbial wayside.
An annual survey was published by Gartner which pulls data provided by over 2,300 CIOs in more than forty countries and nearly as many industries. This survey concluded that analytics/business intelligence (BI), mobile, and cloud strategies were not only important, they were the most important focus for companies through 2015, ranking first, second and third on a priority list, respectively. So why are they so vital?
Linda Price, VP for the Asia Pacific branch of Garnet’s EXP group, stated, “Globalization is really having a huge impact on the global CIOs’ view of business.” Globalization, or the process of assimilating an international interchange of ideas, services or products, customs, etc. is important because it shows the direction where inventive and innovative CIOs must venture. By observing global strategy, the American CIO can learn a great deal. For instance, Asian CIOs (as surveyed by Garner) indicate that they reported a much more significant increase in their budgets for IT (5.4%, as compared with .5% global average increase.) Despite an economy that is often deemed unstable, American companies who are following suit with Asian CIO strategies are seeing a positive change in their balance sheet.
Analytics, mobile and cloud technologies give CIOs and companies an opportunity to be “ahead of the game.” Teams must act much faster than they have in the past, wherein a larger amount of time was provided for customer research, technology development and rolling out solutions. Because of this, it is imperative that your team be invested in the quick turn around that is necessary for success.
Contact us today to begin working on a plan for increasing your company’s connectedness. We can help you build your business by providing you with applicants who will share your vision and execute your plans.
Audit Tips for Small Business
While no small business is immune from an occasional audit from the Internal Revenue Service, there are some ways to ready your business for a potential review of your financial records. Some experts have argued that the IRS is becoming more focused on the small business owner, due to the increase in the number of small businesses that have risen in the wake of the recession. However, the IRS does give some guidelines online about what an audit means and how to be prepared.
The best course of action as a small business owner is to make sure you are ready for a potential audit by conducting one each year of your own financial records. This can be done by hiring an objective third party auditor, or working closely with a business accountant to review all financial and payroll records, as well as IRS tax forms and reports.
Here are some audit tips for your small business:
- Maintain careful records of all financial transactions generated by your business with an accounting software product that provides reporting features. Run monthly reports and reconcile them against payments received and payments going out.
- Keep all bank records and account statements organized so you can review them at a moment’s notice and these numbers match with your accounting software reports. Correct any errors promptly.
- Handle payroll according to state and federal laws, including any contract workers you employ. Have proper tax forms on file for all who perform work for you.
- File your quarterly and annual business income taxes on time and keep your records together so you don’t miss a payment and have to pay year-end penalties.
If you operate a small business, now is the time to start a system for tracking all monies that come in and go out of your business, including for expenses and equipment purchases. By having all your records in order, an audit will not be as much of a headache.
Talk to the experts at Accent Hiring Group for more information.