If you’re thinking about hiring your first employee, you may be feeling so thinly stretched that you want to fill out paperwork and have someone start right away. That’s understandable, since adding staff to your small business can increase your ability to serve your customers. But if you’re not experienced at hiring and managing employees, it’s easy to make mistakes that can make it harder to serve as a consistent, fair boss.
Before you place your first ad for an employee, here’s what you’ll want to consider about the employer-employee relationship you’re about to embark on.
Although the simplicity and affordability of running a business as a sole proprietorship may have attractive perks, there are reasons why you might benefit from forming an LLC (limited liability company) or corporation instead.
How can you recognize that a change may be in order? Continue reading
by Kelly Deis of SoundPoint Consulting
Should you grow your business? It is a simple question with an assumed answer. The answer, of course, is YES! But, I am not sure it is quite so simple.
Before you invest your hard-earned money and time, think about what you want to accomplish and why. Then, carefully consider your options.
Decide to Grow
We have all heard horror stories of businesses that over-extended, only to lose it all. If your expansion strategy is not well conceived or executed, it could be a costly misadventure, both in terms of money and focus on the existing business.
If your business is well-established, has a loyal customer base, is reasonably protected from the competition, profitable and affords you the lifestyle you have sought (both in terms of discretionary income and time) then think hard before you take on an expansion strategy. Understand your goals – both financial and personal, before moving forward. Continue reading
How good a leader are you? If a recent survey of small business owners by The Alternative Board (TAB) is accurate, it seems that most small business owners are feeling pretty confident.
In fact, a whopping 95 percent of entrepreneurs polled believe their leadership skills are “above average.”
That doesn’t mean there’s no room for improvement, however.
When asked to identify the top areas in which they need to improve their leadership skills, entrepreneurs in the survey say:
- Holding others accountable — 67 percent
- Tending to my team’s development — 51 percent
- Delegating to others — 41 percent
- Demonstrating a strong vision — 41 percent
- Communicating clearly — 40 percent