Tag: Business Consulting

The Value of Organization and Time Management

How often do you find yourself looking for that important – yet somehow misplaced – piece of paper? Do you promise yourself that you’re going to become better organized, but find the days, weeks and months slipping by with too much work to do and not enough time to start that new filing system or categorize your overflowing email messages?

Everyone can benefit from good time management skills, but these practices are particularly valuable for entrepreneurs, who typically wear many hats on any given day and don’t ever seem to have a second to spare.

Here are some tips that successful small business owners and time management experts have shared with us:

The best and the worst of times -To better assess what changes might be most helpful for you, it is crucial to understand how you spend your time each day. Where are you not making the best use of your time? Another way to approach this is to note what you are doing differently on the days you find yourself most productive.

Are you diligent at daybreak or mentally best at midnight? Do you need solitude and a deadline to focus, or do your best ideas seem to be found after social interaction or when you’ve taken the time to simply let your mind wander?

But it’s Leap Year, so I got an extra day – Every day has 24 hours, and there’s nothing you or I can do to modify that. It is up to each of us to manage our behavior: it’s the only way to better cope with the finiteness of time.

Eliminate those distractions that are not helping you become productive. Find a system that works to help get – and keep – you on track (there are many available, so choose something you feel comfortable with and will use). Set realistic goals toward better time management. Streamline your inbox and organize physical and electronic files of information.

Routine tasks need handling, but perhaps they need time limits. A perfect example of this is reading and responding to email. If you keep an eye on incoming email messages all day long and then stop to respond immediately, there might be room for improvement by simply limiting the times you read and reply. Many small business owners put email at the top of their list as an area that truly needs better organization and time management.

What’s really important – Make that decision and prioritize each day accordingly. Many small business owners feel they accomplish more if they begin with the most difficult challenge. Usually this is the very task one wants to avoid but by facing it first, with fresh energy and a clear mind, you might find it wasn’t so bad after all. When using this approach, deadlines are often met ahead of schedule.

Let someone else do it – Determine which jobs could or should be outsourced, and then allow someone else to do the work. Tedious or simple tasks could be contracted out to free up your time for something more precious, and those areas that fall outside your comfort level and areas of expertise should definitely be left to the professionals.

Just say “no” – Only you can decide where your time should be spent. In addition to running your company, you want to ensure you enjoy quality time with family and friends. Most entrepreneurs are also involved in their communities, which is a wonderful way to serve others while networking to help grow their companies.

But, how much time do you really have? Many self-motivated business owners find it difficult to turn down requests to serve on boards or volunteer in other capacities. By thinking about your time restraints in advance, and realizing how much energy will be required for various community activities, you might find yourself making different choices going forward.

This pie is always being cut in different proportions: one year may be a great one for volunteering, as your youngest child heads off to college; another year might be too busy with helping your parents move, hiring new employees and wanting to spend more time with your spouse.
Be true to yourself as you give of your time and talents.

What I need most – Don’t neglect spending time just on you. Understand your physical and mental limitations and respect those times you need to take a break. When you find your schedule slowing, embrace it (that might be a great time to review your progress and switch priorities).

One final note is that some flexibility must be considered with anyone’s schedule, but by spending a few moments each day organizing and staying on track, you are creating habits and routines that will enable you to stay calm and focused as you manage your small business (and your life!) now and in the future.

Free Help for Your Small Business

Looking for some temporary help this summer for your small business? How does an enthusiastic, motivated worker at a reasonable hourly rate sound? In certain instances, you might even be able to attract such talent at no cost to your company.

College students looking for intern positions are a valuable resource for many organizations. The National Association of Colleges and Employers (NACE) estimates an 8.5 percent increase for interns hired in 2012, compared to just one year ago.

Internships are a win-win situation for both the entrepreneur and the student. It provides you with new talent at a minimal cost. Interns are generally eager to learn and will work cheerfully and diligently, as they are hoping for the chance to acquire new skills and additional experience. A savvy intern is probably also hoping to impress you and receive a solid business reference and possible future job offer.

Of course, inexpensive labor should not be simply given the lousy assignments no one else in the office wants to handle. Interns are helping your business in any way you ask, but also expect to learn about your company. It’s probably a given an intern knows how to file and take out the trash, so these are not the types of tasks a student is wanting to solely perform this summer.

Most college campuses provide a tight-knit community for students, so word tends to travel quickly when an intern discovers a choice or not-so-choice assignment. To ensure you are able to recruit the best candidates each year, make sure your interns feel valued.

Here are some tips to make the experience a positive one for both you and your intern:

  • Provide a job description, as you would with any paid employee. Include short- and long-term goals, and be as detailed as possible where necessary.
  • Offer an orientation (again, just like any other type of new employee would receive). Ensure the intern has the opportunity to meet everyone on your staff during the first day or two of employment. Handbooks and other materials are welcome.
  • Designate a specific individual to act as the intern’s manager or mentor. This is a huge time-saver for the entire company, as the intern has one person he can rely on for answers to questions, and other staff members are able to focus completely on their other responsibilities.
  • Allow the intern to complete at least one project from start to finish during his stay at your company. Offer the intern the chance to showcase his accomplishments via a formal presentation by the intern to your management team.
  • Provide constant feedback.
  • Allow the intern the opportunity to “interview” members of your team during his tenure. Students generally consider the time spent listening to professionals at all levels of management describe their jobs and career experiences to be extremely valuable.
  • Consider hiring more than one student. A sole intern may feel somewhat like an outsider at his new position, particularly if there are no other employees close in age or relatively new to the company. Providing an “intern team” right from the beginning helps the interns feel more comfortable from the first day – and also gives you, the potential employer, an excellent opportunity to see how different individuals contribute to your organization.
  • Arrange for a specific work area for your intern. Nothing makes an employee (paid or not) feel less wanted more than shuffling him to a different work station every day.
  • Always conduct an exit interview. This is essential for both parties to receive feedback in numerous areas and should help you and your intern better prepare for the future.

 

This year, the U.S. Department of Labor is offering a special initiative, Summer Jobs+Bank, to assist businesses and students with internships. For more information on how your company can participate, visit http://www.dol.gov/summerjobs/Employers.htm.

One final note of importance: Obviously, most interns would prefer a position that compensates them; however, unpaid internships are a viable and legal alternative.

If you choose to offer unpaid internships, be aware that many of the same labor laws and regulations that govern your paid employees will also apply to unpaid interns. Please check with local, state and federal authorities for regulations that will apply to your specific internship program.

No business is too small or too large for an internship program, and everyone benefits if the program is properly managed.
Most entrepreneurs report the experience of seeing their company through fresh and enthusiastic eyes is a special one! We would enjoy hearing about what you have planned for the summer of 2012.

Do You Hear What I Hear? (More on First Impressions)

When a potential customer contacts your company via telephone, what is the first impression received? Is the caller warmly welcomed by a live operator or receptionist, or does he get dumped into a frustrating, endless cycle of automated voice commands?

Sometimes the obvious is the most easily overlooked. A business owner has only one chance to make a first impression. Today, it’s common for a potential customer’s first visit to your company to be made by telephone, so make that initial contact a positive experience for your caller.

The first time a potential customer visits your company (whether in person, via telephone or through the Internet), he should immediately feel comfortable and confident about doing business with you.

Think about the image presented to someone who phones your organization for the first (or 50th) time. Will the caller feel welcomed and important? Is he likely to remain on the line to finish the transaction or call again for products and services in the future?

Telephone Doctor recently commissioned a survey that discovered the following:

  • 85% of consumers indicated that telephone courtesy makes a difference when choosing which business they will patronize
  • 65% prefer doing business with companies who have real people answering calls versus those that use an automated attendant
  • 65% stated they are frustrated when placed on hold immediately after calling a company
  • 48% refuse to conduct business with a company if they receive poor customer service over the phone
  • The most frequently noted complaint: being placed on hold

 

The nonprofit and nonpartisan research organization Public Agenda discovered that a whopping 94% of its survey sample indicated it was “very frustrating” to phone a business and be greeted with a recorded voice rather than one of a live person.
According to the Bureau of Labor Statistics, telephone operators are one of the top ten positions expected to decline within the next twelve months. Today’s voice recognition systems continue to improve dramatically, and the increase of electronic communication has considerably reduced reliance on the telephone.

Although many companies have made the transition from live operators to automated attendants for a variety of reasons (most notably to reduce overhead), the survey findings discussed in this blog should be carefully considered. Business owners may wish to ensure callers have a way to reach a live operator, and all employees interacting with customers on the telephone should be professional and courteous. Operators should be able to listen and really comprehend what the caller is requesting, so they can answer the question and fulfill the order or get the customer to someone who can.

Here's hoping you hear what your customers do!

Help! How do I create a strategic business plan?

Twenty-something years ago, I received my Bachelor of Arts degree in Business Administration from a recognized state university. But how much practical or "real world" knowledge did I gain with this diploma?

Recently, The Wall Street Journal printed a reader's question concerning business plan strategy — something that was not covered in his academic studies.

The reader began by stating he had a college degree in business, but his formal education did not include learning the specific components that make a business plan successful. He asked if there was someone who could review his business plan and give the necessary feedback to ensure its success before the plan was formally submitted to lenders and other outside parties.

Barbara Haislip responded by suggesting a free and knowledgeable resource: the Small Business Development Center (SBDC). The Office of Small Business Development Centers provides man agement assistance, information and guidance to new and established small business owners through a cooperative effort of the private sector, educational community and federal, state and local governments. The best news? This assistance is available in all 50 states and U.S. territories at no cost to the small business owner.

Haislip suggested that prior to approaching the SBDC, an entrepreneur should include the following items in his business plan:

  • discussion of customers
  • review of present and potential competition
  • presentation of marketing strategy
  • list of all resources necessary to the business

Haislip further explained most entrepreneurs will also need a financial plan (generally showing two or three years of projected income and cash-flow statements and balance sheets).

Check out www.sba.gov for more information and to find the SBDC branch closest to your business.