As a business owner, you don’t want the first time you think about disaster recovery to be during an actual disaster. After a fire, flood or data loss, being prepared will hopefully decrease the damage done by the event, and get your business back on track sooner.
One of the best things you can do to prepare yourself is develop a disaster recovery or business continuity plan.
“Small businesses are vulnerable to failure when they’re impacted by significant events,” said Ken Katz, property-risk-control director at Travelers. “You’ll need to recover in a timely fashion, because your fixed costs continue even when you can’t open your doors.”
Factors to consider
If you don’t plan for a disaster before it happens, you’ll have to do it on the fly and make decisions when you’re stressed, Katz said. But what should actually go into your plan?
John Wise, CEO of Investcloud, a provider of cloud-based financial software and apps, said that disaster plans should assess and create plans for different scenarios both short and long term.
“They should detail key leaders and decision makers, backups and alternative forms of communication if cell towers go down or there is no power,” Wise said. “It’s ideal to have two alternate data centers — one close to access in person, and one far in the event of a larger-scale disaster.”
Thomas Phelps, CIO and VP of corporate strategy at enterprise content management company Laserfiche, said business owners make a few key mistakes over and over in their emergency-preparedness plans:
Not accounting for loss of critical people nor planning for the stress and trauma of staff
Not making the emergency plan accessible at the office, or making plans that are too generic, too detailed or stale
Failing to address communication choke points and having PR issues related to recovery
No alternative emergency operations center (EOC) or recovery sites, or having physical access issues with alternate site
Believing that outside assistance and insurance will take care of everything
Before you finalize your plan, be sure to address these areas, Phelps said.
Creating a continuity plan
Katz recommended the following steps to develop a formal continuity plan for your business:
Assess your risks. Know the threats that could damage your business, and determine how they might affect you.
Prioritize business functions. Decide the order in which certain business operations will be restored in the event of an interruption.
Develop prevention and mitigation strategies. Come up with strategies around the most important functions to prevent and mitigate the types of disasters you may encounter.
When your plan is developed, have your team walk through the steps of your disaster recovery plan to test it out. Ensure that employees know what to do, identify areas that need improvement, and routinely check plans and make updates as needed to account for staff change and lessons learned, Wise said.
“Your employees are critical to your company’s success, so it’s important to realize this and show that same consideration to ensure their safety,” he added.
While this may seem like a lot of things to keep track of, these events do happen, said Katz, and it’s best to be ready for the worst.
“It’s not often, but given enough time, something will occur,” Katz said. “It’s not a do-over activity — you only get one chance to do it right. The more you can think through what [a disaster] will look like for your business, employees and community, the more you can help your growth down the road.”
Approximately 700,000 to 800,000 small to mid-size businesses change hands each year. And, I can guarantee that in every case, the seller, and buyer for that matter, invested a good amount time, money and emotion throughout the undertaking.
For the seller especially, the process of selling a business can be an emotional undertaking. You’ve put your sweat equity into the business. You’ve sacrificed over the years — missing family time, skipping paychecks and working at all hours of the day and night. Your business is your baby.
However, when it comes time to plan and execute an exit strategy, you have to strip away a lot of the emotion. It is important to be as realistic as possible about what your business is worth. If the exit strategy is not done correctly, your business can suffer damage.
A few of the most common factors for a business not selling:
- Lack of preparation of business for sale
- Unrealistic selling price
Having a trusted, third party business valuation conducted is one way to begin the process. With the data from the business valuation, you can plan for the procedures needed to raise the value of the business so that you can maximize the return on your years of investment in the business.
The following list offers 5 tips to “put a shine” on your business when it comes time to sell. These have proven to add up to 20 or 30 percent more value to businesses.
Timing is everything
The best time to sell is when you are on top, when the company is doing well, the industry is flourishing, and next year looks even better. Additionally, cyclical factors are important. For example, in retail most revenue is earned in 4th quarter. Thus, it is recommended that you aim to sell your business in the 1st quarter of the following year to show good revenue and the inventory is at lowest point.
Getting a proper business valuation done to set the selling price
Most business owners are not aware of how businesses are valued. And, in many cases, sellers assume value based on emotion or rules of thumb. They overvalue based on how much time and work they put in, and how much it means to them. Generally they think the value is higher than the true market value. Thus, they need for a professional to give advice.
The first step before business valuation is to determine how much money the new owner will have to make … reason being, generally businesses sell for a multiple of what they earn or Sellers Discretionary Earnings.
Another formula is a Percent of Revenue. Hard assets are not a driving force in business valuation. Some assets add or subtract from value such as Accounts Receivable, Inventory and Work in Process. Comparable sales data is often used to determine market multiples.
Organize the books and records
When preparing your business to be sold, re-cast the financial statements, or normalize them.
Most small businesses operate their companies in a manner to minimize taxes. However, when selling, they need to know the true economic value of the business. Analyzing financials and eliminating all non-operating expenses and discretionary expenses do this.
De-emphasize the owner’s personal role in the business
When selling a business, you want to be certain that the buyer knows he’s acquiring talented leadership that can continue to run the business after the purchase. The original owner should not be positioned as the only decision maker. Rather, others should be involved in customer contact, and vendor contact. A “right hand man” is needed — male or female managers who are part of an infrastructure that reduces the dependence on ownership.
Understand the mindset of buyers today
Seventy percent of all buyers are first time buyers, often displaced corporate employees who will be owner/operators replacing a job and looking for financial independence. What matters most to buyers today? Here’s a list of what buyers are looking for in businesses for sale:
- Buyers look for ways to enhance the business, is there an “upside.” They generally think that they can do better than the previous owner
- Proven verifiable books and records, tax returns
- Reasonable price
- Leverage and terms — they want to use bank financing, owner financing and as little of their own money as possible
- Solid, verifiable cash flow
- Furniture fixtures and equipment properly valued and in good condition
- Positive appearance of facility, good reputation
- Favorable lease and lease options
- Training, transition period with the seller
- Covenant not to compete, non solicitation agreement
- Solid reason why the owner wants to sell
- Experienced employees who will stay on
- No last minute surprises
For women who feel outnumbered by the men on their teams, transparent communication can help break down gendered perceptions and open the door to leadership opportunities within the group, finds new research.
A study recently published in The Leadership Quarterly journal discovered that in work groups that are composed primarily of men, women tend to take on more leadership roles as the group becomes more social.
For the study, researchers assigned nearly 1,000 participants of varying ages to small groups and had them rate which group members emerged as leaders after performing a series of tasks. They replicated the experiment with both short- and long-term groups to verify the results.
The study’s authors found that the more extroverted the teams were in terms of talking to each other and asking for help with their projects, the more likely it was for women to be seen as leaders.
The study’s authors believe the open collaboration allows group members to get to know each other better and see each other’s strengths and weaknesses. This in turn helps eliminate the preconceived gender stereotypes that are typically found in the workplace, said Jim Lemoine, the study’s lead author and an assistant professor at the University of Buffalo.
“When we first meet people, we tend to categorize them subconsciously based on snap judgments and observations,” Lemoine said in a statement. “But the more we get to know people, the less those preconceived ideas matter.”
Lemoine also noted that when work teams value communication and increase their interactions with one another, women may have a leadership advantage, since groups choose leaders based on who best exemplifies their shared values.
The study’s results have important implications for businesses looking to develop more women leaders. Lemoine said instead of having teams that are isolated and driven by goals, businesses wanting more women to take charge need to develop a culture where they are more opportunities for employees to get to know each other and collaborate on projects.
“When teams foster a culture of open communication and teamwork, it allows new leaders to step forward and diverse perspectives to be heard,” he said.
The study was co-authored by Ishani Aggarwal, assistant professor in the Brazilian School of Public and Business Administration in Rio de Janeiro, and Laurens Bujold Steed, a doctoral candidate at the Georgia Institute of Technology.
Guide to HR Software for Small and Medium Sized Companies
Talking about core human resource management software, it can be said that no two companies have the same requirements because they vary in size, location and industry. Therefore, the kind of tools that it takes to run one over the other is different. Highly regulated large companies treat compliance as a major HR issues. For others, whose industry is affiliated to a fierce demand for talents -backlog positions which HR cannot fill denotes a detrimental effect to a particular company. Still for others who are entrepreneurial startups – lack of internal knowledge or time to do it can cause severe consequences to its growth.
All these companies are different yet they have a common thread in all of them. HR and human capital management (HCM) are found in all of these types of companies. It is just that each type have its own key performance support from which any of these companies cannot afford to disregard. And this is the same when these companies choose the best HR software that will fit their company. Although all these HR software covers the full spectrum of HR needs, there are also differences in offerings that will target the specific needs of an organization.
A person who manages a small or medium sized business will not use an HRIS software for his business because it is too costly and unnecessary. This HRIS software or the Human Resources Information Systems or human resources management system is a combination of human resources and information technology through an HR software and it helps business automate HR activities and processes that help in the company’s growth.
Decision making is make easy if you have relevant data immediately available. When small or middle sized businesses have inadequate information or a lack of correctly interrelated information, what happens is the they make poor decisions. But when you have a software that allows for a number of relevant areas to be updated spontaneously, it would enable you to run your company equivalent to most large establishments that needs to hire numerous staff to handle their backdoor activities. Remember that manual record keeping is very time consuming that can keep you away from doing what you are good at. so if you want to improve your productivity, because you have no way out in filling all these clerical, yet an inescapable task, these piece of software is after all not expensive and unnecessary.
Therefore it means that Investing in HR software that best align with your case can lead to a substantial cost saving despite the high initial investment required.
Why You Should Use An HR Software
There will be a number of different benefits that you can get the moment that you will use an HR software in your organization. The benefits that you can see with your eyes are available and there are also some that will not be measured accurately. In every organization that you will be seeing, you will notice that the HR is one department that has a number of different responsibilities. It is the HR that will make sure that all of the records if the employees are available as well as the activities and training programs that they have participated.
It is by handling all these records manually that the HR department will surely have a hard time. A number of different solutions have already been available due it the advancement of technology. It is by using these tools that the HRV will be able to do their job with efficiently and productively. That is why this article, we will be talking about the different benefits that you can get the moment that you will use an HR software.
There are cost savings the moment that you will use an HR software. There are many organizations that get discouraged the moment that they will know the cost if an HR software. Getting their ROI quick as well as saving money in the future is something that companies will get and they do not know that they will get that certain benefit. The HR department in your organization will be able to work efficiently the moment that they will use an HR software. The employee’s engagement will also increase. Due to the automation, only a small number of staff will be needed in your organization.
Another benefit that you can get with an HR software us that you will be able to optimize the resources that you have. You will be able to see a number of different organisations that have employees that have less workload. It is these employees that are considered as a waste resources. By making sure that you will sue an HR software, you will find ways in order to utilize them all. It is in the HR software that you will be able to see the set of skills that your employee has. All of the information from the software will now enable you to make sure that all of your employees will be productive all of the time.
By making use of an HR software, you will also be able to have a wide information sharing. There will be a destruction of the professional relationship between your employees the moment that they will not know anything about their co-workers. Any member, if the organization will now be visible with the help of an HR software as everyone, will have access to it.
Benefits of HR Systems
A human resource department is always of advantage to each and every organization; it always works towards improving the relations of the organization and those of the employees thus making sure everyone can be able to work towards the goals and objectives of the organization. You get to find that the human resource department gets to handle a lot of information that has to deal with the organization, amongst the information included might be the employees’ data or even some of the most crucial strategies of the organization, it is up to the HR department to ensure that everything has been well stored.
Having a HR system will get to benefit the organization a lot, one of the major benefits being that it will work towards improving organizational efficiency, this is something that each and every organization should be able t work towards, efficiency will ensure that the organization will be able always to meet the expectations of their clients. More so, it gets to make the entire record keeping process much simpler, doing so will make sure that the human resource team does not get to misplace any information about the organization or even the employees, likewise, the information can be easily used when planning on conducting some employee motivation programs.
To ensure that the organization can get the best systems for the human resource department, they need to ensure that they get a team that will work on it, not an in-house team however, it gets to be more expensive, therefore, they will be able to ensure that by getting professional specialists, they can have their own custom HR software. Having the custom software for the HR department ensures that everything can be able to move on smoothly, likewise, it will get to make sure that the software can be easily taken care of, that is, for the same service providers hired, they can get to conduct maintenance services from time to time thus making sure it is up to date at all times and also that the organizational information is protected.
Getting the HR system in place will always get to make sure that the needs of the employees have been taken care of, therefore, it will become better for the organization since the employees will be dedicated to making sure that there is more innovation and also make sure that they can be able to attain the goals and objectives of the company. Therefore, these systems are always necessary, not only for the benefit of the organization but also for the employees’ sake.
Factors To Consider When Choosing A Locket.
Locket jewelry has been used for a long time as a classic jewelry. The jewelry is made in a variety of ways depending on how one wants them done whether by traditional or modern type. There are cases that they come in either rings or even charms at times. You will find that many people buy this jewelry to match with a type of clothing that they intend to wear. The jewelry has been worn since way back and it was used to symbolize class buy the high in the society. It was a symbol of class and elegance which would be used to dictate style. It has an opener that reveals the true details of whatever has been hid inside it. It will be important to consider a case where people use this as a form of love to those whose images are stored inside and whenever a person opens it then they are reminded of them.
Lockets have been used in several occasions. In the case of a death you will find that some people will use the lockets to show the pictures which have been stored in that case of the deceased person so that they may be able to remember them. With that people will feel like they have a part of the deceased person still with them in this case. You will find that they are made of a good special metal.
The most common metal in making this jewelry is mainly gold and silver. You will find that the jewelry is able to hold one or more pictures at a given time. You will find that in the case of a custom made one, then the owner will be able to ask the owner to give them the custom made ones in this case. The designs are many in this case. The keepsake is a form of the lockets which works by keeping the contents safe through securing its contents in this case.
There are those that can divide into two in such a way that people can be able to share. This has been used mainly by the couple s who will want to keep a part of each other in their minds. The best thing about the lockets is that they come in a variety of sizes. This will mainly depend on the personal preference. There are cases that the people are able to use these jewelry to keep things like perfumes in them if the need is there.
There will be a need for too many designs in the market today. When you look at the way they are made, there will be those that are etched, over sized as well as etched. In order to make the locket long lasting it will be best to always take it off when showering since it may reach with the chemicals in the soaps.
Effective Ways of Fending Off Burglars from Your Home The news nowadays is filled with stories about burglaries in every corner of the country. Crime rates have risen dramatically and burglars are a threat no matter which neighborhood you live in. While some are armed, others are cons who use witty methods to gain access to your home and loot your dearest property. However, you can prevent your home for break-ins and keep your valuables secure by following the tips below. Don’t hide your key under the door mat or stones on the sides of your door or pavement when you are leaving the house. An intruder could be watching your move and use that chance to open your home and get away with valuables. Instead, you can make duplicate keys for everyone in the home. If you don’t want to be walking around with a key out of fear that you may lose it, then you should simply invest in a digital lock which is convenient and more effective. Believe it or not, voice mails do feature among the causes of break-ins in homes. If you are to leave a voicemail, don’t be too specific about where you are and when you will be coming back. Since anybody could be on the other end of the line, it is easy to use this opportunity to break into your home and get away with your property. Therefore, a message like ‘Thanks for calling’ or ‘I will get back to you as soon as possible’ should just be enough.
The Essential Laws of Experts Explained
Social media has been a great revelation in the modern age where people actively share every aspect of their lives. People normally upload every regular images and videos of the things they are doing every hour of their day. In addition, they post about their riches and possessions. On these posts, there are normally traces to show where you live. This could include landmarks, home addresses, and street names. Without knowing, you will be making yourself a target of crime and even worse, the burglars will know exactly what they want to steal.
The Essential Laws of Experts Explained
Technological advancements have made life easier than we could have imagined a couple of years ago. People living in areas that are secluded can easily install a security system that will monitor any attempts to enter the property. Modern surveillance systems are capable of informing you of any burglary attempt or break-in through your smartphone and even send a live footage. Therefore, this makes it easier for you to contact the relevant authorities and get them to reach your home before the burglar gets away.
What to Know About B2B Businesses
The market becomes tough and tough each and every time; therefore, you get to find that businesses have to devise new means through which they have to make money on their sales while being able to save up on some costs like delivery, therefore, some products will get to make use of business to business model thus being able to meet their needs. Therefore, you will get to find that organizations will be able to make quality products while still making sure that their clients can be able to receive these products promptly, with the use of online intermediaries, it will be much simpler to deliver with the availability of same day delivery.
The use of business to business model gets to be of much help to the organization, one thing that it will always improve on is the innovation and a sense of direction, meaning that the organization will always be focused on coming up with a better product and being able to ensure that their clients are always satisfied. Through the ever-changing technology, you get to find that most of the companies in this market will sell their products using these models, meaning, you will find that they can be able to make top of the line gadgets and price them at reasonable prices; therefore, they can be able to save up on the marketing and distribution costs since the online organizations will get to do so.
When using the business to business model, the organization will always be able to make sure that the clients can get the quality products, therefore, they will get to make sure that they will always be satisfied with the products since the organization can be able to meet their expectations. Likewise, the online stores get to become more convenient for the clients, nowadays, you get to find that people work longer thus being able to make more money; therefore, they might get to find some stores closed or even get lazy to stop by the store; therefore it will be much easier to get home and just order the product since they are sure it will be there for a while.
Organization growth is something that most organizations focus on, through the use of business to business model, it is much easier, that is, most of the available online stores get to ensure that you can get your product in time and also make sure that you can be able to get the product no matter where you are, the organization will, therefore, be known in most parts of the world. The business to business model will have unlimited advantages to the organization thus making sure that the organization even gets to find more clients.
6 Essential Success Tips for B2B Business Marketing
Many B2B businesses find it hard to reach high numbers of target audience members, create inspiring brand names, and generate leads. These are a few of the challenges that have made things in that sector extremely tough for many firms. The fact is that your marketing efforts have to produce leads; otherwise, you will have no revenue coming in. Here are 6 top B2B marketing tips that will help to make your business leap forward.
Prepare your website and online presence in a way that meets and exceeds user expectation. It means that users should not experience problems navigating its pages and finding useful content and your contact information. The whole point is to entice users to spend loads of time on your site, which has been discovered to be a prerequisite before hitting the contact button.
Many companies do greatly when it comes to explaining to the world what they do but err when they do not utilize dynamic methods to pass such messages across. So, ensure to use blogs, infographics, and video because these are the channels that engage potential customers to the point of initiating contact with your firm. As much as customers are looking for information and education on various issues, they want it in engaging and captivating formats.
Do not forget that a mobile friendly website is now a critical marketing tool for your B2B business. If not, your website will not appear in search results since search engines have decided not to bring up such sites in the future. The necessity of this step also stems from the fact that there are more users on mobile than there are through bigger devices such as PCs and laptops.
Identify your most profitable clients and serve them appropriately. Most B2B businesses err when they fail to analyze their customers properly and only concentrate on big clients that may not necessarily be those that bring in huge profits. Note that these large clients often ask for unreasonably big discounts, yet many companies focus their attention on them. Interestingly, you need to focus on mid-sized companies more than the large ones because the former earn you the highest profits.
Mobile marketing is a critical aspect of your promotional efforts, so make use of it if you wish to reach new audiences and markets that are critical for your business. You should identify your audience, create content that suits their needs, and integrate it with the rest of your promotional methods.
Do not ignore social media since it is the dominant marketing tool today. It is the best way to meet and interact with numerous parties, from which you will draw your next clients. Also, make sure to learn about the activities of your competitors and clients alike to know about everything going on in the industry.
B2B Marketing: Advantages For Your Business
B2B marketing is a shortcut for business to business that means buying and also selling different goods and also services among the various business companies that is available in the market today. This certain type of marketing is done among the various wholesalers, retailers, manufacturers so that get to easily sell various products and also services to a certain number of business which is in the market today. Business to business is referred as selling of products and also services from one business to another as opposed to selling products directly to the consumer that can get to utilize the products or services which they offer.
These days B2b marketing through the internet and also emails is gaining big popularity, B2b marketing can get to include promotion and also selling of products and also services on a global level. This kind of marketing is not the same as the general marketing that would mostly focus on marketing to most consumers, but would focus on marketing to different businesses that is in the marketing.
Business to business marketing can get to be done by sending mails, catalogs, product description to most business which requires to buy various products and also services which is in the market. A number of these websites would also help users to post their requirement as well as displays also the current buying trends, this can get to make sure that consumers can get to buy their various products. There are a big number of advantages of B2B marketing which can assist both the purchasers and also sellers of these products to a number of businesses which require them for purchasing.
Business to business marketing help the businessmen to promote the profile of their very company as well as their different products and also services to most businesses which they are selling to. The various sellers can get to post the products description, the various features of their products, the different features, functions and also prices on a number of these websites to easily promote their various sales.
By getting to register their company on any business to business portal, they can easily advertise their products and also services due to the fact they can also avail the benefits of international promotion. With the assistance of B2B marketing, the sellers can directly approach to the buyers as well as get to create certain trade deals, they can contact each other any time and can also send different inquiries. This certain kind of marketing can help the supplier to easily advertise their different products globally in order for their international trade practices would get to be maximized.
Ways In Which People Thrive When Doing A Business To Business Kind Of A Business.
This type of a business was feared by many during its conception in the earlier days. It is a key thing to consider a case where businesses using this kind of business are moving forward. The benefits of the business to business marketing strategy has seen new businesses pick up and move to another level. We have some factors which will need to be considered in the world today.
The main reason which will have many people creating businesses and coming up with new ideas each day is mainly by the great demand from the customers. With the products you will find that there is a chain of people who worked in their businesses to create it to the final product. This is a case where there are those who work with creating the materials while other will work in bringing out the final product.
In that case then consider a case where you will have a chain that worked tirelessly in bringing out the best in each product. It will be important to note that the demand in this case will be able to meet the consumer needs. This is the case where the product brought is added some value in the chain to bring out the final product that will be great for the consumers. When it comes to choosing a number of these things, you will have to consider this.
You have to know any chain of business will be hard when it comes to decision making. There are many people who are involved in this kind of businesses so that it may move to a different level. A failure in one part of the business will mean that the whole chain will have to fall down. This can be in terms of the people producing the products to a low turn up of the consumers. It will be important to consider each person’s success in this case.
In this market you will find some buyers who will be experts and if you are in that case dealing with such, then consider knowing your way out too well. Patience will need to be applied when you are dealing with customers who will help you to negotiate your way out. You will find that the B2B business buyers will be best when it comes to the rational ways of doing things. This is because many people will tend to go for the business that seems to be making it in the industry. It will be important to consider a case where you have to be very timely in your deliveries as well as ensure you sell your goods at the right prices in this case.
How To Choose Reliable Business Leads
Making sure that you get enough prospects to keep your business afloat is always wise. Your business is your bread and butter, which is why you must do everything in your power to find prospects. You would be surprised as to how accessible these avenues are if you just know where to look. However, you also need to consider that most blogging platforms are free and thus do not generate enough free leads. If you are serious about using your blog as a platform to create a significant number of emails, then you need to have patience.
So instead of relying solely on free leads, you must also be willing to invest a little money into getting business prospects. If you know where to look, you can find great lists of business leads for as low as a few hundred bucks. These online marketing companies know how to get great business leads because this is what they specialize in. This is because online marketing companies have clients in all business sectors. But if you purchase your business leads from reputable online marketing companies, you will be able to save so much time and effort and reach your goals faster.
If you are better prepared for possible risks and complications, you will be able to deal with them better. Every single penny counts in running a business, which is why you need to make sure that whatever you are investing on is worth it. If you do your research before you invest in anything, you will be better prepared for the risks. One of these reasons is that not all business leads are relevant to your target market. Another reason why doing research is important is so that you can be sure that the business leads you purchased are interested in what you are selling. There are great websites out there that provide their clients with industry specific business leads. If you are able to figure out how they tick, you may just be able to maximize on your profits.
It is important that you make sure that the website you chanced upon generates business leads the legal way. It is crucial that these online marketing companies informed all of the leads about the situation so as to avoid trouble in the future. Not only will you be wasting your money, you will be wasting your time and effort as well. You will also be receiving a ton of spam complaints that will go through your hosting company. If you end up with low sales due to faulty leads, you will not be able to reach your quota.