Blog - page 49

How to schedule staff to reduce costs

Darryl Bachmeier Mar 20, 2019 Business

Scheduling staff can be difficult and time consuming. There is just so much to think about. Labor laws, absences, vacation time and seniority to name a few. Employee wages can account for a majority of the costs to run a business so it is important to optimize it as best as possible. It is important to get scheduling done right so it reduces stress for not only management but also the employees. Job satisfaction increases if you allow employees a variety of shifts to pick from and allow them to swap shifts with others. Schedules should be as consistent as possible and any changes should be communicated to the staff. Do not forget to ask for their input. The requirements of the business is to ensure there is enough staff available to handle customers but at the same time not to be overstaffed and wasting money. Thankfully, there is scheduling...

How to retain your good employees?

Darryl Bachmeier Mar 20, 2019 Business

It is important for an employer to attract and keep employees. Employee retention is focused on keeping those good employees. Employees can be lured away to another company with offers of better salary or benefits. It is important to stay connected with employees and to allow open communication and that they feel respected and valued not only from management but also from their fellow employees. One thing we can start with is gathering feedback from employees to understand what they enjoy and what they would like to see changed. It is important to know what motivates employees to stay with the company rather than look for other work. This can be done through employee satisfaction surveys and exit interviews. Exit interviews is a way to find out the reasons an employee is leaving although in exit interviews leaving employees may not be so truthful. Once the feedback is received, the...

How to relocate your business

Darryl Bachmeier Mar 20, 2019 Strategy

Are you thinking about moving your business to a new location? There is a lot of preparing to do. To make the move to a new city or country you should start by doing a lot of research to learn as much about the location and its people as you can. Even cities less than 100 kilometers away can have different attitudes. There are many reasons to move a business. Expand into new markets, increase quality of life, access to more labor, decrease costs and increase revenues. Some locations are difficult to find skilled workers. Perhaps you need new facilities. Moving to larger cities gives access to transportation hubs, rail, international airports and ports. Research Do research on the city first. What are the population trends? How are the demographics different and how do they relate to your target market. Are the costs of doing business more or less? Are...

Accounting Templates

Darryl Bachmeier Mar 20, 2019 Templates

Balance Sheet Assets Current Assets Cash in bank Accounts receivable Inventory Prepaid expenses Other current assets Total Current Assets Fixed Assets Machinery & equipment Furniture & fixtures Leasehold improvements Land & buildings Other fixed assets Total Fixed Assets Other Assets Intangibles Deposits Goodwill Other Total Other Assets Total Assets Liabilities and Equity Current Liabilities Accounts payable Interest payable Taxes payable Notes, short-term Other current liabilities Total Current Liabilities Long-term Debt Bank loans payable Other long term debt Total Long-term Debt Total Liabilities Owners’ Equity Invested capital Total Owners’ Equity Total Liabilities & Equity Here is the template document Balance Sheet XLS doc Cash Flow Statement For the Year Ending Cash at Beginning of Year Operations Cash reciepts from Customers Other operations Cash paid for Administrative expenses General operating and Income taxes Interest Inventory Wages Net Cash Flow from Operations Investing Activities Cash receipts from Sale of property and equipment Cash...

How to market your small business?

Darryl Bachmeier Mar 19, 2019 Business

For small business owners every dollar must count. Large companies can afford large marketing budgets. There are many methods you can use to stretch that small budget. When using any marketing method it is important to try to engage customers and track your marketing efforts. Digital marketing including social media marketing are among the low cost effective methods that a small business can use. Email marketing Can have high ROI. Many sources report $30+ return for every dollar spent on email marketing. Elevator pitch Whenever or wherever you meet someone new you have just a minute or two to sell them on what you offer. Cross promote Think of other businesses that complement but do not compete with what you offer. Collaborate your efforts. Think local Opportunities to market locally. Be where your customers are. Network Look for networking events that your customers may attend. Do not just hand out...

How to manage your inventory

Darryl Bachmeier Mar 19, 2019 Business

If you are in the business of selling products, you most likely will carry some sort of inventory. Inventory management it crucial to cost savings and running an efficient business. One of the worst things that can happen is continually wasting inventory, it is just cash out the door. Inventory can be one of the biggest expenses for a company. The goal is to use up 100% of inventory. Inventory is an asset of your business but too high inventory and you are wasting money. Too low and customer has to wait for item to come in and may go somewhere else. Record keeping You will need to manage on-hand quantities to ensure you have enough to do business but only keep the minimum you need to do business. This reduces costs and takes up less space. The amount of inventory depends on customer demand for your products. You should...

How to handle team conflict

Darryl Bachmeier Mar 18, 2019 Teams

Teams are when a group of people come together to with the same goal. Teams go through five stages of development Forming, Storming, Norming, Performing and Adjourning. Team conflict is most likely to occur in the storming phase when team members are competing for power and relationships have not yet developed. When conflict does arise, there are styles to handle conflict: Competing, Avoiding, Compromising, Accommodating and Collaborating. (Daft, R. L. 2014 P.317). Competing using power to pursue your own interests. Avoiding when you ignore the concerns of others. Compromising to find mutually acceptable solution. Accommodating by ignoring your position and satisfy the other individual. Collaborating by working with the other individual to find a solution that satisfies all concerns. Depending on the situation, the leader must make the decision as to which method to take. If the leader decides to fix the issue, they have several methods to alleviate through...

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