As your startup begins to gain traction, you’ll need to hire more staff to handle the increased workload or expansion of services. This has a dramatic effect on small businesses: Going from, say, a staff of 10 to a staff of 30 may sound incremental, but you’ll quickly find that the processes you’ve used up until that point may not work as well. More decision makers and more chains of command mean more chances for confusion.
The change in culture can carry an additional cost: loss of long-time employees. It’s easy for someone to feel uneasy with big changes, especially if they’re no longer sure of their place in the company.
To help you keep your staff as you scale up your company, we asked 14 members from YEC for their best advice on retaining employees.
1. Conduct Surveys
We love surveys. In fact, we just recently surveyed our employees about their benefits and which ones they appreciate the most. This helps us know which benefits should be restructured and which ones we should keep offering because everyone loves them. It definitely makes the team feel involved, cared for and like they truly have a say in what benefits are offered to them.
2. Keep Employees Informed
To help retention, make your employees feel like they have a stake in the company. Keep them up to date on company updates, initiatives and successes, as you would with fellow C-suite members. Consider holding a monthly or quarterly business review online to make sure all employees understand the status of the organization, as well as the “bigger picture” projects and goals.
3. Have an Open Door Policy
One way to retain more employees in the workplace is to create an atmosphere that promotes expression. We have an open door policy where anyone, at any time, can come and get things off of their chest. By removing a lack of communication, you’ll better understand what’s really happening within your company and help keep your employees happy.
4. Prepare for the Development of Your High Performers
Continuously write down a list of your high performers and think through professional development opportunities, exposure to different lines of business and “stretch” creative assignments that are unrelated to their core tasks. All these things keep employees interested in what they’re doing. For those that push back on new opportunities or challenges, they might not be a good fit.
5. Promote Internal Bonding
Promoting and encouraging spontaneous conversations between coworkers about random (usually non-work-related) topics is beneficial to improving employee retention. Conversations like these can help synchronize your team, defuse messages and ideas across the organization, and can even jumpstart productive discussions. Not only that, but they also help build relationships within your team.
6. Ensure All Feedback Is Addressed
We provide a variety of avenues (surveys, one-on-ones, discussions, etc.) to encourage all team members to provide their input on areas for improvement and, perhaps most importantly, we make a concerted effort to ensure that all feedback is addressed whether we agree with it or not. It is of paramount importance for employees to know that their input is indeed heard; if not, they will stop offering it.
7. Formalize Perks
Add perks that you can now offer because you have a larger group, such as greater benefits, group activities and group discounts, as well as social events that bring everyone together. You can formalize this with a quarterly plan and accommodate it in the budget.
8. Focus on Building a Team
Focus on building your team, rather than finding employees. My co-founder and I make time to interview every potential employee to make sure they will fit with our company culture. If you build a team of people who enjoy working together, they are more likely to want to stay. It is easier to teach an employee skills than it is to make a talented employee fit into your culture.
9. Offer Them the Chance to Guide Their Own Growth
I hired my people to do things I couldn’t, so it only stands to reason that they would understand some things better about their roles than I do. I retain my better people by giving them flexibility as they continue at the company. They get a say in their direction, so it’s hard for a competitor to make them a better offer on interesting work.
10. Create an Ownership Culture
Use open-book management and empower employees to become an integral part of company success. Let them make decisions that directly contribute to a company’s business goals and incentivize them likewise.
11. Reward Long-Time Employees
Employees like to be valued, so I think it’s important to implement rewards for long-time employees, such as consistent pay raises, more vacation time or perks that new employees don’t get right off the bat.
12. Talk About Change Before It Happens
Both early and recent employees can often become misaligned with the company when they feel taken aback by change. It should be clearly communicated to everyone in advance that as the company grows, not everything will be the same as when they started. This understanding will keep people open-minded and even result in great suggestions on how to change in a way that doesn’t alienate your team.
13. Spend Time Talking With Employees
The bigger your company grows, the less time you will have to speak with your employees individually. Make more time to build relationships with your employees and you will reduce turnover. People like to be cared for and if they see that the boss actually takes the time to speak with them, they will take notice. Not a lot of companies show interest in spending that time and people will value it.
14. Build an Organizational Structure
After a few unexpected employee departures last year, our leadership team focused on building an organizational structure. This included outlining our core values, creating monthly goals for each employee and understanding who is accountable for every critical function. In the end, it’s helped every member understand who we are and the direction we’re headed in.
Keep Employees Longer with a Better Business Model
Now that you’ve learned some of the best ways to keep your employees happy and continuing to work with your company, it’s also important to think about how you can grow and scale your business in the long run. Most employees will want to work with a company that is not only rewarding for them and a fun place to be, but also one that is growing in size and profitability in the process.
The Ultimate Guide To Streamlining Your Accounts Payable Process
Let’s face it: the process of improving and streamlining your accounts payable process can feel like you’re drowning in a sea of busywork. It’s also one of the most important, yet overlooked, processes within a business that can actually make you go from negative to positive in monthly ROI. This is especially true with online businesses, as many of use are using various automation, SEO, and marketing tools that have built-in recurring monthly costs… but how many of them are we actually using, yet still paying for?
This is something I occasionally talk about on the blog, as it’s a great reminder to always keep an eye on not just what your monthly expenses are, but also what they are actually being spent on. We all watch the incoming and outgoing money within our businesses and brands, but many of us will forget to actually look through our credit card and banking statements to see who is billing what. Soon enough, you could have thousands in monthly recurring bills, and not even realize that you aren’t utilizing such services.
It’s not just affiliate marketers and bloggers that have to deal with these types of issues, it’s businesses of all sizes — and it really comes down to the various payment processors, invoice tracking, and tax software being used. The truth is that an inefficient accounts payable system costs you in time , money, and anxiety. Between chasing down your tax information, waiting for invoices to be verified, and frantically paying bills at the last second, things will slip through the cracks.
You won’t just lose money. Your company’s reputation will suffer as a result. You might lose important business relationships that you’ve worked hard to build.
It’s time to make a change for the better.
Read on to learn how to improve your current accounts payable procedures.
1. Look for Patterns in Your Payments
The first thing that you need to do when you’re ready to make over your accounts payable process?
Think about how you can get out in front of upcoming payments.
The best way to do this is to look for payment and invoice patterns, and then create a matching schedule of accounts payable.
For example, do you know that your supplier sends you a bill on the first Monday of every month? If so, you know that this payment to your suppliers is a fixed cost every month. You should schedule an automatic payment, since it will likely be in the same amount each time.
Additionally, figure out who you sent the most money to, the most frequently.
This will help you to keep better track of your spending pattern, and know who to prioritize when it comes to getting payments out on time.
One more thing you might discover during this review process?
The fact that you’re not exactly spending your company’s money in the most effective way. Taking a closer look at things won’t just help you to spend less time each month on accounts payable.
There’s also a good chance that it will help to save you some serious money.
2. Define Your Invoice Payment Strategy
You know that paying invoices on time and in the correct amount is an essential way to maintain excellent relationships with freelancers and suppliers alike.
However, if you’ve noticed that your accounts payable process seems to be missing the mark when it comes to invoices?
You need to make a change — and fast.
First of all, decide when you’ll pay the invoices that are sent to you. Is the goal simply to get them paid as quickly as possible? Or, is it better to send payments at a set date?
Determine the payment method that you use. Will you write them a check, or do they prefer to get their money sent to them via systems like PayPal? And which method of payment works best for your business?
You should also make sure that you have a strong record-keeping system in place when it comes to your invoices. That way, even if something does go wrong, you’ll be able to track exactly when and how it happened.
One final piece of often-overlooked advice?
It’s simple: make sure that you have the right employees working on accounts payable.
Is now the time to create a specific accounts payable department, as opposed to assigning invoices to “whoever has time” to complete them? What short of qualifications do the people working in accounts payable have? What sort of training program have you implemented?
These are certainly all things to consider — and to speak with your team honestly about.
If you need to hire someone new, then the cost of bringing them on will likely pay for itself in the time the rest of your team members will earn back.
3. Consider a Payment Automation System
Of course, if you’re truly serious about improving your current accounts payable process, then you’re likely going to need to invest in a payment automation system.
Look for a system that allows you to make payments in a variety of currencies and payment methods. You should also decide on an option that helps you to eliminate as many rejected payments as possible.
The goal here is to find a platform that helps you through every part of the AP process — including making early payments.
Also, ensure that the payment automation system you choose helps you to keeps things secure and compliant. The right system will scan potential payees and identify potentially fraudulent or problematic companies.
Finally, make sure that you take a close look at the transaction fees of any payment automation system you use. Remember that fees are usually charged on a per-transaction basis. So, cut down on the number of individual payments if possible.
Looking to learn more about what makes a great payment automation system?
If so, be sure that you check out the Tipalti website, to learn how their platform could save up to 80% of your accounts payable team’s time.
Once you’ve implemented each of these solutions and accounts payable processes, you may finally be at zen with your personal and business finances.
Ready to Overhaul Your Accounts Payable Process?
We hope that this post has helped you to understand what it takes to truly improve your accounts payable process — and eliminate errors in the process.
Of course, tackling accounts payable is just one smart of what helps you to streamline your time at the office, and get more out of every day.
You need to ensure that you have a strong digital and print marketing strategy, that you employees feel motivated within the work environment, and much more.
Keep on coming back to our blog to score even more tips on how to take your company to even higher heights.
How to Pick the Best Business Credit Cards for Startups
You obviously know about the existence of business credit cards, and you may have even heard about the benefits they give to companies, but you’re still worried about getting one for your startup. If that’s that the case… don’t be. I’ve personally used credit cards for my business expenses for over 20 years now, and as long as you stay on top of your payments, they are perfectly fine.
Right now, you may think you’re playing it safe by avoiding the plastic, but in reality, you’re missing out on a ton of great deals that could help your business grow and become more successful.
There are a variety of credit cards that you could choose from, and each card offers their own unique trademarks that you could use to your advantage. Let’s have a look at some of the best business credit cards for startups.
The Best Business Credit Cards for Startups That You Should Use
Depending on your type of business, you can gain some serious perks to help you level up your business game. Keep reading to find out more.
Decide How Fast You’re Paying the Monthly Bill
The first thing you need to worry about is the amount of time you think you will need to take care of your monthly statements.
Some companies can pay off their fees in full every month like clockwork. Others may only be able to pay off the bare minimum in order to keep things rolling. There are cards for both types of businesses.
If you know how to make the full payment each month, you should go for a card that gives you longer grace periods and a lot of rewards so you can capitalize on all of the benefits.
Charge cards are also handy for those who always pay in full. These little guys give you the money you need, as long as you’re able to pay it off within a 30-day time frame.
If you’d rather take your time paying off the card, then get a credit card that has a low-interest rate or a 0% APR to allow you time to pay everything off without any backlash.
As for my own personal and business expenses, I’ve always been a fan of American Express, and have been a customer of theirs since 2003. You can see a few of my other preferred business credit cards for entrepreneurs and bloggers as well.
Think About Operating Costs
One of the biggest reasons (if not, the biggest) why you want a credit card is to take care of the operating costs that come with every business.
Look through the spending log and see which of your operations takes up the most of your money, and then find a card that gives you benefits directly related to those operating costs.
For example, if you spend a lot on customer service, get a card that offers bonus points on spending in this category. That way you get returns as you spend cash.
The last thing that you should be worried about when choosing a credit card is are the credit expenses.
Different cards offer different costs on their monthly and annual fees. More often than not, this is directly related to the number of benefits and perks you get from using it.
The general rule of thumb is that the more basic the card is, the less you’ll have to pay in fees, and vice versa. It’s up to you to decide if you’re going to take the thrifty approach or if your business can fork the extra cash for the bonuses.
If you want to learn more about what card would suit your company best, check out this website for a list of credit card reviews and other things that could help your small business soar.
The One Stop for All Your Startup Business Needs
Now that you know about some of the best business credit cards for startups, you can make moves to grow your business! When starting to apply for different cards online, you may find better success with lower level credit options and stay away from American Express until you have a decent credit score or business history. If all of that already looks good, then apply away!
As mentioned, I’ve been making money online and helping businesses grow their reach and exposure for well over two decades now. If you ever have any questions or are in need of services, just send me an email and I’ll be sure to give you the answers that you need.
10 Tips to Create a Business and Work Environment that Employees Love
One of the benefits of having a healthy company is a productive team that goes above and beyond the call of duty. This is especially true for online businesses and brands that can hire in-house and remotely at the same time. With better time, money, and employee management, this allows the business to grow and scale, while also keeping the internal structure secure at all times.
Having happy employees and team members is more then just about ‘working environment’, it can also lead to a more accountable staff, which often show up to meet deadlines and complete projects not only at a faster pace, but also in high-quality. This type of atmosphere can actually lead to healthier morale for other employees.
However, just having this type of work environment and in-office ethics doesn’t just happen. It’s usually seen when the leaders of a company show them how much they care. Caring for employees means more than making sure they receive a paycheck. You have to be present.
A great boss shows up to set clear expectations. They coach their employees to meet goals and offer constructive feedback. But compassionate leaders don’t stop there. They go beyond goals and expectations to ensure their employee’s happiness and health.
If you want to keep your employees committed to the company’s success, keep reading. Here are 10 thoughtful tips for practicing top-notch employee care.
1. Keep the Workplace Safe
One of the best ways to show your employees you care is by maintaining a safe work environment.
Establish safe office practices and make sure your company is up-to-date with its safety training through a platform such as SaftetySkills. These practices serve as preventatives. And, less illness and injury occur.
You reduce health and safety hazards and help your workforce boost productivity. And, you protect the company’s reputation by shielding it from grave consequences.
2. Employee Surveys
You won’t know how to care for your employees if you don’t know what they need. Employee surveys offer that opportunity.
Poll your staff about all the services and benefits you provide them. With anonymity, your team can provide honest data about the company as a whole.
Through surveys, you can also discover the needs of your employees you haven’t served.
Use the survey data to find avenues for improvement. Set up action plans. Then implement them in a way that services the entire staff.
3. Open-Door Policy
The open door policy is an age-old communication policy. Leaders-CEOs, managers, and supervisors leave their doors open to promote transparency in the office.
An open door encourages employees to communicate with the upper manager. This policy gives them an opportunity to voice their concerns.
This may not work in every office situation, but the principle itself can. Set aside specific hours where you are available to floor staff.
Or, host weekly or monthly office town hall meetings. Use this platform as a forum for employees to shed light on concerns plaguing them and the company.
4. Wellness Benefits
The mental and physical well-being of staff is important for every company. Unhealthy employees mean an unhealthy office.
A good employee wellness program comes with several benefits.
Office wellness promotes less absenteeism. Employees look and feel healthier, eliminating health risks that keep them out of the office.
Productivity spikes as a result of a great wellness agenda. When you encourage employees to eat, sleep, and focus well, they perform better in the office.
Also, when a healthy staff knows that a company cares about their overall health, they stick around.
Wellness programs improve employee retention. Good employees stay where they’re cared for.
5. Relate to Your Staff
Often senior executives believe and behave in ways that make them appear superior to their staff.
Resentment can grow in the office as a result of this. Your team should not view your position as an unobtainable one, but rather one to strive for.
Find positive ways to relate to your team to change their view of you as a leader. Host company family picnics. Company picnics create a family environment.
Professional bonding outside of the office boosts morale amongst employees. Also, seeing a boss in a family atmosphere changes an employee’s view of them.
Leaders appear more paternal than pompous.
6. Professional Support
The unspoken rule is the client is always right. That’s not always true or right, especially when it comes to backing good employees.
When a staff member has a complaint about a client, listen to the complaint then do something about it. Let your employee see you act on it. Then follow up when the action’s complete.
It’s important for employees to know they’re not just seat fillers schmoozing clients to make money for the company.
They need to know the work they put in matters. And when a client shows them otherwise, the company should have their back.
7. Stay on the Honeymoon
In the application process, recruiters break out all the stops. They court potential employees with paid vacations, sick time, and weekends off.
And then when they hire them, they give nothing else but paychecks.
You have the employees you hired for a reason. Their qualifications and skills met the job requirements, and they meet standards every year.
Don’t let the good you do for them stop at the hiring process. Stay on the honeymoon.
Offer perks and random spiffs. Reward perfect attendance. Payout unused vacation time. Allow top performers to use the company jet once a month.
Lease out a restaurant and celebrate employees when the company achieves record sales.
Keep the professional love alive. This keeps good employees from looking at other companies as well.
8. Growth Opportunities
No person with secretarial skills wants to be a receptionist their whole life. Offer multilevel training to your employees.
This benefits them and the company.
Training and development opportunities can be anything from customer service to human relations.
Offering employees other avenues to grow within the company increases job satisfaction. In turn, you decrease the employee attrition rate.
Morale increases and staff members become self-motivated when they know opportunities are available.
9. Unique Working Spaces
A cubicle should never feel like a prison, even in the most productive situation. Let your employees modernize their workspaces.
Be open to the concept of different furniture styles and color schemes. Let your staff hang art and use tasteful cubicle walls covers.
Since they can’t open the windows in most office buildings, allow for small indoor desk plants.
Employees spend 10 to 12 hour days working hard your company’s vision. Let them feel comfortable doing it.
For any entrepreneurs working from home, you will understand this all too well. Your workspace needs to be a fun and productive place to be!
Just take a look at my home office below as an example!
10. Culture is Everything
Your company’s culture is its personality. Make sure the vision, mission, and expectations aren’t driving good employees away.
Quality company culture fosters loyalty. When employees believe in the company’s purpose, they support and remain true to it.
Job satisfaction is an important part of company culture as well. When you invest in your staff, the result is happy, committed employees.
A corporate culture steeped in positivity and opportunity reflects care for employees. It can make a company one of the best places to work.
Connect with Your Team through Employee Care
Employee care is the driving force for any company who desires continued success. It is the backbone of company culture.
And, it shows that you’re a leader of leaders, not just worker bees. Show employees you care by making the success of the company a collaboration.
If you found these productivity and business tips useful, be sure to also check out our recent article on ten productivity killers that are wasting hours of time per week.
Most Read Articles
5 Expert Guides on How to Rank YouTube Videos on Google
Want to rank your YouTube videos within Google? Sure, we all do… but the truth is that most people think...
5 Reasons Why Media.net Is a Top Alternative to AdSense
Many online publishers assume that Google AdSense has a monopolistic stranglehold on the contextual ad market, particularly for smaller publishers...
How to Make Money with Affiliate Marketing – 57 Experts Share their Tips
Affiliate marketing is simply one of the best ways to make money on the internet today. It’s actually been one...
I have Ulcerative Colitis. This is My Story.
I have Ulcerative Colitis (also commonly referred to, or confused with Crohn’s). There is a big difference between the two,...
Amazon Dropshipping 101: 3 Expert Guides to Start Selling on Amazon
Amazon is the ultimate beast for buying and selling anything in the world today. With their massive reach and billions...
Insider Secrets to Making a Million Dollar Web Site!
A few days ago I released my first post on “How I Made $860,538.38 PROFIT in 4 Months!“, along with...
How I Made $860,538.38 PROFIT in 4 Months!
First off, I would like to make it clear that this post is NOT to impress you, but to impress...
Entrepreneurship3 months ago
17 Growth Hacks to Help Your Startup Scale Faster
Entrepreneurship3 months ago
Logo Design Tips for Digital Marketers, Businesses, and Brands
Solutions3 months ago
Grow Your Affiliate Business with Lorem Marketing Experts
SEO3 months ago
SEO Tips to Dominate the Competition in Your Niche Market
Affiliate Marketing3 months ago
How to Make Money Promoting Survey and Quiz Affiliate Offers
Affiliate Marketing3 months ago
PayKickStart Shopping Cart Checklist: Can Your Online Shopping Cart Do This?
Entrepreneurship4 months ago
Must-Have Business Tools and Resources to Grow Your Startup Online
Marketing2 months ago
MegaPu.sh Push Notifications Network is Excellent for Affiliate Marketing