Growing your business will signal your exceptional success to date, and it will no doubt have taken much blood, sweat and tears to reach this point. However, you might be unsure how to expand your business to capitalize on your business’s success. If so, read the following five ways to grow your business.
Sick of the long commute to the office, want more flexible working hours? Want to be able to work from your spare room or couch as a freelance worker? Then home-working could be for you. With all of the digital technologies we now have at our finger tips, there have never been so many remote working opportunities available – spanning across all sorts of industries. But it’s not necessarily as easy as it looks, working from home that is. Here are some things to think about if you’re considering breaking off from the 9 to 5 office job.
While there are many opportunities for technology re-sellers to expand their business by partnering with international clients, unfortunately the costs and inconveniences associated with cross-border transactions can be enough to deter them, leading them to make the safer (though less lucrative) decision to remain in an oversaturated local market.
Setting up a business can be an expensive process, and if you don’t have any capital to spare, then you will be looking at ways to reduce costs. If you are setting up a new business, there are, however, some things you should never cut costs on. The consequences of saving your money rather than investing far outweigh the initial outlay.
Many tech startup employees are sold on the idea that they are the next big thing. Unfortunately, they often fail to take the needs of investors into account when creating their pitch and planning their initial presentations to potential buyers or investors. Let’s look at the four crucial mistakes people make when they pitch their tech startups.
Valuation is always a big step to take for a startup. Whether you’re trying to get angel investors onboard or you want to take out a bank loan to further develop your ideas into products, you need to be able to value your business at its present state. Unfortunately, valuation can be tricky, especially if you have no knowledge of the subject. A lot of startup owners and CFOs actually choose to pursue a master degree in finance online from top names such as Northeastern University to better understand the basics of valuation and acquire the necessary skills to perform one.
Employee engagement has been and continues to be de rigueur within business at present. Most companies have now gotten smart to the fact that employee engagement means profitability for the business. Furthermore, an engaged employee, by extension, is a happy and generally loyal employee, meaning turnover is reduced and initial training is also minimized, adding to further increases in profit. It’s a win-win situation for both employer and employee alike.
But with rapid developments in business models and management structures, how we recognize and measure employment engagement is becoming increasingly varied. Engagement has never been an exact science and needs to adapt to the changes in business large and small.
Below is a selection of emerging trends in employee engagement that are likely to be used more and more through many industries over the next few years.
Gone are the days of the managerial dictator. Reports indicate that inspirational managers have a tendency to produce engaged employees. As a result, leadership development is far more focused on producing ‘authentic’ managers who are ever present, lead with integrity and show empathy to their workforce. The stick is no longer an effective tool in contemporary leadership for while work may be completed, engagement in tasks will be down due to resentment from the employee.
2. Increased Employee Feedback
Building on the presence of managers is frequent feedback. If managers are to be working more directly on ‘the shop floor’ then they need to be offering effective feedback to motivate and encourage greater engagement with tasks. The inspirational manager does not simply say hello and ‘is everything going okay?’ The inspirational manager offers critical feedback that points out both the strengths and weaknesses in an employee’s work.
This type of feedback is not offered as a token gesture at a predetermined meeting, but frequently and immediately, focusing on whatever aspect of work the employee is working on at that time. It gives the employee motivation and opportunity to focus on small part of their job and ensures engagement.
3. Engagement Outsourcing
As employee engagement becomes a greater focus for many companies both large and small, we have seen an increase in the number of companies and services available to help maximize engagement within the workforce. For example, insightlink.com is a company specializing in tailored surveys that enable companies to retrieve vital data from their employees. With expert consultation, you are guaranteed to know what you need to do in order to increase employee engagement.
4. Work/Life Balance
We no longer live in a world where jobs have to be carried out between the hours of nine to five. Office hours are a thing of the past, which means businesses are now in a position to become more flexible with the way in which their employees work. Giving your workers the opportunity to fit their job around their lives means that many will be able to work at a time that suits them. Thereby increasing commitment to the company and engagement in their work.
Business continues to change year after year, as does competition and demand, but the need for employees will always remain. By ensuring the engagement of your workforce you can guarantee that your business is far more likely to survive and flourish.