Owning and running a small business often means that you are responsible for most or all of the tasks that need to be completed. Often, owners will find their time being entirely occupied with their business. This can take a toll on their mental health and cause work related stress. Which not only inhibits one’s…
Engage employees in the company vision It is important to share the business vision with employees so that they feel more motivated and enthusiastic. This will not only develop an interest in the work being completed, but also increase productivity. Further, engaged workers are more likely to bring in ideas and contribute to the growth…
Understanding what organisational structure is can help with making decisions about your business in all areas. Organisational culture is multifaceted, it consists of the shared values, beliefs and norms in the workplace, and determines employee interactions as well as customer interactions. There are four types of organisational cultures. Clan Culture: Focussed on collaboration between teams…
Set realistic and actionable goals Businesses should set realistic and actionable small goals which they can work towards, rather broad goals which provide no direction. Setting broad and unrealistic goals is demotivating and makes any progress made seem insignificant. Every person in the business should be given a target to meet over a reasonable timeline…
An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure. Sole Proprietorship You have complete control of your business. Your business assets and liabilities are not separate…
Businesses working from home due to social distancing restrictions can take the opportunity to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility for employees when it comes to working remotely and adaptable hours. Here’s why flexible work arrangements with your employees may be beneficial for…
It is a tall order to ask for a business owner to manage everything alone, much less lead their business into success. This is why many successful businesses are born from partnerships. Partnerships can be advantageous to business owners looking to balance their complementary talents and personalities. Sharing the experience of running a business can…
Acquiring new customers can often be simpler than retaining existing customers. However, loyal customers give your business a higher chance of succeeding. Unhappy customers stop doing business with you, negatively affecting your business’ growth. The rate at which your business is losing customers is called churn rate. It can be crucial to address this churn…
COVID has prompted businesses to go digital, making cyberattacks an easy job for scammers. Small businesses are especially at risk because of the lack of resources to purchase high security tools and software. Consider using the following strategies to avoid each type of risk to give your business the extra protection it needs. Avoiding Phishing…
Maximising returns on investments is the primary goal for every business owner who invests in a marketing campaign for their brand. Learning how to properly test and troubleshoot your budget according to your business needs can help you save a failing campaign from costing you money. ObjectivesThe first step to budget optimisation is being clear…