Taxing Changes Coming Your Way: 3 Areas of Concern for Small Business Owners

March 13th, 2013

Image courtesy of 401kCalculator.org

Of the two certainties in life, we have at least some control over our taxes. Even though there have been many changes over the course of the previous and current tax years, there are some aspects bearing special importance to small business owners.

Three overall areas of recent change with which small business owners should familiarize themselves are in the realm of health care, payroll and business purchases, so let’s just dive on in, shall we?

1. Company Health Care

Despite all of the discussion and confusion surrounding the Patient Protection and Affordable Care Act (PPACA), there are a couple of overriding themes to be gleaned where small business employers are concerned. The new health care law (aka “Obamacare”) specifies that all employers with over 50 full-time/full-time equivalent employees must provide some kind of health care to their workers, or face penalties.

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B2B Quick Tip #12: Going to conference or event? Book an extra day now.

March 12th, 2013

This will be one of the shortest blogs I’ve ever done because the “quick tip” is fast and easy to convey.

But here’s the modest epiphany that has lead me here.

Last week, I attended an event called DX3. It’s a two day tradeshow and conference “focused on digital marketing, digital advertising and digital retailing”. It’s a Canada centric event, BTW, and I’m glad I attended. It met my expectations in terms of learning and networking.

In fact, over the course of two days, I jotted down many pages of notes on things like:

  • Websites of interest to look at
  • People to follow on Twitter and the like
  • LinkedIn connections to request
  • Ideas for my blog

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B2B Quick Tip #11: Is there a cap on your sales reps earnings? Bad.

January 22nd, 2013

Sales rep compensation can be a a mine field of options and decisions.

  • Do I pay a salary and bonus or straight commission?
  • How do I set a quota for my reps? DO I set a quota?
  • If my sales reps make a lot of money, how do I keep my other employees from becoming disgruntled?

A biggie for many companies is:

  • Do I establish an earning ceiling for my reps or leave it limitless?

It seems highly risky and throw caution to the wind to NOT have a ceiling. But I would argue that there is virtually no place for a earnings ceiling for a sales position.

Good sales reps love to sell and love to make money. Therefore the most fertile ground for folks like these is a limitless one. A properly structured comp plan, that excludes an earnings ceiling, will generate maximum revenue and profit to the company. Conversely, a comp plan that has an earnings ceiling will, de facto, limit company revenues and profits.

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5 Time Management Heroes For The Busy Manager

January 3rd, 2013

As more organisations re-structure their business the likelihood is that as a manager you are going to get busier as the workload is shared between fewer people. As business priorities change in challenging conditions so should yours. If you carry on as you were you are going to be swamped.

The mantra should be work SMARTER not HARDER. This means putting serious thought into improving the way you work.

1. Re-Visit Your Key Results Areas

Remember, this is what you are judged and paid against. Anything else is a bonus. Be careful though because time spent with your people is time well spent. If in doubt ask your own manager where priorities now lie in the current climate.

2. Keep An Activity Diary For A Day Or Week

If you really want to know where you are spending your time then keep a diary for a short period. Our perception of where we spend our time is often different from reality. Remember to record how long you are spending on each task too. Once you have done this critically review your tasks against your KRA’s and decide which ones you will stop doing altogether, which ones you will delegate and which ones you will keep. When making this judgement consider how much you are being paid to be a manager and which tasks should have more time spent on them.

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B2B Quick Tip #10: Know Your Customers’ NAICS codes?

December 10th, 2012

So, do you?

If you’re in the B2B world, this is a must for marketers to know (and wouldn’t hurt the CEO and Sales too).

NAICS stands for North American Industry Classification System and is an hierarchical system of classifying business by what they do. It was created tandem with NAFTA and therefore covers industry in Canada, The U.S. and Mexico.

Click here for gov’t information links and a quick overview of NAICS. Its fast read so go ahead and have a look, then come back here.

Welcome back!

So why is it important to know your customer’s NAICS code? Its important because the industry code of a customer is a corner stone of creating customer profiles.

By analogy, in the B2C world, profile information includes age, gender, geo location, household income, education, etc. Also known as demographics, they’re essential for knowing who your customer is and how to market to them.

In the B2B world, the equivalent of demographics are called firmographics and include geo location, size of business in employees and sales, years in business, number of locations and …. industry code.

Ideally, this information is known for all your customers enabling you to create comprehensive profiles of who are your BEST customers. With that info, you can license business databases from the likes of D&B, Acxiom or Experian and target prospects that look just like your best customers.

Have you used NAICS before? Do you have a preference for Standards Industrial Classifications codes instead?

Thanks for reading my blog.

Vincent out!

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3 steps to creating more synergy with your employees

November 6th, 2012

People have many needs to satisfy when they make a commitment to work for their employer. The most obvious needs include money and benefits, closely followed by trust, autonomy, work/life balance and meaningful work.

An added bonus is working for a leader who understands the significance of helping his/her employees live their purpose through the work they do. And when individual employees understand their purpose within an organization, the benefits include greater synergy, passion, teamwork, a stronger commitment to self and his/her employer and much less conflict.

Helping employees find and understand their purpose within their roles and that of the company bonds them much closer to the mission of the company.

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Small Biz: Retention issue? Ask your employees. Analyze customers.

October 31st, 2012

Today’s small business challenge in the Globe & Mail concerns a Toronto based recruitment firm called Arrow Professional Services. They have 200 employees and over $11 million in revenue last year.

Their issue: Employee retention problems which is due to a very unpredictable flow of work requiring employees to be ultra flexible with their work availability.

“We work with [our clients] as much as we can to get as much projection in the forecast as possible, but the reality is that we’re lucky if we get a week’s notice.” This means employees need to be flexible. “There are certain expectations. At 3,  if a client just ordered some staff for tomorrow, then you’ve got to stay until it’s done. On the flip side, the next day, it’s okay to come in at 9:30 or 10.”

The company has done a lot to try to address this issue including training, on-boarding programs, interview screening, work distribution etc.

The experts chime in with good suggestions that primarily centre around improving current practices around recruiting, training and culture shifts.

You can read the full text here called Workload swings cause staff retention problems.

What to do? Read the rest of this entry »

What Is The Truth Behind Social Media and Business These Days?

October 18th, 2012

The end of the year is quickly approaching.  It is time for all calendar-year businesses, both large and small, to start and conclude planning for 2013.  There are usually three basic questions that kick off the process.

  • How have you performed so far in the current year?
  • What is the forecast for this year’s operating results?
  • And lastly, what markets trends are in full view that would likely improve my prospects for next year?

Large businesses have the resources, time, and personnel to delve more deeply into these three areas, but small businessmen are sometimes more “budget constrained” and often refuse to apply disciplines that work on a large scale that may benefit their small business enterprises.

As far as what’s hot and what’s not, Social Media has bounded onto the scene, capturing everyone’s personal attention, but can it really reap huge gains for the small entrepreneur?

The simple truth is that social media or networking is still in its infancy.  Marketing “gurus” will attest that everyone is “connected” and that this phenomenon represents the greatest marketing tool ever created.

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B2B and Small Business Miscellany for October 5, 2012

October 5th, 2012
B2B and Small Business Miscellany for October 5, 2012

Word cloud for all the content from this week's favourites.

Throughout each week, I share what I consider to be interesting articles, blogs or web pages/sites about B2B and small business. I appreciate quality so I’m somewhat selective about what I pass along.

The best way to keep track of these is to follow me on Twitter at @bizcompare. But in case you missed any, here’s a list of my faves that I sent out this past week.

Sales & Marketing:

Leadership, Management & People:

Entrepreneurship:

Social Media:

Thanks for reading my blog and please visit again.

Vincent out.

Authored by: 

3 Creative Ways to Manage Employee Performance

September 25th, 2012

Employee performance management is an important aspect of your management duties. When you know how your employees are performing you can conduct successful reviews annually, bi-annually, or impromptu, if necessary. However, when review time comes around, the standard – you did this well, you should improve on this, and a here’s a pat on the back, isn’t so effective anymore.

To better manage employee performance, you need to have metrics. You analytically measure every aspect of your business, so why not measure your employee metrics as well.

To get said metrics, you can creatively use a number of programs that are likely already integrated into your business, and simply pull employee specific information where necessary.

Sales team: Call Center Software

Your sales team does a lot of work for the business, and thus it’s critical that you are able to manage and assess them accurately. Call center software is a valuable tool in this respect; you just need to know what to look for.

  • Average answer speed: Your employees should be answering the phone immediately – who is wandering away from their phone and missing calls?
  • Average call time: Compare the average call time of your highest grossing employee to address whether issues lie within call time or pitches.
  • Average calls per day: How many calls is your employee making? Are their phone usage stats as high as they should be?

All In-House employees: Workflow Management

Workflow software is beneficial for everyone within your company. With prioritized tasks that everyone can see, it not only holds them accountable but makes it easier to get important jobs done in a timely manner.

However, when you look back on this, you can get a accurate snapshot of how each and every employee performs day to day.

  • Projects: How many were started, finished or passed off? How many were re-started?
  • Process statistics: How long did it take your employee to start and finish a project? Compare this to those working on something similar for review purposes.

Customer care: CRM Software

Customer care is an integral department of your business. Keeping customers happy and bringing them back for more, you want to be sure these employees are being successful every step of the way. CRM software is a great tool for managing these contacts; however, you can also extract important employee performance information.

  • Abandoned calls: How many calls ended in a lost account or hang up?
  • Escalated: Your employees are trained to solve a problem immediately. However, look to see how many calls are escalated and then lost.
  • Accounts: How many accounts is your employee managing, and how many have they been in contact with in the last 30 days? Are any being neglected?

There are a number of programs you currently use that will give you great insight into employee performance. As an aspect of your daily management duties, it’s important that you can get accurate information in a convenient manner. Instead of investing in expensive talent software, use what you already have; just get a little creative with it.

Guest Author: Jessica Sanders is an avid small business writer. As the marketing copy editor of Resource Nation, she touches on a range of topics such as HR software and payroll services.