Seven Steps to Increase Business In a Tough Economy
When sales slow, it’s time to accelerate. Economic downturns are opportunities to seek new paths. This article outlines seven steps to help you thrive during slow periods. Seven Steps to Thrive in Slow Times Reshape Your Vision Redefine your business vision with dynamic projects that excite you, recognizing you’ll need to work smarter and possibly harder. Redefine your original business vision and start projects so dynamic that you’ll be eager to get to work each morning. Take a few days off and ponder the direction you want to follow. Recognize that you will have to work smarter and possibly harder. Here’s how to figure that out: Conduct a SWOT Analysis…
Read MoreHow to Win a Business Award (4 Steps to Increase Your Odds)
Business awards attract media attention and raise your profile. Here’s how to increase your chances of winning: Inquire about awards and nominations through your local chamber of commerce and trade groups. Complete applications for awards carefully. Profile your business, describe major challenges you have faced and overcome, explain your solutions. Submit your award entries well in advance of the deadline. When you win—and even when you are just nominated—write press releases about the awards and send them to local media.
Read MoreMaking the Most of Fringe Benefits for Business Owners
A fat paycheck isn’t the only way to take money out of your company and it’s not always the most sensible tax-wise. Fringe benefits often accomplish more in the way of tax savings. Review these possibilities with your tax adviser: For Company Owners Loophole: Have your company buy a hefty group term life insurance policy on your life. The premiums will be fully deductible by the company as long as the plan coverage does not discriminate against lower-income employees. Through a quirk in the tax law, this strategy creates tax savings for you. How it works: Say your company pays the premium on a $1 million insurance policy on your…
Read MoreCustomer Service Best Practices for Email
When using E-mail for customer service purposes, be sure to follow this helpful advice: Answer quickly—customers using E-mail expect a prompt response, usually within the same business day. Use the “Reply” key in your E-mail program so that the customer’s note is part of your response. Avoid slang, jargon and anything else that could be considered insulting, such as writing in all capital letters. Don’t send attachments—not everyone can open them, and some users are afraid to open them because of the threat of viruses. Instead, paste the contents of the attachment directly into the body of the E-mail. Treat E-mail as you would paper documents—assume it will be kept…
Read MoreRecession Preparation: Make Time for Networking
Even during busy days, take a few minutes to talk to someone who calls. Be encouraging even if you can’t help him/her. Refer the caller to other people who can help. Confirm his phone number and E-mail address so you can get back to him—and to show you really want to stay in touch. When unemployment rises due to a recession, you may get more calls from people wanting help. It is good business to have them think well of you.
Read MoreSigns You’re A Layoff Candidate
The most likely layoff candidates are employees who resist new technology or are not interested in upgrading their skills, ones who demonstrate little or no emotional commitment to the company, those disliked by peers and subordinates, and finally, those who made any major mistakes—even many years ago.
Read MoreIf Asked to Evaluate Your Boss
Be very careful when evaluating your boss—an increasingly common practice in many companies. Assume that he/she will find out who said what, even if comments are supposed to be kept confidential. Also, give facts—not opinions—and do not repeat hearsay. Only mention things you personally heard or saw. Avoid making recommendations even if asked what the boss could do to improve performance. Most bosses prefer to believe subordinates like and respect them. Anything negative you say could become a problem for you later.
Read MoreSix Special Ways to Reward Employees
A lack of recognition is the number one cause of employee dissatisfaction. Give creatively to employees, and they will give back productivity, loyalty and team spirit. Here are low-cost ways to reward employees: Name it. If Kelly was drinking coffee while working on a report until 2 am, post a sign on the coffeemaker dedicating it to her. Name the conference room after the employee who scored a big account. Change the names as the people who deserve recognition change. Bribe the spouse. Show appreciation to the support person behind the star employee. A simple note works. Flowers, wine or dinner is even better. Give discounts. Macy’s employees enjoy discounted…
Read More3 Key Questions to Ask Job Candidates
When interviewing, ask candidates how they have handled workplace problems, such as a conflict with a coworker or a difficult boss. Focus on specific projects or transactions, not just the work in general. Listen as the applicant talks about past workplace problems. Does he/she still seem angry or irritated? Does he talk disparagingly about coworkers? You should also know the stressors inherent in the position for which the candidate is interviewing, and look for someone who has handled these successfully in the past. Ask the candidate to sign a waiver allowing you to talk to his former employer and waiving any liability as a result of the conversation. Fax it…
Read MoreIs Stress Creating Sick Days at Your Company?
Stress could become the leading cause of disability within the next 20 years. Stress-related workers’ compensation claims are rising dramatically. People stay at home “sick” because of worries about the pace of work and fears of layoffs, workplace violence and, since September 11, 2001, working in high-rise buildings. Our culture believes that every ailment can be treated, and many medications are effective against stress symptoms. Better: Accept stress as normal, but don’t let it rule your life. Take steps to relieve it. Examples: Exercise, massage, a hobby, deep breathing.
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