2-1-2 Small Business Sense

Time and money… most small business owners could do with more. So how can you read all those great publications, news stories, business books, magazines…without breaking the bank? Just as importantly, where do you find the time to search for all these books?

Many small business owners and prospective business owners have never considered utilizing their local library to save time and money. The great thing about technology is that it has made it easier than ever to obtain the business books you have been hearing about, but don’t want to spend money on until–or unless–you know they will be an ongoing resource.

Before you run out and buy dozens, or even one business book, consider checking it out from the library first. Often, you only need one or two of the ideas the book proposes. Other times, this may be a book that you turn to time and again as a source of ideas, inspiration and advice. You don’t know which it will be, however, until you have a chance to spend some time with the book. Therefore, save your money–order the book or check it out from the library first–buy it later if it is worth it to you.

Even better, with the advances in technology, in most areas you can access books through your local library’s network website, which saves you the time of browsing stacks in multiple locations. Basically, you are able to access books from multiple libraries throughout your metro area or state by simply having a local library card…and without having to go to those libraries to get the books (similar to ordering books through an online retailer, but you don’t have to pay for them).

Its usually very simple: log on to your local library website, search title, author, keyword….find the book you want, click “Place Hold” and select the library you would like to pick the book up at…and a few days later, your friendly librarian will call you to let you know the book is ready for pick up. In most cases, this is an entirely FREE service, and is available to anyone who holds a library card with a participating library.

So save your time…and money! Before you decide to run out and buy all those books, utilize the resources your tax dollars are already paying for.

By: Nicole Wipp

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Most businesses utilize software to manage their everyday operations. In fact, many large corporations depend heavily on these tools to expand their operations all around the world and keep different departments or business units in sync. Small business owners may start out with manual business practices, but there comes a stage where upgrading to this type of a support system may be inevitable.

While most small businesses may not be able to afford to maintain a number of business units, they fail to see that their current operating processes already mimic the steps of a simple small business software. For example, an administrative assistant usually performs the function of a Human Resources Manager as well as the occasional job of a personal secretary. In a small business, multi-tasking is often the key to success and small business software can be the glue that fuses all these functions together seamlessly.

Of all the areas in a small business, accounting is perhaps one of the more crucial areas that needs constant attention. This is why it is important to have small business software that can manage the automation of everyday accounting process without having to worry about human error. Small business software built for accounting purposes will track income and outflow. In addition, it can also build accounting formats that consolidate profit and loss statements and petty cash flow, among other things.

Every business owner agrees that time is money. Luckily, there are a number of small business software that can help business owners organize their time more efficiently. In this instance, the business owner can integrate the software with existing tools like the Microsoft Outlook Express, Calendar and appointments to streamline the business process. In addition, it is also possible to calculate the amount of time spent in meetings, traveling, and conversing with customers on the telephone. While these may seem like necessary duties, many managers miss the importance of time management, especially when it comes to the smaller everyday details and how they can hinder the progress of business expansion. It is an excellent way to find out the total amount of time spent on each customer, and consequently determine how much to charge each client in order to make each hour profitable.

Another area that can be benefit from using business systems is in the management of human resources, especially if the business has less than 20 employees. Besides recruitment and hiring functions, most software can track sourcing, payroll, attendance and conflict resolution for each employee. This substantially eliminates the need to invest in a physical human resource department and can drastically streamline the human resources department.

In this challenging economic climate, small businesses need all the help they can get in order to stay in business. Investing in small business software takes away the time consuming and manual process of running a business and allows the business owner to focus on sourcing for new opportunities and business partners.

By: Amelia Bunk

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Peter Drucker the noted management consultant said, “Chances are good that up to 66% of your companies hiring decisions will prove to be mistakes in the first 12 months.”

That’s a pretty damning statistic when you consider the potential cost of a mis-hire can be as much as three-times the persons salary. This means for a failed hire of a typical middle manager with a salary of $50,000 – you could face costs as high as $150,000.

And let’s not overlook the potential for law suits, and the intangible costs associated with depressed morale and the very real loss in productivity. Of course you may even need to factor in packages and other layoff costs too.

Studies have shown that “DIY Recruiting” is dangerous to your companies health, and relying on gut instincts, first impressions, and poor hiring processes will undoubtedly lead to the dismal future painted by Peter Drucker in the opening paragraph of this article.

But hiring doesn’t have to be this way. True, hiring is part art, but mostly it’s a well researched science with the exceptional firms providing top quality recruitment services, capable of successfully sourcing and selecting great people for your growing company.

Excellent recruitment begins with understanding the requirements – and we’re not just referring to the required skills of the applicant (although this is important) we are referring to a much richer and more in-depth analysis that includes the job, the environment, the people and the culture.

A true Tier-1 recruitment firm seeks to understand the behaviour patterns, competencies, interests and abilities that would define a top performer within the company. Along with traditional methods of resume selection, phone screening, and in-person interviews, Tier-1 firms include personality profiling, and applicant assessments along with supporting background and reference checks.

And unlike person-to-person interviews, which always have the chance for misinterpretation, scientifically developed applicant assessment reduces the chances of an unsuitable applicant to the lowest levels. Contrary to popular myth, it’s not possible to “fake” valid and reliable assessments. And candidates who do attempt to fake it are only fooling themselves!

Successful recruitment is not magic, it is however something you shouldn’t DIY. Top Tier recruitment companies are specially trained to implement only the industry’s best practices combining a structured hiring process, a scientifically proven applicant assessment profile, and a detailed company requirements analysis.

In conclusion, DIY recruiting is dangerous, expensive, depressing, and legally risky. Heed Peter Drucker’s advice: hire a professional recruiter and avoid a 66% failure rate.

By: Fernie Black

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