Balancing a Business and a Home – Getting it Right

Any entrepreneur knows that building a business requires the dedication of a lot of time. The problem is that this can lead to the neglecting of other aspects of life. In order to make sure that growing a business does not result in ignoring other areas, entrepreneurs need to be proactive.

This starts with getting the assistance they need from professionals such as GR-US.com. This help includes analyzing business processes and identifying opportunities for improvements. It can also include managing the implementation of improvements, thereby removing some of the pressures from the shoulders of business owners and managers. This can be a big help when balancing work and home life. There are other actions that a business owner can take in order to assist with this balance.

Getting priorities right

Prioritizing life is not always easy, especially when trying to grow a business. For this reason, it’s important to plan. Anyone who is running a business needs to identify and list their priorities. For instance, there could be a meeting to attend with a potential investor or a child’s birthday party to go to.

It’s vital to recognize that not every priority will be business-related. Important occasions outside work should be given just as much priority whenever possible. Planning ahead makes scheduling a lot easier. This makes it simpler to balance work activities with home life.

The art of delegation

Delegation is a skill that any entrepreneur needs to earn. It allows them to remove some of the workloads from their shoulders. In order to be able to delegate, a business owner needs to build a valuable team around them.

This involves hiring professionals with the right background and ethos to benefit the business. It also involves putting the right training and development opportunities in place. Doing so means that an entrepreneur can delegate with confidence and dedicate some of the time that has been released to live outside of work.

Downsizing

Downsizing a business can be a way of reducing business-related time pressures. This can give an entrepreneur the opportunity to spend more time outside of work.

Downsizing can also provide other benefits for a business.

  • Financial savings.

Reducing the size of a business usually means reducing the size of the workforce. It can also result in moving to smaller premises. Changes like these can result in financial savings.

  • Improved efficiency.

Many businesses have processes that involve unnecessary repetition. Downsizing means that a business has to look carefully at all of its processes, to see where savings can be made. This often leads to a reduction in repetition and an improvement in inefficiency.

  • Increased creativity.

It’s easy for a business to become complacent when their enterprise achieves a certain level of success. This can lead to a reduction in creativity and less innovation. Downsizing a business means that improved working practices are more likely to be created, in order for the business to thrive.

These actions can be useful in helping an entrepreneur to balance a business and home while still maintaining a level of success. They can also help to improve the efficiency of the business itself.

How Industrial-Organizational Psychology can Work for Your Business

Business owners and managers benefit from understanding how Industrial-Organizational psychology (I-O psychology) works. This is due to the fact that it can play an important role in enhancing the success of a business. It does this by suggesting potential changes that can improve the mental and physical well-being of employees and the productivity of the business.

Experts like the team at Global Resources LLC reviews understand the concept of I-O psychology and how it can be used to benefit organizations. This means that they can help businesses understand what I-O psychology means for them. So, what can these businesses learn?

How does Industrial-Organizational Psychology work?

In order to understand how I-O psychology benefits a business, it’s essential to know how it works. There are actually two major parts to this type of psychology; industrial and organizational.

The industrial aspect is also often referred to as personnel psychology. This involves examining how individuals can be matched to job roles. This area of I-O psychology involves looking at characteristics that different employees have and matching them to the roles that exist within the business.

The other side of I-O psychology is organizational. This means looking at the organization and how it affects the behavior of individuals. This is important because organizational behavior can have a significant effect on the success of any business.

Areas of Industrial and Organizational Psychology

There are several different areas that fall within the umbrella of I-O psychology. Most professionals who work in this field are involved in one of six areas.

  • Training and development.

This area involves the determination of what type of skills are needed for certain jobs within an organization. Training can then be developed, taking this information into account.

  • Selection of employees.

Every business needs to get its recruitment process right in order to make sure it has a skilled and dedicated workforce that it needs. There is an area of I-O psychology that helps with this. It is used to create selection questions and tests so that the right person is hired to fill a vacant position.

  • Ergonomic development.

People working in this area are dedicated to helping a business to optimize performance and reduce the risk of injury, by designing and/or using safe and efficient procedures and equipment.

  • Performance management.

Performance management plays an important role in ensuring the success of a business. There is an area of I-O psychology that is beneficial in helping to create methods of determining how effectively an employee is performing.

  • Work-life

Maintaining a work-life balance has been increasingly recognized for its importance over recent years. I-O psychology helps to improve life in the workplace by assisting with the design of features such as recognition and reward programs.

  • Organizational development.

I-O psychologists work with businesses and organizations to re-design structures and processes in order to optimize employee satisfaction and productivity, and increase profits.

It’s clear to see that I-O psychology is a vital benefit for any business that wants to optimize its growth and potential.

Optimizing Your Valuable Time as an Entrepreneur

As an entrepreneur, time is one thing that you cannot afford to waste. Often, it seems like there are simply not enough hours in a day. So, it’s vital for you to ensure that every second is used in the right way.

You can get expert help with this from professionals such as Global Resources LLC. Your business can be analyzed and you can receive advice about efficiency improvements. In addition to getting this sort of help, you can also improve your personal use of the time that you have available.

Start your day at the first alarm

It’s important that you start the day as you mean to go on. Being productive starts as soon as you open your eyes when the alarm sounds. Instead of ‘snoozing’, so that you can get an extra few minutes in bed, you need to get up straight away. It’s time to jump in the shower and begin your day in a positive manner.

Make the most of your best thinking time

Everyone has a time of the day when their brain works at an optimum level. You need to recognize when this time is for you and make the best use of it. For instance, major business decisions should be made at this time.

You should also get into the habit of listing some new ideas each day. These ideas do not have to be thought through fully at this point. It’s just about getting them down on paper while you are at your most productive from a thinking point of view.

Personalize your planning

Planning is an essential part of optimizing your time as an entrepreneur. It’s important to remember that every entrepreneur is different, so you need to personalize your planning.

In order to do this, you need to factor in every aspect of your day that requires the dedication of time. These aspects can include things such as commuting, sleeping, exercise and work-related tasks.

Organize meetings effectively

Meetings can take up a lot of time in your business day. So, it’s essential that you plan them effectively. Many people find that it’s easier to allocate certain days of the week to meetings. This means that the remaining days can be kept free to concentrate on other business-related tasks.

You should also try to organize all meetings in a certain location on the same day. Doing this means that you can reduce the amount of travel time required to attend the meetings.

Think of breaks as an opportunity

It can be tempting to skip breaks when there is a lot of work to be done. However, this is usually not the best thing to do. Entrepreneurs need breaks just like everyone else. These breaks should be seen as an opportunity. They give you a chance to relax and recharge your batteries. This means that you are more productive and efficient overall.

Taking these actions helps you to ensure that you optimize the use of your time. This helps you to achieve your goals and get the success you want as an entrepreneur.

Succeeding and Growing – How To Make It as a Business Owner

Succeeding in business is not just a dream. Yes, it’s a competitive world but building a thriving business is definitely possible. However, you have to be prepared to work long hours. You also need to have high levels of motivation and be passionate about your business.

In addition, you need to make the right choices. This applies when you are starting out and as your business is growing. Let’s take a closer look at five essential factors that you should consider.

Do not think too big too soon

If you are just starting out in business, it’s important not to try to do too much too soon. For instance, there is nothing wrong with starting out on a market stall with your craft items, rather than paying property rent that you cannot afford.

Monitor your processes as you go

Setting up a business is just the first step. You need to monitor your processes and continuously improve, if you want your business to thrive. Take a look at Global Resources Reviews and see how you can use professional help to assist with analyzing and improving your business processes and procedures.

Build your network

As an entrepreneur, you need to create valuable connections throughout your business career. These connections can be built into a network that can help you to turn your business dreams into a reality.

Networking is a skill that you need to develop. You can do so without ever leaving the office, by making use of the Internet. However, sometimes attending face-to-face networking events is a good option. It’s a good idea to use a variety of networking opportunities whenever possible.

Consider passive income sources

Methods of passive income can be a good way of bolstering the money you receive from your business. You should consider looking at these methods such as:

  • Creating an eBook on a subject that is related to your business.
  • Setting up a Google Adsense account.
  • Becoming involved with affiliate marketing.

Making the most of passive income opportunities like these can be a big help if cash flow is ever a little tight.

Create and Innovate

Many business owners become complacent once they achieve a certain level of success. They stick with the tried and tested processes that have helped them to get as far as they have. This is a dangerous thing to do as it results in a lack of innovation and change.

It’s this innovation that helps a business to maintain its level of success and to continue to grow. Any business needs to keep up to date with changes and developments in the industry and ensure that this knowledge is used to keep ahead of the game.

These factors all play an important role in the creation and development of a successful business. Using them can help you to thrive as an entrepreneur if you are prepared to work hard, willing to learn and committed to your dreams and ambitions.

Abracadabra – The Magic of Business Analytics

Do you believe in magic? If you have ever seen the results of expert business analytics then maybe you do. This is because the effects of implementing business analytics processes in business can seem magical. However, these impressive results are due to the processes, techniques, and software that is used and not to the waving of a wand.

Although it has to be said that the insight and advice provided by business analytics experts, such as the team at Global Resources LLC, are equally as impressive as any magic spell. They are produced using the winning ingredients of experience, expertise and state-of-the-art tools. So how does the seemingly magical art of business analytics actually work and how does it help the wishes of business come true?

What is business analytics?

Let’s start by looking at what business analytics actually is, and why it’s less about magic than it is about skill and expertise. The basis of business analytics lies in investigating and exploring business performance and practices. This exploration helps to inform business planning and strategy going forward.

The investigative process involves the use of data and statistics. Consistent methods are used to measure past performance and assist in planning for the future of a business. During the analysis process, tools such as querying, reporting and Online Analytical Processing (OLAP) is used in order to answer questions about what is currently happening, what problems there are and what actions need to be taken.

How does the business analytics magic work?

While business analytics is technically not magical, it certainly feels that way. So, how does this happen?

Businesses use data analytics in order to make decisions that are based on data. This means that these businesses regard the data that they have as a valuable asset. In order for this asset to be used effectively, the business needs to be dedicated to making data-based decisions, the data needs to be high quality and the analyst needs to be an expert who is knowledgeable about the business. Generally, the analysis process follows a similar pattern.

  • The methodology for the analysis is decided upon.
  • Relevant data is collated, to be analyzed. This normally involves the analysis of a small sample set of data initially.
  • Patterns and relationships are identified and questions are asked and answered until the needs of the business are met.

Different types of business analytics

There are different types of business analytics which can be used in various situations. These different types include:

  • Descriptive analytics which helps with the tracking of performance against KPIs in order to understand the current situation within a business.
  • Predictive analytics involves looking at data about trends in order to identify what is likely to happen.
  • Prescriptive analytics uses data concerning past performance in order to help plan for future similar situations.

You can see that although business analytics are based on hard data, the results that can be achieved can seem like magic. Of course, this only happens when the data is of high quality, the business is committed to making data-driven changes and the data analyst is knowledgeable and experienced.

How Valuable is Your Business?

If you are thinking of selling your business, or you need to know its value for other reasons, you may be wondering how to go about determining its worth. The truth is that the process can be complicated.

This is why it’s usually a good idea to work with an experienced business valuation expert. If you take a look at Global Resources LLC Reviews, you can see how important this service can be. However, it does help to have some awareness of the valuation process. There are usually three steps to take which can provide a close estimate of the value of your business.

Determine the Seller’s Discretionary Earnings

If you use the tax returns for your business to calculate revenue, the resulting figures are unlikely to be an accurate reflection. This is because most smaller businesses report expenses on their tax returns in order to reduce the burden of the tax.

This is why the SDE needs to be calculated, in order to determine the actual revenue of the business. To do this, expenses that are not essential to the running of the business need to be added back in. Some examples of expenses that may be claimed on tax returns, but should be added back in order to calculate the SDE, include:

  • Salary of the owner or owners.
  • Perks of the business such as personal travel.
  • Expenses such as depreciation and amortization.
  • Donations to charity.
  • One-time expenses are not likely to be repeated.

Calculating the SDE is the first stage of the process.

Working out the right SDE multiplier for your business

This is where the process becomes a little more complicated. This is because working out an SDE multiplier is not an exact science. There are several factors to be taken into account such as the location of the business, the current situation within the industry, the size of the business and what tangible and intangible assets are available.

If your business is within a growth industry then the SDE multiplier is likely to be higher. You can take a look at suggested industry multipliers online. However, you also need to factor in considerations such as how dependent the success of the business is on the current owners. This could obviously have an adverse effect on the multiplier and the eventual valuation.

At this point in the process, it’s often necessary to get help from a business valuation expert. Once the SDE multiplier is known it’s time to move on to the third stage of the valuation process.

Add the assets of the business and subtract the liabilities.

In most cases, when a smaller business is sold, the buyer usually gets the tangible and intangible assets of the business. The seller usually retains the liabilities. This is why the assets and liabilities of the business need to be calculated.

Assets can be tangible or intangible. They are items or factors that have not been included in the SDE calculation. Tangible assets are physical things that are owned by the business, such as business premises. Intangible assets have no physical presence but still, have value. This can include items such as trademarks or patents.

Liabilities are financial obligations, including debt, which the business is responsible for paying. Normally, the seller maintains responsibility for the liabilities and pays them off with the proceeds of the sale.

Once the number of liabilities has been subtracted from the total financial value of assets, you can move on to the fourth stage of the process.

Business valuation formula

The final stage of the process involves using the business valuation formula to calculate the value of the business. The formula works as follows:

SDE x SDE multiplier + assets – liabilities

It’s important to say that this is a simplified version of the valuation process. In order to get a more accurate picture of the value of your business, you should work with a business valuation expert.

The Power of Motivation in Growing a Business

“Motivation is the art of getting people to do what you want them to do because they want to do it.”

This quote from Dwight D Eisenhower encapsulates just how powerful motivation can be in helping to grow your business. In fact, employee motivation is a critical factor in business success. The problem is that many businesses and organizations do not recognize this importance. When this happens, employees become disengaged and productivity levels are not optimized.

If you look at Global Resources Reviews you will find experts who can analyze your business performance and results, and advise you on how important factors like motivation are. You can also learn more about the power of motivation yourself, starting with why it’s so important.

Why is employee motivation so important

As Eisenhower said, motivating people to help you to get them to do what you want them to do. This happens because they want to take the required action. So, motivating your employees encourages them to perform at their best, which in turn improves the overall performance of the business.

On the flip side, if you fail to motivate your workforce they are unlikely to be engaged with the aims of the business. This means that they are more likely to spend time looking for other employment or texting friends than they are concentrating on their work. Knowing all of this helps you to see how important motivation is to your business.

What are the business benefits of a motivated workforce?

Let’s examine the benefits of employee motivation in more detail. These benefits include:

  • Improved employee commitment. The people who work for your business are more likely to put more effort into their work if they are motivated to be committed.
  • Employees that are more satisfied. Employees who are satisfied in their work are less likely to seek employment elsewhere. This helps to reduce staff turnover and creates a stable and knowledgeable workforce.
  • A workforce that is dedicated to personal and business growth. As the people who work for you to meet their personal and work goals, so their high levels of motivation are responsible for them continuing to learn and improve their knowledge and skills. This personal improvement helps the overall business to improve and grow.

How to improve employee motivation levels

If the employee motivation levels in your business are not as high as they should be, there are steps that you can take in order to improve them.

Pay attention to communication

Good communication is vital in any workplace. One of the main reasons for this is that communicating openly and consistently with employees helps to keep them motivated. Aside from regular open and honest communications by email and newsletter, business owners and managers should also communicate with employees in person.

For instance, you may want to take part in team meetings on a regular basis. You may also want to take your breaks and lunch with everyone else so that you do not seem removed and distant.

You also need to make sure that you listen as well as talk. This means that you should be open to hearing about employee ideas and concerns. This is a valuable way of improving employee motivation and potentially improving business practices.

Make sure that people feel valued 

If the people who work for your business do not feel valued they are unlikely to be motivated. This is why you should always remember to say thank you for a job well done. This does not have to be a formal arrangement, although staff recognition schemes can be a good idea. Often a simple “well done” is enough to tell someone that their effort has not been wasted. 

Create a positive place to work 

Sometimes, a lack of employee motivation can be due to a less than positive work environment. This is why it’s so important to make sure that you create a positive workplace for your employees. There are several things that you can do to make this happen including:

  • Concentrating on employee health and wellbeing.
  • Encouraging employees to have social interaction.
  • Providing light and airy workspace.
  • Creating positive and achievable goals.
  • Ensuring that mistakes are learned from and not just taken as an opportunity for blame.

You can see how powerful employee motivation can be in helping your business to succeed and grow. If motivation levels are not currently optimized, you should take action to improve them.

Have You Had a Lightbulb Moment?

You do not have to be Albert Einstein for your idea to be of value. The truth is that all successful businesses start with a spark of an idea. The skill lies in being able to turn a lightbulb moment into a thriving business.

This is not an easy thing to do and it requires the investment of a lot of time and effort. You also need to be highly motivated and patient. You should not expect to see outstanding results straight away as this very rarely happens. However, it is possible to turn a great business idea into reality if you persevere. There are certain steps that you should take, in order to make success more likely

Understand what problem your idea can help with

Every product or service on the market is designed to help resolve a problem in some way. For instance, Uber was created to help a customer to reach a destination in a timely manner, more affordably. You need to consider your idea and get a complete understanding of what specific problem, or problems, it can solve.

Establish your target market

Once you have an understanding of what problem your product or service can solve, you need to establish what type of customer would have that problem. This is the type of person that you want to appeal to.

For instance, you may have an idea for an educational toy for children. It may be intended to help develop their cognitive abilities. The most likely people that you want to appeal to are mothers of young children. Having this information allows you to recognize where you will place yourself in the market.

Get the support that you need

It’s unusual for entrepreneurs to succeed entirely on their own. This is why you should seek out the help that you need. The sources of this help can vary. For instance, working with business analytics and management experts like GR-US.com can give you the insight you need to grow your business.

You may also decide that you want to partner with someone who has the business attributes that you lack. Many entrepreneurs also find it useful to build up a network of potentially valuable business contacts.

Create a business and financial plan

You cannot hope to turn your light bulb moment into business success without planning effectively. This is why you should make sure that you have a well thought out business plan in place right from the start. The business plan should include information such as:

 

  • The type of product or service that is being provided.
  • The physical location of the business.
  • Workforce plans including costs.
  • Forecasts for expected revenue.
  • Financial plans including the cost of financing the business.
  • Competitor insights.

 

The business plan that you produce can be used to help you acquire the financing that you need. It’s also a good way of explaining the business ethos and aims to people that you go on to employ so that you ensure they are on- board.

Establish where the financing is coming from

Any new venture needs to have a source of capital in order to get off the ground. This money can come from several different sources such as:

  • Self-funding.
  • Loans from friends and family.
  • Loans from banks and other financial institutions.
  • Angel investors.
  • Venture capitalists.

If you do not have the financing in place, then the business is not going to succeed. That is why this stage of the process is so important.

Test the water

No matter how great you think your original idea is, there is no guarantee that the product or service will be a success. This is why it makes sense for many businesses to build the minimum viable product (MVP), and ask for feedback before going any further. Doing this enables a business to make changes to a product or service should the feedback uncover any issues.

It’s possible to go from having a great idea of creating a business that succeeds. In order to give your business the best chance of success, it’s important to take all of the necessary steps and be willing to invest a lot of time and effort.

Identify the Best Social Media Platforms for your Business

While most associate social media with friends’ photos and angry political interactions, this emergent form of communication actually has far more to offer to a business that harnesses its ever-growing potential. The Yellow Pages have been tossed by the wayside in favor of new opportunities to advertise your business and grow your revenue – all online, often for prices that scale with your needs.

But not all social media platforms are alike, both in structure and in the primary audience. While a diversified social media presence is the best method engaging today’s digitally-attuned consumers, your business’ best bet is to select social media platforms that make the most optimal use of their existing resources.

Consider checking out the following social media platforms today to learn about what they can offer your business’ bottom line. Global Resources LLC reviews are another great place to learn about information to sustainably grow your business’ customer base.

Facebook

As the largest player in the social media industry, it’s no wonder why so many companies have already created business-centric pages on Facebook. This platform has the largest and broadest audience by far – nearly 2 billion users per month – making it the best platform for advertising.

In addition, Facebook’s built-in SEO functionalities make it a great onboarding location for prospective customers researching their next product or service purchased through a search engine.

Facebook is also a very visual medium, in part due to its ownership of photo-blogging platform Instagram. As such, this is also a great platform for uploading videos and photos through a familiar interface. Just remember to optimize your content for mobile use because over 90% of Facebook’s users access the platform from their mobile app.

LinkedIn

Though it originated as a job searching platform, LinkedIn has evolved into the professional social media platform of choice. On this platform, businesses publish market-relevant content, network with other companies, and establish their personal brand in their respective industries. As such, any business that provides professional services to other businesses shouldn’t pass over the opportunity to build a robust LinkedIn presence.

That being said, LinkedIn hasn’t left its origins behind. Through its proprietary algorithms, LinkedIn today is able to match prospective employees with job openings listed by your business in mere minutes. With a major portion of the American workforce maintaining a LinkedIn profile, you certainly shouldn’t ignore LinkedIn if you ever expect to hire new, high-quality employees.

YouTube

Streaming video continues to gain more attention from online consumers due to its growing availability and increasing integration with existing social media platforms. If you provide a product or service that would benefit from visual advertisement, then YouTube is the way to go. With free accounts and user-friendly interface, YouTube is certainly the best option for uploading business-related videos.

Recently, YouTube has made it even easier to advertise on its platform. All you need to do is upload a relevant video and then adjust a few settings to allow it to be served as an ad on other users’ videos. Soon enough, you’ll be able to draw in fresh revenue through YouTube.

Some Alternate Platforms

Of course, these aren’t the only social media platforms on the block. Other major platforms of interesting include Instagram, Tumblr, Snapchat, Tik Tok, and more. Each of these platforms makes use of certain content formats and targets specific demographic subsets, so be sure to do your social media marketing research before investing resources into your company’s newly-established social media portfolio.

Understanding your Industry and the Changing Face of the World Economy

“China is stealing all of our industry!”

“There’s no way to compete with nationwide companies!”

“Small business and farmers don’t have hope anymore!”

There are a thousand ways to say it, but they’re all the common refrain of an all-to-common song many American business owners today are singing. In many ways, the concerns expressed in these vocal complaints are well-justified, given the challenges faced by individual business owners in light of a changing worldwide economy. But that’s no reason to take matters sitting down.

Instead, American business owners, today should take some extra time to evaluate their options and determine if there are more ways for them to improve their core product or service and better serve their immediate customer in turn. Global competition will only continue to rise, so American business owners must also do more to inform themselves and advocate for their own future.

This article will provide you with a brief primer on some of the methods today’s business owners can use to take their economic future into their own hands. The experts at GR-US.com can build upon these ideas with input through their affordable consulting services.

Identify the Basics

Before you jump into action, take some time to review your industry as it stands today. In particular, you should identify your industry “leaders” as well as any immediate competitors of your business’ size or in your geographic region. More than anything else, these industry players will influence competition through broad and regionalized leverage on price averages.

From there, take time to identify those competitors’ strengths, weaknesses, opportunities, and threats through market research. In doing so, you might be able to carve out a niche by finding a presently underserved market demographic. Also, this research will better acquaint you with so-called “market realities,” making you less susceptible to influence from sensationalized news sources.

Global Sales with Global Implications

While you complete your industry basics research, you’re likely to run into at least one clear conclusion: today’s economy is more global and interconnected than ever. While this is a simple truth, becoming well-adjusted to this fact can help you transition from outrage towards foreign competition towards a state of optimizing your engagement with emergent markets abroad.

Of note, this ever-growing network of economies means that supply and demand chains are also growing more interconnected. As a result, you should also complete thorough research into what supply chains primarily feed your business’ core product or service. In doing so, you’ll be better able to plan for and remain flexible to economic changes beyond your control.

Advocating for Yourself

Of course, learning all of this information about your industry isn’t for rhetorical implementation alone. Indeed, you’ll be able to use all that you’ve learned through your research to better advocate for yourself and others in your line of work.

One of the best ways to put your newly-informed stature to use is by petitioning your state and national representatives to support legislation that favors your industry. This is especially important when your personal views, as a member of the industry, differ from those of your representative. While you may not be successful every time, this is the best way to hold those with broad influence over your livelihood to account.