Unconventional Places to Find New Employees

The professionals at Global Resources utilize expertise and knowledge to access the information necessary for small business growth.   We often help the owners of small and medium – size businesses redefine key staffing roles, select fitting candidates and train new employees. Lately, we’ve seen many business owners questioning various recruiting methods. However, in today’s market, many successful business leaders are looking at unconventional places to find new employees:

  1. Panels/lectures – Industry panels and lectures are held regularly, especially in larger metropolitan areas. Participating in or hosting a panel is a great way to not only position your company as an expert in your field, but also find potential job candidates. Members of multiple industries can get together in this space to discuss ideas and collaborate, which could lead to the employment of someone who might not have been aware that your company is hiring.
  2. Virtual career fairs – Online job fairs are becoming a popular alternative to physical career fairs. These virtual events provide all the benefits of showcasing your company at a career fair, but without the travel commitment and large expense. Companies can also find out-of-area candidates who wouldn’t be able to attend an in-person event, allowing them to reach new faces that they would otherwise miss.
  3. Hosted networking events – Industry networking events are good for more than just finding potential business partners and mentors. Hosting an informal “networking night” will draw individuals who are interested in your company. Candidates will appreciate the ability to speak with potential bosses and coworkers in a casual, relaxed atmosphere, and learn more about the company from people they’d actually be working with. 

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Tech Predictions That May Affect Small Business

The consultants at Global Resources help business professionals access the information necessary to reach success.  As business pros look ahead into the new year, many are looking at popular predictions expected to affect lifestyle and business:

  • AOL Will Get Cool Again – Surprising to many, the “You’ve Got Mail” progenitor is getting its groove back. With the help of a series of ad-tech acquisitions—like Millennial Media, Vidible and Convertro—the Verizon ( vz  )  unit is building out a powerful new advertising platform, called ONE by AOL. Although it may not make it into another romantic comedy, AOL is actually looking downright hip to tech-savvy marketers.
  • The iPhone Will Get a Radical Upgrade – The rumor mill is already cranking with leaks about the iPhone 8, due in 2017. Marking the 10th anniversary of Steve Jobs’ original iPhone, the new model is expected to include radical changes like a super-high-resolution OLED screen that stretches from edge to edge of the device and a home button transformed into a virtual on-screen button. Other rumored features include wireless charging capability. After the mildly disappointing iPhone 7 that launched recently, the next update should be a more radical hit.
  • Uber and Airbnb Will Conquer the Sunbelt – The new economy’s ride-sharing and home-sharing giants are most popular today in dense coastal cities, such as New York, Boston and San Francisco. But new research suggests Uber and Airbnb will make more inroads in the Southwest next year: It found significant spikes in news and social media mentions of the phrase “sharing economy” in cities including Phoenix, Denver, Las Vegas and Dallas.

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources LLC, call us at 855-338-0266.

3 Business Tips for Entrepreneurs

Global Resources LLC has the expertise to help entrepreneurs launch small businesses. Starting a business is a huge commitment that can reap many long-term rewards. If you’re looking to become a business owner, we can help put you on the path to success.

If a new business is on your horizon, here are three general tips that can help you reach your goals:

  1. Save as much money as possible before launching – All too often, people go into business without any savings, exclusively using loan money from friends, banks or the SBA. They expect to be able to start paying the loans back right away with their profits. What these business owners don’t realize is that it can take months or years to make a profit. And once a lender discovers a business isn’t as profitable as expected, the lender is likely to call in the loan or refuse to renew it for another year, if the terms of the loan agreement allow for such action. Often new business owners then have to take out home equity loans or use credit cards to pay off their loans (which puts their home and credit rating at risk).
  2. Protect your personal assets – When you go into business for yourself, you are usually personally liable for all judgments and debts that the business incurs. This includes business loans, taxes, money owed to suppliers and landlords and any judgments against the business as a result of a lawsuit. If you don’t protect yourself, a creditor can go after your personal assets, such as your car and your house, to pay for these debts.  The type of legal entity you chose for the structure of the business should be evaluated for its effect on the personal liability of the owner.
  3. Understand how — and if — you will make a profit- You should be able to summarize how your business plans to make a substantial profit. For starters, you need to know your costs: how much you’ll spend purchasing inventory, paying the rent, compensating any employees and covering what is likely to be a surprisingly long list of other costs. Then you can figure out exactly how much you need to sell each month, for how many dollars, to cover those expenses and have an adequate profit besides.

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources, call us at 855-338-0266.

Tips to Maximize Your Holiday Networking Events

Tis the season for networking events filling your social calendar.  So, the business consultants at Global Resources have tips to help you maximize your networking experiences. 

  1. Remember that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.
  2. Ask yourself what your goals are in participating in networking meetings so that you will pick groups that will help you get what you are looking for. Some meetings are based more on learning, making contacts, and/or volunteering rather than on strictly making business connections.
  3. Visit as many groups as possible that spark your interest. Notice the tone and attitude of the group. Do the people sound supportive of one another? Does the leadership appear competent? Many groups will allow you to visit two times before joining.
  4. Hold volunteer positions in organizations. This is a great way to stay visible and give back to groups that have helped you.
  5. Ask open-ended questions in networking conversations. This means questions that ask who, what, where, when, and how as opposed to those that can be answered with a simple yes or no. This form of questioning opens up the discussion and shows listeners that you are interested in them.
  6. Be able to articulate what you are looking for and how others may help you. Too often people in conversations ask, “How may I help you?” and no immediate answer comes to mind.
  7. Follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor that and your referrals will grow.
  8. Call those you meet who may benefit from what you do and vice versa. Express that you enjoyed meeting them, and ask if you could get together and share ideas.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Cost-Saving Tips for Your Office Holiday Party

The business consultants at Global Resources have the expertise to help small and medium – size businesses achieve success.  During the busy holiday season, we have noticed many business owners have questions about holiday parties for the office.

Here are popular cost-saving tips that many small business owners are following this holiday season:

  • Host a Lunch Event or Make Your Dinner Business Casual – It is always more cost-effective to build the holiday party event catering from a luncheon menu as opposed to a dinner menu. Not only will the menu options save money, but a daytime event during the week can also cut the guest list in half by limiting guests to employees or clients only with no spouses or personal guests.
  • Consider Co-Hosting the Holiday Event – Co-hosting the holiday party with another association, professional group, another internal department or even important business partners can help defray costs, while also providing networking opportunities to your group.
  • Limit Alcoholic Beverages – Many more organizations have been doing this in the last few years. A couple successful strategies include offering a signature drink, limiting options to beer and wine or offering a two drink maximum. Another suggestion is to eliminate alcoholic beverages completely, which also eliminates any potential liability. Know your organization and opt for a strategy that will suit as many people as possible without carrying the costs of an open bar.
  • Opt for Mini-Desserts Rather than Full Servings – The rule of thumb is that most guests take two bites of dessert and the remainder gets tossed. Avoid this costly waste by setting up a dessert station with small portions and smaller quantities, where guests can help themselves to bite-size or appetizer-like portions of only what they like.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

5 Retail Trends for 2017

Global Resources LLC has a team of expert business professionals that are leaders in the retail business which are owned by entrepreneurs and managed as a family business .  As we approach 2017, we are looking ahead to trends expected to be at the center of the retail industry:

  1. Environment – Customers are yearning for unique retail experiences and reward the retailers who provide this. Smart retail business owners will understand that they must treat their stores as their homes by welcoming customers into a warm and inviting place and eliminating the pushy sales approach.
  2. Ultra Convenient – The rise of ‘push-button’ products and services, such as Amazon Dash Buttons, or talking to Siri or Alexa to reorder specific products at home are rising in popularity. So are easy order services for home/office delivery, like UberEats and Postmates.  Some retailers have even moved past the button and are building sales through subscription services, including Trendsend and Stitch Fix. With all these advances, convenience is key to the modern-day consumer.
  3. Expanding Mobile – The mobile retail arena is evolving even more.  Retail strategies incorporating the mobile device will become much more sophisticated and honed for smooth integration into the overall customer experience.
  4. Expect a Digital Shift – Most retailers already have an established a digital presence, but there will be an accelerated shift to mobile and cross-platform interactions. Mobile share of global ecommerce is expected to grow from 40% in 2015 to 70% by the end of 2017, as we see the vast majority of online shoppers start transactions on one device and end on another. Ecommerce will be leading this paradigm shift since it drives change and folds in new technologies that come from the consumer.
  5. More Niche Retailers – The coming year will bring the rise of niche retailers, for both new brands and existing brands. This will lead to smaller store footprints and personalized service with knowledgeable sales associates. This will satisfy the demands from consumers who want a unique and customized service.

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources, call us at 855-338-0266.

Small Business Assistance from SBA

Global Resources is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America. We help business owners access the information that is often critical for growth.  Since many small and medium – size businesses seek out loans and grants for progression, we wanted to provide valuable information on SBA.

The SBA is a great contributor to the growth of small business. The programs are many and varied, and the qualifications for each are specific. SBA can help facilitate a loan for you with a third party lender, guarantee a bond, or help you find venture capital. SBA provides a number of financial assistance programs for small businesses that have been specifically designed to meet key financing needs, including debt financing, surety bonds and equity financing.

  • Guaranteed Loan Programs (Debt Financing) – SBA does not make direct loans to small businesses. Rather, SBA sets the guidelines for loans, which are then made by its partners (lenders, community development organizations, and microlending institutions). The SBA guarantees that these loans will be repaid, thus eliminating some of the risk to the lending partners. So when a business applies for an SBA loan, it is actually applying for a commercial loan, structured according to SBA requirements with an SBA guaranty. SBA-guaranteed loans may not be made to a small business if the borrower has access to other financing on reasonable terms.

SBA loan guaranty requirements and practices can change as the Government alters its fiscal policy and priorities to meet current economic conditions. Therefore, you can’t rely on past policy when seeking assistance in today’s market.

  • Bonding Program (Surety Bonds) – SBA’s Surety Bond Guarantee (SBG) Program helps small business contractors who cannot obtain surety bonds through regular commercial channels. A surety bond is a three-party instrument between a surety (someone who agrees to be responsible for the debt or obligation of another), a contractor and a project owner. The agreement binds the contractor to comply with the terms and conditions of a contract. If the contractor is unable to successfully perform the contract, the surety assumes the contractor’s responsibilities and ensures that the project is completed.

Through the SBG Program, the SBA makes an agreement with a surety guaranteeing that SBA will assume a percentage of loss in the event the contractor should breach the terms of the contract. The SBA’s guarantee gives sureties an incentive to provide bonding for eligible contractors, thereby strengthening a contractor’s ability to obtain bonding and greater access to contracting opportunities for small businesses.

SBA can guarantee bonds for contracts up to $5 million, covering bid, performance and payment bonds, and in some cases up to $10 million for certain contracts.

  • Venture Capital Program – SBA’s Small Business Investment Company (SBIC) Program is a public-private investment partnership created to help fill the gap between the availability of growth capital and the needs of small businesses. The SBA does not invest directly in small businesses, relying instead on the expertise of qualified private investment funds. The SBA licenses these funds as SBICs and supplements the capital they raise from private investors with access to low-cost, government-guaranteed debt.

With these two sources of capital backing them, SBICs search across the United States for promising businesses in need of debt or equity financing. SBICs are similar to other investment funds in terms of how they operate and their pursuit of high returns. However, unlike other funds, SBICs limit their investments to qualified small business concerns as defined by SBA regulations.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Online Resources for Entrepreneurs

Global Resources is a full-service business development group and general management consulting firm that specializes in small business growth. Our target markets are businesses which have a minimum of 10 employees and $1 million in revenue. However, we do possess the expertise to help entrepreneurs launch small businesses. Starting a business is a huge commitment that can reap many long-term rewards. If you’re looking to become a business owner, we can help put you on the path to success.

For entrepreneurs looking to launch a new business, we have listed some industry favorite online tools that can help you reach success:

Accounting Software:

  • Quickbooks: In the U.S., QuickBooks is hands-down the most popular accounting software out there. If you’re working with an accountant, chances are that they’ll ask you to use QuickBooks. We recommend the online version, but you can still buy the desktop version if that’s what you prefer.
  • Xero: Xero is an online-only accounting solution. While relatively popular in Australia, New Zealand, and the U.K., they are less popular in the U.S. They’re still worth a look though, if QuickBooks isn’t right for you.

Choosing a Name:

  • NameCheckr: What’s great about NameCheckr is that in addition to automatically looking up available domain names associated with your chosen business name, it checks a ton of relevant social platforms, from Facebook to YouTube to see if the name is available there. That way you can get right on to your social media strategy!
  • Naminum: Enter a word and Naminum uses prefixes, suffixes, and replaces letters within your keyword to generate a (huge) list of name suggestions. Didn’t find a satisfactory name? Try with a new word, transform the current one or generate random names for additional inspiration.

Domain Names and Hosting:

  • NameMesh: Part domain name suggestion tool and part domain name finder, NameMesh searches endless variants of your domain to find one that works for you.
  • Domainr: Search across endless domain extensions, way beyond your standard .com. You’ll find good suggestions, but Domainr is more for finding a domain that will work for you once you’ve already settled on a company name.

To learn more about us and / or to schedule your appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Common Reasons Why Employees Turn Down Promotions

Global Resources is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America.  We offer an array of services that help business owners find their unique path to success. 

Time after time, we have seen business owners surprised when employees turn down promotion offers.  However, there are four common reasons why your staff member may be opting to refuse your proposal.

  1. Long-term path – We know it’s typically easier to promote from within. Unfortunately, this may lead some business owners to consider candidates who aren’t necessarily the best fit. A strong professional will look at the opportunity objectively and be honest if it’s not in line with their long-term career goals.
  2. Set-up for failure – Let’s face it- many offices have that one position that seems like a revolving door. No matter who comes in, within a year or two, they leave the company. If an employee is asked to fill that revolving position, they may be weary of the change. If they’re currently in a successful role that’s well-defined and being asked to move into a role that’s not defined, there may be hesitation.
  3. Too much responsibility – Business leaders and managers are working longer hours at the office, spending more time logging on while away from the desk and taking fewer vacations. According to Ernst & Young’s Global Generation research, 40% of managers spend more time at work than they used to.  Some employees may be happy with the work and life balance they already maintain, which may lead to refusing a promotion.
  4. More work, less pay – A promotion in the small business arena may mean switching from hourly pay to an annual salary.  Since this typically eliminates overtime pay, it can actually mean less money for the employee. Be sure to talk to your employee about realistic pay expectations and try to be as fair and competitive as possible.

To learn more about us and / or to schedule your appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.

Determining a Mid-Size Company

At Global Resources, we work with small to medium-size businesses located throughout the United States. 

Throughout the last several years, we’ve often encountered business owners unsure about what size category their business fits into. The federal government doesn’t formally recognize a mid-size category, so there’s no official definition of what companies do and don’t qualify. That being said, several sources provide general guidelines that you can apply to determine whether your small business has “graduated” to mid-size:

  • Federal Criteria – In the United States, you’re either a small business, or you’re not. This matters because government programs offer all sorts of programs to help small businesses. The federal Small Business Administration sets the definition, which varies by industry and usually depends on how many employees your company has or how much revenue it has. Check the agency’s “Table of Small Business Size Standards.” If you’re in the upper reaches of the size criteria for your industry, it’s fair to call your company mid-size.
  • Academic Definition – Ohio State University’s National Center for the Middle Market is one of the leading sources of research on issues of interest to mid-size companies in the United States. The center defines a mid-size company as one with average annual revenue — not profit, but revenue — of between $10 million and $1 billion. As of 2013, the center estimated that about 197,000 U.S. companies met that definition, making them mid-size companies.
  • International Standards- International economic organizations generally recognize mid-size companies as a separate category, and they even have a shorthand term, “SMEs” to refer to small and medium-size enterprises. According to the Organization for Economic Cooperation and Development, most countries define a small business as one with 50 or fewer employees, and a mid-size business as one with between 50 and 250 employees. Some countries set the limit at 200.
  • Impact – If you qualify as a mid-size firm, your company is in good company. The National Center for the Middle Market calculates that mid-size companies account for about one-third of private-sector jobs and one-third of private-sector gross domestic product, a rough measure of the size of the U.S. economy after taking out government spending. Mid-size companies formed the only category with a net increase in jobs between 2007 and 2010, a period that included the deepest economic downturn since the Great Depression.

To learn more about us and / or to schedule your appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.