Archive for August 2011
3 Tips for Finding a Quality Payroll Software for Your Business
Is it time for you to find new payroll software for your organization? Finding just the right application can be a time-consuming and frustrating task. Use these three tips to ensure your search is successful and that you find the best product for your business.
Talk to a product expert.
Information is so easy to come by these days. All you have to do is search the internet and you will find thousands if not millions of results for any search term. The same is true for payroll software. You will find more payroll software companies on the internet than you may care to contact. This can be a good thing and a bad thing because it is a lot of work sifting through them all to narrow them down to a few. Once you have looked at the information page and narrowed your search, it’s crucial you pick up the phone and talk to a product expert. Our instinct these days is not to do this; in fact most of us would rather just research on the internet and learn everything there instead of calling a salesperson. But if you do this, you will be missing out on the experience and knowledge of a person who knows the product and how it can apply to your own business. If you’ve done your research beforehand, the conversation should be concise, and you should walk away with all of your questions answered.
Get a demonstration with your own requirements.
How can you learn whether a payroll software system is a good fit unless you see it the way your company would use it? You can try to set up and test a trial version of the software, but it can be hard to know where to start in a program you have never used before. Therefore, if the software company offers a personalized, online Web demonstration, take them up on it. Most of the time they offer this service for free, and you will feel much more comfortable afterward knowing you saw the system first-hand process payroll the way you need it to.
Don’t just go for the cheapest solution.
Of course a cheap solution can be tempting! But imagine how much time you will spend using this software. Imagine the implications of completing payroll late or submitting payroll taxes incorrectly because your payroll system failed you. Sure, the cheapest solution may turn out to be the right one for you. But you should only come to that conclusion after looking at a variety of different systems.
Having the right payroll software can help you get payroll done faster and more accurately. Use these three tips to make your search more effective and you will benefit for years to come.
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Dealing With Theft In The Business
In business there is a term called “Shrinkage” which means that no matter your best efforts, employees will most likely steal something from you at some time, and thus “shrink” your inventory. Whether you are a dental office, a veterinarian, a physician, a restaurateur, or own a grocery store, you will have items in your business that employees or customers will try to steal. A certain percentage of shrinkage is considered normal -like in my dental practice the staff would often grab a few extra toothbrushes, toothpaste, and similar items for their family members. That is almost acceptable and expected. But when they start to have televisions delivered to their homes as part of the rebate from our supply company (this DID happen to me), then we have a problem.
The best way to prevent product shrinkage, which many large businesses have already, is to inventory their stock. In the olden days, I worked in a bar in Georgetown, in DC, and each month we inventoried how much alcohol there was and ran a rough comparison to the expenditures and profits. This took a lot of guessing and historical data, but overall it was pretty close. By knowing these numbers, the staff was less likely to steal beer, wine, and liquor because they knew these things were being watched closely. Anytime there were huge variances, the owners came down on the staff quite hard and somehow the numbers looked better the following month.
A business owner can spend his or her whole day implementing security measures, spend millions of dollars on inventory protection, put in cameras, security guards, etc, but for a small business I just cannot see having a Ninja warrior protect my dental practice. Well, maybe if that Ninja warrior was on horseback, he could protect the veterinarian…..is this a marketable idea….hmmmm.
When shrinkage is REALLY big, it’s called outright embezzlement. This is an area that my consulting company has somehow gotten into in a big way. I am not sure why, but I think it has to do with having the MBA, past real estate license, and current law studies. My wife and I have identified several fraud situations and have learned how to deal with them appropriately. Quite honestly, if a few thousand dollars was embezzled, it’s almost not worth taking it to litigation, but in one of our cases, we are talking over a million dollars, and in another we are looking at over $300,000. This is worth going to litigation if your case is solid.
If you are a business owner and make accusations against a staff member, be very sure you are correct. If you are not absolutely sure, and can prove your point, then you may open yourself to liable and slander. As a business owner, you must weigh the good and the bad of this. Like I said, a few thousand dollars may not be worth pursuing, but hundreds of thousands? (Personally, I do not like people running all over me, so I would take action) As a consultant, I would love to say have no mercy, but it is your business, and only you can decide.
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Are You Building a Business or a Job?
Right from the beginning of the book, “Build A Business, Not A Job!” by David Finkle, L. Stephen Wiklow, and Stephanie Harkness, I could see that this was a book that I definitely wanted to read. When you first enter the next stage in life, it can be almost a relief to not have to get up each morning, only to rush around, returning at the end of the day to wonder what you really got accomplished as you fall into bed exhausted.
For those of you who are contemplating a new business as part of your transition, you may want to read the book BEFORE you transition, to become aware of some of the pitfalls that can easily happen as you build your business. If you’re not contemplating a new business, read this article anyway. There may be ways you can apply the concepts to your life, by creating structure and a life you want to live. One where you can’t wait to jump out of bed each morning!
The book asks, “How many hours a week, on average, do you work for your business?” If you’re like many of the business owners we’ve observed, you’re working 50 to 70 hours a week or more. When you factor in the emails handled from home at odd hours and the calls taken on nights or weekends-not to mention the time spent thinking and worrying about the business when you’re away from it-the total hours you work may be much higher.
Are you still enjoying the business you’re building, or has it somehow turned into more of a job? A common misconception is that business owners can take time off whenever they want. But answer these questions: How many weeks of vacation a year have you averaged over the past five years? And what did you find when you returned to the business after your time away? Was it operating smoothly, with new customers brought in and key deadlines met? Or did you find decisions stalled, projects drifting off course, and fires that needed to be put out?
You can see that a new business can easily consume your time, even more than when you worked in a job, if you’re not careful.
So I say, start the business off right. Plan how you will handle the issues identified BEFORE they happen. Being aware that they can happen, think through and discuss with your team or your family how you will handle these. For example, how can you set the business up so it does operate smoothly while you are away? One company created a position of Operations Manager, where the person was trained to be able to complete all of the duties that the business owner performed, even sharing some of the duties with others so multiple people could easily step in when needed. We created a clear outline of responsibilities, to minimize or eliminate the uncertainty of who should be doing what (I’m not sure, do you ever eliminate this?), so nothing slips through the cracks or is left undone until the owner returns… at least the majority of items.
The book continues, “Ironically, while most business owners start with the intention to assert control over their business lives, most find the concept of control is a trap. That translates into paying the ultimate price for having all the control: freedom. In fact, most business owners don’t build a business; they build a job.”
So don’t let your business become a job. Be proactive in setting up the structure before you need it. Allow others to perform the duties you do, so you don’t become the bottleneck in your business, where everything needs to pass through you before action can be taken. You’ll gain the deeper sense of control and real freedom, which is usually one of the reasons you started the business in the first place.
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Finding A Killer Business Idea
You know you want to start your own business and be your own boss – great news. However, you don’t yet have the perfect business idea – panic not. Here is a method that I use with a variety of clients that helps them create a number of basic business ideas that can be polished and worked into a fantastic business proposition that is their very own.
The method has three basic steps:
1. Idea Generation
2. Confirm & Learn
3. Start Small, Grow Fast
Step 1: Idea Generation - This is about coming up with lots of ideas, writing them down and finding a common thread around which you can start to build an idea. Just remember your business idea doesn’t need to be unique, only the way you deliver it.
I’m a big believer is doing things you enjoy – that way you will put in the long hours and effort required to build your dream business and minimise the agony. Starting your own business really gives you the opportunity to do something you are passionate about.
So here some questions to ask yourself and scribble the answers down:
· What are you good at?
· What do you enjoy doing?
· What are you experienced at?
· What’s your passion in life?
· What have you always wanted to do?
· What are you hopeless at / really dislike doing?
Once you’ve done that you need to start looking for common threads and how existing skills and knowledge can compliment your potential business.
You may find that you are good at organising, love travel and are passionate about wine. Maybe in the back of your mind you’ve always wanted to be a travel agent. Your job so far has been in administration, but your really hate numbers and finance. So looking at this list a possible business idea might be around organising wine tasting tours for high-net-worth individuals. To address the issue with numbers and finance you might have to think about getting someone else involved either as a business partner or advisor.
Step 2: Confirm & Learn - Here we take the raw business idea and start to research its potential. As you start to learn more about the market of the business idea you can start to shape and develop the idea further as well as confirming if it is something that will appeal to you as a long term business.
- Look to see if there is a good market for this type of business – Google Trends and Google Traffic Estimator are excellent free tools for this research.
- Examine the competition and see how you could be better, different or cheaper. Also look to see how they differentiate themselves.
- Do some training or maybe get a basic qualification. This will expose you to the environment of the new market and you can quickly see if you enjoy it before investing further.
- Talk the idea over with some people you trust. However, you must bear in mind that, certainly in my experience, most people will be negative about taking the ‘risk’ of working for yourself.
- Get some experience doing some part-time or volunteer work in that sector
- Go on a highly informative and fun seminar / workshop to kick the idea around!
Step 3: Start Small, Grow Fast - This is about not being bankrupt within a year! You have found an appealing and desirable business idea. You now understand the market better and have gained knowledge and possibly some experience. So how do you put that into action?
I firmly believe you need to test the market for real in a small and part-time way. If this proves successful you can start to build the business and invest more time, effort and money as the business progresses. If your first attempt is not as successful as you wished a) you have learnt some useful lessons, b) adjust the formula and try again.
I would also suggest putting together a very brief ‘twitter’ business plan that lets you shape you business further. This consists of 6 simple headings – each no more than 140 words:
1. Describe your business
2. Describe the market potential and competitive landscape
3. Describe your ideal customer and why they would buy from you
4. Describe how you are going to market and attract your ideal customer
5. Projected earnings and costs for the next 12, 24 & 36 months
6. Goals for the next 12 months with associated actions
If you can sit down and write the above plan in an hour or so, you probably have a fairly well thought out business idea. If you struggle to do this I would suggest you need more time researching and shaping the idea.
Developing a business idea that is suited to you could be the best investment of time you will ever make. It is unlikely that your original idea will be the one that you are operating in two or three years time, but the original idea that gets you started will be worth more than your weight in gold.
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Small Business + Small Child = Big Trouble?
There are many challenges that come with running your own business. From the get-go, the success of your business rests with you and only you (or your partner, if you have one). Businesses are like babies: they need to be constantly nurtured if they are to grow. But what happens when you have an actual baby to look after, as well as a fledgling (or established) business? How can you fit in work around a small child’s demands? Can you speak to your clients when there’s a baby wailing to be fed in the background? Will you ever again have any time to yourself?
With rare exceptions, trying to run a business in the first three months of a baby’s life is verging on the impossible. If you’re the mother, you’ll be physically exhausted, recovering from the birth and the pregnancy, possibly breastfeeding. You’ll almost certainly have no energy to do anything other than keep yourself and your baby alive and happy. If you’re a father, you’ll no doubt be suffering from the endless sleepless nights and the relentless feed/clean/ sleep cycle. Obviously if you have paid or voluntary help, you may be able to find a little time here and there to do some work on the business but it’s fairly unlikely you’ll be able to work at anything like normal capacity. Besides, babies grow so fast: take time to make the most of your little bundle of joy – before you know it, they’ll be a rampaging, stroppy toddler. Clients come and go but you’ll never get this time back with your child, so make the most of it!
As your baby grows and (hopefully) begins to find their own routine, you may find yourself with a bit more time on your hands. If they have a regular nap or naps, you might be able to do some work while they sleep. If you can get your baby into a decent night time routine, you may find that you can work for a couple of hours after you’ve put them to bed.
As your children reach the mobile stage, you will find it almost impossible to do any work without some decent childcare. When you have an 18 month old determined to empty every cupboard in the house, climb the stairs and swallow the most dangerous thing they can get their hands on, you simply cannot be at your desk at the same time. There are a multitude of options; your partner (if you have one), the grandparents, a child-minder, a nursery, an au-pair or home help… the option/s that you choose will obviously depend on your financial situation, your child’s nature and your own preferences. Most nurseries offer half days so if you’re working from home that may be an option. Some parents opt to do most of their work at night while their children are asleep – this may be possible in some businesses but in others you’re going to have to be available during normal office hours.
With school age children, things may be easier in that you’ve got more time to devote to the business, but you may find setting boundaries between work and home difficult. Sometimes you may feel pulled in seven different directions at once and feel guilty because you’re not giving 100% to anything. The trick is to stop trying to multi-task. When you’re at work, be at work – that means, if you work from home, that the door to the office is closed and that you are not at home to callers. Your children should know that if you are working, then you are not to be disturbed for anything other than a dire emergency. Similarly, when you’re with your children, give them your full and undivided attention – don’t be tapping out an email on your BlackBerry at the playground, or trying to make business calls while supervising homework. Most importantly, have a day when you do no work whatsoever. Designate one day a week – yes, a whole day – to not working. Do not check your emails or voicemails; do not enter the office; do not even allow the word ‘work’ to pass your lips. Dedicate the day to your family, to having fun, to catching up on sleep or with friends.
With organisation, a little help, a bit of luck and a lot of hard work, you’ll be able to carve out time for both your family and your business. It won’t be easy, but nothing worth having ever is, is it? Enjoy the journey!
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