Posts Tagged outsourcing
Did you know that the cost of labor can be one of the largest expenses a small business can have? It’s second only to the cost of real estate, according to the U.S. Department of Labor. Depending upon the industry you’re in, labor costs can range from 10% to 30% – or more. For your small business, your labor costs can quickly eat up your earnings if they’re not monitored and adjusted accordingly.
One of the beautiful things about small businesses is that everyone in the organization becomes like family. There is a closeness that develops that is both comforting – and maybe distressing, too. When one member of your team is experiencing hard times, it can be difficult to maintain a professional distance. For instance, what would you do as a small business owner if one of your employees came to you asking for a payroll advance? (more…)
As a small business owner you will, more than likely, encounter a customer who never pays his bill. It would be wonderful if that were not true, but if you talk with your small business owning peers, you will find everyone has a story to tell. But when it happens to you – at least for the first time – you might be a little baffled. NOW what do you do? (more…)
Way back in 2015, we wrote a blog about the Pros and Cons of Hiring Contractors vs. Employees. In this article we shared that experts predicted by 2020 contractor workers or freelancers would make up half of the full-time workforce. This trend, now commonly referred to as the “Gig Economy” is on track to meet that prediction by 2020 or before. Are you on board? (more…)
While most clients understand the importance of paying their bills in full and on time, some clients inevitably will pay for goods and services late. Unpaid invoices and the effort to get them paid can be a huge challenge for a small business’ profitability – in time and money.
Did you know there are over 28 million small businesses in the United States, according to the Small Business Administration? If your business is succeeding, that’s great! Good job! Because, unfortunately, only about 50% of small businesses survive – and only one-third survive 10 years or more. Why do you think that happens in such numbers? (more…)
If you’re like most small business owners, you didn’t start your company because you loved working on the administrative details in the back office. You opened shop because you have a passion or a specific skill set, and you want to earn money utilizing your interests. (more…)
Have you thought of running a franchise? Or, maybe you currently own one – or more. Running any small business – even a franchise – isn’t easy. However, a franchise does come with certain built-in advantages. It’s basically known as a business in a box, because the business has already been developed by the franchisor. For instance, a franchise already comes with brand name recognition, so, theoretically, getting customers should be a little easier. Also, in some cases, the franchisor provides franchise owners with detailed manuals to help them run their business. While these things are helpful, running a franchise is still hard work and can be overwhelming, especially when starting out.
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Want to know how to use up business-building time in your small business? Here’s a hint: The National Small Business Association estimates that more than 50% of American businesses spend AT LEAST 4 hours PER MONTH in payroll processing. That equals 48 hours PER YEAR – that means you lose one full week of productivity every year doing payroll. What’s that costing you??? (more…)
Congrats! You’re a successful small business owner, but now you’re starting to think about moving on or retiring. Whether you’ve been in business for one year or 25 years, you need to plan your exit strategy. What do you want to do with your small business? Walk away from it? Sell it to someone else? Merge with another business? (more…)
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