Home Wealth Project
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Feb 6th
It’s undeniable that small businesses today benefit greatly from the use of social media sites. Whether for promoting their enterprise, reaching out to clients and responding to queries from customers, regular networking efforts on social media indeed has its rewards.
A big chunk of entrepreneurs using Facebook, Twitter and so on belong to the small business industry. It should be noted, however, that even the Fortune 500 companies are also taking advantage of these sites.
Apart from the real time communication that the sites offer, it’s absolutely free to promote a business and keep in touch with customers. One does not need to have technical skills to be able to manage a social media account and this ease of using the sites is what primarily attracts business owners to use them.
Below we share an infographic design from Infographic Labs showing the latest studies and surveys on how businesses are using and benefiting from the top social networking sites. Recent figures tell only one thing – entrepreneurs regardless of the field they’re in will continue to tap social media for their marketing campaigns.
View full post on Business Pundit
Jan 25th
As the New Year begins, a lot of us are hoping to do better in our business than last year. And if last year did not meet our expectations, we are looking to improve things. Here are a few thoughts that have emerged as I battle to grow my business:

Get a Higher Goal
We all know how hard it was to start our company, get the product out and get those first 10-20 customers. Now, you are sitting at 65 customers and there is a little bit of money coming in. There is hope for more. You would be at a super comfortable income at 200 customers. Make sure you aim for a 1000 this year. If you don’t plan for a large enough target, you will find it a tough hike to 200 as well.
Get in Deeper
What can you do different for this higher goal? Let’s say you have certain marketing channels to promote your site/product. You are spending on online advertising, have a part-time sales person, are sitting on Twitter and have your web designer helping you with SEO. It’s time to become proficient at some of these things yourself. If you know that getting your site showing on Google will make a much more accelerated impact than making cold calls – learn some basics on SEO (search engine optimization). Take a course, ask people, see what your competition is doing. Sites like blekko give you detailed insights into what makes your competition rank higher on Google.
Get Some Uncle Scrooge in You
Are you still spending $500 per month on those banner ads? Have you calculated conversions on these particular ads to your site? Or is it just a black hole? Those customers you got last month could have come from word of mouth, not those ads. Make sure you measure every dollar that you spend on marketing. Early on, you might not have the cash to splurge on “brand building.” Spend the money if you know you are getting something out if it. I know, it’s hard at times, but you have to be a hawk – don’t give in to sharp sales pitches and good looking sites.
Get a Physical
When was the last time you checked in with your old customers? I know they are still paying you and hence happy, but make sure you know if something is hurting them, or if they are missing something that you could add easily. Also, keep an eye on Twitter, Quora and LinkedIn on what people might be saying about your product or the competition. You can also post questions on this forum to learn more about what you could do better. For the customers that left, send a gentle, personal email asking them what was missing.
Get Some Rest
Thinking of quitting? This might be because you are burnt out with all the effort and hours you are putting in the business. The only reason a business fails after getting to 100 paying customers is because the primary driver (you) did not continue long enough. Make sure you switch off for a few hours in the evening, go to the gym, take a trip or a vacation – you need a reset button. Come back and kill it!
Setting daily goals will convert some of the above ideas into habits that will ensure you hit your targets for this year.
Rest Photo via Shutterstock
5 Habits Small Businesses Should Adopt in 2012
View full post on Small Business News, Tips, Advice – Small Business Trends
Jan 8th
When we go to a party, we love to have someone show us around and introduce us to guests. So when the party is a social media platform, a newcomer would certainly dream of a host to make a platform feel more like home.
The perfect gracious host may be Chris Brogan (@chrisbrogan). At least that’s the premise of his terrific book, Google+ for Business: How Google’s Social Network Changes Everything. This book is the first one to provide a primer for Google’s new platform. It’s a needed tonic. Reportedly driven by Android sales according to Business Insider, Google+ now has 62 million users.
Chris Brogan is no stranger to social media advocates. Brogan co-authored the New York Times bestseller Trust Agents and wrote Social Media 101, which was reviewed here on Small Business Trends. He has a Top 5 Advertising Age Power150 blog, Chris Brogan, and is a featured Entrepreneur magazine columnist. I learned about this book while checking out publisher Que’s book list and requested a review copy.
Agreement of material and writer enhances instruction to grow Google+
The book’s structure is an interesting mix of product timing and author experience that works as the “baby-bear’s porridge” of information many small businesses seek – not too large, not necessarily shallow. Google+ is less than a year old, but Brogan’s writing style can make social media newcomers feel the access to the material.
Brogan’s established perspective contributes value to Google+ for Business, avoiding a huge problem I have seen in a few Facebook guides. Many books, regardless of being phone-book thick or car-owner’s-manual thin, are so bloated with Facebook features descriptions that tactical or strategic recommendations are flat-out overlooked. Add Facebook changes into the mix, and it can become a second job to infuse new material into your business plans.
However, Brogan’s choice to cover a nascent Google+ with his insights makes one awesome, just-right porridge. The usages for Google+ is explained with enough flexibility to fit within your organizational structure.
The first three chapters documents why Google+ is essential, while Chapter Four lays out first steps. This is where you’d want to start if you generally understand Google+ already.
The three chapters dedicated to Google+ features are:
Most of the other chapters provide corporate examples and solid organizational tips. Chapter 7 may be the most broadly applicable, as it focuses on content. But Brogan wisely differs from the “content is king” mantra by covering ideas by business type. He is spot on when he suggest to online store owners to “post profiles and interviews with the owners” as well as to tell writers, photographers, and artists to “start a Hangout.”
Insights made for Hangouts and Circles
Brogan ensures that his revealed experience and tips are tailored to the Google+ environment so that you appreciate the reasons for the recommendation. Take for example how he notes a key difference with Twitter against managing a Google+ circle.
“On Google+, different than Twitter, I decided not to follow everyone back who adds me. The reason is that the more people I add, the harder it is to manage the stream of information I choose to consume. You’ll come to your own opinions, and you’ll likely change them a few times.”
This is pretty basic but works well if the reader is starting to differentiate social media platforms. Brogan goes on to note some cool circle label ideas for a beginner – Local, Thinkers, Competitors, Vendors, Personal Passion, and so forth. And while content suggestions may sound straightforward, they do play into the benefits of the Hangout and Circles features. Brogan get an A for the homework he has done for Google+ for Business.
Brogan has written in past posts how businesses should “Make Your Buyer The Hero”, but in Google+, the suggestion is expressed immediately to the point.
“If you write about your products and how great you are, only you can benefit from that. If you create interesting posts with concepts and ideas for your community to take so that they can improve their own experience in life, you have something.”
The suggestions sound like they are only geared for newbies, but Google+ for Business can compliment deeper works such as Social Media Metrics and Digital Impact, as well as community building topics covered in Empowered and The Social Organization. Its tone can draw small business owners and corporate managers that still remain on the social media sidelines.
Brogan does share some steps for upcoming Google+ changes – most are from Brogan’s view, but he wisely limits suggestions just enough to not render the book dated for the future. Just like the Facebook guides, you may want to follow online sources for further updates (after this book’s publication, Google added a second admin capability to match up to that in Facebook Pages). But rest assured, the material will not grow stale as your Google+ abilities grows.
Your Google+ is a “Minus” if You Skip This Book
Google+ for Business is the right manual at the right time. It captures enough of the basics, but also offers great insights so you can make effective use of the new platform. In Digital Impact, authors Vipin Mayar and Geoff Ramsey reveal that social media users budget new platforms into their time online instead of replacing one with another. Well, if you plan to squeeze more Google+ into your social time, Chris Brogan is an excellent host that you would want to make you feel at home.
Or in this case, in Circle.
“Google+ For Business” Adds Great Tips For Small Businesses
View full post on Small Business News, Tips, Advice – Small Business Trends
Dec 28th
Ernest Hemingway apparently got the answer wrong when F. Scott Fitzgerald told him “the rich are different from you and me” and Hemingway responded “Yes, they’ve got more money.”
His answer should have been: “They own businesses.”
The chart at the bottom of the page shows the probability that a taxpayer includes a partnership or S-Corp on his or her federal income tax return. As you can see, the odds of having business income increase substantially once adjusted gross income (AGI) exceeds $100,000. More than 40 percent percent of people with an AGI of $250,000 or more have one of these two types of businesses. More than 72 percent of the really wealthy – people who earn more than $1 million per year – have a partnership or S-Corp. And nine-in-ten of the super wealthy – people with an AGI in excess of $10 million – have one of these.
The correlation between AGI and the odds of having a partnership or S Corp isn’t just a curiosity. It also tells us something about who experiences collateral damage from recent criticism of the wealthy. Whether directed at business owners or not, any disparaging remarks made about the “top one percent” – people who earned more than $344,000 in 2009 – are negative statements about them. IRS data reveal that the majority of the “top one percent” has a partnership or S-Corp.
The “Top One Percent” Own Businesses
View full post on Small Business News, Tips, Advice – Small Business Trends
Dec 28th
Ernest Hemingway apparently got the answer wrong when F. Scott Fitzgerald told him “the rich are different from you and me” and Hemingway responded “Yes, they’ve got more money.”
His answer should have been: “They own businesses.”
The chart at the bottom of the page shows the probability that a taxpayer includes a partnership or S-Corp on his or her federal income tax return. As you can see, the odds of having business income increase substantially once adjusted gross income (AGI) exceeds $100,000. More than 40 percent percent of people with an AGI of $250,000 or more have one of these two types of businesses. More than 72 percent of the really wealthy – people who earn more than $1 million per year – have a partnership or S-Corp. And nine-in-ten of the super wealthy – people with an AGI in excess of $10 million – have one of these.
The correlation between AGI and the odds of having a partnership or S Corp isn’t just a curiosity. It also tells us something about who experiences collateral damage from recent criticism of the wealthy. Whether directed at business owners or not, any disparaging remarks made about the “top one percent” – people who earned more than $344,000 in 2009 – are negative statements about them. IRS data reveal that the majority of the “top one percent” has a partnership or S-Corp.
The “Top One Percent” Own Businesses
View full post on Small Business News, Tips, Advice – Small Business Trends
Dec 28th
Ernest Hemingway apparently got the answer wrong when F. Scott Fitzgerald told him “the rich are different from you and me” and Hemingway responded “Yes, they’ve got more money.”
His answer should have been: “They own businesses.”
The chart at the bottom of the page shows the probability that a taxpayer includes a partnership or S-Corp on his or her federal income tax return. As you can see, the odds of having business income increase substantially once adjusted gross income (AGI) exceeds $100,000. More than 40 percent percent of people with an AGI of $250,000 or more have one of these two types of businesses. More than 72 percent of the really wealthy – people who earn more than $1 million per year – have a partnership or S-Corp. And nine-in-ten of the super wealthy – people with an AGI in excess of $10 million – have one of these.
The correlation between AGI and the odds of having a partnership or S Corp isn’t just a curiosity. It also tells us something about who experiences collateral damage from recent criticism of the wealthy. Whether directed at business owners or not, any disparaging remarks made about the “top one percent” – people who earned more than $344,000 in 2009 – are negative statements about them. IRS data reveal that the majority of the “top one percent” has a partnership or S-Corp.
The “Top One Percent” Own Businesses
View full post on Small Business News, Tips, Advice – Small Business Trends
Dec 21st
We all know that “one person, one vote” is a fundamental tenet of democracy. Unfortunately, it seems that some companies have yet to get the message and exert untoward influence on the running of governments across the world. While these efforts tend to pay off for the companies, it can often be at the expense of the ordinary people that politicians are meant to serve.
There are 350 million smokers in China, with doctors not immune to the addiction — six in ten of them smoke too. China National Tobacco has a unique influence on government policy because the company is wholly state owned, bringing in $76 billion in profits and taxes in 2009 alone. The tobacco company therefore has free reign to extend its reach, even sponsoring schools! Although China signed up to the WHO’s treaty on tobacco control, which came into effect in the country in 2006, they essentially allowed the fox to guard the henhouse: the ministry charged with overseeing the implementation of the treaty is the same body that oversees tobacco. Unsurprisingly, they are not on track to meet their targets.
The Florida Chamber of Commerce serves an important role in representing the wishes and needs of Florida’s business community to politicians and local government — unless of course, you’re a business that disagrees with Walt Disney World. Strangely, priority issues for Disney tend to pop up on the Chamber of Commerce’s agenda more often than not. In October 2011, for example, the chamber promised to lobby against allowing casinos in South Florida. It’s an issue that wasn’t on the formal agenda in 2010 but it just happens to be a top priority for Disney — one of the Florida Chamber’s largest benefactors. It doesn’t stop with donations, however: Disney has several employees in influential positions within the chamber, including including 2012 chairman of the board Anthony Connelly — a senior VP in Disney’s global theme-park division.
According to documents contained in the 2010 WikiLeaks diplomatic cables, Shell boasted to US diplomats about their infiltration of the Nigerian government, claiming they know “everything” about the important decisions taken in the ministries and reportedly being given confidential information about government correspondence with other nations — including a letter from the Nigerian government inviting bids for oil concessions from China. Shell is the largest operator in Nigeria, which is the leading producer of oil in Africa. With spies and informants throughout Nigeria’s government, it’s no wonder they have been so successful. As Celestine AkpoBari of Social Action Nigeria puts it, “Shell and the government of Nigeria are two sides of the same coin.”
While pizza is a nice treat, in the US it can also be considered a vegetable, or at least the tomato sauce can. Two tablespoons of tomato sauce count as a vegetable serving for school lunches, according to Congress. The guidelines issued by the U.S. Department of Agriculture were updated in 2011, and attempts were made to increase the amount of sauce required for a veg serving, as well as to decrease sodium levels and starchy vegetables in the meals. The frozen foods industry was displeased and spent almost $6 million successfully lobbying against the measures. That pizza counts as a vegetable in the school cafeterias of a nation battling with an obesity epidemic suggests the US government has never been so willing to kowtow to big business as it is today.
Who can forget the Enron scandal and the revelations of corporate fraud and malfeasance associated with that now-notorious energy giant? Enron engaged in multiple shady dealings and caused numerous problems, not least in the California Energy Crisis. Following the 2000 legislation on California energy trading, Enron quadrupled its revenues for “Wholesale Services” to over $48 billion, all while manipulating the market, causing blackouts and increasing the price of power. Who pushed through the legislation that allowed this? Just Senator Phil Gramm, the politician who received the second highest amount of Enron’s contributions to political campaigns. The politician who benefited most from Enron’s largesse? George W. Bush.
If there were one area that you might hope to be free of profit motives and shady dealings it would be healthcare — after all, it really is a matter of life and death. Sadly, the debates over healthcare reform in the US brought out the big guns, with The Pharmaceutical Research and Manufacturers of America spending $7 million on lobbying in just three months in 2009. Pfizer alone independently spent well over $5 million from July through September of 2009. Altogether, healthcare and insurance were spending a mind-blowing $2 million a day on lobbying in the first half of that year. In return for their efforts, Pfizer and other big pharma companies managed to block the importation of cheaper medicines from other countries and increase the length of their patents. Not bad for only a few million dollars worth of political harassment.
With a stranglehold on the world diamond supply, De Beers pursues aggressive marketing strategies, popularizing the idea of the diamond engagement ring and causing men everywhere to panic about whether they can afford a shiny piece of rock. While that is, of course, rather unsettling, more sinister is the way in which De Beers pursues new diamond-mining locations — no matter who might be living there. When the land of the Bushman tribe in Botswana was found to contain diamonds, De Beers requested that they be cleared from the land. The government obliged and, under a pretense of preserving wildlife resources, cut off the tribe’s water supply, fined the inhabitants and allegedly carried out beatings and torture — and all for some glittering stones.
Lockheed Martin is a powerhouse in the world defense industry, with annual sales of over $45 billion, around three quarters of which come from military sales. They regularly receive more money than any other US contractors, with 7% of Pentagon funding. In 2008, they got $36 billion of US taxpayers’ money — more than any other company, ever. While this privileged position may of course be down to Lockheed Martin’s excellence and business savvy, the tens of millions of dollars they spend on lobbying every year might also have something to do with it. Coincidentally (or not), Lockheed Martin is the top contributor to both the chair of the Senate Appropriations Committee and to the chairman of the House Armed Services Committee chairman.
The sugar lobby is anything but sweet when it comes to governmental measures that might harm its market. When the WHO issued guidelines in 1990 that said sugar should be less than 10% of a healthy diet, the industry was furious. In short order, the US State Department began to pressure the WHO to withdraw the guidelines in 2003, with the sugar company’s new lobbying company pushing them on. While unsuccessful with the WHO, the sugar lobby managed to stop the 10% rule from being part of the EC guidelines, threatening to block the whole report if it was included.
The agricultural giant does more than modify the genes of organisms; it also spends millions on modifying the actions of governments in its favor. In 2005 they were fined $1.5 million for the 2002 bribery of an official in the environment ministry of Indonesia — a measure that was designed to help them avoid environmental assessment of one of their GM crops. Indonesia isn’t the only place where Monsanto warps politics to their own ends. The infamous company has influenced the US government to continue pressuring EU states over their aversion to GM crops, with WikiLeaks documents indicating that, in response to a proposed French ban on Monsanto corn, US embassy staff drew up a “retaliation list” that would cause “some pain across the EU.”
View full post on Business Pundit
Dec 17th
After dealing with filing your own taxes, you probably think companies have to go through a much bigger hassle and have to spend significantly more money. However, this isn’t always the case. Some of the company’s biggest businesses have used loopholes to decrease their required taxes and have even lowered it to 0. A few others have managed to actually make tens of thousands of dollars through tax exemptions and not have to pay a dime. Here’s a breakdown of four major scenarios that might surprise you.
(Credit)
Interest has surrounded General Electric’s supposed tax cutting maneuvers for years. The New York Times reported that G.E. paid very little in American taxes and claimed $3.2 billion in tax benefits, but a CNNMoney Fortune blog stated that there were inaccuracies in this data (stating that the company said it would not be receiving any tax refund).
Despite the debate and confusion, even that same CNN article says that G.E. “has been an aggressive tax-minimizer” for decades, so this behavior isn’t much of a secret. So how does the company accomplish this drastic feat? By concentrating its profits offshore, G.E. doesn’t qualify for typical U. S. profit taxes.
According to ABC News, Google has used similar tactics. In three years, Google saved $3 billion in income taxes. The profit made overseas never came back to the U.S. and thus didn’t get taxed here. Google funneled its overseas profits through Ireland, The Netherlands, and Bermuda to avoid even overseas taxes.
(Credit)
Pepco Holdings had a company tax rate of about minus 118% in 2010, according to a Washington Post article about a report compiled by the Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Pepco claimed $270 million in federal tax credits, and paid the lowest rate of all firms investigated in the report.
An author from the study said one way the company could have accomplished this amount of savings was by using accelerated depreciation, but the CFO of Pepco responded in a column stating that while accelerated depreciation reduced taxes, the company paid many other taxes like real estate taxes, payroll taxes, etc.
(Credit)
Just because a car has a foreign label doesn’t mean it was built in another country. Many manufacturers based in different parts of the world have plants in the U.S. and assemble many of their vehicles here. The Honda Accord was the first Japanese-branded vehicle built in the U.S. This was back in 1982, and people criticized the decision to start assembling cars here.
Why were people so critical? Because they saw the action as way for the company to avoid taxes and tariffs that would have applied if they were importing the cars instead of building them in the U.S. (whether this was true or not). In theory, it is possible to avoid taxes by simply building the cars in the U.S.
(Credit)
Some companies can sign documents on international waters, at a certain altitude in the air, or cross state lines to avoid paying tax. In theory, to avoid paying the documentary stamp tax in the state of Florida, someone could possibly send the documents to a person located outside of Florida’s jurisdiction using an online faxing service and complete the transaction there. The tax applies to documents that transfer an interest in real Florida property. Examples include warranty deeds, contracts for gas and oil rights, assignments of contract or agreement for deed, and more.
Conclusion
Gaps in tax law have allowed many companies to make money and sparked many controversies about whether or not laws should be amended. Do you know of any other instances of major tax loopholes leading to major profit? Feel free to share them in the comments.
View full post on Business Pundit
Dec 15th
It’s a generally accepted fact that the two places in the universe where the most time gets sucked into a netherworld of oblivion are the event horizon surrounding supermassive black holes, and the offices of a small business. But it doesn’t have to be that way. A few small steps away from the event horizon is all it really takes to give the average business significantly more time to focus on real work, and prevent themselves from being crushed to a non-dimensional point of nothingness by the competition. Here are 10 efficiency hacks to give small businesses a big boost in productivity.
Your company doesn’t need to be filled with super nerds in order to run smoothly; odds are, your business has little or nothing to do with computers and they’re simply a means to an end. That said, they’re the most pervasive and useful means in the world today. So as much as you or your employees might view them as glitchy machines, learning enough to avoid expensive mistakes can save a lot of time. A few examples of these might be:
- Save your work all the time. You can even save it to servers that are not on your computer for added security.
- Look, Dave, deleting the short cut doesn’t delete the program. You have to uninstall it. No I’m not going to show you how to do that.
- As far as you are concerned, there are two types of files: “.exe” and everything else. Do not allow .exe files anywhere near your computer, let IT handle that.
- If an e-mail promises something good but vague, it is a scam. If it promises something bad unless you do something like “simply clicking on this link here”, it is a scam. If you have to give your name and password, it is a scam. If you have to ask yourself if it might be a scam, it is a scam.
Better yet, explaining the basic inner workings of computers during a short seminar to the less-than-savvy in a firm can free up resources to deal with real problems, instead of showing Dave how to log in for the third time today.
Every office has that document they have to send out 3-4 times a week, if not 3-4 times a day. The contract to a vendor, the contract to a client, the legal filings with the state, county, city and Federal Governments. There is no reason this document should be re-written each time unless you hate money and happy employees. If you find yourself typing up a document partially or wholly from scratch more than three times, take the time to make a template that will speed up the process in the future.
While this sounds like a no-brainer, it’s still a wonder how rare a well-organized, shared folder of templates is in many offices. Another area that often needs templates that frequently gets overlooked is e-mails. Now, obviously, important emails to clients or those that need a personal touch and finesse shouldn’t be replaced. What we’re talking about here is documents such as meeting schedules, agendas, work priority, etc… In other words, those emails you send multiple times each week that all have the same basic form, should be sitting as a permanent draft on your email client.
The important thing to remember here is re-read the template from top-to-bottom before sending. Otherwise embarrassing details such as a date from last year, or a reference to another company can make the end product look shoddy and unprofessional.
Let’s get the easy stuff out of the way first. There’s really no reason you should be taking time to physically mail your bills each month. Pretty much everything from your power to your phones can be paid online, or even better, set up for an automatic deduction each month. Aside from software such as Quickbooks which will keep track of most of this information, (you’re in trouble if you aren’t using at least some sort of simple accounting software), here’s a quick-and-dirty tutorial on how to set up an excel spreadsheet to automatically calculate just about anything else.
On top of this, a lot of small businesses have trouble backing up, protecting, and keeping track of their data. Thankfully there are cheap, easy solutions to that problem. A simple RAID set up will automatically back up your data to a separate hard drive, ensuring that no data will be lost short of the office burning down. Even better, there are several companies that offer cheap or free back up to the cloud — making your data essentially loss-proof as long as you remember sync. They can even give you added storage space and processing power that will save on the long term in hardware costs. These provide the added bonus of allowing employees to quickly access important files if their computer breaks or if they’re off-site.
While simple, it’s amazing how often some of these quick fixes slip through the cracks, especially in small businesses. A regular review of all processes to determine which can be automated may seem time consuming at the outset, but will more than yield returns over the long term. All of these require a certain amount of tech expertise to set up and configure, but once they’re online, you can rest easy and use the time you’ve saved to focus on more important things.
Almost everyone in a small business, or who deals with small businesses, is familiar with some version of a laborious process that goes like this:
Client: “I’m faxing over the document. Please sign it, fax it back over, and then we’ll countersign and fax you a copy for your records.”
You: “We don’t have a fax machine because it’s not 1997.”
Client: “So print it, sign it, scan it, email it, we’ll print it, scan it, and send it back to you.”
You: “I have just wasted my entire day getting a few drops of ink onto a piece of paper.”
This is one of those things that you always thought there should be a solution to, and it turns out there has been one for some time. E-sign basically allows you to send a document through a third-party provider to everyone who needs to sign off on it. Simply by clicking a button, everyone digitally “signs” the document, and everyone is sent a final, signed copy.
While this may not seem like the most secure way to obtain signatures, keep in mind that a signature is little more than a few quick pen movements on a page. If there is an issue with the signature, there are few ways to question or verify it beyond bringing in a hand-writing specialist. An e-signature, on the other hand, will have a trail of who it was sent to, who viewed it and when, what computer, what account, and what password were used in signing off on it. And according to law, it is just as legally binding as a physical signature. A good client to use for this service is Adobe EchoSign, partly for their history as an established company, and partly because they are one of the few companies that offers a service like this that you can guarantee almost every partner, vendor and client will have heard of.
While email has become the beating heart of just about every company (who could live without Joyce’s adorable Friday Cat Pictures?), it is still lacking in speed. Sure, you can send a multiple-page complaint about someone drinking the last of the coffee and not making another pot (that cretin) and have it delivered in milliseconds. But there’s still the most error-prone part of the computer to deal with: that space between the screen and the user’s brain. There is no way to guarantee that someone will read your email, there is no way to get an immediate response unless you attach one of those annoying “confirm that you have read” tags. Most importantly, there is no way to guarantee the recipient has the time to respond in depth.
This creates to concurrent issues which, surprisingly, don’t seem to be generational. One group will send important time-sensitive emails and hope and pray that the other person happens to hit “refresh” in time. The other group will obsessively refresh their inboxes, waiting for the crisis of the day to appear (these groups are not necessarily mutually exclusive). There is also that third group of annoying management that is used to rapt, instant responses in ever other area of office life, and gets frustrated when employees don’t respond immediately.
Here’s a huge time saver to both ends: if it can wait a few hours, send an e-mail. This will allow the person on the other end to take note and properly prioritize their work flow. If it cannot wait, that thing on your desk is called a phone. Pick it up and have a conversation — you’d be amazed how many problems it can solve.
In a rough economy where an unemployed job search is only slightly preferable to being dragged over hot coals, everyone in the company is going to go out of their way to show how invaluable they are. It’s a natural response that can have some positive effects, such as employees working harder or seeking out extra training. Unfortunately, it doesn’t really lead to the best allocation of resources. That is to say, people will often take on tasks they are terrible at for the sake of seeming that much more valuable to a company.
While admirable, this is probably one of the biggest sources of lost time outside of meetings where a committee is tasked with designing something. The worst offenders here surprisingly aren’t lower-level employees. Many of them (to simplify vastly) are only performing the tasks given to them by their superiors. The real problem, and where one should look to improve efficiency, is tasks that managers are guarding when they can and should delegate.
A good employee hates an invasive boss because they get in the way of that employee’s frenzied-yet-focused efforts to finish a project on-time and under-budget. A bad employee hates an invasive boss because they get in the way of that employee’s frenzied-yet-focused efforts to play Farmville and write the next great American novel. Assuming an otherwise well-functioning company, a good manager is faced with a dilemma: interfere too much and you stifle creativity and slow the process. Interfere too little and a whole heck of a lot of time can be wasted on frivolous pursuits.
The maxim “measure twice, cut once” comes to mind here. A good manager should make sure a project has the proper resources and staffing to meet its goals on time, and should monitor them in the early stages to ensure everything is on track. Any well-laid plan will inevitably make fools of everyone involved, but a poor plan, or no plan at all will make unemployed fools out of an entire small company. This is all to say that a team should work collaboratively to lay an effective an realistic plan and stick to it (obviously allowing for change given shifting parameters, but this should be built into the original plan). This will require more time up-front, but it will save untold amounts of time over the duration of the project.
We’ve been conditioned to believe that if we are not actively working, we are losing valuable time and man-hours. While this is true, especially for sectors such as food service, today’s creative workforce is cutthroat. One good idea can mean the difference between lucrative success and unprofitable mediocrity. Studies show that workers often become tired, disinterested and distracted after 8-10 hours of work (hence the 40-hour work week).
While this is not an absolute rule, and is sometimes hilariously unrealistic given the short time frames many small companies face, it raises an important point. Namely, taking a short break, sleeping on it, or letting it simmer over the weekend might be better in the long-term for the time-savings of a company. Each individual manager would need to determine when the best time to let zombified workers sleep, but a holistic approach to an employee’s productivity can prevent costly and time-consuming mistakes, as well as encourage creative, energetic approaches that come from plenty of needed rest and time to ruminate.
Despite the fact that everyone “knows” that a project will always take much, much longer than you think it will, pressure from clients or managers can make it nearly impossible to ask for more than you think you will need. But time and time again, the rush to meet unrealistic deadlines with far too few resources ends up wasting more time and resources than a generous estimate would have come near to. Even worse, you might be laying the foundation for future time-consuming failures.
One of the best examples of this comes from software design. To illustrate, say a client demands a piece of custom software, in what you know is an unrealistic time frame. However, as a small business, you don’t have much room to negotiate terms or turn down clients. Even if you get the project done on time, the internal architecture of the software will likely be haphazard and slapped-together out of necessity. Any future business from that client will be built on this shaky foundation, just waiting for an expensive and time-consuming collapse. Would you have been better off demanding a more generous time frame or turning down the business altogether? That is a question each business has to look at its balance sheet and answer itself. But just as they should over-estimate the overall cost of a project, they should likewise over-estimate the downstream costs that will inevitably result.
“Multitask” is one of those buzz words that employers use to describe the employee they want and job-searchers plaster all over their resume. After all, why would you want someone who can do one thing, when you could have someone who can do three things? While it would be nice if we could all hire or be a group of super-talented multitaskers working three projects successfully at once, the hard truth is you cannot multitask. Not only that, but attempting to multitask is actually proven to reduce your net productivity.
This is unfortunate for the small business because, being a small business, everyone has to wear multiple hats. Your head accountant might also be your lead project manager, or your chief of engineering might also have to be your director of client services. The solution here is not to throw up your hands and resign yourself to a world of slightly-less productive employees since all these tasks are essential to business function. You should instead focus on ordering and prioritizing tasks such that you or your employees aren’t forced to juggle multiple balls at once. Properly managed, this can lead to a situation where the increased productivity that results from focusing on a single task is leveraged to ensure that everything gets done according to its order and priority. A failure to do this leads to more dropped balls than a 16-clown-pileup, but doing one thing at a time is conducive to clarity and efficiency.
View full post on Business Pundit