Archive by category ‘Business Management’
Your Company’s Future is Determined by Your Business Model
The Harvard Business Review featured a spotlight on business models – with good reason. The authors of the articles in the spotlight researched a variety of highly successful companies and found that these companies had something in common – they were all “well on their way to new business success [each time] their existing business started to stall”.
How did these companies manage to find themselves poised for new growth every time an existing market became saturated? They carefully planned a new business model that would mature in time to replace a predecessor.
- What is a business model?
The business model should tell a story that describes how your business works, encompassing the product you are selling and how it is being marketed and delivered.
- When is it time to invent a new business model?
The best time to begin inventing a new business model is while an existing model is still prosperous.
- How should a business model be designed?
A successful business model requires finding a consumer wish that is not yet being fulfilled. There is no shortage of unfulfilled consumer needs and wishes, but the challenge lies in finding which ones your business can create at a cost that is less than what the customer can afford to pay.
Remember, your company’s future is determined in your business model. When is the last time you looked at your business model?
The New Normal: Telecommuting
Wikipedia defines telecommuting as a work arrangement in which employees enjoy flexibility in working location and hours. In other words, the daily commute to a central place of work is replaced by telecommunication links.
As I communicate with other businesses, it has become clear that telecommuting or alternative work schedules are becoming more and more common. Our firm now has 35% of our employees on an alternative work schedule, which included telecommuting. The benefits of these arrangements have been vast, including:
- Increased productivity due to eliminated commute time
- Decreased involvement in office gossip
- Reduced stress
- Fewer disruptions in the work day
The telecommuters at our firm have worked hard to make this arrangement work and have developed systems to improve efficiency and communication, increasing both quality and productivity. As an added benefit, employees who couldn’t get into work due to a snowy Minnesota day, could work from home and not miss a beat. Not only did we not see a drop in productivity, the employee experienced reduced stress and risk of a potential accident. We have concluded that our telecommuters are happier employees as outlined in the article, “The Real Reason Telecommuters Are Happier”. Click here for the full article.
According to the June 2011 report on the State of Telework in the U.S., businesses need to remember that they benefit from telecommuting as well. Providing telecommuting as an option to employees, will:
- Improve their ability to recruit and retain the best people
- Increase productivity
- Decrease space requirements, absenteeism and energy costs
- Enable employee’s performance to be measured on what they accomplish rather than the number of hours they work
Whether we like it or not, telecommuting is the new normal. In 2009, Forrester Research reported, “more than 34 million U.S. adults telecommuted at least occasionally”. This is a significant number that cannot be ignored. Not all businesses are ready to make this culture shift to managing a remote workforce. It is not easy to overcome the issue of mistrust regarding whether employees are “really working”. In addition, not all businesses have the tools, training and technology needed to support the remote employee. Know this, we are currently seeing a new era of telecommuting that will impact how we work and become productive in the 21st century.
To receive assistance developing alternative work schedules, telecommuting policies, procedures or agreements, do not hesitate to contact me at lsimonson@fa-cpa.com.
Create an Employee Retention Strategy Today
The outlook for hiring employees is improving, making employee retention one of the top priorities for business owners. Over the past few years, businesses have been challenged during the economic downturn. Management teams have worked hard to streamline processes, save dollars from the budget and look for ways to be competitive in the marketplace. Throughout this time, hiring and retaining staff has been put on the back burner. Now, all indications lead us to believe that employees have their eye on the economic recovery with one goal in mind: getting a new job. As the job situation improves, small to mid-size businesses could be the hardest hit. This adds a new challenge to business owners and one that needs attention before it is too late.
Social Networking & Your Business
Are you fed up with hearing about Twitter, Facebook, YouTube and LinkedIn? Will you be glad when this “fad” is over with? Do you avoid discussions about using social networking for business?
Much like when email first came into existence, it is natural to disregard social networking’s power and influence. It is natural to see the negative attributes and not the benefits. For many of us, social networking is foreign territory and it is difficult to see its impact on our business.
Grow Your Women-Owned Business Through Government Contracting
Many businesses are able to grow their revenues through government contracting. Recently, due to the changes in federal policy, women-owned businesses have a better chance in winning government contracts. Click here to find out what you need to do to take advantage of this exciting opportunity.
