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Author: Jake Snelson

Create a Succession Plan for Your Small Business

How to Create a Succession Plan for Your Small Business

Your small business is up and running with a bright future. You’ve decided to go full force with it and make long-term plans. But you know as well as any other small business owner that things don’t always go as anticipated. Wise entrepreneurs know that a well-developed succession plan can ease the future changes of an evolving business.

What is a Succession Plan?

A succession plan is a written plan for the future of the business. Specifically, it outlines who and how one leader will replace another within the company. Positions of leadership are often filled internally with people who have the potential to improve upon their current position and assume a leadership role.

While it may seem too far out to worry about right now, how you exit your business in the future reveals the character and effectiveness of your business as a whole. Even if you plan to work until the day you die and hand your business down the family line, you’ll still want a plan in place to make the transitions go as smoothly as possible. It’s especially important to have a succession plan in place in the event of a tragedy or unexpected death. What if you had a heart attack tomorrow? What would the future of your business look like?

How to Create a Succession Plan for Your Small Business

  • Assess internal candidates first. A strong succession planning program identifies future leaders within the company and prepares them through mentoring, training, and assignments that stretch them. A study from Booz Allen Hamilton concluded that “over their entire tenures, CEOs appointed from the inside tend to outperform outsiders” when it comes to returns to shareholders.
  • Develop a written criteria for your ideal candidate.  Which characteristics are the “must haves” and which are the “nice to haves”? Try to view your internal candidates as objectively as possible as you run through your written criteria. Obviously your replacement should have strong leadership and organizational skills, but what else? Dig deep as you develop your list.
  • Consider all stakeholders. As you are creating a succession plan for your small business, consider how a change in the leadership will affect the other employees that work for you, as well as your business partner if you have one. Ponder these questions as you create your succession plan:
    • Is there an emergency candidate who could take the reigns if you were to leave tomorrow?
    • Is the company organized enough to ease the transition of a new leader?
    • Is there a seasoned leader in place who is willing to coach a potential successor?
  • Put your succession plan into practice now. Most business owners make it this far and then stop. Your succession plan should be more than a static list of names in your file cabinet. Start preparing your successors now for the future. There is no such thing as a “ready now” candidate; all will need mentoring and training to assume a leadership role. Assign your potential successors tasks that will stretch them, challenge them, and give them responsibility to make important decisions within the company.
  • Refresh as needed. Your succession plan should be a living document that is changed and modified as market conditions and/or strategy change. It should go beyond the traditional position description and delve deeply into both the competencies and experiences required for the next leader. The succession plan can then be used as a tool in grading succession candidates objectively.

Plan for Your Small Business

When in doubt, consult a professional. An accountant or attorney can provide a fresh, objective viewpoint and can advise you on the potential profitability of certain candidates. You can even screen candidates formally with stress tests, aptitude tests, and specific challenges. Creating a solid succession plan now can help ease the transition of changing roles later on.

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Protect Your Small Business from Theft

Outsource Your Small Business Payroll

3 Reasons You Should Outsource Your Small Business Payroll

Payroll is a time-intense small business task that has to be done right if employers want their employees to stick around. It’s not a task that can be delayed, or done improperly. Normally not a favorite task among small business owners, payroll is sometimes best left to the experts.

Here are three big advantages of outsourcing payroll that will save you time and money:

big advantages of outsourcing payroll

  1. Access to expertise and knowledge. Employers have to deal with almost 10,000 federal, state and local taxing jurisdictions across the United States. They also heavily rely on technology to operate more efficiently.  As a business grows, employers have more employee records to keep and also need more reporting.  The lack of technology becomes a hindrance to scaling for growth of the business. When you’re doing payroll in-house, you’re more likely to make mistakes that not only upset employees, but the government as well. Payroll service providers may be less likely to make big mistakes, and when they do, it’s easier to approach them about it than if the same mistake were made by one of your own employees.
  2. Minimize costs and risks. Outsourcing payroll can also cut costs and reduce risk. On average, businesses are overpaying employees by about 4% because of differences between the employee’s time and an accurate time record. Larger businesses often have the means to employee an entire accounting/payroll department, but businesses with fewer than 20 employees often find that outsourcing payroll saves them money. A quick way to determine if outsourcing payroll would save your business money is to figure out how many hours your employees are devoting to payroll-related activities, calculate how much you’re spending and compare the amount to the plans offered by several payroll-services providers. (Vyde offers plans around $75/month–if you’re spending more than that, you could be saving money!) Also, be sure to factor in the money your business spends on tasks like printing and distributing checks, creating tax documents, and the like.
  3. More focus on your core business. Doing payroll yourself can take a lot of time and focus from the money-making aspects of your business. Payroll may not directly increase sales, but done incorrectly, it can put your business in a world of hurt. To be in accordance with the laws and legal requirements of payroll takes a considerable amount of time and detail. Outsourcing payroll will help you save time and allow you to spend more money on the profitable parts of your business.

Struggling with in-house payroll? Discover the woes small businesses face, from errors to compliance challenges. Enter the solution: hiring an expert. Outsourcing your small business payroll to professionals ensures accuracy, compliance, and frees up valuable time. As you seek the best, consider Vyde—the most trusted accounting and bookkeeping firm in the US, providing seamless payroll services for your business success. Make the smart move today.

Outsource Your Small Business Payroll

FAQs about Outsourcing Small Business Payroll

Why outsource payroll?

Outsourcing ensures access to expertise, reduces errors, and simplifies compliance with diverse tax jurisdictions.

How does outsourcing minimize costs?

It cuts expenses on overpayments, staffing, and ancillary tasks like check printing, resulting in significant savings.

Can small businesses benefit from outsourcing?

Absolutely. For businesses with fewer than 20 employees, outsourcing payroll saves money and allows focus on core operations.

What risks does outsourcing payroll mitigate?

Outsourcing reduces the risk of errors in tax filings, legal compliance, and employee payment discrepancies, fostering smoother operations.

How does outsourcing enhance business focus?

By delegating time-consuming payroll tasks, businesses can redirect their attention and resources to revenue-generating activities, fostering growth.

Hiring Seasonal Employees

Plan for Holiday Success by Hiring Seasonal Employees

If your small business is one that gets especially busy during the holiday season, you can plan for success early by hiring seasonal employees. You might be surprised at how a little extra help can boost sales, increase profits, and make your life as a business owner less hectic during an already busy time of year. Here are a few rules that apply when hiring seasonal employees:

  • All labor laws still apply. Laws that cover harassment, discrimination, and workplace health and safety apply to seasonal workers just as they do to any other employee. If you’re not familiar with these, this Employment and Labor Law Guide for small businesses is a good reference point.
  • Consider hiring seasonal employees as contractors. If you’re running an online business and need some help managing your blog or social media accounts, you can hire an independent contractor without actually making them an employee. A contractor normally works as a less  supervised member of your team. Keep in mind, you hire a contractor to do a job for you, but they are not technically your employee. As such, you aren’t required to provide benefits, withhold tax/Medicare/Social Security, or pay unemployment taxes. You also can’t dictate the hours the contractor works. However, you are required to report compensation of $600 or more to the IRS (more on this here). Be sure to outline the details and length of the contract before work begins.
  • You still have to withhold taxes. Despite popular opinion, seasonal employees should not be paid “under the table,” even if you’re just paying them to hang Christmas lights. Part-time and seasonal employees are subject to the same tax withholding rules as the rest of your employees. For details on your tax reporting responsibilities, refer to IRS regulations on part-time or seasonal help.
  • You may want to use a talent management company. These companies can save you big time and money by screening potential employees, taking care of the HR work, and making sure you hire the right fit for your company, even if it’s only for a season.
  • Use the same HR process as your other employees. Don’t be tempted to hire an employee in haste and throw them out on the sales floor on November 15th. Take some time to onboard the employee by offering early training and opportunities for them when things are slow. Additionally, it’s best to follow the same HR hiring process with a seasonal employee as it is a long-term employee.

Whether you’re running a brick and mortar shop, an online business, or offering services of some sort, the holidays are normally a busy time of year. Start the process of hiring seasonal employees early to ensure a seamless start to the holiday season.

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

Reduce Small Business Stress

10 Reasons to Get Yourself Moving and Reduce Small Business Stress

Last month, we sent a poll to our clients asking them how they manage stress. The options were the typical stress management techniques you’d guess–sleep, prioritize, make lists, exercise, and meditate. The results were overwhelmingly similar, in that nearly 63% of Vyde clients rely on exercise to reduce their stress. Since nearly all of our clients are small business owners, it’s no surprise that they have their fair share of pressure in the work place.

Here are 10 statistics to further reinforce that notion to get your body moving when you’re feeling stressed out:

  1. It doesn’t take much. Psychologists studying depression and anxiety have found a brisk ten minute walk to be as effective as a 45 minute workout in reducing stress.
  2. Science has also provided some evidence that physically active people have lower rates of anxiety and depression than sedentary people. Less anxiety = less stress.
  3. Exercise is meditation in motion. Five to 10 minutes into their exercise routine, most people find that they are able to stop thinking about workplace stress and focus more on their body movements. This focus helps them remain calm and concentrated in all aspects of life.
  4. Scientists have found that regular participation in aerobic exercise has been shown to decrease overall levels of tension, elevate and stabilize mood, improve sleep, and improve self-esteem.
  5. It improves your mood. Regular exercise increases self-esteem, relaxes you, boosts your confidence, and lowers the symptoms associated with stress, depression, and anxiety.
  6. Exercise helps you sleep. If your work day wears you out mentally, a little physical exercise can help you wind down and sleep better and longer at night. Better rest = less stress.
  7. Raising one’s heart rate can actually reverse damage to the brain caused by stressful events. Dr. Matthew Stults-Kolehmainen said “Stress atrophies the brain — especially the hippocampus, which is responsible for a lot, but memory in particular. When you’re stressed, you forget things.”
  8. Exercise helps you control your weight and your appetite, a number one cause of stress among many Americans. Those who exercise tend to weigh less and eat healthier, giving them one less thing to worry about. Eventually, healthy choices become natural as a result of good daily exercise habits.
  9. Exercise helps you become organized. Prioritizing and planning exercise into your week soon filters over into other aspects of your life. When you’ve got a clear schedule you know you’re working with, such as 30 minutes of exercise, 20 minutes of reading, and 20 minutes on social media, your overall stress levels are reduced.
  10. It boosts your confidence. People who exercise worry less about what others think of them and more about their own personal development. Setting goals to compete with yourself instead of others increases self-esteem and overall healthy living.

try working exercise into your schedule

Essentially, when your body feels better, so does your mind. If you’re feeling especially stressed lately, try working exercise into your schedule and allow it to boost your energy and rid yourself of daily stressors.

FAQs for Managing Small Business Stress with Exercise:

  1. Why is exercise recommended for managing small business stress?

    Exercise has been proven to reduce anxiety and depression, improve mood, enhance sleep quality, and boost self-esteem, all of which contribute to stress reduction.

  2. What are some benefits of incorporating short bouts of exercise into a busy schedule?

    Even brief, brisk walks or short exercise sessions can effectively alleviate stress, improve mood, and enhance concentration, offering immediate relief from workplace pressures.

  3. How does exercise help with mental focus and relaxation?

    Exercise serves as a form of meditation in motion, allowing individuals to shift their focus away from workplace stressors and concentrate on physical movements, promoting a sense of calm and mental clarity.

  4. Can exercise contribute to better sleep and weight management?

    Yes, regular exercise aids in better sleep quality and duration, while also helping individuals control weight and manage appetite, reducing stress associated with weight-related concerns.

  5. How does exercise impact overall brain health and stress resilience?

    Exercise has been shown to reverse stress-induced brain damage, particularly in the hippocampus, enhancing memory and cognitive function while reducing susceptibility to stress-related mental health issues.

 
 
Business Loan

7 Things You Need to Acquire a Business Loan

Gone are the Wild West days of acquiring a loan on a handshake, your word, and a good reputation. There are thousands of small business owners out there seeking loans, and banks are only lending to those who are prepared and able to pay it back. Here’s what a bank will want from you when you seek a business loan:

  1. Your Business’ Past and Current Financial Details. This includes current loans, past loans, debts, all bank accounts, investment accounts, and credit card accounts. This information will all need to be supported by a tax ID number, addresses, and contact information.
  2. Collateral. Most banks will require some sort of collateral before extending a business loan, usually in the form of personal assets or house equity for a startup. In order to reduce the risk of lending to you, they need to know that you believe in your business enough to take some risk as well.
  3. A Solid Business Plan. Don’t have one? It’s time to right one. Before a bank will give you a business loan, you’ll need to provide them with a summary of your company, your future plan, target market, employee plans, etc. It can be a document you write yourself–nothing too fancy, but definitely legit.
  4. Insurance Details. Many times, banks will ask business owners to take out insurance against the death of one or more of the founders. This helps the bank reduce risk and ensure that the loan will be paid off in the event of a tragedy.
  5. Complete Accounts Receivable and Accounts Payable Details. You’ll likely have to provide these two things, plus credit references, and the contact information of companies that sell to your business on account that can vouch for your payment behavior.
  6. Personal Financial Details. If your personal finances are a mess, it is telling of your business finances. Banks want to see that you have all aspects of your finances in order before extending a business loan. You’ll also need to provide your social security number, net worth, bank accounts, debts, investments, credit cards, vehicles, loans, mortgages, and more.
  7. Past Tax Returns. Obviously.

Your lender may request more information from you, based on the type and amount of business loan you are seeking, but this is a quick list to get you prepared.

Quick Money Management Tips

Quick Money Management Tips to Build Your Business

 

It’s no surprise that one of the top stressors for a small business owner is money management. You don’t have to be a CPA or virtual bookkeeper to understand the basics of your company finances and use that knowledge to build your business. Here are a few quick money management tips you can use to grow your business (and your profit!):

Money Management Tips

  • Separate personal finances from business finances. Not only does this make tax time easier, it helps you know where you’re at throughout the year as well. More tips on this principle here.
  • Understand your balance and income sheet. Ben described these numbers in detail in this video.
  • Set a strict budget and stick to it. The importance of a business budget cannot be overstated. Learn how to plan one in an afternoon.
  • Create a business savings account. A few benefits of a business savings account include: the ability to earn interest, a stockpile of cash that is useful when tax season comes around, a boost in your credit score, fund protection (Business savings accounts are insured by the federal government up to $250,000), and the simple fact that it’s never a bad idea to have a little money saved for a rainy day.
  • Be religious about tracking expenses. Every purchase you make exclusively for your business is tax deductible, which means it lowers your taxable income at the end of the year. You’d be surprised at how small expenses add up over time, which is why tracking every single expense is critical to money management. A few ways to track expenses can be found here.
  • Don’t borrow more than you need. No matter how much profit you think you can turn your business loan into, don’t be tempted to borrow more than necessary. Even if you’re approved for a higher amount, take only what you need to avoid acquiring more debt.
  • Pay bills early. Rather than waiting until bills are due, pay them as soon as you have the money. You’re less likely to spend money on things you don’t need if you simply don’t have the money in your account.
  • Set your salary and pay yourself. The easiest cut to make when you’re the boss and funds are tight is to your own salary. However, this can easily backfire. Here are a few tips on determining your salary as a business owner.
  • Cut costs where you can. From hiring interns to advertising, the ways to cut business costs are endless. Here are 20 ideas to get you started.
  • Give yourself a financial checkup every year. Schedule an entire day to (or a few hours each quarter) to check the balance on all bank accounts, interest rates on your credit cards, monthly bills, subscription fees, and all other expenses. Write it out and analyze the numbers to determine what you can cut out and how you can maximize your profits.
  • Outsource the things that use up your time. No money management technique can save you more than simply managing your time well. Since you’re the brains behind your business, you need to focus your efforts on what makes your business the most profitable. If it’s not graphic design, then find a graphic designer. If it’s not SEO, hire someone to do it. Accounting is a great service to outsource because an accountant can save you time and money.

What are your tried and true money management techniques?

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Plan for Holiday Success by Hiring Seasonal Employees

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

Boost Productivity as an Entrepreneur

8 Life Hacks to Boost Productivity as an Entrepreneur

 

The elusive “work-life balance” we hear so much about these days…does it exist? Any entrepreneur who doesn’t clock in or out at a 9-5 job knows that time is money, especially when your productivity determines your profitability. Here are 8 genius life hacks to get things done as an entrepreneur on the go:

  1. Follow the two minute rule. David Allen, a time management consultant and best-selling author, developed this rule: “If you determine an action can be done in two minutes, you actually should do it right then because it’ll take longer to organize it and review it than it would be to actually finish it the first time you notice it.” Allen suggests cleaning up your inbox, purging your files, setting up appointments and sending a quick email when you have little windows of time throughout the day. If it will take longer than two minutes, save it for later.
  2. Turn off notifications. Keeping social media and email distractions to an absolute minimum allows you to focus on the task at hand. Set aside specific  times of day to check your email, or check it while on the go.
  3. Define your MITs. Decide what your Most Important Task (or tasks) are and make time to get them done. It’s an age-old rule that is practically foolproof. Give yourself several minutes in the morning or even at night to identify 3-5 important things you have to get done. Even if you don’t accomplish anything else that day, you can feel at ease knowing that you were still productive.
  4. Knock out the most important things in the morning. Speaking of MITs, research shows that morning people are more productive and proactive. Getting your MITs done early sets you on a productive path for the day.
  5. Set deadlines for yourself. Write important dates on the calendar and set the completion dates for large tasks before you even start them. Start on them early so that when problems arise, you can troubleshoot and still be done by the deadline you had originally set. Become your own boss and hold yourself to the timeline you set.
  6. Reward yourself for completing a task. It could be a quick stroll outside, a piece of candy, or a new item of clothing you’ve had your eye on. Treat yourself as you close the book on large projects, and allow that to motivate and inspire you to complete the next task. Hint: Be even more productive by completing an unpleasant but necessary task, and then rewarding yourself with a more enjoyable task that still pertains to your business. Example: finish your SEO or PPC advertising for the day, reward yourself with a product photography session or a new blog post.
  7. Stop trying to multitask. There is a plethora of research behind multi-tasking, and the latest completely debunks the possibility. Constant task-switching develops bad habits and makes it nearly impossible to accomplish any one thing. While multitasking helps us feel accomplished and capable, it also produces more stress hormones and kills overall productivity.
  8. Know when it’s time to call it a day. You know yourself well enough to know when enough is enough. If you’ve been staring at your computer screen for 14 hours and feel like you can’t do any more, don’t. You’ll boost productivity in the long run by staying rested and refreshed.

Decide what your Most Important Task

What hacks have worked to boost your productivity as an entrepreneur? Let us know in the comments!

Frequently Asked Questions

1. What is the two-minute rule, and how can it help entrepreneurs?
The two-minute rule, developed by David Allen, suggests that if a task can be completed in two minutes or less, you should do it immediately. This helps prevent small tasks from piling up and cluttering your to-do list, making you more efficient throughout the day.

2. Why should I turn off notifications while working?
Turning off notifications minimizes distractions from social media and emails, allowing you to focus better on your current tasks. By dedicating specific times to check these notifications, you can maintain productivity and reduce interruptions.

3. What are MITs, and how can they improve my productivity?
MITs, or Most Important Tasks, are the key tasks you prioritize each day. By identifying 3-5 MITs in the morning or the night before, you can focus on completing them first, which boosts your sense of accomplishment and keeps you productive.

4. How does setting deadlines for myself affect my work?
Setting deadlines helps you manage your time effectively and stay accountable. By writing important dates on your calendar and starting tasks early, you can troubleshoot any issues that arise and ensure timely completion, enhancing your overall productivity.

5. What should I do when I feel overwhelmed and unable to focus?
Recognize when it’s time to take a break. Overworking can lead to burnout and decreased productivity. Allow yourself to step away from your work, recharge, and return with a clearer mind to tackle your tasks more effectively.

Cut Business Costs

20 Quick and Easy Ways to Cut Business Costs


Running a business costs money, there is no doubt about that. The natural ups and downs of any business allow entrepreneurs to spend sometimes and require them to save at other times. Here are some tips on cutting business costs when it’s time to pinch those pennies:

  1. Print less. It’s no secret that ink always has been and always will be expensive. But that’s not the only cost to printing for your business. Printing less saves money on paper, printer maintenance, and electricity. Not to mention less paper to mail.
  2. Hire interns. What could be better than free labor? And who knows, maybe a new intern could end up being the most profitable part of your growing business. You can find more information on starting an internship program here.
  3. Outsource work. Graphic design, accounting (of course we would say that!), payroll, scheduling, customer service SEO, and more! You can outsource it all. That doesn’t mean you should, but figuring out which tasks could save you big time to outsource could also save you big money.
  4. Find ways to advertise for free. While paid reach on social media tends to reach more potential customers, you can still grow your online presence organically and without spending a dime. Utilize Facebook, Twitter, Pinterest and Instagram, to share the latest happenings of your business with the following you already have. Another way to advertise for free is to solicit referrals from current customers and post them on your website.
  5. Use email when possible. When sending simple messages, like greetings to new clients and requests to vendors, do it electronically. Small costs like stamps, envelopes and paper can add up fast, so cutting the little things can make a big difference.
  6. Negotiate lower prices with suppliers. Most suppliers are open to the idea of negotiating prices rather than losing a customer. Even if they don’t come down in price, it is worth a shot.
  7. Pay invoices in full and early. Many companies offer a discount for paying large invoices in full and early. Ask if the vendor offers any discounts for those payments and then take full advantage of the opportunity to develop a good business relationship.
  8. Allow employees to work from home, if possible. Telecommuting saves on office bills like electricity and other utilities. You may find that having the office completely closed at least one day a week saves you big on company expenses.
  9. Buy used equipment. Used equipment can save you up to 60% of full-priced office equipment. The same goes for software. Buying a program that has only recently been replaced by a newer version can also save you a lot of money.
  10. Hire temporary employees. Know when your busy seasons are and hire temporary employees to fill in during those times. Be upfront when hiring and let the employee know that the work is seasonal, so as to keep up your good reputation as an employer.
  11. Clean up your mailing list. Stamps, ink, and paper add up, so keeping your mailing list to only active and verified names/addresses is one way to save at least a few dollars each month.
  12. Piggyback your advertising. Rather than sending out an advertising mailer separate from your monthly invoices, have the advertisement printed on the back of the invoice, or at least put the two in the same envelope. Not only does this cut the costs of mailing, it saves manpower by completely eliminating the separate tasks of sending advertisements and invoices.
  13. Hire your children. It’s a win-win situation really. Learn more about hiring family members here.
  14. Keep every receipt and record every deduction. Not only does this help you know where you’re at spending-wise, it helps you claim the most deductions and save the most money during tax season. Read this post for a few quick tips on tracking deductions for your business.
  15. Negotiate a lower credit card rate, or shop around for a new credit card.
  16. Form a buying alliance. Join with another business or a trade association for bulk purchasing discounts.
  17. Stretch your budget with barter. If you have the time, there is almost always someone willing to trade what they offer for something you offer. Trade marketing, design, photography, accounting, construction, and more. All you have to do is ask.
  18. Seek multiple bids on everything. While you might feel loyal to a certain contractor, if your budget is tight you may consider shopping around and seeking other bids on the same type of work.
  19. Keep close track of your competitor’s costs. Knowing what your competitors charge will help you set your prices just right. You may find that you can raise your prices a fair amount without losing current clients or slowing your growth.
  20. Reevaluate your insurance coverage. Contact your insurance agent and see what you can do to reduce monthly premiums. It may involve increasing your deductible, but doing so may save you money in the moment.

negotiate prices with suppliers for my business

Frequently Asked Questions:

Why print less for my business?
Printing less saves on ink, paper, maintenance costs, and electricity, reducing overall expenses significantly.

How can hiring interns benefit my business financially?
Interns offer free labor and could potentially become valuable assets, aiding in business growth without immediate financial outlay.

Why outsource tasks for my business?
Outsourcing tasks like graphic design, accounting, or SEO can save time and money, allowing focus on core business activities.

How can I advertise for free for my business?
Utilize social media platforms, solicit referrals, and utilize email communications to reach customers without spending on advertising.

Why negotiate prices with suppliers for my business?
Negotiating prices with suppliers can lead to cost savings, as most are willing to adjust prices to retain customers, improving your bottom line.

How to Attract the Right Talent for Your Company

How to Attract the Right Talent for Your Company

Attract the Right Talent for Your Company

The size of your budget isn’t the only factor that determines the quality, talent, and caliber of employees your company attracts. There are other ways to find employees who genuinely want to work for you, even if you’re not designing iPhones or promoting Ferraris. Here are a few quick tips on attracting and hiring the top talent in your industry:

  • Look for people who share your passion. Richard Branson, founder of the Virgin Group, advises: “Stop looking to hire people just because they have extraordinary resumes or impressive academic records. Look for people who share your passion.” A great employee catches your vision and is eager to help you make it come to life.
  • Know your purpose. If you truly know your purpose and can express it in an understandable, engaging way, people will be more likely to react to it and identify with it. More and more people are seeking job opportunities that provide a purpose and make a difference, not just a high salary.
  • Boost the company culture. While a day on the job is not all fun and games for most, it doesn’t have to be torture either. Make your business an enjoyable place to work by treating your employees well. Be generous with compliments, flexible when necessary, patient, and kind. Be the boss you’d like to work for. Encourage healthy competition among employees by offering incentives and bonuses, and show your employees that you value health, education, and professional development.
  • Help potential hires envision their future with you. Most talented and driven individuals realize they have to start somewhere, even if it’s the low man on the totem pole, before they can end up where they want to be. Use the interview to shed light on what the future may look like at your company for the employee, even if the company as a whole isn’t quite there yet.
  • Offer a great work environment. You don’t have to have massage chairs and pedicures in the break room to offer an enjoyable place to work. A few plants, a clean color pallet, and lots of natural light goes along way in creating a pleasing work environment. Even a simple offering such as free sodas in the fridge or assigned parking spots can help employees feel valued and more engaged at work.
  • Don’t shy away from the awkward topics in a job posting. State exactly what the potential employee can expect on the job, even if it seems mundane. However, you can still liven up the add by highlighting the fun, interesting ways your company engages with employees and some of the perks they can expect from the job. You may or may not choose to put the compensation in the job listing, but keep in mind that it will obviously come up at some point and you’re probably better off to be upfront about it in order to attract the right talent to begin with.

If you get a few of the right employees on your team and treat them well, word is sure to spread. Become a great employer and you won’t need to offer a six figure salary to have talented individuals beating down the door to work for you.

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Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

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cheap advertising tips

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

Now that summer is in full swing and your marketing events are already mapped out, it’s time to execute the plan. Here are a few quick, easy, and CHEAP advertising tips to make your marketing efforts and events amazingly successful this summer.

Gather referrals from happy clients

  • Gather referrals from happy clients and use them as advertisement on social media and your website. Here are a few ideas on soliciting referrals. Take it a step further by rewarding clients who spread the good news about your business by offering them a future discount or small prize.
  • Use social media to your advantage. It’s FREE! Of course, you’ll reach a larger audience with paid social media posts, but you can still reach a huge number of people with thoughtful, quality content. Hint: post a picture with your most important social media announcements. A great image increases people’s willingness to read a piece of content by 80%.
  • Be a comedian. In reference to the tip listed above, skip the stock photos for now and promote your summer business happenings with funny photos of your team. Wear Hawaiian shirts to the office and make a video of everyone sipping snow cones while they work. Be creative and funny and most of all real. (Which is also free, by the way.) Who knows, maybe you’ll even go viral!
  • Offer a freebie. Freebies don’t even have to cost you money. Have a member of your team design a patriotic printable or summer sign to drive traffic to your website. If you’ve got a little cash to spend on summer marketing, set up a lemonade station in your store or throw in a lei with every order you ship out.
  • Use a consistent template to announce events. Design a template that incorporates your logo, and then add the dates and locations of your summer events. This will keep clients in the know about what’s going on with your business this summer, and a consistent template will help them know what they’re looking for when they visit your page for information.
  • Send email blasts before big events. While your announcements on social media may not reach everyone you intend them to, you can be sure that emails will be delivered to who their rightful owner. Craft thoughtful, engaging emails and send them out before each big event with your business this summer.
  • Good ol’ fashioned flyers. Yep, they still work. Print out a massive amount of flyers with information about your event and send an employee out to hang them up all over town.
  • Advertise with your customers, not to your customers. Like this video here. It’s hilarious and original, and promotes Lyft without feeling sale-sy at all. Come up with creative ways to make your business fun and involve customers to help spread the word.

What cheap advertising ideas do you have to engage your customers? Share with us, we’d love to hear!

See part 1 and part 2 of our Summertime Marketing Tips Series.

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

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Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes.

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