Creating a Workplace Mentorship Program

One of the most valuable assets that a business organization has is the employees. For an organization to meet its target and maximize revenue, there must be teamwork. A company’s success depends on many factors, one among them being how happy the employees are. Many successful brands have a way of keeping their employees motivated. One of the best-proven methods utilized by companies is through the implementation of a mentorship program. 

Tips for a Successful Workplace Mentorship Program

Workplace mentorship programs may vary from one organization to another, depending on the need of every organization. However, there exist common tips when formulating a successful program. Some of these tactics include the following;

Outline the Mentorship Objectives

Before a mentorship program is formulated, the business owners should clearly define what they want to achieve with the program. The primary objective of numerous mentorship programs is the improvement of employees’ performance. However, different organizations may have varied reasons for the program. If an organization’s objective is to create new leaders, the mentorship program must be strictly designed for leadership only.

Plan the Mentoring Process

Here, the program owners should decide on the best way to implement the program. Some of the key considerations include; the number of mentees expected to sign up for the program, how long the program will take, how to evaluate the program’s impact, and so on. A lot of brainstorming is required in this process.

Selection of the Beneficiaries and Stakeholders of the Program

The mentorship program’s objective should be the criteria used to decide who will participate in the mentoring program. The owners of the program should decide whether beneficiaries will need to make formal applications or not. The process may also involve assessing skills and areas of weaknesses to establish the best criteria for selection. The mentors of the program may also be selected.

Matching of Mentors with Mentees

After successfully selecting the program participants, the next task is matching the mentors with mentees. Mentors should have professional qualifications that match with mentees to impart meaningful skills and experience.

Provision of Mentorship

When everything has been kept in check, the mentorship program ought to be implemented. By the end of the program, companies should find a way of evaluating the impact of their mentorship program.

How to Successfully Rebrand Your Business

Every business owner strives to keep the fire burning for as long as possible. Over time, disasters happen, new trends develop, and new technologies are created that make it harder for some businesses to stay afloat. The following are tips to consider for rebranding a business.

Change the Focus

Rebranding the business must include changing the company’s mission and values. The purpose is to reevaluate the importance of the company and how relevant it is in the current marketplace. Its owners must focus on what people want by improving their customer relationship management system.

Make Small Changes

There could be a number of reasons why a business wants to rebrand. Customers may have complained about the logo, and the Web designers may want to increase traffic to the website, etc. Whatever aspect of the company needs to be changed, it’s important to make small, gradual changes to determine how the public will react. It’s not practical to rush into launching a campaign that creates even more problems than before.

Experiment With the Design

When creating a new logo and slogan, experiment with every aspect, such as design, color, and size. The first step is to choose a new brand that customers will respond favorably to without making any assumptions. A graphic designer or two should perform plenty of experimentation using advanced software and ask for opinions from the company’s staff. The new design should be a collective effort from the customers, owners, managers, and employees.

Promote the New Brand

The final step is to inform everyone of the new brand and present it as a significant improvement. Start the rebranding campaign by reaching out to customers on social media, the company’s website, advertisements everywhere, etc. Monitoring the public’s reaction is essential, along with monitoring future sales and profits resulting from this change.

The days of giving up and walking away from a failing business are over. There is never a good reason to give up entirely when there is the option to rebrand from the ground up. It starts by knowing what caused the original brand to fail and then knowing what the customers want in the new business.

5 Tips for Creating a Business Strategy in 2021

In light of the coronavirus pandemic, some businesses are reopening. In some states, there has been business closure causing uncertainty. Moreso, business owners have to reduce customer capacity in their shops. It has brought confusion about whether you can create a strategy in 2021. Here is what you can do to develop a business strategy this year.

Expand the Timeframe for Product Launch

You need to extend the product launch schedule due to certain elements. Lack of raw materials and personnel means that introducing new products to the market won’t be possible. Therefore, you need a new timeline to develop the items and launch them later. You can focus on marketing and labor to make the process effortless when the time comes.

Define Things to do

Due to inevitable uncertainties, you need to focus on the things that you can do. For example, if you have a physical shop, you can move the operations online. This way, you can start delivering goods to customers. You won’t be out of the market, and you will continue serving your clients.

Add Value to your Products or Services

Adding value to what you offer is a critical business strategy in 2021. For instance, you can provide a myriad of options for financial help to new customers. Payment plans that accept small cash flows will help you gain new buyers. Layaway is another idea that you can try to connect to your customers. Also, you need to share information about your products and services with customers.

Have Many Back-up Plans

You need to create a multi-plan approach to tackle challenges in your business. Having several back-up plans will help you glide through health concerns and reopening at a slow rate. You can also maneuver risks that come with business opening and closure after a short time. With experience from 2020, you can test your plans to transition seamlessly.

Make Changes and Improvements

You can use the available time and resources to improve your venture. You can start by going paperless and transforming into digital space. The highlight is that you can test whether the new strategy will work for you. When business eventually picks up, everyone will know how to handle technology. You will realize the benefits of connecting with customers using tech.

How to Create a Successful Work-From-Home Plan

Even before the covid-19 pandemic shook the way businesses work, many workplaces were already considering telecommuting options and shifting to a remote workforce for more flexible schedules for their employees. The current covid-19 crisis has played an important role in speeding up this transition. For an organization to switch to a remote work environment, a well-devised vigorous work from home policy should be executed. To ensure that the work from home policy is developed correctly, there is a list of imperative practices and processes that organizations need to consider.

The following article covers the most important practices that companies should follow to create a successful work from home plan.

Defining Work and Expectations

First and foremost, companies need to specify who is eligible for working from home and who is not. Once that is determined, it is imperative to define what behavior and work expectations employees should meet. The latter means that companies should adjust their employees’ schedules during the transition to working from home, explain how projects are assigned and how deadlines are determined, and the required time to complete tasks, such as taking phone calls and replying to emails.

Having the Proper Tools

One of the most important things that companies should ensure for their employees is having the proper tools to connect and work remotely. These tools include having access to high-speed internet, a home desktop computer or a laptop, and a headset if an employee is not in a quiet and isolated place. In addition to that, organizations should also have collaboration tools so that employees can have a platform that allows them to stay connected and a business phone system that will enable them to communicate with clients, vendors, and one another.

Maintaining a Company Culture

Companies should also make sure that their remote workers are included in the company culture and still feel that they are part of the company even remotely. To ensure that, companies should constantly check how often the team members communicate with one another and how many hours the teamwork does, provide remote workers with funds to sponsor professional meetings, and organize happy hours where staff members can meet, socialize and have fun.

Transitioning to a remote work environment can be a daunting and challenging task for many businesses in this day and age. However, following these practices and policies will make it much easier for companies to create a work-from-home environment.

4 Tips to be a Successful Entrepreneur

Taking the path to entrepreneurship provides exciting opportunities, but there’s also no guarantee of success. You can reduce the risks that your venture will fail by adopting a few practices that successful entrepreneurs have already incorporated into their daily lives. Here are a few suggestions to get you started.

Embody the “Go Get ‘Em” Attitude

Each day, you should be prepared to dig in and work your hardest towards achieving success as an entrepreneur, regardless of any setbacks or emotional upheavals you experience. This is also called being gritty because it involves dedicating yourself to the hard work and perseverance that success requires. If you’re not entirely dedicated to your mission, you can’t be surprised when you fail.

Never Stop Challenging Yourself

When you developed your business plan, you set a long-term goal for yourself, but that’s not the only objective that should motivate you. Additionally, you should be setting daily and monthly goals for yourself. Each new goal should be just outside your comfort zone, yet it should also be attainable. As you accomplish a goal, reward yourself and move on to your next objective.

Take Smart Risks

As an entrepreneur, you don’t have the luxury of playing it safe. Failing to take risks will keep you from succeeding, so use your fear of failure to prompt your courage to take a leap of faith here and there. This doesn’t mean taking foolish risks. Each move should be researched to understand your risks ahead of time thoroughly and, if you determine the risk is worth the potential reward, go for it.

Reinforce Your Self-Confidence

Left unchecked, the mind can run rampant with negative thoughts, and those thoughts will influence how the events in your day play out. You’ll have better experiences and handle challenges more aptly when you reinforce positive thinking. As you catch yourself having a negative thought, change your thinking pattern to focus on positive thoughts. Instead of dwelling on your weaknesses, remind yourself of your talents and skills. This will help you build trust in yourself, which is essential in becoming a motivated leader.

As you network with other entrepreneurs, you’ll find more practices and beliefs to adopt. Eventually, taking advice from multiple sources will help you develop your approach. While there’s no one right way to achieve success, using tips from those who have achieved it will ultimately help you reach your goals.

4 of the Best Books for Business Finance Management

How effectively you manage your business’ finances can have a direct impact on how fast it scales. A mismanaged book can be the proverbial chink in your business’ armor. Unfortunately, not all entrepreneurs are academically trained to manage the complex task of cash flow management. To help fill this gap, here are four books you should start reading:

The Intelligent Investor

The Intelligent Investor by Benjamin Graham is a classic book about smart long-term investing. While its contents are more of guidance for aspiring stock and bond investors, the book also covers market trends and cycles and other fundamental cashflow principles that can also be applied to business management. It also gives advice on what company attributes investors should look for when buying stocks, which can be used by entrepreneurs as a guideline to determine financial elements within their company that they should be working to bolster.

Accounting for the Numberphobic

As the book’s title implies, Accounting for the Numberphobic by Dawn Fotopulos discusses the basic accounting principles that drive every business, regardless of size or sector. The book breaks down essential concepts, such as ledgers, financial reports, account statements, profits, and your enterprise’s overall health. It’s ideal reading material for any new business owner who is trying to learn the accounting ropes.

J.K. Lasser’s Small Business Taxes 2020

Written by Barbara Weltman, a seasoned attorney, and business tax expert, J.K. Lasser’s Small Business Taxes 2020 will walk you through the latest tax regulations, IRS policies, and tax planning strategies that govern small-scale enterprises. The book discusses ever-changing tax laws and dispenses tips on how you can best save money when you file for your business taxes next year.

Financial Intelligence

This book by Karen Berman, Joe Knight, and John Case is one of the most recommended finance-related books by the industry’s top minds. It offers structured insight into what the numbers on report sheets and account statements mean. The tips and information are both for personal finance use and for understanding the broader general markets.

There is an extensive literature of finance material that you can peruse online or through a physical copy. Reading about business finance and how to manage your business’ properly can help streamline your cash flow and enable you to make more informed financial decisions.

Finding New Office Space for Your Business

Whether your business is downsizing, has plans of expanding, or has been met with unforeseen circumstances, a relocation might be the only way forward. And while searching for new office space can be quite exciting, especially when there are plenty of budget-friendly options available, it isn’t smart to jump right in without a clear vision of what is needed and what can potentially harm your operation. Here are a few practical tips to aid you on this pivotal quest.

Establish a Clear Budget

You probably have a general idea of how much you are willing to invest in this new space, but you don’t even bother searching for properties unless you have an exact limit. Get clear on how much your business is sure to bring in, and measure it towards the cost of the building and your expenses. This isn’t the time to be overly optimistic as you don’t want to be in this same position just a few months from now.

Thoroughly Research Locations

If you aren’t planning to have customers in and out of your business throughout the day, your shopping pool will be more vast, but as both you and your employees deserve a safe place to work, welfare and security should be at the top of the list. Pay attention to crime rates, find out what is nearby, and determine whether or not the daily commute will be worth it for all parties involved.

Study the Layouts

While the quality of the neighborhood is paramount, the layout is just as crucial. Not only is having enough space to work necessary, but you will also want to account for any office equipment and amenities that will enhance the environment. Choosing a suite that resides in a large building comprised of other suites is beneficial because there are often shared spaces and impressive services available to all tenants and employees.

All in all, finding the ultimate office space is quite simple once you map out your standards and figure out how much you can put towards the cause. While on the search, you will likely spot a few deals that look appealing at first glance, but applying patience and due diligence will be the key to connecting you with the property of your dreams. 

New Year’s Resolutions to Make for Your Business

It’s the end of the year, and now more than ever is the perfect time to take a look back at the past year for your business. Take notice of the areas that can use some improvement, and plan for developing more in the new year. Having a New Year’s resolution to achieve success can help dictate the future of a business. The following New Year’s resolutions can help set your business on the right path heading into 2021.

Operating a business can be overwhelming. There is so much to get done, but the fact of the matter is that not everything has to fall on you. Resolve to learn to delegate, and do more of just that! It’s easy to get caught up in the mindset that we must do everything ourselves for it to get done. We question ourselves as to why we are so tired and stressed out. Delegate tasks to others to help improve a better work-life balance.

While there may be a never-ending list of things to do, always take the time to promote your business. Promotions always slip the business owner’s mind because more pressing matters must be attended to. However, promoting a business is something that should be done consistently. Make this a goal for the new year! Promoting a business is the only way to attract new customers. When promotion is made a priority, the difference can be felt significantly in any given company.

Look around your local community, and you will find plenty of organizations that could use some support– this is especially true right now throughout this COVID-19 outbreak. This New Year, resolve to give back to an organization and support a cause that is meaningful to you. There are numerous ways to give back! Whether through a charitable donation, volunteering, or even serving on a committee that needs your support. Those who take the time to give get back in twofold. Businesses who willingly offer their time in their local communities develop a reputation that is so beneficial to their brand.

Business Trends to Focus on in 2021

Owning a successful business requires owners to stay up to date on their industry’s latest developments. Regardless of the industry that the business is in, being informed on the industry’s overview can help owners stay ahead of the curve when new trends arise. Top business owners are continually looking to expand their business, and those owners looking to get ahead in 2021 should keep an eye on these trends.

Mobile Employee Communication

Millennials currently makeup 50% of the workforce and are projected to represent about 75% of it by 2025. If there is one thing companies need to know about millennials, they are tech-savvy and mobile-driven, and it’s important to keep them focused and engaged. It’sIt’s important to adapt communication efforts to be mobile-friendly. Switching to a communication app offers managers a direct channel to their employees to boost communication efforts within your team. 

The Growth of Remote Work

As companies continue to adjust to Covid-19, many have dropped their office spaces and shifted their companies to remote work. Office space rental isn’t cheap, and any business that is looking to cut costs right now is doing so by allowing their employees to work from home while subletting the office space. Remote work is appealing to more and more businesses as working the normal 9 to 5 five days a week is no longer the norm. 

Non-Monetary Perks and Benefits

While the ability to work from home used to be considered a perk at many companies, many employees are looking for other perks at their job that are not money-related. Traditional compensation packages that focus on 401(k) and bonuses aren’t as compelling to employees anymore. Instead, they are looking for their work experience to include things like telecommunication, flexible work schedules, paid time off, paternity leave, and much more. These perks are nice to have, and companies need to recognize that engaged employees will help them get key business results! 

Customer Service

Personalized customer service experiences are becoming the norm for companies as we move towards 2021. Customers have their wants and needs when it comes to engaging with your business, and it’s important that smart personalization engines can recognize what your customers are interacting with. 

What trends are you most looking forward to taking off in 2021?

Creating a Social Media Presence for Your Business

Most adults use social media every day, making it a critical part of any business strategy. Social media has become an easy way for individuals to connect to their family and friends and connect to their favorite businesses. But as a business, a large social media following doesn’t instantly happen overnight. If your business lacks a social media presence, the following tips can help you boost audience engagement, build brand awareness, and help your business reach new markets.

Create a Plan

Social media tools are easy to use and can help you start creating organic posts. But any business owner knows you can just jump right in, and you need to make a plan! The same can be said when posting on social media. 

Without creating a social media plan, you will have no clear goal of what you’re trying to accomplish with your posts. Your social media plan should be SMART, specific, measurable, attainable, relevant, and timely, and should be built around goals and metrics that will impact your business. 

Pick Your Platforms

It’s essential to pick your business’s right channels with hundreds of social media platforms out there. Do not assume that most of your audience just spends time on one specific channel. It’s also important to make sure you are hitting the right channels to target your specific audience. Most people are on the seven major social media platforms, Facebook, Twitter, LinkedIn, Instagram, Snapchat, Pinterest, and Reddit, but that does not mean that all seven of those platforms are right for your business.

Know and Grow the Audience

To find your target audience, it’s important to start compiling data on your current customer base and then dig even deeper by looking at social media analytics. Once you start developing a better understanding of who your business is serving, you’ll be able to gain a better picture of who you should be interacting with online. 

Once you have a clearer picture of your audience, circle back to your social media plan, and look for ways to reach more people that fit your audience profile. Businesses will often use this as an opportunity to test ads on platforms like Instagram and Facebook. If your business serves a local customer base, make sure these ads target individuals within a range of your business location!