Performance Review Strategies To Boost Employee Retention

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StrategyDriven Talent Management Article | Performance Review Strategies To Boost Employee Retention

Performance reviews are essential for organizations because they help measure workforce productivity, identify gaps, and address them to get things on track. But they can be stressful for employees, specifically when they move in a negative direction. The problem is more widespread than you imagine. While appraisals should be inherently constructive, they can hurt motivation and lead to dissatisfaction. You may also encounter a high turnover challenge if your review process has drawbacks. The best option is to reconsider and rework your strategies to make people comfortable with assessments. Let us share a few performance review strategies to boost employee retention.

Embrace A Constructive Mindset

The right mindset is everything when it comes to assessing your employees. Ideally, your performance reviews should be constructive rather than negative. Think of ways to help people address their shortcomings instead of only giving them negative feedback and leaving the improvement to them. At the same time, appreciate the good work so that people have something to feel motivated enough to stick around.

Evaluate Comprehensively

Another surefire tip to ramp up your performance review strategies for better retention is to evaluate employees in a comprehensive way. Conducting 360-degree reviews is a good option because they entail feedback from everyone an employee works with. You can check employee performance management solutions by primalogik for a free 360-degree template. Getting comprehensive feedback means you have a better view of strengths and weaknesses instead of only the negatives in people.

Consider Learning Styles

People learn differently, so assessments should also consider learning styles to be more value-adding in the long run. The idea is to eliminate learning curves so that they can make self-improvement. Moreover, you must follow their learning styles to create individual coaching programs to address their weaknesses. When employees get a chance to improve without stress, they are likely to stay with the organization for the long haul.

Build Trust and Dialogue

Trust is the mainstay of employee loyalty and retention, so it should be a part of the performance review strategy. But building trust is perhaps one of the most challenging issues for organizations. However, you can achieve it by setting a positive dialogue as a part of the process. Ensure training managers for appraisal conversations, as it enables them to get employees on their side, even when sharing negative feedback..

Ensure Continuous Feedback

Conventional review systems focus on the yearly conversation between managers and employees. But you cannot expect them to improve instantly because problems worsen over time. You can limit the stress by implementing continuous feedback to set short-term project goals, discuss roadblocks, and provide professional development opportunities. People can improve faster and grow with ongoing learning. They feel less anxious about annual reviews, making the ride smoother for them.

Employee retention is one of the significant growth factors for an organization. While several factors affect it, performance reviews play a key role as they determine the growth and learning curve for employees. You can implement these review strategies to make people stay for the long haul and contribute to your company.

How To Make Patients In Your Private Clinic Feel More Comfortable

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StrategyDriven Managing Your Business Article | How To Make Patients In Your Private Clinic Feel More Comfortable

There are many excellent reasons why you might choose to start your own private clinic if you’re a healthcare professional. Not only can you help people, but you can do so in a way that works for you (and for them).

Something you’ll need to bear in mind, of course, is that some of the patients coming to see you are going to be nervous, and most of them would rather be somewhere else. That’s not a reflection on the work you do, it’s simply that not a lot of people like being treated for any kind of condition. With this in mind, here are some tips to help the patients in your private clinic feel more comfortable.

Listen To Your Patient

If you really want to make your patients feel more comfortable, the best thing you can do is just to listen to them. It can sometimes be the case that when a healthcare professional asks a question they then don’t actually listen to the answer. They just continue with their own thoughts and theories regardless. This will usually be because they have a great deal of knowledge about the situation and will usually know exactly what the issue is.

However, if you don’t listen to your patients, not only might you miss something important that could change the diagnosis, but you’ll also make them feel extremely uncomfortable. They might not even trust you very much if you speak over them or ignore what they say. Always let your patient speak, listen to what they have to say, and then continue with your diagnosis and they will be much more comfortable.

Create A Welcoming Environment

Making your patient comfortable starts from the moment they step foot through the door. They will be nervous, perhaps even scared, and they will be concerned for their health. By creating a welcoming environment, you can allay at least some of these fears and negative feelings and you can calm the entire situation down.

Make sure your waiting room is a comfortable, peaceful space to be. You can choose uplifting, modern décor, for example, and you should have plenty of entertainment, whether this is a TV or books and magazines. Offer water and healthy snacks and don’t forget to include soothing doctor office waiting room music. All of this will help your patient feel much more comfortable.

Speak Plainly

Doctors can sometimes make the mistake of using a lot of medical terms and technical jargon with their patients. This might come as second nature to the healthcare professional, but it usually won’t make a lot of sense to the patient, unless they happen to work in healthcare too.

To make sure your patients are comfortable, speak in plain language and explain things thoroughly. They will have a much better understanding of their condition and the next steps they have to take (including being much more aware of anything they need to do personally to improve their health), and you can improve your relationship with them considerably.

Developing A Winning Strategy For Real Estate Entrepreneurs

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StrategyDriven Entrepreneurship Article | Developing A Winning Strategy For Real Estate Entrepreneurs

For the ambitious entrepreneur looking for a great idea, have you ever considered real estate? 

From rental properties to flipping homes, there are many options you can explore in the real estate industry. In addition, real estate offers a hedge against inflation as the value of properties has historically outperformed inflation rates. 

Become Knowledgeable About The Market

Understanding the opportunities and risks of an investment opportunity and whether there is an entrepreneurial opportunity for you requires studying the market. 

One way to get as broad an understanding as possible is to take some courses on the subject. When diving into an investment or startup, you need to be both knowledgeable and wise.

Knowledge would be increased by studying and taking some educational courses like a wholesale real estate course that would teach you about the ins and outs of the wholesaling industry.

Gaining wisdom takes time and experience, so partnering with a professional that has been working in the market for some time will help you leapfrog the fact that you don’t have years of experience and gain those insights that only time provides. 

Develop a Business Plan

Before you take the plunge into real estate business ownership, it is vital to have a well-defined business plan. 

To start up successfully, your business plan should include factors like financial goals and operational strategy, as well as information on potential customers and competitors. 

In addition, potential investors may require some aspects of your plan – such as cash flow statements – for evaluation purposes.

Secure Funding

Most businesses require some initial investment or loan to get off the ground. 

Startups in real estate will likely require more capital than other businesses due to their high overhead costs, including purchasing property, hiring staff, and maintenance expenses. 

Seek startup funds from traditional lending sources or private foundations that offer grant funding for new businesses in the field.

Find Property Suppliers

In order to get started with rental operating or flipping houses, it is essential that you find reliable suppliers who can provide you with quality properties at reasonable prices. 

Make sure that your suppliers have strong track records and excellent customer service so that they are easy to work with when something goes wrong with a transaction or property purchase down the road.

Procurement & Licensing

To stay compliant with all applicable laws and regulations, ensure your business is correctly licensed by obtaining any necessary permits or registrations required under local law. 

You should also develop clear strategies for purchasing properties efficiently, so that price haggling becomes manageable during busy days at the office where time is limited for negotiating contracts and reforming deals at close range.

Rental Operations/Property Management Services

If you plan to rent out properties, it is vital to have a well-defined system for managing tenants and collecting rent. 

This includes setting up a payment system, developing policies for late payments, and ensuring that all necessary repairs are completed promptly. 

Consider hiring a property management company to handle the day-to-day operations of your rental business.

Wholesaling 

A unique way to make decent profits without the risk or capital needed in traditional real estate is a newer strategy known as wholesaling. When you wholesale real estate, you agree to a purchasing agreement with a motivated seller. 

They agree to allow you to resell the contract to a secondary buyer at a markup. 

By brokering the deal between a buyer and seller, you make a profit based on the original selling price and the price at which the transaction was executed without ever taking physical custody of the property. 

This contract-flipping strategy lowers your financial risk and can be a way to make a quick profit. 

Flipping Houses

Flipping houses is a great way to make money in real estate. 

To be successful, you will need to have a keen eye for spotting potential deals and the ability to assess the value of a property quickly. 

You should also develop relationships with contractors who can help you with renovations and repairs to get properties ready for sale as quickly as possible.

No matter which type of real estate business you decide to pursue, it is essential to have a well-defined plan and the necessary resources to make your venture successful so that you can turn your real estate dreams into reality.

7 Ways to Ensure Your Startup Gets the Media Attention It Deserves

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StrategyDriven Online Marketing and Website Development Article | 7 Ways to Ensure Your Startup Gets the Media Attention It Deserves

As a startup, one of the big struggles you will face is how to get the word out about your brand. Brand recognition is a goal that all entrepreneurs aim to achieve, and there are many ways to go about it. While creative ad campaigns and clever marketing can make a difference, one of the best ways to establish your initial reputation is by being featured in the media.

But how do you get media coverage when you are just starting?

According to the United States Census Bureau, nearly 5.4 million new business applications were filed during the 2021 calendar year. That’s 5.4 million brands trying to make their mark, attract media attention, and build a reputation. So, how are you going to stand out?

Attracting media attention is a great opportunity, especially for startups. In this article, we are going to look at seven ways that you can engage journalists and media outlets, earn media coverage, and build a solid brand reputation with minimal or no budget:

  1. Write a Press Release
  2. Email a Unique and Customized Pitch
  3. Introduce Yourself on Social Media
  4. Contact Specific Journalists or Reporters by Phone
  5. Pitch Media on Help a Reporter Out (HARO)
  6. Attract Media Attention Using Content Marketing
  7. Get Involved Locally

Write a Press Release

One of the most direct routes for reaching out to the media is to write a press release. Brands often use this technique to showcase major events or milestones in their business. An effective press release is short and sweet at approximately 400-600 words. 

When you finish writing your press release, you can submit it to thousands of media outlets for consideration through PRWeb or PR Newswire.

Email a Unique and Customized Pitch

Rather than waiting for journalists and media organizations to find you and your startup, why not reach out and put yourself in their inbox? This approach is commonly done by pitching journalists and reporters through a carefully worded email. Unfortunately, one of the biggest mistakes business owners make when pitching is sending out a copy and paste pitch to everyone in the hopes that someone will pick it up. As a result, journalists get hundreds of these template-style pitches and often delete them.

Instead, take the time to write a unique pitch for each journalist. Before writing, take some time to read through the articles previously written by that journalist so that you better understand the topics they focus on and how they approach a story. This research will give you some insight to help you write a pitch highlighting why their audience wants to hear your story and how you can provide value.

Your email should share some context on who you are and why they should be interested in what you have to offer. At the same time, you want to keep your pitch concise and to the point. Be upfront about what you pitch and why the editor receiving your email should be interested in covering it. According to The State of Journalism 2020, over 60% of journalists prefer to receive pitches no longer than three paragraphs.  

Introduce Yourself on Social Media

Leveraging social media to reach the media is an underrated strategy. Too often, social media is seen only as a marketing tool, but it’s also a great campaign tool when you get creative.

To begin, write a clear and concise bio on each social media platform that you use. Then, when connecting with reporters, don’t just jump to pitching your brand as a story. Instead, use the platform as an opportunity to connect and engage with journalists and media personnel with whom you want to work.

Like building a relationship with a sales lead, connecting with reporters on social media starts with establishing a connection. You want to be proactive in getting to know them and building a relationship while introducing your new business and its purpose. Not only will this help you to get the attention of the media in the beginning, but it will also create working relationships that can help you in the future with new product launches, announcing brand events, and other newsworthy developments.

Contact Specific Journalists or Reporters by Phone

If there are certain media outlets or journalists that you want to work with, you may wish to make it a priority to reach out to them individually. Journalists and reporters receive email pitches and social media messages every day. A great way to make yourself stand out is to take the time to contact each of these individuals by phone.

First, list the journalists, reporters, and media outlets you consider the most important for sharing your brand’s story. Some factors include the publications that they write for, their location and their writing style. Next, find a phone number for each media contact on your list. 

Finally, set aside a day to make some phone calls. Make sure each conversation is unique to the person you are contacting.

Pitch Media on Help a Reporter Out (HARO)

Another simple (and FREE) way to earn media attention is by pitching reporters on the Help A Reporter Out (HARO) website. Journalists working on a story in your industry will share a query explaining what information they need. 

It could be an answer to a specific question or a quote for a piece they are writing. You can pitch the reporter if you see a query that you believe fits your expertise well. The goal is to help them know that you would be the right expert for their recent piece, earning free press coverage for you and your brand.

Attract Media Attention Using Content Marketing

The Content Marketing Institute defines content marketing as “a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience.” When discussing content marketing, the audience in question is usually an audience of potential clients you hope to attract. However, that’s not the only opportunity to use content marketing to your advantage.

Create content that will showcase your knowledge and expertise to attract the media’s attention when covering topics related to your industry. You win the attention you’re seeking by positioning yourself as an expert in your field.

What content can you create to showcase your competence? This content includes written, video, and audio content such as blog posts, newsletters, emails, and social media posts. Create high-quality content answering common questions or solving problems within your industry. You will come to mind as an expert when journalists work on a piece related to your profession.

Get Involved Locally

Is your startup a locally based business? Pay careful attention to any events that may be occurring in your area that would attract media attention while also aligning with your brand. For example, if you want to build rapport and trust with your clients (and potential clients), you may wish to speak at a local convention or industry event. 

Speaking to an audience in your niche helps you to showcase your knowledge and expertise. If you are more focused on introducing your brand to the community and local media, try volunteering with your staff at a local charitable event. You can showcase how many of you are present from your company by having staff wear company swag or brand colors. And once you manage to build that initial connection, don’t stop. Send simple gestures of appreciation such as thank you cards to let your audience feel that your brand is human. People love brands that connect with them on a personal level.

If you want to make a splash in your community, why not plan your event? Designing your event will ensure the connection between the event and your company is clear and your involvement is noticed. At the same time, you can make a difference and build a reputation that will showcase your startup in the best light possible.

By focusing on these seven strategies, you can position your startup in a way that will attract journalists and media organizations. 

This approach will help you build a brand reputation, highlight your expertise, and begin to establish notoriety in your industry. It’s an investment today that will continue to pay off for years down the road.

Why Accounting in Business is Important

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StrategyDriven Managing Your Finances Article | Why Accounting in Business is ImportantAccounting is a crucial part of any business. From local startups to global conglomerates like Google and Amazon, accountants are inseparable from a company’s success.

Accounting is a measurement and communication process that supplies critical financial data to various users, including investors. It helps to establish credibility with these external users, enabling them to make informed decisions about investing or lending money.

Profitability

In business, profitability is defined as the income generated by a company from sales of products or services. It also includes the expenses that are incurred in running the business.

Expenses can include salaries, utilities, rent, and other items a business needs. A company might not generate profits if it had insufficient funds to pay these costs.

Profitability is a critical metric in business as it allows a company to determine its success and future growth. It also helps investors understand how well their investments are paying off.

There are many ways to increase a business’s ability and overall growth. A common practice is to decrease sunk cost, which occurs when a company spends money on unprofitable projects.

Liquidity

Liquidity is your company’s ability to pay its bills quickly. It’s a financial metric that accountants and investors look at when deciding whether to lend you money or invest in your business.

Liquid assets are cash, securities, receivables, and other financial assets that can be converted into cash within a short period, like a day or two. Intangible assets, such as buildings or equipment, are less liquid and can take longer to convert into cash.

When a business has too much liquidity risk, it might not be able to cover its short-term bills or liabilities and will need to restructure, sell assets, file for bankruptcy, or go out of business. Low liquidity also makes it harder to pay employ employees, order inventory, and pay recurring monthly bills like rent.


Taxes

Taxes are levied on goods and services by governments. These taxes serve various purposes, from providing revenue to aiding the development of the economy.

Some taxes, such as sales and value-added taxes (VAT), are applied at the retail level, while others, such as excises, are levied at a more administrative and bookkeeping pre-retail stage. Whether direct or indirect, all governments need income, but the challenge is to carefully choose the level of tax rates and the tax base.

As businesses become more extensive, tax accounting becomes more important. As a result, companies are more likely to have more taxable assets and liabilities. Additionally, businesses that rely on quarterly taxes must meet specific deadlines and reporting requirements to stay compliant.

Payroll

Payroll is another accounting process that businesses use to pay their employees for work performed. It includes tracking hours worked, calculating pay, and distributing checks to employees on payday.

It also involves deductions for local and federal taxes, social security, unemployment insurance, and employee benefits. Therefore, businesses need to track their expenses related to payroll accurately and ensure that they are acting under current tax laws.

A reliable payroll team helps increase employee satisfaction by paying their dues regularly and on time. This boosts employee loyalty and makes them want to continue working for the company.

Payroll also includes bonuses and other incentives for employees that encourage them to perform better. These incentives show employees their worth in a small business and motivate them to do their best.