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5 Safety Tips that Impact Business

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StrategyDriven Risk Management Article |Safety Tips|5 Safety Tips that Impact BusinessImplementing subpar safety regulations in a workplace does not mean saving a lot of money in the business. Rather, it reflects a future problem that may affect the entire people involved in it. Failure to regularly enforce safety standards could lead to some consequences such as reduced productivity, fines, and worker compensation claims.

As a business owner, you do not have to worry about making major changes in the safety measures within the company. There are a few simple safety tips that can make an impact to you, your employees, and even your business partners.

1.Safety Protocols

The first thing to do at work is to implement workplace safety protocols. This means that you should introduce safety regulations from day one. Hire professionals who have expertise in this matter. Seek advice from experienced business owners. Some employers even communicate with a physical therapist to understand all the physical demands of job roles within the company.

2. Cleanliness and Orderliness

An untidy working environment can cause unnecessary accidents. Make sure that everything is placed where they are supposed to be. Check if all boxes are well-stacked, watch out for spills and clean them immediately.

From office supplies to cleaning tools, they should be in proper places and kept in an organized manner. Regular inspections are a must since they help spot potential dangers like messy floors, disorganized tools, and tangled cords.

3. Communication Regarding Safety

This is one of the most important safety tips that many startup business owners miss in the process of implementing safety regulations at work. You should encourage your employees to communicate about safety without hesitation.

There are many ways to do so – a suggestion box, pre-shift huddles, or end-of-the-week summary. Think over what works effectively for the team. You can reinforce safety cultures by conducting awareness and proper training for equipment handling, near-injury misses, identified hazards, and other specific incidences.

4. Providing The Right Tools

As an employer, you should know what tools and equipment your team needs. Providing proper tools and equipment helps achieve a safer working space and better production. However, it does not end there. Make sure that these things are serviced, inspected and clean regularly. You would not want to deal with machine malfunctions and workplace hazards.

5. Regular Meetings

Conduct regular meetings that tackle safety in your workplace. When it comes to safety, you should not worry about awareness and readiness. During your meetings, perform a brief review of safety rules. Do not forget to discuss how to keep the entire work environment safe and work-friendly.

For David Rowland, Head of Marketing at Engage EHS, any business person worth their salt will have an in-depth knowledge of health and safety policy and practice. This is because health and safety is not only an end in itself, it is a means to an end towards a more efficient business that has an improved bottom line and greater brand loyalty amongst consumers.

These are only a five of safety tips you can consider to help your business grow. At the same time, you also guarantee that every person who is working for your company will be safe and sound. If you maintain this important aspect of business, it is likely to prosper and last long in the industry you are in.

For more business tips, you can visit Hivelife.com. This site is perfect for both startups and experienced employers in various industries.

Team Building Tips for Entrepreneurs

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StrategyDriven Managing Your People Article |Team Building Tips|Team Building Tips for EntrepreneursBoost your brand’s bottom line, boost your productivity and bring your business to another level.

Championship teams cite playing together as the key to success. The same is true in business. Successful brands have high-performing teams working cohesively together to achieve their company’s goal.

The big question is, ‘how can I bring a winning team together?’ Winning teams don’t just happen when you bring in qualified employees. Instead, they are built together through team building activities.

The activities involved are designed to bring out individual skills and characters and make them work in a cohesive manner. As a result, the team will be able to work efficiently and harmoniously with each other.

Are you ready to bring your business to another level of success? Here are some essential team building tips for every entrepreneur.

1. Value each team member

Success in business or any other industry doesn’t come because of your strength as a leader. In fact, each and every team member played an important part in generating success. Without their individual ability, you cannot grow as an organization.

This is why recognizing each team member’s contribution is essential for sustained success. Praising them both in public and in private will do wonders for your organization. You have to let your team know that you appreciate their hard work.

It will also help if you put team members in leadership roles. This will empower them to find or create solutions autonomously. It will also free you from being the one to give guidance whenever a problem occurs.

In addition, virtual team building activities are a good way to know your team members. Since most of us work at home because of the pandemic, these activities will help you understand your team’s individual cares, concerns, even their dreams and aspirations.

2. Maximize their skills

There’s no team member that’s exactly alike in terms of skills. Each member possesses different skill sets and personalities. As the leader, it’s your responsibility to determine how to pair each member that their skills would eventually compliment each other.

One person’s strength can abate the other person’s weakness. This is the best way to reduce the deficiencies of the team’s overall performance. Effective leaders understand each member’s strength and place them in a position where they can succeed. With that being said, you as the leader need to develop emotional intelligence. This is the best way to effectively communicate with a wide variety of personalities within your team.

The key is to develop a good relationship with every team member. This will help them open up with you which will help you identify how you can help them succeed and do their tasks in the highest quality possible.

3. Support and protect your team

Effective leaders are protective of their team. That’s because they understand that each member of the team is helping their business succeed. Great leaders treat their employees like family.

They make sure they know their hard work and the sacrifices they make. From there, they see to it that every member is well taken care of. With this combination, every team member understands that they’re standing on a good ground where they can succeed and be their best.

As the leader, you are the authority figure. That doesn’t mean you have to be egotistic. Instead, you must give them the guidance and lead them to succeed. Always provide a path to the right direction. Your team would eventually realize this and replicate your effort through increased productivity.

4. Avoid micromanaging

Micromanaging suffocates your team’s performance. This managing style will scare your team to make mistakes. Eventually, your team will become complacent and will never step up to their fullest potential.

Remember, the only way for your team to succeed is to let them handle the work in autonomy. However, this should also be coupled with responsibility and accountability. This often requires you as their leader to back off and let them handle the task according to their abilities.

While this can be a tough decision to make because you will put your business on the line. However, when you put constant pressure to your team it will have negative effects which will eventually affect your business.

As the leader, you should learn to relieve control and allow your team to do their work to their utmost potential. This is often surprising when you realize that your employees can manage the tasks without the need for you to be constantly looking over them.

5. Develop clear communication

Don’t expect your team to read your mind. Clear and open communication is the key to prevent resentment and frustration. As the leader, you need to be clear and blunt with your team that they know exactly what you expect them to do.

Clear communication will lead your team to produce the kind of results that you need. This will ensure the success of your team instead of letting them operate in the dark.

6. Appreciate them

Your team drives your business’ success. That means, you never take them for granted. Always give them the appreciation they deserve. Also, learn to acknowledge their contribution and their results.

Studies show that people tend to work harder and boost their productivity when they’re appreciated. This often leads to higher motivation which will push them to aim for a higher level of success under your leadership.

High-Tech or High-Touch?

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StrategyDriven Talent Management Article |High-touch|High-Tech or High-Touch?Over the past decade technology has impacted the way we communicate, learn, and work. Over 5.5 billion Google searches are conducted every day and it is difficult to remember how we obtained information pre-Google. Big Data analytics are an important resource for business functions in all industries and conversational technology like chatbots and personal assistants can offer 24/7 customer support.

However, the question I want you to ask yourself is “Have we become too high-tech?” The title of this article is “High-Tech or High-Touch.” The more effective approach would be to implement a combination of both. Technology, when used properly, can improve efficiency and accuracy, but a high-touch approach is the key to building long-lasting relationships.

Salespeople often complain that no one answers their phone and will only respond to email or text. I will agree that texting is often the fastest way to obtain a response. However, technology should never replace human interaction. Often, it is the salesperson who would rather communicate by text or email, not the prospect or client. When you are screened out or voice mail messages are ignored, the person you contacted does not see any benefit in talking to you. Refrain from making WWD (what we do) presentations and instead focus your messages and conversations on how what you offer, benefits others.

People want three questions answered in any type of relationship: First – do you care about me? Second – can I trust you? Third – will you deliver what you promise? Prospects will initially view you as a vendor, but your goal should be to elevate your relationship to trusted advisor, consultant or even friend. Let your clients and prospects talk about themselves and they will like you better. Learn as much as you can about their personal lives and challenges so you can position yourself as the logical solution. It is impossible to obtain this information if you only communicate utilizing technology.

It is also amazing how effective snail mail has become. If you have an important message you want read, do not email it. Send the message in a white envelope (not a company envelope) with the return address only listing your street address – no company name. Too often, when people receive something from a company in the mail, they assume it is a sales pitch and discard it before they read or open it. Handwrite their name and address and write the words “personal and confidential” in the lower left-hand corner of the envelope. That is the only mail that is not opened by an assistant and will be read by the person you have addressed.

When you combine a High-Tech with High-Touch approach, rapport improves which then leads to trust; you will establish strong relationships and you will not be deleted with one simple click.

About the Author

StrategyDriven Expert Contributor |Barbara BrunoBarbara Bruno, author of HIGH-TECH HIGH-TOUCH RECRUITING: How To Attract And Retain The Best Talent By Improving The Candidate Experience, is an internationally recognized recruiting expert who has a proven track record of helping recruiters and talent acquisition professionals become more successful and less stressed. She has created several popular LinkedIn Learning courses and is president of Good As Gold Training, HR Search, Inc., and Happy Candidates. For more information, please visit:
https://www.koganpage.com/product/high-tech-high-touch-recruiting-9781789665154

Company Gone Well? Here’s What to Do With the Cash

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StrategyDriven Managing Your Finances Article |Wealth Management|Company Gone Well? Here’s What to Do With the CashAs an entrepreneur, one of the best things that can happen to you is for your company to do well and for you to make a killing selling your company or shares in your firm. However, newfound wealth can be difficult if you haven’t thought of what to do with it. Too many entrepreneurs are so focused on their next steps that if they suddenly find themselves with a windfall, the next steps can seem difficult. Without careful management, wealth that could last you the rest of your life could be burned through before you get a grasp on the situation. This doesn’t just come from splurging cash unnecessarily, it comes from not properly understanding taxation, wealth management fees and your own risk tolerance. If you’ve been lucky enough to make money from entrepreneurship, you owe it to yourself to be sensible with it.

Ringfence your cash while you decide what to do

The first thing you’ll need to do when you get a windfall of money is to make sure that it’s in a safe place. By all means – take a portion to have some fun with – but make sure you put the money you want to take care of in a safe account that you won’t accidentally eat up while you decide what to do with it. This will help to ward off any impulsive decisions that can hurt you in the long run, as well as give you the time you need to work out what you need to do next. This might be a good time to think of how you want to change the world – are there any projects or charities that you have always believed in and that need your help? Are there any causes not represented by a charity that you could help? Do you just want to make sure that your family is taken care of? Take your time to decide what you want to do while you enjoy the money you’ve put aside for fun.

Get taxes out of the way

You will probably need to pay some of your newfound money in taxes, so understand that a substantial amount will have to go to the government. At this stage, it’s a good idea to hire an accountant so they can help you to be as tax-efficient as possible and not have to pay any unnecessary tax that you would incur due to poor wealth management. The areas to look at include federal and state income taxes, capital gains tax and estate tax. Make sure you’ve thought of taxes before you start spending anything as you might not realize how much of your money has to go to the government.

Speak to someone you trust

Once you’ve worked out how much of your windfall you have available to preserve, i.e. your original sum minus taxes, debts and the chunk you take to have fun with, you should have a good idea of what you want to do with that money and your life. You should speak to a wealth advisor to help formulate a plan that includes retirement, inheritance and more. Seek the advice of an advisor that belongs to national advisory institutions or who has other qualifications like being a member of the President’s Club at Morgan Stanley. You should find one that you completely trust and feel comfortable with, as you may at one point have to speak to them about issues like divorce and death, as well as finding somebody who can both help you plan and invest money, without charging you high and exploitative rates.

They should be able to build you a portfolio that fits in with your life plan, whether that’s to have a certain amount to live off by retirement or whether that’s an investment to supplement your current lifestyle. Make sure you speak to them about diversifying your interests so in the event of a market crash you’re not left high and dry. You shouldn’t just approach a wealth manager to help you build a portfolio, but you should discuss the sort of portfolio that you want to build together. Some people have special needs, such as members of the Islamic community, who need to make investments in companies that align with Islamic philosophy. Apart from that, you might have certain ethical requirements like wanting to avoid tobacco or fossil fuels, which are requirements you need to discuss with your wealth manager.

You should also talk with them about how you can kill two birds with one stone and decrease your taxes by giving money to charity – whether that’s direct charitable giving to charity or a donor-advised fund. There are many vehicles that involve charitable giving, so explore them properly.

If you have previously used financial management techniques to save before you achieved success as an entrepreneur, you might want to go through your existing portfolio and gauge how your investment strategy has changed. You might now be able to solely live off your investments, in which case you can just look at the amount of money you need to live and structure your portfolio to let you achieve that. For example, if you’ve decided you can live on $100,000 a year and have $10 million to invest, you just need to invest into a portfolio that can safely deliver you regular after-tax returns of 1% per annum. You might want to opt for tax-free investments to help to reduce your tax burden.

Keep some under the proverbial mattress

You should also have an emergency fund stashed somewhere in case your wealth takes a hit due to a major market shock or other unforeseen occurrences. This emergency fund should be enough to cover your next 6 months of expenses. This doesn’t just have to be to maintain your lifestyle while you wait for markets to recover – you might need to have a major medical operation or divorce settlement at some point, in which case you’ll need easily accessible money.

Never Run Out of Money! Use Cash Forecasting to Stay Solvent

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StrategyDriven Managing Your Finances Article |Cash Forecasting|Never Run Out of Money! Use Cash Forecasting to Stay SolventWill you have enough to make payroll? It shouldn’t be a mystery.

Don’t run out of money might be the first commandment of any successful small to medium enterprise (SME). You need cash on hand to pay your employees, service your debts, and keep your supplies rolling in on time. In short, you need to cash to keep your business running.

Cash forecasting is the tool you need to make sure you have the cash you need. Instead of looking at accounts payable and receivable (AP and AR), cash forecasting predicts how much actual money you will have on hand to meet your responsibilities. In addition to keeping you solvent from day to day and year to year, cash forecasting has other benefits, too.

Identify Potential Problems Ahead of Time

Cash forecasting can be like a check engine light with premonition for your finances. You can spot trouble spots months ahead of time and plan your way around them. In doing your first-quarter forecast, you might discover that you will have additional expenses in March, or perhaps you will have shipped sales or provided services that aren’t due to be paid until April. Your sales will show up in your AR report, but you probably won’t actually see the cash until April. By predicting this sort of shortfall in March, you can reduce expenditures in February or secure a line of credit with your bank to prevent problems before they happen.

Plan ahead to keep problems from ever occurring.

StrategyDriven Managing Your Finances Article |Cash Forecasting|Never Run Out of Money! Use Cash Forecasting to Stay SolventCreate Strong Relationships with Employees and Suppliers

Your employees depend on you to provide them with a reliable paycheck. They count on that money to meet their household expenses, pay rent or a mortgage, and buy groceries. Your suppliers are in business just like you. They need your payments to meet their own expenses. Neither employees nor suppliers will want to do business with you if they can’t depend on you. Being a reliable partner will establish trust and goodwill that is invaluable in running your business.

Long-Term Planning

You need to make larger expenditures sometimes to keep your business running. Maybe it is time to upgrade all your laptops or invest in that software you need to manage your growth. Be careful. Longer-term forecasts may not be as accurate as short term ones. Nevertheless, your cash forecasting can help you be strategic about when to make more significant investments, how to spread the expense if necessary, and when it might be a good idea to delay a more substantial purchase. Forecasting also helps you put some of your revenue aside for a rainy day, because there will always be rainy days, and expenses or slumps you can’t predict.

Cash forecasting is one of the basics of business. In 2018, CB Investments did an analysis of 101 failed startup businesses. Of those 101, the second most common reason they failed was that they ran out of cash. Cash forecasting is essential for avoiding disaster.

A solid cash forecast is also something your investors will need and something a bank will want to consider before doing business with you. It should be a living, breathing part of your business, updated continually, and consulted often. Cash is king, don’t be caught without it!