Skye Schooley

9 cash flow strategies

The most important aspect of managing cash flow is to constantly monitor it. You need to know how much money your company is taking in as well as how much of that money you have on hand to use. If you have an accurate idea of your company’s cash flow, you can follow these simple tips to increase cash flow and manage your business.

1. Don’t wait to send invoices.

Again, a key reason cash flow matters is that it distinguishes between invoices you’ve sent and invoices that have actually been paid. That $10,000 invoice means little if you don’t yet have that money on hand to cover your expenses. That’s why you shouldn’t hesitate to send invoices.

You may want to shift from a monthly invoicing model to one in which you send invoices every time you complete a certain amount of work. For example, if your small business is an advertising agency, send your invoice not at the end of the month, but whenever you complete a preset number of campaigns, ad spends or other initiatives that month.

2. Adjust your inventory as needed.

Check your inventory to identify items that aren’t selling well. These products harm your cash flow, as the cash you’ve spent to obtain them isn’t converting to sales and thus revenue. You can address this cash flow concern by selling these less-frequently-purchased items for discounted prices and not buying additional stock after you deplete what you currently have. Similarly, you can always invest more into stocking items that do sell well.

3. Lease your equipment instead of buying it.

Even though it’s usually cheaper over the long term, buying new equipment and updating outdated equipment can be costly in the short term (not to mention time-consuming). Leasing your equipment instead can lessen your short-term financial burden. You won’t have to upgrade or try to sell outdated equipment that you’ve purchased, and equipment leases often qualify for tax credits that lower your tax burden. As such, you’ll have less cash leaving your bank in large lump sums and be able to maintain a more regular cash flow.

4. Borrow money before you need it.

The best time to solve a cash flow problem is before it happens. If your business is running smoothly or is in the beginning stages of production, now is the time to borrow money. By opening a business line of credit when your numbers are good, you can avoid the risk of rejection later. This will also provide you with resources to fall back on should you experience any growing pains associated with starting a business. Rohit Arora, CEO of small business loan provider Biz2Credit, said that a business line of credit can be a lifeline for small businesses, particularly those impacted by seasonality.

“Whatever amount you think you will need, ask for double; you might not get it, but it’s better to have reserves to draw from when times get tough,” he said. “If you can get a small business loan at 10% or less, your cost of capital will be so much lower than if you put purchases on credit cards that carry rates of 19% or more.”

For businesses that have already been consumed with high-interest credit card debt, Arora recommends refinancing. For example, if you made several purchases on credit cards that come at interest rates of 20% or more, consider getting a business line of credit, which might be available for as low as 6% or 7% interest.

If you have yet to open any credit cards and are struggling for a loan, Jay Singer, senior vice president for small business at Mastercard, suggests getting a small business credit card with an interest-free grace period to support your short-term financing needs. He said that credit cards can highlight opportunities to save and that many even come with innovative reporting options that illustrate spending trends to help business owners optimize their cash flow.

5. Reevaluate your business operations.

Continually review your cost structure to find efficiency gaps and implementations that can be modified to increase savings. Arora suggests identifying parts of the operation that can be outsourced to freelancers and third-party providers. This will allow you to get the job done without providing salary and benefits. He also suggests that businesses scale back part-time staff during slow periods.

Alex Shvarts, CEO of FundKite, recommended monitoring, evaluating and improving other areas of operation in addition to outsourcing.

“Certain areas of business operations can be reevaluated and updated for efficiency,” he said. “[These include] shipping costs, use of middlemen, extra employees, allotted overtime, marketing returns, overdue invoices, rented equipment payments, stocking up on materials when tariffs are low and potentially asking vendors for a break.”

As the economy changes, your business strategies will change too. Always look for ways to improve your product and invest in smarter solutions.

6. Restructure your payments and collections.

Depending on with whom you’re working, you may be able to put off some payments to your vendors until your business is financially healthy. Do your best to maintain a healthy relationship and avoid late fees.

Restructure your payments to your vendors to create a more balanced income for your business. By doing this, you can turn your vendors into lenders. If you are unable to restructure payment dates, consider restructuring payment costs. You can do this by meeting with new vendors that can potentially provide inventory and supplies at a better cost. Arora said that even if you are not looking to replace your current vendors, you can use the information from competitors as leverage to get better pricing.

You can also benefit from restructuring how your employees are paid. Although it’s a minor detail, how often your business runs payroll can provide some cost savings. Shvarts said that switching to a less frequent pay schedule can save on the administrative costs of collecting, verifying and tabulating payroll information. Implementing direct deposit can help stabilize your payroll withdrawals as well. If you already have a payroll service in place, be sure to assess any fees associated with changing the frequency.

Choosing the best debt collection process can make a big difference as well. It is important that you are prompt on your collections and take aggressive follow-up action on past-due accounts receivable when necessary. Set up a continual collections process of reminding accounts receivable when and how much they owe you. Invoices that slip through the cracks can add up.

7. Monitor where your money is going.

Taking on debt isn’t always a bad thing. Sometimes borrowing money can be a temporary fix until your business is healthy enough to make it on its own. However, anytime you take on debt, you should carefully monitor and evaluate the extent of your cash flow.

“While taking on debt can be key to coasting through hard times, a business should still calculate how much debt they can take on so as to not be overleveraged,” Shvarts said. “The debt will be paid back either through investing in growth or once an invoice is paid by the client, but those both require factoring in time, interest, ROI and more.”

Strategically borrowing money can be a viable option, as long as you have a repayment plan in place. You should monitor your other expenses and make changes where needed. You may have to shift from a long-term investment mindset, such as buying equipment, to a short-term survival mindset, such as leasing equipment.

Alongside examining your debt and expenses, you should monitor your savings. Although balancing growth capital and working capital can be difficult when working with thin profit margins, Shvarts said it’s important to maintain a rainy-day reserve. If you don’t have a business savings account, it may be time to reevaluate your profit structure.

“Keep reserves of extra cash, not just for hard times, but for when a growth opportunity comes along or financial flexibility is needed,” Shvarts said. “Growing a business greatly strains cash flow [since] you have to invest and bring on expenses before the higher revenue kicks in. By all means, grow, expand, turn your small business into a big business, but still save some money for an unexpected market dip while you’re in the process of expanding.” [Related: Leverage software and technology by utilizing the best accounting software for small businesses.]

8. Take advantage of technology.

As a business owner, you should take advantage of technological advances and artificial intelligence-enabled solutions, like new apps and software updates. These can streamline your business processes and increase efficiency. Although technology can help with any sector of your business, Shvarts specifically recommends using it to create budgets and project cash flow.

“When you can see all accounts payable and accounts receivable, plus the other financial intricacies of your business, in one spreadsheet, you can budget and easily project future cash flow,” he said. “Depending on which software you choose, your information will be secure in the cloud, so you won’t risk misplacing or damaging paper documents.”

The right technology and the right business strategies can make a big difference for your company. They allow you to spend less time worrying about cash flow and more time running your business. If you don’t feel confident in overseeing your cash inflow and outflow, you can always hire a CPA or bookkeeper to do it for you. Regardless of who manages your cash flow, it needs to be done.

“The point of running a business is to make sure your revenues exceed your expenses and to generate a profit,” Arora said. “Managing cash flow is critically important to running a profitable business [for the] long term.”

9. Consider loan options.

Sometimes, all a company needs is a quick cash injection. Look at what line of credit, business loan and other financing options are out there. Invoice factoring and invoice financing are also great ways to get advanced payment on outstanding invoices. It can help your company get the money it deserves earlier than a client is willing to pay. Remember, you should be taking on debt only if it’s advantageous for your company.

Why is cash flow important to a small business?

Cash flow is important to a small business because it shows how much money is actually moving in and out of your company, not how much money you’re awaiting from accounts receivable. If your cash flow is positive, you’ll know you’re earning more money than you’re spending, and you’ll have cash on hand to cover payroll, equipment purchases and upgrades, loan repayments, and other key business needs. If your cash flow is negative, you may find yourself unable to pay your employees and suppliers, cover your monthly rent and have the money needed for any other daily business costs.

For these reasons and more, you should always prioritize cash flow strategies in your business plan. When you properly utilize such planning, you’ll know exactly which times of the month you can expect money to be deposited into or withdrawn from your bank account. With this information, you’ll know when you actually have the cash on hand to cover your expenses. Think about it like this: Even if you’ve invoiced a client for a substantial amount of money, you can’t use that money until you actually have it, and cash flow strategies help you know just when that will happen.

An important element of your business model that can help with cash analysis is proper accounting standards. While businesses can run on a cash or accrual basis, Arora advises every business to take advantage of both.

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How does managing your cash flow affect your future?

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Cash flow management is vital to your business’s success. If you can accurately project cash flow, you will steer your company in the right direction.

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If you understand cash flow techniques, you can get ahead of the market. You’ll even be able to predict cash flow because you understand the revenue cycles of customers, vendors, suppliers and contractors.

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Every business has high and low seasons; understanding upcoming expenses for employee overtime, replacement equipment and other needs goes a long way to ensuring your business is well positioned to handle any bump in the road.

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The first step is to determine the cash flow your business needs. That is done by analyzing the current state of your business, Singer said.

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“It’s important to understand how much cash you’ve been using and plan to use, as well as the length of time it will take to acquire more cash,” Singer told Business News Daily. “While every business’s needs are different, it would be wise to have enough cash on hand to cover up to six months of your average cash outflow.”

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How to calculate cash flow

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One of the most important aspects of managing cash flow is understanding how to calculate it. There are three main formulas that can help you calculate cash flow: free cash flow formula, operating cash flow formula and cash flow forecast. Each formula serves a different purpose.

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• Free cash flow refers to the resources available for distribution among all the stakeholders in the company. It shows you how much capital you have to reinvest in the business – such as purchasing new equipment, expanding your store or investing in a new product for your company.
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• The operating cash flow formula provides an at-a-glance view of the day-to-day cash flow within your business.
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• The cash flow forecast provides a future look at your cash flow in the coming month, quarter or year.
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All three of these formulas are essential to knowing how much money is flowing in and out of your business at any given time:

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• Net income + Depreciation ÷ Amortization – Change in working capital – Capital expenditure = Free cash flow
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• Depreciation + Operating income – Taxes + Change in working capital = Operating cash flow
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• Beginning cash + Projected inflows – Projected outflows = Ending cash = Cash flow forecast
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Projecting cash flow

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Determining when you’ll receive – and spend – money is part of the budgeting process. To successfully project cash flow, assess your prior year’s numbers as a basis of cash flow for the following year. Then, adjust for anticipated changes, such as new pricing, and more personnel and funding sources.

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As the year unfolds, you should update your cash flow projections to accurately reflect developments in expenses and profits. Comparing budgeted cash flows to actual deposits and expenditures helps you predict cash flow later.

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Another strategy is to add the cash you already have to the money you plan to receive. Then add up how much of that money you anticipate spending.

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Even the most successful organizations find that their forecasts change regularly, so it’s important to monitor cash flow.

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Preparing a cash flow statement

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Cash flow statements are indicative of your company’s health. They show that you have a healthy business capable of continuing operation at any given time.

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You can find a lot of extensive breakdowns on cash flow statements. Here are some basic terms and elements of a cash flow statement you’ll need to know in order to create and read yours.

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• Cash from operating activities: This is how much money is flowing into your business. If this number is lower than net income or it’s a negative number, this could be a problem.
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• Cash from investing activities: This should be a negative number. This includes money your business has used to invest in itself and its products. Buying supplies or further developing your product are two examples of this kind of activity.
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• Cash from financing activities: This area demonstrates how much money your company is spending to pay off certain obligations. This can include things like dividends.
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• Net change in cash: This is how much cash your company gains or loses based on the investing and financing activities.
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• Net cash: Net cash can be highlighted as beginning and ending balance. The ending balance is determined by applying the net change in cash to the beginning balance. The ending balance shows how much cash you have on hand.
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How do you get positive cash flow?

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Sales are obviously the best way for a business to gain cash flow. If you’re not generating sales, you’re not really a business. Of course, saving money in operational expenses helps too. It’s important to have detailed budgets and curb unnecessary spending.

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What should you do if you have a cash flow deficit?

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In the event of a cash flow deficit, these are some of your options:

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• Apply for a loan from a banking institution or individual.
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• Apply for a line of credit from a bank.
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• Speed up the collection process.
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• Finance the purchase of equipment through leasing or loans.
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• Liquidate assets.
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• Delay payments to vendors.
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Sometimes you may have a surplus of cash. That money can affect future opportunities, so you don’t want it to sit around. Accountants recommend that you make the surplus work for you. You can do this by making short-term investments and using the money to pay off debts faster. That way, the money will benefit you through generated interest or shorter loan terms.

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Always consult with a professional accountant before making major financial decisions that could impact the future of your business.

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Cash flow keeps a business running

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Profitability isn’t everything; without a healthy cash flow, your bottom line doesn’t matter much. You need the liquid capital on hand to meet operational expenses like payroll and inventory. The cash flow strategies above can help ensure your fiscal house is built on a strong foundation and that your business won’t have to turn to pricey loans or lines of credit just to keep the lights on.

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Max Freedman and Tejas Vemparala contributed to this article. Source interviews were conducted for a previous version of this article.

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A paperless or paper-free office minimizes the use of physical paper in favor of digital documents. Instead of storing documents in file cabinets, businesses store files on computers and in the cloud.

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Today’s readily available mobile applications, online software and digital storage platforms are helping usher in paperless offices for more organizations than ever before. While transitioning to a paperless office takes time and resources, the benefits of going paperless far outweigh the challenges.

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We’ll explore tools, tips and services that can help you reduce your company’s reliance on paper documents so your business can get started saving time and money and reducing waste.

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How to create a paperless office

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Consider the following tips, tools and best practices when transitioning to a paperless office.

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1. Change your document management habits to go paperless.

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Examine how your business creates and manages documents, and find digital alternatives to replace those processes.

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Editor’s note: Looking for information on document management software? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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“In most businesses, one of the main reasons people print documents is either to meet a regulatory recordkeeping requirement or so they can refer to it at a later time,” noted Cory Porteous, director of marketing and inbound business development at Office Interiors. “Both of these reasons can be solved by an effective document management system.”

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To change your document management habits, implement the following systems:

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• Use scanning tools to go paperless. Use a document scanner or scanning apps to scan notes, documents, images and more so they’re all in one digital location. Excellent scanning apps include CamScanner, Evernote Scannable and FineScanner.
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• Use online faxing services to go paperless. If your business still relies on faxing, turn to an online fax service. The best online faxing services are an inexpensive way to send and receive faxes via email and store them digitally. Tools to consider include GotFreeFax, mFax and RingCentral.
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• Use a document management solution to store your paperless documents. Whether you choose a self-hosted or cloud-hosted service, a document management system can act as a digital filing cabinet. The best document management software solutions offer features like security, mobile functionality, usability, document sharing, collaboration and version control. Tools to consider include Rubex by eFileCabinet (read our Rubex by eFileCabinet review to learn more), Microsoft SharePoint and M-Files (read our M-Files review to learn more).
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2. Digitize business functions with software and services.

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Accounting, document signatures, expense tracking, and time and attendance tracking are among the major business functions you can digitize. Consider the following software and services that can help you go paperless by digitizing business functions:

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• Accounting software: The best business accounting software helps you track and monitor your business finances securely and digitally. Tools to consider include FreshBooks, QuickBooks and Xero. (Read our review of FreshBooks, our QuickBooks review and our Xero review for more details on these solutions.)
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• E-signature services: Instead of requiring a written signature on paper, e-signature services let employees and customers sign documents digitally. Tools to consider include DocuSign, Adobe Reader, Hightail and the Mac’s Preview app.
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• Expense-tracking apps: You can digitally organize and monitor your small business expenses with expense-tracking apps. Tools to consider include Concur, Expensify and Wally.
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• Digital time and attendance systems: Digitally track employee hours using one of the best time and attendance software solutions. Tools to consider include Clockify, TimeDoctor and When I Work. (Read our Clockify review, our TimeDoctor review and our When I Work review for more information).
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3. Switch to paperless billing to create a paperless office.

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Assistance from outside institutions and vendors is essential to a paperless office. Request paperless bank statements, speak to your vendors about digital invoice options, and inform customers about purchase-order emails.

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These paperless options can help you manage your books. Additionally, you can scan receipts into your smartphone and import them into your bookkeeping software for expense reports or tax filings.

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4. Use cloud-based document backup and storage to go paperless.

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Cloud-based applications are a convenient way to go paperless. They help you create, save and access information via the cloud instead of relying on physical documents or an internal server. Additionally, cloud-based applications include built-in security protocols and allow for shared files and collaboration.

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While some platforms are free, like Google Drive and Microsoft OneDrive, others come at a cost. BigMIND by Zoolz, Carbonite and IDrive are among the best cloud backup and storage solutions to consider. Research your options before choosing a platform to store and back up your data.

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After transitioning to a cloud-based platform, you can recycle the corresponding physical files and papers. However, Porteous emphasized the importance of due diligence before making any drastic changes. “In most jurisdictions, a cloud-based copy of a document will meet any compliance requirements, but you should check local legislation before destroying documents required for regulatory compliance,” he advised.

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Tips for making a successful paperless transition

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Creating a paperless office can feel overwhelming at first, but it doesn’t have to be. Consider the following tips for making a smooth transition.

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1. Focus on your most wasteful processes first.

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Businesses can digitize many operational aspects. However, most organizations have several processes that account for most of their wasteful printing. Determine your most paper-wasteful culprits, and focus on them.

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“Select the business process that generates most of your printing, then do a step-by-step analysis,” Porteous advised. “By reviewing only one business process at a time, you will be able to avoid overwhelming your team and find better results.”

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2. Make the paperless transition gradual.

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Transitioning to a paperless office will take time and should be a slow, gradual process. Going slowly lets you implement new procedures properly and gives your employees time to adjust. You may need to have some paperless systems work in tandem with your old systems during the adjustment period.

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Samuel Johns, senior content editor at Resume Genius, suggested reducing the amount of paper each employee can print using a print credit system until it reaches zero.

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“Bear in mind, it’s unfeasible to expect that your company will completely stop using paper,” Johns cautioned. “People still need to print some things, like a keyboard shortcut cheat sheet or a seating plan so they can remember who sits where. Aim for an 80 percent or 90 percent reduction instead.”

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Although the transition will take time, and you may not entirely meet your goal, make continual efforts to introduce employees to digital alternatives, weaning them off paper as much as possible.

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3. Get your employees involved in the paperless transition.

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Creating a paperless office is not a one-person job; everyone must handle the new system. Since a successful transition requires the whole team, involve your employees in the decision-making process. Encourage employee feedback about the digital platforms you’ll use and how the transition is progressing.

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To make the transition a relaxed and productive process:

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• Foster an office environment that embraces the change.
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• Limit paper usage by reprinting on nonconfidential documents or requiring double-sided printing.
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• Recycle the paper you do use.
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What are the benefits of a paperless office?

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Your business can achieve several key benefits by transitioning to a paperless office.

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1. A paperless office saves time.

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The first and most immediate benefit of going paperless is the time your business saves. In paper-based workplaces, teams spend time organizing, filing and searching for documents, and there’s much room for human error.

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When you use only digital documents, you can create, share, organize and search for documents with the push of a button. The time your employees save with a paperless office will let them focus on mission-critical tasks instead of digging through filing cabinets.

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2. A paperless office saves space.

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Paper storage leaves a large footprint. Filing cabinets, printers, shredders and bookshelves all take up significant space, and your employees must constantly determine what papers to store and which ones they can toss.

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If your business manages digital files via an on-premises server, you still must dedicate some space to your office documents. However, a server can be as large or small as necessary, taking up an entire room or a space the size of a computer tower. Either way, a digital file system usually takes up less space than a paper archive.

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3. A paperless office produces less waste.

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A paperless office produces far less waste than paper-bound workplaces. Paper takes a toll on the environment by contributing to greenhouse gas production and deforestation, and inks and toners are often made from nonrenewable resources. While digital filing systems aren’t perfectly carbon-neutral, paperless offices have much smaller carbon footprints.

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Incremental changes will help you go paperless

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While your instinct might be to grab a pen and paper, turning to paperless options can quickly become standard practice in your company. As your company transitions to a paperless office, track your changes and note which teams are embracing the paperless environment. When you see new habits forming, reward good behavior.

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Remember to modify your goals to fit your team’s needs. Realistic goals will help you keep your office on track.

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Train yourself to choose digital services whenever you can – but don’t force it. It might take time, but it will soon feel like second nature. Eventually, your business will be reaping the benefits of a paperless office.

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Jessica Pooree contributed to this article. Source interviews were conducted for a previous version of this article.

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Whether you open a business in a unique industry or a saturated market, it’s critical to differentiate yourself from the competition to win over your audience. To do this, entrepreneurs should find a specific business niche where they can target and modify their market strategy to accommodate that audience. We’ll explain how to find your business niche and build an effective niche strategy.

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What is a business niche?

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A business niche is a specialized or focused area of a broader market that your business serves specifically. According to Charlene Walters, business and branding mentor and author of Own Your Other, finding a niche differentiates your business from the competition and allows you to excel in your sector.

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“[A business niche] is a hole in the current market where the business’s USP [unique selling proposition] will be appreciated by a select group of customers or target audience,” Walters said. “This target audience might be one that is currently underserved and/or has a large market potential.”

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Why is finding a business niche important?

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If you have ever heard the expression “jack of all trades, master of none,” you can see the importance of determining your specialization and differentiating yourself from the competition.

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Finding a niche is crucial for small business owners who want to create a steady revenue stream, establish a loyal audience and create a more focused business.

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The benefits of identifying a business niche include the following:

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• A niche helps you establish a loyal customer base. A solid market niche helps ensure that specific customers will want to buy from your business instead of the competition. A niche allows them to identify your product and brand, and know that your offer suits their needs. Additionally, focusing on a smaller target audience lets you concentrate on the quality of your customer service and establish a long-lasting relationship.
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• It minimizes competition. By entering a niche, you automatically differentiate yourself from companies seeking the mass market. You don’t have to compete with big names and can instead focus on delivering an exceptional product and service.
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• It reduces marketing costs. If you know your precise customer group, you can cut down on small business marketing, advertising and promotional costs. You’ll run targeted ads and campaigns specific to your audience’s needs instead of spending your resources on broader promotional efforts. Niche marketing also allows you to create a better rapport with your audience and build more personal relationships.
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• It demonstrates expertise. By occupying a business niche, you can establish yourself as an expert and thought leader in the field rather than providing yet another generic service or product. Being an expert helps you stand out from the competition, attract relevant customers and establish trust.
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• Catering to a niche can increase profit. Matt Woodley, an online entrepreneur who founded MoverFocus.com, which caters to the international moving niche, says that creating a business in a niche market can lead to higher rates for products or services. The supply and demand ratio, especially for those pioneering a new industry sector, can be highly lucrative.
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What are some niche market examples?

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Every industry has several niche markets. If you think of a specific product that serves one of your unique needs, you can probably classify it as a niche business idea.

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Walters mentioned the example of professional, wrinkle-free clothing: If a clothing company wanted to target executives who travel frequently, it would make sense to have a line of wrinkle-free clothing to serve that specific need.

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Some examples of industries with profitable niche market possibilities include fitness and weight loss, pet care, and child and baby care.

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Fitness and weight loss niche markets

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In 2021, the U.S. weight loss market alone was estimated at $72.6 billion. With ever-increasing health awareness and consciousness, the demand for fitness products and services is likely to continue growing.

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Here are some examples of niche businesses in the fitness and weight loss space:

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• Strava is a social network that connects athletes in the same surroundings.
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• Lose It is an app-based personalized weight loss program.
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• Hydrow is an “outdoor reality” rowing machine that delivers on-river experiences at home.
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While the market might seem crowded with established giants like WW (Weight Watchers), there are always possibilities for establishing an even more niche business within this space.

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Pet care niche markets

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The ever-growing pet market has boundless potential for establishing niche businesses. Niche businesses could revolve around pet products, pet-related apps, training courses, grooming services or pet insurance.

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These are some examples of successful pet-related businesses:

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• PupBox is a subscription service that sends pet owners toys, treats and training materials.
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• Wagmo offers digital pet wellness and insurance services.
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• Tractive is a pet GPS tracking app.
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Pet care niche markets

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When asked about a profitable niche business, Woodley referred to Diapers.com, explaining how it became successful by serving a large niche market. “Many niche businesses that fill a hole in the market no one previously recognized quickly come to be considered essential,” Woodley explained. “For instance, a diaper delivery service in New Jersey provided parents of infants with a convenient, affordable service that many came to rely on. Diapers.com eventually sold to Amazon for $545 million.”

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Here are some other successful baby care niche businesses:

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• Nanit is a smart baby monitor with a community connection.
\n
• Owlet provides socks for baby monitoring.
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• Bark is an AI-based tool for parents to monitor their children’s internet usage.
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\n\n\n \n\n\n

What is a niche strategy?

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Now that you know what a niche market is and why it’s important, how do you create a business niche for your company? We spoke with Walters and Woodley to create a five-step niche strategy for entrepreneurs to follow:

\n

\n
1. Select your target audience. To identify your niche, begin by selecting the general market. Woodley said a good approach is to focus on an area where you are knowledgeable and then identify subtopics.D
\n
2. Define an unmet or underserved need. Analyze your target audience and identify gaps in the marketplace. Walters said your products or services should soothe a pain point your audience is currently experiencing. Choose a sector that also has anticipated growth.
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3. Research your customer base. Walters and Woodley emphasized researching your target audience to understand their needs, goals, motivations, frustrations and expectations. Walters said that getting your audience involved as early as MVP (minimum viable product) development is essential. While this is something you should do at the start of your business, you should also perform regular maintenance checks to reassess your customer base and competition.
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4. Create your business plan. Woodley advised creating a business plan in which you define precisely what you’ll provide and the need it will meet, describe your ideal customer, and decide on a pricing model. Fine-tune your business idea to reflect what you’ve learned about your target audience.
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5. Market your business to your specific audience. Just as your product or service fits a niche, your marketing efforts should also be focused. Woodley said that targeted ads, blog posts and podcasts are invaluable tools for getting your message out to people likely to be interested in your niche business idea. For example, Woodley said that a targeted marketing strategy for a small business selling vegan baked goods would be to appear on a podcast or local radio show dedicated to healthy eating.
\n

\n

These steps can help you successfully serve your target customer. “This hard work, good customer service and the willingness to periodically reassess your business’s market will put you well on the way to running a successful niche business,” Woodley said.

\n

How do you identify and dominate a business niche market?

\n

Entrepreneurs should consider a few key consumer elements when trying to identify and dominate a niche market. Look for the following characteristics in your potential market audience:

\n

\n
• Easily identifiable customers: Potential customers who are easy to see are a hallmark of a great business niche. Jerry Rackley, director of marketing at HostBridge Technology, said that it should be easy to identify who would do business with you based on a set of reliable characteristics. “If you can’t put your ideal customers into an identifiable segment, your business plan is a no-go.”
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• Easily accessible customers: For a business niche to be profitable, your potential customers must be accessible, and accessing them must be affordable, Rackley said. Otherwise, your great idea will be dead in the water. “For example, I might develop an ideal solution for nomadic goat herders in Outer Mongolia, but I have no way of reaching them with information about my solution,” Rackley said. “Lack of accessibility is also a business plan no-go.”
\n
• An underserved or neglected market: Many markets become oversaturated with small businesses or startups eager to get in on the action. But for a business niche to really stand out, it should support an underserved or even neglected segment, said Cody McLain, chief visionary officer at WireFuseMedia and a host of the productivity podcast MindHack. “In my experiences with hosting companies, there are often underserved or completely neglected markets, as well as markets that are being poorly served,” McLain explained. McLain suggests researching these markets in your industry as potential niches. “For example, in web hosting, you can use Google Analytics and [Google Ads] to find searches that are not returning results to find markets or groups whose needs are not being met. Another way to find your niche is to search consumer ratings indexes and sites to find areas with poor customer service.” [Learn the Google Ads secrets that work for small businesses.]
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• A large potential market: For your business to be profitable, your market and niche must be large enough that you can make money selling your products and services. “In addition to identifying and accessing potential customers, there has to be enough of them,” Rackley said. “The potential market for any business must have the size and mass to warrant the investment to enter that market.” He gave the example of “a great solution for any human who has ever walked on the surface of the moon.” While it might be easy to identify and even gain access to moonwalkers, currently, there just aren’t enough of them to qualify this as a great business niche. A small pool of potential customers means little or no growth potential, another critical characteristic of a profitable business niche.
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\n\n\n \n\n\n

Find your business niche to succeed

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Finding a niche perfectly suited to your business can help differentiate your brand, build a loyal customer base, reduce competition and increase profits. Identifying a perfect niche might not always be obvious, but once you research the market, target audience, and your business strengths and resources, you can narrow down your options and determine the optimal course of action.

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With a defined niche strategy, niche marketing and enough business data, you can maximize your company’s chances for success.

\n

Nadia Reckmann and Sarita Harbour contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.

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While it might seem like nothing in this world is free, that isn’t necessarily the case when it comes to business grants. This funding source is essentially free money — you don’t have to repay it. But there’s a catch: The process of applying for and acquiring a grant is often lengthy and challenging.

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Still, obtaining a grant could help you launch a new business during tough economic times or take on a specific project. If you think a grant may benefit your company, it’s crucial to fully understand which entities offer them and how to apply for one. Below is a guide to maximizing the chances of your grant application getting approved.

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Editor’s note: Looking for financing for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

\n\n\n \n\n\n

What is a business grant?

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Business grants are sums of money given by a foundation, government body or other entity to help businesses get started or grow their operations. Grants typically are desirable because they don’t have the same conditions as other financing options. Specifically, grants don’t need to be paid back like loans do, and business owners don’t need to give up equity in exchange for the grant.

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Where to find business grants

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While there are numerous options for business grants, they all come from one of three sources.

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Government agencies

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Grants can come from agencies on the federal or state level or a local government. These grants have the narrowest eligibility rules and are usually only provided to businesses rooted in science, technology, agriculture, energy or other industries that will bring direct growth to the community. [Learn how to get a government grant for your business.]

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Nonprofits

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These grants primarily focus on specific underrepresented demographics, such as women entrepreneurs, veteran proprietors and business owners of various racial and ethnic backgrounds.

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For-profit organizations

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These come from institutions like banks and have the broadest eligibility criteria. These grants are given based on merit and application materials, such as essays.

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What to do before applying for a small business grant

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Preparation is key when it comes to grant applications. Since applying for a grant is time-consuming, there are several steps you should take to prepare properly for your application and simplify the process:

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• Define the funding: Business owners should outline the specific funding needed and identify the precise objectives a grant will help them achieve.
\n
• Create a detailed business plan: The next step is creating a business plan. Your plan should include essential details about your business, such as a company description, the business structure, services offered, financial projections and other useful information.
\n
• Compile administrative details: You should gather other vital details, such as the business owner’s contact information, planned use for the grant money, business license number, the business’ tax identification number or employer identification number and revenue vs. profit history and projections.
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• Gather business records: Business owners should also assemble all the necessary business records, ideally from at least the last three years.
\n

\n

There are several additional steps businesses should take to ensure they are properly prepared for the application progress.

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• Get an expert opinion: It’s helpful for business owners to have their business plans and records reviewed by experts, whether that individual is a SCORE mentor or someone with experience guiding business owners through the grant-hunting process.
\n
• Hire a grant writer: Grant writers typically have expertise in different grant submission processes and work within industry verticals. They can help you craft a comprehensive and compelling proposal.
\n
• Achieve nonprofit 501(c)(3) status: This status is extremely helpful when seeking a nonprofit grant because it identifies your business as a legitimate nonprofit.
\n
• Look for applicable tax-exempt status paperwork: If your business is eligible, this type of paperwork can sometimes increase your odds of receiving funding.
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\n\n\n \n\n\n

How to apply for a business grant

\n

The first step in applying for a grant is to identify what type of grant your specific business is likely to receive. Companies in certain industries like eco-friendly sectors or owned by underserved demographics, such as veteran-owned businesses, may have better luck qualifying for particular grants. Start your search by looking for local grant providers and then expand nationally to see what’s available.

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After you’ve determined what type of grants are achievable for your business, carefully read through the grant requirements and narrow it down to a few select grants. Before writing your proposal, consider meeting with the funding source, if possible. This is an opportunity to discuss your idea and get feedback before formally applying.

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The importance of a business grant proposal

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After conducting research and contacting the funder, the next step is to write the grant proposal. This part is critical and deserves a lot of attention as the purpose of your proposal is to demonstrate your worth.

\n

You want to convey to the grant provider how the service you’re seeking funding for will help solve an existing problem in society. Establish credibility by detailing your organization’s history and crafting a narrative that reflects how receiving the grant will make a difference. It’s crucial to make a compelling case as to why you should receive the grant and what it will be used for.

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What’s included in a business grant proposal

\n

Business grant proposals typically include the following sections:

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\n
• Cover letter: This document is the first impression the grant reviewer will have of your application. It should contain a summary of your proposal and why you stand apart from other applicants.
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• Executive summary: This provides a top-level summary of the main aspects of your business and the core components of your grant proposal.
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• Basic company information: Include basic information about your business, including other sources of funding and your annual budget. You should also include information on your organization’s executive officers and governing structure.
\n
• Need statement: Grant reviewers need to know why you’re seeking this funding and that you’re addressing an important need with the grant money. Your need statement should summarize the facts, figures and data your grant reviewer needs to make the decision on whether to approve your application.
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• Purpose: Whether you’re looking to purchase specialized equipment, hire more staff or cover travel expenses related to your business, specify how the funding will be used.
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• Evaluation: Let the grant reviewer know which data you plan to track to best determine the impact of their funding.
\n
• Budget: Detail how much it would cost to complete the project for which you are seeking funding. Remember, grants are often for specific purposes and needs, so this information is key. If you’re expecting other sources of financing, those should be mentioned as well.
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• Documentation: Your grant reviewer may want to see financial statements, tax-exempt letters if you’re a not-for-profit organization and other important information that could bolster your chances of receiving the grant.
\n

\n

Once you’ve written and submitted your grant, the last thing to do is wait. Check the grant submission guidelines to see the funder’s approval/rejection process as sometimes this will provide a time frame or a series of next steps for you to take. Some funders even provide a tracking number, so you can see the status of your grant proposal.

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You typically will be notified when your proposal is pending and when your proposal is approved or rejected. If you aren’t able to find submission guidelines or tracking information, wait at least three to six months before following up.

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[Do you want to consider other financing options? Read our reviews of the best loan providers for small businesses.]

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Common grant application mistakes

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While knowing what to do when applying for a grant is critical, knowing what not to do is equally important. You must avoid falling prey to common application mistakes.

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For example, a seemingly innocent but very common mistake is overapplying. When business owners apply for too many grants at one time, they decrease their chances of getting one due to reduced time and quality spent on each application. Instead, focus on applying for one or two grants that you’re likely to win.

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Many business owners also make the mistake of being too general or unoriginal in their proposals. They describe their mission statement in vague terms instead of listing specific solutions for how they can satisfy the funder’s interests. Your proposal should explain the unique way in which this particular grant will help achieve your shared objectives.

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Another frequent mistake business owners make during this process is not following directions. Grant suppliers are looking to see if you meet a very specific set of criteria, so following directions is an absolute must. Do not provide more information than requested and ensure you’ve followed every instruction to the letter, including the submission deadline.

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Requirements after you receive the grant

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Occasionally you may find a grant that comes with no strings attached, but this is uncommon. Once you receive a grant, you are accountable for following the guidelines set forth by the grant provider. For instance, most funders require you to provide progress reports so they can track the impacts of their funding over time.

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The requirements for maintaining a grant are something you should be aware of ahead of time, although they are usually not too difficult to manage. Once you establish an agreement between the grant funder and yourself, you’ll be set to move forward with your business or project.

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Finding the funding you need

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Although grant applications are known to be time-consuming and tedious, the result if you’re approved is free money. That prospect alone can make it well worth your while to hire a grant writer whose expertise can maximize your chances of approval. You should task this grant writer with one grant application at a time; applying to too many grants is a known cause of declined applications. Patience and expertise may well be your best bet for grant approval ― the least financially stressful funding you can obtain.

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Max Freedman and Stella Morrison contributed to this article.

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With stress, anxiety and uncertainty often at high levels today in and outside the workplace, it’s crucial for businesses to seek morale-boosting measures to establish and maintain a happy workforce and a positive company culture. If your business suffers from low employee morale and burned-out workers, you can implement several strategies to improve optimism and boost employee satisfaction.

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How to boost and maintain employee morale

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If your team’s morale is dipping, it’s time to make some changes. You can implement several strategies to boost and maintain employee morale. Instead of considering these methods as one-time solutions, integrate them into your company culture permanently.

\n

We spoke with business leaders to identify 10 ways to boost and maintain employee morale. Here’s what they advised.

\n

1. Align your employees with your company values.

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Although many business owners subscribe to the false notion that employee morale is based on gifts, free food, Ping-Pong tables and happy hours, Rachel Lanham, a fractional CMO who advises early-stage startups, said the most important consideration is ensuring your team fits with your company’s values and goals. Clear communication is the only way to genuinely align your employees with your company’s mission.

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“First, you must clearly articulate the company’s mission, vision, values and goals,” Lanham advised. “Then, it’s critical to continually and transparently communicate and reinforce this information while sharing progress (and setbacks) along the way.”

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When employees understand and care about your organization’s direction, they are more likely to be invested in its success.

\n\n\n \n\n\n

2. Create an open line of communication.

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Your company must facilitate and encourage communication. Effective employee communication should be a two-way street. Employees should feel comfortable asking questions, speaking up during meetings and collaborating with managers and colleagues. And leadership should set clear expectations for employees so that all team members know what’s expected of them.

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“Have managers organize one-on-one catchups with each employee to make sure that communication channels remain open for employees to voice out problems they are facing or provide ideas,” suggested Kevin Lee, director at JourneyPure. “Provide managers and employees with guidelines so that employees can discuss private issues without fear of reprisal.”

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3. Encourage employee feedback.

\n

Alongside open communication, your company should foster a culture that encourages honest employee feedback and elicits input on how the company could improve. You can do this through one-on-one or companywide meetings and internal employee surveys.

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“Organize town halls and meetings to update employees on company strategy and plans and invite them to provide feedback and have a discussion,” advised Edgar Arroyo, president of SJD Taxi. “Getting buy-in from employees can help you gain new ideas and make employees more invested in the company.

\n

4. Build a culture of positive thinking – from the top down.

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If you want a positive and encouraging culture, it must start with company leaders. Employees look to leaders to see how to act within a company. If you lead by example, it will create an enjoyable work environment and boost company morale.

\n

“Positive thinking really starts with the top management of a company,” noted Monroe Gang, CEO of Atlantic Partners. “If the CEO’s mentality isn’t positive, then it will trickle down throughout the rest of the tiers within the company. As a leader, it is your responsibility to remain optimistic in the face of adversity, as well as serve as a role model for everyone else in all situations – no matter how challenging or frustrating they may be.”

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5. Organize team-building activities.

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Positive morale is closely tied to how employees feel about their team members. For this reason, it’s essential to host team-building activities to bring employees closer. If your team works in an office together, you can host team lunches and happy hours. However, organizing events for remote teams can be a little more challenging. Consider hosting virtual happy hours, and encourage employees to have one-on-one video chat meetings.

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When it comes to team building, think outside the box or ask your team to suggest activities they’d like to do together. Whether you manage a remote workforce or a traditional, in-office workplace, show employees you care by celebrating birthdays, anniversaries and other important milestones.

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6. Create an employee recognition program.

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Acknowledge your staff’s exceptional and hard work through an employee recognition program. It can be formal or informal, but it should allow everyone in the company – from entry-level employees to C-suite executives – the opportunity to recognize others’ contributions. Letting employees know their hard work is being noticed and allowing them to acknowledge their teammates can boost morale and improve employee engagement.

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“Have a recognition program where managers and other employees can nominate a person to be recognized for their achievements,” Arroyo suggested. “Send emails to thank or recognize employees publicly for good performance. You can also organize celebrations or treat meals for completing an important project milestone.”

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7. Give performance-based incentives.

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To boost employee morale, Lee suggested creating career growth opportunities for your employees based on their excellent performance. For example, give promotions internally before seeking external hires for senior positions, and provide opportunities for employees to change teams based on their skill sets and interests.

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By doing so, you will encourage employees to work hard, develop their skills and achieve career goals. You can also give monetary, performance-based incentives, like employee bonuses and raises, whenever you have the financial means. This will encourage hardworking employees to stick with your company instead of seeking other career opportunities with higher pay.

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8. Prioritize employee mental health.

\n

It’s crucial to pay attention to your employees’ mental health, especially if they work long hours or have jam-packed days. Workplace stress is an all-too-common occurrence for many professionals that can adversely impact their mental health.

\n

Remote employees are not immune to workplace stress just because they’re not in a traditional office setting. Many remote workers have challenges achieving a healthy work-life balance and unplugging from work, which can lead to employee burnout.

\n

To prevent employees from becoming overwhelmed, companies should be disciplined about boundaries and encourage team members to take time off, even if just for staycations. “Demand that your team blocks time off for vacation, as well as daily time off for lunch … or an afternoon workout,” Lanham advised. “Honoring time off is the highest-impact thing you can do for your team.”

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9. Implement a health-and-wellness program.

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In addition to mental health, your employees’ physical health is imperative to business success. Many employees with office jobs have a very sedentary workday, especially if they’re working remotely, so it can be helpful to implement a wellness program that gets them up and moving.

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“Have a wellness program where your company organizes fitness classes or health education classes for your employees to learn more about improving their physical and mental health,” Lee suggested. “One fun way to improve fitness levels is to give everyone a wearable tracker, like a Fitbit, and have an office competition on who has the highest number of steps.”

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10. Encourage employee development.

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Employee satisfaction tends to drop when your staff doesn’t see opportunities for professional development. Encourage your employees to take on new responsibilities, and give them time to work on passion projects or development courses.

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“A strategy that is oftentimes overlooked is to offer professional development courses so that employees can either build upon their current skill set or learn new knowledge that can help to propel them into an advanced position within the company,” Gang said.

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Show employees a clear path for advancing within the organization. When your employees know they can grow professionally within the company, they’re more likely to stay there over the long term.

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Importance of employee morale

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Employee morale is crucial for multiple reasons. For one, happy employees tend to be more productive and engaged: A 2020 Gallup meta-analysis showed that employees who were engaged in their work increased profitability by 23 percent and productivity by 14 percent while decreasing absenteeism by 81 percent.

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Especially as remote work remains common, businesses must pay close attention to the employee experience if they want to attract and retain top talent.

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“The rise of remote work means that job-switching costs are much lower for star talent,” Lanham said. “Companies that ignore things like morale, culture and alignment will rapidly lose their edge, particularly in the knowledge economy.”

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Effects of low company morale

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Many companies have seen a downturn in operations as a result of poor morale among employees. If your business does not take steps to address the issue, you may suffer long-term problems, including:

\n

\n
• Loss of income: The financial effects of low employee morale are staggering. According to Gallup’s 2023 State of the Global Workplace report, poorly engaged or fully disengaged employees lead to $8.8 trillion in productivity loss. This figure is equivalent to 9 percent of global GDP.
\n
• Decreased productivity: Unhappy employees are less likely to perform job duties to the best of their abilities. According to a study by Oxford University’s Saïd Business School, happy employees are 13 percent more productive than their unhappy co-workers.
\n
• Chronic absenteeism: Employees who feel their supervisors don’t appreciate their hard work may miss more days at work.
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• Increased conflicts at work: When employee morale is low, disagreements among staff may be more common. Conflicts may also frequently occur between management and employees.
\n
• Higher turnover rates: Human resources costs increase if employees are unhappy working for your company. You will need to invest more money in hiring and training due to increased employee turnover.
\n
• Lack of talent retention: If your company has a poor reputation in the industry, you will have difficulty attracting quality employees.
\n
• Poor brand image: Consumers are less likely to remain loyal to a company that does not treat employees well.
\n

\n

What causes low employee morale?

\n

Here are some reasons employee morale might be low at your company.

\n

Employees sense a lack of communication and trust.

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When employees don’t feel like they have open communication and feedback with their managers, it can lead to low morale. For example, maybe they feel they can’t safely ask questions without being ridiculed or reprimanded, or maybe they think company goals aren’t being communicated clearly. Whatever the case, ineffective communication and a lack of feedback can cause employees not to trust company leaders.

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Employees are burned out.

\n

Employee burnout is a modern business crisis. It can happen when companies place more importance on productivity than employee well-being. Employees who feel their company doesn’t care about their happiness, long-term professional goals, or company culture are more likely to burn out.

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Employees feel like their work is going unnoticed.

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Low employee morale can occur when workers feel like their work isn’t being recognized and there is little or no incentive to perform well.

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“If there is no performance bonus and employees only receive a fixed pay, employees have no monetary incentive to do well and may seek to do as little work as possible,” Arroyo explained. “Employees who don’t receive recognition after performing well or going the extra mile for the company can lose motivation.”

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Employees are overqualified or have no clear career advancement opportunities.

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These two issues may be separate or intertwined. For example, if you hire overqualified employees, they will likely get frustrated or bored with their work. That could ultimately cause them to quit, thereby increasing your employee turnover rate. Similarly, low morale can occur when an employee outgrows their position and sees no clear career advancement or professional development opportunities within the company.

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Getting your employees emotionally invested

\n

Employees who feel deeply tied to your company and its mission and vision will do better work. That’s even truer if you set up your workplace and company culture so employees feel seen, heard and not overly stressed. This starts with encouraging clear and open communication – especially the philosophy “no question is too stupid to ask” – and continues with employee appreciation and recognition. In short, it’s just about being a kind and good person.

\n

Max Freedman contributed to this article. Source interviews were conducted for a previous version of this article.

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If you want to attract and retain the best workers, you need to make sure you pay competitive salaries. At the same time, you don’t want to lose money by setting unreasonably high salaries. To find a good balance, you’ll need to weigh employee compensation expectations against your budget and other factors.

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How to determine employee salaries

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To determine the appropriate salary for each employee, set a range for how much an individual in a given position should be paid. Where each employee falls within that range will be based on the expectations you have for those employees and their past work experience. Although it takes more effort and time to determine salaries for brand-new positions, after you’ve established a salary range once, you’ll be able to use it as a starting point when hiring more employees for the same or similar roles.

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Here are four best practices for determining employee salaries.

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1. Do your research.

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To attract and retain top talent, your employee salary range for a particular role should be on par with what other companies are paying for that position. If you have connections in the industry, you can start by consulting them to gain insight into compensation amounts. Next, review job listings and career boards, such as Glassdoor, Indeed or LinkedIn, to see what the nationwide average is for that position in your industry.

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It’s also helpful to narrow your research by location as that will play a role in cost of living, which can affect whether an employee views your salary offer as realistic and acceptable for where they live. For example, someone based in a large city will likely want to be paid more than an employee with the same position in a small, rural town because the cost of living is higher in the city. You should also take into account the level of experience employees come to the table with as seasoned professionals will require higher salaries than entry-level workers.

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2. Choose a realistic and affordable salary range.

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Once you’ve identified the average salary for the given position, you need to assess your business’s finances to determine a realistic amount you can afford to pay an employee in that role. The salary you settle on should be within the average industry pay range and take into account cost of living, but it shouldn’t cost you more than you can afford.

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To find this sweet spot, consider how much money the employee will be bringing in (or saving) for your company in their role. That can offset how much you’re doling out in pay. After you identify the maximum salary you can reasonably afford, you can securely go into salary negotiations with a number in mind without the risk of going over budget.

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3. Offer competitive benefits.

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Providing a competitive salary is important, but employees expect more than just a paycheck. The best companies also offer their staffers flexible benefit plans, such as robust health insurance, retirement savings options, health and wellness perks, job flexibility and professional development opportunities. [Consider these top employee retirement plans to bolster your compensation package.]

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To secure the best employees, you should supplement their salary with unique job benefits and perks and a desirable company culture. This is especially critical if you don’t have the financial means to offer the highest salary but still want to provide a great total compensation package.

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4. Discover job applicant salary expectations.

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After establishing a position’s salary and benefits package, find out if the candidate for the role has salary expectations that fall within your budget. You can discover this through effective interviews during the recruitment process while steering clear of illegal interview questions. If every applicant wants a salary that is way above your range, it may be time to reassess your own expectations or financial means.

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If a highly desirable candidate’s salary requirement is only slightly out of your budget, you can highlight the additional compensation offered through your benefits package. For example, maybe you provide unlimited paid time off, remote-work options or a 401(k) match. In the applicant’s eyes, these could make up for what your employment offer lacks in salary.

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Keep in mind, however, that you want new hires to be happy with their salaries. Don’t try to lowball candidates and then pressure them into taking the job, as they will likely be unhappy in the long run. Employee satisfaction is often linked to higher productivity and lower employee turnover rates, so it’s vital workers feel they’re being appropriately compensated for their work.

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What’s included in calculating employee compensation

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To calculate annual employee compensation, consider all forms of payment the team member receives. Do you provide bonuses, allowances and medical insurance? You need to factor in these benefits when calculating an employee’s overall salary.

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For example, let’s say you’ve decided to hire a human resources (HR) person to lead your HR team. In that case, you’ll want to research the average annual salary range for HR managers. According to Indeed, this range is $54,000 to $110,000. You might have the budget to pay an HR manager $70,000 per year and though that’s good, it isn’t great. Other companies can likely pay this person more.

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However, if you’re committed to paying quarterly bonuses of 3 percent — 12 percent over the course of a year — that’s a salary of $78,400. Plus, you may be providing other types of compensation, like allowances to cover their travel for HR conferences, essentially giving them a free getaway.

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If you also offer substantial employee health insurance benefits — low deductibles, a wide array of participating medical practices and more — you’re further increasing the value of the compensation package. For these reasons, it’s vital to not only calculate every aspect of a salary but also make clear to the employee what their total compensation is. Note that hourly rates for nonsalaried employees are slightly different and thus your calculation will be too.

\n\n\n \n\n\n

Other considerations when setting employee salaries

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Here are some other points to keep in mind when determining an employee’s salary.

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Mind your finances.

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You need to set a realistic budget for each new position and keep all new-hire salaries for that position within your predetermined range. As part of this process, business owners must decide if they want to be known as an employer who pays top wages for top talent or an employer who pays base wages (under midpoint) just to get someone to take the job, said Laura Handrick, owner of Laura H Consulting.

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In addition to looking at employee salaries individually, be sure to keep track of your overall compensation expenses for your entire team. How much of your organization’s budget can you devote to personnel costs? Will adding a particular benefit mean cutting back in another area of your business? While salaries should be set on a role-by-role basis, don’t overlook the cumulative financial impact on your company.

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Raise employee wages when you can.

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As employees continue to work for your company, they will expect bonuses and/or raises. Make sure to set starting wages that you can realistically increase over time based on inflation and performance. You may even want to increase a new employee’s wages after a three-month trial period ends or offer company-wide increases once a year to account for inflation.

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Pay attention to your hiring cycle, as that may affect your need to raise wages as well. For example, Grant Aldrich, founder and CEO of OnlineDegree.com, said business owners should change salaries based on turnover. If turnover is high, you may want to raise wages to increase employee retention. [Get tips for improving your hiring process.]

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It’s also time to give employees a salary increase when they’ve performed at a higher level for a sustained period of time or when you have to pay new hires more to get them on board for a preexisting role, Handrick said.

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“You don’t want to have existing employees earning less than new hires in the same job, as you’re likely to end up with disgruntled employees at the least and may end up on the wrong end of a discrimination lawsuit if the existing employee is in a protected class (female, minority, over 40, disabled) and the new hire is not,” Handrick said.

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A great salary can jump-start great employee contributions

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When you successfully walk the tightrope between sticking to your budget and paying employees what they’re worth, great results are all but inevitable. For starters, providing ideal salaries means your company will be an appealing place for team members who want their efforts to be reflected in their pay. Alongside that, when you budget appropriately for compensation, you’ll have the money you need to keep pushing your organization toward long-term growth and sustainability. The better your business gets, the better you’ll be able to reward staffers too.

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Max Freedman contributed to the writing and reporting of this article. Source interviews were conducted for a previous version of this article. 

"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"35323","_score":2,"_source":{"canonical":"https://vaylees.com/rippling-vs-bamboohr","displayModified":"2024-06-20T20:34:21Z","docType":"article","editorsPick":false,"href":"rippling-vs-bamboohr","id":"35323","ID":35323,"isSponsored":false,"published":"2023-10-19T18:49:49Z","site":"bnd","stream":"The right HR solution can simplify your small business's human resources processes. Here's how Rippling and BambooHR compare.","subtitle":"The right HR solution can simplify your small business's human resources processes. Here's how Rippling and BambooHR compare.","title":"Rippling vs. BambooHR: A Comprehensive Comparison","author":{"displayName":"Skye Schooley","email":"sschooley@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/14114129/skye-schooley.jpg","type":"Senior Lead Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"HR Solutions","slug":"hr-solutions"}},"meta":{"robots":"index, follow","description":"Rippling and BambooHR are customizable HR solutions that can help you manage your HR functions. Learn how their prices, HR services and usability compare."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072404/payroll_Chainarong_Prasertthai_Getty.jpg","caption":"Chainarong_Prasertthai / Getty Images","alt":"accountant using a laptop and a calculator"},"content":"

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• Rippling and BambooHR are top-rated HR solutions that can handle administrative human resources functions and employee management tasks.
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• Rippling is a powerful and customizable HR solution that you can use as a stand-alone product or as a professional employer organization (PEO) or employer of record (EOR) service.
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• BambooHR is an all-in-one HR platform with intuitive software, essential HR features and easy navigation.
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• This comparison is for small business owners who are considering Rippling and BambooHR for their HR needs.
\n

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Managing human resources functions becomes essential when your business has employees who depend on you. HR solutions vary widely, but most provide administrative HR services, employee onboarding, payroll processing, HR compliance, benefits administration and performance management. Some organizations handle HR responsibilities in-house using the best HR software. Others opt for more extensive assistance from a professional employer organization (PEO).

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Rippling and BambooHR are excellent HR solutions that can take the headaches out of HR management. However, your business, industry and organizational style may make one platform more preferable. We pulled pertinent details from our comprehensive Rippling review and our in-depth review of BambooHR to help you compare these solutions.

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Rippling vs. BambooHR Compared

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\n Criteria \n	\n Rippling \n	\n BambooHR \n
\n Starting price \n	\n $8 per user per month (plus add-on features) \n	\n Custom quote required \n
\n HR services \n	\n \n Employee directory \n Recruitment and onboarding \n Document management \n Time-off management \n Benefits administration \n Payroll and taxes \n Learning management \n Reporting and analytics \n HR workflow automation \n Expense management \n App and device management \n PEO and EOR services \n \n	\n \n Employee directory \n Applicant tracking and onboarding \n Document storage \n Time-off management \n Benefits tracking \n Payroll and taxes \n Performance management \n Reporting \n HR workflows and approvals \n \n
\n Payroll and benefits \n	\n Domestic and global payroll services \n	\n Domestic payroll services \n
\n Usability \n	\n Highly customizable and automated \n	\n Intuitive and easy to navigate \n
\n Customer support \n	\n Email and web chat (optional phone support add-on) \n	\n Phone, email and web chat \n

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Who Do We Recommend Rippling For?

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Rippling’s powerful HR platform is ideal for companies that want to streamline their HR processes through workflow automation. The software is user-friendly and highly customizable, although employers must have the time and resources to configure the platform’s settings and automations correctly.

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Unlike other HR vendors, Rippling isn’t just an outsourced HR platform. It also offers IT and finance features, making it an excellent choice for employers that want to manage numerous functions from a centralized platform.

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The following elements make Rippling stand out as an HR solution:

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• Rippling’s base plan includes document management features, employee onboarding, policy and leave management capabilities, and workforce analytics.
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• Rippling offers a wealth of add-ons, including recruitment, employee benefits and benefits administration, time tracking, payroll processing, performance management, and app and device management.
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• Rippling offers scalable plans, allowing employers to transition between its stand-alone HR platform and PEO or EOR services as needed.
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Who Do We Recommend BambooHR For?

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BambooHR is ideal for employers seeking a highly intuitive and user-friendly HR solution that’s easy to implement and navigate with very little training. It offers two base plans and a few add-on features, making it an excellent choice for small and midsize businesses that want the flexibility of choosing a plan and adding features as they grow.

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With its onboarding and performance management features, BambooHR is also ideal for companies that want to track employees’ progress throughout their tenure.

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BambooHR is notable for the following reasons:

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• BambooHR offers two standard HR plans with comprehensive features, like applicant tracking, employee onboarding, training tracking, time-off management, reporting and employee self-service.
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• BambooHR users can add features for functions such as payroll, benefits administration, performance management and time tracking.
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• Businesses can opt for a plan that includes an open API, allowing BambooHR to integrate with other applications.
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Rippling vs. BambooHR Comparison

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Pricing

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Rippling

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Rippling is a highly customizable HR platform with numerous add-on features. As such, the company doesn’t provide detailed pricing online. However, Rippling does state that its base workforce management platform, Rippling Unity, starts at $8 per employee per month. To get more information, businesses must contact a Rippling representative for a custom quote.

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Note these details about Rippling’s pricing structure:

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• Service tiers: Rippling Unity pricing starts at $8 per employee per month. The other tiers — Core, Pro, Unlimited and Enterprise — may also incur monthly base fees, but you must contact Rippling to learn more. All plans include essential workforce management features, such as policy management and workforce analytics.
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• Numerous add-ons: After signing up for a workforce management plan, you’ll add HR, finance and IT functions as needed for an additional price. We appreciate the customizability this affords businesses. Your prices will depend on user numbers and the specific add-ons you want. You can also opt to use PEO or EOR services. We like that businesses can access atypical add-ons — like IT asset management, mobile device management and app management — alongside HR functions such as domestic and global payroll processing and recruiting and onboarding services.
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• No free trial: While we were disappointed that Rippling doesn’t offer a free trial, we appreciated that users can access a free demo to test the software before signing up.
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BambooHR

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BambooHR offers two HR plans — Essentials and Advantage — that include standard features for onboarding and managing workers, including HR reporting, time-off management and benefits tracking. Additional essential HR features — including payroll, onboarding and offboarding tools, time tracking and performance management — can be included for additional fees.

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Similar to Rippling, BambooHR doesn’t list prices online. You must contact a representative for a custom quote.

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Note this additional information about BambooHR’s pricing:

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• Per-user costs: Although BambooHR doesn’t list pricing online, existing BambooHR customers have claimed their plans cost between $5 and $40 per user per month.
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• Free trial: We like that BambooHR offers a seven-day free trial for users to test the software risk-free.
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• Pricing model: Companies with 20 or fewer employees are charged per employee per month, and companies with over 20 employees are charged a flat monthly fee.
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• Discounts: Volume discounts are available, and a 15 percent discount is available for registered nonprofits.
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All BambooHR plans include reporting capabilities. Source: BambooHR

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HR Services

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Rippling

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Rippling’s HR services are highly customizable. Here’s what businesses should know:

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• Basic HR features: Rippling Unity’s base plan includes essential administrative HR features, like onboarding and offboarding, vacation and leave management, HR policies (like PTO policies), workforce analytics and more.
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• Additional HR services: We were impressed by the wide variety of services that allow you to customize your plan. You can access functions such as employee directories, new-employee recruitment, document management, benefits administration, payroll and tax filing, learning management, reporting, expense management, app and device management, time and attendance tools, and PEO and EOR services.
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• Finance and IT options: We also like that add-ons from Rippling’s finance and IT modules can help you run your business. The inventory, expense and app management tools can be incredibly helpful.
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• Automations: We really like that Rippling allows users to automate many of their HR processes by configuring permission settings and creating custom workflows.
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Rippling’s HR functions extend to detailed device management capabilities. Source: Rippling

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BambooHR

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BambooHR is also highly customizable and supports a wide range of functions. Here are some notable elements:

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• Essential HR features: We like that every BambooHR plan includes essential features such as document storage, benefits tracking, time-off management, reporting, workflows and approvals, alerts, and employee self-service.
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• Additional HR services: BambooHR’s Advantage plan adds numerous helpful HR functions. You can smooth the process of hiring new employees with applicant tracking and employee onboarding. There’s also offboarding, training tracking, employee surveys, custom access levels and alerts, and an open API.
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• Add-on features: BambooHR offers optional paid add-ons, like payroll processing (U.S.-based employees only), benefits administration (U.S.-based employees only), performance management and time tracking.
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Payroll

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Rippling

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Rippling’s payroll functionality is a paid add-on. Here’s some of the vendor’s notable payroll information:

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• Payroll taxes: Rippling’s payroll functionality handles your payroll taxes. It can automate your payroll tax calculations for federal, state and local taxes, as well as manage your payroll deductions.
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• Global payroll processing: We were impressed that Rippling offers domestic and global payroll processing for employees and contractors. It’s one of the few HR platforms we reviewed that offers global payroll processing.
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• Rippling payroll requirement: Rippling PEO and EOR users must utilize the company’s payroll platform. This requirement is standard in the industry.
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BambooHR 

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BambooHR’s payroll services are also paid add-ons. Here’s what you should know:

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• Payroll processing: Companies with U.S.-based employees can add BambooHR’s payroll processing functionality. Switching to BambooHR’s payroll typically takes less than four weeks.
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• Payroll taxes: BambooHR can take care of your federal, state and local tax filings within the U.S.
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• Payroll reports: BambooHR offers payroll reports that provide valuable insights.
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Rippling boasts a powerful payroll platform for domestic and global workers. Source: Rippling

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Usability

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Rippling 

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When we tested Rippling’s software, we were pleased with how intuitive and manageable it was for being such a powerful tool. It’s a highly customizable platform that allows businesses to essentially automate their HR processes and workflows. While the setup may take some time and care, you’ll be able to handle your HR functions with ease afterward. We also appreciate that Rippling allows users to manage HR and IT functions from one location, thus reducing the need to learn and integrate multiple platforms.

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BambooHR 

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We really liked BambooHR’s clean and easy-to-navigate interface and dashboard. During testing, we found the software straightforward to use and learn. We especially appreciate that the platform includes numerous self-service features that enable employees to manage many of their own HR functions.

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BambooHR’s user interface is clean and easy to navigate. Source: BambooHR

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Customer Support

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Rippling

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All Rippling plans provide email and web chat support. If you want phone support, you must add Rippling’s Help Desk: HR Support feature to your plan. Rippling also has online resources (blogs, templates and a help center) that we found to be on a par with competitors’ offerings.

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BambooHR 

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BambooHR’s Essentials plan includes email support; the Advantage plan includes email, web chat and phone support. Businesses can access customer service Monday through Friday from 10 a.m. to 7 p.m. ET. Additionally, BambooHR offers several online resources, including a content library, a webinar library, blogs, guides, glossaries, calculators and product updates.

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Rippling vs. BambooHR Recap

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Choose Rippling if …

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• You want a centralized platform to manage your HR and IT functions.
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• You want to automate many of your HR functions.
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• You need to switch between standard HR features and a PEO or EOR plan.
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\n\n\n\n

Choose BambooHR if …

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• You want an HR solution that is easy to learn and navigate.
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• You’re interested in an HR solution that can streamline employee onboarding and performance management.
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• You want to choose from a few base HR plans and add HR functions as your business grows.
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\n\n\n\n \n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"35168","_score":2,"_source":{"canonical":"https://vaylees.com/rippling-vs-adp","displayModified":"2024-06-20T20:07:52Z","docType":"article","editorsPick":false,"href":"rippling-vs-adp","id":"35168","ID":35168,"isSponsored":false,"published":"2023-10-13T19:59:05Z","site":"bnd","stream":"The right HR solution can simplify your small business's human resources processes. Here's how Rippling and ADP compare.","subtitle":"The right HR solution can simplify your small business's human resources processes. Here's how Rippling and ADP compare.","title":"Rippling vs. ADP: A Comprehensive Comparison","author":{"displayName":"Skye Schooley","email":"sschooley@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/14114129/skye-schooley.jpg","type":"Senior Lead Analyst"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"HR Solutions","slug":"hr-solutions"}},"meta":{"robots":"index, follow","description":"Rippling and ADP can ease your HR headaches. See how these HR software and PEO service providers compare in pricing, plan features, customer support and more."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074925/CompanyCulture_nd3000.jpg","caption":"nd3000 / Getty Images","alt":"businesspeople smiling around a conference table"},"content":"

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• Rippling and ADP are comprehensive HR solutions that offer professional employer organization (PEO) and non-PEO arrangements.
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• Rippling is a highly customizable platform that can streamline your HR and IT processes from one centralized location.
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• ADP is a full-service HR provider that excels at multistate payroll and comprehensive employee benefits administration.
\n
• This comparison is for small business owners who are considering Rippling and ADP for their HR needs. 
\n

\n

Companies of all sizes can simplify their human resources processes by partnering with an HR provider. While the best HR software solutions suit many companies, some businesses want a more hands-on approach and choose to use one of the best PEO services.

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Rippling and ADP TotalSource are top-rated HR solutions that can help businesses take a customized approach to handling essential HR needs, like benefits administration, payroll processing, compliance assistance and workforce reporting. We selected details from our complete Rippling HR Software review and our review of ADP TotalSource to help business owners compare these solutions side by side.

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Rippling vs. ADP Compared

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\n Criteria \n	\n Rippling \n	\n ADP \n
\n Starting price \n	\n $8 per user per month (plus add-on features) \n	\n Custom pricing with add-on features \n
\n HR services \n	\n \n HR administration \n Recruitment and onboarding \n Organizational directory \n Document management \n Time tracking \n Benefits administration \n Payroll processing \n Reporting and analytics \n Custom workflows \n HR process automation \n Learning management \n App and device management \n Expense management \n PEO option \n \n	\n \n HR administration \n Employee handbooks \n Recruitment and onboarding \n Document management \n Time tracking \n Benefits administration \n Payroll processing \n Reporting and analytics \n Risk and compliance \n Unemployment claims administration \n Workers comp and claims management \n PEO option \n \n
\n Payroll and benefits \n	\n Domestic and global payroll services \n	\n Domestic and global payroll services \n
\n Usability \n	\n Intuitive, customizable and user-friendly \n	\n Intuitive and user-friendly \n
\n Customer support \n	\n Email and web chat (option for phone support with the HR help desk add-on) \n	\n Phone, email, web chat and a team of HR experts \n

\n

Who Do We Recommend Rippling For?

\n

Rippling is best for small and midsize businesses that need a highly customizable and scalable HR and IT solution. It is especially well suited for businesses that are growing rapidly or expanding into new markets. Rippling can help businesses automate their HR processes, streamline workforce management and manage their IT assets more efficiently.

\n

Rippling is also a good choice for businesses that need a global payroll solution. Rippling can support payroll for employees, including complex tax and HR compliance requirements, in several countries.

\n

Here are a few of the attributes that make Rippling an excellent HR solution:

\n

\n
• Rippling can be used as a PEO, global payroll provider or stand-alone HR software platform.
\n
• You can customize Rippling’s automation features to streamline many HR functions.
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• Rippling offers a combination of HR and IT functions in one centralized platform.
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\n\n\n \n\n\n

Who Do We Recommend ADP For?

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ADP TotalSource is an excellent solution for businesses of all sizes. However, it’s especially well suited to midsize and large businesses. It’s also a good choice for businesses that need a comprehensive HR and payroll solution that can scale as they grow. We like that ADP offers a high level of customer support and can help businesses comply with complex HR and payroll regulations.

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ADP also offers various industry-specific solutions for hospitality, healthcare and retail businesses.

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Here are some attributes that make ADP a great choice for businesses that want to outsource their HR functions:

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• Businesses have the option to partner with ADP as a PEO, human resources outsourcing provider or stand-alone HR platform.
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• ADP’s competitive benefits and payroll platform are great for midsize and growing businesses.
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• ADP provides a team of HR experts to assist businesses with their specific HR needs.
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Rippling vs. ADP Comparison

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Pricing

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Rippling

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Rippling doesn’t provide much pricing information online, primarily because it’s such a highly customizable platform. To get a quote, you must contact a representative to build an HR, finance and IT package based on the features you need. The base workforce management platform, Rippling Unity, starts at $8 per month. However, you’ll likely want to add more features to handle your HR and other operational needs.

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Here are some key points about Rippling Unity pricing:

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• Rippling Unity service plans: Users can choose from four base plans: Core, Pro, Unlimited and Enterprise. Each tier provides various workforce management features, including global workforce analytics and policy management.
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• Add-ons: Rippling also offers various add-on modules, including IT asset management, mobile device management and app management. Add-on prices depend on the specific module and the number of users. More traditional HR add-ons include payroll processing (U.S. and global), benefits administration, time-tracking tools, HR compliance assistance, recruiting and onboarding services, and more.
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• Product demo: While we would have liked to see a free trial, we appreciate that potential customers can access a free product demo to get a feel for the platform.
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ADP 

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ADP outlines its payroll and PEO plans online. However, like Rippling, it doesn’t list its prices online. Instead, the company has customizable plans based on a business’s size and needs.

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ADP offers two bundles with payroll and HR functions that may appeal to small businesses:

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• Complete: The Complete plan includes payroll with direct deposit and other essential features, along with new-hire onboarding, background checks, HR training and tool kits, and more.
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• HR Pro: The HR Pro plan includes everything in the Complete plan, plus employee handbook assistance, an applicant tracking system, a learning management system and more.
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PEO services, compliance functions, benefits, time and attendance features, and other services are also available. Again, to get pricing information, you’ll need to contact the company for a custom quote.

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Consider these additional points about ADP’s pricing:

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• Employers must have at least five employees to use ADP’s PEO services.
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• ADP offers base plans and optional add-ons.
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• ADP has PEO and non-PEO plans.
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HR Services

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Rippling

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• Essential HR features: Rippling’s base plan gives you the foundational HR features you need to onboard new hires, create and enforce company policies (like ​​time-off policies), manage employee data, automate workflows, and track vacation and leave time.
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• Optional HR services: Rippling’s optional HR add-ons give you the power to recruit top talent, manage employee benefits, track time and attendance, process payroll, train employees and get HR support, all in one place.
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• Finance and IT services: Rippling’s finance and IT products (e.g., inventory, expense and app management) seamlessly integrate with its HR features to create one centralized management platform.
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• PEO services: PEO and employer of record services are available. Rippling users can scale between PEO and non-PEO services.
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ADP 

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\n
• Employee acquisition features: ADP offers a suite of employee acquisition features for recruiting, onboarding, training and managing workers.
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• Essential HR services: ADP provides essential HR administrative services, such as employee handbook creation, document management and HR reports.
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• Compliance solutions: ADP’s compliance and risk management solutions help businesses protect their employees, manage workers’ compensation claims, verify employment statuses, and navigate unemployment claims.
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Rippling’s device management feature directly integrates with the rest of its HR functions. Source: Rippling

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Payroll

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Rippling

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• Time and attendance functions: Rippling’s time and attendance functionality can sync seamlessly with its payroll and PTO features.
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• Payroll processing: If you choose Rippling’s PEO option, you must use the company’s payroll processing services. However, you can also add U.S. or global payroll to your subscription.
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• Automatic payroll calculations: Rippling takes the hassle out of payroll by automatically calculating and filing all of your payroll deductions and payroll taxes, including federal, state and local taxes, as well as W-2, W-4 and 1099 forms.
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Rippling’s time-tracking data can automatically populate into your payroll. Source: Rippling

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ADP

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• Payroll processing: Businesses that want to partner with ADP as a PEO must use ADP’s payroll solution. However, companies can also use ADP’s payroll platform as a stand-alone product for U.S. and global payroll without a co-employment model.
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• Tax services: ADP offers payroll tax filing as well as business expense tax registration services.
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• Benefits administration: ADP’s comprehensive employee benefits can sync with its payroll platform.
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• Optional payroll features: Additional payroll options include audit and reconciliation services, multi-jurisdiction payroll, and state unemployment insurance management.
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ADP’s plan comparison tool can help employees choose the best benefits options. Source: ADP

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Usability

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Rippling

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We found Rippling’s interface and customizable workflows intuitive and straightforward; the platform is easy to use and navigate, and helps to streamline HR processes. We like that the unified system centralizes HR, IT and finance data in one place for efficient management. We were also impressed that Rippling can automate many HR functions.

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ADP

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ADP’s customizable HR platform helps businesses tailor a solution to their specific needs. We like that the ADP Marketplace facilitates seamless integrations with hundreds of third-party solutions. Additionally, ADP’s iOS and Android mobile apps offer convenient access on the go.

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Customer Support

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Rippling

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Rippling offers standard email and web chat support. Users must pay to add Rippling’s HR Help Desk: HR Support if they want direct access to phone support. Rippling also offers basic online resources, like templates, blogs and a help center.

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ADP 

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We like that ADP’s plans automatically include phone, email and web chat support and that users can access a dedicated HR representative. For further support, ADP users can also connect with HR experts and access online resources.

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Rippling vs. ADP Recap

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Choose Rippling if you are …

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• A startup that is growing rapidly and needs a scalable HR and IT solution.
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• A company that is expanding into new countries and needs a global payroll solution.
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• A company that needs to automate its HR processes and streamline its workforce management.
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• A company that’s seeking a single platform to manage all of its HR and IT functions.
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Choose ADP if you are …

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• A midsize business that is growing rapidly and needs a scalable HR and payroll solution.
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• A large enterprise with multiple locations and a complex workforce.
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• A business that operates in a highly regulated industry, such as healthcare or finance.
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• A business that needs a lot of support from its HR and payroll provider.
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\n\n\n\n \n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"4147","_score":2,"_source":{"canonical":"https://vaylees.com/5189-attract-skilled-workers.html","displayModified":"2024-07-23T13:35:33Z","docType":"article","editorsPick":false,"href":"5189-attract-skilled-workers.html","id":"4147","ID":4147,"isSponsored":false,"published":"2013-09-26T22:42:00Z","site":"bnd","stream":"Use these 10 strategies to attract and retain skilled workers.","subtitle":"Use these 10 strategies to attract and retain skilled workers.","title":"10 Ways to Attract and Retain the Best Employees","author":{"displayName":"Skye Schooley","email":"sschooley@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/14114129/skye-schooley.jpg","type":"Senior Lead Analyst"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Your Team","slug":"your-team"}},"meta":{"robots":"index, follow","description":"Companies will go to great lengths to attract highly skilled workers, research has found. Use these 10 strategies to attract and retain skilled workers."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075930/Office_Flamingo-Images.jpg","caption":"Flamingo Images / Shutterstock","alt":""},"content":"\n

Every business wants to attract and retain the best employees, but this is often easier said than done. Simply offering a large salary isn’t enough anymore. Job seekers want a positive company culture and ample career development opportunities. They also prioritize companies that align with their goals and values. Employers should keep these values in mind as they think about which strategies to use to not only attract the best workers but also keep them for the long term.

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How to attract and retain the best employees

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Although your recruitment and retention strategy will be unique to your business, here are 10 ways you can attract and retain skilled workers.

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1. Write good job descriptions.

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The first step in attracting skilled workers who match your needs is to write a good job description.

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• Content: A job description is much more than a simple list of employee responsibilities; it is often one of the first impressions a job seeker has of your organization. As such, an effective job description should include not only skills, tasks, expectations and role requirements but also give the reader a feel for your company culture. According to the Society for Human Resource Management, 4 out of 5 job seekers said salary is the most important aspect of a job posting, followed by the benefits package. As such, it can be beneficial to include this information as well.
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• Tone: The way you write your job descriptions should match your company and brand. For example, if you have a lighthearted, goofy company culture, consider using words that convey the silly nature of your workplace. However, steer clear of words such as “guru,” “ninja” and “wizard”; a Skynova study found that many job seekers respond negatively to these terms.
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• Format: Your job descriptions should be easy to read. Use headers and bullet points for details such as requirements and responsibilities because they will make the job description easier to scan. In addition, include a clear call to action so applicants know how to apply.
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2. Be intentional with your hiring process.

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According to a survey by BambooHR, 31 percent of workers leave a job within the first six months, and 68 percent of those depart within the first three months. A strategic recruitment and onboarding process can reduce these high turnover rates by helping new employees feel connected to their roles.

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Employee recruitment

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Find out which websites and job boards align best with your organization and the types of employees you are seeking. Asking employees for referrals is also a great strategy for finding reliable talent. You can use recruitment software or applicant tracking systems to manage your talent pipeline from start to finish.

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Employee interviews

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It helps to have a uniform and consistent recruitment process. Train your HR and hiring managers on how to conduct effective employee interviews. For example, outline which types of questions they can and can’t ask. This will make your hiring process more productive and equitable.

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Employee onboarding

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Your hiring responsibilities don’t stop when you offer an applicant the job and they accept. You also need a comprehensive onboarding process that reviews all required paperwork, welcomes and trains the new employee, and quickly integrates them into your team.

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3. Offer competitive compensation.

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Although it’s not the only thing that matters to employees, a competitive salary is still top of mind for job seekers. If you want to hire skilled workers, you must be prepared to pay them what they are worth. Start by reviewing the industry average for employee salaries. You can also use salary benchmarks based on location, role and experience.

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Pay isn’t the only way to compensate employees for a job well done. Consider other forms of compensation, such as employee retirement plans, bonuses, paid time off and stock options. Offering a diverse combination of compensation can make a job offer more attractive.

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4. Build a comprehensive employee benefits package.

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Although you are legally obligated to offer only a few employee benefits (e.g., family and medical leave, health insurance, unemployment insurance and workers’ compensation, as well as FICA contributions that fund public benefits such as Social Security and Medicare), creating a comprehensive benefits package is essential for attracting the best employees. Employee benefits are a great way to improve your employees’ health, well-being, job satisfaction and productivity.

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The most popular employee benefits fall into five categories: health and wellness; financial well-being; work-life balance; professional development; and diversity, equity and inclusion. Create a benefits package that offers some combination of these elements.

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5. Provide employee development opportunities.

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A Work Institute survey found that a lack of career development opportunities is the biggest reason why employees quit their jobs. If you want to retain your most valued employees, you must provide them with a clear path to future development. Each employee should have their own career development plan that is unique to their strengths and interests.

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Here are a few ways you can foster career development:

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• Identify clear goals. Have your employees clearly identify their career goals and then come up with a development plan to achieve them. Measure employee success periodically to see if they are progressing toward their goals or if they need assistance.
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• Offer training courses. Offer in-person or online training opportunities for employees to learn and build their career knowledge.
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• Create a mentorship program. Identify less-experienced employees who show potential, and pair them with mentors who can help guide their careers with the company.
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• Offer stretch assignments. Provide internal staff with challenging projects just beyond their comfort zone. It will expand their skill sets and build their confidence.
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• Promote internally. Although you won’t always find the right candidate for a senior role from your current pool of employees, consider hiring from within when a position becomes available. If you know you will need to fill a position in the future and it aligns with an employee’s development goals, create a cross-training program that will enable them to earn that spot.
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6. Recognize your employees.

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Make your employees feel appreciated and valued. You can do this by creating an employee recognition program. Although your recognition program should be fair and equitable to all employees, not all employees want to be recognized in the same way. Therefore, you should be strategic about how you create your program.

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One way you can create an employee recognition plan that is unique and meaningful to each employee is to use a points system. For example, employees can earn points for their achievements and then spend them on the rewards they value most (e.g., gift cards, company swag, experiences). You can also survey your employees to learn which incentives are most enticing to them.

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7. Prioritize company culture.

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Company culture can affect employee job satisfaction in a big way. Many people want to work for an inclusive workplace that values and celebrates staff diversity. This all starts during the hiring process. Be intentional about whom you hire. Your company leadership also plays a huge role, as company culture usually flows from the top of the organization. For example, if your team leaders constantly show up late to meetings and talk negatively about staff members, other employees will also think it is OK to treat people that way in the workplace.

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8. Monitor employee engagement and burnout.

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One key to retention is employee engagement. High employee engagement can reduce employee turnover and absenteeism, as well as boost productivity and morale. You can improve employee engagement by encouraging open communication and feedback and employing many other tips in this article.

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In addition to keeping employees engaged, you should ensure they are not experiencing workplace burnout. Your best employees are often saddled with the most work, which can quickly result in fatigue, negativity and reduced productivity. Bring in skilled temporary professionals to relieve overburdened staff and support resource-intensive projects.

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9. Communicate your company mission and vision.

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Another way you can attract and retain employees is to clearly communicate your company mission and vision statement. These are the goals and values of your organization. People want to work for an organization they identify with. Not everyone will click with your mission and values, and that’s OK. That’s why you want to clearly communicate your mission and vision from the start, so you can build an organization filled with people who truly support your purpose.

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10. Train your management staff.

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It is important for your company leaders to be properly trained on how to successfully manage their teams, as good managers can have a big impact on employee retention. In fact, Gallup found that 52 percent of departing employees claim their manager or organization could have done something to prevent them from resigning.

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Perhaps these managers were thrown into the fire without the proper tools. In a study by Udemy, 60 percent of respondents said managers need more training, and 56 percent said people are promoted too quickly. Effective leadership training programs can help your team build their leadership skills and manage employees better, resulting in a higher employee retention rate.

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Recruitment and retention are keys to success

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When you’re building your business, it’s important to establish an effective team. Doing so involves hiring for the right skills and coachability, as well as creating an environment where your best employees stay for the long haul. As team members build institutional knowledge and share their experience with others, your employees will be better off for it. That’s why it’s important to keep the 10 tips above in mind when you’re recruiting employees and doing your best to keep them on board.

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Tejas Vemparala contributed to this article.

\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3663","_score":2,"_source":{"canonical":"https://vaylees.com/7957-good-bad-owning-business.html","displayModified":"2024-06-26T17:05:17Z","docType":"article","editorsPick":false,"href":"7957-good-bad-owning-business.html","id":"3663","ID":3663,"isSponsored":false,"published":"2015-05-05T19:41:00Z","site":"bnd","stream":"While there are plenty of reasons entrepreneurs love owning a small business, it isn't all glamorous. Weigh the pros and cons of entrepreneurship before launching your business.","subtitle":"While there are plenty of reasons entrepreneurs love owning a small business, it isn't all glamorous. Weigh the pros and cons of entrepreneurship before launching your business.","title":"Pros and Cons of Being a Small Business Owner","author":{"displayName":"Skye Schooley","email":"sschooley@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/14114129/skye-schooley.jpg","type":"Senior Lead Analyst"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Entrepreneurs","slug":"entrepreneurs"}},"meta":{"robots":"index, follow","description":"There's a lot to love about entrepreneurship, but the sacrifices are considerable. Weigh the pros and cons of entrepreneurship before launching a business."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072717/entrepreneur_Prostock-Studio_getty.jpg","caption":"Prostock-Studio / Getty Images","alt":""},"content":"\n

Starting a small business is no small feat. You must be resilient and dedicated if you want to build a business that makes a profit and stands the test of time. According to the Bureau of Labor Statistics, roughly 20 percent of new businesses don’t make it past the first year. What’s more, opening a small business during a major economic crisis (e.g., the COVID-19 pandemic) can make your chances for survival even slimmer.

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Although entrepreneurship can be a challenge, it’s not all doom and gloom: There are more than 33 million small businesses in the U.S., which accounts for 99.9 percent of all businesses nationwide. Small businesses are the cornerstone of the American economy, and for good reason. If you have a great business idea and want to try your hand at entrepreneurship, weigh the pros and cons first.

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Benefits of owning a small business

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Being a small business owner may be one of the toughest jobs, but it’s also one of the most rewarding. There are many benefits of small business ownership, and they often far outweigh the negatives.

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Independence

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When you own the business, you are the boss. You do not have to rely on others or discuss decisions with them. The independence that comes with entrepreneurship is great for those who like to work autonomously.

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Flexibility

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Entrepreneurship gives you the flexibility to decide your own hours. It may seem like you are working all the time while you are first building your business; eventually, though, you will be able to decide when and where to work — no more 9 to 5. This flexibility is ideal for anyone who operates more efficiently outside of regular office hours.

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Power and control

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Another benefit that many entrepreneurs enjoy is having power and control. As the head of the organization, you make the rules. You get to establish your company culture and determine what is and isn’t acceptable in the workplace. When you hire employees, they will all ultimately report up to you. This control is ideal for people who don’t like working under authority or reporting back to a boss.

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Passion and creativity

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Another important benefit of owning a business is the satisfaction of knowing you are the creator of whatever product you put out. You are the vision behind it, and you put it in motion. You get to do what you love in a field you enjoy. You no longer have to drag yourself to a job you hate every morning. Many business owners also love that they can build their business on their beliefs and values.

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Financial gains

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Although owning a business comes with financial risks, you also reap the financial rewards. If you do not have a business partner or employees, you don’t have to worry about paying them. If you have only a few employees, that means fewer people take a cut of your earnings.

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Challenges of owning a small business

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Entrepreneurs face many challenges on a daily basis. By understanding what common challenges you may face, you can prepare yourself to overcome them.

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Diversifying customer bases

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Of course, if you are selling a product or service, someone must purchase it from you for you to make money. You should make your customer base as diverse as possible to balance your revenue.

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Managing cash flow

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Managing cash flow is another large challenge for small business owners. Of course, you need money to make money. You typically need a way to make capital and to access cash reserves quickly. Small businesses don’t typically have this, so entrepreneurs typically have many sources of income. This way, when one source of income slows down, there is still money coming in.

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Maintaining legal compliance

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You’ll have to jump through many legal hoops when starting a business. Federal, state and local government regulations are constantly changing, which can make it difficult to maintain compliance. For example, understanding your small business tax obligations is a common compliance challenge. You’ll also need to comply with a litany of HR rules and regulations once you hire your first employees.

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Sustaining quality while scaling

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You may get to a point where your business expands suddenly — intentionally or not. Demand for your product or service may explode; if you aren’t properly prepared, you may experience a decrease in the quality of what you’re offering. This is never a good thing.

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It can be a challenge to always think one step ahead when you are focused on day-to-day operations. However, as a business owner, you should keep this potential challenge in mind as much as possible. Plan ahead to strategically scale your business as soon as demand for your products or services increases.

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Avoiding burnout

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Entrepreneurs work long hours and get little rest. In many cases, until you begin to make money, you will have to do all the work yourself. There is a large potential for fatigue, which can lead to poor decisions and the desire to give up. A healthy work-life balance, even for early stage entrepreneurs, can give you the motivation to build your business for the long haul.

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Weighing the pros and cons of entrepreneurship

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Although starting a business requires great sacrifice, it can also come with great rewards. Evaluate these pros and cons to assess whether entrepreneurship is the right path for you. How much weight each of these benefits and limitations carry will be unique to you. For example, one person might place high importance on independence and flexibility, whereas another might not want to give up the stability of working for someone else.

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Another factor to consider is whether your business idea is financially feasible. Some business types have hefty startup costs. In this case, you can either consider a low-cost business idea or explore alternative financing options. You should also test your business idea before fully launching to ensure its viability.

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Tejas Vemparala and Chad Brooks contributed to this article.

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Starting a business is challenging, but there are many areas you can focus on to help ensure your business stays afloat beyond its first year and continues to succeed. We asked several small business owners and executives to share 20 mistakes new business owners should avoid as they get their companies up and running.

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20 mistakes to avoid when starting your business

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According to the U.S. Bureau of Labor Statistics, more than 18% of new businesses fail during their first two years of operation, and more than 55% of all businesses don’t survive past the fifth year. So how do you successfully launch and run your startup?

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We reached out to hundreds of small business owners, growth strategists, financial advisors, legal experts and business consultants to compile the 20 biggest mistakes startups make so you can avoid them when starting your own business.

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1. Being afraid to fail

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“The biggest mistake you can make is to be afraid of failure. Failure is key to your success, and jumping into your fear is very positive for your future business. How you pick up after failure and learn from your mistakes is the key to great success.” – Audrey Darrow, CEO, Earth Source Organics

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2. Not making a business plan

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“Too many businesses start without a basic plan, and if you fail to plan, you are essentially planning to fail. A startup should map out a business plan, even if it is just one page. It should include how much it costs to operate, how much they anticipate selling, who would buy their product and why.” – Deacon Hayes, founder, Well Kept Wallet

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3. Being disorganized

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“Being organized is key. Running a small business is like being a circus ringmaster. It’s normal to have dozens of things happening at once. So, I have a daily task list, things that I need to do, and I list them by their priority. It sounds simple, but it works and makes me far more productive.” – Tara Langdale-Schmidt, founder, VuVatech

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4. Not defining your market and target audience

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“A common startup mistake is not taking the time to understand the market or customers you’re building for. For technical founders, writing code can seem easier than talking to customers, but there’s no way to know if you’re on the right track unless you’re constantly getting feedback from current or prospective customers. It’s important to recognize that building a great product often doesn’t translate into a successful business. Many companies find themselves focusing on a market that’s simply too small to build a big business in.” – George Deglin, co-founder and CEO, OneSignal

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5. Not filing for the proper legal structure

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“The biggest mistakes startups make are not registering their business, picking the right business entity or protecting their intellectual property. These three areas are crucial to a business starting right, where, if not done properly, will cost valuable time and money to correct.” – Heather Green Miller, owner, HGM Law Office

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6. Trying to do everything yourself

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“A big mistake entrepreneurs make is thinking they are all alone, and they try to operate independently without surrounding themselves with wise counsel. Don’t try to run a new business by yourself. Find and onboard trustworthy seasoned advisors to discuss your business ideas, strategy, challenges and progress. Wisdom and power exist in the multiplicity of counsel. Incentivize four people to join your company as advisors in order to receive continuous feedback so that fewer mistakes will occur.” – James Zimbardi, CEO, Rent Items

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7. Partnering with the wrong investors

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“An important piece of advice that entrepreneurs should know before starting a business is that their investors are more than just financial backers. A company’s first set of investors will make or break it. These individuals place their confidence in the business’s potential without having a proof of concept presented to them. Once businesses have undergone their seed funding, then they’ll interact with investors who look at the business’s growth and sustainability.” – Krish Subramanian, co-founder and CEO, Chargebee

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8. Avoiding contracts

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“One of the biggest mistakes a business owner/entrepreneur can make when starting a business is the failure to implement contracts. No matter how good relationships may be, they can come to a screeching halt when systems and agreements are not put in place.” – Michelle Colon-Johnson, founder, 2 Dream Productions

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9. Hiring too soon

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“By far, the biggest mistake a startup can make is hiring employees too soon, such as hiring full-timers when a part-timer might make more sense or hiring an employee when a subcontractor could have done the same job/function. It is very easy to run a small business with part-timers, subcontractors and the services of other professionals.” – Joseph C. Kunz Jr., CEO, Dickson Keanaghan

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10. Underestimating capital requirements

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“Most entrepreneurs think they can get further with less. In an effort to minimize equity dilution, they forget to factor in unknowns, challenges or delays along the way. Startup leaders tend to plan for the best-case scenario, but that almost never happens. This mentality can be attributed to leaders’ positivity and having drunk their own Kool-Aid. Positivity has its place, however, when it comes to capital; it often results in having to go back to the well for a less-than-ideal raise.” – Wayne Schepens, founder and managing director, LaunchTech Communications

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11. Wasting money

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“Handling money incorrectly and being irresponsible with cash flow is a death sentence for startups with limited access to capital. I’ve made the mistake of hiring too many people instead of the right people and spending money to fill the top of the funnel without having a well-defined process to manage the bottom of the funnel. Putting good money to bad use and trying to be everything to everyone instead of being niche-focused is a surefire way to waste valuable time and money, which are the lifeblood to any startup.” – Thomas Aronica, founder and CEO, Biller Genie

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12. Giving yourself the wrong salary

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“Paying yourself too little or too much [is a mistake]. It’s often easier to determine the salary for a new hire than determining an owner or partner’s pay. Consider paying yourself a percentage of revenue. Whatever you choose, make figuring out your pay – and that of your partners – a practice and foundation to healthy expectation of management.” – Diana Santaguida, founder, Agency Undone

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13. Undervaluing your product or service

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“Don’t price too high, but don’t price too low just to gain market share. If you are good, price like it! Many entrepreneurs start with the best of intentions and give things away for free or do free things for charity, community or visibility. Be very careful with this because you don’t want to be known as a source of freebies. Ring the cash register first.” – James Chittenden, founder, OneClickAdvisor

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14. Launching too quickly

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“One of the biggest mistakes startups make is launching before they are ready. The saying ‘Done is better than perfect’ is the right advice; however, the ‘done’ needs to ensure it can handle new clients. Once you have launched into the public and you start getting clients, ensure your systems and processes are in place – such as payment terms and process, contracts, communications – whilst still being able to maintain your marketing strategy. The back-end processes need to be watertight before you start taking on clients; if they aren’t, these are the cracks that will show and appear unprofessional.” – Gems Collins, business coach, Gems Collins LLC

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15. Expanding too quickly

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“When you start to see success, it can be easy to assume that growth will continue and the best way to make the most out of it is to simply copy and paste your working formula. However, if you … expand your business too rapidly, it could have dire consequences. You may find your period of growth was only temporary and end up stuck with a bunch of new staff but no work and no funds to cover them. That’s why it’s important to take a slow and steady approach to expansion and never act on a spur of good results.” – Mark Webster, co-founder, Authority Hacker

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16. Not implementing a proper bookkeeping process

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“Many startup founders begin without a bookkeeping process in place. Great bookkeeping habits help you make smarter business decisions, spot opportunities early on, and head off problems before they become unmanageable. Understanding your financials helps to keep a pulse on your business’s financial health. Good bookkeeping practices also ensure you’re on top of issues like tax and insurance payments that can get otherwise great businesses into trouble.” – Paola Garcia, vice president, Pursuit

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17. Not creating a marketing plan

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“If you have successfully validated the problem, market and idea for your startup, then you need to have a plan for how you’re going to get your first user, first 10 users, first 100 users and so on. That’s where you need a detailed marketing strategy that encompasses the initial acquisition of users, the conversion of those users into paying customers, and making those customers so happy with your product that they help you get more users (through reviews, word of mouth, referrals, etc.).” – Sam Sheppard, co-founder, Cabana

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18. Hiring the wrong people

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“Different skill sets and backgrounds are needed for the different positions you’ll want to fill. When you get started, make sure you have hardworking, all-around generalists who can do everything you need them to [do]. When you begin to grow, look at hiring those who are specialized for the roles that need a specialist. Don’t hire a generalist when you need someone who is specialized, and don’t hire a specialist when you could hire a generalist to do it.” – Devin Miller, founder, Miller IP Law

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19. Overpromising or underlivering

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“Don’t overstretch yourself in the pursuit of revenue. It is far better to tell a potential customer that you can take on their project next month, for example, rather than take on too much. Not only will this save you from failing to meet targets due to an increased workload, but it will also make you look like you’re in high demand. And that’s always good.” – Zhen Tang, chief operating officer, AILaw

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20. Underestimating the demands of business

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“The biggest mistake startups make is underestimating the demands of the business. Documentaries and blogs about startups are making people think optimistically; this is because the information available does not highlight the hardships of starting a business, but it glorifies the end, which is a thriving business. Because of this, people think that a startup is easy and fun, when in reality, it is quite the opposite. Startups take most of your time and money. It can even ruin relationships.” – Esther Meyer, marketing manager, GroomsShop

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Why businesses fail

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Companies can fail for a number of reasons. Common causes include not securing enough business financing, assembling an inexperienced management team and not implementing a marketing strategy.

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The COVID-19 pandemic has been an additional challenge for new business owners. Safety measures such as face masks, hand sanitizer and plexiglass dividers for staff and customers can get costly. Furthermore, at the start of the pandemic, lockdowns led to lower spending that proved challenging for small business owners.

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A 2020 study published in the journal PNAS found that 43% of small business owners temporarily closed during the early months of the pandemic. Similarly, a 2020 Federal Reserve study reported that roughly 200,000 establishments permanently closed during the first year of the pandemic.

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The economic ramifications of the global health crisis are still being felt worldwide. Although certain external factors are out of your control, some matters – like sticking to an accounting checklist – are entirely in your hands.

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Starting your business correctly

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A successful startup is not built by one person alone, so surround yourself with subject matter experts and mentors you can lean on and learn from. Don’t be afraid of failure; instead, learn from your mistakes and pivot your business model as needed. Test new ideas and acquire feedback so you can tweak your product to better meet customers’ needs.

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Although there are several startup mistakes you’ll want to avoid while building your business, occasional mistakes are inevitable. Don’t be too hard on yourself during the process. One of the best things you can do is take what might first seem like bad news, learn from it and put it to good use. With that mentality, business success can be right around the corner.

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Shayna Waltower and Adam Uzialko contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.

"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2249","_score":2,"_source":{"canonical":"https://vaylees.com/12004-apologies-around-the-world.html","displayModified":"2024-07-08T18:30:13Z","docType":"article","editorsPick":false,"href":"12004-apologies-around-the-world.html","id":"2249","ID":2249,"isSponsored":false,"published":"2019-04-06T11:00:00Z","site":"bnd","stream":": If you do business internationally, understanding local customs and etiquette around apologizing can help save a foundering deal.","subtitle":": If you do business internationally, understanding local customs and etiquette around apologizing can help save a foundering deal.","title":"Apologies From Around the World","author":{"displayName":"Skye Schooley","email":"sschooley@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/14114129/skye-schooley.jpg","type":"Senior Lead Analyst"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Personal Growth","slug":"personal-growth"}},"meta":{"robots":"index, follow","description":"Every country has its own customs for offering an apology. Here's how to make amends according to different international customs."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080039/International_clients_smilepoker.png","caption":"smilepoker/Shutterstock","alt":""},"content":"\n

Regardless of which country you work in, there are some common elements of a poor apology that can be agreed upon. Improper apology etiquette consists of forcing an apology, including the word “but” after your apology, justifying your actions and failing to make corrective behavior afterward.

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In any culture, sincerity is an essential part of a proper apology, but how the apology is delivered is also crucial. For example, some cultures place importance on intricate, multifaceted apologies, whereas other ones prefer to avoid drawing additional unwanted attention to the problem. Those who work internationally need to understand the importance of proper apologies and how to best deliver them.

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How to apologize in international business

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When you’re working with partners abroad, it’s important to understand their culture and act accordingly. This is especially true when you may have unintentionally offended someone, and apologizing in the appropriate way could mean the difference between a successful deal and going home empty-handed.

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Here’s how to apologize in 13 countries where international business deals are commonplace.

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\n Country \n	\n How to apologize \n
\n United States \n	\n Express remorse, state the erroneous action, empathize with the affected parties, and correct your behavior. \n
\n Argentina \n	\n Invite the person you’ve offended to a one-on-one work lunch where you show remorse through an open dialogue. Never apologize in writing. \n
\n Brazil \n	\n Give a small gift reflecting the person’s tastes alongside a note of apology. Never apologize with other team members present. \n
\n Canada \n	\n Sincerely acknowledge your wrongdoings and ask for forgiveness. You may need to apologize many times. \n
\n China \n	\n Use the relatively casual phrase “bu hao yi si” if you’ve accidentally been rude. Use “dui bu qi” or “bao qian” when you want to accept blame for a big or small mistake. \n
\n France \n	\n Apologize for a language barrier if present. Then, avoid excuses, get straight to the point, and give a peace offering of wine and cheese for serious infractions. \n
\n Japan \n	\n Bow when you apologize. A deeper bow signifies greater regret. Use only formal apology phrases in a professional setting. \n
\n Mexico \n	\n Apologize without insulting Mexican indigenous customs or Spanish heritage. If you do so accidentally, admit your ignorance and ask how to avoid your mistakes next time. \n
\n Russia \n	\n Use the phrase “izvinite” for new business connections or supervisors, and “prosti” for close colleagues. Apologize quickly if your phone goes off in a meeting. \n
\n Sweden \n	\n Be honest, direct and brief. \n
\n United Kingdom \n	\n You can never apologize too much, even if you think you’re overdoing it. \n
\n Germany \n	\n Be honest and blunt. Use “Sie” instead of “du” for “you” in workplace settings. \n
\n South Korea \n	\n A standard apology should include a bow. If you’re apologizing to younger colleagues, a head tilt and remorseful tone can replace a bow. \n

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United States

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In the U.S., apologies often come by way of assuming guilt. If you have done something wrong, you should apologize by expressing remorse and admitting responsibility. Although apologies are best delivered in person, Americans’ widespread use of technology is making digital apologies more commonplace.

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The first step of acknowledging your mistake and expressing remorse often requires a simple “I’m sorry” or “I apologize.” These words need to be authentic and are best received when they are followed by listing the specific action you are sorry for. In the second step of admitting responsibility, empathize with how the other person felt about your actions.

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By admitting fault, you can restore trust and goodwill from the person you hurt. After apologizing, it is important you correct the behavior to avoid making the same mistake. Don’t offer excuses, and don’t expect instant forgiveness.

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Argentina

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In Argentina, the best way to apologize in business is by inviting the other person to a one-on-one work lunch. Cristian Rennella, CEO and co-founder of elMejorTrato, said this in-person encounter is the best way to show your remorse and open up a relaxed dialogue to resolve the inconvenience.

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“The worst way to do it is in writing (chat, email, letter, etc.),” he said. “It is seen as impersonal, [with a] lack of affection and reciprocity, [and] should be avoided.”

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Brazil

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In Brazil, the best way to apologize is by giving a small gift accompanied by a note of apology. Rennella said this gift must be related to the tastes and preferences of the other person. This shows you were thinking about them and that you care.

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“The worst way is to do it publicly with the rest of the team present or in a meeting,” Rennella said. “Always seek to avoid these situations when there are other people around.”

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Canada

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In Canada, a country notorious for over-apologizing, the term “I’m sorry” does not assume guilt, so much so that the country created the Apology Act to protect individuals from legal suits. The phrase is commonly used when minor transgressions occur. It is typically the individual not at fault who apologizes. This is done as a way to imply that they don’t take offense to the slight that occurred.

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To deliver a proper apology in Canada, it is important to be sincere in acknowledging your wrongdoing and to ask for forgiveness. Be prepared to apologize multiple times and explain how you will change your behavior. Don’t view an apology as a win-or-lose situation; it simply means that the relationship is worth more than your ego.

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China

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Depending on the type of apology you want to convey, there are multiple ways to say sorry in China. The phrase “yi han” is used to express regret or pity. An example is if you have to turn down an invitation or deliver bad news.

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“Bu hao yi si” is used to apologize for an embarrassing situation or something that isn’t your fault. This phrase may be used if you show up late or interrupt someone.

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Finally, “dui bu qi” or “bao qian” are used when you want to accept blame. This apology can be used for both big and small mistakes. It is important to know the distinction between the different terms and when to use each.

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France

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If you do not speak French, you will often be expected to first apologize for your lack of fluency before engaging in further conversation. This can be done with a simple “excusez moi,” “pardonnez moi” or “desole.”

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Sophie Vignoles, team lead for French and Scandinavian languages at Babbel, said an apology is best conveyed with little formality. Be straight and to the point, without delving too much into detailed excuses.

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“One-word apologies are sufficient,” Vignoles added. “Saying sorry for something that doesn’t really require an apology, like interrupting someone, will signal a lack of sincerity.”

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For more serious apologies, Yaniv Masjedi, chief marketing officer at Nextiva, suggested providing a peace offering, such as a bottle of wine or a decent cheese. If the recipient invites you to enjoy these items with them, you should always accept, as this is your opportunity to smooth things over.

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Japan

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Apologizing is seen as a virtue in Japan and is often coupled with a bow. The more sorry you feel, the deeper you bow. When apologizing to a senior colleague or new acquaintance, you can say “moushiwake arimasen,” or “sumimasen.” The latter is more common and can also be used to show gratitude.

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If you are apologizing to a close friend or family member, you can use the phrase “gomennasai,” commonly shortened to “gomen ne” or “gomen.” However, this is a casual phrase and can come across as childish, so it should never be used in a professional setting.

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Mexico

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In Mexico, pairing the phrase “lo siento,” “disculpame,” or “perdon” with a courteous “senor” or “senora,” can go a long way. While there are many people proud of their pre-Columbian roots, there are an equal number who believe Mexico to be an established world player on its own. Because of this, Masjedi said it is important to avoid insulting Mexican indigenous customs or Spanish heritage when you apologize.

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If you accidentally transgress on this front, acknowledge your ignorance of Mexican culture and history, then ask for advice on how to correct the situation.

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Russia

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In Russia, there are several ways to apologize, and it is important to know which apology is most appropriate in the given context. Vignoles said the correct apology to use in a working environment depends on whom you are apologizing.

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“If it is a senior colleague or a new business acquaintance, you would use ‘izvinite,’ which means ‘excuse me,’ while if [you were] speaking to a close colleague, you can get away with the less formal ‘prosti,’ which simply means ‘sorry’ or ‘forgive me.’”

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Vignoles added that Russians may be upset if you don’t put your phone on silent in a meeting. If your phone does ring or audibly vibrate, apologize as quickly as possible.

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Sweden

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In Sweden, punctuality is key, so arriving late to a business meeting is likely the most common situation in which you’ll find yourself needing to offer an apology. According to Vignoles, Swedes are very direct and appreciate honesty, so the worst thing you can do is lie or come up with a lengthy excuse.

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“It is best to give a truthful reason for what caused your delay, apologize by saying ‘jag ber om ursakt,’ and then get straight to business,” Vignoles said.

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United Kingdom

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In the U.K., you can never apologize enough. Vignoles said that members of a working environment may be expected to apologize for walking past a colleague in the office or making a point in a meeting. You may even be expected to apologize to somebody you are about to reprimand.

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“The simple rule to remember is that the British take apologizing very seriously,” Vignoles said. “If in doubt, always apologize! If you don’t, you will immediately be ‘tutted,’ which is a separate issue altogether.”

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Germany

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The way you apologize in Germany depends on the severity of your offense. A simple, quick apology is typically fine for something that wouldn’t merit a big scene in the U.S. For bigger mistakes, you should state exactly what you did wrong and how you’ll avoid doing it again. Germans are known for their honesty and directness, so you should be forthcoming in your apology.

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For formal or workplace apologies, you’ll need to use the word “Sie” for “you.” This word is the formal way to say “you” in German. The casual term, “du,” may come off as rude in an apology.

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South Korea

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As in Japan, bowing is central to South Korean apologizing customs. A standard apology merits a bow at a 45-degree angle from the waist. For more severe infractions, you should bow down farther and stay down longer. That said, don’t imitate the kneeled-down showboating associated with Korean political scandals and TV shows. If you’re apologizing to younger colleagues, a simple head tilt and a solemn tone can replace a bow.

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When should you apologize in a business setting?

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Though the answer to this question will vary by country, you should follow some consistent rules. Over-apologizing may be perceived as rude or weak depending on the local culture, so make sure you understand when an apology is warranted and when it is not.

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• Save apologies for significant errors or offenses: There’s no need to give more than an “I’m sorry” for small inconveniences, like delivering a useful resource slightly behind schedule. Reserve your more significant apologies for bigger infractions, like missing hard deadlines or causing a client undue anxiety or anger.
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• Accept constructive criticism without an apology: If a colleague’s constructive criticism makes you feel as though you did something wrong, you can acknowledge it without an apology. Instead, say something like, “You’re right. I’ll do this next time. Thanks for your help.”
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• Avoid apologizing when you haven’t erred: You never have to apologize for a mistake you didn’t make. If someone seeks an apology for something your teammate did, you can tell the apology-seeker that you’re checking in with the person in question. Don’t name the person — just show the apology-seeker that you’re looking into it. If that person never apologizes, you don’t need to do it for them.
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The importance of culturally appropriate apologies in business

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Studies have found that, across countries, company culture matters more than salary. In other words, no matter where your business connections are based or how much money crosses hands, you need to know how to apologize properly to maintain a positive culture.

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Masjedi said cultural sensitivity is critical for businesses.

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“Whether your internal team spans multiple continents, [or you] want to ensure that your team treats your international customer base properly, it’s important to be aware of how to properly relate [to one another] within each culture,” Masjedi said. [Related: How to Lead a Multicultural or International Team]

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Reading social cues is not only important before an apology, but afterward as well. Pay attention to body language and cultural differences to see whether the other party has been positively or negatively impacted by your apology. This attention to detail allows you to see if your apology was successful, or if you need to make another attempt at restoring a positive interaction.

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Cultural knowledge is key to international business success

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International business has its difficulties, and learning the customs of another culture takes time. However, educating yourself and your team about the customs of other cultures goes a long way in sustaining successful business relationships abroad. If your business is engaged in an international deal, learning how to apologize appropriately — and the other cultural norms expected in the countries in which you operate — could be the reason you succeed.

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Max Freedman contributed to this article. Source interviews were conducted for a previous version of this article.

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Regardless of the circumstances, resigning from a job is a significant life decision and should be taken seriously. Crafting and submitting a professional resignation letter is a crucial aspect of the resignation process and can leave a lasting impression on former and future employers.

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It’s crucial to understand what to include in a resignation letter and how to write it. We’ll outline what your letter of resignation should say and share resignation letter examples.

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What is a letter of resignation?

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Employees should give their employer a formal job resignation letter when they decide to leave a position. Pat Roque, culture and career strategist at Rock On Success, described a job resignation letter as a formal notification of an employee’s exit strategy.

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“It is a required document that becomes part of your employee records,” Roque explained. “Think of it as your former company’s last chapter of your story.”

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Resignation letters generally inform the employer that you’re leaving and include an exit date. Despite your feelings about your job or boss, being professional, courteous and helpful provides closure and a positive path forward.

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“Always keep the door open, because you never know when you may want to return or even work with other colleagues in a future role elsewhere,” advised Roque.

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James Rice, head of marketing at The Career Portal, said that although you will likely be expected to hand in a standard resignation letter, it is usually best to schedule a meeting with your boss to give them the letter and discuss your resignation in person.

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What your letter of resignation should say

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Although the specific contents of your job resignation letter can be tailored to your position and company, a few basic elements should always be included:

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\n
• A neutral, professional tone: Use a neutral tone to inform your employer that you’re leaving.
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• Your end date: Provide your official end date – ideally, at least two weeks in advance.
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• Help with the transition: Express your commitment to ensuring a smooth and easy transition, including availability to discuss your workload and status updates with your manager or successor or assist in the hiring process to fill your position.
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• Gratitude for the opportunity: Find something nice to say, regardless of your differences with a colleague or how toxic the job or company culture may have become.
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• Request for instructions (optional): If you aren’t yet aware of the exit protocol at your company, request specific instructions about final work commitments and processes. Some companies may ask you to leave immediately, while others may involve you in the transition. You may be asked to work from home and see HR to return your laptop on your last official day.
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Alex Twersky, co-founder of Resume Deli, says offering to help train a replacement, preparing the team for your departure and expressing gratitude are crucial elements of a job resignation letter.

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“Conjure up … the best time at your job, and have that image top of mind when you write your resignation letter,” advised Twersky. “Let your boss think they were great, even if they weren’t. [You might] get a good recommendation out of it.”

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If you opt to provide a reason for leaving in your letter or during the conversation with your employer, be clear and positive. Focus on what you’re gaining from the change, not the circumstances that caused it. Whether you’re leaving to seek career growth or start a business, it’s imperative to be professional and formal.

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“Remember that people leave their jobs every day, and your manager will be used to the process,” said Rice. “If you are courteous and thoughtful when resigning from your job, you will make the process easier for everyone and set yourself on the right path for future success.”

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What your letter of resignation shouldn’t say

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Knowing what not to say in a resignation letter is also critical. Many employees make the mistake of including too many personal details and emotional statements in their official letters.

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When writing an official resignation letter, omit the following:

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• Extensive details on why you’re leaving: Although you may feel the need to explain your reason for leaving, extensive details aren’t necessary in your resignation letter. For example, if you’re moving on to a new employer, you don’t have to share that it has a better product, service, working environment, salary or benefits package. Keep your language professional and positive, and keep your letter short and simple.
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• What you hated about the job: A resignation letter is not the place to air your grievances or speak poorly of your soon-to-be former company or co-workers. Roque advises letting go of anger before submitting the letter and having a neutral party review it to ensure it’s appropriately polite and succinct.
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• Emotional statements: Use a calm, professional tone in your letter. An aggressive or otherwise emotional letter will only come back to hurt you. Twersky advises that even if you’ve been overworked and resentful, don’t quit angry. Avoid using phrases like “I feel” or “I think” unless positive statements follow them.
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When writing your letter, try not to burn any bridges; you may need help from these individuals in the future.

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“Your employers may be providing you with a reference, or if you are staying in the same field, you may still network in the same circles or want to return in the future,” Rice explained. “It is always good to keep in touch with your old colleagues, and with social networks like LinkedIn, it may be hard to avoid them.”

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Resignation letter examples

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Here are two resignation letter templates you can fill in with your personal details. You’re not required to include your reason for resigning in your letter, but some people prefer to do so. We’ve included both approaches in these samples.

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Resignation letter template 1

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[Current date]  

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Dear [Supervisor’s name],  

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Please accept this letter as my formal resignation from my role as [Title]. My last day with [Company] will be [End date].  

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To ease the transition after my departure, I am happy to assist you with any training tasks during my final weeks on the job. I intend to leave thorough instructions and up-to-date records for my replacement.  

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I would like to take this opportunity to thank you for the knowledge and experience I have gained by working here. I am very grateful for the time I have spent on our team and the professional relationships I’ve built. It’s been a pleasure working for you, and I hope our paths will cross again in the future. 

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Sincerely, 

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[Your signature and printed name]

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Resignation letter template 2

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[Current date]

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Dear [Supervisor’s name],

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I am writing to submit my formal notice of resignation from my role as [Title] at [Company]. I have accepted another position that more closely aligns with my skill set. My last day will be [end date]. 

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I would like to express my appreciation for the experience I have gained at [Company]. I am grateful for the learning opportunities I have received in my time here, as well as the professional relationships I’ve developed with my co-workers. 

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Please let me know how I can make this transition as easy as possible. I am happy to assist with training on any tasks and will strive to ensure a smooth changeover for ongoing projects. 

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Thank you for the opportunity to grow in this role. It has been a pleasure working with you. 

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Sincerely

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[Your signature and printed name]

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Benefits of providing a letter of resignation

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Since some companies require employees to turn in formal notice when they resign, checking your employee handbook before saying your goodbyes is crucial. But even if a company doesn’t have official requirements about submitting a formal resignation letter, doing so is always best practice for the following reasons:

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• A letter of resignation makes you look professional. At the very least, handing in a formal resignation letter makes you look good. It sets the tone for your departure as professional and courteous, reducing the possibility of hard feelings or uncertainty. It also allows you to officially thank your employer and offer assistance with the transition process if needed.
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• A letter of resignation provides a paper trail. A formal resignation letter also serves as a paper trail. Some companies may require a specific amount of notice when leaving a position; your resignation letter can serve as physical proof that you provided ample notice. If there are legal disagreements about things like final paycheck disbursement or the last day of employee benefits, you can look to your resignation letter as support for your case.
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Close this chapter with a professional resignation letter

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As you wrap up your time in one role before moving on to the next, ending on a positive note is essential. Writing a clear, concise resignation letter without emotional statements ensures you’re following the correct protocol. A good resignation letter can also leave the door open for positive references from your former co-workers – you never know whose path you might cross.

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Resigning politely and respectfully is key to maintaining positive professional relationships at every stage of your career.

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Natalie Hamingson contributed to this article. Source interviews were conducted for a previous version of this article.

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Do you want to start a business without the risk and hard work? If so, play a business simulation game. These apps can help you strengthen your skills without all the drama that comes with operating a real business. You can manage an amusement park, head a gaming development company or start a farm — all from the comfort of your home.

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Here’s a look at how business simulation games can help burgeoning entrepreneurs and existing business owners, along with an overview of the best business simulation games on the market.

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What are business simulation games?

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Business simulation games are precisely what they sound like. They’re “edutainment” tools that can help you sharpen your business management skills without any real-world consequences or workplace stress. Your game will resemble real-life business experiences but any mistakes you make while playing won’t have any real risk or repercussions. All your actions take place only in the fictional business world you’ve joined.

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The 16 best business simulation games

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Ready to improve your business skills without making real-life mistakes that have actual consequences? Get started with the 16 business simulation games below.

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1. Youtubers Life

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While there was a time when operating a YouTube channel might not have been considered running a business, it’s hard to argue that now. Youtubers Life puts you in the humble shoes of a YouTuber trying to start a channel with some basic equipment.

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Like real-life YouTubers, you are motivated by subscribers and views, building your arsenal of equipment to make better videos, expanding your following and growing your channel. In addition to developing a social media presence in this fictional setting, you must also manage a social life, education and eventually employees.

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Youtubers Life is a single-player video game available on Steam and compatible with Microsoft Windows, macOS, iOS, Android, Linux, PlayStation 4, Xbox One and Nintendo Switch.

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You can also play Youtubers Life 2. This sequel has features like in-game real-life YouTubers, different types of content to cover and a city you can explore to inspire your content. You can find Youtubers Life 2 on Steam and access it via Windows, macOS, Nintendo Switch, PlayStation 4 and Xbox One.

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2. Virtonomics

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Used for entertainment, training and leadership development purposes, Virtonomics is a series of multiplayer business simulation games that includes Virtonomics Entrepreneur, Virtonomics Mafia Manager, Virtonomics Company Founder and Virtonomics Tycoon.

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In the Virtonomics series, there are no predefined rules for winning or losing and the game doesn’t have an ending. Although users choose their goals while playing, the most common goal is to build a successful business in a competitive society. Players can work within many industries, including agriculture, manufacturing, retail, finance, marketing and science.

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Virtonomics is a massive multiplayer online game available in several languages and is free to play online after creating an account.

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3. Two Point Hospital

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When you play Two Point Hospital, you’re put in the role of a hospital administrator. You build and manage a virtual hospital, cure diseases and improve your facility and staff continually.

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Along with building a hospital and designing it to improve patient happiness, you’ll be tasked with finding a cure for highly unusual illnesses. If you’ve been dreaming of running a hospital or want an idea of what being a doctor is like without going to medical school, try this game.

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Two Point Hospital is the successor of the popular simulation game Theme Hospital. It’s available on Microsoft Windows, Linux and macOS through Steam. You can also get it on Xbox One, PlayStation 5 and Nintendo Switch.

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4. Tropico 6

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Tropico 6 is one of the most highly reviewed simulation games in the eight-part Tropico series. In a game that combines city management and political manipulation, you’re tasked with building an ideal nation across several islands. In this iteration of Tropico, you can also send agents abroad to steal world wonders and grow your empire.

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The game combines strategy, humor and intellect to complete 15 missions spread out over 15 different maps. Tropico 6 is available for PlayStation 4, Nintendo Switch and on Steam.

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5. Transport Fever

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As a successor of Train Fever, Transport Fever adds airports and harbors to the mix, allowing you to become a true transportation magnate rather than simply a master of the rails. The game starts in 1850 and as time marches forward, so do your transportation options. Your goal is to facilitate transportation both within and between settlements.

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You need to make decisions regarding the most cost-effective vehicles to use and when to upgrade to new vehicles. You can run a campaign in either the United States or Europe, with both offering missions based on historical transportation challenges.

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If you want to take a break from the business management aspect of things, there’s a sandbox mode that lets you be a big kid and play with your train, plane and boat lines.

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Transport Fever is available for purchase on Steam and supported by Microsoft Windows, Linux and macOS.

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6. RollerCoaster Tycoon

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As part of an amusement park simulation series, RollerCoaster Tycoon takes you through the adventures of building and managing a theme park. As a member of management, you’re tasked with constructing and customizing roller coasters and thrill rides. You can build the ultimate theme park with various coaster types and in-park attractions.

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RollerCoaster Tycoon is available in eight versions, including RollerCoaster Tycoon Joyride and RollerCoaster Tycoon Classic. You can buy all current versions on Steam and access them via Microsoft Windows, macOS and iOS.

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7. Rise of Industry

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Have you ever wondered what it’d be like to live in the early 20th century? When you play Rise of Industry, you become an early-1900s industrialist. During the game, you create and manage a growing empire. You can build factories and transport lines, keep an eye out for the next big thing, find gaps in the market and negotiate business deals.

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Rise of Industry is available for purchase on Steam and compatible with Microsoft Windows, Linux and macOS.

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8. Motorsport Manager

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Motorsport Manager takes you from behind the wheel and puts you behind the team instead. In this simulation game, you manage the team responsible for putting a driver on the race car podium.

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You will find quickly, as is so often the case with business simulators, that there is a whole lot more going on behind the scenes than you could have imagined. The early portion of the game is heavy on tutorials to ease you into things so you aren’t just left spinning your wheels (literally and figuratively).

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From minute details like car components and race-day decisions to big-picture tasks like assembling your team and voting on rules and regulations for the sport, there is a wealth of content at every level.

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Motorsport Manager is a single-player game available across several platforms, including Android, iOS, Microsoft Windows, macOS, Linux and Nintendo Switch.

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9. Mashinky

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Move over, Transport Fever. If you love transportation and trains, you may also want to check out Mashinky. In this game, you develop a fictional transport business on a procedurally generated map, manage your empire and improve your assets.

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You start the game in control of a transport company. While playing, you lay tracks on hard terrain, buy new vehicles, manage routes and try to make as much profit as possible.

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While the full version of this game has been in development for years, you can be at the forefront and play in early access mode. It’s currently available for Microsoft Windows.

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10. Job Simulator

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Probably no game title suggests business simulation more than the aptly named Job Simulator.

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Unlike most business simulators that put you in charge of a fictional company, Job Simulator places you in the role of an office worker, chef, mechanic and convenience store clerk. The game takes place in 2050, where robots have replaced all human jobs, so humans who want to get a taste of what work was like previously hop into the “Job Simulator.”

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The game is a hilarious reimagining of the above jobs, with office workers tapping away at two keys on a giant keyboard, store clerks firing Roman candles at customers, chefs hurling food and mechanics jamming bananas in tailpipes to help cars pass emissions tests.

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Job Simulator is a virtual reality game you can access via Microsoft Windows and PlayStation 4 and PlayStation 5.

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11. Game Dev Story

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Making video games for a living is a dream job for many, but if you aren’t ready to embark on such a career, try Game Dev Story.

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This game puts you in charge of a small game studio with big aspirations. You build from a few employees to dozens looking to produce a “million-selling game” or eventually create your own game console.

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Despite the simple 16-bit graphics, the game is remarkably deep. Players are responsible for every aspect of the business beyond creating games, including advertising, conventions, licensing, office space and hiring and training employees.

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Gamers familiar with the console wars of the 1980s to the early 2000s will particularly enjoy Game Dev Story as there are many nods to classic consoles and events. Game Dev Story is compatible with iOS, Android and Nintendo Switch.

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12. Farming Simulator 17

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Business simulation doesn’t always mean you’ll find yourself in an office. Farming Simulator 17 lets you go (virtually) hands-on and spend some time driving various vehicles while doing jobs on your farm or other farms.

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However, farming is still a business so, at some point, you’re going to need to attend to those spreadsheets. These will show your profit and loss on every crop, livestock and forestry. Make the call on when to net the biggest gains from your goods and you can buy or lease new equipment to make the next season even better.

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Farming Simulator 17 is available for purchase via several outlets. It can be played on PlayStation 4, Xbox One, Nintendo Switch, Microsoft Windows and macOS.

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13. Cities: Skylines

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Running a city can be a lot like running a business. While SimCity started this genre, Cities: Skylines is the reigning champ.

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In this game, you wield vastly more power than any mayor or city planner, with the ability to build and destroy as you see fit. However, the basic strategy is operating within your budget and keeping your workers and customers (in this case, the population) happy.

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The scale of Cities: Skylines is truly astounding. While most city builds feel like densely populated islands, if you build out the entire nine regions available to you in this game, you will have a sprawling metropolis on your hands. You can even add an extension pack, such as Industries, where players can customize industrial areas.

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Cities: Skylines is a single-player game compatible with PlayStation 4, Xbox, Nintendo Switch, Microsoft Windows, macOS and Linux.

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14. Constructor Plus

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In Constructor Plus, you’ll build a town full of quirky characters and (hopefully) thriving businesses. You’ll also be responsible for all the town’s architecture and you can choose from 147 buildings and 65 prebuilt cities.

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You can decide which gameplay objectives interest you, but your main goal is typically making the greatest profit off your developments. Unusual game features include hitmen and giant cockroaches that can rid your town of undesirable people. Watch out for the Housing Authority.

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Constructor Plus is available for Nintendo Switch or on Windows via Steam.

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15. Planet Zoo

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If you’ve ever had the desire to reign over your own animal kingdom, Planet Zoo makes that possible. You can create habitats, such as lakes, rivers, caves and hills, for realistic animals. You can also share your designs with other zoo managers and see the new worlds they’ve created too.

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As you play Planet Zoo, you can research the realistic animals inhabiting your zoo. You can raise animal families or, when the time is right, release species back into the wild. Planet Zoo is available on Steam and compatible with Windows.

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16. Project Highrise

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Build larger-than-life skyscrapers with Project Highrise. This game shows you the intricacies involved in engineering a livable building where tenants can thrive. You can create office high-rises bustling with business or construct luxury apartments. You’ll get to experience every step of (virtual) construction, from breaking ground to caring for the needs of your new tenants.

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Project Highrise is on Steam for macOS and Windows as well as iOS and Android.

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What are the benefits of playing business simulation games?

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The startup mistakes and career mistakes you make in business simulation games can help you avoid similar errors in the real world. Business simulation games can also help you hone all sorts of soft skills, such as communication, leadership, operations management — you name it.

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Some business simulation games can help you develop hard skills specific to your industry, as well as many other in-demand skills. Many of the examples on our list of excellent business simulation games are highly industry-specific. Whether you already have a real-world business or are thinking of starting one, a simulation game can prepare you to take your enterprise to the next level.

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Become a virtual mogul with the best business simulation games

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Business simulation games give you the opportunity to combine entertainment with strategy and savvy as you build your own world. If you’ve ever wanted a taste of what it’s like to run your own business (or government) or wonder what would happen if you made this choice or that one, these games give you a risk-free trial. From tending the farm to creating your own game within a game, business simulators are a great way to try out any industry.

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Natalie Hamingson and Max Freedman contributed to this article. 

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A targeted email marketing contact list is integral to your business’s marketing strategy. Without an email contact list of engaged subscribers who have opted in to receive marketing messages from your brand, you can’t expect much success when it comes to your email marketing campaigns. This guide will cover how to build an email marketing contact list, how to maintain it and why it’s important to do so, enabling you to boost user engagement and conversions.

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Editor’s note: Need to revamp your digital marketing strategy? Fill out the below questionnaire to be connected with vendors that can help.

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How to build an email marketing contact list

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1. Have multiple locations for consumers to sign up for your emails.

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One of the best ways to create an email list from scratch is to offer customers multiple calls to action (CTAs) to sign up for your promotions. Placing an opportunity in an immediately visible place is wise, but you should also cover your bases and place additional CTAs in alternative paths a customer might take to arrive at your webpage. These also serve as a reminder to website visitors who skipped the first CTA. Don’t overdo it, though. Limit your CTAs to two to four spots on your website, such as these locations:

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• Your homepage
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• The sidebar of a blog post
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• Your About Us or bio page
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• The bottom of otherwise dead pages
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• Your contact page
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• Your site header
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• A pop-up
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No matter where you place your email capture, use a double opt-in process. This process means your email service provider will send a confirmation email to new subscribers to ensure they want to be on your list.

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There are multiple benefits of a double opt-in process:

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1. It builds trust: This strategy ensures that customers know you are using permission-based email marketing. This creates trust among your subscribers and strengthens your reputation. When a subscriber trusts your brand, they are more likely to interact with it. This can increase email deliverability and improve your email open rates.
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2. It builds brand recognition: When your subscribers use a double opt-in process, you force them to acknowledge your brand and identify what your content looks like in their inbox. This raises brand recognition for your marketing emails and limits the potential for your emails to land in the junk folder.
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3. It reduces spam: The double opt-in process prevents bots from adding random email addresses to your list. This is important for building clean, effective email lists.
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Although the idea of scaling your email list without an opt-in strategy can be enticing, a double opt-in process will be more beneficial to you and your customers in the long run. [Do you need help with email marketing? Check out our picks for the best email marketing software.]

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2. Offer an incentive to email subscribers.

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You’ll collect email addresses more quickly if you give customers a reason to sign up. The Radicati Group Email Statistics Report estimates that internet users send more than 330 billion emails every day. Why should a customer read your promotional email when there are dozens of others to sift through in their inbox? Answering that question is key to a successful email marketing campaign with a healthy contact list and open rate.

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If you want customers to invite you into their inboxes, you need to offer an incentive that prompts them to share their email addresses. The most effective incentive will depend on your type of business. These are some examples:

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• A coupon for a free drink or dessert at your restaurant
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• A discount code for their next purchase online or in your store
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• Free shipping on an online order
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• A promo code for a free product included with purchase
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• An e-book, workbook, app or other resource
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• An online workshop or training course
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• An exclusive newsletter
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These incentives don’t have to cost you much money, but they do need to offer real value to email subscribers to generate more email sign-ups.

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3. Use landing pages for email sign-up.

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Customers are more likely to sign up for your list when they aren’t distracted by other possible actions. This makes landing pages a valuable tool for capturing email addresses. A landing page is a webpage with a single goal or CTA. In the case of building your email list, a landing page is designed to persuade website visitors to sign up.

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Use landing pages anytime someone is directed to your website from an external source, such as a mention in the media or your bio that appears on another website. You can also create them for ad campaigns or social media click-throughs.

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When customers click a link to learn more about your business, it should take them directly to a landing page that encourages them to sign up for your list, usually by offering an incentive relevant to the original ad or website that directed them there. If you create different landing pages for different sources, you can customize them to generate more interest. Customers who click on an ad for a product, for example, could go to a different landing page than those who found you through a mention in a media feature.

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Custom landing pages allow you to take advantage of segmentation, a strategy that divides up your email list based on customers’ characteristics and interests. By addressing customers’ specific interests and needs, segmented email campaigns can generate higher click-through rates (CTRs) than emails sent to a bulk list.

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4. Leverage your social media outlets.

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Social media is extremely important to advertising these days. The PwC Global Consumer Insights Survey found that posting engaging brand content on social media can influence 14 percent of consumers to remain loyal. Chances are you have already started growing your social media presence for your business. But have you thought about using social media outlets to get more email sign-ups?

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Including email sign-up locations on social media and blog posts increases your chance of capturing promising leads. In social media settings, ask for email addresses multiple times in multiple places, as not every customer will see each sign-up form. This expands your reach to a larger net of potential customers.

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Social media platforms like Facebook, Instagram, LinkedIn and Twitter allow you to communicate with your consumers in a casual, entertaining way. When posting on these outlets, share your free incentives in return for your consumers’ email addresses.

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5. Create an autoresponder sequence.

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When someone signs up for your email, they are already interested in your business. They have offered you a way to contact them because they are excited about some aspect of your business, products or services. Don’t waste that opportunity to make initial contact.

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This is the point when you should persuade them to use the incentive you offered, visit your store, make a purchase or otherwise interact with your business. However, many businesses collect customer emails and then fail to do anything with them for weeks. To capitalize on customers’ excitement, use your email service provider to set up a series of messages that will be sent to new email subscribers automatically. Usually, this series is called an autoresponder sequence, welcome sequence or email sales funnel. Generally, it is a series of three to seven emails, spaced out over several days or weeks.

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The goal of an autoresponder sequence is to guide new subscribers back to your site, encourage them to connect with you on social media or share more about why they should trust your business. An email sequence that is triggered automatically by email sign-ups can increase your CTRs and nurture an ongoing relationship with new subscribers.

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You can also use welcome emails to guide customers to an introductory purchase. These offers, known as tripwires, are very low in price, often less than $10 or only the cost of shipping. Their value is in creating a relationship. Many consumers prefer to buy new products from a brand they already know or have purchased from. If customers make a tripwire purchase at the end of a welcome sequence, they are more likely to make a larger purchase in the future.

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6. Create group emails.

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Similar to how you can make an autoresponder sequence, you can create group emails to target specific sectors of your audience. This is a simple way to send out your content at a large scale and communicate with multiple groups of people at once. Each group email should have a specific purpose and the individuals in that group should be segmented audiences who enjoy receiving the type of content you are sending them. Targeted emails based on interest and funnel positioning can increase your CTR as opposed to sending the same content to your entire list of email subscribers.

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Many email marketing platforms provide an option for users to create group emails easily within their systems. Although the process varies by program, there is often a list of directions to guide users through the process. Typically, it involves selecting the members for each group and adding a tag for each email type.

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7. Limit sign-up detail requirements.

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Pop-ups and subscription landing pages should offer a quick sign-up process for the consumer. When requesting a consumer’s contact information in a sign-up form, keep your subscription questions to a minimum. If you ask for too many details, you risk scaring away potential subscribers. Since prospects are already taking the time to subscribe, streamline the process for them.

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You will receive more leads when you only ask for a name than when you ask for a name, email and phone number. Reduce the time it takes to subscribe by only asking for a name and email address or an email address. The more questions you ask, the higher your bounce rate will likely be. However, it’s worth noting that users who take the time to complete longer forms are typically more serious about your product. If you have already created an extensive contact list and are looking to grow it by serious leads only, consider adding more fields.

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8. Email subscribers regularly, but not too frequently.

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Building your email list doesn’t end with getting customers to sign up. You must also keep them on the list, which means reducing the likelihood that they will unsubscribe.

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Your autoresponder sequence is your first opportunity to create positive expectations around your email marketing. To reduce the number of customers who unsubscribe from your mailing list, create an autoresponder sequence that offers value and leaves customers looking forward to seeing your email in their inbox.

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The frequency of your email marketing is also key to building your email list. Many customers unsubscribe from a business’s emails because they are too frequent. However, if customers don’t see an email from you for months at a time, they may forget who you are and unsubscribe.

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To maintain your list, email subscribers regularly enough to keep them interested, but not so frequently that they feel spammed. This will depend on your business and your customers. You may have to run several test campaigns to determine whether customers respond best to an email every week, every other week, every month or only when you’re having a sale.

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9. Avoid buying email lists and sending spam.

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When building an email list, you should avoid certain approaches. First and foremost, don’t send spam messages. With anti-spam laws like the CAN-SPAM Act and the Telephone Consumer Protection Act in place, you must provide your audience only with useful content.

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Be clear about what you are offering and avoid the temptation to sell something in every email. By sending entertaining and educational emails, you provide value to your audience, resulting in an easier “ask” when you send sales emails. Sending bulk marketing emails via your own email service, such as Gmail or Outlook, can also cause your emails to be filtered as spam, even if they’re not. To avoid this, use a third-party email marketing service.

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Another strategy that typically doesn’t work is buying contacts. While your cost per thousand impressions could be as low as $100 to start, buying contacts can cost you much more in the long run, such as your reputation. Even if you buy a database of email addresses, these addresses typically are not targeted traffic leads. Sending emails to a bulk contact list of the wrong target audience will land you in the trash folder and you may be reported as spam.

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10. Manage your email contact list closely.

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Building a list is an ongoing practice. Don’t ignore your list once you collect email addresses. Manage your address list closely and prune it for bounced emails to ensure your conversion rate remains high and your unsubscribe rate remains low.

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People’s interests and needs are always changing and your email list should reflect that. If your unsubscribe rate increases, analyze who is leaving and why. Have their needs or interests changed? Assess whether you can regain their business by retargeting them accurately and analyzing similar contacts to ensure you are still giving them a reason to stay.

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As your marketing techniques evolve, so will your email marketing contact list. Make an effort to consistently analyze your list. Use what you learn to enhance your email marketing campaign and build a positive online reputation.

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Why is building a targeted email contact list important?

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The way you obtain consumer email addresses and what you do once you have them is important. There are right and wrong ways to set up a marketing email list. [Related article: How to reduce email campaign mistakes]

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First and foremost, only send emails to consumers who have volunteered to receive communications from your business. Sending marketing emails without consent can hurt your business as it will likely result in unhappy consumers and may cause your emails to be filtered as spam.

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A study by Mailchimp showed that the average email open rate is only 21.33 percent and CTRs are even lower. With such low rates, your business must have a good pool of prospects to make your email campaigns worthwhile. [Related article: How to Develop Successful Email Drip Campaigns]

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So, how do you get subscribers? And what can you do to make sure they never click that unsubscribe button? Here are 10 tips for building an email marketing contact list that will grow your business.

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Top email marketing software for list building

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When you’re ready to start emailing customers, consider signing up for one of the top email marketing software solutions available. Here are some of the best options:

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• Campaigner: This provider offers tools to tailor your emails to your target audience and to set up automated email drip campaigns. For a deeper dive into its customization and automation features, check out our Campaigner review.
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• Constant Contact: This platform is highly user-friendly and offers a wide range of features for a reasonable price. Our Constant Contact review provides an in-depth look at what this service includes.
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• Salesforce Marketing Cloud: Featuring artificial intelligence-derived insights and 24/7 customer support, Salesforce’s email marketing solution is among the most robust available. Explore our Salesforce Marketing Cloud review for a detailed overview of its features and benefits.
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• Freshworks Freshmarketer: Designed to integrate seamlessly with various solutions to support sales teams, Freshworks Freshmarketer is an excellent choice for lead capture and nurturing. Our full Freshworks Freshmarketer review explains why pairing this platform with the Freshworks CRM is beneficial.
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Build and maintain email contact lists for better results

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It may seem beneficial to cast the widest net possible when it comes to email marketing but that could come back to bite you. Instead, focus on gathering email contacts from people who are truly interested in your products and services and who have given their clear consent to opt-in to your marketing messages. The result is ensuring an email contact list that’s not only compliant with existing digital privacy regulations but also likely to drive more user engagement and better conversions. So, if you’re looking to improve your email marketing campaign results, start by taking a look at your contact list and seeing how you could improve it.

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Tejas Vemparala contributed to this article.

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Anyone can sit in a corner office and delegate tasks, but there is more to effective leadership than that. Effective leaders have major impacts on not only the team members they manage, but also their company as a whole. Employees who work under great leaders tend to be happier, more productive and more connected to their organization. And this has a ripple effect that reaches your business’s bottom line.

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Not everyone is a natural-born leader. However, there are strategies you can use to improve your leadership. Similarly, there are a handful of mistakes to avoid if you want to be a good leader.

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Assessing whether you’re a good or bad leader

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Business News Daily spoke with CEOs, directors and leadership experts to learn what good leadership strategies are and how you can incorporate them in your own organization.

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“I think a great leader is one who makes those around them better,” Dana Brownlee, founder of Professionalism Matters, told Business News Daily. “There are many litmus tests for a great leader, but I really look to those around them: Are they growing, becoming better leaders themselves, motivated, etc.?”

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If you look around and see your team members have become disengaged or stagnant in their work, it may be time to reassess and reform your strategies. According to Brownlee, the following behaviors are signs you may have a poor leadership strategy:

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• No one on your team has criticized one of your ideas in the past month.
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• You spend more time planning your own career progression than that of your team members.
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• You haven’t had at least three completely non-work-related conversations with a team member weekly.
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• Different team members would provide different answers if asked your top three priorities for the year.
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• Team members are afraid to fail.
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More than half of new leaders fail within their first 18 months. You can avoid becoming part of this staggering statistic by incorporating good leadership strategies that motivate your team members to accomplish their goals.

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How to be a good leader

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Every leader has their own style, but there are certain characteristics all great leaders share. The below practices are often the hallmarks of a successful leader.

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1. Engage in honest, open communication.

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One of the most important elements of effective leadership is creating an open line of communication with your team members. Sanjay Patoliya, founder of Teclogiq and software developer at NextBits Group, said your own honesty and transparency should serve as an example for your team members.

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“When you are responsible for a team of people, it is important to be straightforward,” he said. “Your company and its employees are a reflection of yourself, and if you make honest and ethical behavior … a key value, your team will follow.”

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Brownlee added that people with effective leadership language are able to customize their interactions and communication styles to suit each situation and team member. “This means they take the time to figure out which communication mode is preferred by each team member; e.g., are they a text person, email, phone or face-to-face? They’re also great listeners and are authentically interested in other people.”

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Listening to your employees and displaying transparency can build trust among your team and boost overall morale. Ruslan Fazlyev, former CEO and founder of e-commerce solutions provider Ecwid and current board member at Seller Labs, said that in all your communications, it’s crucial to be genuine above all else.

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“There are many leadership styles; there’s no right and wrong,” he said. “But there’s genuine, and there’s fake. There’s no following to fake leadership.”

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2. Connect with your team members.

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Leading a group of people requires a mutual sense of trust and understanding between the leader and their team members. To achieve this, leaders should learn to connect.

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Terry “Starbucker” St. Marie, a leadership writer and consultant, said that being a “more human” leader requires positivity, purpose, empathy, compassion, humility and love. These key traits will put you on the road to genuine connections with the members of your team.

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“Building a real, personal connection with your teammates is vital to developing the shared trust necessary to build a strong culture of accountability and exceptional performance,” St. Marie said. “With that culture in place, the team can achieve a successful business, a happy team and a fulfilled leader.”

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To build a connection with each of your team members, focus on getting to know their personalities, interests, strengths, weaknesses, hobbies and preferences. This can give you insight into their goals and motivations.

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Patoliya said successful leaders allow their teams to develop autonomy and add value according to their own personal strengths. “Being able to recognize the strengths of individuals within their team, and allowing them to be responsible and accountable, not only increases employees’ confidence in themselves and their leader, but also increases their performance.”

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3. Encourage personal and professional growth.

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Acting as your team’s cheerleader is an important part of being an effective leader. You should be invested in their success and growth.

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Keri Ohlrich, the CEO of HR consulting company Abbracci Group, said that leaders should set aside a budget, if only a small one, to dedicate to the growth of their employees.

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“With options as varied as on-demand, virtual [and] in-person options, there’s ample opportunity to continue learning new skills or further developing existing ones,” she said. “Empower your employees to take the time to learn and infuse that in the work they do.”

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In addition to investing in your employees’ growth financially, you should invest emotionally. John Rampton, founder and CEO of the app company Calendar, said that great leaders empower their employees to grow by giving them challenging opportunities and guiding them as needed.

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“To motivate and inspire employees, leadership strategy is about empowering others to do their best and take on new challenges,” he said. “Employees like challenges and feeling the satisfaction of overcoming them. Whether it’s a tough client, a difficult sale, a hard situation or whatever the case, it’s always good to let them take on these challenges.”

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When leaders believe in their employees and give them the opportunity to learn and grow, they might be surprised at how much they can accomplish. Don’t be afraid to delegate tasks and encourage freedom and creativity.

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4. Keep a positive attitude.

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As much as leaders wish their team’s day-to-day operations could run smoothly all the time, they’re bound to run into the occasional obstacle. Whether it’s a minor miscommunication or a major error, the way you handle a negative situation says a lot about your leadership skills.

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Robert Mann, author of The Measure of a Leader (iUniverse, 2013), recommended focusing on the good in any set of circumstances. “Look at three positive things about a problem before you identify what makes it dissatisfying. The more you look at the positives in a problem, the more positively people react with one another,” he said.

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In his research, Mann found that after individuals point out things they’re happy with in a problematic situation, they don’t feel so strongly about the problem and are better able to think clearly and solve it. The same is true when a leader needs to improve their strategy. If you or a team member notices a particular course of action you’ve taken that just isn’t working, figure out some things you’ve done in the past that have worked.

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Patoliya added that focusing on solutions rather than problems can help your team maintain positive engagement. “A positive environment is more likely to create a more engaged and productive workforce. By displaying enthusiasm and confidence, a good leader will see the impact they can have in their working environment,” she said.

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5. Teach employees instead of giving orders.

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An effective leader knows how to show others what is required rather than simply telling them. Luke Iorio, former president and current partner at the Institute for Professional Excellence in Coaching (iPEC), said leaders should coach their team members toward a more collaborative, committed work environment – without coaxing them.

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“[If you are] controlling people to do certain things in certain ways, you’re not going to get the level of engagement you’re looking for,” he said. “Coaching is about helping the people you lead recognize the choices they have in front of them. People will [then] take a great deal of ownership over the direction of the project.”

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As opposed to simply barking orders at team members, Rampton said good leaders should encourage growth by teaching. “People wouldn’t grow if leaders never taught them anything. Leaders need to be teaching so they can grow new leaders to take their place.”

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6. Set clear employee goals and expectations.

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Setting clear goals and employee expectations for your team is key to employee success. When setting these objectives, encourage employee questions and feedback. Including team members in the goal-setting process can increase engagement.

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Amish Shah, founder of ALTR Inc., said good leaders will explain the company vision and how team member goals fit into that equation.

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“For a leader to motivate and inspire, they need to keep their team in the know about their vision,” he said. “This helps employees understand the end result they’re working towards as a unit. When goals are clearly set, everyone can track progress and identify achievements in a tangible manner.”

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Ohlrich also stressed the importance of explaining how these goals impact the organization as a whole. She said that, regardless of seniority level, every employee should be able to articulate how the work they do supports the success of the company.

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Don’t let team member goals go static. Periodically revisit objectives to modify or rearrange them as needed. This will let your team members know you are present and aware of what they’re working on.

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7. Give direct feedback about performance.

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Taso Du Val, co-founder and CEO of the Toptal freelance talent network, said direct, honest feedback – even if it’s criticism – is the best way to guide your team in the right direction. You also need to know exactly where your business is headed so you can give employees the right advice.

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“If you’re not direct, people won’t know what you truly think about them and their work, and they will never be able to improve,” Du Val said. “If you don’t know the precise direction your company is headed, no matter how much you’ve communicated to your employees and leadership team regarding their individual performance, they will flounder when it comes to making decisions and taking actions. Once those basic principles are in place, deadlines, regular product plans, performance reviews, structure and processes can easily be put into place.”

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In addition to providing constructive feedback and performance reviews, highlight employee accomplishments. If a team member does something great, let them know. Celebrate their wins and thank them for their hard work.

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“Positive recognition will create an environment of productivity,” said Shah. “Acknowledging successes by outlining how it impacts the business, rather than with vague pats on the back, is not only encouraging, but also helps a person work better in the long run.”

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8. Ask for feedback on your leadership.

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Your team members aren’t the only ones who can benefit from honest feedback. A true self-assessment of your leadership can be difficult, so mentors, fellow professionals and even your own staff are invaluable in evaluating your effectiveness. According to St. Marie, talking to friends and peers can give you necessary perspective on your leadership style and approach.

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Leadership coaching can also help you discover areas where you need improvement. A professional who helps you develop a plan to achieve your leadership goals can be more motivational than books and seminars alone.

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“Coaching allows leaders to make the connection and apply [changes] in a real-life setting,” Iorio said. “You need time to integrate, process and reflect, and unless you go through those steps, you won’t have sustainable change.”

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Fazlyev agreed, noting that your team can give you critical insight into what’s working, what’s not working and what obstructions you must overcome to achieve success.

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9. Be open to new ideas.

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Good leaders have the emotional intelligence to understand and accept that change is inevitable. Instead of trying to maintain a status quo just for the sake of consistency, embrace change and innovation. Be open to new ideas and alternative ways of thinking. Everyone brings a unique perspective to the table, and that is something to take advantage of, not discourage.

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“When you’re open to hearing the thoughts of the talent around you is when you truly embrace every possibility and potential,” said Shah. “See things through till the end. Understand that there will be errors along the way, but if something doesn’t work, try to figure out why and how before scrapping it.”

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When solving a problem, encourage team members to provide their insights. When employees feel they can openly bring new ideas to the conversation, true innovation, engagement and success can prevail.

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10. Understand your own motivation.

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If a person in a leadership position views their role as “just a job,” it’s going to show. To be an effective leader, you need the right motivation. Is it the money or the prestige you care about, or do you sincerely want to inspire people to do their best?

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St. Marie advised leaders to really ask themselves why they want to lead. “I look at leadership as an honor and a vocation. If, in your heart, you feel leadership is your destiny and how you’ll make a difference in this world, then you are certainly starting from the right place.”

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In addition to what motivates you, Ohlrich said it is vital to know what decreases your energy. “Knowing your strengths and weaknesses help[s] you diversify your team and get a well-rounded portfolio of skills. It helps you not hire carbon copies of yourself and [instead] surround yourself with others who are not like you.”

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Your leadership style plays a role in how you interact with employees and should be evaluated as well. There are nine different leadership types, and the best leaders are able to adapt each style to their situations and employees. If you’re currently in a leadership role and aren’t sure where you stand on some of these qualities, you can take a quick leadership self-assessment quiz from the Leading With Courage Network to assess your leadership abilities.

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Leadership mistakes to avoid

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As you learn how to lead, it’s also essential to understand what not to do. Missteps can hinder a leader and prevent their team from thriving. These are some common leadership mistakes you should steer clear of if you want to be an effective leader:

\n\n\n\n

\n
• Micromanaging your employees: Team members need guidance to succeed, but they also need autonomy and permission to make decisions on their own. Micromanaging every task can have a negative impact on performance and morale.
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• Ignoring feedback: Part of demonstrating strong listening skills is showing you take action when an issue is brought to your attention. Disregarding team suggestions or concerns is an easy way to erode trust.
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• Not following through: Sometimes priorities change, but if you’re consistently making promises to your team that you can’t keep, everyone could lose faith in your leadership abilities.
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• Being inconsiderate of team members’ schedules: Last-minute rescheduling needs happen to everyone, especially when you’re managing a team. It’s a problem, though, when leaders are constantly canceling meetings with short notice or assigning projects with tight deadlines.
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• Avoiding accountability: It’s not that good leaders never make any errors – mistakes are inevitable for even the best leaders. What matters most is that you own up to any oversights without blaming other team members and do the work to correct your mishaps.
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Strong leadership takes time and effort

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Remember that being a good leader takes time. Although some individuals are naturally inclined to have strong leadership skills, this is something anyone can learn and improve upon. Being aware of what makes a good leader is the first step toward reaching your full potential as a manager. With hard work, dedication and strategic planning, you can lead your team to success.

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Natalie Hamingson and Nicole Fallon contributed to this article. Source interviews were conducted for a previous version of this article. 

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