Category Archives: Financial & Insurance

Growing Small Business

 

10 Ways to Grow Your Small Business

Are you looking to be more successful? Here are ten ways to grow your small business.

business

  • Know yourself. Do a SLOT analysis. What are your strengths, your limitations, opportunities, and threats? Examine and understand each. In every strength, there is a limitation and in every limitation there is a strength (e.g. you are small so lack financial clout; the advantage is by necessity you will be more creative). The better you know yourself the more successful you will be. By knowing yourself you not only know your areas of opportunity, you know what areas to avoid.
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    Business Leadership

    Leadership and Influence

    leadershipAs a business person managing a small or medium size company, you may not be able to relate the subject of leadership to success in your business. If fact, when you see the subject as the topic of this article, you may choose to slip it and move on. So no matter whether you are a one person business or have a staff of dozens, leadership is critical to your continued success. When you think of a leader in a successful business, ask yourself:

    What specific personality characteristic does this person possess?

    How does this person relate to others, professionally and socially?

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    Overtime

    Overtime Overhaul: Review Proposed Changes Now Before Final Rule Announced

    Overtime rule expected to be costly

    By Allen Smith  5/10/2016

    overtimeAs HR professionals wait anxiously for the release of the U.S. Department of Labor’s (DOL’s) final changes to the overtime exemptions, it’s becoming clear that the new rule will cost many employers a lot of money. But the revised standard also will create an opportunity for HR to correct some past mistakes.

    Employers will spend $592.7 million to comply with the new rule, the DOL estimated, saying that each of the 7.4 million affected establishments will need one hour to get up to speed on the changes. The department calculated that it will cost $254.5 million for businesses to become familiar with the regulation; $160.1 million to make necessary adjustments; and $178.1 million in managerial costs… Read the rest

    Business Knowledge

    A Lack of Knowledge of the Business They Are In

    business In his book, The E-Myth Revisited Michael Gerber describes the roles played by different personalities within a business.  The first is the technician, who actually does the work or delivers the service in the business. The second is the manager, who organizes and controls the business on a daily basis. The third is the entrepreneur who best understand the business environment and leads it though changes necessary for continued success. One might conclude that knowledge of actual working in the business or managing the operation of the business does not always lead to success. What leads to success is knowledge of how a business needs to operate within its competitive market place.… Read the rest

    Vision of Success

    Envisioning Success

    Charles Kettering, famous inventor and founder of Delco, once said, “We should be all successconcerned about the future because we will spend the rest of our lives there.” The ability to have a vision of what you personally perceive as success is a key element in your business venture and your personal life. Where are you going and what will in look like when you get there? A meaningful vision not only provides direction, but it helps people find meaning in their work and a reason to excel.… Read the rest

    Success and Failure in Business

    One of our passions at RLS Focused Solutions is to help businesses be successful and successsustainable. Each business must define for itself what success means. It may be just to make a good living or it might be to grow and prosper. Our definition of sustainability is that it will be prosperous, not just at a point in time, but well into the future. We are one of approximately 600 worldwide members of Resource Associates Corporation who has reported the results of work done to determine the difference between successful and unsuccessful business people. Let us consider their findings.

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    Financing

    12 Tips to Polishing Your Business Planplan

    A business plan is a working document through which you set your goals and trace progress towards increased success. There may come the opportunity to present that plan to investors or a financial institution. Listed below are a list of tips to make that presentation more effective.… Read the rest

    Part Time Employees

    Part Time Employees

    The Face of Your Organization

    employeesCompanies and organizations often use part time employees to serve in a limited role. They are not paid as well as full-timers, sometimes do lower level work, and may have a limited career track. They may be moms who have priorities at home, seniors who no longer want a 40 hour work week, or college students looking to earn some money to supplement expenses. They are hired to reduce operating costs, fill leftover hours from full time employees, deal with an economic downturn, or seasonal requirements. Between 2000 and 2010 the number of employees working part time increased by 300 % or 9 million people.… Read the rest

    Creating Success in 2016

    Start Your Year Off Right / Goals for a Successful 2016

    successfulRLS Focused Solutions, in conjunction with the Brunswick County Chamber of Commerce, is offering an opportunity to help you achieve a more successful 2016. The workshop will be offered on  Friday January 15th.  They will be held at the Chamber Conference. Room It will begin at 8:00 AM and conclude no later than 2:00 PM. A working lunch from the Purple Onion will be included.… Read the rest

    Creating a Business Plan

    How to Create a Successful Business Plan

    business planI am often asked the same two questions. Do I need a business plan? What should I include in my business plan? I am going to answer these questions when writing this article. Do I require a business plan? For most businesses the answer to this question would be yes. For the majority of new businesses and ones which require investment by way of a loan or a business partner, a business plan is a must.… Read the rest

    Plans That Work

    Making Business Plans Work

    plansMany of us have spent countless hours thinking about and documenting plans for either our business or non-profit organization. There is a sense of satisfaction with the completion of the final draft that is shared by all involved. Far too often that document is filed or left in a desk drawer to be revised in a year’s time. Many have even reported that they gave up on the planning process because it just didn’t work. I often remember the president of a very well-managed company once stating that the team had become expert on writing business plans, but not real good on making them a reality.

    In their book Execution, The Discipline of Getting Things Done Larry Bossidy and Ram Charan discusses this very subject.… Read the rest

    Small Business

    Leadership in Small Business

    business

    If you are a small business owner, your role as a leader may be the least of your priorities. Most of your time is consumed by finding customers, supervising employees, watching your cash flow and delivering you services or products. You don’t want to consider leadership because that is what corporate executives and government leaders need to learn about. Not you. We would argue that you are a leader and understanding your leadership role is an important key to success. What are some of the lesson we can learn about leadership in business?… Read the rest

    Boys In The Boat

    Organizational Alignment

    organizationalI recently read the book, Boys in the Boat. It was a true story of a sculling team from the University of Washington, who through hard work and discipline became national champs and went on to win the 1936 Olympics in Germany. It’s a great story, set against the dramatic background of the Berlin Olympics hosted by Adolf Hitler. It describes how a rowing team developed into the fastest in the world. Of course, the members of the team need to be strong and fit, but there comes a point when all come together in harmony to maximize their performance. It is said that the team is only as fast as its slowest rower, but once they reach that synchronized harmony, they outpace the rest of the competitors.… Read the rest

    Business Plan

    Developing a Business Plan

    There are many important steps to consider when developing a business plan for your iStock_000009265701_Fullcompany, but the first step is to fully understand the main uses of a business-plan. The four main uses of a business-plan are as follows:

  • A Business Plan is a written document that you can use in your search for external financing.
  • A Business Plan is a tactical planning and management tool for your business.
  • A Business Plan is a document showing the capacity of your team to control and manage all the aspects of the company.
  •  A Business Plan brings you new ideas to refine your project by checking and estimating the induced hypothesis.
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    Success

    Success Is

    “Success is … the continual achievement of your own predetermined goals, stabilized by balance, and purified by belief.” – Resource successAssociates Corporation

    In real life many people get stuck in a professional or personal position where goals are defined for them. The result is frustration where no one feels fulfilled and the goals often are never reached.… Read the rest

    MBO

    Leadership Starts With Setting Clear Objectives

    leadershipTo achieve a goal, there is a process that you should implement. This process is to streamline and analyze your objectives. Begin at the very beginning at the smallest, specific part. These are the most important steps to take to meet the guidelines. An objective is a way of knowing what action or plan is to be taken and identifying the expected results. This plan provides a set of directions so that making the decision will not be as complicated as when the goal is just being considered.

    Peter Drucker documented a book published in 1954 entitled Practiced Management where in MBO, which stands for “Management by Objectives,” was introduced. This is a program that consists of simple, but very useful processes in order to meet commitments in an organization.… Read the rest

    Motivating The Staff

    Several  Mistakes in Staff Motivation

    motivationOur clients are often asking us to find better ways to motivate their staff. They are trying to get them more involved in a new challenge or are considering a financial incentive to spur productivity. They may be trying to encourage new ideas or overcome seemly insurmountable obstacles. Carolyn Dewar and Scott Keller provide us with several ideas in their Harvard Business Review Article, Four Motivation Mistakes Most Managers Make.

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    Change

    changeMaking Change Happen

    Realizing a compelling vision often means change, accepting new perspectives, and abandoning old habits and techniques. Many times the necessary changes require doing things differently. Lofty aspirations may involve outsourcing, merging, building strategic alliances, partnering, or acquiring other resources or organizations. It could mean selling off pieces of existing business that no longer fit strategically. It could involve restructuring your organization. What does it mean to you? There are tremendous risks in maintaining the status quo and doing it because “we have always done it that way.” It means that there is no longer validity in the expression, “If it isn’t broke, don’t fix it.” The operative phrase today is, “How can we make it better?”… Read the rest

    Change is Good

    Change is Good

    changeYou may be a member of a civic club or company which has operated in the same way over a long period of time. You may have observed that your club membership is not growing and maybe even shrinking. In the case of a business, sales are not what they once were. You may feel as though you are trapped and need to make some changes but you sense some resistance. To quote Mac Anderson and Tom Feltenstein, Change is Good… You Go First.

    Creating change in any organization is difficult. As that organization grows and becomes more successful, the leadership which made it successful is replaced by management, who intend to maintain that success. That maintenance is the management of the status quo.… Read the rest