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The Business IDEA

The Business IDEA

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3 trends that can stimulate small business growth

8/18/2018

 
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3 trends that can stimulate small business growth

Take a look at recent trends and developments in technology. It’s clear that these changes can give entrepreneurs that extra leverage to scale up. Here are three to consider.



(BPT) - Small businesses are far more influential than most people may realize.

That influence is felt well beyond Main Street. Small businesses make up 99.7 percent of all businesses in the U.S., and these firms employ nearly half (48 percent) the workforce, according to the 2018 Small Business Profile compiled by the U.S. Small Business Administration.

In addition, take a look at recent trends and developments in technology. It’s clear that these changes can give entrepreneurs that extra leverage to scale up. Here are three to consider.

Big companies have big opportunities for small firms

Back in the 20th century, a large company would get things done in this very straightforward way. Wherever there was a need, they hired someone directly to perform that task, whether it was a driver or an accountant.

Under today’s leaner models, these big companies are finding it’s much more efficient to partner with other firms to fulfill certain needs. According to Deloitte, 31 percent of IT services have been outsourced, as well as 32 percent of human resources. This increasing acceptance of outsourcing is a huge growth opportunity for small businesses owners.

For example, Amazon recently announced it is actively seeking and helping entrepreneurs who are willing to deliver packages as their contractors. The mega retailer will even go as far as helping with startup costs so long as these smaller firms deliver their packages. Landing a contract with a big corporation is a significant milestone for any company, but starting out with that lucrative contract is sure to let these startups hit the ground running.

Better connections for greater flexibility

When today’s entrepreneur has a new role to fill, they’re not confined to the talent pool in their immediate community. Because we now have the tools and connectivity to work from anywhere, a business owner can expand the search across multiple states!

What’s more, these flexible, work from anywhere options can give business owners the inspiration to do things differently. Having greater collaboration means having access to more options to fit specific needs.

For example, what is the very nature of being a small business owner? It’s dealing with a fluctuating volume of work. Tapping into the talent pool of freelancers to work on these specific, short-term tasks and projects is easier than ever, because for a segment of workers, freelancing is increasingly becoming a way of life. Freelancers currently make up 36 percent of the workforce, according to a study from Upwork. And, if trends maintain, most Americans will be freelancers by 2027.

Thanks to remote options with easy access to talent, small businesses can easily set up temporary or ongoing as-needed work arrangements. When you partner with Dell for your computing needs, you’ll get the expert help and support so you can set up the perfect flexible workspace system.

More automation brings better efficiencies

Without a doubt, new technology works in favor of small businesses and entrepreneurs because they have many tools at their disposal to automate labor intensive processes, be more productive and cut costs. For example, entrepreneurs can use software to process client payments and even set up automated payments, saving hours and costs associated with collecting, processing and reconciling under the traditional paper check payment system. That translates into a more efficient billing department that can spend more time focused on complex issues.

Let Dell equip your small business with the right tech tools, tailor made for your venture and backed with support, so you can focus on running your business.


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5 ways businesses are turning old problems into new opportunities

7/10/2017

 
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Modern work at a coffee house with laptop, coffee, and smartphone

(BPT) - Today’s business environment is characterized by excitement as much as it is by anxiety. As new technologies are constantly introduced into the workplace and transform how employees work, managers need to adjust in order to retain employees, streamline processes and stay competitive.

“Companies of all sizes are looking for solutions that allow them to work and collaborate seamlessly from anywhere, transforming their businesses to be more efficient and mobile,” says Nate Spilker, vice president of product management at Citrix.

Many see such rapid change as particularly challenging for small to mid-sized businesses, where limits of capital, personnel and other resources may prevent them from being able to fully adapt to changes and implement fixes.

In fact, the opposite may be true. Because small to mid-sized businesses have less red tape to get through, they may be in a better position to become early adopters and outpace the competition. With an entrepreneurial spirit, they can turn these challenges into opportunities for growth. Here are five way they are doing just that:

1. Growing IT budget. For all the promises that come with new software and hardware, there's also a price tag. Beyond implementing new technology, businesses need to grow their IT staff to ensure everything functions as it should. To combat these costs, many have adopted a bring your own device (BYOD) policy in which employees use their personal computer, laptop or tablet to work. According to Forbes, this policy can save companies as much as $3,150 per employee per year. The key to a successful BYOD policy is software that provides rigid security measures and allows individuals to access shared files and work with one another, whether on a Mac, Windows or other operating system.

2. Keeping ahead of administrative tasks. When Hope Blankenship’s business To the Rescue Bookkeeping was expanding from a single location to multiple offices in different states, she quickly realized her success also brought new challenges, namely, how to coordinate and manage multiple locations. Blankenship discovered that Citrix ShareFile, which provided an automated workflow, file sharing, remote desktop access and document signing, was the solution she needed to coordinate with several people in a number of locations and not get bogged down by administrative work.

3. Customer security and confidentiality. Despite living in a digital age, many small and medium-sized businesses still rely on printed materials and faxes when working with clients. In fact, 72 percent of business agree that improved document processing would improve customer relations and increase their brand value.

“Business leaders recognize the need to embrace a modern, digital workplace to drive greater efficiency in business processes. This means taking a close look at their document and information management workflows and embracing technologies to take the friction out of these processes while keeping data secure,” says Terri McClure, senior analyst, Cloud Infrastructure and File Sharing, ESG. “By using ShareFile’s collaborative workflow and security features, customers and their clients benefit from more streamlined and structured processes, less time to complete projects, deliver results and increase customer satisfaction, all while complying with stringent security requirements.”

4. Generational differences. It has often been said that there has never been a greater gap between generations than there is with millennials and older generations. Smart businesses use these differences to create a dynamic and diverse workplace. This is done through traditional mentoring programs in which older employees train younger ones on professional development, career advancement and numerous other soft and hard skills while the younger group can teach older workers how to efficiently use new technologies.

5. Lack of space. One of the biggest problems a growing business faces is in finding the space for an expanding staff, either in their home offices or in remote locations. By incorporating remote file sharing and workflow technology into their business plan, physical space has become less of an issue. This technology streamlines the workflow and allows people to collaborate from virtually anywhere in the world and in the process, saves on the cost of rent.

The driving force behind many of these solutions involves a cutting-edge file synch-and-sharing system, like Citrix ShareFile.
“Citrix is continuing to drive innovation in ShareFile beyond file sharing and storage to address the workflow needs of the modern worker. Now with a simpler user interface and use-case-specific solutions, ShareFile is helping its customers to increase productivity and collaboration,” Spilker says.

With more than 80,000 business customers and 20 million business users, Citrix has developed their systems to be easy to use and capable of handling all types of files, from sensitive legal briefs to 3D architectural designs. Combining user experience with security, ShareFile safeguards data through leading industrial security standards.

To learn more about small business technology solutions, visit www.sharefile.com.

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Visualizing success: 6 ways to set yourself apart in business

1/29/2016

 
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(BPT) - More than half a million new businesses emerge onto the scene over the course of each month, according to Forbes Entrepreneurs. But even more businesses shut down than start up. Whether you’re a new business owner or an employee looking to take your career to the next level, it’s definitely a competitive environment. How can you differentiate yourself from the millions of others?


“Developing a purpose and setting goals to accomplish that purpose is the key to success,” says Per Wickstrom, founder of Best Drug Rehabilitation and successful business leader. “As an individual, you have a unique and fresh perspective, so it’s important to let that shine through.”


Wickstrom offers his proven tips for setting yourself apart from the rest to reach your business and career goals:


Give back to the community
Never underestimate the power of giving back to your surrounding community. The local community is what helps your business grow, and giving back is immensely rewarding and valuable. From volunteer days to donation drives, there are hundreds of ways for you and your business to give back to the community.


Tell your unique story
All successful people have role models and mentors from which they draw inspiration and knowledge, but it’s important to continue to develop your own individual style and viewpoint. How did you get where you are today? Don’t be afraid to be your dynamic and complex self.


Continue to learn

Commit to learning something new each and every day. To be innovating and create new products and services, you need to stay on top of the trends and news in your industry. Keep an open mind and always be ready to absorb as much information as you can. Being flexible and adaptable are some of the most valuable assets.


Learn from your mistakes

Of course you’ll never make it to the top without learning from your many mistakes along the way. There are very few “overnight successes” in the world, and it’s likely you’ll spend years working towards your greatest accomplishments. When you experience a setback, don’t let it overwhelm your rational thinking. Instead, let it fuel your motivation on the road to achieving your goals.


Keep productivity top of mind

When collaborating with others, meetings can be both incredibly productive or a complete waste of time. Keep your meetings and brainstorm sessions compelling and energetic without letting them run too long. Put away your smartphone and other devices to focus on the task at hand.


Focus on your passion

Successful entrepreneurs and business leaders are not successful because they let money drive them. Instead, they focus on their passion and spend time working on a vision that pulls them forward. While this involves a bit of risk, every successful person must take that leap in order to develop their goals and dreams. When you visualize your success, it means you believe what you want is more than possible.


For anyone seeking validation that rehabilitation works, Per Wickstrom’s success is more than enough evidence. For more information and influential tips on success, visit perwickstom.com.


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Forget your dream job - 3 reasons to work for a dream company in 2016

1/18/2016

 
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(BPT) - A workplace renaissance is positioned to gain steam in 2016. Professionals are shattering the stereotype that the ultimate career goal is to work in a dream job and instead are seeking out employment at dream companies.

"While satisfying work is key to professional fulfillment, working for a highly desirable company with elevated benefits is even more important to employee satisfaction, retention and engagement," says Lucy English, Ph.D., managing director of institutional research at Horizons Workforce Consulting. "People are no longer prioritizing a dream job, but rather a dream company."

So what sets a dream company apart from the status-quo? Employees feel these organizations genuinely care about their well-being, promote work-life balance and provide ample opportunities for career growth. "Depending on organization size and industry, offerings can vary, but should embody these principles," says English.

According to research from Horizons Workforce Consulting, employees who work for dream companies are 11 times more likely to stay at their company than those in dream jobs, have 41 percent more job satisfaction, and are 3.5 times more likely to say that their job inspires them.
Dream companies are built on a positive culture of caring and support as well as benefits that go beyond health care and 401(k)s. According to English, employees in dream companies report having access to an average of nine such benefits, including flexible work arrangements, child care, elder care, paid parental leave, educational advising services and wellness resources.

Still not convinced working for a dream company trumps a dream job? Consider this: People who are not working for a dream company are nearly 45 percent more likely to report having high levels of stress than people working in dream companies, according to the "Business Benefits of Being a Dream Company" report by Horizons Workforce Consulting. Likewise, those in dream companies are 62 percent less likely to report being burned out by work, and health satisfaction improves for people in dream companies compared to those working in dream jobs at less than ideal companies (62 vs. 54 percent).

For individuals seeking a new job, statistics like this are helpful in determining which benefits to look for in a new company. But what about people who want to inspire change at their current place of employment?

"Employees looking to transform their current company into a 'dream company' can start by setting up a meeting with human resources or creating an employee advisory group to brainstorm new benefits that meet the three 'dream company' criteria," says English.

For traditional companies, these small changes can create a turning point for both employee happiness and company loyalty. According to the Bright Horizons 2015 Modern Family Index, 76 percent of working parents feel their company doesn't have their best interest at heart, and 62 percent say their employers do not care about them.

"Employees are taking charge of their careers with considerations beyond the day-to-day responsibilities," says English. "Employers who adopt qualities of dream companies will be able to find and retain top talent."

Is self-care a key to increasing workplace productivity?

1/12/2016

 
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(BPT) - Today’s employment marketplace is both complex and competitive. Workers have access to the benefits and job opportunities of a global economy, and to the modern technologies and resources that make workplace flexibility easier than ever before. In today’s workplace, there’s seemingly unlimited room for personal growth, mobility and productivity — but employees can’t achieve any of these things without their health.


Worker health affects everything, everywhere


Economists and business leaders both recognize the role of health in workforce productivity and competitiveness. When workers aren’t healthy, they can’t perform at their best and their companies become less efficient and competitive.


A survey of 35 large employers with at least 1.2 million workers, conducted by the Institute for Health and Productivity Management, found that common self-treatable conditions such as allergies, joint pain and excess stomach acid affect many workers every work day of the year. One global corporation determined that common ailments like these cost it $3.25 million annually in lost productivity. Individuals who have ever suffered from any of these ailments understand how difficult it is to remain productive and excel at their work when not feeling well.


More companies are understanding these challenges and realizing their impact on employees’ functionality and productivity. Many businesses now are empowering their workforce with simple solutions – offering preventive health and wellness programs to reduce the impact of common ailments on workplace productivity. This includes acknowledging the contribution of over-the-counter medicines (OTCs) to keeping employees healthy and productive.


Self-care and OTCs put power in the hands of consumers by providing safe and accessible relief options for many common health issues. This enables individuals to take an active role in their own health and wellness, to remain at work or return there more quickly, and to enjoy a better quality of life.


Benefits to the healthcare system as a whole


At a time when employers and society in general are working to control healthcare spending, OTCs are a critical component of ensuring that healthcare resources are used cost effectively. An independent study by Booz and Company estimates a total economic savings of $125-148 billion from avoided physician office visits ($77 billion), fewer costlier prescriptions ($25 billion) and less time away from work for doctor’s visits ($23-46 billion). Another study estimates that every $1 spent on OTCs saves the system $6 to $7.


For consumers, these findings just reconfirm what many already know – that engaging in good self-care and health habits means fewer sick days, increased productivity and a better quality of life. The medical cost savings also can lead to more affordable health plan options because of reduced medical costs incurred by their employers.


An ounce of prevention


For companies and their workers alike, the old Virgil adage still holds true, “the greatest wealth is health.” Today’s wellness resources and OTC options are empowering workers to prevent themselves from losing their functionality and productivity to muscle and joint pain and other common ailments.


For consumers, the accessibility of OTCs and self-care options provides a chance to take a more active role in their health, giving them an advantage in today’s competitive job marketplace.


To learn more about how OTCs can help and other disabling symptoms of self-treatable illness, speak with your pharmacist today.


Working parents: Think your employer doesn't 'get' you? You may be right, but there is still hope

1/11/2016

 
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(BPT) - More American families than ever before have two parents working, but recent studies show many employers haven’t adapted to this change in the workforce demographics. Working parents feel burnt out and unloved at work, making them less creative, less productive and more likely to quit because of work-related stress, according to the 2015 Bright Horizons Modern Family Index.


Employers can do their part to create a culture that supports working parents and reduces the risks of valuable employees quitting or experiencing burn out. Managers should watch for signs of employee burnout and provide opportunities for working parents to voice their concerns. The Modern Family Index, which surveyed working parents across the country and in different industries, found:


* Sixty-two percent of working parents don’t believe their employers care about them. They also say employers are inattentive to the needs of working parents (64 percent) and don’t have their best interests at heart (76 percent).


* Just 34 percent of managers are concerned working parents struggle to balance work and life demands, while just 30 percent worry about whether working parents feel their company doesn’t care about them.


* Although nearly all parents say they experience burnout, 70 percent don’t speak up about it. Meanwhile, 60 percent of managers say working parent burnout can be avoided. The same percentage of parents say their manager wouldn’t even realize when parents experience burnout.


* Seventy-nine percent of working parents and 77 percent of managers say to curb burnout, changes need to occur in the office, not at home. The first step is for parents to begin voicing their concerns.


“Many of the parents we surveyed expressed frustration with their employers and indicated they feel their companies don’t really understand or care about the stresses they face,” says David Lissy, CEO of Bright Horizons, a provider of employer-sponsored child care and other work/life solutions. “All employers must consistently look for new ways to ensure the culture they are cultivating is one that resonates with and is valued by their employees. The labor market is tightening. Jobs are expected to outnumber workers by 5 million by 2020, and competition for top talent will continue to intensify.”


However, the survey indicates the blame does not fall squarely on employers. Both employers and parents need to do better to adapt to the new realities of modern families. “Good communication between employers and working parents will benefit both groups,” Lissy added.


Working parents can take several steps to improve their work/life struggles. Kim Callaway from Horizons Workforce Consulting agrees that the first step is communication. Parents should talk to their managers. Often, managers are unaware if an employee is struggling to balance work and home demands. Talking to a manager means you can work together to find a solution. “Don’t just point out a problem,” she says. “Be prepared to suggest a viable solution. You can also take advantage of the annual employee opinion survey most employers conduct and share your concerns in an anonymous forum.”


In addition to speaking up, parents can also take other steps toward a more satisfying work-life balance.


* Learn more about your employee benefits. You may be unaware of some, such as back-up child care or a telecommuting policy that can help.


* Be realistic and honest about your work and personal goals. When both you and your employer understand your goals, you can work together to achieve them.


* Take a vacation. Employees who take less than 25 percent of their earned vacation are more likely to feel burnout, according to a recent study by Horizons Workforce Consulting.


* Rest is vital to your overall well-being, and a lack of sleep negatively affects satisfaction with life, health, work and financial success. The Horizons Workforce Consulting study also found 60 percent of working adults don’t get enough sleep each night.


* Managers should watch for signs of employee burnout and provide opportunities for working parents to voice their concerns. Regular meetings about work-life issues can help generate ideas for solutions and give employees a better sense of community.


“People want to work for employers who understand and support their needs,” Lissy says. “This year’s study shows communication among employees, managers and company leadership needs to improve. When working parents express their needs and employers listen and respond, the whole organization benefits.”


5 ways to make your first impression a lasting one

1/8/2016

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(BPT) - Within the first few seconds of meeting someone, an opinion is immediately formed that can last forever. This encounter often sets the tone for the relationship that follows. So how can you make your first impression a positive one?


Here are some tips to help you knock your first meeting out of the park:


1. Take pride in your presence

Physical appearance is the first thing people observe before an introduction.  Always dress appropriately for the occasion, whether it’s a casual lunch or a formal business meeting. A go-to suggestion is to maintain a clean and crisp appearance for most events because you can’t go wrong – think business casual. This look can be trendy and professional and will position you in a positive light. Being mindful of your appearance will give you more confidence to help make a great first impression.


2. Share your best smile

A warm, genuine smile is your best tool in making a first impression unforgettable. “A self-assured and convincing smile starts with regular oral care practices to keep your teeth clean and your breath smelling fresh,” says Dr. Christopher Ramsey, DMD. An easy way to do this is by adding a mouthwash, like Crest Pro-Health Advanced Mouthwash with Extra Deep Clean to your daily routine. “These advanced mouthwash formulas strengthen teeth, kill germs and freshen breath, so you are guaranteed to have and maintain an impressive smile,” says Dr. Todd Snyder, DDS, AAACD. 


3. Showcase your positive attitude

For people who get nervous when interacting with others, it is essential to sustain a calm attitude and optimistic outlook. Go into the meeting with an open mind and learn something new. Contribute to the conversation and maintain engagement. Showing attentiveness is often contagious, as the person you meet catches on and reciprocates.


4. Be conscious of your body language
Body language is a crucial element in daily human interaction. From the way you walk to a meeting, to the hand gestures used while you speak - body language is just as important as the words you say. Start by standing tall, making appropriate eye contact and giving a firm handshake. Demonstrate open body postures by keeping your head up and relaxing your shoulders. Crossed arms and legs make you appear closed off and unapproachable, so be mindful of how you might appear to others.


5. Be yourself
Being true to yourself is the best way to be presentable to others. Be comfortable with your personality. If nervousness kicks in, take a few deep breaths and remember to be calm and confident. A composed demeanor will put anyone at ease, sealing the deal on an excellent relationship as you move forward.

Making an everlasting first impression is simply about being at peace with who you are and being ready to meet others. Try some of these above tips at your next meeting, networking event or job interview.

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