Why Small Businesses Need to Keep Corporate Business Records

Most small business owners believe corporate business record keeping is just for big corporations. In our experience as Corporate Business Solutions consultants, most small business managers and executives consider record keeping to be just another administrative hassle that their work schedules can do without. But we strongly advise all small businesses to do better to keep corporate business records for a number of reasons.

If your small business is legally considered an S corporation, an LLC, or a C corporation, it is a must. Even small businesses that are not registered in this manner can benefit from keeping corporate-style business records.

Business Records Offer Legal Protection – The main reason corporations go to painstaking lengths to keep business records is for legal protection. Lawyers call this the “corporate veil” of protection in court. If your business is sued by anyone, including creditors, these business records will play an important role in showing that your company followed proper procedures and maintained legally required standards.

Safeguard Limited Liability – If a company is an LLC, corporate records are necessary to protect the “limited liability” function in the record. A potential lawsuit could demand personal assets in a settlement, all the while questioning the LLC’s compliance. Corporate records will safeguard your business’s LLC status.

For IRS Purposes – Corporate records can be requested by the IRS. If that happens, your business will need to provide it. IRS can demand documents like business meeting minutes under certain circumstances. Therefore, for tax purposes, these records are important.

In Case of a Sale – If the small business needs to go up for sale, a potential buyer would want to look at corporate business records to see how the business has performed. Also, they might want to make sure the company kept clean records and there’s nothing shady underneath.

For the above reasons and then some, CBS Corporate Business Solutions consultants recommend small businesses keep records of events like business meetings, annual reports, shareholder decision-making documentation, among others.

How to Encourage Employees to Meet Deadlines

Not being able to meet project deadlines is one of the most persistent issues small businesses face. There could be a variety of reasons for this issue. However, to keep up the levels of productivity at the workplace, meeting deadlines on time is a must. If the project teams at your company sometimes fail to meet essential deadlines, here are several suggestions from Corporate Business Solutions that might help:

Assign a Clear Team Leader: Teams work efficiently only with the presence of an undisputed leader. Rudderless teams are more likely to miss deadlines and be disorganized because no one is sure what to do. It’s common for some managers to put together a team without a clear hierarchy of authority. This can reduce tension at the office, but overall it leads to more disarray. When a team has a leader, that leader will ensure everyone does what they are supposed to on time. This structure is essential to almost every project.

Check in on Long Projects: If there’s a project that takes months to complete, a manager or an executive at the company should occasionally check in on progress. It’s possible that with other daily duties, employees might neglect long-terms goals. Executive supervision prompts employees to get things going. Also, for long projects, it’s best to schedule monthly or bi-monthly progress reports to remind everyone that the project needs to proceed.

Break Down Complex Projects: Sometimes employees are just too overwhelmed to meet deadlines. Therefore, managers or others in charge should take care to break down complex projects into small, doable portions. Do not dump a massive project on a handful of employees and give them a deadline they might not be able to meet. The responsibility also falls on the management side to be realistic about what to expect from employees.

Tell Employees to Write Down a Timetable: Employees must have a written record of schedules or timetables related to the project. The purpose here is to provide a task map that everyone can follow. Don’t let employees take mental notes of what to do and when. There should be a written record for all team members to refer.

If a team does miss a deadline, there should be a really good reason for it. Otherwise, your company might be lacking in productivity in general. You can get one of Corporate Business Solutions Reviews to see if your company is up to industry standards when it comes to productivity.

Some Tips for Generating Customer Referrals

The best way to influence a customer is through a recommendation from a friend, so said Mark Zuckerberg once. The customer referral, or word-of-mouth marketing, is still the best way to attract new customers to your brand. Potential customers naturally trust their friends or family over company-made ads. Therefore, a recommendation from a peer has a much stronger influence than the slickest marketing trick your business can afford.

While word-of-mouth marketing is indeed understood to be powerful, it’s very difficult to master. It’s not like your business can visit the Facebook pages of all customers and convince their friends to recommend your brand. But there are effective methods to promote word-of-mouth, as illustrated by the successes of companies like Uber and Dropbox. Here are several tips for creating customer referral programs as recommended by our Corporate Business Solutions consultants:

Come up with Great Incentives—Obviously, what really drives a customer to make a reference to someone else is getting something in return from the brand. If a customer really likes your business, he or she may make a recommendation to a friend. But your brand can definitely change the ‘may’ to a ‘will’ with an incentive. The incentives to offer will depend on your business. You can offer discounts, free items, or free upgrades. Dropbox, for example, offered customers an additional 500 MB of storage space for inviting a friend to join. Find out what your customers really desire, and base referral incentives on that.

Aim for High-Quality Referrals—It’s not simply enough for a customer to mention your brand name in a Facebook post. The referral must result in a lead. That is to say that the customer making the referral actually facilitates a purchase, a subscription, or a meeting. It could be done via social media, email, or in person. So, when offering incentives, make sure it leads to a referral that facilitates a purchase. Offering gifts in return for Facebook mentions or social media shares thus may not result in generating new leads.

Choose the Right Time: Don’t ask customers to make referrals during the wrong time. You risk requests being ignored. Ask for referrals when the customers are most engaged with your product or service. This is the only time incentives actually work. Timing is key to making referral programs work.

Want to know more about how to create a customer referral program with a huge turnout? Then contact one of our CBS Corporate Business Solutions consultants.

An Employee Wants to Change Teams. What Should You Do?

Most companies carefully assemble teams to work on projects. Bringing the right talent together is crucial for achieving sales goals, as our Corporate Business Solutions consultants often recommend. Ideally, the teams you assemble together should work well. But in real life, this is often not the case. Conflicts between teams can occur, even though it shouldn’t commonly occur. If a team member asks to switch teams, as a manager or the owner, you must give careful consideration to the request (even if you really don’t want to). Here are several things to do when an employee wants to change teams:

Ask for Specifics: Some employees are forthcoming, some are not. As the boss, you should ask for specifics why the employee wants to switch. It could be because the employee feels as if he or she is not up to the task assigned. It could be some other malicious reason as well, such as harassment. Small business owners must be very careful regarding keeping the company culture civil. If one employee feels uncomfortable due to a toxic workplace, then others might be too. Therefore, it’s important to get to the bottom of why an employee wants to leave the team.

Interview Team Members: Stories are never one sided. You should interview the other members of the team, especially the team leader, as to why the employee might want to switch. This should be approached carefully. You don’t want to sow discontent between your employees. Asking some general questions may help. Later, if you suspect bad behavior, you can ask more probing questions.

Talk to Other Managers: It is important to also get the input of other managers or executives on the situation as well. If the need to switch is caused by skills deficiency or misplaced skills, then the managers or HR should evaluate how the employee might have been misplaced on the team.

It’s not always easy to put together the perfect team. Company culture, HR evaluations, and overall management all play a role. Are all these aspects working well together at your small business? To find out, contact us at CBS-CBS.com.

 

How Small Businesses Can Manage Employee Vacations During Summer

It’s the summer! For small business executives everywhere, this also means hordes of employees going on vacation. According to market research, about 30 percent of the workforce at the average small business takes paid time off during the season. Business managers should carefully handle vacation time off to avoid being shorthanded. Summer is also the season when customers are more than willing to spend money. Here are some tips for capitalizing on the season while employees are also taking time off:

Plan in Advance: To avoid disruption due to some employees being on holiday, it’s important to plan in advance. Have employees inform you at least a month in advance of extended summer vacations (ones that take a week or more). Then don’t forget to inform the other employees about who’s going to be on vacation so they, too, can make plans accordingly. Our Corporate Business Solutions consultants highly recommend holding a meeting among key managers and individuals to notify everyone of who is going to be absent and to maintain a master list of vacation schedules which can be consulted by management to be able to make needed adjustments where necessary.

Encourage Employees to Make Cover-Up Schedules: It’s very important for employees that work in teams to be on the same page. So if someone is going on summer vacation, tell that employee to get schedule fill-ins for necessary tasks. Everyone on a team should know about who’s covering up for whom on vacation.

Send Reminders: In addition to meetings, don’t forget to set up reminders to inform everyone in writing who will be off. For example, you can send email or Slack reminders about summer vacations. Encourage employees to do the same.

Set Vacation Deadlines: Employees going on vacation should be given deadlines to complete tasks before they take time off. Let them understand that no time off will be available until these tasks are done. This is why planning vacation time in advance is important.

Reward Fill In Employees: If an employee takes over a colleague’s tasks while he or she is on vacation, then don’t forget to acknowledge that fill in employee’s contribution. Managers can offer praise, bonuses, rewards like free pizza, or an extra day off during other seasons. These rewards will encourage employees to fill in more, so the company is less likely to be shorthanded.

Small businesses should offer reprieves for employees during the summer months. Use the above tips to make sure the holiday time doesn’t disrupt business. You can ask the professionals at CBS-CBS.com for advice on all matters related to small business, including staffing issues resulting from employee vacations, during a comprehensive business analysis of your company.

What Small Businesses Can Learn from Richard Branson’s Secret to Success

Richard Branson, the famed CEO of Virgin, recently shared his secret to success on his blog. So what could have propelled a once unknown recording studio owner to become a billionaire celebrity? The answer is deceptively simple: to do lists.

Branson explains in detail how he is always making lists. He carries a small pocketbook with him at all time to write down things to do. He even shared a snapshot of a to-do list he had made way back in 1972 when he was only running his studio, The Manor. His list included lofty goals like learning to fly, as well as such mundane things like buying new stuff for his studio. Branson says his to-do lists help him turn his ideas, no matter how big or small, into a reality.

This is, indeed, a very interesting habit for anyone to have. Branson tells all entrepreneurs to make lists and break down big tasks into small and manageable tasks that can be ticked off on a to-do list. Our Corporate Business Solutions consultants agree. What Branson is showcasing here is a keen ability to remain organized and focused. The to-do lists are a simple yet highly effective way to do this.

No entrepreneur or small business owner is ever not busy. During hectic weekly schedules, it’s easy to forget things that one must do. These things include both personal goals, like Branson wanting to learn flying, as well as business goals. Our consultants always advise small business owners to find personally convenient ways to stay organized. To-do lists, as Branson explains, are a very good start.

To-do lists are a great option for small business owners to stay ahead of schedule. Using such a list on a weekly basis will lead to more productivity. When we do Corporate Business Solutions Reviews, we often recommend teams to use lists as a way of staying organized. Small business owners, too, can definitely benefit from this advice, as Richard Branson clearly did.

How to Fire an Employee Properly

Firing an employee is one of the toughest aspects of being a small business owner or a manager. Even the companies that work the hardest to hire just the right employees occasionally find themselves in need of firing someone. Getting fired is not easy on the employee either. So this is a matter that should be handled as delicately as possible. If you make the employee that’s going to be fired angry, there could be consequences in terms of lawsuits, negative press articles, or even unthinkable situations like the recent business place shooting in Orlando by a fired employee.

Here are several tips from Corporate Business Solutions consultants on how to fire employees properly:

Do not resort to abrupt firings unless absolutely necessary – Never fire an employee abruptly, unless it’s a case of a zero-tolerance violation set forth in company personnel policies which put employees on notice what actions subject them to being immediately fired. For example, if the employee gets arrested or is caught red-handed in a crime, then you can fire the person on the spot if those actions are set forth in the personnel policies for immediate termination.

If the firing is the cause of something like poor performance, then the process should be handled gradually. For example, an employee with poor performance should be given fair warnings and opportunities to rectify the situation. If there’s any cause for concern, first discuss the matter with the employee in question. Gently warn that if the issue is not fixed, then you would be forced to fire the employee. It should be well understood by both parties. The gradual firing process also gives the employee time to emotionally prepare themselves for the prospect of getting fired.

Break the news gently – Keep in mind that losing a job is an extremely emotional process. So, employees might react to the news in various ways. Therefore, it’s important to break the news as gently and calmly as possible. Be calm on your side even if the employee is not.

Discuss the logistics of the firing – The person doing the firing should meet face-to-face with the employee to discuss issues such as severance packages. This should also be done in an understanding manner. Also, in these meetings, listen to the employee. Do not react to whatever they are saying. Some may try to threaten to sue. Handle it gracefully without adding fuel to the flame.

It would help if the company has policies in place for handling firing gracefully. CBS Corporate Business Solutions consultants can review the process of how your small business handles firings, or advise managers on how to fire people without having the company face backlash for any reason.

How to Create Interesting and Compelling Small Business Customer Testimonials

Customer testimonials are one of the best ways to convert traffic into paying clients. Most consumers nowadays actively seek out prior reviews and testimonials before paying for a product. This is particularly true for service sector businesses. Customer testimonials carry weight, but only if you do them right.

Consultants at Corporate Business Solutions often encourage small businesses to put an effort behind customer testimonials to make them actually persuasive. This goes beyond doing a routine spell check. Here are several ways to make customer testimonials compelling without resorting to exaggerations and hyperbole:

Write Long Testimonials – It may make sense to write short testimonials if you apply advertising logic to the material. After all, short text keeps potential customers interested, right? Not when it comes to testimonials. Audiences find longer testimonials more compelling than short ones. The problem with short testimonials is that they tend to sound like quick endorsements, not actual feedback from a former customer. People read testimonials to find out what it’s like to work with your company. So a long-form testimonial with details is the best way to go.

Provide the Specifics – Avoid writing generic testimonials. These are known to be ineffective. A persuasive testimonial includes specific details of services rendered. Ideally, the testimonials should include the nature of the services provided, the types of services provided, and the results. It’s highly recommended to use data, such as a conversion rate before and after. The small details do matter in making the testimonials sound authentic and compelling.

Do Use Pictures – Images are great for giving a human, or a real life, face to the testimonials you publish so they don’t sound like another advertisement. Also, images keep web users interested. Marketing experts know that visual aids can dramatically improve how promotional material is consumed. This is true for testimonials as it does for content and ads.

Consider Video Testimonials – Do not overlook the power of video testimonials. If your company’s target audience is typically averse to long-form text, then the video would be the best way to go. Video testimonials are full of visual assets, which are always good signs for conversion rates. A video is a great format for online testimonials as the majority of web users are known to consume hours of video.

Next time your small business is preparing to publish a testimony, think about the above advice from CBS Corporate Business Solutions consultants. You will notice a difference in conversion rates sooner rather than later with compelling testimonials.

How to Develop a More “Authentic” Brand

Modern consumers value authenticity now more than ever. It’s the main feature that almost all brands must embody in order to appeal to their target audience. Corporate Business Solutions consultants occasionally find small businesses that have brands with an authenticity problem. The advice of “just be who you are” doesn’t always apply to companies. If your company is struggling to build an “authentic” brand”, here are several suggestions that might help:

Ditch the Jargon: Does the marketing team of your small business send out promotional material that often contains technical jargon or overused advertisement language? Don’t bother with sounding too formal, or too smart. Use everyday conversational language in all your brand promotional material. Customers do not engage with brands that sound robotic. If the brand sounds just like another “friend” on Facebook, then they will pay attention.

Come Up with a “Down-to-Earth” Founding Story: Every company needs a good founding story. It’s the backbone of getting more funding and humanizing a corporate entity to the public. When you write the founding story for your small company, do not go out of your way to make things up. It doesn’t have to be a script for a Hollywood movie. Be as real as possible. Tell it as it happened, but in an appealing story format. Don’t go overboard and present the company or the founders in a larger than life format. That is not appealing and looks disingenuous.

Use “Real Life” Images: Does your company spend a lot of money getting professional-grade photographs to show with the brand? That’s fine. But these pro shots should be combined with “real” or “day-to-day” shots of staff being human beings. Such images could include “behind the scenes” looks, pictures that don’t look posed, and higher ups in “regular people” situations. Appearing too sleek can backfire. It’s important to show customers that there are faces behind the logo.

Be Accessible: The best way to reach out as a truly authentic brand is to be accessible to everyone. Provide 24/7 customer support. Answer all queries customers or interested parties submit. Create as many avenues as possible for customers to get in touch with the company, such as email, phone, or live chat. Accessibility is the key to reaching out.

Think seriously about the above strategies when giving your brand a more genuine makeover. You can find more information about how our consultants can help with your marketing strategy at CBS-CBS.com.

Why Your Business Needs to Use Chatbots

Providing proper customer support is an important but often challenging aspect of running a small business. Over the years, there have been many innovations in offering customer care, from written letters to giant outsourced call centers. Now IT has yet another solution for customer support: chatbots.

If you don’t already know what a chatbot is, it is a software program that allows customers to contact a virtual customer representative. It’s like Facebook Messenger, but it’s custom designed for your company. CBS Corporate Business Solutions consultants often come across small businesses that struggle to provide praiseworthy customer support. For small businesses owners who want to be on the cutting edge of customer support and have a need for customer interaction without increasing costs significantly, we recommend switching to chatbot software for numerous reasons. Here are some of the more compelling reasons why your business needs to consider chatbot support:

Offer Support 24/7: Chatbots don’t need to eat, sleep, or go home. Therefore, these tools are the best way for companies to provide all day, every day, customer support without drastically increasing costs.

Chatbots Reduce Overhead Costs: Running a call center or hiring employees to provide customer support is extremely expensive. Chatbots, on the other hand, are low-cost options that provide the same services at a fraction of the cost.

Millennial Customers Prefer Chatbots: The market will soon be dominated by millennials who are highly tech-friendly. Millennials prefer to interact quickly with an app than to pick up the phone and call a company like their parents did. If your business’s primary audience consists of millennials, chatbots will very likely improve customer satisfaction levels.

Cut Down Waiting Time: Chatbots can respond rapidly, so customers do not have to wait for a human representative to pick up a call or an online message. One of the most common problems with customer care is that it takes too long to deliver. Chatbots will eliminate this problem.

Deliver Custom Ads: Not only do chatbots actually help customers with issues, these programs can also deliver ads. Unlike with phone systems, chatbots are sophisticated enough to deliver personalized ads to the right customer, thus increasing the chance of a conversion.

If you want to learn more about how to improve the customer experience at your company, you can make an inquiry at CBS-CBS.com.