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How Employee Perks Can Help Your Business

It’s no secret that the right employees are a business’s most valuable asset.

With attractive perks, business owners can provide their hard-working employees with the appropriate work-life balance that they so desperately need. These non-monetary benefits are a major opportunity for companies, and if you’re not taking full advantage of them, you ought to rethink your company culture.

Consider this: it is noted that roughly 50% of job-seekers put a large premium on company benefits and perks in the decision to select their next job.

According to a recent survey by Clutch, the most coveted perk amongst the workforce is flexible hours. Ultimately, this will translate to greater productivity, happiness, and engagement. With flexible work hours, employees feel trusted by their companies to get the job done.

It’s important to understand that this applies just as much to small business as it does larger corporations. Companies should do their best to make their employees feel valued. Things like complimentary coffee/snacks, company retreats, or the option the work from home show employees that their wellbeing is at the forefront.

Respondents from the survey spanned a wide range of industries and companies, including both large and small. The largest group of respondents came from small businesses. Conclusively, while just over 40% of respondents noted that they didn’t have employee perks, the [over] 50% that do have perks asserted that they are satisfied with them and that they improve their wellbeing.

As noted, flexible working hours led the group, with fitness/health perks, food/snacks, and professional development following suit.

According to Corporate Business Solutions experts, businesses can offer perks through health/wellness programs by covering gym membership costs, offering continuing education courses, and/or providing complimentary coffee and snacks throughout the work day.

Why Are Employee Perks Important?

Not only do perks increase productivity and improve the overall working environment for your employees, they also enhance wellbeing and life outside of the office. As a business owner, think of creative ways to implement employee perks that make your staff feel appreciated and valued. Ultimately, they will thank you for it in the end, and you’ll get some nice work out of them in the meantime.

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Google’s Approach to Establishing a Strong Team

 

Surprise, surprise. Google loves data.

Isn’t this something we knew? Maybe, maybe not.

What you likely didn’t know, however, is that Google often puts a great deal of effort into helping YOUR business operate at an optimal level. In doing so, Google has assembled some pertinent information on behalf of what is essentially their HR team. They sought to address the question of what makes a Google team successful.

Let’s dive a little bit deeper into this.

The Research

In seeking to understand why certain teams excelled and others did not Google examined more than 180 teams. They also conducted interviews and compared a myriad of characteristics/attributes between the high-rising teams and the ones that were falling short.

Conclusively, Google determined that the individual make-up of each team mattered much less than the person-to-person interaction and the composition of their work.

Ultimately, they determined that there are four critical components that separate the good teams from the great ones:

  • Psychological Safety
  • Dependability
  • Structure and Clarity
  • Meaning

While all of the elements are important, Google found that psychological safety played the largest role.

Psychological Safety

Essentially, this comes to down to one critical question: as a team, can you take risks that won’t lead to insecurity or embarrassment?

While risk-taking may seem routine on the surface, it actually carries with it a tremendous amount of emotional weight. When employees don’t feel secure about asking a question or contributing to an idea, they are less likely to partake in creativity and innovation. This is due to the simple, albeit IMPORTANT, fact that they do not want to be perceived in a negative light.

Employees that feel safe are much more likely to embody a sense of empowerment and subsequently will take risks and innovate. This leads to better collaboration and greater effectiveness. To learn more, visit CBS-CBS.com.

Dependability

As we know, nobody likes to work with an unreliable employee. This can lead to a myriad of issues. Thus, it’s critical that all members of the team submit their work on time and up to standard. Take the time to address the importance of dependability with your team.

Structure and Clarity

It’s essential for employees to understand exactly what their role is within the team at-large. If this is missing, people have a hard time pinpointing responsibility within the tasks. Consult with a Corporate Business Solutions expert to learn more.

Meaning of Work

As a team, you want to do your best to foster a sense of personal connection to the business and/or work that is being done. When this is the case, employees are more likely to deliver high-quality work.

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Small Business Financial Responsibility Tips for 2018

It’s still the start of a brand new year, so now is the perfect time to start thinking about small business finances for the rest of the year. Most business owners do worry about how the market will fare as new year dawns. If the market suddenly took a turn for the worst, could your small business survive? There’s also a new federal tax plan that will surely affect small businesses when quarterly taxes are due. As new challenges await small businesses in 2018, CBS Corporate Business Solutions consultants highly recommend adopting new ways to remain financially responsible. Here are some tips owners can easily follow:

Stop Relying on Banks for Funding – Is your business heavily funded through bank loans or other types of debt? Debt issues can be the main source of cash flow problems for small businesses. It’s common to see small business owners struggle to repay loans even when the business is actually doing fine otherwise. Business loans are hefty and often carry high interest rates, so regular cash flow may not suffice to repay loans and make payroll. Therefore, be cautious when borrowing. It’s recommended for small businesses to have a savings repository to use when the creditors come knocking.  But more importantly, business owners need to develop a positive cash management system that will allow them to pay their obligations without the need for borrowing.

Formulate a Sound Tax Strategy – The tax law has changed. Do you know how it may affect your business? Small businesses should seek out professional tax advice on how the new tax law will affect them.  At the same time, CBS-CBS.com consultants can perform an in-depth review of your small business to ensure that you are well positioned to take advantage of all the opportunities available to you in 2018, including the changes in the tax law.

Analyze the Revenue – A good amount of targeted marketing and promotions that your small business undertakes in 2018 will require data for justification. This data comes from analyzing your company’s overall cash flow and revenue. Design a highly effective marketing plan and engage in cost-effective projects by doing a proper analysis of the company’s revenue streams.

Start the New Year with a (responsible) bang by putting the above pieces of advice to practice.

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Understanding Net Neutrality Rules and How Elimination May Affect Small Businesses

Net neutrality has been in the news lately. The newly appointed FCC Chairman Ajith Pai recently unveiled a proposal to repeal net neutrality rules adopted under the Obama administration. Now it may all sound like tech stuff that has nothing to do with business whatsoever. If you think that, then you are dead wrong. In fact, if net neutrality rules are repealed, it would mostly affect small to medium-sized companies in the U.S. Read below for a briefing from Corporate Business Solutions consultants on what net neutrality is and how the proposed repeal may affect your small business:

What is Net Neutrality?

Net neutrality broadly refers to keeping internet access equal for everyone. Our access to the internet is controlled largely by broadband service providers. Your ISP can block access to certain sites (and it already does for illegal sites), control which content you see, and more importantly, throttle or control speeds for various sites.

The idea behind net neutrality is to prevent large broadband service providers from preventing free access to the internet.  Simply put, ISPs could create a “pay to play” system where some businesses can pay for better access to customers. That is to say, broadband companies can create a “fast lane” for certain businesses, where sites are speedy and then throttle the speeds of rival companies. When the net neutrality rules were initially enacted, then President Obama said: “No service should be stuck in a ‘slow lane’ because it does not pay a fee.”

Here is a useful resource to get more details about net neutrality in general: 13 things you need to know about the FCC’s Net neutrality regulation

What Repealing Net Neutrality Means for Small Businesses

Repeal of net neutrality rules will give large internet provider companies broad control over how everyone accesses the internet. For example, a broadband provider could charge a fee to make sure a website loads in under 3 seconds. This fee may not be hefty for a large company, but for a small business, especially a one-person operation, it could be life or death for the company.

Consumers, too, would be affected. ISPs would be able to provide packages that limit video streaming data availability, for example. Consumers will no longer be able to get access to all content, which would definitely affect how companies reach their target audiences.

Internet-based companies would certainly suffer if net neutrality rules are scrapped. Not just the small companies, even large ones like Code Academy, Reddit, Tumblr, Twitter and Google have urged FCC to keep the rules. The American Sustainable Business Council even released an open letter to the FCC stating that rolling back net neutrality rules will be “disastrous for the country’s business community.”

What to Anticipate

Keep in mind that FCC’s decision is still a proposal and is not yet final. However, the FCC’s chairman has been insistent that the rules will be eliminated. Even if it occurs, there may not be a reason to panic just yet. It’s not likely that broadband companies would immediately create a pay-to-play system, especially when emotions are running high. In any case, ISPs may have to await legal decisions.

If you are worried about how net neutrality may affect your business, contact CBS Corporate Business Solutions to learn more about the issue with regards to your company’s unique situation.

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How a 350-Year Old Business Continues to Innovate

Do you think your small business would last 350 years?  For the Mitsubishi UFJ Financial Group, that’s the reality. The company was founded in Tokyo in 1656 by a former samurai. Since then, MUFG has made remarkable strides in the financial industry. Though the business is a bank in practice, this has never stopped MUFG from innovating. Today, the company is a multinational business in a highly competitive international environment. So what lessons does this centuries’ old company have much newer small businesses?

MUFG’s head of transaction banking, Ranjana Clark, told media that the secret to the company’s continued success was a commitment to identifying customer pain points and eliminating them. MUFG doesn’t attract customers by offering various incentives but rather retains customers by making it a lot easier to do banking with MUFG rather than anywhere else.

This is a great tactic that your small business can also employ to obtain an advantage over the competition. Making sure that the end-to-end customer experience is seamless has proven to be more effective than offering customers deals, discounts or gifts. Here is how your small business can go about eliminating customer pain points:

Identify Pain Points First—obviously, your company needs to understand what obstacles customers face when interacting with your business. Don’t speculate here. Do one of our Corporate Business Solutions Reviews or an internal review to scientifically identify pain points.

Think Like Customers—Don’t approach the problem as a business executive would. Approach the problem like a customer. Viewing pain points from the customer’s perspective is all that matters when solving issues.

Come Up with Specific Solutions—don’t think there will be a “one size fits all” solution for the pain points identified. There won’t be. Therefore, the business will need to come up with specific solutions for each target group for each pain point.

Customer Feedback May Help—when developing solutions, it will be helpful to get input from customers as well. It’s part of “thinking like a customer” mentioned above.

Ultimately, aim to develop an emotional connection, like security and trust, with the customer. It has been shown over and over that emotional connections make customers return more than incentives. You can get in touch with a consultant at CBS-CBS.com to develop a comprehensive plan to address customer pain points.

 

How Famous Businesses Create Great Company Cultures

If a small business wants to retain its top talent, increase employee morale, commitment and productivity, then the business must have a great culture. Company culture is a term that pops up a lot in business-related news articles. It refers to the internal environment of a business and the rules and procedures that drive employee, manager, and customer relations. A good company culture is essential for long-term business survival.

So, exactly how can a small business create a good company culture? Let’s look at some examples of famous brands that have managed to create truly excellent company cultures (selected by Corporate Business Solutions consultants):

Twitter – Twitter has managed to avoid some of the major pitfalls tech companies faced by developing a good company culture. The workplace is highly team-oriented with an emphasis on motivation and inspiration. Twitter also offers other benefits like free lunches, yoga classes, and even unlimited vacations for select employees. Those are only some of the reasons why Twitter employees cannot stop boasting about the company.

Warby Parker – Warby Parker is a major prescription eyeglasses brand. The company ensures that the internal culture is positive by arranging numerous events that drive positive interactions between employees. For example, working at Warby Parker means attending fun events, going out to interesting lunches, and overall socializing with co-workers a lot.

Zappos – The online shoe brand does not tread slowly when it comes to company culture. Zappos is heavily invested in providing great customer service. But the customer is not the only focus here. Zappos has 10 core values that all employees must learn. Zappos believes that happy employees lead to happy, and loyal, customers.

Squarespace – Squarespace is a highly successful startup that was once ranked as the best place to work in NYC. Why? Well, the reasons are many. The company has a “flat” hierarchy where the management level between the employees and the executives are few. Squarespace is actually applying a common startup tactic to a much larger company. Also, the company offers amazing benefits to employees like full health insurance coverage, pleasant workplaces, in-office stocked kitchens, and flexible vacation periods.

There are many things small businesses can learn from the above examples of creating a great company culture. CBS Corporate Business Solutions also want to include the importance of taking steps to reducing the incidents of verbal abuse and sexual harassment at the workplace if a company wants to create a truly great culture.

Small Business Loans Explained

Borrowing money for a small business can be tricky. The finances involved in this category are quite complicated. More often than not, small business borrowers don’t really understand the terms associated with business finance. Here is a brief explanation from Corporate Business Solutions consultants of some types of business loans available to small business owners:

Term Loan – These are a common type of financial assistant in the business sphere. A term loan is simply a sum of money that the borrower must pay back with interest over a designated period of time. The length of the payment period is important here. Term loans are paid back over a longer period of time, in contrast to short-term loans, colloquially known as payday loans which have high effective interest rates and are not a smart way to borrow money. Term loans offer the major advantage of having reasonable interest rates and lower monthly payments. However, businesses need to be in very good financial standing to obtain a term loan.

SBA Loan – These are small business specific loans made under a program authorized by the Small Business Administration. SBA loans are highly recommended for companies because these offer lower costs than typical term loans. The loans are created to boost small businesses, so the lender has your best interests at heart. While highly affordable and quite ideal for small companies, obtaining one of these loans requires following the procedures set forth by the SBA.

Line of Credit – Traditional business loans are borrowed once and paid over installments. Line of credit business loans are different in that small businesses can continuously borrow and pay back as many times as desired. Line of credit does have a maximum borrowing threshold, so borrowers can only obtain amounts lower than this threshold at any given time. Line of credit loans are largely similar to using revolving credit since no new approval process is needed as long as you stay within the limits established under the original terms of the line of credit.

The above is only a very brief explanation of the type of business loans available to owners. Small businesses should not borrow indiscriminately just because the financial instruments are available. Consult with us at CBS-CBS.com to find out if your business is borrowing wisely and what are the best options available for your business.

 

Paid Advertising Mistakes Small Businesses Should Avoid

Paying for advertising is one of the biggest investments small businesses make. Therefore, the money should be spent wisely. CBS-CBS.com consultants advise many clients on setting up small businesses budgets. One of the major issues we have seen is wasteful spending on digital marketing. Here is our advice for small businesses that want to avoid overspending on online ads. These are some mistakes to avoid:

Using an un-optimized landing page—The landing page is the primary reason your Google Adwords traffic becomes conversions. If the landing page is slow, boring, irrelevant, or not optimized in any meaningful manner, your site will not see increased sales. Therefore, make sure the landing page is tested to drive conversions.

Limiting promotions to only one paid advertiser—Paid advertising is a varied genre. Therefore, don’t limit your budget to just one, like Google Adwords. Make use of other paid channels such as Facebook, Twitter, and so on. Also, try to find niche paid advertising channels in which your target audience is most likely to engage. If your company is B2B, for example, then LinkedIn would be a better place to buy ads than Facebook.

Ignoring specialized publishers—When you buy an ad on Google or Facebook, you are advertising to a general audience. If you want to advertise to a very specific audience, then you need an ad publisher who can reach websites, blogs, and media companies that reach this audience. Therefore, do invest in publishers like BuySellAds and Blogads to reach niche audience with the likelihood of high conversion rates. You can contact a CBS Corporate Business Solutions consultant regarding reaching niche audiences through paid advertising.

Not using remarketing strategies—Remarketing and retargeting strategies aim to attract people who have already visited your website or followed a link. Visiting at least once indicates the interest of some sort. Therefore, paying for advertising to this audience is a great way to attract high-quality traffic. You can get more for your money considering that only users who were at least once interested in your products are returning.

Last but not least, your paid advertising strategy must match your budget and vice versa. If you are on a limited budget, redo the strategy to benefit from only the most lucrative channels, and not experimental ones. You should match the budget to strategy to avoid both overspending and underspending.

Hurricane Harvey Highlights the Importance of Small Business Disaster Preparedness

Hurricane Harvey has made landfall on the Texas Gulf Coast turning quiet streets into raging storm rivers. While the rescue operations are ongoing for regular folk, it’s important to pay attention to the hurricane’s impact on the small businesses in the area. The area Harvey is barreling through is a major hub of the state’s offshore oiling business. As a result, there are many small businesses operating in the region. Unlike the bigger companies, small businesses are hit hard during disasters like hurricanes.

As much as 40 percent of small businesses don’t survive disasters like Harvey, says a disaster specialist with Fox Business. Experienced Corporate Business Solutions have noted that many small businesses do not adequately prepare for natural disasters. It’s understandable that most people might be concerned about personal safety. But small businesses can lose a lot during disasters. The business can end up literally torn apart by a hurricane and lose inventory and property. Here are several suggestions from our consultants on how small businesses can prepare for disaster and minimize losses:

Have an Emergency Management Plan – All small businesses should have an emergency management plan at hand. Such a plan makes an early assessment of potential damages a small business could experience in case of a disaster. Also, such plans prepared in advance roles to take on for employees and managers in case a natural disaster strikes unexpectedly. In simple terms, this is basically a handbook on what to do in case of a flooding, hurricane, or a tornado. Your business absolutely needs to make this plan in advance, preferably with the help of experts like the ones you can find in CBS-CBS.com.

Take Necessary Steps to Physically Secure the Business—Small businesses should always have at hand the necessary tools to board up a store in case disaster strikes. Well prepared managers should call construction experts in advance to find out the best ways to secure the store so it can withstand most natural disasters.

Get Insurance Coverage – Business insurance coverage should include a provision for natural disaster emergency situations. Your company must be covered for the most common natural disasters the area you are located at faces. The FEMA website has some useful information for companies about getting disaster insurance.

Small businesses should also have a system in place to address local government emergency alerts for disasters. Set up a communication system so that all employees are informed of such alerts and evacuations when needed, are facilitated.

That Google Memo and Company Culture

If you are an avid consumer of business news, you must have already read about the 3,000-word Google memo by an unnamed employee that has gone viral. The memo details an employee’s dissatisfaction regarding Google’s new efforts to recruit more women and minorities. The author of the memo is rather offended by the tech giant’s push to hire more women engineers and cites “biological differences” between the sexes for underrepresentation of women in tech. Regardless of what you think about women or diversity, the memo raises an important question about company culture.

Small business owners often need to take decisions about hiring new employees that may not always be to the satisfaction of already existing employees. In local small businesses, for example, employees that have stuck out with the business for a while may not like it when the company wants to hire senior personnel to expand. Regardless of what hiring quotas end up being, business owners and managers must always maintain a strong company culture as well. The culture could be more diverse, or rather closed. However, all employees must ultimately have close working relationships that further the goals of the business. It’s never good for business when employees don’t get along well.

Here are several suggestions to small business owners from Corporate Business Solutions consultants about maintaining employee cohesion and building a strong company culture:

Listen to Complaints – There should be an effective method for employees to voice their complaints about the workplace environment. Some of these complaints will have merit, and most might not. Regardless, it’s important that all employees understand that the boss listens to them.

Let Them Know Empathy Matters – Don’t expect all your employees to get along like BFFs. Some will be close friends, others will not. The managers must ensure that employees have good working relationships with one another regardless of personal feelings. Some of these feelings may be sexist or racist, as in the case of the Google memo author. Don’t ever let your small business be embroiled in a racism or sexism scandal. It will ruin your business and expansion efforts for years to come. The company cannot change personal beliefs of workers either. What the small business owners can do is build an empathizing company culture where all employees respect one another.

Keep Goals in Mind—Make sure all employees share your vision for the company’s future. This matters more so than almost everything else when it comes to succeeding as a business.

If your small business needs to make the workforce more efficient and solve company culture issues, you can seek help at CBS-CBS.com.