Creating an Effective Budget for Your Business

So, you’re running a highly successful small business. Fantastic! However, things aren’t as ideal as you want them to be. While things are going well, you’d like to see greater profits.

But how do you achieve that?

The answer may be by managing a more effective business budget.

As you know, every successful company needs a budget for knowledge and insight in order to minimize waste and increase profits.

If you’re wondering where to start, you’re in the right place. Corporate Business Solutions experts offer the following steps for creating a budget for your business today.

Understand Your Revenue

It’s nearly impossible to create a budget if don’t know how much money you’re earning. Thus, you’ll need to figure out, at the very least, a monthly average of your revenue.

If your business is already up and running, all you need to do is look at your sales numbers.

Separate Recurring Income and Expected Income

You should always separate your revenue into two separate categories: recurring and expected income.

Recurring income is the regular and reliable revenue the business generates from the likes of contract work and client retainers.

On the flip side, expected income is a prediction of future earnings. Expected income, for the most part, is a financial forecast for your business.

Determine Fixed Costs

What monthly expenses does your business have? This may refer to salaries, IT expenses or even travel costs. If you’re a start-up, you likely have to pay for a lot of initial expenses, such as technology marketing efforts.

When creating your budget, determine what your fixed business costs and how much they run you each month. 

Pin Down Variable Expenses

In addition to fixed costs, small businesses have what are called variable costs. These expenses don’t have fixed priced tags and are a little more random than fixed costs.

For example, if you outsource work or use a freelancer, those costs can vary from month-to-month.

Depending on the performance of your business, variable expenses can increase or decrease. If your business is healthy and thriving, for example, you may have the more disposable cash to invest in variable expenses in order to grow your business for the long-term.

Create a Variance Report to Track and Manage Trends

One of the most critical components for keeping control of expenses and managing for a positive cash flow comes from developing a variance report that shows the difference between what has been budgeted and what is actually spent. This variance report should be set up so that a report can be run at any time to see the variances.  The variance report allows you to have an early warning about negative trends that you can then address with corrective action so that you can protect your pre-planned profits as a percent of the expected revenue.  There is a dollar for dollar impact of your bottom line profits for every increase in expenses for what has been budgeted.  The variance report is a necessary management tool to control expenses and helps create a managerial-based accounting system that is designed to give business owners more control over their business.

Whether they are fixed costs, variable expenses or one-off payments, use your budget to see where you can save money. Ultimately, you want to make your business as efficient as possible in order to increase sales and profits.

To learn more, visit CBS-CBS.com.

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Five Critical Tips to Hiring

We know. Hiring new employees can be a very time-consuming and resource-draining process for any business. However, it can be particularly challenging for small businesses with limited means. For a small company, each new hiree has a significant impact on the business, whether it be negative and positive. As a result, it’s critical for small business owners to have the right approach to hiring in order to avoid mistakes.

If you are looking to take the right steps when hiring, consider the following pointers from our Corporate Business Solutions experts.

Be Very Candid

The first step to ensuring that potential hires are truly ready to take on the duties is to be as clear as possible. You’ll want to inform them of the day-to-day tasks and share the company’s goals as well. Furthermore, it’s important to include details regarding salary and benefits. In addition, be candid about any challenges that he/she might face. Being as candid as possible about the position helps you hire the right people who will last a long time.

Use Connections

You might be able to find great candidates by contacting people you already know in your field. For example, calling or emailing business colleagues and/or creating LinkedIn posts is an effective way to let people know you’re hiring.

Establish Your Company Culture

As mentioned, each employee has a significant impact on the culture of a small business. Remember, you can teach skills, but not personality or a tireless work ethic. Take time to establish company values and the look for these qualities in your candidates. You’ll want to address your company’s values during the interview and also gear questions related to those values.

Measure Commitment

You’re really going to want to understand whether or not a potential hiree is truly committed to working for you before you put that offer on the table. Focus on little gestures during the interview and try to understand how enthusiastic the candidate really is about the job opportunity.

Implement a Trial Period

It’s important to implement a trial period prior to making a full commitment. You might want to consider having new employees sign a short-term contract or hiring them as freelancers. Ultimately, this will help you determine if he/she is the ideal candidate for the job before you make any long-term commitments. Furthermore, an effective trial period can be a great way to give both new employees and employers the right amount of time in order to make informed decisions.

To learn more, visit CBS-CBS.com.

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HR Software For Your Small Business

Instead of devoting so much time, resources, and energy on time-consuming HR tasks, the savviest of small businesses use the right HR software for their venture.

HR software makes admin tasks much easier, which frees up your time to focus on running and growing your business.

Let’s take a closer look at what our Corporate Business Solutions experts consider to be the best HR software for small businesses.

Despite the fact that the HR software market is growing and, with so many products available, which HR software is right for you? Here are four of the best HR software programs out there.

BambooHR

BambooHR is HR software explicitly designed for small businesses. With this relevant and effective HR app, you will find the best candidates for your company faster with applicant tracking. You’ll obtain quick and precise HR insights through HR reporting and time tracking. You’ll also be able to create custom workflows and support employee self-onboarding.

What could be better?

If you’re truly interested in utilizing BambooHR to take care of your admin tasks, you’ll have to fill out your information online in order to get a quote.

HR Direct Smart Apps

HR Direct Smart Apps is a streamlined and smart HR software program that is not only affordable but also highly effective. This program will provide your company with a free employee record keeping app which allows you to both monitor and manage employee information.

From there, you can also decide if you want to exploit the additional features, such as software that makes it easier to complete I-9 and W-4 forms, managing employee attendance, and allowing employees to handle their PTO.

Gusto

You can simplify the chaos that comes with HR by using Gusto. Gusto makes the entire HR process easy, including managing benefits and running payroll. From sending out communications to onboarding new employees, you can make the whole HR process seamless and enjoyable with Gusto.

Furthermore, advice and support are provided by HR experts with Gusto. You’ll be able to choose the right plan for your business and budget.

What could be better?

Zoho People

Zoho People allows you to manage and track all of your HR activity from one location. Zoho makes it easy for employees to update their personal information, which saves you a great deal of time. Furthermore, it includes seamless time tracking, performance reviews, and automated workflows.

To learn more, visit CBS-CBS.com.

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Understanding the Intricacies of Leads

Are you on cloud nine after obtaining leads from your last event? Do you feel really good about yourself and you’re ready to take the sales world by storm? Fantastic! But don’t get ahead of yourself. The most critical aspect of attaining a lead is ensuring it becomes an opportunity. So the question becomes, how can you enhance the quality of leads?

That’s right – do your research.

Corporate Business Solutions experts understand how using marketing automation solution and a CRM can help you understand your leads and grow your business. Ultimately, you’ll want to discern the ins and outs of your leads in order to make effective business decisions. Here are three reasons as to why knowing your leads can really help.

Understand Your Customer

When you know your leads, such as where they’re located and what they’re interested in, you can ensure that leads passed down to you fit your ideal profile.

Tip: consider CRM integration.

With the right CRM, your marketing department can efficiently create newsletters, ebooks, and white papers to keep up with the demands of business. Strong marketing efforts will create a high volume of leads, where prospects can fill out forms in order to access content.

You might also want to utilize Pardot, a marketing automation solution that helps you see your leads as they progress through the prospect journey.

Grab Hold of the Right Leads

Have you ever heard of “lead grading”. If not, now’s the time.

Lead grading lets you literally “grade” your lead on a scale of A to F so you can determine who the most qualified candidates are based on the attributes of a lead’s profile. These characteristics include job title, company size, or industry.

Ultimately, you want quality leads. Lead grading allows you to access that.

Track and Nurture Your Leads

Similar to many small sales teams who wear marketing hats, it’s important to manually nurture leads. You should do this even if you’re not sure whether or not it will turn into an opportunity.

With a concrete process within your marketing automation solution, you’ll be able to nurture in an impactful way to help your sales counterpart.

It’s not necessary to play a guessing game with your leads. With the correct data and procedures, you’ll be able to understand the intricacies of your leads in no time. This will help you secure more sales and grow your business.

To learn more, visit CBS-CBS.com.

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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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Essential Skills Modern Executives and Top Managers Can’t Do Without

In the past, the gung-ho manager that looked after the company’s bottom line would have been considered effective. But the modern workplace is a significantly different environment. Companies aim for survival in the long-term, so a crass leadership style that focuses solely on immediate gains is no longer in vogue. Here are several essential leadership skills small business owners, executives, and top managers need to cultivate for long-term survival of the brand, according to CBS Corporate Business Solutions consultants:

Emotional Intelligence – Forget the “Mad Men” style manager. The modern manager is highly emotionally intelligent. This typically means that the manager is capable of empathizing with the employees he or she is overseeing. Consider this scenario for example; an employee requests a day to work from home because their child has been taken seriously ill. A manager in the past would have flat out refused to grant permission. The skilled modern manager would empathize and accommodate the request.

While some minor inconveniences may occur because an employee decides to work from home, the long-term benefits are numerous. The continued success of any business depends on how invested each employee is in the brand. And if employees are happy, they are more engaged and productive in the workplace.

No More “Gut Feeling” Decisions – In the past, executives didn’t hesitate to boast that they made decisions based on their “gut feelings.” This type of reasoning doesn’t fly anymore. Top-level managers are expected to make their business decisions based on hard data. Even small businesses are encouraged to collect data to gather better insights regarding factors like the target demographic. Managers and executives should refer to this data when making decisions. Ultimately, the top-level players will have to explain business decisions using data-backed evidence.

Collaboration – The biggest businesses today are the result of enormous amounts of teamwork. Business success is no longer celebrated as the sole effort of a highly-placed visionary. Companies do credit their workers, particularly teams, for getting work done. Therefore, modern managers are highly collaborative and actually value teamwork. It simply would not be possible to oversee important projects otherwise.

Do the decision-makers in your small business embody the above qualities? Go to CBS-CBS.com to find out how your small business could improve its leadership.

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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 Businesses will be Affected by Facebook’s Newsfeed Change. Here’s What to Do About It.

Mark Zuckerberg announced last week that Facebook would be making some significant changes to how content is viewed on the platform’s Newsfeed. In a Facebook post on January 11, Zuckerberg specifically pointed to “public content,” which are posts from brands, businesses, and media, as “crowding out” personal posts. Facebook is making a major shift to mainly show posts from friends on the Newsfeed, as opposed to promotional material.

Small businesses can expect this change to hit them the hardest. Smaller brands are the most likely to promote Facebook posts. This year, this strategy will require drastic changes. Here are several tips suggested by CBS Corporate Business Solutions consultants on how small businesses can get around the Newsfeed change:

Produce High-Quality Content—Facebook users are mostly annoyed by spam posts that are blatantly pitch products. To keep your posts on Facebook, start producing better quality content. Meaning content that is highly relevant, timely, and interesting to the target audience. Avoid clickbait and misleading headlines. Invest in articles or video that the target audience would genuinely be interested in.

Consider Paying for Facebook Ads—If Facebook is essential for marketing to your company’s target audience, then seriously consider paying for Facebook ads. The ads will be strategically displayed alongside the Newsfeed so the new change doesn’t affect ads.

Create Content based on Engagement Metrics—The content that is most likely to be successful on Facebook is the type of content with the highest engagement rating. If the videos your company is posting on Facebook is generating high engagement numbers, then it’s safe to continue producing the same type of content. Facebook issues an “engagement rate” for each post your business profile submits. Use this rate to measure which content is becoming popular on the platform, and the continue to make more of it.

Ask Users to Allow Posts—Facebook has a feature called “see it first” that allows users to prioritize content seen on Newsfeeds. Users can click on the “see it first” button for your brand’s profile so that the content you produce won’t be filtered out with the rest of the public content. So conduct a campaign to get Facebook followers to make this change.

There are also alternatives to Facebook marketing your small business can try. Consult with a Corporate Business Solutions expert to find out more.

 

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Everything Small Businesses Know about Hard Work is Wrong

Working hard is an idea that’s drilled into us from a young age. As the belief goes, if one works hard, they will be rewarded for their effort. The latest business research and insight is seriously challenging this notion of working hard. That is to say, does a business need hard-working employees? According to some companies, no.

Perhaps the most well-known company to challenge the notion of hard work was Netflix. Yes, the popular online streaming service made some serious changes to its internal culture after years of stumbling sales. Some of the reforms the company introduced include unlimited vacation times and flexible working hours. Netflix also let go of a good majority of its workforce. The intriguing part is exactly who was let go.

During the layoff period, Netflix didn’t keep its hardest working employees around while laying off the rest. Instead, the company separated employees into two groups: who was crucial to the business and who was not. It didn’t matter if the employees showed up to work on time and worked 10-hour days. If the employee was not considered essential to the business, they were let go.

Such an approach does not seem fair, or particularly smart. However, Netflix managed to turn its dismal finances around to become the premiere streaming service in the world. Why did the Netflix approach work? Read below for explanations from Corporate Business Solutions consultants:

It’s a Results-Based Approach – The Netflix method works because it’s a solely results-based method for running a business. Instead of evaluating employees by how long they spend at the office, the approach isolates employees who bring in results and have the most potential to contribute to the company. It works because those remaining can deliver when it comes to the company’s goals.

Reduce Stress for Necessary Employees – Removing employees who are not needed does reduce stress for employees who contribute to the core business. They don’t have to work with people who are unnecessary to the team.

Focus on Innovation – Ultimately, staffing the workforce is essential to employees who deliver results, allowing companies to innovate. Netflix succeeded because the brand returned as an innovative leader within the industry, not because it had the most hard-working employees.

It all comes down not to working hard, but to working smart. Small businesses that want to succeed must focus on increasing efficiency and productivity at the workplace. Invest in employees who drive innovation in a manner that makes the business more competitive. Avoiding the traditional corporate work environment and driving efficiency and innovation is the way to succeed in 2018. To learn more, visit CBS-CBS.com.

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Tips for Motivating Your Employees This New Year

Do you think your small business’s managers are motivating their employees? According to a recent survey by the human capital management company Ultimate Software, a shocking 56 percent of employees didn’t think so. The survey analyzed more than 2,000 employees in North America. While the overwhelming majority, 71 percent, of managers said they knew how to motivate their subordinates, the majority of employees disagreed.

Motivated employees are crucial to the success of a small business. Employees are also most satisfied when their relationship with the immediate manager is highly positive. Motivation is most important at the beginning of a new year when everyone is looking for a fresh start at work and in their personal lives. Here are several tips for managers and executives to keep employees motivated this new year from CBS Corporate Business Solutions consultants:

Hire Friendly Managers – The personality and social interactions of the manager will highly affect how employees perceive him or her. No one likes to work with bad-tempered and irascible managers. To create a successful relationship between managers and employees, hire people who are approachable and friendly. Employees should be able to communicate their workplace issues to the manager in order to solve problems. If that doesn’t happen, the productivity levels of the small business would be fundamentally flawed.

Do Ask Employees to Contribute – Managers who tell employees what to do all the time are just bad managers. They should direct teams, not dictate to them. When managers are authoritative, it leads back to the fundamental communication issue mentioned above. Dictatorial managers may never know the reality of the situation for the team. Without that knowledge, it’s impossible to make teams more productive or efficient. This type of manager also stifles innovation. Therefore, managers should be able to ask employees to contribute to projects and meetings. Employees are best for conveying what’s wrong from the working side. This information is crucial for seeing projects to completion.

Get Employee Feedback – The Company should also conduct surveys and open avenues for employees to offer feedback on their working conditions, including management styles. Ask your employees what’s wrong directly to fix the issue.

It’s the start of the New Year, so it’s wise for your small business to learn from the mistakes of the past and avoid repeating them. You can request one of our acclaimed Corporate Business Solutions Reviews to analyze your company’s management style and get feedback from the experts.