For many small business owners, the idea of group health benefits is not even on their radar. Many would rationalize this as a “large company” benefit and too expensive for a small business. However, with the ever-present issues of employee recruitment and retention, employee benefits, from a small business perspective, is not a human resources issue, but rather a business decision worth considering.
As a business owner, it’s ultimately your decision if you want to offer group health benefits or other benefits to your employees, but I’ve outlined a few key questions you might want to consider when reviewing benefits for your employees.
- Is this part of an employee recruitment/retention strategy? Employee group benefits have become a standard part of an employee contract for most mid- to large-sized businesses as they can make potential and current employees feel they are valued and taken care. It can therefore play a key role in the decision-making process when candidates are deciding to work with or stay with you versus your competition. By offering groups benefits, are you evening the playing field in this regard?
- What is the demographic makeup of your employees? Take a look at the make-up of your employees: if they are mostly single, or millennials, they might be less likely to need or want health benefits. However, if they are older, with spouses and dependents, they may want, or even need a group benefits package. You may also want to consider the type of industry you are in; an office environment with full-time staff might have very different expectations than a construction company with seasonal, part-time, or contract staff.
- Can you afford this benefit? Group benefits can be costly to a small business, amounting to thousands of dollars per employee per year. How do you rationalize this benefit against potential pay increases, bonuses, etc.? Look at your bottom line, and specifically your recruitment costs and what you perceive as the “benefit” to offering this benefit to your employees.
- How can you define a benefit? In a smaller company with only a handful of employees, you may want to consider offering a benefit, but not a group health benefit plan. I have heard of several business owners who offer employees an annual lump sum cheque to cover medical or dental benefits or have their employees submit receipts for medical or dental expenses that are then paid for by the owner.
- What do they want? Decide on a couple of scenarios that you can afford and logistically implement and then speak to your team and get their opinions on group benefits packages vs. other benefits options. You may find that some employees want a benefits plan, or your employees would prefer to have a small cheque made out to them to cover medical expenses, or they may come up with an entirely different type of benefit.
The point of this exercise is to decide as business owners how you can show your current employees and future employees that your company is one that values employees by offering them what is valuable to them in terms of a benefit.
As a small business owner, have you ever considered offering benefits to your employees and if so, what type of benefits? What has the response been like?
Congratulations! You’ve landed a new client, now what? The first few months of your new business relationship will determine the level of satisfaction your client has with you and will ultimately factor into whether or not you have a solid working relationship from which to grow. In order to maximize your level of service during this new and exciting time, I highly recommend following a carefully crafted onboarding process.
An onboarding process acts as somewhat of a blueprint for the next few months of the new relationship by clearly outlining expectations for both parties involved. Moreover, it protects both parties by mitigating any form of miscommunication or false expectations.
I’ve outlined below the steps involved in creating an effective onboarding process:
1) Send a welcome email
With most things in life, first impressions matter. This is no different in business, and sending your client a personalized welcome email from a C-level individual at your company not only shows your commitment to working with them, but it’s also a nice gesture that opens a line of communication.
2) Learn their resources
Since every company is different and operates in their own way, knowing what resources they have available is important to accomplishing your goals. For example, and depending on the type of services you’ll be providing, you’ll need to establish what platforms each company uses, what internal staff will be directly working with you, and whom you can go to with questions.
3) Establish mutual goals
A new business relationship is a two way street, and success is dependent upon clear communication and support offered by each party. Simply because a working agreement has been established, it doesn’t automatically mean both parties are on the same page. It is through the onboarding process that the details of the contract can fully be planned for effective execution.
4) Have a kick-off meeting
Whether over the phone or in person, hosting a kick-off meeting with key members involved in the launch of a service is an important step for setting expectations and weeding out any kinks that may have been overlooked during the original planning phase.
5) Obtain feedback
Once your business relationship has begun, checking in with your client to provide updates and ensure their satisfaction is key to demonstrating your willingness to foster a successful relationship. Not only will this show them your commitment to providing excellent customer service, but it will allow for any concerns or necessary changes to come to light. Having a 30, 60 or 90-day feedback session is recommended, but you can customize this plan based on your client’s preferences.
As you’ve probably realized in your business ventures, every client is different. Making tweaks to your onboarding process may be required depending on what each client’s expectations of you are and vice versa. Ultimately, an onboarding process is created to help you achieve success and maintain a mutual understanding with your client, so putting in the time to carefully craft one is in your best interest.
Do you have an onboarding process in place for new clients?
Forbes published an article on the importance of peer advisory boards, “10 Reasons To Join A Peer Group.” While I thoroughly enjoyed the read, I noticed the author overlooked a few key benefits that I’ve been lucky to witness firsthand as a facilitator. As a business advisor, I take pride in facilitating a peer advisory board that has proven results for my members. The peer boards help business owners reach new heights and succeed in ways they never imagined.
Peer advisory boards led by trained facilitators embody the power of collaboration, accountability, and perspective. A deep bond can be created and a business asset is formed that business owners crave and are hard pressed to find in any other forum. I’d like to share with you my list of top 7 reasons many business owners join a peer advisory board:
One of the greatest benefits of joining a peer advisory board is the exposure you’ll receive to other small business owners much like yourself. Entrepreneurship is unlike any other job, which means the challenges you face on a daily basis are just as unique. As a member of a peer advisory board, you’re able to share ideas with people in similar situations. As a result, the business ideas you’ll be provided with won’t just be erroneous but tried and true.
As the owner of a business, there aren’t many people you have to report to other than perhaps a Board of Directors or other shareholders. When you’re part of a peer advisory board, however, your fellow business owners will often hold you accountable for the executive decisions you’ve elected to make. Many peer groups meet once a month and they often expect some form of progress each month.
We’ve all had ideas that we considered to be foolproof, but as we’ve come to know in business, not every idea is feasible. In becoming a member of a peer advisory board, you’ll receive constructive criticism from the board regarding your potential business decisions. This allows you to fill in any gaps that you may have overlooked.
With competition at an all time high, it’s difficult to know whom you can share your ideas with. With peer advisory boards, anything that is discussed is confidential among members, so you’ll receive reassurance in knowing that you can freely discuss your business decisions without compromising trade secrets.
As previously mentioned, you’ll surround yourself with like-minded entrepreneurs as a member of a peer advisory board. What this means is that you’ll witness them experience successes and/or setbacks, just as they’ll witness the same for you. Either way, you’ll challenge one another to learn from your mistakes, grow, and ultimately succeed.
A common benefit I hear from board members is that a peer advisory board allows them to focus on developing their business rather than working in the business. Don’t get me wrong, one of the best qualities of a business owner is someone who knows the ins and outs of their product or service, but when it boils down to growth, strategic decision-making is a necessity.
As the saying goes, “it’s lonely at the top.” But it doesn’t have to be. Your fellow board members are there to support you through your journey, and many if not all are experiencing, have experienced, or will experience the trials and tribulations you are facing as a business owner. They are as much of a support group as they are anything else.
Have you ever considered joining a peer advisory board? What would be your top reason for joining?
As discussed in my last blog, a business is only as strong as its team, I shared with you why having a strong team is so vital to your business’s success. Once we as business owners understand the value of a strong team, the natural next step is how to create that team and how to measure its success.
There are several key elements to building and measuring a strong team—from defining roles, ensuring communication, to celebrating successes and measuring progress. I’ve outlined four key elements that you’ll need to consider in building a successful team.
- Define and Value Roles
In addition to a job description, ensure your staff have their responsibilities clearly outlined. Clearly defining what it is the team member is responsible for, as well as how it plays a part in the overall company, will help in understanding the value their position plays in the overall growth of your company.
- Openly Communicate
Open, or two-way, communication is a key aspect in running a successful business. Your employees rely on you to communicate your expectations to them and to provide any information or training that may be required.
From a feedback and measurement perspective, communication is key. Create not only an onboarding document which outlines your expectations, but also develop a feedback mechanism for them to communicate their progress or any difficulties they may be experiencing. You can establish weekly or daily meetings with them and ask them to create a report, which gives you an overall perspective on how they are progressing and managing tasks.
- Celebrate Success/Embrace Failure
If an employee or team accomplishes something in the workplace, celebrate it! No, you don’t have to throw a big party with cake, streamers and balloons, but even the simplest recognition like a personalized email acknowledging their accomplishment can go a long way.
However, if mistakes happen, use them as a learning opportunity not just for that individual, but also for the entire team. As a business owner, it’s essential not to place blame or point fingers when something goes wrong. The goal of your team is to work towards the future of the business, so learning from mistakes should make for a valuable lesson moving forward.
A team is non-existent without collaboration. Collaboration can be achieved in many ways – through effective communication, sharing of knowledge, and peer support. Ensure you have built in opportunities for collaboration, which might be regular team meetings, in-house lunch and learns, one-on-one meetings, etc.
Roles often collide and allow employees to work synonymously together. If we think back to the restaurant analogy, a cook would not be able to plate food without clean dishes, nor could a server serve the food if the tables are not cleared.
Lastly, team building and measurement is an ongoing process in which you play a vital part. Allow yourself the time to invite your team to share in your goals and help you achieve them. Just as no man is an island unto himself, no company can be built without a strong team.
What do you and your team hope to accomplish for the remainder of the year?
With over 30 years of experience, I’m often asked by business owners how they can take their business to the next level. While there are many ways of doing this, such as marketing initiatives, sales strategies, staffing and the like, I always stress one important factor that tends to be overlooked – the foundation of a solid team.
As a business owner, you’ve likely hired staff to support your operations. If you haven’t hired any staff yet, it’s likely just over the horizon if you plan on any form of growth in the near future. Strategic staffing ensures you are hiring not only the right person for the job, but someone who will support the vision and future growth of your organization. When hiring someone to fulfil a role, ask them what their values are and how they think they align with your company’s mission. Simply put, just because a candidate has a certain skill set, it does not mean they are a good fit for your company. Having a team mentality with cohesive goals will foster a dedicated work environment built for success. If your team encapsulates members who are willing to grow as individuals, both professionally and personally, there’s a good chance they’ll want to apply that opportunity for growth to the growth of the company. Taking the time to mentor your employees will result in unequivocal benefits for both parties involved for years to come.
Further to aligning values and goals, balanced skill sets will ensure you have a strong team. It’s important to remember that as individuals, it’s human nature to have both strengths and weaknesses. The strongest team is one that encompasses skills of all sorts that complement each other in a synergistic manner. Similarly, there must be a good balance between leadership and peer support. As a business owner, you should strive to lead your team to success through empowerment and motivation, but most importantly, through example.
One thing that I have observed in organizations is that there is sometimes a lack of effective communication within teams. As individuals, we tend to think that everyone we interact with wants to be communicated to in the same way that we do. However, this is not always the case. While one person in your organization may like to talk things through, another might like things written down. Learning how to effectively communicate with your team will allow for a more productive workplace and will ensure that your goals are always successfully met.
Ultimately, a strong team will only thrive if trust is established between team members. In my next blog, I’ll discuss in more detail the best ways to build a strong team and how you can go about measuring their success.
Do you think you have the right team in place to achieve your company’s goals?
When most people are asked the question, “what makes a great leader?” the responses are predictable, with a list of qualities that most often includes confidence, charisma, and energy. But there is a whole other type of leader that tends to be forgotten: the silent leader.
What exactly is quiet leadership? Simply put, it is the ability to inspire, motivate, and encourage through action instead of words. While a boisterous leader may have the right effect in some cases, they are certainly not the right fit for every company or team. Fortunately, anyone can adopt a quiet leadership style by practicing a few important behaviours that I’ve detailed below:
- Effective Listening
- An ability to listen to others and actually hear what is said will ensure everyone feels respected and has ownership in the work of the company.
- To be a successful quiet leader, your employees must trust you implicitly. Being truthful will ensure loyalty from your followers.
- This goes hand in hand with honesty. While remaining quiet, you must still ensure you are open and approachable to your team.
- Even as a leader, you do not put yourself above your team. You hold yourself to the same standards and accountability as your employees.
Keep in mind that although a quiet leader may be in the background a lot of the time, they still have an air confidence about them that people respond to. Leading by example and not just “talking the talk” can be the best way to motivate your staff. When you build the right relationships with your employees, you will find that you no longer have to be loud in order for them to listen.
Have you ever adopted a quiet leadership style within a team? Was it successful? Please share your experiences in the comments!
It’s hard to believe, but we will soon be entering the final quarter of the year. It’s an important time to ensure your business is on track with achieving its goals, in addition to setting your goals for the year to come. But depending on what your anticipated goals are, you may want to set something a little more specific – key performance indicators. While similar, the two can greatly differ so knowing what these differences are can surely help move your business in the right direction.
What Are Key Performance Indicators (KPI)?
A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. While goal setting illustrates a set of objectives you’d like to achieve, implementing a KPI will actually measure the success in achieving these targets. More importantly, however, is to know what type of KPI to implement, and this all depends on your type of business and what part of the business you’d like to track.
For example, if you’d like to see how your marketing efforts are assisting your sales objectives, setting an Incremental Sales KPI would prove highly beneficial. This specific KPI analyzes how your marketing efforts have increased your sales revenue during a specific campaign. The end result of a KPI will show you if the resources and budget you’ve allocated to a specific campaign, resource or individual have proven effective.
KPIs can fall under the following categories:
- Financial Metrics
- Customer Metrics
- Process Metrics
- People Metrics
How Do I Know The Right KPIs For My Business?
While setting KPIs are beneficial to your business, they can be just as detrimental to your time management if you do not set the correct ones. There are thousands of KPIs to choose from, and it can be overwhelming not knowing where to start. Here’s a tip – not only do you want to select KPIs that suit your industry, but ensure they also match your strategy. Additionally, ensure the targets or goals you are evaluating performance against are SMART (Specific, Measurable, Attainable, Relevant and Time-bound). By using this key formula you are ensuring both your goals and KPIs are achievable.
Where Do I Start?
Are you interested in incorporating KPIs into next year’s strategy? Start with these simple steps:
- Define what areas of the business you’d like to measure.
- Identify what questions the decision-makers, managers or external stakeholders need answers to.
- Select your KPIs. Consult your peers and business coach/advisor for input.
- Measure, measure, measure, don’t stop measuring when results are unsatisfactory.
Never hesitate to change or add KPIs throughout the year. After all, the main purpose of a KPI is to inform decision-making!