Put an End to the Feast and Famine of Owning Your Own Business
Posted: July 18, 2017 Filed under: business, Business Advice, business advisors, business coach, business growth, business opportunities, business owner, Business Plan, Business Vision, goal-setting, growth, strategy, success | Tags: Business, Business Plan, business strategy, Company Growth, Strategy Leave a comment
I’ve seen it time and time again, business owners, whether they own an accounting, engineering firm, marketing agency or IT company, are left feeling vulnerable due to the feast and famine of income streams.
When I meet with business owners they share with me their concerns about their struggle for consistent revenues; one month the financials look great, but next month, they are not on target and they begin to stress about making enough income to cover their expenses. Sometimes this cycle is endless and it can take a toll on the many business owners striving for income predictability and growth.
When a business experiences the feast or famine scenario, things like hiring staff for a project today in hopes that there is work for them tomorrow can result in more stress and pressure on the owner to bring in more business.
Owning a business can be one of the most rewarding experiences, but so often business owners are conflicted with decisions about hiring the right staff, committing to paying rent for the appropriate space, investing in office equipment and technology, not to mention marketing. Without consistent and predictable revenue it is hard to make long term plans that will allow owners of professional services businesses to accomplish their goals.
If you are interested in learning about a professional business that will put an end to this feast or famine scenario but still give you the freedom to own a business, check out this website or simply contact me to discuss your situation.
Employee Relations: Social Media In and Out of the Workplace
Posted: July 4, 2017 Filed under: business, employees, Social Media, Uncategorized Leave a comment
Even though I know some small business owners still have not embraced social media in their business, but in 2017, there is no denying that social media is now pervasive in our culture. When used wisely in the workplace social media is a powerful tool that can connect individuals, increase productivity, enhance sales and marketing efforts and create brand champions. However, social media also has a dark side. Inappropriate social media used by employees can cause serious damage your company’s reputation, leak sensitive information and/or leave you libel for cyber bullying or harassment. With social media use at an all time high and still growing exponentially, it’s more important than ever for every business to have a clearly defined social media policy.
How many Canadians are using social media?
- 73% of millennials use social media daily (Statistics Canada)
- More than 14 million Canadians check Facebook every day (Miller Thomson)
- More than 400 million tweets are sent daily (Miller Thomson)
- LinkedIn has over 8 million Canadian users (Miller Thomson)
What is a social media policy? A social media policy is a code of conduct that establishes clear guidelines and expectations for your employees. It clearly defines which social media sites employees may access and what is and is not appropriate for employees to post about their company on these sites. Typically they include restrictions on disclosing confidential information, trade secrets, financial information and/or potentially offensive material. A social media policy will also clearly state the consequences for breaking the rules.
Why is a social media policy so important? There used to be a clear distinction between your private life and your work life, but social media has blurred all that. People post on social media anytime and from anywhere, often without too much forethought. Millennials, also referred to as the social generation, are notorious for sharing everything, including the minutiae of their lives, without a filter for what is private or work related. “Any company, big or small, needs a social media policy to protect their reputations,” says Aliah Wright, author of A Necessary Evil: Managing Employee Activity on Facebook, Twitter, LinkedIn…and the Hundreds of Other Social Media Sites. “Even if their company has no social media presence, their employees may be creating one by virtue of their actions online.”
7 tips for creating an effective social media policy:
- State the purpose/objective of the policy
- Clearly define what constitutes social media. Is it social media sites like Facebook, Twitter and LinkedIn? Does it include blogs? Online forums? Videos?
- Decide who is responsible for managing and participating in social media – everyone involved in your company’s social media should know who is responsible for the different tasks
- Establish guidelines for overall conduct and be clear about what is considered unacceptable behaviour – releasing confidential or proprietary information, offensive language, cyber bulling, airing grievances online…
- State the consequences for breaching the policy? Disciplinary action? Termination?
- Make sure that your employees understand the social media policy and provide training sessions if necessary.
- Monitor social media usage to ensure that the policy is being followed
Does your company have a social media policy in place? Want more advice on social media policies, or general advice from other business owners like you? Find out if a TAB Board is right for you!
John Womack 