As a small business owner, it’s so important to find the right people for your team. I have spoken with small business owners who are thrilled to see their employees go above and beyond to improve the business. They say they never knew that an employee was so dedicated, or that someone exceeded even their highest expectations. But sometimes, and more often than you’d expect, businesses hire the wrong person and end up suffering certain consequences, which include:
- Lost time and lost productivity – We’ve all heard the phrase “time is money,” and hiring the wrong person will cost a business both in training time, and in restarting the hiring process again once they’re gone.
- An unhappy team and workplace – A difficult employee can put pressure on the rest of the team, who must pick up his or her slack, and deal with extra work and stress that they might find unfair.
So, how do we go about dealing with a bad hire? I always try to keep some important questions in mind:
- Is the employee in the right role? In some cases, the person just isn’t a good fit for their role, but they may still be a good fit within the business. Consider speaking with the employee and changing their role, as that may lead to a happier and more productive employee and team.
- Are problems arising from simple mistakes, or cutting corners? Mistakes are part of the learning curve, especially for new employees. It’s possible that the employee has made correctable errors, rather than demonstrate a character flaw.
- Does the employee fit with the company culture? In the end, if the employee is not a good fit within the workplace, it’s best to let them go. Cut your losses early with a bad hire, so that you can save your time and money on finding a better fit, and a more productive employee.
Now that you’ve dealt with a troublesome hire, how do you go about finding the right person? Here are some tips you may want to consider when reviewing possible candidates:
- Do your research. It’s a given that you do your research on each candidate beforehand, but take a closer look at their resume, LinkedIn profile, and references. Note any gaps in employment or any ambiguous points on their resume, and check their online presence on websites like Facebook and Twitter.
- Go beyond the obvious. Ask the candidate questions that go beyond their resume and cover letter. Their answers may reveal more about their personality, and the rapport you build with them may show if they’re a good fit within your company culture.
As a small business owner, hiring is one of the many tasks you have to dedicate time to, and though it may be tiring, finding the right team members will be best for your business in the long run. If you’d like to learn more from other small business owners on hiring, and many other strategies, contact me today!
With constantly improving technology and 24/7 access to email, it may seem like your employees are always available to keep your business moving forward. But have you ever wondered if this might be putting too much pressure and stress on your employees? I have worked with many business owners throughout the years and the topic of employee retention seems to come up often.
Every employee will differ depending on what provides them the most happiness on the job, whether it’s compensation, benefits, or office perks; however, studies show that there are many benefits for firms that take measures to improve work-life balance, like increased productivity and greater recruiting abilities.
To implement positive change for both your employees and your company’s bottom line, I’d like to share with you a few tips to improve work-life balance in your organization:
- Set realistic project goals, and discuss them with employees. It’s important to discuss timelines with your employees before starting a task. Depending on their role, they may have competing project deadlines and making adjustments to their schedule could mean the difference between having to work overtime and spending time with their family.
- Offer flexibility. Giving your employees the option of adjusting their work hours or occasionally providing the option of working from home can make a huge difference to them. Providing variations in work hours that work best for them will allow your employees to be more focused, less stressed, and much more productive at work.
- Review your benefits package. It may be in your business’ best interest to offer group health benefits, or cover the cost of some medical expenses. While this may seem like a benefit reserved for larger companies, from an employee recruitment and retention perspective, offering benefits can serve as a unique competitive advantage. A well-structured benefits plan can offer security and peace of mind, and further motivate your employees, particularly if there is an issue affecting numerous employees.
There’s no denying that Canadians are career-driven and hard-working, but overworking your employees can lead to more harm than good for your business. But with a great work-life balance, your employees will be happy, motivated, and productive in their jobs. If you’d like more advice on how to improve your company’s bottom line, check out how TAB can help!
There comes a point in an executive’s career where most, if not all professional milestones have been achieved. It’s a point where I have found many executives start to become restless, looking for the next challenge. If you don’t share the same excitement your colleague’s have about their retirement plans and you are thinking about how you’ve always dreamed of being your own boss, then I’d like to share with you a great opportunity to unleash your entrepreneurial spirit!
As a franchise owner for The Alternative Board (TAB), you not only have the freedom to make you own decisions, have low overhead costs, and determine your own hours, but you will have the backing of an international franchise and be making an impact on small businesses and their owners.
As a TAB franchisee, you will:
- Build and manage an advisory board of up to 10 non-competing businesses
- Coach business owners to improve their leadership skills and help their business grow
- Facilitate group meetings and discussions to propose constructive, powerful solutions to business problems
- Guide and grow your business with autonomy, and with the backing and support of an international franchise
This opportunity is perfect for:
- Executives with an entrepreneurial spirit, who have an abundance of experience in the corporate world
- Business leaders who look to tackle a new challenge for the next 10-15 years
- Those who would enjoy helping passionate business owners innovate and grow their businesses
Becoming a TAB franchisee allows you to be your own boss, make your own decisions, and help small businesses succeed. It’s the perfect opportunity for someone who wants to make a big difference in the lives of many small business owners and their ventures. If you’d like to learn more about being a TAB franchisee, contact me today!
In my 30 plus years of working with a variety of business owners, their vision, drive and entrepreneurial spirit never ceases to amaze me!
When working in a consultancy business, owners often work up to 100 hours a week in a busy season or during a huge campaign, but when summer comes, or tax season is over, or whatever the reason they are hit with a slower period, resulting in decreased revenues. These business owners share with me how they are looking forward to the next juicy new client, business acquisition, or new advancement in their industry to boost their monthly revenues and increase growth.
I have shared with many of my clients that run their own consulting business that they might be interested in leveraging their expertise and owning a TAB franchise. This would be a complementary business to your current business that will provide recurring revenues, and give you an opportunity to help other businesses grow.
As a TAB franchise owner, you can create a new revenue stream while keeping your existing business. A TAB facilitator is a franchise owner, who runs their own TAB boards and provides business coaching to business owners. However, this does not mean selling your business and buying a new one, it means owning a new complementary business that will provide recurring monthly revenues and new growth opportunities for your current business.
For example, if you are an accountant and run a small accounting firm, and now are also a TAB facilitator, you can see revenue growth in your current business if your TAB members (business owners) need your accounting services as well. Although you cannot make them use your firm, or suggest that you are the only firm, the fact that you are already working with them and their business might go a long way when they are considering who to hire for their accounting needs.
Adding a new business to your existing business requires a lot of thinking, specifically about whether you have the fundamental operational aspects of your current business in place. You’ll need to look at whether you have a strong foundation in terms of staffing, operations and processes in place, because being a TAB facilitator will require you to be out of the office perhaps more than you already are, and you don’t want to sacrifice current business integrity or revenue for this new business venture.
As a business owner with vision and growth on your mind, you might want to consider becoming a TAB facilitator. It’s an opportunity to do what you love, make a real difference with others, leverage your expertise and receive recurring revenues. Contact me to discuss how to get started.
In previous blogs, I’ve discussed how to effectively attend networking events. You’re now quite adept at working the room and making the most of your opportunities. And, some of the connections you’ve made have the potential to develop into valuable business relationships. However, attending the event is only the beginning. Whether or not you’re able to build successful business relationships after attending a networking event depends on how well you follow-up.
Business owners often share with me that their networking event was not successful because they didn’t get any ‘real’ leads, but the truth is, that leads are not built in a day and this is why follow up after attending a networking event is so critical. In order to build business relationships after a networking event, you’ll need to follow up. I’ve outlined below seven tips I believe will help to increase your success at the networking events:
- Review and prioritize the connections you made: Review your notes and the business cards that you collected. Google the people you met and interacted with. Make a list of the ones that you believe could be a potential client, strategic partner, vendor or referral source and prioritize in order of importance.
- Send an email within 48 hours: Send a quick “nice to meet you email”, and personalize it by mentioning some of the things you discussed at the event. Suggest a face-to-face meeting for coffee or lunch and include a few date/time options.
- Connect on LinkedIn and other social media networks: This will help you build your online connections and a potential referral network. Connecting on social media also ensures that you and your connections will always be able to contact each other.
- Pick up the telephone and make a call: We’re so used to email, social media and text, that making a phone call has become a novel idea. Pick up the phone, have a chat and suggest a time to get together.
- Deliver on any promises that you made: In the course of discussion, did you promise to send your new contact some information he/she was looking for? Deliver on your promises as quickly as possible.
- Introduce people to each other: Add value. You may have met someone who you believe would be a great connection for someone else that you know. Make the connection. They’ll both thank you for it.
- Create a monthly follow-up plan: Building relationships takes time. A monthly follow-up plan will help you cultivate your contacts and build successful business relationships after attending a networking event. It’s also a great reminder.
Are you following up after attending networking events? Want more advice on building successful business relationships after attending a networking event, or general advice from other business owners like you? Find out if a TAB Board is right for you!
As a business owner, you’re most likely consumed with the day-to-day running of your business and driving growth. It’s your baby and the last thing you want to do is sit down and make a plan for turning it over to someone else. As a TAB advisor, I have met owners who think they’re too young or believe that they’ll run the business for the rest of their lives, so why bother with succession planning? A 2014 PwC survey found that by 2019, more than half of Canadian family businesses are expected to change owners, but that only 20% of those businesses have a clearly documented succession plan in place for when the time comes.
Why does every business owner need a succession plan? We don’t have a window into the future and have no idea if or when events may arise that force succession – premature death, disability, personal or financial reasons or retirement. Without a succession plan, your business’s fate is uncertain and could be left in the hands of the court. It may also cause disputes among family members as to who should take over. The only way to control your company’s future and to protect yourself, your family and your employees is with a succession plan. I’ve outlined below what I feel are the three top options for succession.
- Transition the business within the family: If you choose to transition the business within the family, you’ll have to choose a successor. This may not be an easy (or popular decision) if multiple family members work in the business and all want the position at the helm. There may also not be a qualified successor among the family members, which brings with it a unique set of problems.
- Sell the business to a partner or employee(s): You’ll have to determine the value of the business. There are many factors that affect the value of your business, so it’s important to seek assistance in helping you calculate an accurate value. And the value of your business will continue to change so it will have to be re-evaluated on an ongoing basis.
- Sell the business to an outside buyer: Same as above.
It’s never too early to create a succession plan. It should be done by experts as it involves several disciplines including accounting, financial services, and law. There isn’t a one-size-fits-all succession plan template that you can download and plug information into. Each business owner will have different ideas about what their business succession should look like and the experts can ensure that your wishes are carried out.
I would be remiss if I also didn’t mention that in order for any succession plan to really succeed, you’ll need to have the right people and processes in place that allow for the day-to-day operations of the business to function without you.
No matter how good your succession plan is, it can’t anticipate changes that may affect your business in the future, which is why it will constantly have to evolve and change. I believe in starting early, setting expectations, and making the decisions that are right for you and your business. Succession planning is the only way to control the fate of your business.
Have you started working on your succession plan? Want more advice on succession planning, or general advice from a seasoned business advisor? Find out if a TAB Board is right for you!