How to Retain Your Top Employees While Growing Your Business


27 December 2018


Top Employees

Being the CEO of any business enterprise usually requires you to wear lots of different hats — one minute you are in charge of marketing, followed by accounting, and then customer service after lunch. However, the role that most entrepreneurs tend to struggle with above all others is hiring. The hiring process can be tedious and time-consuming, so once you have found the right person for the job it is imperative that you can retain their services for as long as possible. Of course, when you are trying to run a business, this is often easier said than done. Luckily, Victor Mitchell has listed some things that you can do to incentivize your best employees to stick around, such as:


As an entrepreneur, it is extremely easy to get caught up in the hustle and bustle of the average work week. Before you know it, you have made it all the way to Friday, and you have barely spoken to your employees at all during the week. However, if you want to retain your best employees, you need to make a conscious effort to take some time out of your day to speak with them and let them know that they are doing a good job. A simple pat on the back can go a long way. You can even arrange a larger quarterly or annual awards ceremony where you hand out some certificates or trophies for added recognition.


Though employees and employers alike often try to ignore the issue, money is always going to be one of the main reasons why a person might decide to join or leave a company. This does not mean that you need to pay your employees way over market value to retain them, but it does mean that you should at least make sure that they are receiving a fair compensation package relative to the work they are doing. Markets shift and employees learn new skills, so make sure that their compensation package reflects their real value or they may begin to look elsewhere.


For many skilled positions, it isn’t necessary for the employee to be sitting at their desk in the office from 9 a.m. to 5 p.m. As such, your employees are likely to be appreciative of a little flexibility when it comes to their work schedule. You could allow them to work from home occasionally, or will enable them to create their work schedule (within set parameters). Your employees are likely to find it difficult to replicate this kind of flexibility at another workplace, so they will be much more likely to want to stay in their current jobs instead.

Of course, it is important to remember that employee retention is an art, not a science. This means that you will ideally take the time to get to know the specific needs and desires of your employees before launching any retention initiatives. After all, there is little point in offering a raise to an employee who wants to be able to work from home more often. However, by speaking to your employees about their preferences and employing some of the tips contained in this article, you will find that your best employees are much happier and willing to stick around for much longer.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Maintenance Service

How to Organize Your own Maintenance Service

The best way to earn some money in this modern-day is by organizing your business and performing a maintenance service. Hosting your own business might seem a little scary at first with the high-risk factor and unguaranteed investments. However, if you follow some simple steps, you could make your business successful. In this article, you will learn some simple tips and tricks on organizing your maintenance service. Why Maintenance Service? You might be thinking when there are a lot of fields available why is the maintenance service area right to go? Well, with evolving technology, the repairs they need are also growing. So the demand for the maintenance experts is increasing day by day. Organizing your Maintenance Service: The first thing needed for you to hold your maintenance service is the tools. You need many tools if you’re planning on providing great service. Fortunately, these tools are readily available in the market. Here’s a list of such essential tools required for the job, A General Repair Kit: You must maintain a general repair kit for every employee. A General Repair Kit is used to do small repairs and simple mechanical operations such as nut loosening, wire stripping, cutting purposes. A general Repair kit can be an electrical repair kit, automobile kit or an automatic kit. You need to choose carefully while buying it. Impact Wrenches- There are several types of Impact Wrenches available in the market. You have to choose your Impact wrench based on the power supply. Corded Impact Wrench: These are generally used to remove the lug nuts in automobiles. This instrument needs an electrical power supply to operate this wrench and hence the name corded wrench. Air Impact Wrench: An air impact wrench is probably the most used impact wrench. It operates on compressed air supply and hence is easy to operate. You’ll find this extremely useful in any maintenance work. You can find the best air impact wrench in Toptoolsadvisor. Hydraulic Impact Wrench: A hydraulic impact wrench does not have many applications. It is useful for the constructional business. Manual Impact wrench: It is affordable, safe, and portable. You can fit it in your toolbox and carry it around. It does not find many uses in the professional industry. Along with these tools, there are many others which you’ll be needing for the job. There are a few wholesale markets in which you can buy these type of devices in bulk for less cost. We suggest you buy them in bulk to reduce the cost. Employee Recruitment- Pick the Best for the Best: After you’ve acquired the tools required for the job, You need employees. If you’re going to work on your own, that’s fine. However, if you’re planning on hiring people, you need to be careful with this. You will want to hire a well-behaved professional man to do the job. Here are a couple of qualities you need to see in the applicant before hiring them. Previous Experience: Having Previous Experience certainly gives you some trust in them. However, even if the applicant is new to the industry, you can hire them after testing their skills n the field. Behavior: Your customers don’t pay t see you rude. Hence hiring an employee with good practice will undoubtedly boost your employee worker relations. Marketing- Getting a Job: After this process, you need a job to do. Hence our goal is to find a job. Advertising is a critical part of any business. You need to plan your budget carefully to make a big space for advertisements. Here are a few tips to improve your business sales Social Media: Advertise your brand on social media. If possible, hire a social media marketer to do this job. A lot of future businesses hire marketers to boost their business. Advertise in Digital Media: Giving advertisements in digital media is very important. TVs are the primary source of publicity for the past 10-15 years. Concentrate more on this type of marketing, and your business will soar high. Local Advertisements: Since most of the maintenance service jobs are usually in area divisions, identify the most crowded places in the neighborhood and start advertising there. Hand out pamphlets in local restaurants and parks where more number of adults are sighted. Then comes the Crowd Factor. When you do a great job, the public talk about your business, and hence, the number of service requests also increases. Here are a few tips we found useful for such businesses: Have your own business website to make requests easier. Register with Service providing apps to get More service requests. These apps usually take some share in your work. However, it is a great way to start a business. Ask for Feedback after the service. Tempt customers with offers like Free First Service or discount on the 5th service. Read Also: New Platforms To Explore In Advertising This Year Five Ways To Improve The Air Quality Inside Your Home

Personal Debt! Tips For Small Business Owners Just Starting Out

Don’t Go Into Personal Debt! Tips For Small Business Owners Just Starting Out

Starting a small business is an exciting yet challenging endeavour. The thrill of creating something from scratch and potentially achieving financial freedom is exhilarating. However, many aspiring entrepreneurs find themselves entangled in debt and financial complications. This scenario can be avoided with careful planning and innovative strategies. Personal debt, especially when related to your business, can become a looming threat that hampers growth, causes stress, and can even lead to the failure of your venture. What Are The Risks Associated With Personal Loans? There are risks and uncertainties associated with personal loans. When you are taking responsibility for the entire money (not of your own), you are unquestionably at risk. Here, we discuss some of the things that are associated with personal loans.  Personal debt in business may drag businesses towards the corridor of risks and uncertainty. They must ensure that the business makes the best use of the resources to stay ahead in the competitive framework of business. This is the reason moving into personal debt can be extremely difficult for one to manage in business.  Taking Too Much Loans When you are running your own business, it involves your sole risks. Sometimes, the lender goes for a loan that enters the periphery of risks and uncertainty. It may invite issues. Therefore, you must go for a big amount but not too big to manage. With a lump sum loan, you will always be in the corridor of risks and uncertainty. Damaging Your Credit When you are applying for credit, the banks always look for your credit score before giving you the loan amount. With one single missed loan, it can completely damage your credit score. Since you know that the credit score heavily impacts your financial DNA, you need to keep it in check. So, you need to ensure that you do not damage your credits. Developing a good understanding of it can indeed help you manage your loans.  Getting Stuck With the Fees A loan may seem perfect if it has a competitive interest rate and in quite a strong term. Many charge hefty fees for the origination of the loan amount.  At the same time, some charge extra. You may fall into a debt spiral if you try to build up a tendency to take bulk personal loans.  Tips For Small Business Owners To Avoid Going Into Personal Debt Here are some tips for small business owners to avoid going into personal debt when they're just starting out: 1. Separate Business And Personal Finances The first mistake that many new entrepreneurs make is mixing their personal and business finances. This not only complicates accounting but also puts personal assets at risk. By setting up a separate business bank account, you can easily keep track of business-related expenses and revenues. To get a more nuanced understanding of how to separate these two entities effectively, check this website for detailed guidelines and tips. Also, consider consulting a financial advisor to ensure you're taking the right steps in keeping your personal and business finances distinct. 2. Have A Detailed Business Plan A well-crafted business plan can serve as your roadmap, outlining crucial elements like market research, financial projections, and operational plans. It provides a clear pathway for your business and assists you in avoiding unnecessary expenses that can lead to debt. Most importantly, a robust business plan can help you attract investors and secure loans, which are safer and more structured ways to raise capital compared to using personal credit. 3. Budget Wisely Being a business owner means you have to be proficient, not just in your area of expertise, but also in managing finances. Create a realistic budget for all aspects of your business and stick to it. A budget will allow you to allocate funds for different parts of your business, prevent overspending, and help you identify areas where you can cut costs. 4. Consider Alternative Financing Options Personal debt often accumulates when business owners use their credit cards or savings to finance their business. Before doing this, explore alternative financing options like grants, crowdfunding, or venture capital. These options not only help you avoid using your personal credit but also offer the opportunity to validate your business idea in the market. 5. Build An Emergency Fund Having an emergency fund for your business acts as a financial cushion in times of unexpected expenses. Whether it's for replacing faulty equipment or covering costs during a slow business period, this fund can be a lifesaver. This way, you won't have to rely on personal savings or loans to keep your business afloat during tough times. 6. Monitor Cash Flow Cash flow is the lifeblood of your business. Effective cash flow management ensures that you have sufficient funds to operate and grow without relying on debt. Utilize accounting software and, if possible, hire a professional to keep tabs on your cash flow. This will help you make informed decisions about your business and minimize the chances of falling into debt. 7. Be Cautious With Credit While it might be tempting to use a credit card to make quick purchases for the business, it can quickly lead to accumulating debt. If you must use credit, opt for a business credit card and limit its use to essential expenses. Always pay off the balance in full every month to avoid interest fees and the potential for accumulating debt. Conclusion Starting a small business doesn't have to mean plunging into a pit of personal debt. By separating your personal and business finances, budgeting wisely, and exploring alternative financing options, you can significantly reduce the risk of financial complications. A well-crafted business plan, an emergency fund, and a close eye on cash flow will further solidify your business’s financial foundation. Remember, the best businesses are not necessarily those that started with a lot of money, but those that managed what they had effectively. Be mindful of your financial choices, and your business can thrive without compromising your personal financial health. Read Also: How You Can Invest In Your Small Business 6 Incredible Tips To Reach Your Small Business Customer How To Apply For And Get The Employee Retention Credit (ERC) For Small Businesses

outsourced bookkeeping

Don’t Do the Math: 5 Reasons Outsourced Bookkeeping Services are the Right Choice for Your Business

Every business owner is faced with the challenge of knowing when to outsource and when to hire in-house. With most business tasks, this depends on many different factors. But when it comes to accounting, it's always better to outsource. In this guide are five amazing benefits of outsourced bookkeeping. Read on to see why you should outsource bookkeeping services. 1. Increased Privacy/Security: Due to the sensitive nature of financial documents, and the wide array of legal issues that result from improper bookkeeping, your accountant must be extremely trustworthy. If they do you wrong, it could completely destroy your company. This is doubly true of in-house accountants. As they are a member of your own staff, you are held accountable for any mistakes they make. But when you outsource your bookkeeping, this burden of accountability is outsourced as well. Since the accountant belongs to a separate company, any mistakes or intentional misconduct they make is on them, not you. Plus, when you outsource, there's far less chance of misconduct happening regardless. The stakes are much higher for outsourced accountants than for in-house ones. For an in-house accountant, bookkeeping is just a job. They might leave for a better one at any time. They aren't necessarily all-in. But a third-party accounting company is. If they don't provide you with competitively superior accounting service, they'll go out of business. 2. Peace of Mind for Everyone Else: When you do your own bookkeeping, you have exclusive control of your company's secret financial records that no one else is allowed to see. Understandably, this makes clients and tax agencies nervous. How do they know you're not fudging numbers and manipulating the records for selfish gain? They'd have to just take your word for it. And that's not very reassuring. But a third-party accountant has zero incentive to bookkeep dishonestly. And since the accounting is done off-site, no one at your company will even have access to edit or share this information. So there's no reason for anyone to question the accuracy or integrity of their accounting. 3. No Training, No Management, No Turnover: Your outsourced accountant requires no recruiting, no training, and no management from you, ever. That's all taken care of by their company. It's true, however, that you'll still have to scout for the right accounting company for your business. But it's much less involved than the typical hiring process. Here's more info on that. Best of all, you'll never have to worry about turnover. This is a really, really huge deal when it comes to bookkeeping. Have you ever considered what happens if your in-house bookkeeper quits without any notice whatsoever? Accounting is essential. It's not something you can put on hold until you hire someone else (which can take a really long time). Who will take care of it in the meantime? If you outsource, you won't need to answer these questions. Even if the accountant assigned to your case abruptly quits, there's an entire team of qualified accountants ready to replace them. 4. Keep Your Focus on Your Business: You heard us right. When you outsource, you won't have to recruit, manage, or rehire accounting staff, or do your own accounting, ever again. It sounds like you just got a lot more time on your hands. What will you do with it? You'll do what you do best, of course. You now have all this extra time to invest in your business where you're needed the most. 5. Upscale or Downscale With Ease: Outsourced accounting is as big or as small as you need it to be. It will more easily upscale or downscale with you as needed than in-house accounting staff. There won't be any hiring or layoffs of accounting staff when your company rapidly changes size. And they don't take up any space in your office, so space restrictions won't be an issue, either. Get Outsourced Bookkeeping For Your Business: It's now plain to see that outsourced bookkeeping is the best option for any business. Outsource your bookkeeping to reap these great benefits. Get more financial tips for your smoutsourced bookkeepingall business right here. Read about six loan mistakes every business owner must avoid. Read Also: It’s All In Your Head: Do You Have The Right Mindset For Business? 3 Things To Consider When Designing A Company Logo For Your Business