Small Business is our Business

Archive for October, 2014

SMALL BUSINESS OWNERS OFFER ADVICE FOR NEW ENTREPRENEURS

Need some sound advice from successful small business owners?   A Bank of the West survey of 504 small business owners gave this advice for those starting out—-

*Separate business and personal finance                     31%

*Maintain a healthy cash reserve                                    27%

*Manage cash flow                                                               22%

*Create a budget and stick to it                                         17%

 

This survey was conducted in May 2014 in the U.S. by Harris Poll on behalf of Bank of the West.  Bank of the West is a regional financial services company headquartered in California.

CHALLENGES FACING SMALL BUSINESSES

A July 2014 survey conducted by Wells Fargo/Gallup of 603 small business owners found these challenges to be the most pressing——

*Attracting customers                           13%

*Government regulations                           11%

*Cash  Flow                                                   11%

*The economy                                              11%

*Taxes                                                           10%

*Hiring qualified staff                                   7%

*Competition with larger companies         6%

*Cost of running business                         5%

REHIRING FORMER EMPLOYEES

THEY ARE CALLED BOOMERANGS—-EMPLOYEES WHO QUIT BUT ARE LATER REHIRED.  A recent article in the journal Personnel Psychology entitled , Gone Today  Here Tomorrow:  Extending the Unfolding Model of Turnover to Consider Boomerang Employees,  found  the trend is growing.  The old idea of company loyalty is changing for both companies and employees.    Although not all companies are on board with this strategy, there is increasing recognition that employees change jobs more frequently than in the past.

Why rehire former employees?

*No recruitment and training costs

*Familiar with company’s culture

*No know what you are getting

Source: This article in Personnel Psychology examined an accounting firm of 15,00 employees ,where, at the time od the study 20% of the hires were people who had left and returned.

ETIQUETTE IN THE WORKPLACE

If you want peace and harmony in the workplace,  don’t do the following.    A 2014 survey conducted by Accountemps , an employment agency, found these to be the biggest faux pas in the workplace——-

*Use a speakerphone or talking loudly on the phone     36%

*Loitering or talking around a colleague’s desk               23%

*Eating foods that have strong odors                                   15%

*Keeping a messy or cluttered workspace                          14%

*Leaving the phone ringer on loud                                      8%

 

 

 

 

 

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