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.
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%
*Hiring qualified staff 7%
*Competition with larger companies 6%
*Cost of running business 5%
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.
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%