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Hiring employees is a big decision. Not only do you have to consider the responsibility but also the numerous costs that come with it. While many employers budget for the wages that they will be giving their employees, other expenses can sometimes be overlooked. Here are just some of the hidden costs that come with hiring employees and how you can make these costs more affordable.
All employers are required to take out employer’s liability insurance. This protects you if an employee falls ill or is injured as a result of your work, helping to cover any costs that may be the result of this.
Liability insurance rates can vary. It’s worth taking your time to compare rates – try out sites like RhinoTradeInsurance.com that specialise in low-cost insurance. You may also be able to lower your rates by investing in strong health and safety measures or by raising your deductible.
You may need to invest in extra equipment for your employees to use. If you work in a private office and are hiring a personal assistant to work with you, consider whether you need to buy a desk and computer. In sectors like retail, you may want to consider uniforms, while health and safety equipment could be important if you run a construction company.
Spend your time shopping around for such equipment. Used equipment could be cheaper, but you need to be sure that it’s good quality – offering employees poor quality equipment could make them feel less valued.
There are certain employee benefits that are compulsory to pay out as an employer. This includes holiday pay, sick pay, overtime, maternity pay and a pension contribution. Make sure that you can afford all of these costs.
Some companies may also offer added benefits such as private health insurance, a company car or bonuses. These added benefits could help to attract employees and could reduce employee turnover, potentially making them worth the extra cost.
To calculate and manage all of these expenses, it could be worth investing in HR software or hiring someone to handle all of these costs. This itself could be another cost to consider. Fortunately, there are lots of cheap software options out there including these free programs at FinancesOnline.com. There are also lots of payroll accountants out there that you can hire cheaply.
It could also be worth considering the recruitment costs. You may have to pay to post job adverts on certain listing sites. If you’re hiring a recruitment company to help you, this will also be a big added cost to factor in.
With your first employees, you may want to save money by doing some DIY recruitment. There are lots of free places to post job adverts – you could strategically find locations to put up posters or use social media.
- Location: you want your new shop floor to be in the best place for footfall as well as being the only shop in your industry insight. That said, it makes sense to rent your new space on the high street or in a retail park. If you’re going for a retail park, make sure you’re the only shop selling what you sell. Otherwise, you’re better off looking elsewhere.
- Customer Access: is your new shop accessible to customers? Or is it a mile down the road from the car park, nowhere near a bus stop and impossible for wheelchairs and prams to manage? The more accessible your shop is, the more customers can shop with you. It also gives your brand a fantastic reputation.
- Flooring and Fixtures: what kind of flooring are you going to need? Is this already laid down, or are you going to have to factor that into your budget? If you’re laying floors, it’s essential to seek out proper retail floors and not just any old floor. Retail floors are designed to accommodate long hours of use and are easy to clean. Don’t forget to check what fittings and fixtures your new premises have too, and source what you need from an expert provider.
- Timing: timing is everything in business; that’s well-known. But it is also crucial when looking to buy or rent new premises. Pay attention to property prices and anything that might affect those like politics or other concerns. It’s also worth keeping an eye on the local area’s shopping trends.
- Marketing opportunities: what opportunities are there to market? Do you get access to a billboard? Do you have a blank wall facing a road you could put your own billboard on? Scout around when you’re viewing properties for any marketing What other businesses are nearby? Could any of them become a customer of yours? What kind of staff do they employ? If you sell beauty products and your neighbour’s shop is mainly staffed by women, you will have your target market right next door every day. That kind of opportunity is too good to lose!
- Staff parking: where are your staff going to park? You don’t want employees struggling to park and being late for work, but likewise, do you really want them taking up customer parking space? Is there a bus or train station nearby for anyone commuting in? You could look at other things relating to your staff when you visit properties: is there a small shop for lunch and drinks, is the location accessible to many across a wide area?
There are lots of things to consider when you’re looking for your next branch location, but tick some of these off, and you’re bound to get the best new property.
If you are thinking about starting up your first small business, you are going to have to make sure that you are as prepared as possible for everything that is in store. This is not necessarily going to be easy, as it is something that you’ll find you have to work on in order to get to the bottom of it, but it is necessary nonetheless. One thing you’ll have to consider is what you are going to need to do in order to ensure that your small business can really survive as long as you would hope, and that is something that we are going to look at in this article. As long as your small business has these things, it should survive much more effectively than if it didn’t.
The money is always going to be something that you need to think about if you want to make sure your business is going to survive. Not merely that you have enough of it, although that is clearly important too, but also that you are divvying it out in the way that you would find useful. Good budgeting is something that takes a lot of practice, but it is vital, and it is something that you are going to want to work on from the start. Think about what you are going to have to spend and when, and ensure that you have a plan in place for making it happen. This should be perfectly doable, but it does take a lot of preparation in many cases.
If you don’t have a good marketing strategy, you can’t expect your business to pick up new clients and customers along the way, and that means that it is simply not going to last as you would hope it to. For that reason, you are going to want to think about what you can do to ensure your marketing is effective, and one of the best ways to do that is to simply hire the professionals to do it for you. With digital marketing agency, Herdl for instance, you are going to find that your digital marketing takes care of itself, and that is certainly a good thing for the future of your business. The more effectively you manage to keep all this in order, the stronger your business is going to be.
The Right Staff
When you first start employing people, you will often feel as though this is the real start of the business’ lifespan. Employing people is exciting, but you do need to make sure that you are doing it right, as otherwise you might end up with people who are not ideal for your business in general. Finding the right staff can take time, but as long as you have a rigorous recruitment process and you really know what you are looking for, you will find it a lot easier. So bear that in mind, and start looking, and you should find the people you need.
As a business owner, you have a constant need to deliver the best to your customers and clients. It’s an instinct to give the ultimate version of your product or service.
Whether it’s the world of e-commerce outsourcing can sometimes be the wisest option possible. We’re going to be taking a look at a few of the benefits of outsourcing for you here and now, to help you understand precisely why it’s such a good idea.
In this video, I discuss the benefits of outsourcing
In this era of business, we believe it takes something really special for a business to hit the ground running. It’s pretty much impossible for one to do this straight off the bat, but we do also believe that a business can hit the ground running at any point in its life. Just one new idea or one new way of doing something and everything can change. But until that point, a business can feel like it’s doing anything but hit the ground running. From struggling to make ends meet to struggling to find the cash investment to support new ideas, businesses experience it all. It’s the rare few that have that ‘million dollar idea’, and even then that idea is developed off the back of an idea that might not have been functioning as well. So, if you’re dying for your business to hit the ground running, but you feel like you’re further from success than ever before, then this article might give you a good tip or two. We’re going to show you a few ways that we know a business can perform far better than it used to, and better than competitors. Keep on reading to find out more.
Better Your Own Skills
The trouble with many business owners at the minute is that they’re going into business blind. Rather than knowing how to run a business, they learn along the way, which is totally fine. But all this means is that it takes far longer to learn the ins and outs of actually running a business. Every day is a learning curve and some business owners relish this. However, we think it’s far more effective if you take it upon yourself to better your own skills by taking a course. There are so many courses that will allow you to do this. From business management courses to simple ones that allow you to improve your presentation skills. It’s skills like these that are going to massively improve your confidence as the manager of a business. Plus, it’ll allow you to learn different skills that will promote the success of your business. From understanding where you can invest your money, to profit margin management, taking a course is a surefire way of understanding the ins and outs of running a business. They’re easy enough to do as well, it’s not like you have to dedicate your days to learning. All you need to do is take an online course in your own time and you’ll be on your way to business success.
Understanding Market Trends
There are so many market trends going on at the minute, and it’ll vary depending on what market you’re in. The trends we’re referring to are not based on the stock market, but the trends of the market your business is operating in. For example, if you’re in the fitness industry, there are new trends every single year that are defining the way, business is promoted. There are now more people watching vlogs than ever before which have become a viable way for businesses to promote themselves. Pay a vlogger a nice amount of money and sponsor their video and you could reach new potential. This also works very well with beauty and fashion. There will be trends in your specific niche with regards to the way you’re able to promote your business and sell products, all you have to do is watch for what other businesses are doing and how people are responding to that.
Understanding Marketing Influences
Marketing is no doubt going to be such a big part of what you do with your business at the minute. Marketing influences everything you do, and it most definitely influences the success of your business. We think it largely depends on the business that you’re running. All marketing techniques have success for every business, but there are some marketing techniques that have the edge over others. For example, if you’re an e-commerce business, there’s a trio of marketing techniques that offer a lot of success. SEO, PPC, and Google Adwords are three big marketing techniques that directly influence online success. Coupled with smaller techniques that should be ongoing for every business, such as social media marketing, you should be able to find success.
Understanding Sales Techniques
There are so many sales techniques to try and often the one that businesses use the most is that attack. How many times have you been cornered in the street asking who pays the bills? Well, that’s exactly how it feels for your customers who are receiving phone calls or emails and they have no clue who you are. Focus on the customer coming to you approach, which will happen if you can get your marketing right.
Every workplace is riddled with risks and potential problems that could cause an organisation to come crashing down, so it’s vital that every business owner takes steps to reduce the likelihood of issues and implement procedures that can deal with negative situations should one arise. You have the responsibility to protect your staff and the data that your company collects, so you must do everything that you can to ensure the highest levels of safety and security are implemented at all times. Luckily, it doesn’t have to be difficult to reduce risks and prepare for problems in your business, as a few easy tips and tricks can help to guide the way and provide you, your staff and your customers with ultimate peace of mind. So, if you would like to find out more, then read on to uncover some of the best things that you can do to protect your organisation today!
Minimising The Potential Risks
It’s so essential that you can make an effort to minimise the potential risks that threaten your business and everything inside, as your reputation and profit are on the line. There are a few major risks that could pose a great danger to any organisation, including things like fires, break-ins and online hacking. Reducing these risks doesn’t require huge amounts of time, money or effort, just a little innovative thought to ensure smart working procedures amongst all members of staff. For example, avoiding fires takes safe chemical storage, clear walkways at all times, and the safest working practices that do not endanger the safety of those around you. CCTV equipment and shutters on windows and doors can help to prevent break-ins, whilst virus scanning software and strong firewall systems can aid in protecting you from threats online.
Dealing With Problems Productively
Unfortunately, despite your best efforts, some problems may still occur within your business, and you must take steps to deal with these issues in a fast and productive manner. Sprinkler systems should be in place to be triggered upon the sensation of excessive heat or smoke, whilst fire repelling equipment such as foam extinguishers and fire retardant blankets should be available in every workspace. Fire exits routes must be clear at all times, and all staff members must be aware of how to get out of the building in the event of an emergency. When hackers gain access to your systems, they can steal data and take control of your devices to wreak havoc for your business – having a few backup diesel generators will allow you to stay up and running if the worst were to happen, and employing your own IT technical support team should provide you with the break-ins needed to tackle the malicious activity and continue protecting your business.
Reducing risks and preparing for problems in the workplace has never been so simple when you can make the most of the tips and tricks detailed above! Protect your business today, and ensure that you can thrive and prosper for as long as possible.
If there is one area that all the businesses seem to struggle with, it’s strategic planning. The ability to precisely and coherently make plans is critical for success in a variety of different areas, and strategic planning is a unique necessity all its own.
As a business owner, there are a lot of benefits to come from strategic planning that you’re going to want to find out.
In this video, I discuss the benefits of strategic planning in your business
As a small business owner, you might have heard about online directories but wondered if they are really worth the effort and whether they will actually bring any business your way. The first thing you need to understand is that this is not merely a replacement for the good old Yellow Pages, they are actually a lot more than that, and very worthwhile being part of, and here are a few reasons why.
Good for SEO
Ah, that old cherry again! But it is true; you want to do everything possible to enhance your SEO ratings. Search engine optimisation is what search engines use to determine how to rank the results, and your aim is to get listed as high as possible. Online directories have a weight of their own, so will give you extra validation when it comes to building trust and gaining rankings on the likes of Google. Secondly, the online directory will likely have an excellent ranking with Google, so, they often appear first in the results. If it is your listing that the directory is showing as appropriate in response to the Google search, boom, you just ranked first.
Give Your Online Presence a Boost
Anything that helps boost your online presence in a good way is important, and online directories can do this. The only proviso is to submit your listings to complete and reputable directories. This hopefully avoids your details being duplicated across less successful details and gives your name a wider reach. If you come across your details on a directory that you do not remember submitting to, don’t panic but check that they are listed accurately and correctly. Should you not be happy with the directory in question request removal of your details.
Branding and Awareness
Again, the more consistent exposure you can create, the more you are promoting your brand. Be sure that you are putting the same face out everywhere and if you choose to rebrand in the future go back and update every listing you can find, In the case of rebranding you need to search your old brand and make sure you are removing that and replacing. When a customer uses an online directory, they are presented with a list of possible outcomes, even if they do not end up following your listing, they will have seen your company name and details. This goes a long way to making sure your name is getting out there as a trusted industry expert.
Both locally and online, you are looking to be discovered when someone is searching for a company that offers the same services as you. The most common searches to online business directories feature queries similar to ‘dentists near me’ or ‘best graphic designer in London’. Searches are rarely the company name as people have come searching for someone they have yet to discover. Many online directories use local search filters, and even if you have a web-based business do not underestimate the number of customers who still like to shop locally for products and services.