Most entrepreneurs start businesses to make profit. Consequently perhaps giving back to the society comes in handy unless it is a non-profitable organization. Hiring and firing one is a crucial task and that is why a technical bench is handed the mandate of interviewing people. In order to make your business thrive one should consider important factors. The problem with most entrepreneurs is that they tend to take long in building a business empire only for it to fall in a split of a second. This is mostly due to negligence. Negligence always kicks in when you start hiring the people who are not sharing your company’s vision. I have come up with a few ideas that will help you to make a better decision the next time you are hiring.
- Do Not Hire Friends And Relatives
Your business will continue making losses as long as you will continue hiring the people you know or your relatives. The belief of ‘connection’ has been misconstrued to mean favors and friendship hiring. Hiring relatives most of the times means that you bring a weak force in business. Most people don’t perform their duty satisfactorily whenever they are around their friends and relatives. The better part of their job will be spent talking of their friendship or family issues. However, having a qualified person who can perform their task will be a plus to your business. Qualifications should be the key when doing hiring and not relationship. The moment relationship starts getting your way; failure takes the path of success in your business. This is what we call selective hiring rather than relative hiring. I suggest you use referrals while hiring. You can consult fellow entrepreneurs who they can recommend to work for your business in the position you are trying to fill. This helps as entrepreneurs know the qualifications and skills of the person they are recommending. You can read this article to know how referrals works.
- Have Three or More Days of Interview
Interview has always been a crucial part in ones career. Whichever position one is interviewing should be taken seriously. To be honest, interviews should be done in a minimum of 3 days. This will enable the personnel mandated to carry out hiring to know the potential team better. Most people interviewing with companies in a day masquerade to be what they are not. Most interviewee pretend to be people they are not and most of the time is because they have mastered the questions to be asked. All they look up to is to get into the company and get paid. Most of them don’t mean what they specify as their objective in the company. Having a three or more day’s interview with your aspiring team will assist you to know and understand well the person you want to hire. Knowing the person better will definitely boost your business. This will enable you to learn and be in a position to ask your team mind boggling questions. At the end of these all you will have taken a bit of your time but the product will be lucrative in your business.
- Have A Qualified Panel
Success of any business is always attributed to its employees and employers. The panel doing the interview need to have experience and be qualified while carrying out the process. This team of technocrat should have the ability to interview one in a competent manner without bias. Remember the future of your company is vested in their hands. Their field of expertise should be realized when hiring personnel. Failure to have this team in place will mean a doom to your company’s future. The team should be free and fair and so should the process be carried. Some say with experience shows wisdom and one of the panelists needs to know every nook and cranny of the company. This will assist the business in arriving at the best team for the business. However, being qualified should mean having someone who is all rounded and flexible to work in any department in business easily.
- Transparency, Competence and Fair
People hiring people need to learn to listen to what their potential team has to offer. The virtue mostly broken while hiring one in your team is transparency. Bribing people or offering favors to the future of business has jeopardized most entrepreneurs. Bribes have been exchanged outside the offices just to make sure my ‘friend’ gets the job. Fairness and transparency enables accountability to be part of your team. Favors should never be the grounds of hiring a team in your business. It always brings lurk in the business and running of the business is compromised. Your business can make a step hire to success when the three virtues are considered rather than favoring hiring
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Which One Suites Your StartUp Business, Publicity or Advertising?
The process of building a startup company can seem difficult and make one feel intimidated and overwhelmed. It’s not so easy to convince people to buy into your new idea or solutions.
Building credibility for your business can be a tough venture. However it is very important for your customers to have trust in your brand. One of the ways of hacking this is through good publicity.
Publicity is the means of conveying information to the general public through the media. Media here being print media (newspapers, journals, magazine etc), television, radio, email, websites and social media platforms like Facebook, Twitter, blogs et cetera. With the aim to have the media attract the right attention for you.
Normally, publicity is done through a third party who may not have anything to do with the company,thereby their responses and reviews are given high weight. For instance consider going into television where you are featured because of the new product you have introduced or to give expert advice in line with your product. This gives you massive exposure at nearly no cost. It generates sales and creates awareness for your product.
With advertising, you pay for space or airtime so as to promote your product or service. This can be through print media, television, radio or billboards. This kind of marketing costs a lot of money and companies end up paying lots for this. It is a cost driven adventure, one which would be a hard nut to crack for startups.
So unlike advertising, with publicity we enjoy, a cut in expenses since it goes with nearly no cost and other benefits that come along with that.
How do we do this?
Here are some of the ways of doing this:
List events that may offer good speaking opportunities. Scout for such opportunities and use them wisely. Have you ever been into an event where the speaker spoke about a certain product or service, and then you later searched for more information about those companies? Well, that’s how this works.
Identify publications, reporters and bloggers who cover subjects that are relevant for your company. Offer good information that they can use for their releases. They quote you or an expert from your company and you hit the market. Be sure to prepare well and thorough. Write stories in their interest and offer it to them.
Event sponsorship. This is a great way to spread word of your product or service without actually organizing your own event. It’s a form of partnership where for a simple investment of funds you exchange for marketing. What’s important here is ensuring that the market targeted by the primary organizers is your target group too. Clearly know them and prepare accordingly.
Importance of publicity.
Publicity helps in building credibility and brand awareness putting you in a competitive position.
Publicity is the low cost or no cost strategy option.
Publicity can eventually help in the development of key partnerships.
Publicity places you as experts in your field.
It helps your business stand out and be noticed.
Like all other things you have to be intentional about publicity. For instance if you have a story about maybe the solutions you offer and how they are better than your competitors, look for journalists. The work of journalists or bloggers is to find such stories. Make a call and present your pitch. When they say yes, this definitely becomes a plus for your business.
Used well, publicity can generate sales and place your business on the map.
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Why Customer Onboarding Is The Secret To Business Success
“Proper onboarding isn’t done to prevent churn; it’s done to ensure the customer achieves their desired outcome. Retention comes from that”, were the famous words from a renowned speaker, Lincoln Murphy.
Customer onboarding may be defined as the process of acquiring new clientele for a business enterprise. This ensures customer profitability increase.
Why customer onboarding?
1. Assurance of faithful clientele
Customer onboarding ensures a group of customers who are loyal to the company. A certain level of profit is therefore ensured in every financial period from this group of customers.
2. Discovery of new customers
Onboarding directs a focus to the client’s needs and ensuring these needs are addressed. Clients therefore are easily satisfied and are highly likely to recommend your services or products to other potential customers. This is likely to increase the number of customers which will reflect an increase in sales.
3. Increased sales
Increase in sales is directly proportional to increase in profits. Higher retention equals higher profits.
A case study by Harvard School of Business indicates that a 5% increase in customer retention leads to a more than 25% increase in profits.
Repeat customers, having received good enough services or reliable goods enough to have them demand for more are likely to spend more. This will in turn increase sales leading to an increase in profits.
4. Reduced expenditure
From the Harvard research mentioned above, it can also be concluded that repeat customers are cheaper to retain compared to acquiring first time customers.
Maintaining repeat clients will therefore lead to a reduction in the company’s expenditure. This will result from reduced advertisements and other expenditures required to draw in more clients.
Kapow reports that a 2% increase in customer retention has the same effect as decreasing costs by 10% as shown in their infographic. It also reports that acquiring new customers can cost as much as five times more than satisfying and retaining current customers.
5. Knowledge on client’s needs
Onboarding enables you to reach out to clients and learn of their specific needs since you are interested in maintaining them as your clients.
It offers a better insight into the services rendered and products that would appeal most to customers. In this case customer’s satisfaction is guaranteed and a happy customer equals increased sales.
Generating leads and making them your first priority is not as important as prioritizing your available customers to ensure their satisfaction.
As shown in Kapow infographic; satisfied customers tell 9 people how happy they are while dissatisfied customers tell 22 people about their bad experience. The dissatisfied customers will definitely divert some of your leads while satisfied customers will bring in more leads.
You need to strategize on how to keep your customers if you are focused on achieving good returns for your company. Understanding the value of your customers is key in any business venture.
A study by Genroe (Australia) Pty Ltd showed that customers who are effectively onboarded have a substantially higher retention rate, lower cost to serve and higher cross sell rate than customers that are not.
It is therefore of great benefit to note that as a startup, the odds of going wrong with customer onboarding are close to zero.
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Qualities To Look For in a Business Partner
A business partner is a commercial entity with which another commercial entity or person has some form of alliance, with the sole intention of growing the business into a profit making company. It is a mutual beneficial type of partnership in which both parties benefit in a way or the other. It is therefore, very important to choose the right business partners if you are to realize your dreams and aspiration. People whose focus is on your products/service, customers and your business. The future of your entity lies in the people you choose to partner with and surrounding yourself with the right people at the right time is crucial for hitting milestones. How do you know that you are dealing with the right people ?
A Marketing Guru.
A perfect business partner ought to be very much excellent when it comes to sales and marketing. He must be impressive in his/her sales capabilities and a person with a drive to hit the personal goals set. A person who is ready to get the lead and follow it up till the deal is done. Am talking about that Marketing guru capable of converting doubts into deals, a person who goes out of his comfort zones to ensure that the Marketing objectives set are realized. A guy who knows where a great potential lies and goes for it. A person with complementary and marketing skill sets, aligned on the company vision and equally committed to the company’s success. That is the guy you should be looking for.
A person you shares your vision and aspiration.
It has been proven that finding an associate you can work with and count on week in and week out is no mean feat. Many give up on the way; others just realize later that their interest is not on that type of business, therefore opting out. This might affect you and your business. A brilliant partner is always that guy who shares the same vision and aspirations as you. A person who is very passionate and knowledgeable about the kind of business you are doing. A guy you can lean on and in the same career or business as you are is preferable the best fit. When looking for a potential business associate, it’s important to find someone who not only shares your vision, but also has the ability to say ‘no’ when you go astray , an individual who is ready to walk with you through the valley of death all the way to heaven, a guy who sees possibilities where lies impossibilities.
Experienced Business partner is an asset.
Your business is bound to make it when you are associated with the right and experienced guys. Persons who have a vast knowledge about your business, great strategies and executions that can steer your entity to even greater heights. Experience is not just the amount of time spent within an industry; it’s also the obtained knowledge, observation and hands-on involvement. The experienced guru, who knows where to strike gold, and when to go for a prey. A guy committed to ensure you succeed in your doings because he knows perfectly how to handle the situation at hand.
Financially stable partner is always a plus for you.
One of the main reason people go into business partnerships is financial security. Having a business partner with a great financial muscles is a problem half solved because it assures you that whenever issues to do with finances arise, you won’t struggle or be forced to look for help from financial institutions, which mostly take time before issuing with loans. This gives you courage and confidence to face the task ahead. This is also an assurance that your associate is up to the task should your entity need finances for expansion, salaries, growth or even Marketing.
A good decision maker and perfect leadership qualities
It’s always super critical to identify a partner that has strengths that are outside of your own strength. A person who makes wise decisions that means well for the business, consulting before taking action, and a motivator to his staff. A good business partner understands the importance of compromise without being too compromising, having the courage to address tough financial issues and even personal matters that might impact the company. A great leader who leads by example and is ready to sacrifice what he has for the benefit of the company. A person whom you can well trust, keeping the companies records and information confidential.
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