Category: Organization

DEALING WITH THE CHALLENGES OF WORKING WITH ENTREPRENEURS

Posted on by Franchise Strategist

Photo by Klugzy Wugzy on Unsplash

This fervor of creativity can sometimes be a double-edged sword. An overflow of ideas can lead to a barrage of ever-shifting visions and goals. Keeping pace with such dynamism can be daunting for teams accustomed to linear and structured approaches. Collaborative partners might find the unpredictability perplexing, often grappling to align their strategies with the entrepreneur’s ever-evolving vision.

Dealing with the Challenges of Working with Entrepreneurs

The realm of entrepreneurship can be likened to a vast ocean, deep and extensive, brimming with tales of audacious innovations. These tales span from simple ideas that burgeoned into massive business empires to innovations that disrupted existing industries and drove out entirely new markets. In certain transformative instances, these entrepreneurial endeavors have been so impactful that they’ve altered how we communicate, work, and engage with the world around us.

Behind every entrepreneurial success story, there’s an underlying mindset, a unique blend of qualities that sets these pioneers apart from the rest. This mindset is anchored in an insatiable curiosity—a relentless quest to ask “why” or “why not” to dissect the norm and to envisage the unprecedented. Such individuals are not merely content with the status quo. Their daring nature propels them to tread where others hesitate, always challenging, constantly pushing the envelope, and ceaselessly seeking the next horizon.

One of the most remarkable aspects of this entrepreneurial mindset is its perspective on adversity. Instead of perceiving challenges as insurmountable barriers, they’re viewed through a lens of opportunity. Every hurdle presents a chance to innovate, refine, and emerge stronger. Similarly, failures, which are often the dread of many, are perceived differently by these visionaries. They aren’t seen as conclusive defeats but rather as informative experiences. Each setback is a lesson, a guidepost pointing towards potential pitfalls, ensuring that subsequent endeavors are more informed and better equipped for success.

Yet, there’s a fascinating twist when this already potent mindset intertwines with the whirlwind of extreme creativity. Highly creative entrepreneurs operate on a plane teeming with unbridled imagination and innovation. Their minds are like fertile grounds, incessantly sprouting ideas that might seem avant-garde, even revolutionary. Such vivacity of thought can lead to pioneering solutions that stand as testaments to human ingenuity.

However, this fervor of creativity can sometimes be a double-edged sword. An overflow of ideas can lead to a barrage of ever-shifting visions and goals. Keeping pace with such dynamism can be daunting for teams accustomed to linear and structured approaches. Collaborative partners might find the unpredictability perplexing, often grappling to align their strategies with the entrepreneur’s ever-evolving vision. These rapid shifts can introduce uncertainty and risk for investors, who predominantly seek stability and predictable trajectories for their investments.

While the entrepreneurial mindset is undeniably a beacon of innovation and transformative change, its merger with high-octane creativity demands heightened adaptability, understanding, and synergy from all stakeholders involved.

Understanding the Entrepreneurial Mindset
Before delving into the complexities of working with highly creative entrepreneurs, it’s essential first to understand the entrepreneurial mindset’s foundational elements. These include:

* Resilience: Entrepreneurs are known for their ability to bounce back from setbacks, always with an eye on the end goal.
* Visionary Thinking: They have an innate ability to see opportunities where others see problems, often visualizing possibilities that extend far beyond the current reality.
* Risk Tolerance: While they’re not blind risk-takers, entrepreneurs are comfortable with uncertainty and willing to take calculated risks to pursue their goals.
* Passion: Their belief in their idea or venture often borders on obsession, driving them to work tirelessly to make their vision a reality.

The Blessing and Curse of Extreme Creativity
When a highly creative mind drives the entrepreneurial journey, it amplifies these attributes tenfold. These entrepreneurs are not only looking to disrupt – they are aiming to reinvent, rethink, and redefine. They can envision multifaceted solutions, often leading to groundbreaking products or services. Their minds are a whirlwind of ideas and perpetually in a state of conceptual ideation.

However, this relentless creative surge can also be a double-edged sword. Here are some challenges that teams and collaborators might face:
* Changing Directions: Creative entrepreneurs can quickly pivot from one idea to another. While agility is valuable, frequent shifts can be challenging for teams trying to keep up and execute a consistent strategy.
* Over-ambition: While aiming high is commendable, it can sometimes lead to overcommitment or spreading oneself too thin. This can strain resources and focus.
* Communication Gaps: Founders often have a clear vision in their minds but might struggle to communicate that vision in a digestible way for others.
* Perfectionism: The desire to realize their imaginative vision perfectly can sometimes hinder progress, especially if they get caught up in minutiae at the expense of the bigger picture.

Navigating the Creative Storm
If you’re working with an entrepreneur, understanding and adapting to their mindset can make the journey smoother for all involved. Here are a few strategies to consider:

* Establish Clear Communication: Regular check-ins and open dialogues can help bridge the communication gap. Using visual aids or prototypes can also help in aligning visions.
* Set Boundaries: While it’s essential to be flexible, having clear project guidelines and boundaries can prevent constant shifts in direction.
* Celebrate Iteration: Encourage an environment where iterative development is valued. This allows the entrepreneur to see their vision come to life gradually and make adjustments without seeking perfection at the outset.
* Value Their Vision: Understanding and valuing their creative perspective can build trust. Even if you don’t always agree, showing respect for their vision can foster a collaborative atmosphere.

In Closing: Embracing the Whirlwind of Creativity in Entrepreneurship
The path of entrepreneurship is seldom straight; it resembles more of a roller coaster, complete with its exhilarating highs and nerve-wracking lows. It’s a journey of determination, resilience, and constant evolution. And when this journey is commandeered by an individual bursting with creativity, the trajectory can take even more unexpected twists and turns.

A highly creative entrepreneur is akin to a force of nature. Their mind is a torrent of innovative ideas, ceaselessly churning out concepts and solutions that might seem avant-garde or even audacious to many. Such fervent creativity, while a treasure trove of potential breakthroughs, can also introduce an element of volatility. Decisions can pivot on a whim, their strategies might be redrawn, and visions can be expanded or contracted based on the latest inspiration. This dynamism, while invigorating, can also be a source of unpredictability for teams, partners, and investors.

Yet, this uninhibited creativity has birthed some of the most groundbreaking innovations in history. Think of the revolutionary products, novel services, or transformative solutions that have redefined industries and consumer behaviors. Many of these can be traced back to the fertile imaginations of highly creative entrepreneurs who dared to dream differently.

For those fortunate enough to collaborate with such visionaries, the key lies in understanding and adaptation. It’s crucial to recognize that while the journey might have more bends and detours, the destination often promises unparalleled rewards. To truly harness the potential of these creative mavericks, collaborators need to:

* Adopt Flexibility: Being adaptable and open to change can help teams stay in sync with the evolving vision of the entrepreneur.

* Establish Clear Communication Channels: Regular dialogues can ensure alignment, mitigate misunderstandings, and foster a shared vision.

* Encourage and Celebrate Creativity: Instead of resisting the tide, immerse in it. Celebrate the creativity, provide platforms for expression, and be open to exploring unconventional solutions.

* Strategize Proactively: Anticipate potential challenges that might arise from the dynamic nature of creative decision-making and develop strategies to address them effectively.

By doing so, collaborators ensure smoother sailing through the tempestuous seas of creativity and position themselves to capture the lightning in a bottle – those rare, brilliant moments of genius that can redefine landscapes. In essence, with understanding and strategic collaboration, the challenges posed by extreme creativity can be transformed into unparalleled opportunities for innovation and growth.
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This article was researched and edited with the support of AI

THE IMPORTANCE OF A CFO: THE LINCHPIN OF CORPORATE GOVERNANCE

Posted on by Franchise Strategist

Photo by Makhbubakhon Ismatova

The global economic tides are ever-fluctuating, making it crucial for companies to have a financial leader who can ensure stability in tumultuous times and capitalize on prosperous periods. The CFO, therefore, becomes a sentinel, safeguarding the company from financial pitfalls and ensuring sustainable growth.

The Importance of a CFO: The Linchpin of Corporate Governance

In today’s dynamic and ever-changing business landscape, the role of a Chief Financial Officer (CFO) has been catapulted from mere adornment to an indispensable pillar of an organization. The swift currents of globalization, technological disruption, and economic volatility make it paramount for businesses to have a dedicated leader with sharp financial acumen. But the CFO’s remit goes beyond maintaining the company’s fiscal well-being. They wear multiple hats, serving as the principal financial strategists and critical decision-makers, guiding the company’s direction in alignment with its mission and vision. Furthermore, they are crucial in orchestrating daily operations, ensuring that resources are allocated efficiently and processes are streamlined. Adding another feather to their cap, CFOs are also the stewards of corporate governance, ensuring transparency, ethical practices, and compliance, all essential in building trust with stakeholders and steering the company toward sustainable success.

Essential Qualifications of an Outstanding CFO

* Educational Pedigree: Traditionally, CFOs possess degrees in finance, business, or accounting. A master’s degree like an MBA or a professional qualification like CPA, ACCA, or CFA often sets them apart.

* Deep Financial Acumen: They must have comprehensive financial planning, debt financing, and capital markets knowledge.

* Strategic Vision: Apart from handling numbers, a CFO should possess a clear strategic vision to drive business growth.

* Risk Management: In an age of unpredictability, the ability to anticipate, manage, and mitigate risks is pivotal.

* Technological Proficiency: With the rise of fintech, AI, and automation, a modern CFO needs to be tech-savvy.

* Regulatory and Compliance Knowledge: As regulatory landscapes evolve, a CFO needs to stay abreast with the latest regulations to ensure corporate compliance.

* Interpersonal Skills: They must build relationships with external stakeholders like investors, regulators, and financial institutions.

Role of a CFO in the Modern Business Era

* Strategic Partner to the CEO: While the CEO might envision the company’s future, the CFO is instrumental in shaping this vision into financial terms and identifying pathways to achieve these goals.

* Leader in Financial Planning and Analysis: They guide the organization in budgeting, forecasting, and analyzing financial trends.

* Risk Management Maestro: They identify potential business risks and implement mechanisms to safeguard the organization.

* Custodian of Capital Allocation: A CFO determines how the company’s capital gets invested – in new products, markets, acquisitions, or R&D.

* Champion of Technological Transformation: Modern CFOs are steering their organizations into the future by adopting the latest tech innovations.

CFOs and Corporate Governance: An Inextricable Link
Corporate governance pertains to the rules, practices, and processes by which a company is directed and controlled. It primarily involves balancing the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community. At the heart of corporate governance is the CFO. Their unique position allows them to serve as a bridge between the board and the management, ensuring that financial disclosures are accurate, timely, and transparent.

1. Transparency and Accountability: By providing accurate financial statements and disclosures, CFOs uphold transparency, promoting investor trust and confidence.

2. Ensuring Compliance: CFOs play a pivotal role in ensuring the company adheres to regulations, standards, and laws, minimizing potential legal entanglements.

3. Ethical Leadership: Ethical lapses in corporate governance can tarnish a company’s reputation overnight. As guardians of financial integrity, CFOs set the tone for ethical behavior across the organization.

4. Stakeholder Communication: CFOs are the face of the company for investors, analysts, and shareholders. Their ability to effectively communicate the company’s financial health and strategy can influence stakeholder sentiments.

5. Decision-making and Oversight: By providing crucial financial insights, CFOs inform the board’s decisions, ensuring alignment with the company’s long-term objectives.

It’s clear that the modern CFO’s role is no longer siloed. They are actively involved in “digital transformation,” leading “sustainable business practices,” and advocating for “diversity and inclusion” in corporate structures.The modern CFO’s function has transcended the boundaries of conventional financial management. Once primarily limited to budgeting, forecasting, and financial reporting, the CFO is now at the forefront of navigating the intricate labyrinth of today’s corporate world. This evolving landscape, punctuated by rapid technological advancements, necessitates CFOs to be not just number-crunchers but also tech-savvy innovators. Additionally, as global markets become more intertwined and regulatory frameworks more stringent, the CFO must be adept at understanding and managing multifaceted legal and geopolitical scenarios. It’s not just about keeping the books anymore; it’s about foreseeing potential challenges, harnessing opportunities, and driving innovation.

Furthermore, the global economic tides are ever-fluctuating, making it crucial for companies to have a financial leader who can ensure stability in tumultuous times and capitalize on prosperous periods. The CFO, therefore, becomes a sentinel, safeguarding the company from financial pitfalls and ensuring sustainable growth. More than ever, they collaborate, working alongside CEOs and other top executives, offering critical insights that shape the company’s strategic trajectory. By blending their financial expertise with strategic foresight, they play an instrumental role in guiding organizations toward a thriving and prosperous horizon.
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This article was researched, developed and edited with the support of AI

CRAFTING THE IDEAL CORPORATE CULTURE: A COMPREHENSIVE BLUEPRINT FOR SUCCESS

Posted on by Franchise Strategist

Photo by Austin Distel on Unsplash

Cultivating an exceptional corporate culture is a marathon, not a sprint. It requires continual commitment, consistency, and effort from every organization member. But once you have laid down the foundation of a solid corporate culture, you’ll be well on your way to enjoying a prosperous and thriving business environment.

Crafting the Ideal Corporate Culture: A Comprehensive Blueprint for Success

What separates a good organization from a great one? Is it innovative products or services? Excellent customer service? While these are indeed critical elements, an underlying factor is the backbone of any successful enterprise: a robust corporate culture.

Corporate culture, the shared ethos, and values defining an organization aren’t about superficial elements like office decor or dress code. It’s about an ingrained identity that dictates how employees interact, collaborate, and work towards common goals. An influential corporate culture promotes productivity, nurtures engagement, and inspires loyalty, contributing significantly to overall business success.

To create a healthy and thriving corporate culture, there are six essential strategies any organization can adopt:

1. Define Your Core Values
Solid, well-articulated core values lie at the heart of every compelling corporate culture. These values form the bedrock of an organization’s ethical framework, shaping its employees’ beliefs, behaviors, and actions.
Whether these values emphasize innovation, integrity, customer service, or teamwork, they guide your organization’s decision-making processes. They engender employees’ shared sense of identity and purpose, fostering unity and commitment.
Defining core values, however, is just the first step. They must be thoroughly communicated, consistently upheld and continually integrated into every aspect of the business. From hiring and onboarding to performance evaluation and recognition, your core values should be the golden thread that ties together all business operations.

2. Lead by Example
The leadership team within an organization plays a pivotal role in shaping its culture. Leaders are not merely managers or decision-makers; they are culture carriers who can either make or break an organization’s cultural fabric.

Leaders’ behaviors, attitudes, and actions significantly influence the company’s cultural environment. They set the tone for the organization, demonstrating the values and behaviors they expect their team members to emulate.

Leaders need more than merely “talk” about core values; they must live them. When leaders consistently embody these values, they inspire trust, respect, and loyalty among their teams, fostering a culture where everyone feels committed and valued.

3. Promote Open Communication
An environment of open communication is crucial for a healthy corporate culture. Transparency and honesty should be the norms rather than exceptions. When employees feel comfortable expressing their thoughts, ideas, and concerns without fear of reprisal, it leads to a more engaged, productive, and satisfied workforce.
Regular feedback sessions, team meetings, and other communication channels encourage employees to voice their opinions, fostering a sense of belonging and value. Leadership transparency, where leaders openly discuss company goals, challenges, and changes, also builds trust and strengthens the cultural fabric of an organization.

4. Encourage Teamwork and Collaboration
Strong corporate cultures thrive on teamwork and collaboration. An organization that fosters cross-departmental collaborations and encourages diverse perspectives can unlock creativity, stimulate innovation, and enhance problem-solving abilities.
Creating an environment that encourages teamwork goes beyond merely assigning group projects. It involves building trust, nurturing relationships, acknowledging individual contributions, and promoting mutual respect among team members. Regular team-building activities, workshops, and retreats can be excellent strategies for cultivating a culture of collaboration and cohesion.

5. Invest in Employee Development
Organizations that prioritize employee growth and development foster a culture of continuous learning and improvement. Employees who see clear paths for growth within their organization are more likely to feel engaged, motivated, and loyal.

Professional development programs, mentoring schemes, skill-based training, and opportunities for internal career progression can significantly enhance employee satisfaction and retention. A culture that values learning boosts morale and drives performance, productivity, and innovation.

6. Demonstrate Corporate Social Responsibility
Corporate Social Responsibility is no longer a ‘nice-to-have.’ For today’s increasingly socially conscious employees, it’s a must. A strong commitment to social and environmental responsibilities can significantly enhance your organization’s reputation and attractiveness.

Incorporating these initiatives into your corporate culture shows that your company cares about more than just profit. Whether environmentally-friendly practices, community outreach programs, or charitable donations, CSR initiatives show your organization’s commitment to positively impacting society.

In conclusion, corporate culture is not a mere buzzword. It’s an essential business strategy that, when cultivated effectively, can drive organizational success. Building a strong corporate culture may require effort and consistency. Still, the resulting benefits – a more engaged workforce, increased productivity, and higher employee satisfaction, to name a few – are well worth the investment.

Cultivating an exceptional corporate culture is a marathon, not a sprint. It requires continual commitment, consistency, and effort from every organization member. But once you have laid down the foundation of a solid corporate culture, you’ll be well on your way to enjoying a prosperous and thriving business environment. It all starts with you and your team and the values you uphold and exemplify. So, start this journey today and watch your organization transform into a more productive, positive, and purposeful entity.

HOW TO SOLVE THE BIGGEST CHALLENGES OF A HYBRID WORKFORCE

Posted on by Franchise Strategist

According to Forrester, 70% of U.S. and European companies will pivot to a hybrid work model post-pandemic. What’s more, 75% of CEOs expect their office spaces to shrink, so the space that is retained must be intentionally created with hybrid in mind.

How to solve the biggest challenges of a hybrid workforce

Contributed by BrandPoint

(BPT) – Since the onset of the global pandemic there has been a paradigm shift that work is what you do, not where you do it. As workers increasingly return to traditional offices, the need to transform the space into more dynamic and collaborative business centers grows.

According to Forrester, 70% of U.S. and European companies will pivot to a hybrid work model post-pandemic. What’s more, 75% of CEOs expect their office spaces to shrink, so the space that is retained must be intentionally created with hybrid in mind.

“The problem is that while many American employers have embraced this model for their employees, they have not fully implemented collaborative strategies and the necessary technologies that help workers remain productive, creative and inspired in and out of the office setting,” said Shannon MacKay, general manager of WW Smart Collaboration Business Group, Lenovo.

Adopting the right technologies so employees can seamlessly work in the office, at home or elsewhere is key to the success of hybrid work. When done correctly, it can set an organization up for success: According to a recent Lenovo study, a majority (77%) of employees and IT decision-makers believe that productivity and collaboration tools have made or will make their business more efficient in the long run.

When done poorly it can diminish productivity, culture and ultimately, the workforce: According to the Adobe State of Work Report, 32% of workers (nearly a third) have said goodbye to an employer whose tech was a barrier to their ability to do good work — up from 22% pre-COVID.

Hybrid work will require new ways of collaborating to ensure an inclusive environment that attracts and retains top talent. This is particularly important considering in-person meetings will drop from 60% of total enterprise meetings to just 25% by 2024, according to Gartner’s 2021 Digital Worker Experience Survey.

Unfortunately, the Lenovo study shows large enterprises report an average of three unified communication/collaboration applications in use at their companies. This makes collaboration complex and a daily pain point for workers. Not only does this restrict communication, so many of the important interactions between people that build company culture and teams are lost.

“Hearing the live reactions, or impromptu exchanges going on at the end of the table is the difference between feeling like an equal citizen at a hybrid meeting and feeling like a second class one. What about if those microphones can auto-adjust to the positioning of the participants in the room and upweight the sound of those on the right of the room in the right-hand speaker to make it as realistic as possible for those at home too?” said MacKay.

Purpose-built technology like Lenovo’s new ThinkSmart One, the world’s first Windows-based completely integrated collaboration bar, anticipates the continued growth of hybrid meeting spaces as businesses strive to find innovative ways to work together in a distributed workforce. Designed to easily equip small meeting rooms, the bar offers an exceptional audio-visual through eight microphone arrays with echo and noise cancellation, 15-Watt stereo speakers and an integrated high-resolution camera with wide field of view.

There is no one-size-fits-all solution when adjusting to hybrid work. It is critical for IT leaders to reassess their technologies and best practices to ensure all participants have an equal opportunity to collaborate, share ideas and influence decisions. Companies focused on a successful ‘return to work’ plan must implement customizable technologies to make sure their office setup matches their employees’ needs.

MANAGING PART-TIME EMPLOYEE SCHEDULES

Posted on by Franchise Strategist

Photo by Jessica Lewis on Unsplash

There are several reasons why shift scheduling is a critical part of managing your workforce. For one thing, if you have part-time employees who aren’t able to work every day that you need them, it’s vital that you have some system for organizing their schedules. In addition, consistency will help make things easier for everyone involved.

Managing Part-Time Employee Schedules
By Dom Hemingway

If you’re managing a part-time employee schedule, you know how important it is to be organized and prepared. Managing a part-time employee’s schedule can be tricky because you must keep your team member’s other priorities in mind and ensure that their work hours fit into those priorities accordingly. These priorities may include school, taking care of children or an elderly parent, and another part-time job. It’s essential that your employees can balance multiple aspects of their lives while still working for your company successfully!
Here are a few tips to consider:

Know Your Labor Needs In Advance
First, consider the business’s needs and how many employees you will need to cover the shifts. Next, consider how many shifts you need to cover each week and month (not just in specific time slots). Finally, be sure that all your available times are covered.

An excellent place to start is by creating standard templates for when employees will be working each week (e.g., every Monday afternoon). In addition, these templates should include what shifts are available and any special days off that might change weekly (such as holidays). Once set up, these templates let employees know their schedule via phone or other digital notification so they can plan accordingly!

Use A Scheduling Tool
A scheduling tool can help you organize your employees’ schedules, set up shift swaps, and more. There are numerous scheduling tools used by companies like Google, Red Bull, Spotify, and LinkedIn. Using A Scheduling Tool Is Simple. First, set up templates for days off and specific shifts (like the weekend). Next,use those templates as needed by dragging them onto the calendar view. Templates allow you to see your schedule at a glance so that you don’t have any surprises when it comes time for each person’s next shift. Include Shift Swaps. Shift swaps allow employees to trade shifts with each other. Swapping a shift is a great way to balance work and personal life, prevent burnout, and get the days off you want. If you have an employee self-scheduling system, it will also help avoid turnover by allowing employees to pick their schedules.

Managing Days Off
The first step in creating an employee schedule is to set up templates for each day off. You can do this by setting up a template that applies a specific day off for each employee. If you have more than one part-timer working simultaneously, ensure their days out are consistent, so they don’t conflict. Also, when setting up their days off, consider their work schedule and personal life—not only will this make things easier for them overall, but it’ll also ensure that they can attend family events or plan fun activities outside of work! Finally, if an employee is sick or needs time off during the week, consider how long they’ve been working before approving any requests. This flexibility will help ensure they get enough time away from work while still staying productive at home without having too much downtime.

Let Employees Select Their Shifts
It may be a good idea to allow employees to select their shifts. Self scheduling gives them the freedom to choose when they want to or can work, which can help them be more productive at work and happier overall. Many part-time employees also have multiple jobs and might need a schedule that works with another. For example, let’s say you have an employee who is also a freelance writer; he might need his schedule to include Friday off, so he has time to write articles for other publications. Allowing him to switch shifts with other employees in your organization makes it possible for him (and others) who may need this flexibility to have multiple jobs simultaneously! To ensure your part-time employees are scheduling themselves most efficiently, it’s important to know your needs before you begin.

Employee self-scheduling is a great way to reduce employee turnover and keep employees accountable for their schedules.
Employees pick their shifts based on availability and job needs with self-scheduling. This method also allows you to see how many hours each employee works, which can help you track attendance and make sure they’re adhering to policies regarding overtime or sick days.

Create Weekly Schedules At Least A Week In Advance
The weekly schedule prepared in advance is the best way to track employee hours and manage payroll. It also helps you plan by clearly showing the shifts to be covered according to sales and other projects.
Employees can quickly see how much time off they have next week, making planning life events easier (and more likely).
Managers can see what projects are due around the same time or when an employee will be out sick or on vacation. They can also use this information to choose who should help cover each other’s shifts if someone suddenly needs time off unexpectedly.

A Consistent Scheduling Process Is Critical
There are several reasons why shift scheduling is a critical part of managing your workforce. For one thing, if you have part-time employees who aren’t able to work every day that you need them, it’s vital that you have some system for organizing their schedules. In addition,consistency will help make things easier for everyone involved. For example, employees can plan their personal life around this schedule. In addition, employers can ensure that they always have enough employees working during each shift.You will also be in a better position to manage labor costs by scheduling team members in advance and according to projected sales for the week.

Additionally, if your company has full-time employees with varying schedules—such as those on-call or night shifts—it’s important to keep track of how many people you schedule during any given time. For example, suppose one employee misses two days in a row due to illness. In that case, it might be necessary for another coworker with flexible hours to cover those shifts instead, so nothing falls through the cracks!

Conclusion
Finally, an organized schedule will make things easier for everyone involved in ensuring there aren’t any scheduling conflicts within teams or departments because everything has been planned out ahead of time rather than being handled on an ad hoc basis.”

When managing part-time employees, it’s essential to consider their needs in advance. After all, they’ll be working with you regularly. Hence, you want them to feel comfortable and empowered in their work environment.

THE IMPORTANCE OF A WRITTEN BUSINESS PLAN

Posted on by Contributing Writer

Photo by Andrea Piacquadio

Starting a new business can be a daunting task, but it can be easier if you have a plan. A written business plan is an important tool that helps manage your company and keep you on track with your goals. It will help you determine what type of company you want to run and how best to reach those goals. A good plan should also analyze the financials, operations, and market conditions. It’s not just about writing down numbers – it’s about understanding them so that you can make informed decisions about how best to move forward!

The Importance of a Written Business Plan
By Dom Hemingway

You’ve got a great idea for a business, but you need funding. Or maybe you want to keep your company on track by establishing an established plan? Either way, no question that having a written business plan will help propel your venture forward.
A written business plan is a must-have for any new business.

The first step in starting any new business is creating a business plan. A good business plan will help you define your goals, strategies, and objectives for your company’s future. The right business plan can be a roadmap to help achieve those goals.
A written business plan is also essential to secure funding from investors or lenders! In addition, a well-written document can help convince people that you are serious about taking risks and making changes to grow their investment as quickly as possible.Starting a new business requires a lot of thought and research. A well-written business plan is an essential element that can help you reach your goals, so it’s important to give this document the attention it deserves.
The following steps will help you create an effective, comprehensive plan:

Research the market. Before committing to your idea, make sure there’s room for growth in the industry and that there are no existing competitors who could undercut you or drive away customers.

Write down all ideas for how your company will operate and how it will make money (i.e., what kind of product or service do you want to offer customers?). This section of your plan includes information about who will be running the company, where funds will come from, how much money you need to start up operations, and whether there are legal issues related to registering as an LLC or other business entity). It also includes information about what kind of employees are needed for specific tasks–and whether those people currently exist within your network!

A written document acts as a road map for your company’s future.
A business plan helps you make early decisions about the future. It also allows you to make better decisions and avoid mistakes, problems, and pitfalls.

A good plan analyzes the financials, operations, and market conditions.
A good business plan should include a financial analysis of the income statement, balance sheet, and cash flow statement. It should also include an operations analysis outlining the business’s marketing strategy, sales plan, and distribution channels. This section will help you understand how to conduct these analyses successfully.

A good plan must also analyze market conditions—what they are and how they might change over time. Understanding market size is essential to your success: If there’s not much of a market for what you’re selling, then it won’t matter how great your product or service is because no one will buy it. So, in addition to analyzing current market conditions (size), predict future trends that may affect these conditions so that you can adjust accordingly for future changes in demand for your goods or services.

The executive summary
The executive summary should introduce critical players in the venture. In addition, it should include a description of the business, the business plan, and how you will implement it.
The executive summary should be able to stand alone and give investors an overview of your company’s goals, methods, and management team.

Identify your customers
It would be best to outline who your customers are and describe your brand. What do you want your business to be known? What type of person is your catering customer? For example, what image comes to mind when someone looks at your work if you’re selling artwork? Are they buying it to hang on their wall, or are they buying it as an investment piece?
You can answer these questions by creating a brand profile that describes your qualities and those who buy from you.

You must include information on financing requests, use of funds, and exit options.
If you’re seeking funding for your business, it’s crucial that you include your financial request in your plan. The financial presentation will give potential investors an idea of how much money is needed to get the company up and running. You should also include a breakdown of where you intend to use the funds and the percentage allocated for each plan section.

Return on investment (ROI) is another aspect you will address in a written business plan. This term refers to profitability, or how much profit a company can generate after considering expenses. It’s essential for investors considering putting money into your company to know how much return they’ll receive on their investment compared with other opportunities available at the time. This information will help them make an informed decision about whether or not they should invest in yours specifically.
It should also discuss challenges and opportunities, projections, and more.

A business plan should also discuss opportunities and challenges. Then, it should explain how you plan to overcome those challenges or exploit those opportunities. Finally, the plan should also include projections—a forecast of what your company’s performance will look like in the future. If you are seeking funding, you may need to provide more detail in the financial section than you would if you were using it internally as a planning tool. A business plan differs from an investor presentation in that a business plan focuses on how your company will succeed. In contrast, an investor presentation focuses on how much money investors will make. The financials should be detailed and quantitative if you are trying to raise capital from angel investors or venture capitalists. On the other hand, if you are only trying to obtain financing from friends or family members for your startup idea, then having more of an overview may suffice.

Executive Summary
The executive summary should be able to stand alone and give investors an overview of your company’s goals, methods, and management team. The executive summary is a summary of your business plan. It should be able to stand alone and give investors an overview of your company’s goals, methods, and management team. It should not include any confidential information or data.
The executive summary should be no more than two pages in length. If more information is needed, you can expand in later sections of the plan, such as the market analysis or financial forecasts section.
It’s important not just for investors considering investing in your company but also for potential partners or employees who may read through it before deciding whether they want to work with you or invest their time (and possibly money) into helping you succeed as an entrepreneur.

Operations Explanation
You need to be able to explain how your business will operate at the most basic level to get funding and grow your company.
A written business plan is a fundamental tool that helps you to explain how your business will operate at the most basic level. The document should include: An overview of the company, its products or services, the market, and whether there are any competitors. As a new company, it’s crucial to clearly define who your customers are and how you will reach them.
A description of each part of your operations — finance, marketing, sales, operations (production) — with details on how each area supports others within the organization in achieving goals for growth and profitability.
Use of funds: How much money do you need? How long before investors get their returns? What exit options do they have? Challenges and opportunities: Is there room for growth within this industry or niche market? Projections: Financials (income statements/profitability ratios)

Conclusion
Starting a new business can be a daunting task, but it can be easier if you have a plan. A written business plan is an important tool that helps manage your company and keep you on track with your goals. It will help you determine what type of company you want to run and how best to reach those goals. A good plan should also analyze the financials, operations, and market conditions. It’s not just about writing down numbers – it’s about understanding them so that you can make informed decisions about how best to move forward!

Franchisor Focus: The Franchise Development Process Must Be an Unbroken Chain

Posted on by Franchise Strategist

A successful franchise development process can be compared to a chain that consists of links that hold a sprocket or wheel together while they run. If one link in the chain is broken it can stop them from running like the franchise development process being interrupted.

Franchisor Focus: The Franchise Development Process Must Be an Unbroken Chain
By Ed Teixeira

When it comes to growing a franchise network, there are fundamental steps that every franchisor should have in place if they expect to grow their system with qualified franchisees.

Successful lead generation and an effective franchise development team are only part of the requirements needed to achieve system growth, along with components needed to attain positive franchise system growth. These other elements in the franchise development process in combination with lead generation and an effective franchise development team can be compared to links in a chain.

A successful franchise development process can be compared to a chain that consists of links that hold a sprocket or wheel together while they run. If one link in the chain is broken it can stop them from running like the franchise development process being interrupted.


(Click to enlarge diagram)

Franchise development chain diagram
The links in the franchise development chain:

1. Profitable franchisees. If franchisees aren’t profitable, it will be difficult for prospective franchisees to obtain positive validation. Even if the franchisor can have positive franchise growth unless the majority of franchisees are profitable it will only be a matter of time before the franchise prospect realizes the situation.

2. Positive franchisee satisfaction. The franchisor must must be aware of its franchisee satisfaction levels. Using their satisfaction surveys and obtaining personal feedback its essential that franchisors know how satisfied their franchisees are with their franchise. If there is negative feedback regarding franchisor support or other issues, they should be corrected ASAP.

3. Effective franchise development team. Whether the franchisor has in-house franchise development staff, uses brokers or employs a combination of both the development team must be experienced and effective. This requires that the results of the franchise development team are competent and achieve results.

4. Positive system growth. The franchisor should be achieving either positive franchise system growth or at least is not losing franchisees except in the case of a startup franchise. Prospective franchisees can be concerned when a franchisor has negative franchise growth or no growth at all.

5. Productive lead generation. It’s necessary that the franchisor is generating sufficient franchise leads for the franchisor team to work. Depending upon the franchise It can take 100 to 200 franchise leads to complete a franchise transaction. Without enough franchise inquiries or leads it can be difficult to recruit qualified franchise candidates.

6. Adhere to franchise qualification standards. Every franchise prospect should be properly qualified and able to meet the standards of the franchisee profile. Without adhering to the proper standards for qualifying its franchise leads there is a risk of granting a franchise to a poorly qualified individual.

7. Maintain Franchisee Engagement. When a qualified franchise candidate is found it is important that the franchisor representative maintain close contact with the candidate and respond to their concerns and questions. When engagement is not maintained the franchise candidate can lose interest in the franchise opportunity.

The franchise development process is akin to links in a chain if one link is broken the chain stops working. When franchisors follow the proper franchise development process it can lead to successful franchise system growth however, when one step in the process is not followed it can result in a lack of franchise growth.

About the Author:
Ed Teixeira is a recognized franchise expert with over 35 years experience in the franchise industry. He has served as a corporate executive for franchise firms in the retail, manufacturing, healthcare and technology industries and was a franchisee of a multi-million dollar home healthcare franchise. Ed is the author of Franchising From the Inside Out and The Franchise Buyers Manual. He has participated in the CEO Magazine Roundtable Meetings with business leaders from around the country and spoke at a number of venues including the International Franchise Expo and the Chinese Franchise Association in Shanghai, China. Over the course of his career, Ed has been involved with over 1,000 franchise locations and launched franchise concepts from existing business models. Ed can be contacted at 631-246-5782 or [email protected].

HOW TO ATTRACT AND RETAIN EMPLOYEES AS WE EXIT THE PANDEMIC

Posted on by Franchise Strategist

Some of the causes of the great employment disruption of 2021 are beyond the influence of employers. However, there are a number of initiatives that can be implemented by employers to retain employees and attract those who are looking for a change in what they do. So, how do you retain and attract employees? 

HOW TO ATTRACT AND RETAIN EMPLOYEES AS WE EXIT THE PANDEMIC
by Stan Silverman
Article originally published in the Philadelphia Business Journal on November 15, 2021.

Due to the effects of the pandemic, 2021 will be known as a year of immense employment disruption. This is especially acute in the restaurant, hospitality and other service industries, where employees now have higher-paying employment alternatives. 
The cause of the Great Resignation is not limited to dissatisfaction with pay. Many employees who are nearing retirement have decided to leave the workforce earlier than they had planned. Other employees have reevaluated their lives and decided what they were doing was not for them. 

Some employees are burned out dealing with hostile customers and working to meet pent-up demand. Others have left the workforce because they cannot afford childcare. There are those who point to governmental assistance as the reason people are not working, but that assistance ended in September.

Some of the causes of the great employment disruption of 2021 are beyond the influence of employers. However, there are a number of initiatives that can be implemented by employers to retain employees and attract those who are looking for a change in what they do. So, how do you retain and attract employees? 

Employees come before customers

In my columns for the Philadelphia Business Journal, I have emphasized the importance of delivering a great customer/client experience as a way to become the preferred provider in the marketplace. It’s your employees who deliver a great customer/client experience. 

Quoting Sir Richard Branson, co-founder of Virgin Group, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” Treat your employees well. They will help you become a preferred employer.
Nurture a culture in which your employees develop a sense of ownership in what they do. Listen to their ideas. Value their contributions. Never micromanage. Set expectations, empower them and cut them loose to do their thing. 

Compensate employees so your company is an attractive employment alternative

For years, many have advocated raising the federal minimum wage to $15/hour, with little success. Today, many businesses need to pay $20/hour or more to attract employees. Why? Employees have alternative employment opportunities not only within the same industry, but also within other industries that are rapidly growing. For example, an employee working at a restaurant can quit and go to work for Amazon instead. Pay employees competitively with their alternatives to keep them and attract others.
Will increasing the compensation of employees require companies to raise prices? Yes. The economy will adjust as it did after the dramatic increase in oil prices during the 1970s. 

Differentiate your company and its culture 

Just as you differentiate your company so customers/clients want to buy from you instead of your competition, differentiate your company so employees want to work for you rather than their alternatives. 
Treat all employees as important to your success. Show your appreciation for what they do. Where practical, depending on the job, institute a hybrid model, giving them flexibility to work remotely or at the office. There are companies that have been operating 100% virtually with great effectiveness for many years without adversely impacting employee collaboration. Saved commuting time is spent working on business issues, as well as taking care of personal matters, which reduces employee stress and increases morale.

Differentiate your company from others. Treat your employees as you would like to be treated. Make it part of your brand. Your reputation will attract the employees you need to run your business. 

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About the Author
Stan Silverman is founder and CEO of Silverman Leadership and author of “Be Different! The Key to Business and Career Success.” He is also a speaker, advisor and widely read nationally syndicated columnist on leadership, entrepreneurship and corporate governance. He can be reached at [email protected].

DO YOU NEED A TAX ID? HOW TO OBTAIN AN EIN

Posted on by Franchise Strategist

After four years of life in the outlaw motorcycle subculture in NYC, Tom got a haircut, took a shower and landed a respectable job in the New York Subway system. After more than 13 years in the subway Tom became frustrated with the bureaucracy and politics.

DO YOU NEED A TAX ID? HOW TO OBTAIN AN EIN
By TOM SCARDA, CFE Founder of FRANCHISE ACADEMY
🔑Education 🔑 insight 🔑 inspiration – Have you been working from home and don’t want to go back to your office? Have you tasted freedom and want out of the corporate rat race? We should talk. No Sales, No Kidding.

After you incorporate or form an LLC, the IRS will issue a federal tax ID to your small business. This tax ID is also known as an employer identification number, or EIN.

What is an EIN? Let’s take a closer look at this federal tax ID, key areas where having an EIN may benefit your business, and how to obtain an EIN if you were not already issued this tax ID.

What’s an EIN?

An EIN is essentially a social security number (SSN) for a small business.

This tax ID is nine digits long, similar to that of an SSN, with a primary purpose of legally identifying your business. Entrepreneurs may use their SSN or an EIN on paperwork pertaining to their company. Some entity formations, like sole proprietors, use their SSN for business tax purposes. Incorporated formations, like limited liability companies (LLCs), have the choice to use their SSN or an EIN.

More often than not, incorporated businesses will use their EIN. This is because an EIN is slightly less sensitive than an SSN. As such, business owners may choose to use an EIN in lieu of an SSN. Choosing this tax ID acts as a safeguard to ensure the safety of their personal identity. It also helps to keep entrepreneurs in compliance with U.S. tax laws.

How Do I Know I Need an EIN?

There are several aspects of small business where it’s necessary to file for an EIN. Here’s where this tax ID can benefit your company.

Opening a business bank account. Having a business bank account allows small business owners to keep their personal and professional finances separate. Most U.S. financial institutions require a certified copy of an EIN prior to opening a business bank account. An EIN also makes it easier to establish a business credit profile, separate from the owner, and build business credit.
Forming an LLC. If you have already formed an LLC, then you were issued an EIN — and may skip ahead in reading. However, if you are planning to form an LLC keep in mind that the IRS will issue you an EIN. You will also need to obtain an EIN if you choose to incorporate as another entity formation, such as incorporating as a corporation or forming a partnership.
Hiring employees. Here’s where an EIN benefits both employees and the business owner. If your business plans to hire employees, it is a requirement to obtain an EIN. This allows the IRS to track your business and ensure it collects payroll tax. On the flip side of the coin, once a business has been incorporated the business owner is technically considered an employee. As such, you will need to obtain this tax ID — for future employees within the business as well as your own status within an incorporated business.
Besides the aforementioned three bullet points, EINs may benefit businesses in even more ways. You will need to obtain an EIN to establish pension, profit sharing, and retirement plans. This tax ID may also be used when filing annual tax returns. In the event you decide to change your organization type, filing Form 8832 Entity Classification Election will ensure your entity is able to retain its EIN, even if its legal structure has changed.

How Can I Obtain an EIN?

Obtaining an EIN is a fairly straightforward process. You can apply for an EIN online, through the mail, by fax, or even over the telephone with the help of MyCorporation’s trusted team of professionals.

Before you begin the filing process, however, please note that you must determine if your business is eligible for an EIN. The principal business must be located in the United States or its U.S. territories. The true principal officer or general partner must also possess a valid tax ID. This may be an SSN, an EIN, or an individual taxpayer identification number (ITIN). Finally, if your small business is not already incorporated or formed as an LLC then it must file to incorporate as a legal formation for their organization.

The Value of Having an EIN

Having a tax ID allows you to take your business to new, exciting heights while remaining in compliance with tax laws. As an added bonus, once you obtain an EIN you have it forever because EINs do not expire.

Conduct your due diligence prior to filing for an EIN and reach out to a legal professional prior to filing if you have any questions. Once you obtain your EIN, remember to treat it similar to that of an SSN. Keep this ID in a safe place to protect it and use it in areas required by your business.
Deborah Sweeney is the CEO of MyCorporation.com which provides online legal filing services for entrepreneurs and businesses, startup bundles that include corporation and LLC formation, registered agent services, DBAs, and trademark and copyright filing services. You can find MyCorporation on Twitter at @MyCorporation.

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About Tom Scarda:
Tom is now a nationally recognized small business and Certified Franchise Expert (CFE), motivator and dynamic speaker. Tom has authored three books: Franchise Savvy, The Road to Franchise Freedom and The Magic of Choosing Uncertainty: How to Manage Change, Embrace Fear and Live a Fulfilled Life.

30 years ago, searching for his inner drive, Tom left college and submerged himself in the motorcycle underworld in lower Manhattan. This made his mother worry. It was the first time Tom chose uncertainty over the status quo.

After four years of life in the outlaw motorcycle subculture in NYC, Tom got a haircut, took a shower and landed a respectable job in the New York Subway system. After more than 13 years in the subway Tom became frustrated with the bureaucracy and politics. So he quit his job and left his pension behind to pursue his dreams of business ownership. This also made his mother worry.

In 2000, he purchased a smoothie franchise, which he built into three units and sold five years later for a considerable profit. He was the #1 franchisee of the year in Maui Wowi Smoothies in 2002. He purchased a second franchise in 2006 called Super Suppers and failed miserably in that franchise concept. The lessons he learned from failure is what makes him such an expert. Tom has owned and operated both franchised and non-franchised businesses and has years of knowledge and wisdom to share with you.

The hospitality industry is hiring: Here’s what to look for when job searching

Posted on by Franchise Strategist

Many experts expect this momentum to continue to grow as travelers resume their typical vacation habits. Whether you have experience in the hospitality field or not, heightened demand could mean big opportunities for job seekers. This is especially true for people interested in working in the vacation rental industry.

The hospitality industry is hiring: Here’s what to look for when job searching

(BPT) – As vacation destinations reopen across the country and the busy summer travel season approaches, the hospitality industry is poised for significant growth. According to the latest jobs report, there were 280,000 new hires in the leisure and hospitality industry in March alone. Many experts expect this momentum to continue to grow as travelers resume their typical vacation habits.

Whether you have experience in the hospitality field or not, heightened demand could mean big opportunities for job seekers. This is especially true for people interested in working in the vacation rental industry. According to a recent Skift Research survey of vacation rental users, 52% of guests plan to stay in a vacation rental more often in a post-pandemic environment.

“To meet growing demand, we’re hiring for seasonal and full-time positions in top vacation destinations from the Carolina beaches to New England and the Oregon Coast,” said Aurora Moore, a talent acquisition manager at Vacasa, the leading vacation rental management platform in North America. “Vacation rentals have rebounded quicker than any other segment of the travel industry, and we’re in a position to offer good jobs and competitive pay to people who have lost work or had their hours reduced during the pandemic.”

The current need for employees — and seasonal hiring incentives — is great news for people on the job hunt. If the hospitality industry sounds like a good fit for you, there are a few things to keep in mind when you’re searching and applying for new job opportunities:

Apply now: Hiring is hot right now and will continue into peak travel months as necessary. To find the ideal job for your schedule and skill set, explore opportunities early before others scoop them up, as hiring is happening fast.

Ask about bonuses: With demand for hospitality staffing so high, some companies are offering incentives if you accept a job offer and stay in the role for a certain amount of time. For example, Vacasa is offering up to $500 hiring bonuses in select markets.

Consider safety: While safety protocols are common for guests, it’s important companies are taking additional steps to keep hospitality employees safe as well. Make sure you ask about and are comfortable with current COVID protocols.

Know application necessities: Some companies will require an official resume while others may have a simplified application process. For example, candidates can simply text “Vacasa” to 97211 to start their application process.

Explore job fairs: Look at different companies’ career pages and social media sites to learn about job fairs. Whether in person or virtual, these events provide the opportunity to meet with companies about multiple positions at once.

Know your availability: Know when you’ll be able to start, what hours you can work and if you want a seasonal position or would prefer permanent employment. Look for companies that offer the flexibility to meet your needs.

Research training: The hospitality industry is ideal for entry-level roles and for those who want to build their skills. To ensure you’re successful, ask about a company’s training program during the interview process.

Factor in growth opportunity: Your “right now” job could turn into the right opportunity with advancement to grow. Ask about career paths and opportunities for moving up in the organization.

Check your gut: If you feel like the company you’re applying for is reputable and betters the community where it is located, you can feel good about working hard for them and supporting their mission.

“We’re looking for dedicated, reliable and passionate team members who want to grow their careers in hospitality,” said Moore. “You can start at an entry-level position and, with hard work and team-first mentality, there’s no limit to the long-term opportunity. It’s a fun industry and an exciting time to be a part of it.”