A small business quote a day keeps you thinking, inspired and entertained
“Instead of giving contracts to strangers, we decided we could just as well give contracts to our own employees. We would encourage them to leave… and start their own satellite enterprises.”
Ricardo Sernier (b. 1959) Brazilian business executive
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A small business quote a day keeps you thinking, inspired and entertained
“There is ceasing to be the intimacy between masters and men… we scarcely know anything of men who have come into our service of late years because strangers negotiate most of the arrangements which are made.”
Samuel Morley (1809-86) British textile entrepreneur
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A small business quote a day keeps you thinking, inspired and entertained
“Effective executives fill positions and promote on the basis of what a person can do. They do not make staffing decisions to minimize weaknesses to maximize strength.”
Peter F. Drucker (1909-2005) US management consultant
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A small business quote a day keeps you thinking, inspired and entertained
“Trahey’s Simple Rule: Would you hire you?”
Jeff Trahey (1923-2000) US copywriter
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A small business quote a day keeps you thinking, inspired and entertained
“Well sometimes you just don’t like somebody.”
Henry Ford (1919-87) US car manufacturer
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A small business quote a day keeps you thinking, inspired and entertained
“There was no question of appointing a man who was not fully trained… everything depended on his being the best man for the job before he set off. And so you took great care in selecting him.”
Anthony Jay (b. 1930) British author & business consultant
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A small business quote a day keeps you thinking, inspired and entertained
“Recession isn’t the fault of the workers. If management takes the risk of hiring them, we have to take the responsibility for them.”
Akio Morita (1921-99), Japanese business executive, Daily Telegraph (24 February 1982)
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Well, two things come to mind:
Often the term “staff turnover” is used in connection with fluctuation in staff levels, which means staff leaves the company – for whichever reason. How large or small staff turnover in a company typically is I do not know, but large staff fluctuations are not good for any business. It usually indicates problems during the hiring process or management problems within the company.
The other use of the term “staff turnover” could be in relation to the monetary turnover for a business a staff member will generate, versus the turnover generated by the business owner. This is assuming this staff member is employed in a sales capacity. Here it would be desirable to have a large turnover, of cause.
In both cases it is true to say, it does not matter what kind of small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer- or Personal business, like professional, contractors, freelancer, self-employed, sole-trader and virtual assistants, you run. It may be more related to things like:
You can always speak with some other small business owners or get some market segment data from information agencies, maybe they can give you a better idea of where you should be with numbers, comparing yourself to your peers is always a good idea.
I like the question, it makes for some interesting planning exercises for bootstrappers. ST.
Disclaimer: As with any of my readers questions, I do not have all the answers and here on my blog I can only give you some ideas, since I know very little about your small business. If any of you can add anything here do so for the benefit of my reader, who asked the question and everybody else, leave a comment below – I’d be most grateful.
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The typical scenario is you work hard all week, have no live and at the end of it all little money to show for it. This is often a sure sign of loss of management control in a small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Professional-, Personal businesses.
The small business health-check questions for this episode are:
The central message here is to be involved in ALL areas of your business ALL of the time – in a management capacity. When I hire people I always hire people who do something better than I, but you have to stay involved.
You can see other reasons for small business and personal business, like contractors, freelancer, self-employed, sole-trader and virtual assistants failures in my Health Check Category, if you can add to this list please do so, I would welcome your comments.
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There are two ways to get better payment terms from your suppliers – make sure you know what the pricing is and negotiate the payment terms last, without warning. Most businesses do not expect small business and start-up business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Professional-, Personal businesses to negotiate payment terms, so you have the element of surprise on your side – and it makes you look more professional.
Firstly there is the extended payment term, of 60, 90 and 180 days – see if your supplier will allow any of those terms. Even if they only give you 60 days, you can always go back after 3-4 month using this payment terms in which you have shown to be trustworthy. If it is declined and only 30 days are offered – because you have no history – then this is the perfect scenario of our second method.
Early payment discounts of 2% if you pay within 7 days. This is like a 24% p.a. discount on the invoice value, not a bad way to compensate for the overdraft interest charges from your bank.
Surly you supplier is interested in your business, and is not going to decline both offers – you win either way – if they decline, then look for a new supplier. Because you are not only helping yourself with your cash-flow, but theirs too.
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