As the economy is starting to show green spots, people are starting to change jobs. How happy are your employees? And, how can you be sure? These are two questions that all business owners should be asking, particularly now.
Since many businesses over the past couple of years have imposed wage freezes, salary cuts, and expected employees to shoulder more responsibility, it’s not surprising that some employees are feeling dissatisfied.
One way to find out what’s on employees’ minds is to conduct an anonymous survey. We do it every year at Insight Performance, and it helps us keep in touch with employee concerns. Also, I try to make sure to speak with all team members on an ongoing basis to find out not only how they feel about their jobs, but also where they want to go, what challenges they want to undertake, and how the management team can help them achieve these goals.
While small businesses operating under tighter margins have to watch their budgets closely, there are many ways to increase employee satisfaction. Often the very simple things can be the most powerful. It’s amazing how a simple “thank you” and acknowledgement of an employee’s contributions go a long way.
Everyone wants to feel valued and respected. Organizations that promote those values day in and day out create happier workplaces. We all have to walk the talk when it comes to establishing an open door policy and open communications. We have to let employees know what’s going on in good times as well as bad, and ask for – and truly listen to – their input.
Read more about what Nancy and her team are doing to develop Exceptional Workplaces at http://www.insightperformance.com/blog/ or on their Facebook Page.
Business – Small business – Facebook – Employment – Human resources
What entrepreneurs really need from the government. While some additional funding would certainly be nice, the biggest gift that Washington D.C. could give to small-business owners is a system that is more in-tune to entrepreneurs and the way they do business. So says entrepreneur and venture capitalist Jim Watson, a managing partner at CMEA Capital Managing. Writing in Forbes, Watson says that a lack of entrepreneurial thinking is what makes getting an SBA loan such a long, drawn-out process. “If Washington D.C. really wants to understand and help start-ups and small businesses grow, it has to realize that time is the enemy,” he says. He suggests that D.C. adopt inexpensive, readily-available technology to streamline their application process. “Make it easy, fast and mobile. Develop an iPhone app and see how simple this could really be for the entrepreneur.” If you’ve got the urge to help inject some entrepreneurial know-how into the capital, here’s a quick guide into setting up an office in D.C.
The $35 tablet. Can’t afford an iPad? India’s got the solution. The minister of of human resource development, Kapil Sibal, just announced the completion of a dirt-cheap touchscreen “laptop” (via the Guardian). In New Delhi, Sibal told the press, “We have reached a [developmental] stage that today, the motherboard, its chip, the processing, connectivity, all of them cumulatively cost around $35, including memory, display, everything.” He hopes to bring the product to schools and universities by 2011. Appealing as it sounds, Fast Company’s not buying it. “We know from a teardown of the iPad just how much its components cost to put the thing together–and that’s $230…Where has the bargain basement price come from?” Their best guess is the product’s made of old materials, raising questions about functionality.
Want a loan? You better have cash. As the saying goes, it takes money to make money and small business loan seekers being asked for alternative collateral–in the form of cash in case of a default–are finding it no different. Commercial banking reps from Bank of America tell the Wall Street Journal that underwriting standards haven’t changed. (Borrowers must have sufficient cash flow to support the loan and an alternative source of repayment.) But because that collateral was often a combination accounts receivable, inventory, or real estate, and the value of those assets may have fallen, loans are being denied. The Wall Street Journal talked to Mi-Box Moving & Storage owner Tony Corso, who sought a $250,000 loan to buy more trucks and storage to meet growing demand. The three banks that were willing to look at Corso’s loan application asked him to use his entire business as collateral, sign a personal guarantee, and deposit cash into an account equal to the amount of the loan. So what’s the good news? The Associated Press reports that last night, the Senate overcame a Republican filibuster to support President Obama’s $30 billion government fund to help increase lending to small businesses by community banks with less than $10 billion in assets (via The Huffington Post).
When it comes to social responsibility, let the customer choose. An increasing number of businesses have been amping up their corporate social responsibility by donating a unit of their product for every purchase a customer makes. Springwise has a few examples of companies doing this and suggests that it is an increasingly important aspect of making purchases for what it dubs “Generation G” (it stands for generosity). Toms Shoes founder Blake Mycoskie built a business around the practice, but the post suggests that it’s even better to engage consumers by giving them choices such as what country or cause the donated item is going to.
A Mexican start-up community grows in California. Silicon Valley is no longer a region where only American companies go to prosper. A Mexico-sponsored program called the Technology Business Accelerator is giving promising Mexican start-ups the tools they need to land contracts and accounts in the U.S. and beyond, reports the San Jose Mercury News. Mexican companies need to have an executive fluent in English and $1 million in revenue to qualify for the workshops.
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Business – Small business – San Jose Mercury News – Washington D.C – Facebook
The Book: Zilch: The Power of Zero in Business by Nancy Lublin, Portfolio, $25.95, June 2010.
On the surface, Nancy Lublin’s book seems to be about non-profits, but as you get a few pages in, it becomes apparent that Lublin uses her experience as a non-profit CEO to inspire for-profits to think about business differently. Non-profits have no budgets and small staffs made up primarily of volunteers, yet they often attain high productivity and impact. Corporations have budgets and large, well-paid staffs, yet often find themselves in gridlock. What can the two learn from each other?
Lublin encourages both to tap the power of zero in business. Doing more with less is becoming a business mantra these days, and Zilch is a guidebook on some of the best practices. From developing quality in products and people, to building a better brand, to finding purpose, to collaborating externally, Lublin explains the myriad ways companies can accomplish big things without spending.
A simple example that struck me was the brief section on saying, “Thank You,” to employees. It’s simple, and it’s free, Lublin says. And yet, such a small gesture can go a long way toward inspiring employees to be part of the team, put more creativity and skill into projects, and stay committed. Similarly, on the customer side, Lublin encourages companies to “See people first, buyers second.” Making people (internal and external) feel that they are a part of something bigger can make them commit, both financially and as followers. Working on creative ways to build that perception can be done through a series of words, actions, and work—and not necessarily by spending.
Through grassroots marketing efforts and applied philosophy, doing more with less is not just a theory. It is something people like Lublin live successfully by. The important lesson of this book is that all business should have an impact while reducing spending—and Zilch shows us how.
Reviewer Jack Covert is the founder of 800-CEO-READ, a leading bookseller to corporations and large organizations, based in Milwaukee.
Nancy Lublin – Business – Non-profit organization – Milwaukee – Provinces
Senate Votes to Include $30 Billion Lending Fund in Small Business Aid Package
![<strong>AID FOR SMALL BUSINESS</strong> “This won’t increase the deficit and it will return more than $1 billion to the Treasury over time,” says Senator George LeMieux, Republican from Florida (pictured).’>
<p><b>Small business lending</b> may get a boost thanks to a controversial $30 billion fund for community banks.</p>
<p>The Senate voted late Thursday 60-37 to include the proposed program — which would direct up to $30 billion in taxpayer money via regional banks — in a package of aid for small businesses. Two Republicans joined with Democrats to support the amendment. President Barack Obama also supports the measure.</p>
<p>Community banks should be able to use the fund to leverage up to $300 billion in loans to small businesses, Democrats in Congress said. Republicans denounced it as another bank bailout, with Senator Bob Corker, the Tennessee Republican, calling it “the brother of TARP,” a reference to the Troubled Asset Relief Program, the government’s rescue of the financial system, on the Senate floor.</p>
<p>“This won’t increase the deficit and it will return more than $1 billion to the Treasury over time,” Senator George LeMieux, Republican from Florida, said on the Senate floor Thursday night. “It’s not a deficit it’s a surplus.” LeMieux and Ohio Senator George Voinovich were the two Republicans who voted for the amendment.</p>
<p>Added LeMieux: “This has nothing to do with [TARP]. These are small banks. This is the banker you know down the street – the banker who’s at your rotary, who you see at church or synagogue. This is not some Goldman Sachs banker. This is the community banker who loans to the tailor, to the construction business, the folks that employ people in your hometown.”</p>
<p>The amendment will be tacked onto a bill that includes some $12 billion in tax breaks for small businesses, including an increase to $500,000 of limits on expensing small business equipment purchases. The bill could come up for a vote in the Senate next week. The House passed a bill establishing a similar lending fund in June.</p>
<p>The money would be available to banks with less than $10 billion in assets.</p>
<p>“One of the biggest hurdles is the ability for businesses to secure loans or investors,” LeMieux said. “This bill primes the engine for investment.”</p>
<p>The Treasury Department helped design the program, which would have banks that tap the fund issuing preferred stock to the Treasury, paying dividends based on how much they increase lending to small businesses. The more they lend, the lower the payments.</p>
<p>According to estimates from the nonpartisan Congressional Budget Office, the fund would generate a $1.1 billion profit for the government over the next decade, thanks to loan repayments and dividends.</p>
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Thank you, Mary Jo Foley, for this helpful paradigm shift in how I now see computing devices.
We all tend to divide them into their more obvious categories: PCs, handhelds or mobile devices, gaming devices, eReaders and now tablets (iPad).
There’s also the either/or way of looking at them:
- Wireless or not.
- Windows Vs. Apple
- Open Source or not.
Mary Jo is an institution in tech reporting. She’s been covering Microsoft for Ziff Davis since Bill Gates was in short pants. I admire her work greatly.
In a recent posting, she “confessed” that she bought an iPad and loves it. It’s her first Apple product EVER (not even an iPod, Mary Jo?).
Anyway, I was struck by her breakdown of tech devices; those she uses to create and those to consume. She’s enjoying the iPad for consuming information, while sticking to her Windows world where creation is more intuitive for her.
This makes so much sense.
Before you Apple zealots lose your minds. I’m not interested in provoking a debate over which world (Windows Vs. Apple) is the best for creation. Let’s be pragmatic about it. The answer is the world that’s familiar to you.
Windows is familiar to Mary Jo and that’s where she creates. What she’s learning from her iPad is that consuming information doesn’t require as much of a learning curve and she is now happily jumping back and forth between Windows and Apple.
In recent days, both Apple and Microsoft have posted record quarterly earnings. Clearly Mary Jo isn’t the first to figure this out. But, I thank her for articulating it in such a helpful way.
Apple – Microsoft – Mary Jo Foley – Bill Gates – Mary Jo
Leo (July 23-August 22)
Summer is usually a time when things slow down at the office, but not so for Lions this year. Leos are going to experience a jolt in the coming week when a valued worker takes a sudden leave. It will take all hands on deck to power through the month. Time to start motivating the troops.
Virgo (August 23-September 22)
“SHOW ME THE MONEY” is not a phrase you’re prone to shout, but this might just be the month you’re tempted. In the coming weeks, you’re going to realize that you’re unhappy with the fine print of a previous negotiation or financial arrangement. Saturn’s position in your house is bringing out your tight-fisted temper. Keep this in mind before you stomp around the office: No one likes to work for a crazy.
Libra (September 23-October 22)
Saturn hasn’t dropped by Libra’s house since, oh, 1982, but this month it’s knocking on Libra’s door, and will tilt the scales away from play and towards work. This isn’t necessarily a bad thing if you greet the shift by becoming more organized and disciplined, instead of getting frustrated with your expanding to-do list.
Scorpio (October 23- November 21)
It’s time to pack a suitcase, Scorpio. The stars are aligned to give you a big break after all your hard work last month. And there’s a reason to stop and catch your breath now—the coming months will be action-packed. Need help unwinding? Check out where other entrepreneurs vacation.
Sagittarius (November 22-December 21)
Don’t let the summer breeze lull you into complacency, Sagittarians. Stay on your toes. Shifts in your industry and the overall economy are working to your favor, but you have to notice them to take advantage of them. Still haven’t replied to that e-mail about meeting up with a possible mentor? Now’s the time.
Capricorn (December 22-January 19)
Your business is about to light up like a shooting star once Mars moves into your tenth house of fame and honors on July 29. The weeks after that will be the most important time all year to impress customers with your dedication and credentials. Take advantage of all the recognition this month by working hard, and you’ll see an increase in customers as soon as the fall.
Aquarius (January 20-February 18)
For the last few months, Aquarians may have felt like they’ve been waking up on the wrong side of the bed. Simple tasks have proven needlessly difficult, the easiest job a bit too hard to handle. Well, buck up Aquarius, relief is here. The planets are aligned to make the daily rigmarole run smoothly again so you can concentrate on your company’s strategic vision.
Pisces (February 19-March 20)
Eclipses are all over the star chart this month, and Pisces is not exempt from the trend. But what does an eclipse mean for the Fish? Time to start thinking about a lucrative business partnership. The stars are aligned to look favorably on any joint ventures Pisces may enter. Check out our handy guide to finding the perfect partner.
Aries (March 21-April 19)
Aries have been beach bums for most of the summer, leisurely catching up on some reading, and doing little work. Well it’s time to get in the work state of mind again. There’s a big surprise in store at the end of the month, one that could provike you to launch an exciting new venture. Never fancied yourself a serial entrepreneur? Perhaps now is the time.
Taurus (April 20-May 20)
Ideas are flowing for Bulls this month, and the planets are positioned to lend Taureans extra sociability. Why not take charge of your PR and actively pitch your strengths? You can start by taking a peek at this article.
Gemini (May 21-June 20)
The financials are looking good! Over the last few months, the planets’ positions regarding Gemini’s House of Fortune uncomplicated financial matters, and big money-related decisions came easy to the Gemini. The good fortune continues. The end of July will bring a surprise check in the mail or a lucrative client to literally knock on your door.
Cancer (June 21-July 22)
Change is a comin’, Cancer, but this month it’s all a matter of perspective. A new moon enters your domain mid-July and basks your world in a different light, allowing you to see your relationships—especially with longtime employees or even (gasp) business partners—from a different perspective. Reassess if you’re getting what you want out of your alleged support network.
Libra – List of Mobile Suit Gundam Wing mobile weapons – Sagittarius – Gemini – Fish
The perks of being a techie. Business Insider compiled a list of the 25 best tech companies to work for that factors in employee satisfaction with perks, compensation, and work-life balance, among other things. Perhaps unsurprisingly Google comes out on top and Apple’s Steve Jobs trounced Microsoft’s Steve Ballmer in the CEO approval ratings (98 percent to 52 percent). The list is most useful to an entrepreneur as a window into how employees respond to great culture, but low pay–or pride in the company, but excessive hours. For broader picture of what your employees love about their jobs check out our feature on the top small companies to work for.
How to find the best resumes. Today’s Wall Street Journal proposes a shortcut to hiring the best applicants. And all you have to do is play a trick on the desperate and jobless! In a guest column, Michael Michalowicz writes that in every job listing he posts, he writes: “To prove that you’re a meticulous reader, you have to include the following sentence when you send your résumé: ‘It is with my utmost respect I hereto surrender my curriculum vitae for your consideration.’” Anyone who fails to include that sentence is excluded. The technique works, according to Michalowicz, because people who include the sentence have clearly read the full job description and aren’t just sending the same cover letter to every employer. He says it’s also an indicator that people can “pay attention to detail” and know how to follow directions.
Do users need Facebook more than Facebook needs its users? After months spent ignoring outrage about user privacy, Mark Zuckerberg announced yesterday that the social network he launched in 2004 picked up its 500th million user, a number that conveniently dovetails with the new Facebook movie’s promotional URL 500millionfriends.com. But what’s more compelling than the total number of users, says Valleywag, is how fast it’s growing. Zuckerberg has said that Facebook’s once exponential growth is now only “super-linear,” but it’s still adding 100 million users every five months. The company made minor concessions after the backlash against its privacy policy. “We’re starting to wonder if even that half-measure was necessary,” says Valleywag. “Users would seem to need the company more than vice versa.”
Building a bootylicious brand. That’s what Booty Pop, a line of padded underwear to plump the posterior, is doing. It expects to sell nearly 1 million pairs this year, at Target.com, Walgreens, and Bed Bath & Beyond. The Wall Street Journal reports that other brands are getting into the Beyonce- and Kim Kardashian-inspired rear lift trend: Maidenform Brands plans to introduce a jean collection that contains bottom shapers next year.
The most entrepreneurial yogi. For starters, he created one of the world’s fastest-growing styles of yoga. It’s called Anusara, and it’s practiced in 70 countries by at least 200,000 students. On top of that, he’s also working on one of the biggest yoga-school chains in Japan, a publishing venture, and a yoga clothing line. John Friend is the subject of a New York Times Magazine piece, which explores the conundrum of yoga developing a western, capitalistic side. After all, it is a booming, $5.7 billion industry that showed up in our 2009 Best Industries to Start a Business. Here’s the 2010 list, too.
Involve yourself in sales or lose your job. That’s the advice for start-up CEOs from Steve Blank, as he relays a must-read cautionary tale of a chief executive who entrusted too much faith in his VP of Sales and almost lost his job because of it. “Until a scalable and repeatable business model is found,” Blank writes, “the CEO needs to be intimately involved in the sales process.”
The Secret to Priceline’s success. Over at The Big Money, Mark Gimein delves into the why the dotcom company succeeded and how it pulled itself back from the brink of failure. Hint: it was in spite of its name-your-own-price model, not because of it. After founder Jimmy Walker resigned in 2001, the company’s business model was barely profitable and volume wasn’t enough to compensate for the losses. Now, it’s stock is up 18-fold. It was thanks in large part to new CEO Jeffrey Boyd, a former lawyer for an insurance company, who went under the radar to buy two European travel sites and turned the company’s focus overseas. Now, 75 percent of profits come from those European businesses and the rest from ad revenue.
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Facebook – Mark Zuckerberg – Google – Apple – Microsoft
