Mohit Tater's Blog, page 651

Why Do You Need an HR Team?

Chief Human Resources Officers can be a huge boon to a company when deployed correctly, but many CEOs struggle to make the most of their HR Departments. Today we have a short guide showing what you Human Resources experts can do for you, and how to get the best out of them.

Motivation and Engagement

It’s a naive CEO who thinks their HR department only takes care of payroll and holiday bookings. A better employee environment makes employees more committed and gets more productivity from them, and a better employee environment is measured in things like:

– Compensation packages that reward individuals based on what motivates them

– Regular, well run review programs to recognise successes and identify areas to build

– Good communication about the direction of the business and future plans

– Taking feedback from employees to give them a stake in future of the business, and make a difference

A good HR department that’s empowered by the backing of the Board can get more out of your company by unlocking the talent in the employees you’ve hired, making sure they are in an environment where they are motivated to excel. As well as this they can nip potential problems in the bud by resolving employee disputes professionally and amicably and making sure your business is compliant with all government rules.

Lisa Gerhardt, an HR specialist from Savannah Recruitment goes as far as describing a Human Resource leader as vital to the CEO, their “trusted partner who will act as a confidante as well as the conscience of the business”.

Unlocking Potential

To show your HR team they are valued, and give them the resources they need to optimise your business, you can start with small steps, today.

Get your CHRO involved in high level meetings: if your board is discussing changes to the direction of the company, HR can not only offer guidance but act more quickly on the information, quietly getting the company ready to pivot in your new direction even before a formal announcement.

This is also a good way to show that you’re throwing your backing behind the HR team: they are represented right at the top and therefore worthy of attention.

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Business Meetings – Finding the Right Balance

Managers and team leaders may often find themselves in the middle of a meeting, feeling as though they spend more time talking than doing – what is the secret to finding the right balance?

At some point or another, we have all had a boss that loves to hold a meeting, going over the same points over and over again with very little productivity actually made. On the flip side, not taking the time to sit around the table and discuss any issues and possibilities is arguably more detrimental to the development of the business.

As an entrepreneur heading up a start-up business, it is important to manage time as efficiently and effectively as possible. Time is money and, although it is nice to look at graphs pointing in the right direction, it is only when action is taken that results are achieved.

Make a Plan of Action

Many businesses stick to a quarterly meeting schedule, where they review the result of the previous three months and take stock of where the business is in accordance with their annual target. Members of staff, who may be responsible for heading up their own individual teams, come together and share ideas and discuss where improvements can be made.

The objective of a successful meeting is for all involved to become up to speed with the results of the business and to have clear action points to address and a focus over the next quarter. It is also up to team leaders to have trust in their employees. Rather than prying over their shoulder as this not only suggests an element of distrust, but takes managers away from their own daily tasks.

Go Offsite

When it comes to corporate events such as major meetings, or team building events, it can be beneficial to work in a change of setting, as opposed to working inside the same four walls. Mixing things up a bit can also encourage creativity in the group, presenting new ideas that may not have been otherwise voiced.

Team building exercises are just as important as meetings, as this helps teams and colleagues to work better together. Every six months, hiring out a party room at a venueor going out to a restaurant and bringing everyone together for corporate events will be a day or evening well spent in the long run.

Hold Discussions

There is a major difference between holding a meeting and holding a discussion. A discussion is an informal way of teams voicing any concerns, or even bringing light on any successes – thus presenting an opportunity to give out praise.

A discussion also shows members of staff that leaders are interested in their employees on a regular basis, rather than simply looking at numbers of a spreadsheet. Holding regular, informal discussions will help staff to feel more valued and focused on achieving their individual targets. These will help for leaders to remain updated on the status of their team, without having to book a meeting or ask for a report to be filled out, which can be time consuming.

Be Open and Honest

Lastly, one of the most important factors of finding the right balance when it comes to meetings is for everyone to be open and honest with each other. It is no use sitting around a table and going through action points if what is being said is not being completely honest, regardless of how critical it may be.

Meetings are the time for constructive criticism where needed. If your team is not capable of giving and receiving this, then the time spent in the meeting will be for nothing.

By refining the time spent in meeting rooms, and ensuring that open and honest discussions are held, this will help your business to spend more time walking and less time talking.

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4 Reasons Your Business Should Invest in a Generator

If you live in an area regularly struck by hurricanes, it is common to have a backup generator permanently installed and ready to switch on when the power goes out. Many of these units are powered by natural gas so that they can run without needing refills of gasoline, keeping businesses running for the days or weeks it takes for reliable power to be restored. However, it isn’t just a necessity for small businesses in Florida. Here are four reasons your business should invest in a generator.

To Keep Your Business Running During Power Outages

A few of us have entered a store during a snowstorm and found the power out. There is lingering heat and items on the shelves are fine. Yet you can’t buy anything unless you have cash because the cash registers are dead and the payment processing system is down. If you have a backup generator, you can keep your critical systems running and sell items to those eager to pay with an app or payment card.

To Prevent Disruptions Caused by Brownouts

One of the problems with the rise of renewable power is that it is variable. Wind turbines and solar panels have been built at a massive rate, but they tend not to produce power when people need it most. Solar produces power during the day, but it doesn’t put out more when it is 100 degrees outside. Wind power is strongest at dusk and dawn and in the spring and fall, not during the summer or winter months when people need it most. This has led to power companies paying even more to install natural gas turbines to match the renewable power capacity.

Power prices go up for everyone to build even more infrastructure. Yet the power companies are reluctant to turn on the turbines when demand spikes, preferring to beg people to turn down the AC in the winter. As load goes up along with summer temperatures, the end result tends to be rolling brownouts before the natural gas turbines are turned on to meet demand.

For businesses, these brownouts disrupt computers, stall refrigerators and other critical systems. If you have a generator on hand to provide a steady stream of power as the lights are browning out, you won’t see your critical systems get disrupted.

Cost Savings

If your business pays a base rate and pays even more for power on the spot, a generator could pay for itself by keeping your demand on the power grid within acceptable parameters. For restaurants and food distributors, the ability to run refrigerators and freezers off generators instead of intermittent failures due to brownouts could save you a fortune in replacement food. Owning your own generator and a reserve of fuel is also an investment in business continuity and costs much less than paying the high cost equipment rental services charge for a generator when there is a regional power outage. Generators in and of themselves don’t have to cost a fortune, given how many used generators for sale are available today.

Minimal Disruption When Power Disruptions Occur

For energy intensive operations, having generators on site to meet demand lets you disconnect from the grid but keep running. For metal foundries paid by utilities to shut down to prevent a brownout turning into blackout for everyone else, generators won’t meet all of the demand but allows you to safely shut down equipment. You’ll also return to operations faster when you have an organized shutdown over five to ten minutes running off a generator.

Conclusion

Generators allow your business to keep running when there is a power outage, and owning them now will save you money over paying high market rates after a disaster. Generators ensure that your computers, servers and HVAC equipment don’t suffer damage and disrupted operations because of brownouts. When your business owns a generator, you could avoid paying sky high utility rates when demand peaks or safely shut down equipment when the utility says “turn it right off now”.

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The Basics of Business Credit Scores

A large portion of small business owners who are turned down for small business loans and credit are rejected because of their credit score. But this is not the personal credit score with which all consumers are familiar; business credit is a very different and slightly more complex concept.

If your company is able to maintain a high business credit score, you will qualify for a low-interest small business loan or an unsecured business line of credit, and you could receive more favorable terms with suppliers. If your company’s credit is not so great, you will lose out on all of these potential advantages, and it can even impact your ability to attract new clients.

What is a Business Credit Score?

If you have a business credit card or a small business loan, you almost certainly have a business credit score. Similar to a personal credit score, these are numbers determined by major credit bureaus which can determine your business’s eligibility for loans and credit lines, as well as the terms and interest rates of them. Business credit scores are also determined by many of the same factors used to determine personal credit scores, but this is where their similarities end.

There is no standard formula or set of determining factors which are used to calculate every business credit score. This is because each of the major credit bureaus use different factors, formulas and scales to determine a business credit score. So even if your business has a very high score with one bureau, it may be average or worse at another.

There are three major bureaus which are considered to be the main, standard business credit score-keepers.

Dun & Bradstreet

One of the foremost authorities in business credit scores, Dun & Bradstreet calculate a company’s credit eligibility using three separate scores.

PAYDEX: This number is used to determine a company’s repayment risk on a scale of 0 to 100.
Credit score: Ranges from 1 to 5, with 1 being the best. This is based upon a company’s payment history in relation to other companies with similar payment history.
Financial stress score: This also ranges from 1 to 5, and it reflects a company’s credit compared to other businesses of similar size and industry.

Equifax

Like Dun & Bradstreet, Equifax uses three key elements to determine your overall credit worthiness.

Payment index: Reflects how many of a business’s payments are on time on a scale of 1 to 100.
Credit risk score: This is an indicator of how likely a business is to be delinquent on credit or loan payments. Ranges from 101 to 992
Business failure score: Measures the likelihood of a business closing down with ranges of 1,000 to 1,880.

Experian

Unlike the other two major business credit bureaus, Experian offers only one numerical score, but it takes into account even more factors than the others. This score ranges from 1 to 100 and is determined by factors such as:

Payment histories
Length of time in business
Number of business credit accounts open
Number of business credit accounts applied for
Number of business credit accounts currently being used
And several other similar factors

Keep It Up

While understanding each score from every major bureau may be difficult, the same type of positive, responsible business habits will keep every score high. Pay bills on time or early, continue to use some business credit, keep your company’s information up to date with all bureaus and do all the things you would do with your own personal credit score.

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How Big Data Is Helping The IoT

The future of technology is largely dependent on data and its analysis. Many things are now connected to the internet, thanks to the help of service providers using advanced technologies. An article on SD-WAN reveals how far computer hardware has come.

These things transmit the data they collect back for analysis. The aim is to use this data to learn about trends and patterns that can be used to make a positive impact upon every aspect of human life.

Two notable terms that arise from this discussion are Big Data and The Internet of Things (IoT). While they aren’t the same thing, you really can’t talk about one without the other. In fact, big data is like fuel that keeps the IoT running.

Today, we’ll be taking a closer look of how big data is helping the IoT.

Big Data and IoT go Hand-in-hand

According to one study, the IoT will generate 4.4 trillion GB of data the world over. While this number is incredibly high, it makes sense. You know why?

By 2020, billions of objects and devices will have some sort of connection to the internet. All of them will be collecting, analyzing, transmitting, and sharing data in real time. If this data was absent, IoT devices wouldn’t have the same functions and abilities that have made them so popular across the world.

Big Data and IoT Impact Each Other

The more the IoT grows, the higher the demands are placed on the big data capabilities of your business. Conventional data-storage technology, for instance, is getting overwhelmed. This has led to the development of more advanced solutions to handle mounting workloads.

With this, you may need to update your company’s big data-storage infrastructure or invest in cloud services. Generally, you will have to change your mindset and business strategy in order to keep up with the changes brought about by IoT and Big Data.

Many Organizations Capitalize on the Close Link between IoT and Big Data

Many organizations around the world are putting the IoT and Big Data to good use. They include:

Transportation Companies – These companies have installed IoT sensors on their vehicles. As such, they can know where their vehicles are at any given time. Likewise, they can monitor fuel efficiency, delivery routes, as well as how drivers use their time. All this is geared towards enhancing business efficiency.

 

Manufacturing Companies – The companies install IoT sensors in their equipment, which helps them gather crucial operation data. With this, they can have a comprehensive look at how they are performing. This enables them to identify which machines need attention before things get out of hand. Consequently, they save money that could otherwise be spent on equipment replacements.

 

Wearable Technology – Objects such as fitness bands are also part of the IoT. They take your health data, give you calculations on your fitness status, as well as track and notify you on the progress towards given goals.

Another great example of the IoT and Big Data application is the Disney World’s MagicBand. This band allows you to check in at posts, which are connected as well. It keeps track of meals, accommodation, park admission, etc. This is geared towards enhancing convenience.

Final Thoughts

The IoT and Big Data are intertwined. They go hand-in-hand and work very well together. The two are growing at a remarkable pace, and both are reliant on the success of the other.

In fact, the two will become more entangled as the amount of data across the globe grows. The world may be running on data today, but soon it will become completely engrossed in the IoT.

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Making the Most of Social Media in Business

Social media has blown up in the last couple of years, but has been on the rise in the last fifteen! It is anything that ranges from Twitter, to Facebook, to LinkedIn, to Instagram, and can be extremely beneficial to your business. The use of social media in business is one of the best techniques you can use to ensure that your business is competitive in the ever-growing market. It is wise to take advantage of social media to the best of your company’s abilities. The following article highlights some of the best ways to make the most of social media in your business.

Interact With Your Audience

Like with any human interactions, you must talk with, rather than at your audience. This comes in the form of comments, likes, and replying to all questions, which will produce a human effect and will make your consumers feel cared about and, in general, satisfied with your company.  Consumers like to feel like they are not being talked at by a machine, rather they like to feel like they are talking to a real person that they can relate to. This is something that social media can easily do, and in fact is the major draw to social media marketing in general. While it does take time and resources to do this, it is after all, worth the effort. It will create a very useful friendly rapport between you and your customers.

Listen To Your Audience Online

This is a big and obvious step to take on social media, actually listening to your consumers in order to understand how to market to them better. While there are numerous social media platforms to interact with, choose the ones with the most interaction opportunity.  Twitter is good for word-of-mouth type products and businesses, while Instagram is a great marketing device for visual products, and food goods. It is wise to use semantic analysis toolsin order to get a good grasp on whether your service is getting negative or positive reviews on social media. This is something that all wise business owners should take advantage of, as it is the simplest way to get consumer reviews straight from the source.

Offer Customer Service

While this one might be seen as somewhat of a challenge, providing customer service via social media sites can be a useful way of getting through to your customers and utilizing the online platform. It is in fact, the way of the market right now. If you were to not offer customer service on social media, you will be at a disadvantage to your competition. Ultimately, using this method of social media control is a surefire way to improve the reputation of your company.

Social media is something that people either love or hate, but it is definitely something that everyone uses, despite these feelings. This is equally true of businesses in the 21st Century. In order to have a competitive advantage, it is wise for your company to employ these great social media marketing measures.

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Tips for Buying Metal for a Small Business

A variety of small businesses often need to purchase different types of metals for industrial purposes. Metal acquisitions are most commonly done in specialty industries, by companies that work in construction, manufacturing, or medicine. But it’s not uncommon for businesses in other industries, such as art, to purchase metal or alloys. If your business needs to buy metal for any use, here are several tips to follow:

Buy Low-Melting-Point Metals

There are innovative forms of metal to buy that will save you money. Rather than looking for pure forms of metal, which can be unnecessarily expensive, try to find low melting point alloy metals. These metals are a mixture of usually tin, cadmium, indium, or bismuth. These metals expand only about 3 percent when changing from liquids to solids. So these Cerrobend metals are highly suited for a variety of industrial purposes such as fixtures, tube bending, casting and replacing machine parts. You can buy low melting alloys as branded and weighed ingots.

Metal Bars are Cheaper to Buy

Metal can be purchased in bar form. Square bars are common, but round bar stocks are also available. Metals in bar forms are sold by weight, and are the cheapest form of the metal to buy. Metals bars are easier to transport and do not have any added value. Therefore, you can purchase metal bars for relatively cheap prices compared to sheets, plates or tubes. But you may have to spend more money to melt the metal for industrial purposes.

Find Great Deals on eBay

The online auction site eBay is an excellent website for buying metals of any kind or form. Metals are not available on Amazon, the biggest online shopping site. eBay, on the other hand, hosts many auctions to buy hard metals, scrap metals, overstock of structural metal, fusible alloys, construction boards, and even precious metals. In recent years, eBay has taken many steps to make auctions as honest as possible. However, it’s wise to be careful when buying from an auction. Read product descriptions carefully. Buy only from sellers with really good ratings. If you follow the rules, you will find great deals on the site.

Small businesses may not always need to buy metal in huge bulks, which often drives down the costs. If you need to buy metals in small amounts just for a project or two, consider following the tips above to keep costs down.

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4 Tips for Brand Ambassador Success

A brand ambassador is someone who is hired by a company to bring attention and awareness to its brand. The brand ambassador represents the company in a positive manner and helps to increase the company’s sales by bringing awareness of a product or mission to the public. Celebrities such as Tiger Woods (Tag Heuer), John Travolta (Breitling) and Nicole Kidman (Omega) are just a few of the most well-known brand ambassadors.

Celebrities aren’t the only ones getting in the ambassador game though. Everyday people are using their authentic influence to connect consumers and brands, whether it’s talking about a new product or representing a charitable organization. If this sounds like something you may be interested in, read the tips below on how to become a successful brand ambassador.

Be Authentic

Whether your interests include fashion, fitness, raising money for those in need, or anything in between, make sure you become an ambassador with a company or organization that you actually like. Be true to yourself and what your own interests are and what you have to say about the organization will shine through. Be passionate about the company/organization you choose to represent! The best ambassadors are the ones who experience and believe in the product and mission. After all, how do you expect to get the public excited about a product or service if you don’t even enjoy it yourself? Find your niche in the market and run with it!

Network, Network, Network

We live in a very media-connected world. The chance of connecting (talking) with someone on social media is way more likely than actually connecting in person so you need to join every social media outlet possible. In today’s market, there is no better way to reach as many people at one time than through social media. Make sure to stay consistent and check your social media sites every day. Daily tasks include being active by posting, commenting, and sharing. This will be a key component in your success as a brand ambassador.

Constantly Build Relationships

The more relationships you build, the more people will want to hear what you have to say. An engaged following will translate into better pay and interest in you as an influencer. Before you can actually sell yourself as a brand ambassador, you must prove that people like you and listen to what you have to say.

Join Influencer Networks

There are several influencer networks out there that can connect brand ambassadors with the right brands and campaigns. Some of the big-name networks include BlogHer, IZEA and Swayyem.

The success of a brand can actually depend on the presence of a brand ambassador. Selecting the right company/organization is an essential part in whether or not you (and possibly the company) will succeed. Being a brand ambassador is not a get rich quick scheme, but it can definitely bring in extra cash and you will have fun while getting paid! Remember- you are the face of the brand. Be excited. Be passionate. Be social. Utilize the tools above and you will succeed!

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Top 5 Tips for Making Your Office Environment Better

Did you know that your office environment has a direct impact on employee happiness, motivation and productivity? Therefore, if you’re trying to boost productivity and improve employee satisfaction, the answer could be a few simple office improvements.

Need a little inspiration? Here, you’ll discover the top 5 tips for making your office environment better.

Making the office more comfortable

One of the first things you should do is look at how comfortable the office is to use. Adding comfortable seating such as a cosy sofa, can make the world of difference to your employees. Also, giving them an option of where they want to work, rather than confining them to a desk will also help dramatically.

Create more open spaces

Open spaces are a common trend in today’s modern offices and for good reason. Open plan environments encourage better communication. Teams will find it easier to collaborate and work together in an open plan office space. Obviously, this type of work environment isn’t ideal for all types of businesses, but if your employees do need to communicate with on another frequently, open plan is definitely the way to go.

Consider hiring a serviced office

If you have limited capabilities on what you can change in your office, you might want to consider renting one. You can rent fully serviced offices which come with everything you need to run your company efficiently and productively. Featuring high-tech equipment, serviced offices can be much more cost effective than making changes to your existing space.

Offer perks

If you really want to keep employees happy in the workplace, adding a few perks is definitely going to help. It could be they are allowed to bring pets to the office, or you provide free lunches or exercise classes. Think about which perks your employees would most find useful, or if you’re unsure, ask them!

Add plants

Sometimes, a few cosmetic changes are all that is needed. Plants are a particularly great thing to add to office décor. Not only do they make the environment look nicer, but they also provide lots of additional oxygen – helping to boost productivity and employee energy levels.

Overall, there’s so many simple things you can do to make the office environment better. The above are just 5 of the best things you can do right now to improve efficiency, employee happiness and productivity.

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How Changing and Investing in Your Office Environment Can Positively Affect Employees

When was the last time you updated your office environment? If you can’t remember, or you never have, it could be impacting employee performance.

The working environment of your business premises has a significant impact on your employees. After all, they spend the majority of their time at work, so if it isn’t a positive, pleasant space, it will negatively impact staff morale. By making just a few changes and investing in your office environment, it can have a great positive impact on your employees.

How the working environment affects employees

Studies have actually been carried out to establish just how much the working environment has on employee satisfaction. Results have shown the two are closely linked and how the workplace is set out could have a drastic impact on productivity and employee happiness.

Did you know that even the lighting in your office space can affect employee health? If your work premises rely heavily upon artificial, rather than natural lighting, it could be causing all kinds of health issues and even lead to high levels of employee sickness related absences.

Even renovations and moving buildings can have an impact on employees, just like moving house. Due to the change, it can cause a temporary drop in productivity until things settle down again.

To sum up, both the aesthetic appearance of the work environment, and the physical layout can affect productivity, morale and efficiency.

What changes and investments should you make?

It can help to ask your employees what they feel would improve the working environment. After all, you’re making changes and investing in the environment to make them happy, and it’s difficult to choose the right upgrades if you don’t know what the current issues are.

Generally speaking, employees work better when they have a comfortable space to work from and they have the tools necessary to carry out their daily tasks. So, if your tools and equipment haven’t been updated in a while, now’s the time to do that. Consider having a more open-plan space too. Studies have also shown that open-plan office spaces tend to generate much more productivity and motivation.

You may even want to consider moving premises completely. Renting through a company such as Devono Cresa, is more affordable than you might think and they have a large range of commercial buildings to suit your every need.

Overall, the working environment does have a significant impact on your employees. So, if you haven’t already, now is the time to make changes and invest in your work space to ensure your staff are 100% happy.

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