Category: Entrepreneurs

Posted on

From Idea to Business: Essential Tips for Entrepreneurial Success

Image: Freepik

Transforming an idea into a scalable business requires meticulous planning, strategic execution, and unwavering dedication. This process necessitates a profound understanding of the market, a crystal-clear vision for your venture, and the resilience to overcome inevitable obstacles. The journey to transforming your vision into a thriving and sustainable business is paved with essential strategies and insights. This article will outline the pivotal steps and considerations for turning your idea into a successful venture.

Mastering Market Intelligence

Undertaking comprehensive market research is critical to understanding the needs of your target audience, staying ahead of industry trends, and gauging the potential demand for your product or service. This deep dive into market dynamics provides a clear view of the opportunities and challenges ahead, enabling you to refine your business strategy and effectively position your offering. A thorough analysis of customer preferences and the competitive landscape is essential for establishing a unique niche in the market.

Blueprint for Success: Crafting Your Business Plan

A detailed business plan is the cornerstone of any successful venture, outlining your mission, goals, target audience, competitive analysis, marketing strategies, and financial projections. This document acts as a comprehensive roadmap, guiding your business’s direction and facilitating the attraction of investors and partners. It conveys your strategic vision, offering a structured framework for tracking progress and adjusting courses as necessary.

Defining Your Edge: The Value Proposition

Identifying and articulating your unique value proposition is vital to distinguishing your product or service in a crowded marketplace. Highlighting the specific benefits and advantages your offering brings to customers ensures you stand out, directly addressing their needs and effectively solving their problems. This differentiation is key to building a robust and loyal customer base.

Securing Funding to Fuel Growth

Securing adequate funding is paramount for the growth and development of your business. Exploring various financing options— from bootstrapping and bank loans to venture capital and crowdfunding—enables you to select the most appropriate path for injecting capital into your venture. The choice of funding strategy is critical in providing your business with the necessary resources to scale.

Expanding Your Network

Expanding your professional network is a strategic necessity, opening doors to mentorship, advice, and business opportunities. Actively engaging with industry professionals, mentors, and peers fosters connections that can lead to partnerships, investments, and insights, accelerating your business’s growth. If you’d like to build your network, reestablishing connections with old friends and classmates is easy with online search tools. Just input their names, graduation years, and the school they attended to find them and possibly renew past friendships quickly.

Strategic Insights: Analyzing Competitors

A thorough analysis of your competitors is indispensable for gaining insights into their strategies, strengths, and weaknesses. Understanding how your competitors position themselves in the market allows you to refine your offerings and strategy, ensuring your business is well-placed to meet customer needs more effectively. This competitive intelligence is crucial for carving out a competitive edge.

Focusing on Customers

Adopting a customer-first mindset is essential for fostering satisfaction and loyalty. By actively seeking and integrating customer feedback into your product or service development, you ensure that your business remains agile and responsive to market demands. This approach is fundamental to sustaining growth and adapting to the evolving landscape of customer preferences.

Prudent Financial Management

Effective management of your business’s finances is critical for ensuring long-term viability and growth. Careful cash flow, expenses, and revenue monitoring allow you to confidently maintain financial health and navigate economic challenges. Implementing sound financial practices is vital for the sustainability of your business.

By meticulously following these steps—conducting thorough market research, crafting a detailed business plan, defining a unique value proposition, securing the necessary funding, expanding your professional network, understanding your competition, prioritizing customers, and managing finances wisely—you lay the groundwork for a resilient and prosperous business. This structured approach empowers entrepreneurs to confidently build and scale their ventures, establishing a solid foundation for enduring success.

Enhance your search for the perfect executive with tailored executive search services from New Century Dynamics Executive Search.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

Igniting Business Advancement: Tactics for Sustainable Success

Image by Freepik

The journey to achieving long-lasting business growth is paved with strategic planning and tactical execution. In a world where competition is fierce and dynamic, staying ahead requires more than just a good product or service. To attain sustainable expansion, companies need a multi-faceted approach. This ITB Partners article elucidates crucial methodologies that promise to catapult your business into new realms of success and prosperity.

Navigating Untapped Growth Avenues

One of the most effective ways to encourage business growth is by identifying and capitalizing on new opportunities. This may mean venturing into new markets or even creating entirely new product lines or services that meet untapped needs. Expanding the business’s scope brings in new revenue streams, making the company less vulnerable to market volatility. Constantly scan the environment for openings and be willing to take calculated risks.

Setting Your Business Objectives

Meticulous planning serves as the bedrock for a business’s successful growth. Developing a comprehensive set of goals, both for the short term and the long haul, is indispensable. These objectives offer a structured pathway that can guide every business operation, ensuring that everyone in the organization is on the same page. Moreover, a well-articulated roadmap can act as a vital reference point to evaluate performance and make data-driven adjustments as necessary.

Sharpen Your Skills in the Classroom

Returning to school to pursue an online cybersecurity degree is a strategic decision to enhance one’s expertise in safeguarding business computers and network systems against digital threats. These programs are designed to accommodate students who wish to continue working full-time, offering the flexibility to balance professional responsibilities with academic pursuits. By enrolling in an online cybersecurity degree, individuals not only sharpen their skills but also position themselves as valuable assets in the rapidly evolving field of information technology security.

Leverage Automation and AI Tools for Scalability

The power of modern technology, particularly automation AI tools, can be harnessed to ramp up operational efficiencies, eliminate manual errors, and significantly speed up tasks. This is not just about cutting costs; it’s about enabling the business to scale smoothly and efficiently. Embracing such tools can not only modernize the operation but also free human resources to focus on more strategic, value-added roles in the organization.

Forge Beneficial Business Alliances

The significance of beneficial business relationships can never be overstated. Establishing partnerships with organizations that offer complementary services or products can pave the way for mutual growth. These alliances serve as a two-way street, enabling both parties to benefit from each other’s customer bases and operational strengths. Collaborative partnerships offer not just immediate rewards but can set the stage for long-term business growth.

Building a Strong Digital Footprint

In the age where digital reigns supreme, a potent online presence is more than just an option—it’s a necessity. An intuitive and accessible website, combined with active social media channels and high-quality content, can significantly widen a company’s reach. Consistent online engagement not only broadens the customer base but also enhances brand recognition, thereby acting as a catalyst for business growth.

Commit to Excellence in Customer Relations

The cornerstone of any successful business lies in the satisfaction of its customers. To achieve and maintain a high level of customer satisfaction, it’s crucial to offer not just good but exceptional customer service. Listen to customer feedback and be responsive to their needs and concerns. A happy customer not only returns but also brings in more customers through positive word-of-mouth, catalyzing business growth.

Preparing a business for accelerated expansion is a multi-faceted endeavor that encompasses aspects ranging from meticulous planning and financial management to technological adoption and quality service delivery. Each component functions like a cog in a wheel, driving the business towards a common objective: sustainable growth. By adopting these practices, businesses can better navigate the complex terrain of today’s ever-evolving marketplace.

Explore how ITB Partners can drive your business’s success forward—contact us today to learn more about our expert management consulting services.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

New Century Dynamics Executive Search COO Search

Jim Weber, President of New Century Dynamics Executive Search, has landed a new assignment to find a COO for an Ohio-based full-service restaurant company. Your interest and referrals are appreciated.

COO Job Description

The Chief Operating Officer (COO) is responsible for the successful operations of the Company’s retail outlets. This leader is accountable for developing systems, processes, and procedures to ensure the financial success of the brands. The Chief Operating Officer will own all operational aspects of the business to support the brands, including providing input/direction on brand strategy, driving location-level performance, directing/managing the food & beverage program, maintaining facilities, overseeing the build-out of new locations, and championing continuous improvement. This leader will model and support the values of the Company’s Culture and foster innovative thinking to manage, develop, and grow the enterprise. The ideal candidate will be instrumental in developing a high-performance culture built on respect, trust, accountability, and integrity.

 

RESPONSIBILITIES

OPERATIONS

    • Champion operational excellence and adherence to brand standards.
    • Empower and Lead Operations Managers to consistently deliver a cohesive brand experience to guests.
    • Develop systems, processes, and procedures to support the staff’s ability to deliver consistently high operational excellence.
    • Identify operational gaps and continuously improve related systems and controls.
    • Provide input on strategy and brand marketing direction in partnership with other leadership team members.
    • Manage brand performance metrics via improved reporting, information flow, management, and business process improvement.
    • Manage the creation and rollout of the brand dashboard at all levels of the organization.
    • Develop and maintain an innovative, best-in-class food & beverage program that provides guests with the best product experiences.
    • Oversee and drive the development of new locations for rapidly growing brands; support brand expansion, including new market pre-launch activities.

 

VISION, STRATEGY AND LEADERSHIP

    • Contribute to the building and achievement of the company’s strategic plan, advancing the company’s brand position, revenue, and growth.
    • Drive the development and preparation of short-term and long-range plans and budgets based on company goals and objectives.
    • Foster an environment where improvements to products, processes, and services are welcomed and encouraged.

 TEAM DEVELOPMENT

    • Promote a culture of high performance and continuous improvement that values learning and a commitment to quality.
    • Attract, develop, appraise, and retain a high-performance team; provide coaching and feedback for continuous improvement to foster a high-performance, energized work environment that reflects the organization’s culture.
    • Establish a system to ensure team members receive timely and appropriate training and development.

QUALIFICATIONS

    • Operations: Ten years’ experience managing multi-unit, multi-brand operations; hospitality and food & beverage required. Preferably cross-category experience (i.e., entertainment, fast casual, fine dining).
    • Proven ability to influence the marketing strategy and direction of start-up brands.
    • Experience scaling the business operations of an early-stage, comparable organization; experience as a proven business operator.
    • Experience managing rapid organizational changes and managing the impact of change.
    • Track record of delivering operating results while increasing sales and profitability.
    • An energetic, positive, relationship-oriented individual with a demonstrated track record of serving as a trusted partner to internal and external constituents.
    • Demonstrated ability in problem analysis and resolution at both strategic and operational levels.
    • Exemplary team-building skills and demonstrated ability to motivate and encourage teams.
    • Ability to collaborate with cross-functional teams to attain business goals/objectives.
    • Minimal travel, when necessary.

Personal Attributes:

    • Adaptable – You are flexible, resourceful, and can wear many hats. You are always looking for ways to improve and can look at a business with a critical eye. You are timely, proactive, and always follow through.
    • Accountable – You are a team player who will not pass the buck. Unafraid of having crucial conversations, you are empathetic but firm and are strong with conflict resolution.
    • Proactive – You are not afraid of new challenges. You identify issues quickly and drive through obstacles with ease to deliver high-quality results.
    • Analytical – You can effectively process financial information and express the business’s needs to your teams. You have an entrepreneurial mentality and are exceptionally organized in all your tasks.
    • A Communicator – You are a successful communicator and liaison between the field and the home office. You understand the hospitality industry and embrace our non-traditional business hours.

 

Salary Range:  $150,000 to $200,000

 

Benefits:

  • Med/Dental/Vision/Life.
  • Paid Time Off.
  • 401(k) with match after eligibility requirements are met to enter the plan.

 

Our Core Values are:

    1. Host the party – keep your guests happy.
    2. Be honest, open, and respectful when speaking AND listening.
    3. The team’s best interests come first. Think We, not Me.
    4. Bring positive energy, work hard, and, most importantly, have fun.
    5. Hold yourself accountable to the COMPANY way.

This document is presented to you in confidence.  All communication, whether written, oral, or electronic, should be addressed to:

James E. Weber, President

New Century Dynamics Executive Search

Tel. 770-354-2817; e-mail; jimweber@newcenturydynamics.com

 

 

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

Consider a Finished Basement

New Shower and Tub

Recently, I have noticed increased homeowner interest in finishing basements.  For example, YouTube offers many channels devoted to this subject.  That would be a relevant indicator of subject matter interest.  Those videos now refer to a finished basement as ‘The Lower Level.’  It must be ‘a thing.’  Although most of my business involves remodeling Kitchens and Baths, I have experience in other areas, including finishing and remodeling basements.  I just completed a basement remodel, and I am in the final stages of finishing the walk-out basement in our home.

The rationale for finishing a basement varies from adding bedrooms for a growing family to creating lavish Bars and Home Theaters in larger homes.  The former adds low-cost living space, while the latter provides highly specialized space for entertaining.  Some make apartments to generate rental income and living space for aging parents or adult children.   Creating a home office in your basement becomes more important as more people work remotely or have home-based businesses.  Additionally, as apartment rents increase in major urban areas, a basement apartment may be an investment opportunity worth considering.

Investing in one’s home is generally a good idea.  It has created a lucrative income for me.  However, some expenditures have a better payback than others.  Remodeling a kitchen or a master bathroom is your best investment.  Conversely, a finished basement is not among the best home improvement options.  That line of reasoning may be changing as new lifestyle trends emerge.

Viable Reasons to Finish a Basement.

    • Bedrooms for a growing family
    • Private space for aging parents
    • An apartment for an adult child
    • Space for entertaining, i.e., a home theater or bar
    • Home office or studio
    • Gym
    • Playroom for young children
    • Space to accommodate a hobby, like a wine cellar, cigar bar, or workshop.
    • Self-contained space for visiting family and friends
    • A man cave, a gaming area, etc.

Many homes in our neighborhood have created a Lower Level.  On one side, our neighbor finished their basement to provide an apartment for their parents.  Our neighbor across the street finished their basement by adding a wine cellar, a wet bar, a gaming area, and a home theatre.  The homes in our neighborhood were designed to make it easier to finish a basement.  Most have walk-out basements, making a finished basement more useful.  Our builders provided rough-in plumbing, and the basements were framed identically to the first floor.  The basement framing supports the load of the primary and second floors.  So, much of the initial work was already done.

As I said, my husband, Jim, and I are in the final stages of creating a basement apartment in the home we built in 1996. Recently, we recognized a compelling reason to consider finishing our basement.  We are empty nesters with far more space than we need.  However, we have three daughters with families, i.e., grandchildren, who visit from time to time.  A furnished apartment would provide utility for visiting friends and relatives.  There are other lesser reasons we considered, of course, like adding a place where Jim and his friends can enjoy a cigar while watching college football when it’s too cold to entertain on the deck.  Considering all the potential benefits, we were convinced to take the plunge.

We decided to improve 750 square feet, about half the basement’s total square footage.  That is enough room for a comfortable apartment.  Our floor plan includes a large living/family room, a bedroom, bathroom, kitchenette, and a fully functional laundry room.  This apartment has a private entry into the family room from the concrete patio under the deck.   The area to remain unfinished includes a utility room, storage area, and a large area that is Jim’s workshop.  The shop area also has a private entrance.  That area has excellent potential for future consideration.

Creating our Lower Level has been a learning experience and fun.  So much so that it is worth sharing; suppose you have thought about finishing your basement; this series of articles will help you determine if it is a viable option for you, how to plan the project, and what to expect regarding cost.  I invite you to stay tuned for posts exploring this topic over the next few months.

For more information about Kitchen Connections, LLC and what we can do for you, visit http://kitchenconnections.biz
Jill Weber, Owner and President of Kitchen Connections, LLC

770-650-0632

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

How to Grow a Small Business in 8 Steps

Image: Freepik

The modern business landscape is dynamic and fraught with challenges. Achieving enduring expansion isn’t just a matter of increasing sales figures for a few quarters but requires a well-thought-out strategy that adapts to changing market conditions.

From identifying novel ways of growing to adopting robust digital engagement tactics, the need for a multifaceted approach is more crucial than ever. In this article, courtesy of ITB Partners, we offer insights on proven techniques that can catalyze business growth, catering to both fledgling startups and seasoned corporations.

Investigate Untapped Market Potential

The initial step in fostering business growth involves a deep dive into market research to ascertain unexplored opportunities. Using robust analytics tools, businesses should identify gaps in the market, upcoming trends, and consumer behaviors.

This information becomes invaluable when contemplating diversification of product offerings or entering new markets. Coupling this with keen observation of industry-specific trends ensures a proactive strategy rather than a reactive one, setting the business on a trajectory of sustainable growth.

Outline a Plan for Growth

Following the identification of new growth avenues, it becomes imperative to align these opportunities with the overall vision of the business. Creating a roadmap that outlines milestones and key performance indicators (KPIs) provides not just focus, but also a sense of direction.

A well-crafted plan becomes the rudder of the ship, steering efforts toward the larger picture of sustainable business growth, ensuring that every action taken contributes to long-term objectives.

Secure Financial Documents

In the midst of aiming for business growth, maintaining a well-organized set of financial records becomes crucial. Utilizing advanced security features like PDF encryption not only safeguards sensitive information but also makes it easier to retrieve data for making informed decisions. Keeping financial records organized adds another layer of robustness to the business, making it more resilient to unforeseen challenges.

Amplify Digital Engagement

The next logical step is to strengthen the digital footprint. From creating a website that offers an intuitive user experience to implementing comprehensive search engine optimization (SEO) techniques, an impressive online presence becomes a significant asset. Coupling this with an active social media strategy can transform online platforms into powerful tools for brand awareness, customer engagement, and ultimately, business growth.

Strengthen Cybersecurity Infrastructure

Safeguarding your business against cyber threats is paramount. As a small business owner, enhancing your cybersecurity infrastructure not only protects your assets but also builds trust with customers. Begin by implementing multi-factor authentication, frequently updating software, establishing firewalls, and routinely backing up data.

Given the ever-evolving nature of cyber threats, investing in continuous education is beneficial. Taking cybersecurity courses or even pursuing a degree,  cybersecurity programs equip you with up-to-date knowledge and skills. Such dedication not only fortifies your business against potential breaches but also positions it as a trustworthy entity in the eyes of clients and partners.

Utilize Web-Based Marketing Resources

As the digital presence begins to take shape, utilizing online resources for marketing becomes crucial. From crafting high-quality content that educates and entertains to employing targeted email campaigns, the possibilities are limitless. For example, you can find resources and insights on how to develop a winning content marketing strategy. By attracting new customers and keeping existing clients engaged, you can foster a community around the brand that contributes to sustainable business growth.

Engage in Beneficial Collaborations

Building strategic alliances with like-minded businesses opens up new horizons. Whether it’s tapping into new distribution channels or leveraging combined resources for R&D, such collaborations amplify potential and reach. It’s a mutually beneficial arrangement that allows companies to share risks and rewards, fostering an environment conducive to growth.

Emphasize Exceptional Customer Service

Last but not least, investing in unparalleled customer service can set a business apart from its competitors. Staff training programs aimed at enhancing customer interaction, along with feedback systems, help in the continuous improvement of service quality. A strong reputation for excellent customer service is often the cornerstone for repeat business, referrals, and long-term success.

Navigating the complex terrain of today’s business world requires more than just a good product or service. Strategies like amplifying your digital presence, bolstering your cybersecurity, and safeguarding your financial documents can fuel enduring business growth. By adhering to these steps and executing them proficiently, companies stand a strong chance of not just surviving but thriving in the contemporary market landscape.

Give your business an extra level of support by connecting with experienced consultants at ITB Partners. With a multipronged effort, we can help you pave the way for healthy and long-term business growth. Reach out today!

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

 

Posted on

Taking Control of Your Finances: Tips for Small Business Owners

As a small business owner, you have to wear many hats. You are the CEO, the CFO, and the HR director all in one. It can be overwhelming if you don’t know how to manage your finances effectively. New Century Dynamics has put together some tips to help make financial management easier for small business owners.

Set Your Target Business Growth Goals

In addition to creating a budget, it is important to set specific goals for your business growth. Think about where you want your business to be one, two, and three years down the road. Create short-term and long-term goals for revenue growth, profitability, cash flow, and other areas of your business that need improvement. Make sure that all of your goals are measurable and achievable. Once you have set these goals, it will be easier to develop a budget plan for achieving them. This will help you prioritize certain investments or areas of focus that will help propel your business forward.

Planning a Budget and Evaluating it Regularly

Creating and following a budget is essential for any small business owner. This will help you manage your cash flow and ensure that you are making appropriate investments in your business. Be sure to reevaluate your budget regularly so that it is up-to-date and reflects any changes in your financial situation.

Choosing a Dependable Accounting Platform

Having an accurate accounting platform is key when running any type of business. This will help you manage your finances and track business performance. Consider choosing software that is easy to use and integrates with other tools for data analysis. Investing in a reliable accounting platform that integrates with other platforms will save time and money while also helping ensure accuracy when it comes to managing finances.

Selecting a POS Platform to Aid with Inventory Management

If you run an eCommerce store or retail space, then investing in a good POS system is essential as well. A POS system can help you manage inventory and streamline the checkout process for customers. This will in turn make your business more efficient and increase sales. Look for one that includes features like inventory management so that tracking items in stock is easier while also highlighting which products need restocking or adjusting pricing based on current demand levels.

Partnering with an Accountant

Managing financial matters can often be quite challenging, so having the experienced guidance of an accountant at your disposal is invaluable. Their expertise allows for a thorough check that income and outgoings add up correctly while providing valuable advice on how to make the best use of market conditions to improve profitability. Furthermore, as they are well-versed with all necessary taxes regulations related to running a business where you operate, employing their services during tax season could prove essential.

Get Organized with Project Management Software

Investing in cloud-based project management software can be a game-changer for businesses looking to stay on top of their necessary tasks and projects. With the ability to access project information from anywhere, team members can collaborate and communicate more efficiently. Cloud-based project management software also offers real-time updates, task scheduling and tracking, and automated reporting. By implementing this technology, businesses can streamline their workflow and increase productivity. Check this out for more info on how cloud-based project management software can benefit your business.

Being successful as a small business owner requires financial expertise, organization, and strategic planning skills — but luckily there are tools available today that make managing finances easier than ever before. With careful preparation such as setting clear goals, using dependable accounting software, choosing suitable POS systems, partnering with reliable accountants, and investing in automated project management platforms, small business owners will find it easier than ever before to take control of their overall finances.

By following these tips, you can get a better grip on your financial situation and make decisions that position your company for success. With the right preparation, small businesses can achieve their goals and grow with confidence.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

7 Questions Customers Will Ask About Sustainability

Consumers are at the forefront of the eco-friendly revolution. Multiple studies have revealed what many business owners already know — customers prioritize sustainability. For aspiring entrepreneurs, this means you need to prioritize sustainability, too. You also need to be prepared for the questions that customers might ask about your sustainable business practices. Today, New Century Dynamics Executive Search goes over seven important points that will reveal your business’s commitment to sustainability.

 

  1. “Where is this product sourced from?”

Where a product comes from often determines whether or not it is sustainable. Products that are delivered via long-distance shipping, for example, contribute to carbon emissions. You can avoid this by sourcing products from local suppliers.

 

  1. “How does your business benefit the ecosystem?”

Some customers care about specific elements of sustainability, such as the ecosystem. You can answer this question with marketing materials that highlight how your business practices are benefiting the environment. Be specific when you describe and market these benefits.

 

  1. “Does your business use sustainable products?”

Customers know that sustainability requires a long-term commitment from a business. They want to know that you’re using sustainable products in your daily operations. These products might be pricier than traditional items, but they’re a worthwhile expenditure — and customers will be reassured to know that your business’s commitment to the environment includes sustainable purchasing practices.

 

  1. “How are you reducing paper waste?”

Paper waste is a major cause of pollution, and well-informed customers will want to know that you’re actively fighting this problem. You can address the issue by replacing your paper invoices with electronic invoices. An electronic invoice system will also allow you to create an invoice with a premade template. Simply customize it with your logo and add any text or colors that you’d like.

 

  1. “Was your business founded on sustainable business practices?”

You might be asked whether your company has always maintained sustainable business practices. It’s okay if the answer is no — it’s better to dive in and start your business than it is to waste time and aim for perfection. If you’re ready to get started, establishing an LLC is a great place to start. You can start yours with help from a formation service, and you’ll be able to take advantage of less paperwork and minimized liability. However, not all formation services are the same, so check BestLLCServices.com reviews to make sure you’re getting the best deal available.

 

  1. “How did you learn about sustainable business practices?”

Your successful implementation of sustainable business practices might inspire others to start their own sustainable businesses — and they’ll likely have questions. You can help other entrepreneurs by sharing the resources and research that helped you learn about sustainability.

 

  1. “How do you balance profit with sustainable practices?”

Balancing sustainability and profit is often a concern for new business owners, and customers who are interested in your business model might ask about it. You can tell them that sustainability often helps businesses grow and generate greater revenue.

 

Have Answers Ready and Have a Plan for Sustainability

Building genuine connections with your clientele is the key to ensuring your business’s long-term success. Customers who are invested in your business will want to know more about it, and they may ask any of the aforementioned questions. You can strengthen customer relationships by answering honestly and maintaining sustainable practices such as electronic invoicing.

New Century Dynamics Executive Search is focused on providing Retained Search for the Service Industry: Segments of interest include Food Service Distribution, Restaurant and Hospitality, and Retail. Call 770-354-2817.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

Outsourcing Payroll Tax?

A remote working environment is here to stick around for a while. This effect of the Pandemic has truly changed how the workforce is adapting as we have seen companies increasing technology connectivity. It has also brought about the trend for employees to relocate to a state where their employer has not yet established a presence.

Initially, it seems that a remote employee relocation is straightforward, as they can work on a laptop with a cell phone from any location. However, for employers, there are payroll tax implications for their employees in these other states. Employers everywhere are feeling the consequences of payroll taxes.

Employers turn to both their payroll managers and their accountants for help; however, payroll tax work falls outside of the scope of both professionals. Thus, companies are turning to outsourcing payroll tax professionals, like Flex HR that have a payroll tax department set up to manage payroll tax work for companies everywhere.

 Payroll vs. Payroll Tax

 When Flex HR engages in outsourced payroll management, we assign a Payroll Manager to your company. They are responsible for engaging with employees on all aspects of their paychecks, answering questions about a deduction that was taken, or making a pay change. The Payroll Manager runs the payroll for the frequency that your business requires and submits a pre-process payroll review to the appropriate person to sign off each time. The Payroll Manager also maintains the reports needed for workers’ compensation audits and 401K 5500 reviews.

In addition, Flex HR provides a Payroll Tax Manager to set up the state unemployment insurance (SUI) and state income tax numbers (SIT). This has become much more relevant for companies as employees work remotely and might have moved to a state different than where the company is based. The Payroll Tax Manager will work to make sure that your company is compliant in all areas regarding payroll tax.

Our Payroll Tax Manager at Flex HR, Jessica Stafford admits “having a dedicated payroll tax manager is important because businesses cannot possibly keep up with the rapid changes in payroll tax legislation in all 50 states.”

Payroll Tax Outsourcing Relief

Establishing and managing payroll tax efforts are complicated without the proper HR administration. In addition to the Payroll Tax Manager setting up the SUI and SIT tax numbers, they may also need to create a local income tax (LIT).

Once these proper numbers have been set up for the new state(s), the employer must review human resources compliance tracking items for the affected states. It’s also crucial to update the employee handbook accordingly and monitor any customary operating procedures, including:

    • Posting jobs with the salary disclosed
    • Paying unused PTO upon the termination date
    • Following rules for salary requirements for hourly or exempt employees
    • Ensuring proper documentation required at termination for an exiting employee

 Dedicated Payroll Tax Department

Once Flex HR is engaged for payroll tax work with your company, a comprehensive approach is taken by an information gathering session to fully understand your payroll tax needs. We get a current employee count and determine where specific employees are located.

Then, we put together a plan for setting up current state tax-related payroll numbers and identifying the priority for each state. This involves communicating with different state and local agencies.

Working with your organization’s HR manager, we confirm all state human resources compliance items are properly documented as well as all state payroll tax numbers are entered correctly in the system for any affected employees.

Jessica explains a common situation we see all too often. “We’ve had new clients come in with hundreds of thousands of dollars tied up in liabilities to states where they weren’t aware of mandated programs that don’t exist is their home states. Managing your payroll taxes may mean the difference in bankruptcy or going public, so it’s important to work with someone you can trust to register for the proper statewide programs, notify you of any legislative updates, and guide you through this new world of remote employment.”

Employment and State-Related Taxes

Flex HR is experienced in investigating previous payroll tax issues and any retroactive fees or penalties. We support ongoing payroll tax issues at your company.

There are general employment taxes that must be paid for by the employer, regardless of the state such as:

    • Federal income tax withholding
    • FICA (Federal Insurance Contributions Act)
    • FUTA (Federal Unemployment Tax Act)
    • State-related tax implications

State-related tax implications are varied and sometimes involve local municipalities. For example, some states require employers to withhold state income tax, while other states don’t have a state income tax. Some cities have their own set of income taxes, which is an additional wage withholding. Other withholdings that may be required are paid family leave, short-term disability, and/or unemployment benefits.

Our Payroll Tax Managers also notify you if having an employee in a state may trigger additional taxes, such as sales or corporate income tax, so that your accountant can be ready to file the proper returns.

Across the country, employers trust Flex HR with their Human Resources and payroll issues. The payroll tax department and tax professionals within Flex HR can help employers immeasurably with recouping items owed, eliminating legal exposure, and minimizing risk.  Contact us now to get started!

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

Brand Positioning – Recent Findings

We Looked Into Brand Positioning in 2022, So You Don’t Have to. Here’s What We Discovered 

For several entrepreneurs, it’ll only take them failing at starting a business or two before realizing that one major reason they failed was that they lacked the strategic insight to prepare for both long and short-term business growth and challenges. 

However, not all entrepreneurs can afford to learn the hard way, as resources are too precious to waste on trial and error. It’s better to know what works before jumping head-first into business. One of the easiest ways to do so is to understand what your customers desire and what type of brand would impress the audience demography you’re targeting. 

And that’s just what we did with our research. We compared businesses with traditional brand tones to those with modern and current ones to see how consumers responded.

Why Did We Perform This Research?

We were interested in discovering more about the kinds of companies that various consumers love and how that varied by age group.

As a business owner, realize that connecting the name of your firm and other branding elements to the demands of your customers can enhance and raise the likelihood that your enterprise will succeed.

In order to reach the study’s goal, we questioned American consumers whether they preferred patronizing companies that use classic brand tones or those with modern tones.

Why’s This Question Vital?

Every entrepreneur should be aware that choosing the right brand positioning strategy is one of the most crucial choices you’ll make when beginning or rebranding your company because it significantly affects brand positioning.

Building an outstanding brand requires a thorough understanding of your target audience and your company’s identity.

Entrepreneurs must dedicate time to getting a good name for businesses and products because the right name communicates a compelling tone that’ll enhance your brand’s positioning and have an impact on how the public perceives you. 

The Main Results of Our Survey

In order to better describe our findings, we divided the data we collected into several age groups. And although the results of our survey weren’t very surprising, the reactions we received were interesting.

Here are the results of our poll of 301 people.

  • Customers under the age of 30 are more inclined to be captivated by businesses with a new and current brand tone, while those older will prefer a more traditional tone.

  • Customers between 35 and 45 years were equally split between modern and traditional brands. With how close the results were, it’s clear that this demographic is open to modern or traditional companies.

  • The results show that customers between the ages of 45 and 54 favor traditional businesses.

  • Customers aged 55 to 65 are particularly aware of the difference in the two options and strongly prefer old and traditional companies over new and modern ones.

  • The study found that men have no bias for modern or traditional companies.

  • Women, in contrast, choose trusted traditional companies over new and modern startups.

  • Of the 301 respondents, 148 of them preferred contemporary, modern brands, whereas the remaining 153 preferred classic, traditional brands.

Based on our results, you can build your brand with either a classic or modern tone, provided that it satisfies the needs of your target market.

Start Positioning Your Business

Building a solid brand identity requires time and dedication. So ensure you apply the results of this survey when coming up with your value proposition, advertisements, and brand name. This way, you can start infusing every element of your business with your brand tone.

Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients from early-stage startups to Fortune 500 companies.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.

Posted on

Consider an Advisory Board

Josh Sweeney Presentation on Culture First Hiring

I look forward to meeting with Paul, a good friend, and colleague, tomorrow afternoon.  Paul and I have much to discuss, including my responsibility on his company’s newly created Advisory Board.  The agreed-upon location is a convenient cigar bar, my preference for conducting business.  I cannot meet in this venue every day, but it is a great pleasure when I can.   I have been helping Paul connect with the financial community to support his company’s development goals.  One of those connections suggested establishing an advisory board would be a good idea.  As the common denominator in this process, they both agreed to invite me to join their Board.  Naturally, I accepted.

During my career as an Executive Recruiter, many candidates expressed interest in serving on the Board of a prestigious company.  Those folks were looking for paid Board seats but never considered a voluntary Advisory Board.  As that type of search was not in my wheelhouse, I could not help them.  After fifteen years of experience serving on Advisory Boards, I am enthusiastic about steering qualified candidates in that direction.

Large, established companies and small emerging companies form Advisory Boards to manage their businesses.  Profit-oriented companies and not-for-profit associations use them.  The scope of responsibilities will vary from organization to organization, depending on its size and complexity.  Organizations expect Advisory Board Members to offer unbiased advice.  They do not have decision-making authority or fiduciary responsibility, significantly different from a Board of Directors.  Advisory Board members are chosen based on their skills, experience, and accomplishments relevant to the organization in question.  To be invited to join the Advisory Board of a commercial startup, you will probably need direct experience with commercial startups.  You should expect to have significant experience in the company’s industry segment.  My friend and colleague, Mark McClellan, just reminded me that people with experience raising capital are in demand.

Compensation also depends on the organization’s size, complexity, and life-cycle position.  Some are paid, including travel and meals, but many are uncompensated.  Most of my Advisory Board roles have been voluntary and uncompensated, although our host provided food and beverage at each meeting.

Why would one become a member of an Advisory Board that does not provide compensation?  It isn’t about the money, at least not immediately.  As I mentioned earlier, serving on Advisory Boards has been personally gratifying.  Each offered a new opportunity to gain skills and experience.  They provided networking connections that led to new business opportunities.  I have enjoyed giving back to the community, especially during my alum board years.  That experience strengthened my relationship with the institution.  If a career goal is to sit on a BOD for a prestigious company, serving on an Advisory Board is an excellent place to gain experience and credibility.

My first Advisory Board experience was with the National Alumni Association for my Alma Mater, where I served for three years.  It was because of my affiliation with the Atlanta Chapter that I was nominated to join that body.  The Executive Director of the Association talked to me about joining the Executive Committee, a pathway toward becoming Chairman.  Regrettably, I had to decline that invitation as I was not in a position to devote the time or energy required for that responsibility.  Nevertheless, my service on that Board was gratifying and a significant learning experience.  I believe that serving on an Advisory Board for a not-for-profit association or a charitable organization is an ideal gateway for consideration in similar roles in the private sector.  It worked for me.  I gained visibility from that role which led to invitations to join profit-oriented and not-for-profit advisory boards.

Organizations need the kind of unbiased advice one can offer.  Your expertise is required.  You should consider joining an Advisory Board if you want to expand your skill stack, make new connections, and further enhance your career.  If you are interested in becoming a member of a more prestigious, compensated Board of Directors, an Advisory Board is a possible stepping stone.  A great place to start is with your College Alumni Association, an Industry Association, or a Charitable Organization.  You will enjoy the experience and find gratification by giving back to your community.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me, so please leave a comment.