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Protect Your Business Against Final Pay Issues

January 18, 2013

The end of employment isn’t always the end of your involvement with an employee. If you make any of a number of common mistakes when an employee leaves, or is asked to leave, it could result in liability for your company and, in some instances, liability for you. Final pay, or paying out whatever the now-former employee is owed (while not paying more than is due) can be a minefield.

Below are some of the most common questions about ending employment and answers that will help you protect yourself and your business. Bear in mind that employment law exists at both state and federal levels. Each state has its own statutes and regulations governing at least some, if not all, of the issues in the questions below. It is critical that you understand your state’s requirements. Also note that while employment law is not contract law — not unless there’s an employment agreement — there is this similarity: you can’t arbitrarily change the rules on an employee.

For final pay purposes, does it matter if employment ended voluntarily or involuntarily?

Maybe. In some states, a company’s final pay obligations might differ depending on whether you are reluctantly bidding adieu to a good employee, or gleefully showing a bad one the door. For example, in Connecticut an employer is required to pay a fired employee his or her final paycheck no later than the next business day. (more…)

6 Quick Tips to Improve Your Survey Response Rate

January 16, 2013

Let’s face it: people don’t usually get too excited about the idea of taking an online survey. They may not have the time, they’re distracted by their to-do list, or they simply don’t see it in their inbox. But for a small business, there is no better way to improve your products, services, customer satisfaction—and your business as a whole—than by getting feedback directly from the source.

Here are 6 easy-to-implement tips to entice your customers and members to improve your survey response rate.

1. Make your survey as short as possible

Think through your survey carefully. Only include the questions you absolutely must have the answers to—5-10 questions is the sweet spot. One way to do this is to choose a specific survey topic, like a particular event or promotion, and focus on that.

2. Tell recipients upfront how many questions are on your survey

If you tell the recipients how many questions there are, they know what to expect. Adding questions causes the completion rate to drop. By being upfront, you’re reassuring recipients your survey won’t take up too much of their time. (more…)

Generating New Customer Leads With a Limited Budget

January 15, 2013

Getting new customer leads is a common problem that many new and existing businesses face. They may have a great product or service, but not the right marketing plan and process in place. There are many different ways to generate leads. The most notable ways include word of mouth referrals, advertising, forming alliances, networking, public relations, social media to some extent and then good old direct sales (i.e. cold calling). The method that’s most appropriate for your business will depend on the size of your company, your industry, budget and specific goals.

Online PPC Advertising Campaigns

The quickest method by far will be advertising through Google in a pay per click (PPC) campaign. With the Google Adwords platform, advertisers are able to market to customers through sponsored text listings that are triggered by targeted keywords. For instance, a mobile application development company may target a phrase such as, “find a mobile application development company in Los Angeles.” When searches for that keyword phrase are entered, the web development company’s ad may appear below the search box or to the right of the organic listings (non-paid). (more…)

Raising Money in a Tough Economy

January 11, 2013

Raising money for any business in this tough economy isn’t easy. More owners are scrambling to attract new capital, and investors are holding tighter to their money, causing a major disconnect. Successful VCs and private equity funds are only investing in 1 out of every 500 or so deals they see. Banks have cut back lending. Angel investors hammered in the 2008 market meltdown, lost their appetite for new deals while focusing on salvaging existing investments.   However, you can raise the funds you need. You won’t get the very best terms and it will take you much longer than you thought. You may even have to retain an outside firm to help; but if it makes sense and you are fundable, you can get the deal done.

Get real

One of the benefits of raising capital from outside investors and lenders is they are a litmus test for your business model. Their decisions will help you get a better—and more objective—perspective on the prospects for your business. Many owners fall deeply in love with their business and continue to plow through their own capital hoping, wishing, and expecting it to be a home run. They do this up to the point where they have exhausted their own financial resources and taken on debt, but haven’t taken the business to the promised land. Be realistic. Don’t bleed yourself and your family, dry funding an idea that is not working. I see this all the time—entrepreneurs are optimists. To have a shot at raising serious capital to support growth, your company needs to have a business plan that makes sense. (more…)

How to tackle technology issues when you don’t have IT staff

January 9, 2013

Many small businesses can’t afford or may not even require full time IT staff, but that doesn’t mean technology challenges don’t arise.

Fortunately, there are many ways for small businesses to access IT expertise even without a full time technology expert on the payroll. Educating yourself on basic technology issues that affect small businesses can go a long way toward helping you navigate IT problems that arise.

Many Small Business Development Centers (SBDCs) offer free or low-cost technology training. You can also look into what other local business organizations and chambers of commerce have on tap in the realm of technology training.

Some of the responsibility that comes from managing your IT resources also can be relieved by transitioning from on-premise to cloud-based solutions for email, productivity and collaboration tools. Using cloud-based solutions means you access your technology infrastructure online rather than deploying software and physical servers in your office. (more…)