Saturday, April 24, 2010
1. Focus on cash flows: Many small businesses have perennial cash flow problems. This can be stressful, destructive to the business and can be a vicious cycle stunting growth and development. Hence it is important for a small business owner to keep good control over cash flow and focus heavily on a good cash flow.
2. Stick to the knitting: Focussing on ones core competence and getting expertise and acknowledged reputation in ones core competence will stand by one during tough times.
Avoid these common small business mistakes
Thursday, February 5, 2009
What to do before hiring?
- Prepare a detailed job description for the job you are hiring. This will help you select a better suited candidate. It will also help a prospective candidate decide whether or not he will find the job appropriate.
- Think of the educational background, quantum of experience, and type of experience you are looking for in the candidate.
- Sometimes you can get good candidates by word of mouth advertising. Existing employees are often a good source to refer new candidates. If this is feasible for you try and get candidates this way. If not you have to take up the other options of either advertising in media, or searching through job sites databases or going to a recruitment agency.
What to do during the hiring process
- Ensure that the candidates coming for recruitment are attended to promptly and professionally. This is most likely their first impression of your organisation, and it should be a good one.
- Spend time studying the resume of each candidate before interviews/discussions.
- Do verify any references given.
- It often helps to have an interview panel of more than just one. Different people bring different prespectives to the process.
- Keep the entire process professional and courteous. The objective should be that even candidates not selected should go away with a positive opinion of your organisation.
What to do after the hiring process
- The first few days/weeks of a new recruit are most important. This is when he/she makes up their minds to a large extent about the organisation.
-Make sure that the process of joining and starting is as easy and comfortable as possible.
- Ensure that the job role, reporting requirements etc are well understood.
- If it is a trainee position, have a well-structured training program/plan well in place. If it is a more experienced position ensure that the actual project/job is commenced early on.
Saturday, December 27, 2008
Monday, December 15, 2008
Very often a small business may not be able to compete with its larger competitors in many fronts such as price, brand, reach etc. In such cases the 'little extra' may be its only competitive advantage that can enable it to stand up to its bigger, more resourceful competitors. A 'delighted' customer is very valuable - he keeps coming back .. and spreading the word about his delight.