Last updated 8 months ago
Creating business that has the ability to make it all the way to the top means finding the right staff – and knowing how to look after them properly. While there are many ways to boost employee satisfaction, pay is always going to be a central issue. Take control and stay well informed, so you can ensure your staff are treated fairly when it comes to their salary.
The majority of businesses tend to stick to one set pay review a year, where every member of staff is assessed at the same time and each employee does or doesn't receive a raise dependent on their performance. This can be an effective way to cut down on related man hours and create a simple system, but it is also a rather inflexible way of working.
You may find that your staff respond much more positively to more frequent pay reviews, that give them the chance to receive feedback on which areas of the job they have been most successful in and which could do with more work.
By upping your quota to as many as four pay reviews a year, you're ensuring your staff know you are paying attention to their workloads and are constantly assessing their levels of engagement.
Alternatively, you can consider implementing pay reviews that are tied to specific projects. Showing that you will be prepared to make changes to salary directly depending on their most recent work. This is an excellent way to improve motivation and boost productivity as well as useful for ensuring all employees know you're willing to reward those who work hard.
Scott Assemakis is the managing director of EFWines, a thriving wine investment company. Always looking for the latest business tips, he is now an entrepreneur and a successful business person. Connect with him on Twitter.
Last updated 8 months ago
Finding the right name for your business is likely to take some serious brainpower. You need a name that is memorable, simple and suitable for your product, but choosing a name embodying all of these elements certainly isn't easy.
What's more, there are some silly mistakes that fledgling businesses fall into over and over again. Make sure yours isn’t one of them by forewarning yourself.
Choosing The Same Name As An Existing Business
This is a mistake people still make, despite the fact it's very easy to search out other business names. If you have a bright idea for a name, be sure to Google it immediately and search the listings for other companies using the name in a similar way.
It's possible that if there are several other businesses, all using the same name, you won’t find yourself hit with a lawsuit, but if you can come up with something no one else has, you can save yourself a lot of time and hassle in the long run.
Failing To Relate To Your Services
When trying to come up with a snappy name many businesses find that they quickly drift away from their actual aims. What can sound like a great name in itself often doesn't accurately relate to what your business actually does.
The relevance of your name is very important, do all you can to avoid customer confusion and don’t allow yourself to pick names that put their cleverness ahead of their usability.
Being Overly Specific
You want your name to show people what they can expect from your business so it's understandable that you might try and create a very specific name. However, this can really start to work against you, especially if your business begins to grow and your key products expand.
Choose a name that relates to your business but doesn’t pigeon hole your offerings.
Scott Assemakis has spent many years looking for ways to improve his business skills and connections. He’s the managing director of European Fine Wines, a thriving wine investment company and always on the hunt for ways to facilitate growth. Connect with him on LinkedIn.
Last updated 9 months ago
A group of UK entrepreneurs has set up the All Party Parliamentary Group for Entrepreneurship (APPGE) to help promote, encourage and support business development. It works to keep the parliament up to date with the challenges entrepreneurs meet and to highlight any particular successes.
The organisation also informs parliament of what is needed to create and sustain the most favourable conditions for entrepreneurship within in the UK. It holds regular events within parliament, inviting both emerging and established entrepreneurs to hear speakers, network and share ideas. Engaging with entrepreneurs from across the country, the APPGE also actively encourages university and school students to consider entrepreneurship as a viable career choice for their future.
Scott Assemakis is a successful entrepreneur and business man who is always looking for ways to engage with and promote entrepreneurship. Connect with Scott on Facebook and on Twitter or give him a call on 020 3582 6749.
Last updated 9 months ago
A website is a crucial tool when it comes to growing your business and servicing your customers but it can be hard to know just how well it's performing unless you put a little time into finding out. Don't leave the success of your website to chance, make use of the many excellent tools that will allow you to assess your site and its effectiveness.
To measure your website's success, you first need to work out what your criteria are. If you sell products on your site, it's obvious that sales will be one of your key points of interest, but if you don't, there are other factors to consider. For example, you may want to measure how engaged users are with your content or how often they request information or sign up to your RSS feed.
You'll also want to know how visitors find your site and what they do when they get there. The amount of time a user chooses to spend on any one page or area of your site says a lot about the quality of the content found there, so it's really useful to keep track of. To do this, you need a web analytics program. There are hundreds to choose from, but the majority of small to medium sized businesses will be perfectly serviced with the free and easy to install Google Analytics.
This package allows you to look at the way users access your site in detail, showing where users are coming from, how well they interact with your content and at which point you are losing their interest. Using this information, you can build a better site or look for ways to easily boost your conversions.
Scott Assemakis, is an entrepreneur and one of the founders of EFWines, a thriving wine merchant with a wine brokerage department. Connect with him on Facebook for more suggestions when it comes to improving the performance of your website.
Last updated 9 months ago
The following is a useful list of links that can help you sharpen your business skills:
The most important skill for business owners
While there are many skills needed to become a successful entrepreneur or business owner, Forbes has concluded that there is one that far outweighs all of the others.
Business skills for managers
Managing people well is a very important part of being a good business owner, pick up some tips for getting the best out of your employees.
Ten ways to improve your interpersonal skills
If you’re ready to start becoming a better communicator, this is the article for you. Follow 10 simple tips to start improving your interpersonal skills.
Boosting business presentations
Presentation skills are essential for entrepreneurs, whether you use them to entice new clients or to secure additional funding. Be sure you're confident the next time you stand up to present.
Twenty-one business skills
This exhaustive list of business skills that can help entrepreneurs succeed is a great top level guide to the kind of qualities you want to be cultivating.
Scott Assemakis, is an entrepreneur and one of the founders of EFWines, a thriving wine merchant with a wine brokerage department. Connect with him on Twitter for more suggestions on how to expand your business skills.