Business Information for Entrepreneurs by an Entrepreneur

As a small business owner, you may rely heavily on your staff members to help your company reach its full potential. However, are your hiring costs hurting your bottom line? Here are three of the most costly hiring mistakes that small business owners make and tips to avoid making them.

• Don't wait until a vacancy opens to recruit talent. One problem that small business owners face is that they cannot always compete with larger companies when it comes to salary and benefits packages. This can make it difficult to attract the attention of high-performing employees. Further, if you only recruit when you have a vacancy, you limit your candidate pool tenfold. Instate a rolling application process that allows interested parties to submit employment applications and/or resumes on an ongoing basis. You might just come across a talented candidate with a fabulous skill set that can revolutionize your small business.

• Don't forget to check references and perform background checks on candidates. The majority of resumes are not a clear reflection of who the real person is seated across the table in an interview. Some people interview exceptionally well, but have poor track records with previous employers or legal problems. You can save your small business grief by screening out these types of candidates early on in the process. The only way to do it is to verify references and conduct a thorough background check. If you can avoid hiring a slacker who will likely quit after six months, it will save you a great deal of energy and money.

• Don't settle for anything less than the best. Small business owners often feel isolated because of their size and lack of competitiveness. This doesn't mean that it's necessary to choose the "best of the worst" to fill a job vacancy. Don't be afraid to leave the vacancy open, develop a more targeted recruiting campaign, or go back to the drawing board if your candidate pool is less than stellar.

These basic tips can increase the likelihood of finding a high-performing employee that will stay with your small business and help grow the bottom line - instead of costing it.

Small businesses are always looking for ways to cut down on operating costs. A growing trend in small business is the use of virtual assistants. These flexible assistants are savvy at conducting business remotely. They can lend a helping hand when times get tough or busy for small business owners. Virtual assistants aren't just a way to get a job done; they are also a means for small business to cut down on operating costs.

• Eliminate the need for regular full or part-time employees. Virtual assistants can be used to cover overflow work during peak seasons and unexpected rushes. Because it's not necessary to hire a virtual assistant for a long-term employment relationship, small business owners can use their services as needed. This means that when business is slow, you are not faced with unnecessary labor expenses.

• Find a specialist in a specific field. Some virtual assistants are specialists or gurus in a certain field. You can get things accomplished more effectively and more efficiently by employing a virtual assistant with a special concentration in a certain area. Popular specialties include website design, real estate, law, event management and marketing.

• Direct communication eliminates errors. Virtual assistants will communicate with you via phone or email. Messages don't get mixed or confused because they will deal directly with the business owner through one-on-one communication.

• Virtual assistants typically have lower hourly rates. Because of the flexibility of their job and their enjoyable work environment from home, virtual assistants typically charge less when paid by the hour than a traditional employee working onsite would expect.

• Fixed rates make budgeting easier. Many virtual assistants will negotiate a fixed rate per project rather than charging by the hour. This helps small business owners develop a more viable budget well in advance.

• There is no need for perks, incentives or benefits for virtual assistants. Employees often expect more out of their working experience than a virtual assistant. They require encouragement through perks, incentives and benefits that aren't necessary when it comes to virtual assistants. Virtual assistants are typically very self-motivated and they don't require any "extras" to get the job done right.

Virtual assistants are an affordable and flexible option for busy small business owners. They can also make finding a balance between life and work just a little easier.

Move over laptop computers, PDAs and cell phones! There is a new tool in the business world that is making it easier take care of day-to-day business functions. The iPhone isn't just a tool for video game junkies and music fanatics. It's a powerful resource that makes doing business easier. Here are some of the ways that the iPhone is benefitting small business owners:

Mobile Business

When a business trip becomes necessary, the iPhone is there to simplify your life. You can store pertinent information about your business, including expense reports, sales data and projections right on the phone. It's easy to load business data on the phone and carry it off to a meeting hundreds of miles away. The iPhone is more than just a way to share numbers and figures. You can also format your stats in an attractive way to present to business partners, potential investors and other stakeholders.

Mobile Tracking

With the iPhone, it's easy to track data like stock prices, sales on eBay, and even sales reports efficiently. Users can view these types of files and more with the iPhone. Keeping track of what's going on in your business has never been easier. The iPhone allows you the freedom travel freely and stay updated at all times.

Mobile Money

The iPhone offers an invoicing application that makes it possible to generate invoices for customers in the palm of your hand. There is even a way to accept credit card payments with the iPhone. Another mobile money feature on the iPhone is a comprehensive bidding system that allows you to generate easy-to-read bids on contracts for your potential customers. Applications like invoicing and bidding make the iPhone a popular tool for making money on the go.

The iPhone saves time and space, two resources that small business owners often find in short supply. Apple continually looks for ways to update and improve the iPhone as needs arise. This means that small business owners can expect their product to evolve and change right along with popular business trends. As a business tool, the iPhone leads the technology industry.