Business Information for Entrepreneurs by an Entrepreneur

Running a small business may not be everything you imagined. Company ownership requires a massive time commitment, eternal promotion, and top-level leadership. While starting a business may be the objective of many enthusiastic entrepreneurs, running a small business may not be on the ultimate career plan. When a business is running at full speed and at full efficiency, that may be the time that some entrepreneurs consider succession planning.

Succession planning is the systematic implementation of establishing and transitioning new leadership, which can happen for a number of reasons. Here are the most common:

• First-Time Entrepreneurs - Some first-time entrepreneurs are so involved with their business idea that they don't see the weaknesses of their leadership. It is easy to assume that no one cares as much as you or has more passion for your business idea. However, that doesn't mean that you are the best match or even the best interest for running a small business.
• Plateau of Business Activity - After successfully starting the business from scratch and building it into a smoothly operating company, you may find that running a small business has reached a plateau and is not seeing any further growth.
• Starting is More Fun that Running - Some entrepreneurs find that the energy, adventure, and challenge of starting and building a business provides more rewards than actually running a small business.
• Skill as a Business - Many entrepreneurs start their own company because they are very good at what they do, be it accounting, baking, sewing, you name it. However, the actual activities required for running a small business is overwhelming, and the owner wishes to get back to doing what they enjoy most - their skill or craft.
• Too Time-Consuming - Some small business owners find that the job of business owner is much more time consuming than they imagined. They may have started the business as a part-time venture, or have other obligations that doesn't allow them the full time capacity necessary to running a small business.
• Owner Gets Sick - Lastly, what if you were to become unavailable to run the company due to sickness, injury, or worse? Is your team ready to carry the company forward based on your goals and plans?

Forming a Succession Plan

Succession planning is a good idea if the small business owner fits into one of the above categories. The purpose of that plan is to either pave the path for a current top management to take over, or hire a new and experienced individual who can come in and take the reins.

Form Discussions with Staff

If you feel that there is one person on your current management team that is capable of operating the company as well or better than you, hold meetings with your staff to lay out your feelings and succession plans. First of all, if you do plan to go separate directions, your management team should know about it with as much lead time as possible.

Approach your chosen successor and make sure he or she is up to taking the job of running a small business. If that person is open and acceptable to the challenge, lay out a plan to get the ball moving on a start date, and determine how long the transition will be before you actually step down. There will likely be some time where you show your successor your processes, and you will want to observe them performing the duties of big cheese.

Next, tell your management about your plans. Share with them the transition plan and what to expect. Be sure to ask if they have any questions or concerns and address them as best you can.

Talent Search

In many cases of succession planning, the obvious choice will be to hire a new leader from the outside. Again, be sure you talk to your management team about your plans to leave and your intention for someone else to take over.

There are plenty of experienced individuals who have gained expert status from running a small business of their own, or even from the corporate world. The best way to find the right candidate is to ask around. Get the buzz through your network of contacts, and if that doesn't turn up the right candidate, post for a job in trade magazines.

Before hiring, be sure to do a thorough background and resume check, and conduct a lengthy interview. Succession planning requires more than an hour interview. Take the time to have a long discussion, walk them around your business, introduce candidates to your workers, etc. You want a good feeling about the person who takes over company, so take the time to find the right person who will move the company forward.

Have you started leveraging all the social media strategies available to you in order to improve customer engagement? Congratulations! Not only are you a minority of entrepreneurs who practice small business social media marketing, but you are now helping to make history pages of how it is done.

Small business social media marketing, while now a widely accepted and practiced marketing technique, has not been fully embraced by most US small businesses. Effective social media strategies are still in development, small business social media marketing has irregular results, and some believe there are too many risks involved.

How do you successfully join the social media networks and connect with potential markets with your social media posting? Here are some practiced tips that have proven to show results.

1. Learn How to Step Into Conversations

   Social media is so named because it allows people to come together and interact. Will you join them? Or will you end up "lurking" behind the scenes? While the word 'lurk' may have some negative connotations associated with it as a person who 'sneaks' around secretly and unperceived, lurking is now a common reference to someone who simply observes online discussions without participating.

   While constant lurking will not get you very far toward your small business social media marketing goal, you can observe discussions and jabber until you find the opportune time to join in.

   For instance, say you just arrived at a party, grabbed a beverage, and jumped into a small group and immediately took over conversation. You've interrupted an established and active conversation, and now you have made a poor impression. At that point, it would not be surprising to watch the others simply raise an eyebrow and find another place to converse.

   However, say you grabbed that beverage, took some sips, observed the different conversations going on, and found one that interested you. You casually blended in with the group, and at a clear and opportune opening, you joined the conversation and successfully contributed to the group dynamic.

   That is exactly how you want to approach your social media. Don't start right off the gate by proclaiming loud and obnoxious statements about your business or product. No one wants to listen to a pushy commercial.

   Here are some additional tips for successful social media posting:

   • Monitor topics - Use tools from Twitter and Facebook to track trending discussions and topics. You can find great keywords that pertain to your business where you can join the conversation.
   • Look for responses - Use your "listening" skills to observe which topics and posts receive the most attention. If your business social media marketing strategy is pertinent to the conversation, by all means join in.
   • Check for Repeated Topics - If a certain topic comes up again and again, it may be a good sign that you could use it to segue your voice into the discussion.

2. Social Media Etiquette

   Social media posting requires extreme tact and proper etiquette. Keep these points in mind with your social media posting:

   First, you should abide by the rule of content. Make sure that your social media postings contain content that excites your target market and creates interest and engagement.

   Your social media posts should be on the side of subtlety rather than "in your face. That means using tact, and avoiding using ALL CAPS when you post.

3. Remember Your Goal: Making Money

   Keep in mind that your social media marketing plan is not to make friends and gain followers, but to help you make money. Ultimately, while avoiding pushy sales posts, you should write posts and updates that reminds readers how they can benefit from your product or service.

4. Remain Professional

   When it comes to small business social media marketing, you want to present an appearance of professionalism. Keep your social media posting efforts business-like. That means avoiding getting personal with your followers, posting inappropriate pics of you, your staff, or customers, and refraining from trash-talking your competition. Act how you would in front of your best customer, and you will be able to traverse the etiquette of social media well.

Just because you own and operate a small business doesn't mean you can't compete with giant corporations for qualified staff. Sure, the right salary is important, but there are several other factors that help a potential employee choose your small business over an internationally recognized brand name. And part of that attraction is in the form of employee benefits and company perks.

In this article, we assume you already offer the list of usual employee benefits such as paid vacation, health/dental, 401(k), etc. What really can solidify a long-term relationship with employees are the additional employee perks not found elsewhere, even in the corporations.

Here is a potential list of employee perks and additional company benefits you could integrate into your total compensation package.

1. Flextime

   Whether employees work a full-time schedule or part time, one very attractive employee perk is the ability to be flexible in scheduling those hours. Flextime means that you and the employee agree on a schedule that fits both your business needs and the employee's needs. For instance, in many small companies, the accountant is not required to be at the job during all business hours. She may prefer a 6am to 3pm schedule to accommodate her children getting home from school. As long as the work gets done, the time could be flexible.

2. Telecommuting

   In some cases, employees may not even have to be on-site. Many people would enjoy an employee benefit of staying home to work, or telecommuting. It would require a remote computer network set up and telephone. However, in most cases, an employee could get the same work done at home as at the office. Ultimately, this could save you money on the size of space you rent.

3. Instant Monetary Rewards

   Workers love monetary employee benefits. You could issue $5 or $10 gift cards to employees who accomplish certain tasks. Or even a larger $250 cash bonus reward for suggesting a new and more efficient process.

4. Child/Pet Care

   Other uncommon employee perks is actually having on-site child or pet care. Child care is an absolute necessity for young parents, and this service on-site could really help attract and retain your best employees. Even on-site doggy day care has been adopted by many small businesses to help employees stay in touch with their pets while at work.

5. Interest-Free Computer Loan

   This employee benefit has been adopted by many companies, including small businesses. Though the cost of personal computers has dropped considerably since the beginning of the 21st century, they can still be difficult to purchase as an initial cash outlay. Consider an employee perk where you offer to pay for the computer and then take small installments out of regular paychecks for 6 months until the loan is paid off.

6. Free or Discount Products/Services

   Many small business owners have no problem giving steep discounts or even free products or services as an employee benefit. For instance, if you are a CPA, you could offer free tax preparation service to your five employees. Or offer "employee prices" on your retail products.

7. Parking/Transit Discount

   Most workers must commute. And free or reduced prices on parking or transit fees are always a welcome employee benefit. If you're in the 'burbs and have plenty of parking, this may not be an issue. However, if you are located in a central business district or downtown in a major metropolis, this employee perk will be attractive to current and potential employees.

8. Paid Community Volunteer Hours

   Some people like to give back. Consider an employee benefit where you will pay up to 3 to 5 hours a week/month to volunteer. This would allow employees to volunteer for SMART reading programs or to help with their local charity.

9. Errand Service

   It's difficult to complete errands while at work. Consider hiring a local "errand" concierge service that your employees can use once or twice a week for picking up dry cleaning, getting the dog to the grooming service, etc.