Category Archives: Business Startup

Are you the Master of your Marketing?

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Are you short on time? Struggling to get your marketing under control?

Kym Illman has put together a regular series of short videos for business people just like you. He turned a tiny home-based business into an international success story through innovative marketing and outstanding customer service. Let him help you grow your business. Every week he’ll be releasing a new video. It will challenge you try new strategies and open your mind to how other businesses grow and prosper. There is no charge for these videos, so if you’re ready to become a Master of Marketing visit www.MasteringMarketing.com.au and register FREE to get started.




Small Business Victoria Update

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Small Business Victoria provides regular updates  to the small business community through its’ newsletter. The latest edition includes news and information about Water Rebates, Free Retail Excellence Workshops, Understanding Financial Statements Seminar, a Marketing Basics Seminar, and a Forum for Business and Community Partnerships.

This Forum is looking at ways local businesses can partner with community organisations for mutual benefit. If you are a business that has partnered with a community organisation attend this forum and have your say.

Check out the latest edition here.

 

 

Are you offering your staff an end-of-year bonus?

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The question is raised in an article from Start-up Smart at http://bit.ly/upZaSu

As a Centre for start-up and small businesses it’s appropriate to consider the question of bonuses as the year draws to a close.

Some thoughts from Vicki Crowe

Vicki Crowe founded Cannon Recruitment in 1994 and Enneagram Australasia in 2004. Over the past 17 years she has consulted to government, national and global organisations on HR and leadership. www.enneagramaustralasia.com.au

Apparently big bonuses are back and that’s okay if you’re one of the bigger players.

If you are a start-up, however, it can be difficult to find those extra dollars to implement a monetary bonus scheme.  So the first things you need to decide on are what your business can afford and whether your bonuses will be of a monetary or non-monetary value. Then before you race off and start structuring the scheme, take the time to have a chat with each staff member to gain an understanding of his or her current needs. Don’t presume just because you work with them on a daily basis that you know exactly what they would currently value.

If you decide on a non-monetary bonus, it’s a good idea prior to having the chat to make a list of some of your affordable options. Be creative and think about what you know about their lives outside work. Are they a working parent who would love more flexible hours or time off during the school holidays?

Are they trying to save for a deposit for a house and would value a small monetary bonus or are they mad sports fan and would really value a club membership or tickets to a game?

Consider whether the bonus scheme will be based on company performance or individual performance. You need to be a bit careful if it is based on individual performance because if the company does not have a good year you will still have to find the money to pay the agreed individual bonus.

Traditionally, bonus schemes have been linked to performance or productivity. Some positions, although valuable to the business, can be difficult to measure, as they do not directly contribute to the financial success of the business. These include receptionists, administration, accounts and personal assistants. For these positions you will need to think about the things that the staff member actually influences and base their performance objectives on these areas.

For example, a receptionist may be measured by the consistency of feedback received from your customers or clients with how helpful they were.

To help you get that list going, let’s have a look at some of the non-monetary bonuses that the big players are offering:

  • Google: yoga classes, on site car washes, a rock climbing wall, dry cleaning service, gym and fitness classes, haircuts, bike repairs and subsidised massages.
  • Facebook: photo processing, weekly lectures by entrepreneurs, Pilates classes, leather repair and 50% reimbursement on gym fees.

Some companies that I work with offer subsidised (70%) on-site massages, contributions to health funds, childcare, education/training, fortnightly car washes, free lunch and magazine subscriptions.

So, either put an affordable dollar value on a monetary bonus or find out what would make a difference to their lives, regardless you’ll find it goes along way to motivating and boosting morale.

Do you have any good examples of what you do for your staff at year-end?