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Naming Your Business: What You Need To Know any new hires start with a fair amount of enthusiasm when they begin a new job with a new employer. However, when the new hire, the job, or the employer haven’t been well-matched, many will leave while the employer incurs expensive replacement costs.Naming your business is probably the second thing you’ll do when you start it, right after you decide what sort of business it will be. It’s a decision that you’ll have to live with every day so here’s something to think about before you print up those business cards.Names don’t matter. Really, there is no correlation between the success of a business and it’s name. Only the first time or two that someone hears the name of your company will the words have any meaning. After that, it becomes a collection of sounds.Maybe the first time you heard the name Nike you associated it with the goddess of victory, and that’s only if you studied mythology. Now your first association is with athletic wear. The same is true for Reebok and Adidas, and you probably don’t even know what those names are in reference to in the first place. The business becomes their meaning.Your name doesn’t even have to describe what your business does. Take Revlon as an example. Or Accenture. When I was thinking of names for Stesnet, my website, I noticed that many of the most successful sites had nonsense names, like Yahoo!, eBay, and Amazon. Meanwhile, a company with a descriptive name like Pets.com sank.Your name can even be misleading. Take Duane-Reade, the ubiquitous New York City drug store chain. The name comes from the fact that the first store was founded on Broadway between Duane and Reade Streets in lower Manhattan. They’re everywhere now, and onl How can you increase the number of successful new hire “fits?” a. Use exit interviews, preferably by a third party who can promise confidentiality, to find out why they left. b. Be certain job descriptions are accurate and up-to-date, and identify the skills and competencies the job requires, not just the tasks. Be able to state what is required to be successful in the job. c. When you have qualified candidates, pay them to shadow a capable employee in the same job for one day, and then get feedback from both of them. d. Ask the prospective Most Valuable Asset One of the questions we’re frequently asked by employers of all types, including those in different countries, is “Why do employees leave?”What is the most valuable asset that your firm possesses? Is it your technology, trade secrets, credit line, or customer base? Although we realize the importance of these, most of us believe that our people or our leadership teams are most valuable to us. However, there is another asset that may be even more important as your business matures. A good name or reputation allows your firm to attract quality leaders, excellent employees, key customers, and financing.Proverbs 3:4 tells us that we should desire the favor of both God and Man. We are reminded that a good name is more valuable than great riches (Proverbs 22:1). In a business environment in which we demand performance quarterly and we exchange CEOs more often than our cars, a good name is a rare commodity.In recent months I was reminded that a good name can produce investment returns for many years. Last year, our three-year-old marketing firm was looking for key brokers to represent our new product to the nation’s larger retail chains. Our Vice President was interviewing a broker to call on the world’s largest retailer. The broker asked him about the owners of our firm and the Vice President shared my name. The broker immediately volunteered to take our line. He shared that 15 years ago he had worked as the buyer for that same retailer. Because of the instigation of a policy to buy direct, he took the business away from my distribution firm. Within three months he knew that the decision was wrong. When he went to Here are 10 of the most common reasons employees leave; we haven’t ranked them in their order of importance with the exception of the first one, which is usually the largest single reason employees leave. 10 Common Reasons Employees Leave Employers 1. Poor relationship between the employee and their immediate boss. organizational objectives, and how the employee can be a greater success. Reason #1: Poor relationship between the employee and their immediate boss. There’s a clich? that says, “People leave managers, not companies.” Their boss may frequently criticize them while withholding praise and appreciation for quality work; demean them in front of others; pile on more work as a reward for being productive; refuse reasonable requests for time off or other matters; and act disagreeably. What can you do? a. Make employee retention part of their job descriptions and base at least 25% of bonuses on employee retention. b. Provide training in how to give corrective feedback-and in how to praise and recognize employees. c. Help them understand the high cost of employee turnover and how it affects their performance and department. d. Train them to conduct “stay interviews” with their employees so they find out why they continue to work there, what would entice them to leave, what they like most about their jobs, and what other skills they want to learn. e. Consider coaching for supervisors and managers who need it; our experience is that most can make improvements. Reason #2: Lack of a career advancement plan. Many employers now have many Generation X (those born between 1965 and 1980) and Generation Y (born between 1981 and 1994) employees in their workforce. Both of these generations are much more determined to add skills, training, and expertise to better develop their careers and stay more marketable and promotable. Their supervisor or manager is often the person best qualified to help them identify and develop new skills since they’re the ones who are most familiar with the employee’s work, preferences, and performance on a daily basis. Your company will likely need to learn how to help employees develop career plans, and then train managers to work on these plans with their direct reports. If two jobs and companies are fairly similar, and one employer offers career advancement help while the other does not, which employer do you think is more likely to attract and retain qualified employees? Reason #3: A poor match between the employee and the job or the employee and the company. Many new hires start with a fair amount of enthusiasm when they begin a new job with a new employer. However, when the new hire, the job, or the employer haven’t been well-matched, many will leave while the employer incurs expensive replacement costs. How can you increase the number of successful new hire “fits?” a. Use exit interviews, preferably by a third party who can promise confidentiality, to find out why they left. b. Be certain job descriptions are accurate and up-to-date, and identify the skills and competencies the job requires, not just the tasks. Be able to state what is required to be successful in the job. c. When you have qualified candidates, pay them to shadow a capable employee in the same job for one day, and then get feedback from both of them. d. Ask the prospective 15 Sure-Fire Yellow Page Headlines Guaranteed to Get Attention I’ve been advising and counseling businesses on their Yellow Page advertising since 1976. During that period, I’ve placed ads in every media imaginable and consulted to over 7000 businesses. With those credentials, I feel capable and confident in recommending the easiest way to achieve a more successful marketing program. Whether it’s a newspaper, magazine, Yellow Page ad, or direct mailer, the headline is always king. It not only is the first thing seen, it sets the tone for the entire promotion that follows. Yet creating one, is the critical procedure that’s often overlooked.I’ve seen the typical “Tire Experts,” or the “Low-Cost Leaders,” enough to fall soundly asleep. Every business assumes they have the best service or products at the best prices. If that is the case, then why shop and compare at all? After all, logic says that any company can provide the best item at the lowest cost. If all consumers are only concerned with these two issues, then why ever discuss anything else?But we know that this supposition is wrong. Marketing focus groups have proven that buyers are also interested in guarantees, longevity, brand names, style, fashion, convenience, ease-of-use, prompt and courteous service, and a multitude of other factors. Therefore, why not tap into their actual needs and wants? That is the primary responsibility of a business anyway; to fill a need. Of course, one can also create a need where one didn’t exist before.For instance, a pest control company 8. Insufficient coaching and feedback. 9. Quality of the people the employee works with. 10. Insufficient alignment of how the employee’s work achieves organizational objectives, and how the employee can be a greater success. Reason #1: Poor relationship between the employee and their immediate boss. There’s a clich? that says, “People leave managers, not companies.” Their boss may frequently criticize them while withholding praise and appreciation for quality work; demean them in front of others; pile on more work as a reward for being productive; refuse reasonable requests for time off or other matters; and act disagreeably. What can you do? a. Make employee retention part of their job descriptions and base at least 25% of bonuses on employee retention. b. Provide training in how to give corrective feedback-and in how to praise and recognize employees. c. Help them understand the high cost of employee turnover and how it affects their performance and department. d. Train them to conduct “stay interviews” with their employees so they find out why they continue to work there, what would entice them to leave, what they like most about their jobs, and what other skills they want to learn. e. Consider coaching for supervisors and managers who need it; our experience is that most can make improvements. Reason #2: Lack of a career advancement plan. Many employers now have many Generation X (those born between 1965 and 1980) and Generation Y (born between 1981 and 1994) employees in their workforce. Both of these generations are much more determined to add skills, training, and expertise to better develop their careers and stay more marketable and promotable. Their supervisor or manager is often the person best qualified to help them identify and develop new skills since they’re the ones who are most familiar with the employee’s work, preferences, and performance on a daily basis. Your company will likely need to learn how to help employees develop career plans, and then train managers to work on these plans with their direct reports. If two jobs and companies are fairly similar, and one employer offers career advancement help while the other does not, which employer do you think is more likely to attract and retain qualified employees? Reason #3: A poor match between the employee and the job or the employee and the company. Many new hires start with a fair amount of enthusiasm when they begin a new job with a new employer. However, when the new hire, the job, or the employer haven’t been well-matched, many will leave while the employer incurs expensive replacement costs. How can you increase the number of successful new hire “fits?” a. Use exit interviews, preferably by a third party who can promise confidentiality, to find out why they left. b. Be certain job descriptions are accurate and up-to-date, and identify the skills and competencies the job requires, not just the tasks. Be able to state what is required to be successful in the job. c. When you have qualified candidates, pay them to shadow a capable employee in the same job for one day, and then get feedback from both of them. d. Ask the prospective Micro Business and Banking b. Provide training in how to give corrective feedback-and in how to praise and recognize employees.Micro businesses with no employees, or between one and nine employees, accounted for 94.6% of all UK businesses in 2001, 29% of employment and 21.2% of turnover. Approximately 3.1 million people were self-employed in 2002, according to Social Trends 33, 2003. An additional 1.35 million people have some income, or losses, from self-employment. Self-employed men outnumber women by nearly three to one. The proportion of self-employed in the working population has fallen since 1987.Around 20% of the UK’s self-employed work in the construction industry. Between 13% and 14% are involved in diverse business activities, around 7% work in recreation, culture and sport, and a further 7% in health and social work.Nearly three-quarters of the self-employed had a self-employment income of less than ?15,000 in 2000/2001. NatWest is fully aware of the problem of low income in self-employment and hopes its business managers will help customers to develop their businesses and increase their profits. In December 2001, the Competition Commission reported on banking services for business and accused the banks of failing to offer good value competitive services to small businesses. The banks have responded with improvements to their services for business and now cater much better for micro businesses.KEY FINANCIAL SERVICES Approximately 1.5 million people use personal bank accounts for their business activities, and fewer than half of new entrepreneurs open a business account for c. Help them understand the high cost of employee turnover and how it affects their performance and department. d. Train them to conduct “stay interviews” with their employees so they find out why they continue to work there, what would entice them to leave, what they like most about their jobs, and what other skills they want to learn. e. Consider coaching for supervisors and managers who need it; our experience is that most can make improvements. Reason #2: Lack of a career advancement plan. Many employers now have many Generation X (those born between 1965 and 1980) and Generation Y (born between 1981 and 1994) employees in their workforce. Both of these generations are much more determined to add skills, training, and expertise to better develop their careers and stay more marketable and promotable. Their supervisor or manager is often the person best qualified to help them identify and develop new skills since they’re the ones who are most familiar with the employee’s work, preferences, and performance on a daily basis. Your company will likely need to learn how to help employees develop career plans, and then train managers to work on these plans with their direct reports. If two jobs and companies are fairly similar, and one employer offers career advancement help while the other does not, which employer do you think is more likely to attract and retain qualified employees? Reason #3: A poor match between the employee and the job or the employee and the company. Many new hires start with a fair amount of enthusiasm when they begin a new job with a new employer. However, when the new hire, the job, or the employer haven’t been well-matched, many will leave while the employer incurs expensive replacement costs. How can you increase the number of successful new hire “fits?” a. Use exit interviews, preferably by a third party who can promise confidentiality, to find out why they left. b. Be certain job descriptions are accurate and up-to-date, and identify the skills and competencies the job requires, not just the tasks. Be able to state what is required to be successful in the job. c. When you have qualified candidates, pay them to shadow a capable employee in the same job for one day, and then get feedback from both of them. d. Ask the prospective Real Estate Signs determined to add skills, training, and expertise to better develop their careers and stay more marketable and promotable.Real estate signs are considered one of the oldest and best forms of advertising for homes available for sale. Real estate signs are mostly produced using vinyl, which is a long-lasting material available in specific colors. Vinyl graphics and lettering provide real estate signs that are affordable and of good quality. Unique colors can also be specially ordered to make real estate signs more attractive.A large number of national signboard companies provide people with 'coroplast' or aluminum sign blanks that make the real estate signs stand out from the others. Many people opt to buy sign boards, which are made out of corrugated plastic. This plastic is lightweight and inexpensive as compared to aluminum. It is generally made out of 1/4 thick corrugated plastic that works like foam board. It is strong and long lasting. In addition, these signs can be easily attached to windows, doors, and walls. However, they are very often used with step stakes for temporary or seasonal real estate messages.People use real estate signs for advertising their house for lease or any residential property for sale. Consumers who are interested in getting real estate signs made need to inform themselves about types and sizes, rather than become influenced by complex offers. It is important to know the available warranty, extended warranties and purchase outlets. This can easily be determined by indulging in comparison-shopping. It allows buyers to compare products, prices, and features. Buyer Their supervisor or manager is often the person best qualified to help them identify and develop new skills since they’re the ones who are most familiar with the employee’s work, preferences, and performance on a daily basis. Your company will likely need to learn how to help employees develop career plans, and then train managers to work on these plans with their direct reports. If two jobs and companies are fairly similar, and one employer offers career advancement help while the other does not, which employer do you think is more likely to attract and retain qualified employees? Reason #3: A poor match between the employee and the job or the employee and the company. Many new hires start with a fair amount of enthusiasm when they begin a new job with a new employer. However, when the new hire, the job, or the employer haven’t been well-matched, many will leave while the employer incurs expensive replacement costs. How can you increase the number of successful new hire “fits?” a. Use exit interviews, preferably by a third party who can promise confidentiality, to find out why they left. b. Be certain job descriptions are accurate and up-to-date, and identify the skills and competencies the job requires, not just the tasks. Be able to state what is required to be successful in the job. c. When you have qualified candidates, pay them to shadow a capable employee in the same job for one day, and then get feedback from both of them. d. Ask the prospective Richard Parkes Cordock Interview any new hires start with a fair amount of enthusiasm when they begin a new job with a new employer. However, when the new hire, the job, or the employer haven’t been well-matched, many will leave while the employer incurs expensive replacement costs.There is no question that Richard Parkes Cordock is an inspiration.In his own personal quest to develop his entrepreneurial abilities he interviewed 25 ultra successful millionaire entrepreneurs on everything from the developing the millionaire mindset, right down to dealing with setbacks and disappointment.Fortunately for all of us, he decided to organise what he learnt into the ground breaking education program called the Millionaire MBA.....The Interview.DS: What inspired you to set up Millionaire MBA Ltd?RPC: I knew if I wanted to become successful as an entrepreneur, I needed to understand what made entrepreneurs successful. I could see that the common bond that glues all successful entrepreneurs together was not their business or choice of industry – but the entrepreneur themselves. More specifically it was the way the entrepreneur thought that set them apart.I knew if I could ‘model’ their ‘millionaire mindset’ - not only would I fast track my own success as an entrepreneur, but I would be able to create a valuable training course which would benefit others.DS: Did you have any help setting up the company or were you going it alone?RPC: In the very first weeks of the idea I actually started working with another friend. It was clear at the outset that we had different ideas on what to develop and shortly after we went our separate ways.From then on I built the core of the course myself.After 6 months or so, my How can you increase the number of successful new hire “fits?” a. Use exit interviews, preferably by a third party who can promise confidentiality, to find out why they left. b. Be certain job descriptions are accurate and up-to-date, and identify the skills and competencies the job requires, not just the tasks. Be able to state what is required to be successful in the job. c. When you have qualified candidates, pay them to shadow a capable employee in the same job for one day, and then get feedback from both of them. d. Ask the prospective employee to identify the needs and expectations they have of the job and the company. Spell out the needs and expectations the company has of them, and then compare what both of you have written. How close are you? e. Continue to review the mutual needs and expectations you have of each other at least once a month during their first three months. Our experience has shown that measures like these tend to increase employee loyalty, effort, and retention. Reason #4: Compensation not competitive. Are your wages, salaries and benefits competitive with what other employers pay? If they’re not, you can expect to lose people unless there are other compelling reasons for them to stay for slightly lower wages. Conduct a comparison of your wages and benefits every two to three years. In addition, are you only paying minimum wage? If you are, then you’re susceptible to losing people to other employers for increases as low as 5% in their hourly wages! Reason #5: No direct link between strong performance and increased rewards. Do your employees know what they can do to improve their performance and productivity and to earn more as a result? If they don’t, they’re likely to reach a plateau which consists of doing work that’s good enough to keep the job, but without expending extra effort. Developing a work-compensation link isn’t easy, but companies have been doing it in one form or another for a long time. For example, salespeople who receive a base salary and commissions or bonuses for higher sales. Or, gain-sharing plans where employees receive a percentage of production gains over a certain level. The logistics of developing such a program are too lengthy to be covered here, but you can research or get outside consulting help on how to build direct links between increased performance and increased rewards/compensation in your organization. Reason #6: A need for meaningful, stimulating work. I must admit I don’t know how some people do the jobs they do: repetitive, boring, little thinking required, little chance for advancement. Some jobs will always have these elements no matter what we do to redesign them. How can we make many jobs more meaningful and stimulating? 1) By acknowledging the value of the job, and more importantly, the person doing the job. Every job is beneficial to the organization and other employees in some way, yet it amazes me when managers don’t recognize the hard work some employees do. If my boss thinks the work I do is important and tells me (and others), then I will often place a higher value on the work that I do-and on myself. 2) Ask the employee what the significance is of the job they do. If they say, “Just cleaning the building,” help them understand it’s much more than this. For example: “You help 103 other employees have a clean and more enjoyable place to work, and a building we’re proud to show to customers and visitors.” This isn’t untruthful, it just sounds odd because many jobs-especially lower level ones-are talked about in negative terms. 3) Can you give the employee more choice in how they perform the job? Review what the job must accomplish as an end result and any safety or legal matters, and then ask them h
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