In the ever-accelerating and unpredictable realm of modern business, the employment landscape is likewise set to become more competitive than ever. Companies of varying sizes are locked in a constant battle to attract and retain top employees.

This challenge is even harder for smaller entities like startups and small to medium-sized enterprises (SMEs), where every team member’s contribution plays a crucial role in the business’s overall success. In such an environment, the loss of a key employee can have a significant impact on the profitability and growth of a business.

Furthermore, startups and SME businesses often operate in niche markets or with innovative models, which makes the expertise and creativity of their employees invaluable. In this context, the ability to retain skilled professionals becomes a strategic imperative rather than a simple human resources goal.

In this article, we aim to provide employers with advice on maintaining a stable and motivated workforce over time. By focusing on strategic approaches and leveraging modern tools, employers can create an environment that draws in highly competent workers and retain them for the long haul.

No. 1

Automation of Basic Tasks and Processes

Startups and SMEs operate in a fast-paced and unpredictable environment that requires them to be highly efficient to stay competitive. Automating routine tasks is a pivotal strategy for both maximizing productivity and retaining top employees. Through automation, companies can free up their employees' time to focus on more creative and high-value activities, which are also often more fulfilling and motivating.

Implementing digital tools for automation can range from simple task management systems to more complex AI-driven solutions that handle aspects like data analysis or financial management. These tools boost operational efficiency and reduce the chances of burnout among employees, who might otherwise be overwhelmed by the volume of repetitive tasks they must accomplish.

Automation, when done right, can enhance job satisfaction by enabling employees to engage more deeply with their core responsibilities and contribute more meaningfully to the company's objectives. In particular, a digital payroll system is instrumental in elevating operations and preserving job satisfaction at startups and SMEs. By automating and streamlining a company’s payroll procedures, these systems minimize errors and delays, which are often sources of employee frustration.

Furthermore, it’s also now entirely possible to find an enterprise-grade payroll management system at an accessible price point for smaller business entities. Modern payroll software for small businesses incorporates capabilities previously only found in more expensive solutions, such as real-time crediting of commissions and incentives and even the option to integrate loyalty programs.

For companies in search of a reliable online payroll system, Philippines-based digital payment solutions provider Maya Business comes especially recommended, as its digital disbursement system offers all of the above features.

No. 2

Competitive Compensation Packages

The structure of a company’s compensation packages is one of the most foundational determinants of employee retention. Employees at startups and SMEs tend to fill multifaceted roles, and these roles may also evolve as the business grows. This makes it even more important for employers to offer competitive compensation packages. These packages should align with industry standards and also reflect the unique contributions and roles of each employee.

It's important to note, however, that competitive compensation is not necessarily just about offering the highest salary. It encompasses a range of benefits like health insurance, retirement plans, and perhaps equity in the company. Many professionals, especially those in the startup world, will likely see the possibility of owning a stake in the business as a powerful motivator, as it aligns their personal development with the company's success.

No. 3

Work-Life Balance

Work-life balance is increasingly important for modern employees and companies that support this approach for their teams to enjoy higher rates of employee job satisfaction. SMEs and startups have the opportunity to innovate in this area by implementing flexible work policies. This could include options for remote work, flexible hours, or compressed workweeks, all of which can help employees manage their professional and personal responsibilities more effectively.

These flexible arrangements are not just perks, either. As the global business landscape evolves, they’re rapidly becoming essential components of an attractive employment package. They signal to employees that their personal life and well-being matter to the company.

Moreover, employees who feel they have control over their work schedules are often more productive and engaged during their working hours. For smaller businesses, this can translate into higher quality work and a more motivated team that’s well-equipped to drive the company's success.

No. 4

Career Advancement Opportunities

Career development and advancement opportunities are key motivators for many professionals, especially if they’re drawn to the dynamic working environments that smaller businesses provide. Thus, businesses that provide clear pathways for career progression have higher chances of attracting skilled and ambitious employees—and retaining them for the long term. Employees need to see a future for themselves within the company, as well as a clear path toward meeting their career goals and aspirations.

For startups and SMEs, opportunities for career advancement might look like tailored development programs, chances to take on new responsibilities, or even cross-functional training. These initiatives essentially communicate the company’s investment in their employee’s future. Smaller companies also often have more flexibility to create customized career paths that align with both the employee's skills and the company's needs. This makes them particularly attractive workplaces for career-focused individuals.

No. 5

Employee Feedback Mechanisms

Incorporating regular employee feedback and involving them in decision-making processes are powerful tools for retention. These practices make employees feel valued and heard and also contribute to a more dynamic and responsive workplace. Smaller business entities can benefit from the agility and close-knit nature of their teams to implement these practices more effectively than larger corporations.

Regular feedback sessions, surveys, and open forums for discussion allow employers to gauge employee satisfaction and address concerns proactively. Moreover, involving employees in decisions that affect their work or the company at large can make them feel like more active participants in the company’s growth and development over time.

Takeaways

Retaining top talent in an increasingly competitive employment landscape requires a multifaceted approach. It's not just about financial compensation; business leaders also must build an environment where employees feel important and see a future for themselves. Employers who are attentive to changes in the modern business environment and proactive in their approach to employee management are more likely to succeed in retaining their most valuable asset—their people.

Running a business is stressful—a statement that could possibly be the understatement of the century. After all, companies in your industry would naturally prefer that your business failed because that means one less organization to compete against and potentially swallow up their market share. On top of that, for your business to survive and thrive in today’s competitive digital landscape, you must continually evolve with the market, maintain a coherent strategy, continuously streamline all of your overbearing systems, and never get too attached to creative ideas, specifically ones that do not work.

As a business owner, you have a lot on your mind. You are trying to solve things in your head all day while trying to still remain present with the current day’s demands. This can feel burdensome with so much load to carry on your own. Shutting down mentally can seem almost impossible, and to think that you will ever have a day where you do not have to worry about anything, or that the wheels will someday spin themselves, is a pipe dream. So, you diligently attack your never-ending to-do list with everything you have.

@viancasoleil reminding us that it is possible to create a life and business that is a reflection of anything you desire. This includes managing your business in a way that promotes peace of mind.

Fortunately, you can certainly be in control of your business to the point where integrations, software, and contingency planning can give you a sense of security and protect you from security threats that could spell disaster for your business if not implemented.

Additionally, if something goes wrong, your business will remain strong. You will have the luxury of avoiding unnecessary downtime because you have put in effective measures and protections beforehand that will provide reassurance and peace of mind for when you need it.

Here, we will discuss a few ways that we believe are necessary to achieve peace of mind in your business. Giving these items immediate attention will help you avoid unnecessary expenses or challenges in the future.

01

Stated, Definable Goals

Confusion is often the best breeding ground for stress, which is why leaving vital business priorities vague can only cause chaos, no matter how good of a manager or owner you are. It is good to cement your work week, workday, and overall visionary priorities into concrete, executable goals—those that help you move forward with care so you genuinely understand what the next step will be. Integrating that into the time blocks of productivity you use daily will ensure you know what you are doing, and how to build on what you have developed beforehand. This personal example will help your managers conform to your style, and as such, structured approaches to tasks will take root throughout your organization.

02

Proper Documentation & Contractual Management

It is important to make sure you learn about the contract management life cycle before you agree to contracts or embed them into the structural policies and plans of your business. This way, you know that as contracts expire or as you work on your record-keeping and transparency, you will have no administrative deadwood that causes confusion and breeds mistakes. This will also help manager training and employee onboarding, and ensure complex B2B connections are honored at every level.

03

Cybersecurity Is A Growing Concern

Regular cybersecurity training can help you defend against hacking and social engineering methods used by online criminals, says Lumify Learn. Your staff does not have to be negligent or unintelligent to suffer a hack, as even very popular tech brands can come under fire from time to time. Regular backups, password changes, file protections, data encryption, and secure communications will help you avoid a small issue from turning into a system-wide issue. The more you can do that, the more you can rely on your systems to protect you as opposed to wondering where the next threat will come from.

@viancasoleil is the founder of Unna, an interior designer, and a photographer. We are inspired by her calming, island aesthetic which keeps us dreaming of a work-life balance that includes a bungalow beachside and drinks at sunset.

04

Automation software & AI tools

With the advances in automation and artificial intelligence, simple tasks can now be done with software that promises efficiency, accuracy, and time management. Finding software to fuel your business growth is one of the best things you could do to ensure that you are fully integrated with systems that help manage the day-to-day activities of your business to increase productivity for yourself and your staff. Using software to manage your time, budgets, and projects are effective ways to keep everything all in one place and organized for your team.

Takeaways

These are just a few processes that can be implemented to avoid future battles that can be avoided with intentional integration within your business. With this advice, you are sure to identify and eradicate stress where needed, helping you remain clear, focused, and calm as much as possible so that you can run your business smoothly. Maintaining a business can be easier when systems are being utilized in areas that are fundamental to the success of your business and when they are specifically used to protect you from future threats or liabilities.

Marianna Hewitt celebrating International Women’s Day with Oak and Fort, a modern lifestyle brand which is not only woman-founded but also led by women. Since the launch of her flagship product, the Jet Lag Mask, she has been a great force in the wellness and self-care movement, inspiring others with her success.

Operating a new business can be an exciting, but daunting adventure, with several factors to consider before leaping. Statistics show that more than 50% of all small businesses collapse before their fifth anniversary.

Before opening your doors for business, there are various critical stages, from drafting a business strategy and collecting money to building a brand and establishing operations. A detailed checklist ensures you cover all the crucial bases and set yourself up for success.

01

Knowledge or ability

Obtain the required skills and knowledge necessary to succeed in your chosen industry once you decide on the type of business you want to establish. Although it will take time and work, you will have all the information you need to launch your business idea from scratch.

Since it is critical to have a business plan, gathering all of the pertinent reseach will make it that much easier to compile all of the data you need. By creating a business plan, you will determine if your service is in demand and if it is worthwhile to pursue the idea in the first place.

If you have the appropriate expertise, create a business plan independently. Alternatively, you can always seek the assistance of an experienced business consultant.

02

Staffing

Your staff can either grow or destroy your business. Without competent human resources, no company can thrive. Therefore, you must enlist a team of knowledgeable staff who plan to attract the right talent for you company.

Additionally, consider collaborating with a recruiting agency to fill your openings with competent people. Furthermore, several websites make it easier to find the right type of candidates you are looking for.

Enlisting help from a staffing agency might ease your work and save you money. So, it is worth the extra step. You must also factor in training in addition to hiring the right people, so keep this in mind, too.

03

Start-up costs

Estimating your start-up costs is one of the most important variables when starting a new business. It would help if you calculated the whole cost of starting and running your business. For instance, the start-up costs for a manufacturing unit you want to create might be high.

Consider the cost of the land or building, the industrial setup, the acquisition of machinery and equipment, the investment in furniture and office supplies, and a variety of other assets that will require funding. Similarly, a retail business will have start-up costs for construction, interior remodeling, and showroom design.

Once your business is formed, you must consider the operating capital needed to keep it running. You must examine the inventory you maintain on hand, the credit you can provide your customers, and the credit you may receive from suppliers.

However, you should not constantly rely on credit from suppliers, especially if you are a newcomer to the sector. Avoid company debt in excess when you start funding your business as this may hinder your growth in the future.

04

Legal licenses, permits, and insurance

Addressing the legalities of running a business is not the most enjoyable aspect of beginning a retail business, but it is necessary. You must decide on your business structure, ranging from single proprietorship to corporation.

It is typical for merchants to form limited liability corporations to reduce personal risk, but make sure you receive legal counsel before deciding on the best business structure for your specific circumstances.

Before opening a retail business, you should also extensively investigate what licenses and permissions are necessary for your area. Verify federal, state, and municipal government requirements because regulations vary. Some applications take a long process, so start as soon as possible.

05

Competitors

Look into the companies that provide comparable goods or services. You may learn about their target markets and the places they serve.

If they serve a comparable demographic, consider opening stores further away from them or focusing on a different market. You might also join a local chamber of commerce or entrepreneurial group to meet individuals working on similar projects.

06

record-Keeping

Before establishing your company, devise a method for tracking your sales, income, expenditures, and operational costs. With the help of an organization, you may track your expenditures and file your taxes. Consider hiring an accountant or studying software options that can automate some tasks to help you with this.

07

Payment processing systems

Installing payment processing hardware is essential. Buy payment processing equipment such as credit card readers, POS systems, or mobile card readers. Be certain that the equipment is compatible with your payment processor.

There are numerous types of credit card machines, each with its advantages. Countertop, mobile, virtual, and integrated point-of-sale (POS) systems are some of the most frequent credit card terminals. Mobile terminals are ideal for companies that sell on the move, such as during trade exhibits or events.

Takeaways

Starting a new business can be challenging but achievable by implementing the right strategies from the beginning of its inception. Consider adopting this checklist to achieve the best results for your particular venture.

With so many resources available online, you are sure to gather the best tools and resources available. Take advantage of the many advances in technology that will allow you to automate common tasks and processes. This will allow you to free up your time to focus on your business strategy, growth, and expansion.

Likewise, Hello Lovely Living is here to support you with your business endeavors, so feel free to reach out to us for a free consultation on the many graphic, web, and digital marketing services available.

Have a pricing guide to present to your clients that showcases all of your services and payment terms.

Running your own marketing business can be a gratifying way to earn a living on your terms doing something you love, but it can be pretty stressful at times, especially when you are struggling to get a client to pay you on time.

There is nothing worse than when a client will not settle their invoice. You spend too much time chasing them and stressing about what you will do if the money does not come through. The good news is there are several things you can do to ensure your marketing business gets paid on time.

01

Send prompt invoices

Using software to send payment invoices automatically when a job is complete is an excellent way to get paid on time because the sooner you send the invoice, the sooner it is likely to be actioned by the client. It does not always work out that way, but as a good first step, immediately sending out your invoices is helpful, and it is simple to do with an automated system.

02

Create clear terms and conditions

Right from the start, when working with a client, no matter who it is, you should ensure that you have a written contract with transparent terms and conditions around every aspect of your time working together, including payment timescales.

By creating a detailed contract, you will ensure that both parties know what is expected of them, and you can ask for payment at a specific time. You can also create a clause that lays out the fees you will charge for late payments and what will happen if a payment is not forthcoming so that you have legal recourse should the worst happen and the client refuses to pay despite you holding up your end of the bargain.

Have a company profile to present o your clients. It includes a pricing guide so that all bases are covered prior to you working together.

03

Track payments

One thing you should always do as a small marketing business is to track the payment patterns of your regular clients. Doing this is one of the best ways to reduce the risk of your company not being paid on time or, even worse, not being paid at all.

If you track payment patterns and you find, for example, that X company always pays a month late or that you have to endlessly chase Y company to pay at all, then you can make decisions about firming up their contracts so that they settle their debt in a more timely manner. You could also opt to refuse to continue business with them at all if it is too time-consuming and stressful to chase them. This will put your business in a much better position from now on and reduce the odds of you losing money in the future.

04

Offer incentives

If you are struggling to get paid on time, then take a leaf out of the marketing playbook and offer your clients incentives to pay just like you would create incentives for customers to buy products from your clients.

If you offer, say, a 10 percent discount for early payers or a freebie for clients who pay on time when it comes to them making their next order, you will find those slow payers suddenly become prompt at paying off their invoices., and everyone wins. Of course, only do this if you can afford to do so, and it is built into your business plan, but if it is viable for you, it can be very effective indeed.

05

Offer more payment options

Something else that can help your marketing business to get paid on time is offering multiple payment options--from Paypal to credit cards to bank transfers. By providing a wide range of options, you are making it easier for your clients to complete the transaction, which means they are less likely to hold off on doing so until they can find a convenient time in their window.

It has never been easier to set up numerous payment options, so there is no reason not to do this if you want to get paid on time and have an easier time planning your company's cash flow in the future.

Not getting paid on time sucks, but you can vastly reduce your chances of having it happen to you by simply incorporating some or, even better, all of the strategies above into your business model going forward. If you want to be paid promptly, these changes will help.

The List

Money

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Their mission is to make financial peace of mind a reality for everyone. They are doing that by changing the way people feel about banking.

Chime’s business was built on protecting its members and making managing your money easy. “We’ll never profit from your misfortune or mistakes, and everything we build is focused on improving our members’ lives.” - Chime

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This month, Marianna Hewitt and Lauren Ireland celebrated their 5th birthday celebration at Upside Pizza in NYC. They have been successful in understanding their customers’ needs since the launch of their flagship product, the Jet Lag Mask, and have since launched many other products. Their nostalgic pop-up events like this one with a Self-Care shop incorporate the iconic Summer Fridays branding to achieve a memorable experience for their customers.

01

Understand Your Customers’ Schedules 

Many freelancers paid by the hour must abide by time clock rules. This often means they are responsible for logging their working hours and dedicating a set amount of time each day to a project. Understand your customer schedules and how it corresponds to your routine. Ensure you are fulfilling your contractual obligations, especially when it is tied to whether you get paid.

02

Stick To A Routine

As a freelancer, you are largely responsible for managing your time. We all have routines, and you know what works best for you. But basic rules like the time you get up, eat, and sleep will help you stick to a routine and avoid you working unusual hours that leave you feeling run-down. Try to work a set amount of hours each day, take regular breaks and create a schedule that will help you stay consistent.

03

Set Boundaries With Clients

Make it clear to your clients when you are available. If you are working with clients outside your time zone, try to find some overlap in your working day where you can connect if needed. Respect your boundaries and ensure your clients know exactly when you are and aren’t reachable. This will also help establish a good working relationship with your customers and give you a clear work-life boundary.

04

Seek Financial Advice

Seeking financial advice can directly tie into the hours you work. If you are having cash flow problems, the earlier you know, the quicker you can explore new avenues for business growth and regain control of your time. The more money you earn is directly tied to the hours you work as a freelancer, so keeping on top of finances avoids spiraling hours to make up for financial losses in the business.

It is also best to pay attention to common personal and business expenses that can easily be prevented by choosing a bank that has no monthly fees, no overdraft fees, and free ATMs. These common expenses can add up, so this decision will be very important to avoid unnecessary expenses down the road. We are impressed with Chime because it checks off all the boxes and makes banking smarter. Earn $100 when you join Chime. Learn more.

Social media template and theme planning and scheduling tools can automate daily tasks that are often time-consuming.

05

Use A Project Management Tool

A project management tool like Asana can help you organize your time and meet your schedule and deadlines. When you are extremely busy, a project management tool can help keep you on track and ensure you can complete your projects to deadline and budget. Project management tools can help you break down large tasks into more manageable ones so that you can be more effective with your time.

06

Make Sure You Switch Off

Managing work-life balance as a freelancer can be challenging. Nonetheless, switching off is an essential part of being effective. Make time for yourself, whether protecting your hour lunch break or ensuring you finish at a reasonable time in the evenings. Do what helps you switch off best, whether that’s playing a video game or going for a run. 

Get social media templates and themes, scheduling tools, and graphic design support to help you be efficient with daily marketing tasks.

07

Invest In Automation

Automation can help you win back vital time as a freelancer. You might invest in social media planning and scheduling, automated email marketing campaigns, or prompts to potential customers that leave their cart on your eCommerce site. You can look at opportunities to automate tasks like sending invoices or payment follow-ups to help you win back time you can spend on other areas of your business.

08

Define A Reminder Schedule For Payments

Spending valuable time chasing your invoices? Setting a reminder payment schedule is vital to appearing professional and saving time. Following up on overdue invoices is stressful and, when done manually, can eat into your working hours. Setting clear reminders and payment deadlines is vital to saving yourself time as a freelancer.

09

Get To Grips With tracking your time

Do you know how long it takes you to complete tasks? An accurate picture of your tasks can help you manage your working hours and get the right project timelines. It also ties into your payments. Recording your timelines ensures you set accurate prices for your goods and services. Underestimate your hours, and you risk getting both underpaid and working extra hours to complete pieces of work.

10

Block Off Time

Blocking off chunks of time to focus on specific tasks can help you get into a flow state and manage your workload better. A flow state refers to becoming fully immersed in whatever you are doing. It describes when people achieve their best work with focus and clarity. Giving yourself allocated hours to focus on specific tasks can help you achieve a flow state and make the most of your time. Physically block off hours in your calendar to complete your projects.

11

Document Everything

Document all your workflows and processes. Identifying your business operations can help you identify where you can streamline and template your work. It is also great when your mind is blank, as you can refer back to something you have drafted previously as a prompt. Documentation is great to review as your business scales, as it can be used to train new employees or collaborators quickly and effectively.

12

Give Yourself Buffer Time

Even if it takes you three hours to complete a task, it doesn’t mean you should only give yourself three hours. Buffer time is essential as a freelancer. It protects you on days you feel tired and ill, days your boiler breaks or your internet goes down. You don’t need to cram your working days with constantly focused work. Give yourself some buffer time to protect yourself against life’s unforeseen events. 

If you are questioning the value of buffer time as part of your hourly rate, it is still essential. You and your clients would be much happier if you built in time for fact-checking, proofing, and project revisions.

Takeaways

It can be tough to manage your time as a freelancer. Fortunately, resources like project management software and financial advice can help you manage your time as a small business owner. Sticking to a routine, setting clear client boundaries, and managing your timelines are important resources for working effectively. There are also many chances to automate and save time, including drafting documentation, setting reminder schedules, and investing in automation. Try these tips today and see how it helps you manage your freelance business.