The Thriving Small Business

Advantages and Disadvantages of 360° Feedback

by

One common tool that is used for managing and assessing  employee performance is a 360° Feedback process.

What is 360° Feedback?

“A 360-degree feedback is a process through which feedback from an employee’s subordinates, colleagues, and supervisor, as well as a self-evaluation by the employee themselves is gathered.” Wikipedia

This tool is used to solicit feedback from all coworker perspectives. Read the Full Article →

Employee Turnover – 6 Tips To Retain Employees

by

Unemployment is at historic levels. At 3.8 percent unemployment, finding and retaining workers is a topic of discussion for every business owner.

According to a Work Institute Report, one in four workers, will leave their jobs this year to go work for another company and that 77 percent of that turnover could have been avoided. Read the Full Article →

What is the Definition and Meaning of Tacit Knowledge?

by

Tacit knowledge is one of the most important and valuable resources organizations have. This unwritten knowledge base is often overlooked and unappreciated.

The definition and meaning of tacit knowledge is:

“all of the collective know-how, techniques, processes and difficult to articulate expertise that is part of an individual’s or organization’s knowledge base.   Read the Full Article →

9 Inhibitors to Business Growth

by

Why is it that some companies are birthed and grow very quickly – seemingly overnight?

While other organizations putter along at the same stagnant pace for years – or die a slow death.

There are several fundamental things that influence growth and when organizations neglect these business basics – it hinders growth. Read the Full Article →

8 Steps To Performing An Internal Audit

by

Internal audits help organizations achieve corporate objectives by keeping a pulse on the consistency of internal business practices.

The goal of an internal audit is to ensure organizational policies and procedures are followed and to alert management of gaps in policy compliance.

The internal audit process can be done with internal resources or can be outsourced to an external third party vendor. Read the Full Article →

2019 IRS Standard Mileage Rate

by

It is hard to believe that we are half way through the first quarter of 2019!

As we settle into 2019, people are starting to ask what the 2019 standard mileage rate will be.

The gas and wear and tear on a vehicle to make a simple trip to the hardware store, print shop or neighborhood bakery adds up for employees making a modest salary. Read the Full Article →

7 Tips To Foster And Manage Innovation In Your Office

by

Innovation is the golden key to success for business. However you need to know how to manage innovation to set yourself apart from the rest!

Innovative people have been around since the beginning of time. These creative doers have literally change the world.

Without creative and innovative ideas, we would not be where we are today in terms of product development, technology and the way we deliver service to customers. Read the Full Article →

7 Steps to Implementing Business Strategy

by

Business success is the result of strategy, planning and management skills.  

Every business should have a strategy and a plan.

However, a strategic plan is only as effective as the supporting goals that are written to implement it.

And goals are only as effective as the people who have responsibility for completing them. Read the Full Article →

6 Tips For Managing The Family Business

by

Family owned small business are the engine of our economy and are an important part of our culture.

There are 5.5 million family businesses in the United States.  And, these family owned companies, contribute 57% of the GDP and employ 63% of the workforce.

That means family owned businesses employ over 98 million people and are responsible for 78% of all new job creation. Read the Full Article →

Generate and Retain Leads: 5 Tips for Small Businesses

by

Many small business owners have experienced that static feeling after your company has grown so much in such a short time frame.

You feel like you’ve maxed out on your leads, but you’re hungry for more work—and your process feels more refined than ever.

So, what’s missing? You may be in a bit of a customer-rut. Read the Full Article →