The Thriving Small Business

tips for small business

Service Recovery – 5 Tips For Successful Service Recovery

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Great customer service is the cornerstone of any successful business. Knowing who the customers are, what they want and making an effort to exceed customer expectations – is the key to business success.

Unless an organization understands this very basic principle, it will have a difficult time achieving desired results.

What is service recovery?

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Advantages and Disadvantages of 360° Feedback

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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 →

What is the Definition and Meaning of Tacit Knowledge?

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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

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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

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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

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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

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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

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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

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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

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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 →

6 Things You Might See In Project Based Learning

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One of the great joys of managing people is watching them develop and grow professionally.

For employees whose job performance is managed, opportunities for development and professional growth is a natural outcome.

Developing employees needs to be specific and intentional.

Employees need to be given the opportunity to learn, grow and make mistakes. Read the Full Article →

How to Be a Good Boss – 10 Qualities of a Good Boss

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Not everyone knows how to be a great boss. But most can tell you a story about enduring a bad one.

I’ve heard horror stories of bosses berating employees in front of other people, screaming at workers or throwing temper tantrums.

This kind of behavior affects productivity (at least when the boss isn’t looking) and plays havoc on employee morale. Read the Full Article →