11 Acronyms Business Owners Need to Know

| March 28, 2018

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If you don’t know the difference between the EEOC and OSHA, no one can blame you. There are tons of acronyms business owners may come across or need to know in their career. From government agencies to laws to business processes, there are many acronyms you can probably not worry about, but there are a handful that are very important. Here are some of the important acronyms business owners need to know. The U.S. Small Business Administration is best known as the SBA. That is synonymous with a long list of government programs, grants, offices, and resources specifically for small businesses. One of the most important SBA programs is the SBA Loan, which is a government backed loan program that helps keep interest rates low and make loans available to new and small companies.

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SABA Hospitality

We are a team of hotel industry professionals with 50 years' combined expertise in guest engagement, hotel operations, hotel technology and business coaching. Our mission is to integrate proprietary technology into hotel operations to maximize guest and staff engagement, and boost your online ratings profile. We understand the vital role engagement and online ratings play in a business's profitability. We are committed to systems innovations that not only create exceptional guest experiences, but convert those experiences into positive ratings.

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A Comprehensive Handbook on Small Business Human Resources

Article | August 30, 2021

Human resources are a subjective term to each individual and a business entity. Many small firms overlook human resource departments, believing them to be time-consuming, so they do not engage human resource specialists to assist with business operations. Instead, they attempt to manage the tasks either directly or by delegation to current workers. However, human resources benefit both the business and future workers. This blog gives information on small business human resources in detail. According to connecteam, 54% of small firms manage employment and other human resource activities on their own to save money; nevertheless, this type of management presents several challenges and frequently blows up in their faces. According to the Bureau of Labor Statistics, human resource management professionals will see a 10% increase in employment between 2016 and 2026. HR is crucial in a small business from recruiting and retention through payroll and benefits. The shortcomings in any of these things result in: Penalties for non-compliance Inadequate talent Inefficiencies that cause your manufacturing cycle to slow down Above mentioned points define that you cannot underestimate the importance of HR support for small businesses. Employees are one of a corporate organization's most valuable assets. So, it is needful to protect them. Therefore, human resources requirements for small businesses are essential. Let us Know What Human Resource Management is The Small Business Association (SBA) defines human resources as: "The people who work for a company or organization" "The department of a company that is responsible for managing those resources." Human resource management (HRM) is concerned with your workers, whether they are hired, managed, or require other types of direction and support. Human resource management involve significant duties; some basic human resources requirements for small businesses should be considered and fulfilled. They are those who establish the tone for how employees interact,resolve conflicts, and collaborate. There is a new trend in human resource outsourcing, and some small businesses are deciding to outsource a significant component of their human resources. Responsibilities of Small Business Human Resource Management Recruitment and selection Education and development Compensation and benefits Retention of employees Creating an atmosphere that is safe, healthy, and productive Cross-organizational communication Benefits of a Human Resources Department Ensure a safe and healthy work environment Attract and retain high-caliber individuals Maintain compliance Access Human Resources Anytime, Anywhere Improved Onboarding Access to Employee Benefits at Large Corporations Contribute to Time and Energy Savings Fundamental Component of Human Resources For small businesses, employing dedicated people in meaningful work can enhance performance, loyalty, and retention. Thus, in combination with the human resources manual for small businesses, the human resources department supports them in achieving their goals. This is accomplished, however, by increasing workplace happiness, making judicious use of existing resources, and developing an efficient expenditure model. by boosting workplace satisfaction, judiciously utilizing available resources, and establishing an effective expenditure model. With the clearly defined human resource policies and best practices for small businesses, you can assist workers in their growth and in contributing their expertise and knowledge for the growth of the firm. Whether a small or a large business, the success of a corporation is highly dependent on its ability to manage both internal and external stakeholders successfully. The HR department very well accomplishes this. Below Are Some Human Resources Requirements for Small Businesses. Employee Records Maintaining employee records is an essential aspect of the human resources manual for small businesses. Having it done guarantees that your business complies with labor rules and is protected in the event of a future issue. Regardless of your business's size, it is requisite to gather and maintain these three papers for each employee to protect yourself and your company. I-9 File: The US Government utilizes this form to determine and verify the eligibility of your personnel to work in the United States. Personnel General File: This section covers the paperwork and certificates obtained from workers throughout the employment process. This includes resumes, verification of training, W-4 forms, payroll information, and disciplinary actions. Medical Records of Employees: This file may contain doctor's notes, information on a disability, or information about a medical check-up. The information contained inside is confidential and must be kept secure against unauthorized access. Employees Guidebook Employee's guidebook is a vital aspect of small business human resources element. The handbook includes an idea of expectations, best practices, and requirements. It also includes: The organization's vision, objectives, and values The code of conduct The anti-discrimination rules The safety and security regulations The non-disclosure agreement Work schedules (covering how to monitor time, take leaves, and notify management of leaves) Other general information not required by law Posters That Are Required The nation's or state's laws in which your business operates may require you to publish information at your place of business or in an easily accessible location. Additionally, the Department of Labor (DOL) requires posting certain labor law posters in the workplace. Parting Words While many business owners believe that small business human resources costs are redundant, a human resource department may have a significant influence on your workers' well-being and the success of your firm. Unfortunately, many employees quit their employment due to poor or non-existent human resource management. Frequently asked questions: Does a small business need human resources? Every business, regardless of size, must have a human resources department or at least one person dedicated to HR duties. HR simplifies many duties for business owners, allowing them to focus on other critical elements of operating the firm. In addition, human resources can do a variety of tasks that other employees are unable to. What are the essential human resources requirements for small businesses? Human resources are the bedrock to your organization because it is responsible for hiring skilled workers who appreciate your corporate culture. The most critical human resources requirements for small businesses to succeed are: Employee documentation Required posters Employee handbook Employee development and training Employee benefits Hiring process { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Does a small business need human resources?", "acceptedAnswer": { "@type": "Answer", "text": "Every business, regardless of size, must have a human resources department or at least one person dedicated to HR duties. HR simplifies many duties for business owners, allowing them to focus on other critical elements of operating the firm. 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Ways to Protect Your Small Business Against Supply Chain Disruptions

Article | August 9, 2021

COVID-19 had a drastic effect on businesses worldwide. It affected small businesses in various ways, and owners faced unpredictable supply chain disruptions. However, the coronavirus pandemic proved to be a blessing in disguise. The supply chain executives attempted to sustain critical operations during the pandemic. This put their inventiveness, resilience, and adaptability to the test. In addition, the pandemic revealed areas of the supply chain that needed improvement, and it served as an actual test of corporate values and purpose. Supply chain disruptions can impact small businesses in various ways, including increasing expenses, reducing revenue, eroding market share, or causing production challenges. All these factors have the potential to impact a company's bottom line adversely. According to the Institute for Supply Management research, over 75% of the 628 firms questioned reported supply chain delays due to the COVID-19 pandemic. In the same study, 57% of respondents indicated higher wait times for orders with Chinese suppliers. The global supply chain has been a lifeline for the response, ensuring critical medical supplies, food, and other critical commodities reach those who need them the most in time. Challenges Faced by Supply Chain The coronavirus caused a supply chain breakdown, adding a few more obstacles to the already existing ones. Supply chain disruption takes a variety of forms and sizes. Supply chain and operational expenses creep up from several sources and so become prohibitively expensive. In the absence of visibility and accountability for reducing them, operational expenses might rise. Demanding forecasting during the worldwide pandemic added another degree of complexity to the supply chain difficulties of many small businesses. COVID-19 shattered predictions for a variety of merchants and suppliers of consumer goods/services, putting them in the position of choosing how much inventory to hold or create at any moment. Global supply networks are fragile and are collapsing in the face of multi-country disturbances. Talent shortages across the supply chain and operations continue to place a high premium on human labor. A lack of flexibility hampers the inability to meet client expectations for personalization and customization. The resilience strategy was built on outmoded technologies, impairing visibility and decision-making. Risks in the Supply Chain The coronavirus has disturbed businesses and, more importantly, caused supply chain disruptions, altering consumer behavior, supply chains, and routes to markets, knocking businesses off balance. Businesses must move quickly and boldly to create and execute a short-term tactical strategy that will mitigate threats to human health and ensure the continued operation of global supply chains. This may be accomplished with robust data and analytics to comprehend complexity, anticipate possible disturbances, and develop a swift reaction. Methods for mitigating supply chain risks comprise the following: Prepare resources and assembly far in advance to act as a buffer against a brief disruption. Provide incentives to supply chain vendors who ensure operational continuity. Monitor the situation and take the necessary response/contingency steps. Utilize a recovery strategy to re-establish the original supply chain and mitigate the damage swiftly. Impact On Supply Chain The impact of coronavirus supply chain disruptions is severe. Small businesses' supply chains will be crucial in promptly, safely, and securely delivering goods and services. Numerous businesses worldwide rely significantly on manufacturing and supply chains in China, Southeast Asia, and other low-cost countries. However, recent global changes have compelled these businesses to reassess their supply chains, stability, and reliability in the face of an uncertain future. Over 30% of small companies indicated that supply chain interruptions had a material impact on their operations as per the estimates.Another third reported a negligible effect. In addition, over half indicated that the disruptions' effects are worse than three months earlier, while just 6% reported an improvement. The impact of supply chain disruption includes substantial and operational disruptions. These disruptions range from minimizing the impacts of reduced supply to managing disruptions to logistics providers and obstacles to achieving their contractual commitments to consumers. COVID-19 emphasized the critical nature of supply chain resilience to develop more robust long-term operations. As a result, the future repurposed and reshaped supply chains will have to include resilience and adaptation into their calculations. COVID-19 is causing supply chain interruptions in 94% of Fortune 1000 firms. 75% of firms have had a negative or significantly unfavorable impact on their operations. 55% of businesses want to reduce their growth forecasts (or have already done so). Here Are A Few Ways to Mitigate Supply Chain Disruptions For Your Small Business Locate Backup Suppliers and Vendors Identifying backup suppliers and securing them is critical for resolving supply chain problems on time; backup suppliers are the glue that holds a robust supply chain together. Unfortunately, numerous small enterprises rely on a single source for raw materials, resulting in the demise of many small firms. Manufacturers may safeguard themselves against supply shortages by arranging for backup sources in advance. To mitigate potential risks, manufacturers should consider selecting backup suppliers from various geographical regions. This will ensure that local material shortages and disasters have a minimal impact on order fulfillment. Still, it will also aid in developing a relationship with them to step in when needed. Finally, consider asking suppliers to carry business continuity insurance, equipment failure coverage, and other types of insurance to help decrease the probability of order fulfillment being halted. Incorporate Supply Chain Risk Management (SCRM) A supply chain breakdown may be a rude awakening for any small businesses that are operating normally. Supply chain management encompasses not just raw material sourcing but also the end-to-end flow of products and services and the planning and administration of operations related to sourcing, procurement, conversion, and logistics management tasks. Utilize cutting-edge technologies to assess possible supply chain risks. For example, consider adopting AI-powered mapping and environmental analysis solutions and aggregation applications that give global overviews and cyber threat assessment systems. Tools for supply chain risk management exist to assist you in tracking and controlling your supply chain. These tools may significantly improve the efficiency of order intake, shipping, ordering supplies, and inventory management. In addition, as supply chains grow more cloud-based or automated, it becomes increasingly important to use software to monitor your supply chain risk management program. Customers Should Be Informed For many small businesses, supply chain disruptions are unavoidable, and they will impact the products and services you expect to deliver. However, in this situation, it is critical to have clear communication with consumers. Keeping in touch with your consumers is essential for protecting your brand and the relationships you've worked so hard to build. Transparency with customers is critical when dealing with supply chain disruptions. Before customers make an order, be open about the reasons for the delay and potential difficulties, and communicate with them proactively about what is happening with your business and how you react. Never, ever leave your consumers in the dark. Bottom Line The COVID-19 pandemic has impacted almost everyone in every country on Earth. However, not all breakdowns are internationally recognized, and supply chain disruptions are unavoidable. However, by carefully preparing your reaction, assessing possible supply chain risks, and identifying backup suppliers and vendors, you can help prepare for even the most extraordinary circumstances. Frequently Asked Questions: What is supply chain disruption? A supply chain disruption occurs when the manufacturing process of items and their distribution to clients are disrupted. Disruption brings everything to a grinding halt - the traditional spanner in the works. A supply chain disruption occurs when a sudden shift or crisis — whether local or global — has a detrimental effect on that process. What are some of the causes of supply chain disruption? Here are some of the causes of supply chain disruption: Natural disasters, Transportation failures and delays, Political, economic, climate, or cyber threats, Pandemics, Product problems, and Price fluctuations. How to handle a supply chain disruption? You can handle a supply chain disruption by: Diversifying supply base, Identifying backup suppliers and vendors, Creating a supply chain emergency plan, Communicating with your customers, Incorporating supply chain risk management (SCRM) and by Adopting risk evaluation tools. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is supply chain disruption?", "acceptedAnswer": { "@type": "Answer", "text": "A supply chain disruption occurs when the manufacturing process of items and their distribution to clients are disrupted. Disruption brings everything to a grinding halt - the traditional spanner in the works. A supply chain disruption occurs when a sudden shift or crisis — whether local or global — has a detrimental effect on that process." } },{ "@type": "Question", "name": "What are some of the causes of supply chain disruption?", "acceptedAnswer": { "@type": "Answer", "text": "Here are some of the causes of supply chain disruption: Natural disasters, Transportation failures and delays, Political, economic, climate, or cyber threats, Pandemics, Product problems, and Price fluctuations." } },{ "@type": "Question", "name": "How to handle a supply chain disruption?", "acceptedAnswer": { "@type": "Answer", "text": "You can handle a supply chain disruption by: Diversifying supply base, Identifying backup suppliers and vendors, Creating a supply chain emergency plan, Communicating with your customers, Incorporating supply chain risk management (SCRM) and by Adopting risk evaluation tools." } }] }

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Top Four Trends For Small Business Marketing Strategies In 2020

Article | February 19, 2020

If one of your goals includes growing your small business, you need to keep current on the relevant trends in marketing strategies small business tools. Don’t miss an opportunity to grow by using old information. Here are the marketing trends you need to understand today.

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A Complete Set of Guidelines for More Measurable Marketing Campaign

Article | August 17, 2021

When the term "marketing" is spoken, we immediately think of bright and colorful advertisements, particularly on digital platforms. Setting goals and working toward them is vital to marketing. The success and failure of marketing campaign goals must be measured as part of the overall process. Unfortunately, the campaign's results can be measured using only a few measurable markers. As a result, here are detailed instructions for creating a more measurable marketing campaign. Marketing accounts for a sizable portion of expenditures, so making it precisely measurable is a critical component of every digital marketing strategy. In addition, marketing is the backbone of every campaign, and effective marketing may result in a positive return on investment. Why is Measuring Marketing Campaigns Essential? Measuring campaigns provides you a clear view of your success and failure, as well as what is and is not working with your efforts. In addition, analysis of campaigns provides insight into whether you are scaling at the appropriate rate and maximizing the efficacy of your online efforts. You may believe that your marketing effort has been a success, but this may not be the actual case. Regular campaign measurement enables you to re-evaluate your objectives for the ad campaigns and adjust your marketing approach accordingly. Often, small business owners overlook marketing analytics, yet they are critical for evaluating your marketing efforts and performance. Measuring your success is contingent upon gathering data on marketing actions and tracking campaign data and performance. However, the term "success" is subjective and varies according to the company objectives of each owner. Therefore, assess the success of your campaign in light of your company objectives. Below is the list of tips for a more measurable marketing campaign. Make List of Marketing Objectives To begin, establish and compile a list of objectives for your ad campaign. This is the first step in creating the most measurable campaign possible. This one step determines both success and failure. Marketing objectives are the goals that businesses set to market their products and services to their customers, which aids in campaign planning. In addition, setting marketing goals entails developing a plan for the business's overall growth. Keep in mind that your marketing objectives should be linked with your business objectives. So, first, determine your campaign's objectives: are they to acquire new consumers, promote a new product, improve brand loyalty, or increase ticket sales? The more precise your objectives are, the more measurable will be your marketing campaign. Set Realistic and Achievable Objectives for the Ad Campaigns Having no reasonable and measurable goals, you will lose direction. Instead, learn how to create marketing targets using the SMART (Specific, Measurable, Achievable, Realistic, and Time-related) framework theory. The effectiveness of an online campaign is highly dependent on the SMART framework; this framework provides transparent performance metrics for your efforts. SMART goal benefits are: They direct you appropriately They emphasize the need to measure results, which is essential in digital marketing They ensure that your goals align with your vision Consider the list of goal-setting criteria to help you create more effective and attainable objectives. Below are a few common and realistic goals set by many small business owners: Increase brand awareness More lead generation Improve conversion rates Increase web traffic Increase sales Increase product demand Find out Your Target Audience Identifying your target audience is critical for building a measurable marketing campaign. First, evaluate your marketing objectives; to boost brand loyalty and encourage repeat purchases, you must first establish your present consumers. Likewise, if you want to increase your reach and attract new consumers, it's critical first to understand the nature and preferences of your current clients. Target marketing educates firms on how to effectively offer their products and services and increase their customer base. Finding out your target customer acts as a crucial point in your marketing roadmap. It allows your business to focus on marketing efforts and enables you to generate business leads in an organized and affordable manner. Set Marketing Budget After establishing the objectives of campaigns, establish a marketing budget. Next, outline your sales funnel; this will provide you with a clear image of your clients' purchasing power and, in turn, contribute to estimating the return on your marketing expenditure. This calculation helps you to opt for the campaign's budget while still earning a profit. Your marketing budget must be realistic to convey your message successfully to your audience while still maintaining profit margins. When planning a budget for marketing, contemplate all expenditures involved with promoting your firm, including paid advertisements, marketing tools, staffing charges, and website upkeep fees. Develop Marketing Strategy Once your marketing objectives have been established, develop a marketing strategy that is linked with them. Finally, create a marketing strategy that allows for effective campaign planning. Before developing a marketing strategy, make sure you have the following data: Market segmentation Qualitative market data Competitive analysis Quantitative market data Keep your overall strategic goals in mind when developing a new marketing strategy or using a digital marketing tactic. Then, after you've established clear, precise goals, consider the strategies that will assist you in achieving them. A good marketing strategy helps you attain a measurable marketing campaign. You can choose any combination of the 7Ps (product, price, promotion, process, people, place, and physical evidence) of the marketing mix to achieve your marketing strategy. Measure Your Progress Measuring the effectiveness of marketing campaigns is pivotal to measure the success of your ad campaigns. There are various metrics to measure online advertising effectiveness. For example, sales and engagement effectiveness consists of several metrics in use to be measured. Metrics of sales and communication can be: New leads generated Total website visits Click-through rate (CTR) Website traffic to lead ratio Metrics of engagement are: Brand mentions Reach Brand name search Average time spent on page Scroll tracking The outcome of keeping track of these metrics and analysis of the campaigns determine the success of meeting the marketing goals. If not successful, analyze the aspects that prevented you from reaching your goals and do better next time. Thus, using metrics serves as a post-campaign evaluation and turns it into a most measurable marketing campaign. Every hour of the day, marketing as fundamental changes and evolves. Making measurable marketing campaigns assures and expands chances for success and enables you to make modifications to strategies that are not generating success or growth. The above are a few techniques that can help you create more quantifiable marketing initiatives. Frequently Asked Questions: How are campaign metrics measured? Metrics are measured through tools such as Google Analytics. For example, Google Analytics provides information like: Who visited your webpage? Which customers are coming back? From where do they come? Traffic generation Conversion rate Click-thru rate (CTR) Cost per click (CPC) What are the benefits of a campaign evaluation survey? Here are few benefits of a campaign evaluation survey: Demonstrate your efficiency or accomplishments Determine whether you are on track Regular campaign evaluation enables you to maximize the effect of your efforts. In addition, monitoring and assessment will aid businesses in planning future campaigns and initiatives. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How are campaign metrics measured?", "acceptedAnswer": { "@type": "Answer", "text": "Metrics are measured through tools such as Google Analytics. For example, Google Analytics provides information like: Who visited your webpage? Which customers are coming back? From where do they come? Traffic generation Conversion rate Click-thru rate (CTR) Cost per click (CPC)" } },{ "@type": "Question", "name": "What are the benefits of a campaign evaluation survey?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few benefits of a campaign evaluation survey: Demonstrate your efficiency or accomplishments Determine whether you are on track Regular campaign evaluation enables you to maximize the effect of your efforts. In addition, monitoring and assessment will aid businesses in planning future campaigns and initiatives." } }] }

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Spotlight

SABA Hospitality

We are a team of hotel industry professionals with 50 years' combined expertise in guest engagement, hotel operations, hotel technology and business coaching. Our mission is to integrate proprietary technology into hotel operations to maximize guest and staff engagement, and boost your online ratings profile. We understand the vital role engagement and online ratings play in a business's profitability. We are committed to systems innovations that not only create exceptional guest experiences, but convert those experiences into positive ratings.

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