AllBusiness.com |
| 7 Tactics to Optimize the Talents of Young Employees Posted: 30 Oct 2019 12:20 PM PDT What’s the benefit of hiring young employees? They can bring fresh ideas and talents to your small business. And by providing them with the right direction and support, you will bring out the most of their abilities and also give them the space to learn and grow. To find out more, we asked members of YEC Next the following question: Q. What is the best way to tap into the skills of younger employees?1. Provide an open, collaborative environmentI make sure that everyone on my team knows they can ask questions—any question. Confidence is often the first thing someone needs when they’re tackling a new endeavor. Being resourceful builds knowledge and forges the path of learning how to take initiative, which is an essential element for personal and professional growth. When they’re collaborating with the team, they know they have support. —Angela Delmedico, Elev8 Consulting Group 2. Be hands-on for the start and finishStart a project together and give clear direction and guidance on the outcome that needs to be produced and what needs to be done. Then back up and let them work, making sure they know you are there to help answer any questions along the way. Guide them at key milestones so they’re on the right path. Then get back together to review and finalize the work. —Todd Giannattasio, Tresnic Media 3. Guide, don't micromanageWhen managing employees, including younger generations, it's essential to establish the framework of the working environment. To ensure younger employees have a balance of structure and agency, collaborate on outlining project objectives and then brainstorm ideas on how to achieve them. Then, within those parameters, let them show you how they can reach your overall goals using their unique skill sets. —Kyle Wiggins, Keteka 4. Delegate, supervise, and encourageYounger generations need an opportunity to showcase their capabilities and contributions, but they also need supervision to keep projects in line with the company goals. Supervision helps you to discover hidden skills; additionally, it allows you to see where an employee might grow within a role and beyond. Performing tasks by themselves will help them overcome everyday challenges. —Jessica Baker, Aligned Signs Other Articles From AllBusiness.com:
5. Give them a titleA great way to get younger generations to give their all is to give them a meaningful title and make them feel important. When they feel in charge of something, it’s more likely that they’ll try harder to do a good job because it’s under their control and their reputation is on the line. They will still need to report to you, but giving them a title for a specific responsibility is a good idea. —Ajmal Saleem, Suprex Learning 6. Set joint goalsSet goals and objectives that are shared between yourself and each individual. Your tasks will be mainly compliance and approval, but it will feel like a team effort. Most younger people and millennials appreciate teamwork over being bossed around and are very responsive to rewards or positive comments. —Jose Magana, Yellowberry Hub 7. Let them do what they know bestIt makes sense for employers to feel wary about giving too much power to their young employees. While young people are eager to work, there's still a lot they have to learn. But certain aspects of modern business are better suited for them, one example being social media. Young people use these platforms as if it's their native language. They should be empowered to manage what they know best. —Bryan Driscoll, Think Big Marketing, LLC RELATED: How Business Owners Can Earn the Loyalty of Their Millennial Workers The post 7 Tactics to Optimize the Talents of Young Employees appeared first on AllBusiness.com The post 7 Tactics to Optimize the Talents of Young Employees appeared first on AllBusiness.com. Click for more information about YEC Next.  |
| Buying a Franchise vs. an Independent Business: What Are the Pros and Cons? Posted: 30 Oct 2019 12:17 PM PDT By Jeff Swiggett You would love to operate your own business, and over the years you’ve set aside money to invest in a company to fulfill this lifelong dream. And when it finally comes time to buy a business of your own, you're left with two options: investing in a franchise opportunity or buying an independent business. While both options put you at the top of the corporate ladder, they each have their own unique advantages and drawbacks. Learn about the pros and cons of each to help you determine which option is right for you. Investing in a franchise: Be your own boss with limitsFranchises are essentially ready-made businesses. You don’t have to develop a new service or product that fulfills an existing problem. Instead, a franchisor provides the business model, training, assistance, and even market research. The products and services have already been developed, and the business typically has an established brand and customer base. When it comes to jumping into a more managerial role with established work processes, marketing strategies, and advertising, a franchise definitely has its benefits. So, what is left for you to do as a franchisee? Of course, you'll still have a lot to manage within the business. Just like a standalone business, you’ll need to: Establish financing. This step is often easier since the franchisor already has a business plan and market research that investors want to see. Decide on a location. While many franchisors offer support and research to help you choose the best location for your new business, you may still need to do some legwork to locate the best site. Build or lease. Leasing a property will usually be more cost-effective; however, the operations may require a more specialized space, and there may not be any existing buildings for lease that fit the requirements. Hire employees. The number of employees you hire will be based on the size and complexity of the operations. Purchase or lease equipment. The franchisor will typically supply you with a list of equipment suppliers or distributors where you can purchase everything you need to run the business. RELATED: Important Questions to Ask Before You Buy a Franchise Caveats with franchisesThere are several drawbacks when it comes to franchises. The most significant disadvantage is that you don’t have total control over how you run the business. After obtaining financing, hiring employees, and receiving training, you will still have to follow the rules set by the franchisor. Franchisors will provide you with a Franchise Disclosure Document (FDD). This extensive document tells you all of the policies that you will have to abide by while running your business. It also outlines your responsibilities as a franchisee. If you decide to accept all of the regulations and fees, the franchisor will provide you with a formal franchise agreement. Another disadvantage is that you will have to pay ongoing royalties and share your profits with the franchisor. Also, you should keep in mind that there will be other franchisees who have purchased the same business model. If another franchise owner operates their business poorly or develops bad PR for the brand, their negative reputation could impact your operations. Lastly, the franchisor has the option to cancel your contract after the specified business term. So, you could love what you’re doing only to find out that the franchisor no longer wants you running the business. Other Articles From AllBusiness.com:
Buying an independent business: You are boss of it allIf you decide to buy a non-franchised, independent business, you get to make all the decisions. Purchasing an established business offers many of the same benefits as a franchise, but allows you to have complete control over the future of the company. From start to finish, business operations will rely on your knowledge and experience. When you buy an existing business, everything is already set up for you. The business location, suppliers, operations, business model, and products or services will all be in place from the minute you sign the final paperwork. You will also have existing branding and (in some cases) a marketing strategy to fall back on. However, before you jump at the opportunity, it's best to perform your due diligence and ensure the business will be profitable going forward. One key advantage of buying an independent business versus a franchise is you don’t have to share your profits. You can also operate the company for as long as you want without worrying about having to renew a franchise agreement. And with complete autonomy, you can let your creativity and innovation shine when it comes to marketing and advertising your brand. Caveats with independent businessesBefore you purchase an independent business, you should be aware you won't receive any formal training for operating the company. While you could attend general business seminars or work with the former owner during the transition process, you won’t have the continuous support of a franchisor. You will also have to find investors and lenders if you are seeking financing and working capital. Investors and lenders will want to see a business plan that outlines what your company is about, what services and products you offer, the current three- to five-year market potential, and future market revenues you will bring in. This is no problem for existing businesses that have seen consistent success. However, if you choose to buy a failing business, you may struggle to obtain the financing you need. In the end, you'll have more control of your business, but you also will have to accept all the risks. RELATED: Buying a Business? 5 Essential KPIs You Need to Review Before You Buy The post Buying a Franchise vs. an Independent Business: What Are the Pros and Cons? appeared first on AllBusiness.com The post Buying a Franchise vs. an Independent Business: What Are the Pros and Cons? appeared first on AllBusiness.com. Click for more information about Guest Post.  |
| You are subscribed to email updates from AllBusiness.com. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment