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- Work-Life Balance Is Nearly Impossible—Let’s Try to Achieve Work-Life ‘Harmony’ Instead
- Diversity Is Good for Business—Here Are Simple Ways to Build a More Diverse Team
- Manage Cash Flow and Increase Profitability in 8 Easy Steps
| Work-Life Balance Is Nearly Impossible—Let’s Try to Achieve Work-Life ‘Harmony’ Instead Posted: 16 Nov 2019 10:48 AM PST By Christal Bemont When I started managing my company's fastest-growing business unit, I began spending more time working at the office or meeting prospects and customers. It was thrilling to be at the heart of such a dynamic time at my company, but it also meant I spent less time doing the things I love, like having dinner with my family or volunteering at the local food bank. While we should all find fulfillment in our jobs, having time to recharge is vital. It's how we bring our best selves to work and stay balanced. But in our increasingly mobile world, I found achieving the traditional notion of “work-life balance” nearly impossible. It's all too easy to fire off an email that comes in at 8:30 at night rather than waiting to tackle it amid the meetings and to-dos I have the following morning. Women in particular cite work-life balance as one of the top three challenges in the workplace. LinkedIn also reports three quarters of women start their career with every intention of reaching the executive level. This same drive propelled me to where I am today, but it wasn't without lessons along the way around how to juggle priorities. Jeff Bezos' stance that we should stop seeing work and personal time as mutually exclusive struck a chord with me. Instead of being trade-offs, they should complement each other. So, instead of trying to create personal time separate from work, I've focused on bringing the activities I love into my day job. Based on what I've learned, here are five ways to achieve greater harmony in our work and home lives: 1. Savor that lunch hourInstead of eating lunch at your desk to crank out that extra hour of work, take lunch as an opportunity to recharge–attend a nearby yoga class, read a book outside, or even stay at your desk and reflect on your latest accomplishments. Start small to make it achievable, adding one standing hour a week for “me” time. Mark it on the calendar and gradually build up to the amount of time that works for you. You don't have to tell your colleagues what it's for, but you'll be pleasantly surprised when they consider your new schedule when arranging meetings and deadlines. The pressure of impending deadlines often serves as a roadblock for taking a true lunch hour, but those are the moments you need it most. It's difficult for a tired brain to develop new ideas or solutions—hold yourself to taking a break and return with a fresh perspective. Better yet, share this healthy habit with others by occasionally inviting a friend or colleague to join you. 2. Make time for volunteeringIt's all too easy for priorities like running errands or walking the dog to take precedence over volunteer time, but if you're passionate about giving back, try to bring philanthropy into your work. Corporate philanthropy has so many benefits, from improving company culture to forging stronger teams. In fact, employees involved in their company's volunteer program are 28% more likely to be proud of their company's values and 36% more likely to feel stronger company loyalty. Get on board if your company has volunteer incentive programs like The Great Delta Give-Back, where Delta Air Lines employees are paid for a full day of volunteering at their organization of choice, or simply arrange a team outing to partake in community service. 3. Extend your travelBusiness trips are often a whirlwind of meetings and hotel meals, which can be draining for even the toughest road warriors. Before you go, create an itinerary that schedules time for visiting a museum or dining at a local restaurant so you can unwind. Or better yet, satisfy wanderlust and extend your trip to include a day or two of personal time. Most companies don't have issues with adding leisure travel onto business trips—and some even include it in their benefit packages, like Airbnb, which grants employees $2,000 a year to travel anywhere in the world. Other Articles From AllBusiness.com:
4. Invest in your growthAs an entrepreneur, your plate is often full just keeping the business humming. Unfortunately, this means you're usually not scheduling time for professional growth or introspection, which is critical to keeping your passion alive and avoiding burnout. According to the same LinkedIn study, women especially feel that not having the time to broaden skill sets has impeded advancement. Make yourself a priority by scheduling time every Friday to reflect on your accomplishments and challenges, as well as regular check-ins with your mentor to discuss your career goals. It's easier to set aside larger chunks of time farther in the future, when activities aren't looming over your head. Register early at conferences and trade events where you can network and learn from your peers. 5. Take advantage of technologyRunning a business often means wearing many hats, getting pulled in multiple directions, and sometimes spending nights and weekends working. When time is our most precious commodity, it needs to be spent wisely. Technology can be your biggest ally in making room for personal time. Leverage productivity apps like Slack and Outlook to complete work faster and schedule your day. And while no employee is safe from administrative tasks like submitting expenses or POs, smart technologies like automation and AI can hasten the process dramatically. To prioritize what to implement, think through your everyday activities and consider which ones will benefit the most from technology. Start your journeyAchieving balance between life and work is a personal and dynamic journey that looks different for everyone. I know firsthand how tempting it can be to power through a heavy workload, but the effect is often counterproductive as failing to regularly come up for air can lead to burnout and negatively impact performance. Give these tips a try—even if you start with just one—and you may be surprised to find that the initial time investment is quickly recouped as you work more efficiently. Here's to finding what works best for you and your business! RELATED: 6 Time Management Tips for the Busy Entrepreneur The post Work-Life Balance Is Nearly Impossible—Let’s Try to Achieve Work-Life ‘Harmony’ Instead appeared first on AllBusiness.com The post Work-Life Balance Is Nearly Impossible—Let’s Try to Achieve Work-Life ‘Harmony’ Instead appeared first on AllBusiness.com. Click for more information about Guest Post.  |
| Diversity Is Good for Business—Here Are Simple Ways to Build a More Diverse Team Posted: 16 Nov 2019 10:35 AM PST By Alex Sokolov It's a proven fact that having a diverse workforce leads to more profitability. According to McKinsey's "Delivering Through Diversity" report, companies ranking higher in gender diversity among their executives were 21% more likely to experience above-average profitability than their peers. Organizations that also scored high in ethnic and cultural diversity were 33% more likely to excel in profitability. There are many reasons that companies with a diverse staff experience more success. Employees are happier when they don't feel isolated. Companies are heralded as being inclusive for providing equal opportunities, which makes more consumers want to do business with them. Plus, being open to diversity helps organizations attract the best talent. So, why is it that so many industries—especially the tech sector—struggle with improving diversity in the workplace? A lot of it has to do with old ways of thinking and biases. In order to overcome those biases, HR professionals have to rethink their recruiting, hiring, and management practices. Here are 4 simple ways to promote diversity in the workplace: 1. Focus on diversity as your starting point when hiringThe path to diversity starts with the job posting. How is it worded? Does it skew masculine or feminine? Did you know that there are certain words that are interpreted as more masculine than others? Words such as strong, lead, and workforce could be replaced with more neutral sounding ones like excellent, manage, and teams. There is actually a text analyzer app from Ongig that searches for word biases and suggests replacements that can help you write better job descriptions. Once you've mastered the job description and posted the job opening, consider using an AI-enhanced recruiting app that can collect and sort submissions based on the job requirements. Recruiters and hiring managers can have many biases—both conscious and unconscious—when looking at resumes. They may have a preference for a certain college an applicant attended or may favor male resumes over females for certain positions. Or they could be uncomfortable with hard-to-pronounce names on resumes. Using a recruiting tool with artificial intelligence to do the sorting and selecting for interviews removes any chance for biases. 2. Be open to remote workers and flexible work arrangementsYour goal as a recruiter or hiring manager is to find the absolute best talent for each position. Why on earth would you limit yourself to candidates only within commuting distance? The way the world works has changed. Companies now focus on productivity and results as opposed to hours clocked and "face time" with the boss. This is especially true when it comes to technology and diversity. The vast majority of tech companies work with dedicated development teams comprised of the highest-skilled programmers from around the world. This type of work arrangement allows them to stay competitive, work with top talent, and even save money in the process. Offering flexible work arrangements is a great way to attract diversity. In its most recent Annual Survey, FlexJobs found that the three most important things a candidate looks for in a job are work-life balance, a good salary, and flexible work arrangements. Whether your candidate has small children, is going to grad school, taking care of an elderly parent, or whatever the case, having flexibility with their schedule leads to more grateful and, in turn, more dedicated employees. 3. Examine your company policiesDo your company's policies reflect your dedication to diversity? What type of family leave do you offer? Do you provide paternity leave as well as maternity leave? What about LGBTQ parental support? Even your in-office environment should be taken into consideration. Would it be easy for a handicapped person to work in your office? Do you meet all the disability requirements mandated by law? If not, do you purposely not hire people with disabilities because of this? (This is another reason flexible and remote work arrangements are so relevant.) It's also important to think about paid holidays and make sure that all religions are respected throughout your organization. And if you have regular company celebrations based on certain holidays, make sure they're inclusive. Perhaps instead of a "Christmas" party, you have a New Year kickoff party instead. You really need to do a deep dive into all of your company policies and make sure they are inclusive. If not, it's time to revamp. And once you've done so, you need to ensure that those policies are clearly communicated via your website and in all job postings. Other Articles From AllBusiness.com:
4. Develop an all-inclusive mentoring programOnce you've hired a diverse team of talented people, you definitely want to keep them! One of the best ways to do this is through a carefully designed mentoring and personal development program. Every new employee should be assigned a mentor to help that person grow and move up through the company. This doesn't need to be the person's manager or boss necessarily, but someone that has valuable skills and advice that the new employee can learn from. Having a company-wide mentoring program that works for all employees is a smart way to manage a diverse team. Plus, it nurtures your staff into better workers and helps reduce your turnover rate. Win, win! ConclusionIt takes time and continued effort to build a truly diverse workforce. Even if you implement all of these suggestions immediately, don't expect diversity to happen overnight. Take small steps every day in your business and recruiting practices to help ensure that you are giving everyone—regardless of their gender, race, sexual orientation, nationality, religion, or disability—a fair shot. In the end, it's your business that will benefit the most from promoting diversity in the workplace. RELATED: Tips for Managing a Diverse Employee Base The post Diversity Is Good for Business—Here Are Simple Ways to Build a More Diverse Team appeared first on AllBusiness.com The post Diversity Is Good for Business—Here Are Simple Ways to Build a More Diverse Team appeared first on AllBusiness.com. Click for more information about Guest Post.  |
| Manage Cash Flow and Increase Profitability in 8 Easy Steps Posted: 16 Nov 2019 09:01 AM PST By Jake Eisenberg Running a business without a proper cash flow system in place is like driving a car with a blindfold on: you know where you want to go, but you don't have any idea how to get there. Likewise, you want to grow your business, but it won't be possible if you don't keep track of the money that goes in and out of your company. Without an effective cash flow management system in place, your business will likely fail in the next few years. In fact, 60% of small businesses fail because of cash flow issues. Fortunately, there are doable ways to effectively manage cash flow and at the same time, increase profitability. 1. Understand that profit does not equate to cash flowMany business owners believe that cash flow and profit are the same. You can't analyze your cash flow just by glancing at your profit and loss statement. There are multiple factors that make up your cash flow, such as inventory, taxes, expenses, accounts payable, and accounts receivable. For effective cash flow management, you'll need to individually dissect each of these factors, along with your profits and losses. Profit is simply defined as revenue minus expenses. Therefore, you can't understand the flow of cash in your business by knowing how much you earned. 2. Liquidate inventory or equipmentDo you have equipment that you don't use? Or inventory you haven't sold? Idle equipment and unsold inventory tie up capital which could have been used more productively. The equipment you own for years generally has a book value equivalent or less than its salvage value. This means you may see taxable gain by selling this equipment. Customer demands and requirements change all the time, especially when new products and materials enter the market. For this reason, the inventory you haven't sold can easily become outdated. If you think your inventory is going to be obsolete in the next few years, make sure to sell them as soon as possible to maximize profits and free up working capital. 3. Add new products and services to expand your market and increase salesAnother way to increase cash flow is to add new sources of income, such as adding new products and services. Brainstorm new product or service ideas that would be a great addition to what you're currently offering. Make sure that these ideas complement your brand identity. Perhaps you need to start selling seasonal drinks in your coffee shop, or you may want to offer new facial services for your dermatology clinic. Whatever you decide, make sure to get creative. Know more about your target market; their likes, dislikes, and more to know which strategy works best for your business. Other Articles From AllBusiness.com:
4. Be strategic about vendor paymentsVendor payments also play a huge role in business cash flow. Some suppliers offer discounts for early payments. Take advantage of this and see if you can pay earlier than expected to save some cash. If early payment is out of the question, negotiate with your supplier and ask them if you can pay on the day when it's most favorable for you. 5. Have a cash reserveHaving a cash reserve can help your business survive the gaps in cash flow. Applying for a business line of credit is a great way to build a cash reserve. Once qualified, lenders will give you a predetermined credit limit where you can withdraw funds from when needed. You can use the funds to pay for business expenses and pay off immediate debt. You have the liberty to use the funds immediately or let it sit in your business bank account for months, making it a great option for building a cash reserve. 6. Keep operations leanEvaluate your business. Do you really need to purchase new equipment? Is hiring new employees really necessary? Sometimes, business owners get caught up with the excitement of starting a business that the thin line between needs and wants starts to blur. Before making any investment decision, make sure to weigh the pros and cons. This helps you retain cash flow and avoid unnecessary expenses. 7. Encourage your customers to pay invoices on timeTypically, you'd have to wait for 30, 60, or 90 days before your customers are set to pay their invoices. Sadly, some of these clients won't pay on time and the 30, 60, and 90 days may become 40, 70, and 100. Late paying customers can put a dent in your cash flow. Another effective way to manage your cash flow and increase profitability is to encourage your customers to pay on time. There are many ways to increase the likelihood of getting paid on time or even earlier, such as implementing a late-payment penalty, regularly reminding customers, or incentivize early payments. 8. Apply for invoice financingThe previously mentioned strategies take time. If you need immediate funding, invoice financing is a great solution to cash flow problems. Invoice financing allows business owners to sell pending invoices to a third-party company at a discount. Lenders will immediately give you up to 80% of the total invoice value. You will receive the remaining 20% (minus a small transaction fee) once your customers pay their dues. Even though you'll pay for a transaction fee, you'll free up cash flow that's tied to your pending invoices. Maintaining positive cash flow is no easy feat. But by using these tips, you now have an idea on how to effectively manage cash flow and boost your company's bottom line. RELATED: The Best Ways to Finance Cash Flow Emergencies The post Manage Cash Flow and Increase Profitability in 8 Easy Steps appeared first on AllBusiness.com The post Manage Cash Flow and Increase Profitability in 8 Easy Steps appeared first on AllBusiness.com. Click for more information about Guest Post.  |
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