business management

As we approach Earth Day, the annual event dedicated to environmental protection and sustainability, it's imperative for businesses to reflect on their role in preserving our planet. While Earth Day is celebrated globally on April 22nd, the commitment to environmental responsibility should extend far beyond a single day. Every business, regardless of size or industry, has the power to make a positive impact on the environment. In this blog post, we'll explore actionable steps that businesses can take to honor Earth Day not just on April 22nd, but every day of the year.
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If you've picked up a newspaper in the past year, you've heard about the rise of artificial intelligence (AI). Most of the media coverage pertains to the down sides, including fears of privacy breaches, the spread of misinformation, biased algorithms, plagiarism, job displacement, and the list goes on – to the point where legislation and policy changes are being considered around the globe.
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Holiday cheer in the workplace can spice up the regular workday for both customers and employees. At the same time, business owners need to consider setting up some guidelines to ensure that the office remains free of discrimination. Aside from legal considerations, it's important to be respectful and inclusive of all staff and clients when decorating the office and planning holiday parties, if you choose to host one.
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In many cases, the reasons for letting someone go are quite obvious and difficult for employers to ignore. This includes things that can be measured, like a decline in performance made clear by shrinking sales numbers and frequent absences. Then there are the ones that are witnessed or reported from other workers, such as poor team dynamics and low overall morale.
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Whether you're looking to expand operations, launch a new product, or overcome a temporary financial challenge, having access to capital is essential. While different lenders have particular standards and regulations, there are some basic steps business owners can take to improve their chances of scoring a loan.
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Business is a great way to supplement your income, pursue your passions, or build a foundation for a future full-time venture. However, it's important to be aware of the risks involved before you take the plunge.
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Both business owners and employees have likely heard of OSHA, which stands for the Occupational Safety and Health Administration, a federal agency that sets and enforces safety regulations to ensure a safe and healthy working environment for employees.
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Business owners in Illinois are likely in tune with some of the most essential factors that lead to success. Some examples of things that are taught in most business classes include the importance of customer retention, building a loyal customer base, and building a positive brand reputation.
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No matter what part of the country you live in, summertime is when service industry businesses are in full swing. The nice weather brings people out, it's when many try to tackle home improvement projects, kids are out of school, and families tend to travel more it's an action-packed time of year.
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Now that the tax deadline for 2022 has passed, as a business owner, you might be left thinking about ways to make it easier when the next one rolls around. Since many are busy enough actually running the business, it's easy to push the accounting work to the side, which is fine... until tax season approaches. By then, you have a mammoth job ahead of you.
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Even businesses with the most effective Human Resources Departments and the happiest of employees are vulnerable to lawsuits. Unforeseen situations can quickly escalate, positive working relationships can turn sour, and employees can become litigious, sometimes without valid reason. Unfortunately, even the most bogus claims must be addressed in court, and legal fees associated with winning a lawsuit can exceed $250,000, which hardly feels like a victory.
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Successful small businesses are often the result of the proverbial blood, sweat, and tears of the owner. They require no small measure of risk, sacrifice, and commitment. Long hours, unpredictability, increased responsibility, financial insecurity, and a host of other factors all make running a small business a challenging and taxing endeavor.
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Few can forget the epic expletive-rich scene in which Clark Griswold is given a jelly of the month membership in lieu of his expected bonus in the holiday classic National Lampoon's Christmas Vacation. A longstanding tradition among small and large businesses alike, holiday bonuses provide a well-earned gift for valuable employees in appreciation for their hard work and commitment. Employees plan on these bonuses to offset increased holiday expenditures and often include them in their compensation expectations.
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We've said it before: the distinction between a small and large business is somewhat arbitrary. At what point in the business growth life cycle do you cross over? One way to answer the question is when your business no longer qualifies for a Business Owners Package Policy. The BOP bundles up several kinds of insurance protection in one policy. But as business become larger the risks they pose become more varied and difficult to address in one policy.
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There's no getting around the fact that many jobs require desk time, and for many people, that means eight-plus hours a day just sitting. In an ideal world, a life complete with regular yoga practice, chiropractic adjustments, strength training, constitutionals, ideal nutrition, and relaxing massages might be the obvious solution. But few can support such luxuries. Still, adjustments must be made to the sedentary necessities of the grind if it's to continue, well, grinding. Here are a few simple solutions to the desk debacle:
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Remote work options, both fully and hybridized off-and-on site iterations have overtaken traditional office models, studies have shown that it can have adverse effects on some employees' mental health. The American Psychiatric Association (APA) conducted a comprehensive online survey in the spring of 2021 of 1,000 remote workers' self-reported mental health, and the majority reported negative impacts on their mental health. In fact, Since transitioning to a remote model; isolation and loneliness, in particular, were noted by nearly two-thirds of respondents.
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Fraudulent charges to your personal or business accounts can be both financially and emotionally devastating. Even if you do eventually recover the funds, the stress and time that results from having been stolen from can take a toll.
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The "Great Resignation" and labor shortages throughout 2021 made recruiting and retaining employees a challenge for businesses across the country. And, while 2022 remains an employee's market, there's room for hope. The U.S. Bureau of Labor Statistics' April 2022 jobs report showed that both the unemployment rate and participating labor force closely mirror pre-pandemic numbers, remaining steady at 3.6 percent and 62.2 percent, respectively.
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An impending lawsuit is never good news. Not only are they costly, but, perhaps worse, they can permanently damage a company's reputation, an expense no business can easily afford during highly competitive consumer and employee markets like the current. While companies are sued for a range of reasons, there are a few recurring culprits that can be avoided with appropriate planning, clear communication, and due diligence.
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When COVID-19 shut the entire world down two years ago, many wondered how businesses would pivot and persist. As closures and restrictions continued far beyond anyone's initial projections, it became obvious that "business as usual" was going to be anything but. And, while the transition to a remote model for schools and businesses throughout the world was an unprecedented shift with no real map for structure or outcomes, many made the adjustment with relative ease and found the remote model was not without benefit. Now, as the corporate world attempts a return to what was, it faces a number of concerns and considerations, not the least of which being a pool of employees that might rather remain remote.
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For small business owners, hiring and managing employees can be a rewarding but stressful part of the job. During uncertain times, maybe you need extra help but are thinking twice about committing to an official employee. So when should you hire, and when might an independent contractor or outsourcing company be a better fit? Here are some tips to guide that decision.
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In a classic "Saturday Night Live" sketch, actor and comedian Steve Martin once gave the most underrated advice on how to become a millionaire: "First, you get a million dollars." But if that doesn't work for you, try these inspirational ideas from some of the world's most famous self-made entrepreneurs:
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Large or established businesses often have top level management and policies guided by a board of directors. But boards exist all around us and not just in a corporate setting. In each case, individual board members can be held liable for their actions or the actions of the board of directors and subject to lawsuits.
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