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The Art of Planning a Business: How to Make Money

Entrepreneurship, in today’s world, does not need huge capital or a highly qualified team to start with. The Internet has opened up ways for people to start without investments, and to hire people with expertise on a need basis. Almost all aspects of running a business can be outsourced, while the owner can keep a brief overview of everything and ensure control over everything.

The starting point to create a successful business is to create a plan. A business plan contains your aims, objectives, an executive summary of what you intend to do, how you intend to do, and a complete analysis of the revenues you expect to make in the coming years. The goal of a business plan is to find out the time you are supposed to break even and make profits – thus determining the viability and feasibility of your business. With angel investors looking to invest money on businesses with promising ideas, a good business plan is essential to attract these investors.

However, not everyone has the required skill-set to create an effective business plan even after having all the required ingredients to it. Therefore, people are now looking to hire freelancing business experts who can create a business plan for them based on the requirements and data that have been gathered. This is a great way to earn income in case one has the required skill-set to create proper plans for business.

More often than not, business planners also provide expertise over the ideas provided to them by their clients. With experience, one can easily gauge the viability of certain aspects of business, and providing consultancy over such matters increase your value, and the income from the project. Generally, clients choose business planners from freelancing websites, which is done based on the qualifications portrayed. A degree in business administration is one way to attract clients into awarding you with their projects.

Every business has its own template of business plan, and while creating one, it is extremely important to stick to the standard format of the plan in order to be considered by venture capitalists. While the information is generally provided by the client, it is the duty of the planner to ask for any data that might be required to create a good business plan.

The charges for creating a business plan varies based on several factors like the complexity of the business, the expertise of the planner and the deadline provided among others. If one can create a name for oneself, there are several projects available online, which can help you earn an handsome extra income for yourself.

How To Improve Your Productivity In Your Business

If you have a business then it’s crucial to apply new methods and approaches in order to improve your business. One example is, if you are able to identify and resolve the problems that your business has incurred then surely it can uplift its productivity. When it comes to the marketing side, it is also required that you find new strategies and update them so that you will meet the expectations of your clients. Just know that an outdated strategy could mean that you’re getting behind in the business. So make sure to always implement new ones to increase your business’ production once again.

1. Maintain a proper interaction with the clients – If you want your business to be improved, then this is the first thing that you should do. Retain your clients and even gain new ones by developing strategies that will engage visitors. Reply on time to any inquiries that your clients make. If possible, always ask for a feedback so that you’ll know what went wrong and to prevent clients from moving away from your business.

2. Send out a monthly newsletter to clients – Provide your clients with something that will be useful to them. This one will surely create good relationships with clients.

3. Monitor your business – This analysis will help you well in preparing for any problems that may arise in your business. Through this, you can see if anything is out of place and will help you before things get too complicated. Also, it will allow you to replace any non-working strategies with new ones so that your business’ work output will be enhanced.

4. Observe your employee’s performance – For every business, not only the clients are important but also the employees as well. The efficiency of the employees will also vary the company’s performance, so you need to observe them and consult if any problems arise in this department. If any problem does arise, then you should get to it right away before it gets any worse. To make your business run even more smoothly, reward your employees for their good performance so that they will feel appreciated and thus, continue to work harder.

5. Create a channel of communication within your business – This approach will encourage your employees to share some of their personal assessments about the company. It can also be used as a means for employees to talk about any problems they encounter and share it with their co-workers.

Remember to always be mindful about the things that happen around your company. Doing this constantly will surely keep your business running smoothly and make it more productive at the same time.

Should Small Businesses Go For Outsourcing HR Functions and When?

Small to medium businesses, for concentrating on their core business, may outsource their HR functions to a third-party vendor. However, the question is should they outsource HR functions, and if they so, when should they outsource?

Small to medium enterprises are less likely to have an in-house HR team which focuses solely on the HR activities of a firm. It is generally managers or directors, who handle the necessary but time-consuming HR activities of the company. This diverts their attention from the core activities of their business, as a result of which they’ll end up focusing more on non-revenue generating activities than revenue generating ones.

Many HR experts, looking at the situation that small businesses face, have come to a conclusion that HR outsourcing for small businesses may prove advantageous. Most HR experts believe that if you are running a small business focusing more on the core, revenue generating activities is more important for it to thrive and grow.

Brian Samson, founder and CEO of HR for Startups, believes that ‘entrepreneurs should avoid doing their own payroll and employee benefits administration. It’s too messy, and looking at the opportunity cost, it does not make much sense for small business to focus on such activities.’

Similar are the thoughts of Gail Fosler, who launched The GailFosler Group in 2010 that outsources HR administration services to businesses. She believes that while building a business, the last thing that one can think of are the standard HR services functions.

Hence, there is strong support in the industry especially for SMBs to outsource their HR functions. However, the question arises as to when small businesses should go for outsourcing their HR functions. Here are a few points you should address before outsourcing HR functions:

How big is the company?

If you are an organization with less than 50 employees, then you may require to outsource all of your HR functions to an HR BPO vendor. On the other hand, if you are an organization with more than 50 employees, you are likely to have an in-house HR team. This leaves you free to choose the services you need to outsource. You may now need a support service for your in-house HR team to help with the variety of workforce you may be handling.

What services are to be outsourced?

Now that you know that some of the HR services need to be outsourced, for the benefit of your business, the next step is to identify what particular services you need outsource. The services that are generally outsourced by small businesses include payroll, employee benefits administration, recruitment, etc.

Cost of outsourced services

Once you have decided the services that need to be outsourced, you should then work towards calculating the cost of the same. With a small business, finances are generally tight and hence need to be calculated with care.

What type of outsourcing partner you want?

Based on the costing calculation, you will have various options when it comes to choosing your outsourcing partner. Since HR outsourcing for small business may prove to be a costly event, the vendor can be chosen on an emergency or need basis. However, if your calculations allow, you may also opt for an HR BPO vendor that acts like an in-house HR team.