Giant corporations and mom and pop shops have more in common than you would think. Businesses big and small ultimately boil down to a handful of decisions, goals, and considerations. The only change is the scaling.
While not comprehensive, a series of six “P’s” cover an enormous spectrum of business factors affecting all companies regardless of size. These elements are as follows:
Handling the eternal flow of payroll funds with accuracy is a necessary aspect of any enterprise with employees and staff. The only difference is the level of funding necessary to provide wages and salary and scope of accounts. In all situations, software for streamlining the payroll process improves efficiency by leaps and bounds. Small businesses opting to do it “by hand” may think they’re saving money, but what about all that time they’re spending?
Paying employees requires an accurate sense of productivity. Every business, big and small, wants to quantify the payoff for every dollar spent on wages and salary. Again, software aimed at monitoring and calculating productivity is useful for companies of any size. If money is tight, why not get two for the price of one? Options such as Asure Software cover payroll and productivity together. When companies grow, the software moves along with it, thanks to engineering for scaling.
Previously mentioned “all in one” services have a name: “human capital management.” Yet managing that human capital effectively begins with finding the right talent in the first place. Many theories exist regarding how to hire top tier workers, but once again the fundamentals apply to the big boys as much as the little guy. We have the six Ps, but how about the “seven C’s” of how to find and hire great employees? According to Forbes, they’re competency, capability, compatibility, commitment and character of the talent coupled with the culture and compensation offered by the company in question. Incorporate these factors and be staffed by the best as the business grows.
No matter the market size or market share, maintaining positive ties with the public is critical for business security. Just ask billionaire Rupert Murdoch, who had to toss the 76-year-old architect of Fox News over allegations of sexual misconduct. Corner stores are at risk of relatively similar backlash in the event of employee mistakes or marketing faux pas. The art of “damage control” in the inevitable event of a hiccup in public relations, the power of straightforward honesty cannot be understated. Be upfront about what happened, be clear about the response, make sure it’s effective, then move on. More times than not, the court of public opinion will be merciful.
It’s increasingly common these days for entrepreneurs to tune out political news and check out regarding the actions of legislators. Yet it’s the policies devised by these men and women that establish the gates through which all enterprise must enter. Love them or hate them, the actions and decisions of elected officials and the professionals they hire must be monitored and understood by business leaders. In particular, the passage of laws and revising of regulations which matter to their companies. Otherwise, you’re denying your venture the means to navigate the red tape proactively, opening it up to the risk of fines, penalties, and closing up.
The net gains of a business are, without a doubt, the endgame of all for profit enterprise. Not only does it incentivize investment, it provides the fuel for research and development as well as attract talent at the top level. Is there a key to boosting profits that transcends business size? Sure, but nothing anyone wants to hear; outsourcing, cost skimming, and so forth. In short, it takes something special to generate profits without making huge sacrifices, whether the business is large or small. With that said, it can be done.
Whether the enterprise is large or small, the majority of the ins and outs remain the same. With that in mind, it’s acceptable to craft a strategy early on that will carry you for years to come. Incorporate the right factors, and the focus can then shift on what’s important: selling the product and/or service.