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What actually makes employees happy?

(ENTREPRENEUR NEWS) You don’t need to throw wild quarterly parties, offer free gym memberships, or feed your employees to keep them happy – in fact, that doesn’t always give you turnover immunity.

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happy smiling

Hint: it’s not a ping-pong table or free beer

You don’t need to throw wild quarterly parties, offer free gym memberships, or feed your employees to keep them happy. Well, alright – those things certainly wouldn’t work against your employee’s satisfaction, but showy gestures aren’t all they’re cracked up to be. There are a number of ways you can be sure your teams are taken care of, motivated, and content in their position.

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Engage your employees on a personal level

It’s a fine line getting to know your employees as workers and as people outside of the work place. Striking a balance between these two can go a long way when it comes to employee happiness and engagement.

During office hours everyone intends to focus primarily on their work, but friendly chats about hobbies and home life can foster a personal understanding and connection that demonstrates the importance of an employee on an individual level.

Keep employees in the loop

Employees like to know what’s happening with a company. It’s easy to feel shut out and disconnected if you’re not keeping your employees up to date on the company milestones or goals.

Sharing any policy changes, growth, or setting up timely check ins, even from departments that employees aren’t typically connecting with, can create a trusting environment.

Challenge your team

No one wants to tend to the same task list day after day. Even the most specialized employees can benefit a change of scenery now and then.

Expand your employees skill set by with engaging them about what they’d like to learn, and where they would like to grow.

Give them a project outside the range of their normal duties, or have them touch base with other leaders on the job. They will enjoy both the trust you’ve instilled in them and the chance to grow.

Timely reviews

While a pay increase never hurts, employees also like to know how they’re doing, where they can improve, and also give feedback about their experiences.

Making sure that you’re sticking to a review schedule. Even the smallest teams can ensure that hard work is recognized and praised.

Consistent leadership

There are few things more frustrating than inconsistent leadership. Everyone knows to lead by example, but to lead with consistency is not as widespread a concept. If an organization is well run, there’s an element of consistency in everything you do. Hold everyone to the same set of standards, make sure you’re giving employees a fair chance to have their voices heard, and treat everyone as equally important. Being open to taking feedback as a leader shows employees that their insights matter.

#HappyEmployees

Caroline is a Staff Writer at The American Genius. She recently received her Masters of Fine Art in Creative Writing from St. Mary’s College of California. She currently works as a writer as well as a Knowledge Manager for a startup in San Francisco.

Business Entrepreneur

5 ways productive business owners fight through distractions and stay focused

(BUSINESS ENTREPRENEUR) No, multitasking isn’t something you should brag about. Retrain your brain to stay focused and boost your productivity with these simple tips.

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business owner staying focused on work without distractions

As a small business owner, you have a lot on your plate. And if you aren’t careful, daily distractions can prevent you from accomplishing what you need to get done. But how do you stay focused?

Practical suggestions for eliminating distractions

Research suggests that the average human attention span has fallen from 12 seconds in 2000 to just eight seconds today. For perspective, that’s shorter than the average attention span of a goldfish! And if certain offenders are worse than others, business owners would have to be near the top of the list.

It’s not that the human brain is less capable of focusing today than it was a decade ago. The problem doesn’t lie within – it can be found without. It’s the direct result of the onslaught of new distractions competing for our limited focus.

As a business owner, your responsibilities run deep and wide. And if you aren’t careful, you can easily become overwhelmed and rendered useless. Here are some practical ways to fight back:

1. Centralize communications

As a business owner, it’s not uncommon to have half a dozen communication channels open at one time. Between email, phone, SMS, Slack, and social media messages, you find yourself constantly tending to notifications across a spectrum of isolated platforms. The result is constant back and forth movement that’s difficult (if not impossible) to keep track of. One way to fix this is by centralizing communications.

There are numerous ways to centralize communications, but a social intranet is a fantastic option – particularly if you can find one that integrates with G Suite (or whatever collection of tools you use).

2. Block distracting websites

We all have our favorite go-to websites. These are the sites that we mindlessly browse when we’re looking to kill time or avoid doing work. News sites, blogs, and social networking sites are all good examples. And though there’s nothing technically wrong with any of these, they become problematic when they keep you from important tasks.

If sheer willpower isn’t doing it for you, try using some sort of website blocking tool that prevents you from visiting these websites during work hours. (Here’s a list of some of the top options.)

3. Create email time blocks

Email is a time killer! The average business owner receives well over 100 emails per day and, if you aren’t careful, managing your inbox can become a full-time job.

One of the best techniques is to create email time blocks. These are blocks of time – between 15 to 60 minutes – that you dedicate exclusively to email. And then during the rest of the day, you log out of your email account and reserve your focus for other tasks.

You might think this sounds impractical, but it’s really not. A 20-minute email block early morning, late morning, early afternoon, and late afternoon is enough to keep you in the loop without totally eating away at your schedule.

4. Silence your phone

Your phone is another attention magnet. By silencing your phone for large chunks out of the day, you can keep your focus on the tasks that matter. (If you have an assistant, ask them to filter your calls for you and only pass along the ones that are urgent and necessary.)

5. Avoid multitasking

 As Americans, we love to brag about multitasking. We flaunt our ability to juggle multiple tasks at once like it’s a badge of honor. But no matter how skilled you think you are at multitasking, there’s simply no evidence to suggest you’re getting more done. In fact, all of the research indicates you’re preventing yourself from being as productive as you could be.

As Travis Bradberry writes for Forbes, “Multitasking reduces your efficiency and performance because your brain can only focus on one thing at a time. When you try to do two things at once, your brain lacks the capacity to perform both tasks successfully.”

Bradberry points to additional research from the University of London that found multitasking also lowers your IQ and leads to long-term cognitive impairment. In other words, it doesn’t just impact short-term focus. It also inhibits long-term results.

Reclaim your focus and boost productivity

Focus can be difficult to cultivate. But if you want to enhance your productivity and output, it’s a critical element in the equation. From centralizing communications to eliminating your reliance on multitasking, a quick and thorough response is a must.

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Business Entrepreneur

‘Small’ business was once a stigma, but is now a growing point of pride

(BUSINESS ENTREPRENEUR) Small businesses make up the majority of companies, employers, and money makers of the American economy, that’s something to be proud of.

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American small business

Prior to the Industrial Revolution, all businesses were small businesses. Independent craftsmen served communities with vital services. Small merchants opened shops to provide the community with goods. Lawyers, doctors, and other professionals hung out a shingle to offer their services to neighbors. Small businesses were the norm. Some of the most beloved American companies started out local. John Deere, Harley Davidson, and King Arthur Flour, all got their start as small businesses.

Business changes led to a attitude change

It wasn’t until manufacturing allowed businesses to scale and produce more efficiently that the idea of big business became more important. Post-World War II, the idea of a small business became derogatory. It was the age of big government. Media was growing. Everyone wanted to be on top. Small businesses took a back seat as people moved from rural to urban communities. Small business growth plateaued for a number of years in the mid-20th century. Fortunately, the stigma of small business is fading.

Small businesses are the backbone of the economy

According to the Small Business & Entrepreneurship Council, the “American business is overwhelmingly small business.” In 2016, 99.7% of firms in American had fewer than 500 workers. Firms with 20 workers or less accounted for 89.0% of the 5.6 million employer firms. The SBE also reports that “Small businesses accounted for 61.8% of net new jobs from the first quarter of 1993 until the third quarter of 2016.” Small businesses account for a huge portion of innovation and growth in today’s economy.

Modern consumers support small businesses

According to a Guidant Financial survey, the most common reason for opening a small business is to be your own boss. Small business owners are also dissatisfied with corporate America. Consumers also want to support small businesses. SCORE reports that 91% of Americans patronize a small business at least once a week. Almost half of Americans (47%) frequent small businesses 2 to 4 times a week.

Be proud of small business status

Small businesses are the innovators of tomorrow. Your neighbors want to support small businesses, knowing that their tax dollars stay in the community, and that they’re creating opportunities within their own city. Your small business status isn’t a slight. It’s a source of pride in today’s economy. Celebrate the fact that you’ve stepped out on your own in uncertain times. Celebrate the dirt under your fingernails, literally, or figuratively, that made you take a risk to do what mattered to you.

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Business Entrepreneur

Why and how to acquire a business – 4 tips for radical success

(BUSINESS ENTREPRENEUR) Acquiring a business can be a key part of your business’s future growth, but there are some factors you should consider before signing the deal.

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A meeting room with people shaking hands over acquiring a business

Growing businesses have multiple levers that can be pulled separately or in unison to continue scaling and expanding. And while many companies choose to grow internally, there’s always the option of acquiring other businesses to supercharge results and instantly expand.

Why Acquire?

Acquiring a business is certainly a complicated path to expansion, but it’s also a highly attractive one for a variety of reasons. This includes:

  • Increased market share. If you’re acquiring a business that happens to be a competitor, you can instantly increase your market share. If you currently own 20 percent of the market share and the competition has 15 percent, you suddenly catapult to 35 percent. That might make you the industry leader overnight!
  • Expansion into new markets. Sometimes you acquire a business outside of your industry or niche. In this case, it allows you to expand vertically or horizontally. This can improve top-line revenue and/or reduce costs and benefit profit margins.
  • Advanced tech and IP. In some situations, an acquisition is about acquiring a specific piece of technology or intellectual property (IP). This may prove to be the final boost you need to accelerate growth and initiate further expansion.
  • Talent acquisition. One of the secondary benefits of an acquisition is the opportunity to welcome new talent into your team. Whether it’s a seasoned executive or a highly effective sales staff, this is one benefit you can’t ignore.

Mergers and acquisitions aren’t the correct solutions in every situation, but they often make sense. It’s ultimately up to your team to sit down and discuss the pros, cons, opportunities, drawbacks, and possibilities of pursuing this option.

Helpful Acquisition Tips

Should your business choose to move forward with the acquisition route, here are some essential tips to be aware of:

1. Assemble a Talented Team

Don’t do anything until you first develop an acquisition team. This is a very important step and should not be delayed. (Many businesses make the mistake of starting the search and then forming a team on the fly, but this results in missed opportunities and foundational errors that can compromise an otherwise smart acquisition.)

A good acquisition team should include an experienced mergers and acquisitions advisor, a responsible executive, an attorney, an HR professional, and an IT expert. You’ll also want to bring on a public relations professional as soon as possible. This will ensure you control the messaging that customers, investors, and even employees hear.

2. Do Extensive Due Diligence

With the support of a talented dream team, you’re equipped to find the best acquisition opportunities. As you narrow your targets down, you’ll want to identify and implement a very detailed due diligence process for acquiring a business. This may include an extensive, objective analysis that consists of a letter of intent, confidentiality agreement, contracts and leases, financial statements, tax returns, and other important documents.

3. Make an Initial Offer

If the due diligence checks out, then it’s time to work on formulating an offer for acquiring a business. While the first offer almost certainly won’t be the offer that gets accepted, it’s the single most important offer you’ll make. It frames the transaction and sets the tone for the rest of the negotiations. It’s generally a good idea to offer no more than 75 to 90 percent of what you’re willing to pay. It should be low enough to leave room to inch up, but not so low that the other party could potentially see it as an insult.

4. Negotiate

Your first offer won’t get accepted. But unless you’ve totally insulted the other business, they should come back with a counter. Now is where things get really interesting. Negotiations ensue and it’s time to counter back and forth. The offer consists of a variety of elements – not just a price tag – so consider all of these variables in your subsequent counters.

Adding it All Up

As valuable as an acquisition can be, the process is often filled with friction. It’s up to your team to make the transition after closing as smooth as possible.

It’s very important that you respect the products, services, employees, and customers that the acquired business has. If you come into an acquisition and attempt to shake things up on day one, you’re going to get backlash. There’s nothing wrong with making changes – you now own the business – but be diplomatic and patient. Build trust, work together, and gradually introduce changes.

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