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Global Resources Helps Small Businesses Evaluate Performance in 2018 Based on NFIB Data
The National Federation of Independent Business (NFIB) recently released data regarding small business performance.
By: Global Resources
Here are some suggestions offered by Global Resources, a leader in the world of management consultancy, for small companies that want to boost performance and eliminate waste in the New Year:
Hire the Right Employees
According to NFIB data, about 23 percent of newer small businesses fail because companies hire the wrong employees. The employees may not have the right skill set to grow the company or have been hired without considering long-term consequences. It's important now more than ever to invest in individual employees. Hire talent based on what skills the individual can bring to the existing team and also with regards to whether the employee is willing to stay on permanently. Younger employees have high turnover rates because they like to scuttle between jobs. Offer incentive-based employment packages intended to hire the right talent to ensure that your business can grow and succeed in the future.
Evaluate the Competition
A significant percentage of small businesses are simply outcompeted from the market, the NFIB data shows. Small businesses, unlike larger corporations, are less likely to evaluate the competition. Global Resources LLC (http://www.linkedin.com/
Use Social Media Marketing
Perhaps the most shocking revelation from the NFIB report was the tiny percentage of small businesses that had a social media account. Over 80 percent of consumers have at least one social media profile. In contrast, less than 25 percent of small businesses had a single social media profile. Marketing on social networks cannot be ignored as they remain a competitive ground for businesses. Therefore, small businesses should start investing in social media marketing to reach the core demographic directly.
Additionally, the NFIB data showed that small businesses spent just a few hours, typically four, on accounting and bookkeeping. Only a mere 12 percent of small businesses spent more than ten hours on accounting. Maintaining proper financial accounts is crucial for evaluating the business and analyzing profitability levels. If the company lacks in-house accounting talent, Global Resources consultants can assist smaller companies to formulate strategic financial plans and business valuations.
About Global Resources:
Global Resources is a management consulting company located in Illinois. The firm specializes in providing a variety of business development and consultation services to small- and medium-size businesses. Experienced GR consultants can help small businesses grow and scale, improve productivity and ensure a positive cash flow. Businesses can obtain thorough reviews of Global Resources at affordable rates.
Contact: (855) 338-0266 (https://www.google.com/