When it comes to making the most of an organization, providing effective feedback to employees is imperative to ensure worker productivity is high and turnover is lowered. According to The Conference Board, nine out of 10 executive level officers are aware that employee engagement is key to an organization’s function, but only half understand how to work toward higher levels.
While employee engagement is a complex matter, one facet often includes giving employees feedback to tell them where they are doing well and where they need to improve. Since employees do not fit into a single personality type, there needs to be a varied approach when it comes to giving feedback. Read more
When it comes to selling products and services online, gaining users’ trust is a serious matter for businesses. Based on a July 2015 poll from the U.S. Census Bureau and the National Telecommunications and Information Administration, security and privacy concerns are a big reason consumers are not doing more online. The survey found that 45 percent of respondents have stopped at least one online transaction due to these concerns, such as purchasing items online, commenting via social media, or making Internet-based banking or investment arrangements.
Experts are predicting that the recent tax reform will create an abundance of new business growth and activity – just not the kind that lawmakers originally intended. These people are predicting a surge in efforts for reclassification and the organization of cover companies by employees so they can have their salaries recognized as business income, significantly lowering their tax burden as a result. Read more
Uncover the Pros and Cons of Secured Financing versus Unsecured Financing
Understanding what types of financing exists and how these options can be applied to one’s business can be helpful when it becomes a necessity. Whether it’s secured financing through the U.S. Small Business Administration (backed with personal and business collateral) or unsecured types of financing through venture capital or angel investors, each type has its potential benefits and drawbacks.
Is it the Right Time to Franchise a Business?
When a business owner wants to expand his business concept across a region or the country, franchising can be an attractive option. According to the International Trade Association’s 2016 Franchising Top Markets Report, franchising was projected to generate $944 billion in financial growth for the nation’s economy, expanding more than 3 percent in 2016. The same report also expected the franchise business model to create an additional 278,000 jobs in 2016. With the potential for franchising to create greater value for business owners, is franchising right for your company?
The Roman philosopher and statesman Lucius Annaeus Seneca once said that “If one does not know to which port one is sailing, no wind is favorable.” Although this is a true statement in many ways, knowing how the wind will be on the journey to the desired port is critical. Every business needs a detailed business plan so everyone in the venture knows where they are going and how they plan to get there. However, along the path, every business needs to understand what they face along that journey. That’s why financial forecasts are so crucial. They allow businesses to see how they are faring on their journey. Having this financial plans from forecasts allows the owners of firms “to track actual events against the financial plan and make adjustments as the year passes.”1 Read more
Innovation, creativity, and thinking outside of the box are buzzwords in the business world. There’s good reason for it because the smallest difference in a product or service can drive exponential profits. Innovation and creativity may be the center of the talk, but these words merely orbit around the power of an idea. After all, an idea sparks innovation, creativity, and outside thinking into action. Read more
Every company spends hundreds to thousands of working hours a month strategizing ways to make it to the top. Although there is no single secret to doing this, there is a single way of stopping your company from reaching the pinnacle of success: not having a CFO. Read more
by Mitch Owens, Marketing Executive at TOP CFOS
If we were to make a list of the most common human characteristics, good or bad, procrastination would most certainly be in it. Whether it’s getting around to perfecting your your jump shot, sending a thank you note to a friend, or finishing up that report at work, it’s safe to say that you and I have both been guilty of putting something off. Read more
Roles can be misleading. More often than not, they are nothing more than a word that organizes where certain people sit in an office. Take for instance, the role of a CFO. Many consider the CFO as the most glorified accountant of a company, the firm’s money manager, but in reality, they are the secret to a company’s success. Bruce Besanko, the CFO of OfficeMax points this out when he stated that “as CFO, I’m in a unique position within the organization, at the absolute center of the universe. The only other executive besides me that has that same presence at the center is the CEO.”1
Of course a CFOs traditional role, namely, overseeing taxes, budgeting, accounting, financial planning, and analysis, is critical to the success of any company. When businesses fail to manage these areas they end up failing in general. However, the CFO’s role is evolving into a more robust position that is critical to every facet of a business. Read more