Archive for July, 2008

You’re a busy entrepreneur. So, you know how difficult it is to retain an enthusiastic, skilled and productive employee. And, since employee retention is directly linked to the quality of your employee orientation program, here’s a question for you:

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In BusinessCast podcast #59, Get New Employees Up and Running, Robert and I outline all of the critical phases of an effective employee orientation program – from pre-employee interview straight through to post probation period.

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You’re always perfecting the processes for getting your newly acquired customers comfortable. It’s one of your keys to success. And, its an area you would never think about neglecting.

But, what about doing the same thing for an audience that is just as important as your customers – probably even more important – your employees!

A good employee orientation is so much more than just making sure that key forms are filled out or that new employees know where to find the nearest Tim Hortons. The truth of the matter is that if you have a well-developed employee orientation you are going to have much better employee retention. And, all entrepreneurs know the importance of retaining good employees.

In BusinessCast podcast #59 – Get New Employees Up and Running – we provide answers for questions that entrepreneurs are always struggling with, including:

• How important is a good employee orientation?
• What should a good employee orientation look like?
• What are the key components of an effective employee orientation program?
• Who should design, participate, lead and measure your employee orientation program?
• When does orientation truly begin?
• How do you know that your employee orientation is successful?
• How can you/when should you review and improve your employee orientation?

If you’ve ever wondered about how best to orient your new employees, now’s the time to get a quick primer: Listen to BusinessCast podcast #59 and you will truly Get New Employees Up and Running.

Remember: Subscribe to the BusinessCast Podcast at iTunes

There’s something compelling about bartering – potentially saving costs, quickly acquiring new customers and eliminating unwanted inventory.

But, as we’ve explored in “Trade Your Business” (show # 60), each entrepreneur needs to consider several items before they begin bartering, such as: 

• Establishing a barter-specific rate card
• How to report barter activity in your annual taxes
• Implications that bartering can have on your brand
• Creating a barter agreement
• Managing expectations

As a business owners/manager, you also need to determine how much you are prepared to trade and accept in barter. As Robert quite rightly pointed out, “you can’t pay your mortgage with barter!”

If you find that bartering does work for you, here are a few barter networks that you may want to explore:

• Barter First
• Canadian Barter System
• TecTrade

Finally, review the New York Times article on online bartering networks.

Remember: Subscribe to the BusinessCast Podcast at iTunes

In “Trade Your Business” (show # 60) we “unbundle” bartering. One of the tools we identify that can help ensure that bartering helps your business – as well as prevents time-consuming and potentially expensive misunderstandings – is a bartering agreement.

Here are some of the key components that you should include in such an agreement: 

• Description of the product/service being exchanged
• The dollar value of the items/services being exchanged
• Acceptable substitutes (if any)
• Start date (if a service is being provided)
• Key milestones (if a service is being provided)
• Delivery date (or end date – if a service is being provided)
• A measure of quality
• Acceptable form of remuneration – if the bartering is not completed in the specified time period (e.g. returning a percentage or withholding work)
• Indication of whether the bartering contract can be transferred to someone else or held over to another date
• Sign-off by those entering into the agreement
• A signature by a trusted third-party who has read the agreement and has witnessed its signing

Going through this process is invaluable because it clarifies expectations and helps you identify those people with whom you do/do not want to barter. Of course, it may also highlight the fact that you may need further legal advice or that bartering isn’t right under certain circumstances.

Before your consider bartering as a good business tool to control costs, enter into new networks or dispose of unwanted inventory, make sure you listen to “Trade Your Business” (show # 60).

Remember: Subscribe to the BusinessCast Podcast at iTunes

Throughout many of our BusinessCast podcasts, Robert and I provide practical advice and innovative solutions to help entrepreneurs grow their business – even though we’re going into a recession.

We focus a lot of time on the revenue side. In Trade Your Business (show # 60) we review the expense side – by exploring barter networks.

• Why should you participate in bartering?
• When should you barter?
• What types of bartering are there?
• What are the risks involved?
• How can you reduce the risks?
• Is bartering right for you? Is it really worth it?
• What do you need to do to make sure your bartering works well?

We touch on all of these topics from the perspective of small and medium-sized business owners/managers – just like you.

Trading your business successfully requires a unique type of discipline. Make sure you listen to this show before you jump in with both feet.

Remember: Subscribe to the BusinessCast Podcast at iTunes