Tuesday, 24th May 2022 | Management

Why L&D, not foosball, helps attract and retain employees

It's becoming increasingly difficult for small businesses to find and retain staff. Offering employees learning and development opportunities is being viewed by many companies as a benefit to both parties, although small business owners have been slow to adopt this strategy.

If you’re in business, you’re already aware that employers need effective strategies to attract and retain talent. The upheaval caused by the COVID-19 pandemic coupled with other social and societal shifts has led many to change jobs or even remove themselves from the workforce altogether. In this environment, you’ll have to do better than providing arcade games or free muffins on Fridays if you want to find—and keep—the best employees. That’s why employers are increasingly offering learning and development (L&D) opportunities as a valuable job perk. Here’s how to make the most of an employee training strategy.

What’s L&D (learning and development)?

L&D opportunities are geared towards developing employee skills, knowledge, and capabilities which in turn fosters their personal and professional growth. These might include coaching, training, or mentoring. Learning and development is a strong way to value-add for everyone but small business owners are behind the trend. According to the Federation for Small Businesses, while 91% of business owners recognize the value of L&D, only 43% actually invest in it. If you’re among the more than half that are neglecting this strategy, you’re neglecting to use an effective tool. When you offer an L&D strategy, employees receive valuable training while employers get better-trained and happier staff. It’s a win-win.

Offering learning and development opportunities to your employees

Training, mentoring and coaching all sound great but one size does not fit all. Here are the steps to developing a training strategy that will benefit your employees and your business. 

Create a plan

At its most simplistic, you need to figure out what you want your employees to learn before you can offer them anything. If you want to provide training that will help them in their jobs, write up a list of skills and knowledge they need and determine the gaps. If you’re looking to pair your employees with mentors or coaches, do your homework to figure out who would be the best matches. 

Offer different learning styles

Some people are visual learners while others are hands-on. Some like to crack a book while others respond well to gamification. The good news is that there’s a wealth of different modules in various styles, and many of them are available online, due in part to the COVID-19 pandemic. It’s worth your time to explore the best options for your needs.  

Provide enough time for completion

An L&D opportunity shouldn’t feel like extra work. Make sure you set realistic goals that don’t overburden your staff.

Give incentives

Incentives are a fun and effective way to boost employee engagement. Consider a gift card or bonus on completion.  

Set goals and measure success

No strategy is complete until you account for measurement. Set goals around what you want to achieve both for your business and your employees. Determine in advance how you will measure success. Use this data to improve your L&D offerings for future employees. 

In a shifting work landscape, small business employers will need to respond to the changing priorities of workers if they want to attract and retain the best talent. When delivered right, learning and development opportunities can be a strong incentive for employees and a marked benefit to your business.

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Simple Strategies to Manage Your Seasonal Inventory

When managing seasonal inventory in the retail sector, careful planning is critical. Many retailers find themselves in a balancing act between avoiding leftover inventory and also empty shelves. To escape heavy markdowns at the end of a season and potential cash-flow problems, follow these strategies for profitable results.

Planning for Success

  • Start Early: Begin planning well in advance of each season, reviewing last year's sales data to identify trends and patterns.
  • Create a Detailed Plan: Organize your information into a comprehensive plan, breaking down each season's data by category or time frame. This will help you visualize your inventory needs and make informed decisions.
  • Leverage Data Analytics: Utilize data analytics tools to gain deeper insights into customer behaviour, demand forecasting, and inventory performance. This can help you optimize your stock levels and avoid overstocking or understocking.

Timing is Everything

  • Anticipate Demand: Forecast demand based on historical sales data, market trends, and upcoming events or promotions. This will help you determine the optimal time to order and replenish inventory.
  • Avoid Stockouts: Ensure you have sufficient inventory to meet customer demand, especially during peak seasons. Stockouts can lead to lost sales and customer dissatisfaction.
  • Stagger Shipments: Consider staggering shipments throughout the season to avoid excess inventory and reduce the risk of markdowns.

Repeat Success

  • Identify Best Sellers: Analyze your sales data to identify your top-selling items for each season. Prioritize these items for replenishment and ensure they are always in stock.
  • Optimize Reordering: Implement a system for reordering popular items based on sales velocity and demand forecasting. This will help you maintain optimal stock levels and avoid stockouts.
  • Monitor Inventory Levels: Monitor your inventory levels to ensure you have enough stock to meet demand without overstocking. Use inventory management software or tools to track stock levels and identify potential issues.

Making the Most of Seasonal Cash Injection

If you've secured a seasonal business loan to support your inventory needs, here are some practical ways to use the funds:

  • Inventory Investment: Allocate funds to purchase additional inventory, particularly for high-demand products or new offerings.
  • Marketing and Promotions: Invest in marketing campaigns to drive sales and increase brand awareness during your peak season.
  • Staffing and Training: If needed, hire additional staff or provide training to ensure efficient operations and meet increased customer demand.
  • Equipment Upgrades: Consider upgrading equipment or technology to improve efficiency, productivity, and customer experience.
  • Debt Reduction: If applicable, use a portion of the loan to reduce existing debt and improve your financial health.

Marketing and Customer Engagement

  • Leverage Seasonal Marketing: Create targeted marketing campaigns to promote seasonal products and drive sales. Utilize email marketing, social media, and in-store promotions to reach your customers.
  • Engage with Customers: Seek customer feedback to understand their preferences and adjust your inventory strategy accordingly. Offer personalized recommendations and provide excellent customer service to encourage repeat purchases.

By following these strategies and staying informed about market trends, you can effectively manage your seasonal inventory, minimize waste, and maximize profitability. Remember, consistent planning, data-driven decision-making, and a focus on customer satisfaction are essential for success in the retail industry. Contact iCapital at 1.877.251.7171 to apply for a business loan and get the funds you need in 48 hours.

The Crossroads of Growth: Why Separating Business and Personal Finances Matters

Running a small business is a thrilling ride. New opportunities appear around every corner, but navigating them all requires a clear financial roadmap. Maintaining separate accounts for your business and personal finances is crucial for long-term success. Here's why this is essential for growth:

Building a Solid Foundation:

Imagine your business as a skyscraper. Financial solid practices are the bedrock that allows it to reach new heights. Mixing personal and business finances weakens that foundation:

  • Clear financial visibility: Entangled finances create a murky picture of your business's health. Separate accounts provide a transparent view of income, expenses, and profitability, enabling better decision-making for growth.
  • Strategic cash flow management: Separating funds ensures impulsive personal spending doesn't impact crucial business investments. You can strategically allocate resources for fulfilling large orders, hiring additional staff, or marketing campaigns.
  • Tax advantages: Keeping business expenses distinct simplifies tax filing and maximizes deductions, potentially saving you money come tax season.

Protection and Peace of Mind:

Legal and financial challenges are a reality for businesses. Separation offers a safety net:

  • Limited personal liability: If your business faces a lawsuit or financial troubles, separate accounts shield your assets (home, savings) from seizure. This provides invaluable peace of mind.
  • Improved credibility: Lenders and investors view businesses with separate finances favourably. It demonstrates financial responsibility and professionalism, making securing funding for future growth initiatives easier.

Streamlined Operations and Efficiency:

Keeping things distinct translates to smoother business operations:

  • Simplified accounting: Separate accounts streamline bookkeeping and record-keeping, reducing errors and saving valuable time.
  • Effortless expense tracking: Dedicate a business credit card for business expenses. This makes tracking costs easier and eliminates the need to sift through personal transactions.
  • Accurate budgeting and forecasting: A clear view of finances allows for more precise budgeting and financial forecasting. Make strategic decisions confidently by knowing exactly where your money comes from and goes.

Taking Action:

Separating finances may seem daunting, but it's a worthwhile investment in your business's success. Here's how to get started:

  • Open dedicated accounts: Set up a business bank account and credit card for business transactions. 
  • Track meticulously: Develop a system to meticulously track all business-related costs and deposits.
  • Seek expert guidance: Consider consulting a financial advisor to ensure you maximize the benefits of separate finances and utilize modern financial tools for seamless management. 

We understand the challenges faced by small businesses at every stage of growth. Contact us today at (877) 251-7171 to learn more about our small business products. Let us help you achieve your growth goals.

 

Accounting ,Personal Loan

Summer Slowdown? 3 Creative Marketing Ideas to Keep Your Small Business Top-of-Mind

Summer's here! While the season brings sunshine, vacations, and a slower pace for many, it can also mean a dip in customer traffic for small businesses. But fear not! This summer slowdown doesn't have to spell doom for your sales. With creativity and strategic marketing, you can keep your brand visible and attract new customers during these slower months.

Here are three creative marketing ideas to keep your small business top-of-mind this summer:

1. Host a Summer Social Media Blitz:

Social media is a vibrant and cost-effective way to connect with your audience year-round, and summer offers unique opportunities to create engaging content. Here's how to leverage it:

  • Run a summer photo contest: Encourage user-generated content by hosting a photo contest around a summer theme. Ask customers to share photos using your product at the beach, enjoying a summer activity, or participating in a local event. Offer a prize relevant to your business as an incentive. This not only generates excitement but also expands your reach through user-shared content.
  • Get interactive with polls and Q&A sessions: Use interactive features on social media to spark conversations with your audience. Run polls asking about summer favourites (e.g., ice cream flavours, beach reads, etc.) or host live Q&A sessions with your team to answer customer questions about your products or services.
  • Highlight seasonal products and promotions: Summer is perfect for showcasing seasonal products or limited-edition offers. Run targeted ad campaigns featuring these offerings. Whether it's a new line of summer clothing for your boutique or a refreshing summer drink special for your cafe, social media lets you advertise directly to your target audience.

2. Partner Up for Local Summer Events:

Summer is packed with community events like festivals, farmers markets, and outdoor concerts. Partnering with local businesses or organizations for these events can be a fantastic way to gain exposure and build brand awareness.

  • Co-sponsor a local block party: Collaborate with other businesses in your area to host a block party or community event. This allows you to share a booth or activity space, reaching a wider audience and fostering community.
  • Offer samples or summer-themed treats: If your business lends itself to it, offer free samples or summer-themed treats at local events. This is a fun and memorable way to introduce your brand to potential customers while creating a positive association with summer fun.
  • Volunteer your expertise and support community initiatives: Looking for a way to give back while promoting your brand? Consider volunteering your expertise or offering sponsorships for summer camps, sports leagues, or other initiatives relevant to your target audience. This showcases your commitment to the community and creates goodwill.

3. Revamp Your Email Marketing for Summer Fun:

Email marketing remains a powerful tool for nurturing customer relationships and driving sales. Here's how to breathe new life into your summer email strategy:

  • Create summer-themed email campaigns: Design eye-catching email templates with summer visuals and breezy colours. Offer seasonal promotions, highlight summer-friendly products, or share summer-themed recipes or tips related to your industry.
  • Segment your audience for targeted offers: Segment your email list based on customer preferences. This allows you to send targeted emails featuring products or promotions relevant to their interests. For example, if you sell sporting goods, you could send emails about summer outdoor gear to customers interested in hiking or camping products.
  • Focus on customer engagement and building loyalty: Don't bombard your audience with sales pitches. Use your emails to build relationships. Share engaging content, offer helpful summer tips, or run fun summer-themed quizzes. This keeps your brand at the forefront of their minds and encourages repeat business.

Remember, the key to successful summer marketing is to be creative and strategic and adapt your approach to the season. By implementing these ideas and staying active online and in your community, you can turn the summer slowdown into an opportunity to connect with new customers, boost brand loyalty, and keep your small business thriving all season long! 

 

Marketing

5 Cost-Effective Strategies to Scale Your Canadian Small Business

Congratulations! You've built a thriving small business. But with success comes the exciting (and sometimes daunting) question: Is it time to grow? This guide explores the signs your business is ready for expansion and offers 5 cost-effective strategies to achieve it, all while keeping your finances in check.

Why Grow Your Business?

The definition of success varies greatly between businesses. Some prioritize revenue, while others focus on community impact. Regardless of your goals, a thriving small business is a strong indicator of potential for growth. Here are some key reasons to consider scaling your operations:

  • Demand: Are you struggling to meet increasing customer demand for your products or services? Expanding your capacity through additional staff or inventory can help.
  • Profit: Healthy profits allow you to reinvest in growth initiatives. Analyze your current profit margins to determine if expansion is financially viable.
  • Longevity: Many businesses strive for long-term success. Consider how growth will impact your business's sustainability and future potential.

Is Your Canadian Business Ready to Expand?

Here are some key factors to consider before taking the leap:

  • Growing Team: A growing team suggests your business is handling an increased workload. Hiring additional staff is a clear sign you're ready to handle more.
  • Unable to Meet Demand: Are you turning away customers due to limited capacity? If so, this indicates a need for expansion to capitalize on existing demand.
  • Abundant Cash and Financial Stability: While increased revenue is a positive sign, it's not the only factor. Analyze your overall financial health to ensure expansion won't strain your resources.
  • Meeting or Exceeding Business Goals: Surpassing your existing goals demonstrates a successful business model. Scaling your operations can help you achieve even greater success.
  • Too Much Space or Resources: Are you finding yourself with unused space or underutilized resources? This could be a sign you're ready to expand your product offerings or customer base.
  • Intuition: Sometimes, your gut feeling is the best indicator. Trust your instincts alongside the data if you feel strongly about scaling your business.

5 Cost-Effective Strategies to Grow Your Canadian Business

Growth doesn't have to break the bank. Here are 10 ways to achieve sustainable business expansion without overspending:

  1. Start with a Growth Business Plan: Don't jump in blindly. Create a roadmap outlining your specific growth goals and strategies. Revisit your original business plan and adapt it to reflect your new ambitions.
  2. Do Your Research: Educate yourself on Canadian industry trends and competitor strategies. Talk to other entrepreneurs who have successfully scaled their businesses. By gathering information, you can avoid costly mistakes and make informed decisions. 
  3. Nurture Your Existing Customers: Loyal customers are your most valuable asset. Prioritize excellent customer service and implement strategies to retain their business.
  4. Leverage Social Media: Build a strong social media presence to connect with potential customers organically. Utilize free social media tools to create engaging content and interact with your audience.
  5. Automate Tasks: Free up valuable time and resources by automating repetitive tasks. Explore cost-effective automation tools that streamline processes like scheduling, payroll, and data management.

Focus on What Matters Most: Growing Your Business

Running a Canadian small business requires dedication on many fronts. When it comes to growth, securing the right financing can be a major hurdle. At iCapital, we help you overcome this hurdle and free you to focus on what matters most: Growing your business.

iCapital: Fast Funding for Canadian Businesses

Get approved in 24 hours and fuel your growth with iCapital's streamlined financing solutions. Choose from flexible options like Term Loans, Recurring Term Loans, and Secured Business Loans – all with transparent fees. Apply online in minutes and get started today.

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