‘Management’

Logo Design Works is at cross roads now. We have stayed small for a very long time and offered personalized logo design services to clients from all over the world. Even though this meant we could not take on too many logo design projects, it allowed us to be in control of the process and the deliverable that we offered our customers.

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Finding good people to populate your small business or startup is crucial. Without a pool of sharp, productive workers, your business is doomed. Payroll is one of your biggest ongoing expenses. This whole area of human resources is full of hidden opportunity costs as well as the hidden expenses of losing a key worker. You must not only find suitable candidates, you must be able to attract them to the point where they choose to work for you. Only then does the really hard work begin of retaining your most valuable people.

Business owners are naturally attracted to younger workers, even fresh graduates. After all, they have a fresh education and it’s possible to get productive results based on sheer talent rather than experience, which costs more.

On the other hand, the more experienced you become, the more you realize how valuable it is. As the bulging baby-boomer workforce ages, yes, they are older, but by now, they have acquired 20 to 40 years of experience. Here is an excellent article that makes the case for considering mature workers for employment in your company. Sure, there’s a fine line between “mature” and “geezer,” but many companies discount recruiting older workers because they think hiring the experience is too expensive. But, when you take a closer look, you just might want to reconsider your priorities.

Risk is an essential part of running a business. It can make your dreams come true but it can also shatter it if you are not careful. A new study shows that successful entrepreneurs are more likely to take risks.

Some 60 per cent of those with assets of more than $1 million said a high appetite for risk had been a big influence in generating their wealth, compared with 36 per cent of those with less than $1 million of assets.

Given that risk is all around us, you should learn how to take calculate your chances of survival in this game. Here are some of the things you need to consider:

1. Look before you leap. Research about the risk you are about to take and consult with experts in the field to gather more information. The more you know the better your chances of survival.
2. Have a Backup Plan. Because there are different ways to solve a problem, you should have an alternative plan in case things will go out of hand.
3. Rank the risks. If you are taking several risks, you should prioritize which one to tackle first. A good measure is to consider the consequences of each scenario and the probability of it happening. However, this is a very tricky method because it’s difficult to avoid subjective opinions.

Some entrepreneurs are afraid to take bigger challenges because they can’t handle the idea of failing. To make matters worse, some say “no” even without even trying. In case you are in this same situation, you might want to do some attitude adjustment. Here’s how:

1. Impossible is Nothing. This famous Adidas advertising slogan is the first step towards better attitude. When faced with a difficult task, you should not give up easily. Explore your options and ask other people for advice.
2. Think big. You should start a business with the dream of becoming a big company in the long run. Combining your think-big mindset and hard work, you can take on challenging projects without fear.
3. Prepare all the time. Instead of dreaming of overnight success, start sharpening your skills and learning new ones. When the big opportunity knocks on your door, you are more than prepared to seize it.
4. Focus on your strengths. Some entrepreneurs spend their time focusing on their weaknesses until they reached a point where they can no longer appreciate their strengths. Find your key skills and learn how to use it to your advantage.

There are many temptations hindering the success of small businesses across the globe. These are the things we should not do but for some reason, many entrepreneurs keep doing it. Here are some of the fatal temptations in running a small business.

1. Cutting corners. Some entrepreneurs offer substandard products or poor service just to minimize expenses. They are tempted to buy cheap raw materials or accept bargain deals without regard to quality.
2. Forgetting the basics. Every business has essential parts like special equipment, unique business skills, or secret formula. However, we sometimes take these things for granted because we focus on new but less significant matters.
3. Listening to everybody. Starting a business can be very confusing so we solicit advice from experts in different fields like finance, accounting logos, marketing and leadership. Although there is nothing wrong with that, we should learn to evaluate every advice and uncover any hidden agenda if there’s any.
4. Not assessing your business skills. There are some entrepreneurs who believe that common sense and luck are the main ingredients of success. It is important to know your limitations so you can identify what skills to work on and the people you need to hire.