1. Pay your interns. Though the rules have been on the books for more than six decades, most unpaid internships run afoul of the laws set by the Department of Labor. If your internship program doesn't fit the six criteria necessary for a legal unpaid internship, you could face the risk of being sued by past or present interns for back wages. (From "The Internship Mistake Small Businesses Can No Longer Afford to Make," by Anthonia Akitunde)
2. Build a safety margin. Rapid growth may seem like a blessing to small-business owners, but it can also be a company's undoing if they're not prepared for the changes that come with it. Course correcting and making necessary changes are easier when companies are small, but as you grow, they can have a potentially damaging impact on your business. "Before making a change you need to map out how to make the change, how to communicate it to stakeholders and, most importantly, how much it will cost," advises OPEN Forum contributor Mike Periu. (From "Thought the First Million Was Tough? The Second Million Could Kill Your Business," by Mike Periu)
3. Customize your job descriptions. An average, boilerplate job descriptions will attract average candidates. Show your company culture and attract the kind of worker you want by crafting a job listing that shows your brand's personality and goes beyond listing your ideal candidate's qualifications and job requirements. (From "4 Ways to Recruit the Best People to Power Your Brand," by Erika Napoletano)
4. Go mobile with tracking your business expenses. It's easy to leave the boring work of tracking and documenting your expenses to the last minute (hello, tax season!), but there are several mobile apps that let you log your expenses quickly and easily. Take Concur Mobile for example. Perfect for companies with lots of travel expenses, this app lets you create detailed expense reports and imports charges from your credit card automatically. (From "7 Personal Habits That Can Instantly Turn Off Business Colleagues," by Geoff Williams)
5. Know your company's long-term vision. Knowing where your company plans to be in the future helps to orient not only you, but your team, writes OPEN Forum contributor Vivian Giang. "Without vision, the team can be disoriented; it’s difficult for everyone to understand their purpose and understand certain decisions without seeing the complete picture." (From "The 7 Different Views You Need To Have When Running A Company," by Vivian Giang)
6. Find positive value in your existing job. If quitting your job to start your own company isn't a possibility just yet, try to think of your existing job as a means to an end. See if there's anyway to learn skills that are applicable to the business you want to start, or if there are opportunities to add value to your current employer using skills you hope to grow through your company. (From "Should You Really Quit Your Job to Start a Business?", by Shawn Porat)
7. Plan ahead for the newest social media platforms. Social media is becoming increasingly mobile—even Facebook is changing its strategy to unbundle its app into several different mobile services. Nextt, Pheed and Spayce are three social media platforms that are mobile first, and may provide interesting business opportunities for savvy entrepreneurs. (From "3 New Social Media Platforms That Could Change the Way You Do Business," by Danny Brown)
8. Use relief in your branding. Connect with current and future clients by homing in on what the emotional benefit is to working with you. "Your brand deserves messaging that speaks to the needs your customers have and how you can make them feel better," writes OPEN Forum contributor Erika Napoletano. (From "The Dr. Feelgood Guide to Creating Powerful Brand Messaging," by Erika Napoletano)
9. Create a customer loyalty program. Improve your business' cash flow by encouraging your existing customers to use your services more—and rewarding them in the process. "If you're continually selling to repeat customers," writes Denise O'Berry, "then your cost to acquire a new customer is reduced. According to Kinesis, depending on the industry you're in, a 5 percent increase in customer loyalty can translate into a 25 to 85 percent increase in profits." Who doesn't love that? (From "The Smart System That Can Help You Regulate Cash Flow," by Denise O'Berry)
10. Change how you monitor your business. Bank statements are not a great way to tell if your business is doing well. Using a few simple calculations, you can get a sense of how much your making and predict future growth, writes small-business consultant Mike Michalowicz. " If you divide income after expenses by total sales, you get an idea of what percentage of every dollar a company keeps—basically, the profitability of a company. " (From "8 Money Metrics for Monitoring the Health of Your Business," by Mike Michalowicz)
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