Running a business doesn’t just require good ideas, solid leadership ability, and hard work: It also requires a great team. A successful entrepreneur knows that the key to building such an exceptional team is bringing together a diverse set of talented individuals who share a common goal.
A successful entrepreneur must be able to spot the best talent for their business, regardless of their background or experience level. After all, the quality of their hiring decisions will have a direct impact on each department and on their company’s overall success.
With that in mind, here are the 6 key traits of a successfully operated business that will attract the very best of the best.
1. An Efficient Payroll
The payroll is one of the most important aspects of running a business. A company’s payroll department is responsible for managing employee earnings and deductions, as well as providing benefits such as health insurance, retirement savings plans, and more.
If appropriate measures are not taken, inefficient payroll systems can lead to frustrated workers, missed deadlines, and poor customer service. A poorly designed system may also present legal risks for the company, especially if it lacks sufficient expertise to ensure compliance with local and federal regulations. Furthermore, a poorly designed system can be difficult to use, which creates extra work for payroll administrators and can lead to mistakes that could have been avoided had the system been more user-friendly.
An effective payroll system should include:
- Payroll software that automates the process and reduces errors
- A clear and easy-to-navigate user interface that permits employees to access and edit their information if necessary
- Easy integration with other systems like human resources software and accounting systems so that the payroll can be easily exported to other applications as needed.
- Automated tax deductions for state and federal taxes.
Using these measures, it’s possible to create payroll solutions that are easy to use, accessible by employees on the go, and capable of reducing the amount of work that needs to be done by HR professionals.
The payroll is a necessary part of running a business, though it can, unfortunately, be a headache for companies that don’t have the time or resources to handle it internally. In such situations, working with an outside party like Resourcing Edge to handle the payroll can be a great way to reduce the load on business operations and increase efficiency.
2. Enticing Benefits
Offering good benefits to employees is a great way for business owners to show that they care about the people who work for them. Entrepreneurs might also be able to get more out of their employees if they are happy with their jobs and feel like they’re getting something in return for their hard work.
Moreover, offering benefits can help attract and retain top-level talent, as offering better benefits can help companies stand out from the competition. For example, if a company offers a generous health plan, its employees may be less likely to leave their jobs in order to go somewhere else that offers better benefits.
The following are some benefits that business owners can consider offering:
- Health Insurance: Health insurance is one of the most important benefits a business can offer employees, as it helps to ensure that they are taken care of in case they get sick or injured.
- Dental Insurance: Dental care is often expensive and difficult for patients to afford, which makes it very attractive as part of an employee benefits package.
- Life Insurance: Life insurance provides financial protection for employees and their families in the event of death or total disability.
- Retirement Plans: Retirement planning is something that many people don’t think about until they are close to retirement. Still, it is never too early to start, and matched 401(k) or similar plans are a great way to help employees save for retirement.
- Flexible Work Schedules: Employees who can work remotely or choose their own schedules are often more engaged at work and less likely to leave the company.
- Employee Discounts or Perks: Employee discounts can be a great way to make employees feel appreciated while also providing them with the opportunity to save money on things they need.
Not every company can afford the most robust benefits options, of course, but even the smallest of companies can offer something to make their employees feel valued. The key is to make sure that the benefits offered are valuable to employees. Businesses with such offerings can set themselves apart from the competition and make their employees feel appreciated.
3. Strong Compliance Measures
Compliance means being aware of all applicable laws, rules, and regulations that apply to business operations. Businesses should be familiar with how these laws affect their operations, as well as the products and services offered by the company. They need to know how to comply with these laws in order to avoid any issues that may arise from non-compliance.
Without effective compliance measures, businesses are likely to come under fire from regulators. This can lead to fines, legal fees, loss of customers, and other consequences that can hurt a business’s reputation and bottom line. Over time, companies that are non-compliant may find themselves totally unable to operate effectively.
To avoid this grim outcome, compliance teams must emphasize:
- Regular risk assessments, which include internal audits, external audits, and penetration testing
- A system of checks and balances that requires multiple parties to sign off on major actions or decisions
- Strong security measures across all systems and data sources to prevent hacking attempts, data breaches, or other cyberattacks
Prioritizing compliance means being proactive. Businesses should be aware of the regulations that apply to their industry. This is particularly important for businesses in highly regulated industries like the finance, healthcare, and manufacturing sectors.
In addition, businesses should have a plan in place for reporting incidents and responding to data breaches. This includes knowing who to contact in the event of a breach and how to notify them as quickly as possible.
Some companies outsource their compliance efforts to third-party consultants or agencies. These professionals can provide a wide range of services, including legal advice, training, and other support that ensures businesses comply with regulations.
4. Modern Technology Systems
Tech is another key trait of a successfully operated business because it provides tools that make running the company easier and more efficient. Examples include accounting software, customer relationship management software (CRM), inventory management systems (IMS), and more.
Keep in mind, though, that businesses that rely heavily on technology must have an effective network infrastructure in place to ensure that employees can access the right information. They also need to make sure they have the right level of protection against cyber threats such as malware, ransomware, and phishing attacks.
Key elements for business owners to consider include:
- Seamless integration with other network systems. The ideal software solutions work side-by-side with other systems in place without causing any issues. Seamless integration ensures that data can be shared and accessed easily, which is essential for efficient business operations.
- Regular maintenance and updates. Software needs to be updated and maintained regularly to ensure that it works correctly. Every business should also have a disaster recovery plan in case of any unforeseen circumstances such as natural disasters or hacking attempts.
- Data security protection. Businesses must take steps to ensure that their networks are secure and able to withstand cyber attacks. They also need to ensure that their employees are taught the latest best practices for preventing malware and other threats from infecting the system.
- Continued education regarding industry trends. Since technology is constantly evolving, it is important to stay on top of the latest developments in the industry. A business owner can take advantage of this by attending events such as conferences and seminars, reading industry publications, and engaging with other professionals in the field.
With all this in mind, businesses should think carefully about the type of technology they choose to implement. Consulting with an IT professional can help businesses make more informed decisions about their technological needs.
5. Sympathetic Human Resources
In order for a company to be successful and grow, it must be able to attract and retain talented employees who are committed to its mission and vision. This falls under the purview of a company’s HR team.
The first step toward creating a successful workforce is hiring managers who can effectively communicate with their staff. This includes not just being able to communicate with employees but also being able to communicate with peers, superiors, or other departments within an organization.
Another important aspect of human resources is training. Training helps employees develop skills necessary for them to do their job properly and efficiently. Training can involve written materials or hands-on learning opportunities, such as workshops or seminars, where employees can learn from experts in the field.
Human resources professionals also help companies develop policies and procedures that guide employees’ behavior in the workplace. These policies can include topics such as how to deal with sexual harassment, discrimination, and other types of misconduct within the company. This can help companies minimize legal liability if an incident should ever occur.
The qualities that distinguish a successful HR team include things like:
- Being able to communicate well with the rest of the organization
- Being able to relate well with others and understand their needs
- Knowing how to make decisions that are in the best interest of both employees and management
- Understanding how to work well with a diverse group of people
- Having good problem-solving skills and being able to find solutions when problems arise
- Having leadership qualities that will help them motivate others
6. Organized Recruiting
Recruiting is the process of finding and selecting the right candidates for a job opening. It’s a crucial part of keeping any business running smoothly, but it can also be one of the most difficult and time-consuming tasks for a business to manage.
It’s about more than just posting a position on a website or filling out an application form — effective recruiting means actively searching for candidates who fit a company’s culture and requirements, then identifying those who are the best fit for each position.
It’s a time-consuming and difficult process, but it can be broken down into 3 main stages:
- Pre-Recruitment: This stage involves identifying what skills and qualifications a business should prioritize while it is recruiting. This also involves researching the current labor market and industry standards.
- Screening: This stage involves filtering out or selecting candidates based on their qualifications, experience, and work history. This can be done through a variety of methods, including telephone interviews, in-person meetings, video calls, and more.
- Hiring: Once a candidate has been found, it’s time to make an offer. This stage involves negotiating salary, benefits, and other factors that can help determine whether a candidate is right for the job.
Onboarding new employees can be a challenge, so it’s important to find ways to make the transition from candidate to employee as smooth as possible. This includes providing training and support, as well as helping the new member feel like part of the team.
High-quality HR teams can help companies avoid the pitfalls of hiring and onboarding new employees.
Successfully Operating a Business Is a Team Effort
A company is only as good as the people working for it, while a great team can do wonders for any business. With every department working together to achieve a similar goal, a company can accomplish more than it ever thought possible.
To achieve this, successful businesses must first align their many departments, from payroll to recruiting, under one unified vision. In order to do this, businesses may need a reliable partner who can help them find the right people in a timely fashion. Resourcing Edge can be that partner.
Resourcing Edge is a leading provider of human capital management solutions. We help companies find, hire, and manage the best people for their teams, helping them with the payroll, human resources, and more. Contact one of our representatives to learn more about how Resourcing Edge can help your business succeed.
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