I’ve been associated with enough startups and small or medium-sized enterprises in my lifetime to know what they want. What they want in terms of their employees, in terms of future growth, and in terms of the kind of capital they are willing to invest.
Through personal experience, and through talking to similar and like-minded people, I have come to understand and appreciate the unique challenges all SMEs face and must deal with. Limited resources, big ambitions. I think that’s how one can safely put it.
One of the ways most SMEs cut costs (or rather, save capital) is by allowing employees to work remotely. Maybe from home. Maybe from a cafe. Maybe even another country. Why do they do that? Mostly to avoid renting or investing in an office space. Cheap? I don’t think so.
Given the state of the internet and given how seamlessly interconnected everything and everyone is to each other, working remotely (and thus diverting this saved capital to other, more useful resources, like acquiring top talent) just makes a whole lot of sense.
A nifty analogy can be drawn between the driving principle behind this, and how lost cost carriers function—strip away what is extraneous and just focus on the bare minimum, ensuring that that is adequately covered.
The flipside of this cost efficient way of working, however, are the various issues and insecurities which come in to play as soon as the words “remote” and “working” are put together. The presence of these fears and insecurities not only hamper the freedom with which people work, but can also lead to a toxic work environment.
In short, not really ideal for that little dynamite of an enterprise your business can be. Keeping all this in mind, I decided to draw up a list of 8 of the top work from home misconceptions I have come across in my lifetime. I have tried to cover the problem from all angles, and also give workable solutions you can put in place to ensure that your enterprise doesn’t suffer the way some of the startups I have been associated with suffered.
1. Remote Workers Will Have No Fixed Timings
Whenever I tell my friends that I can’t go on that pub crawl with them because I have to wake up early the next day to work, they give me an extremely bemused, judgmental look. They know that I work from home. Even their look knows that. To me, that look seems to be saying, “You work from home. How does it matter what time you wake up to work?”
Shockingly enough, this is a very common question all remote workers get asked. Maybe, their friends/families might be more explicit with this question. But trust me, as soon as someone hears “work from home”, it is all but implied that the person doing the working from home doesn’t really have any fixed hours.
Wake up whenever, work whenever. Maybe even pop out for a three-hour long movie in between. Why? Because you aren’t really in an office space. You don’t really have any HR manager to be answerable to.
I can safely say from my experience that all this is complete and utter rot. Working from home doesn’t really imply flexible work hours. After all, as a team, I must ensure that I am online and working when the rest of my team members are online. My team members, my work, and especially my clients, all have fixed deadlines and time slots. This means that even though I’m not answerable to an HR manager, I am answerable to all these stakeholders in my work, and I have to respect their time.
This problem becomes amplified if the manager or team lead has this very same flexible work hours misgiving stuck in his/her head. Some managers, when faced with such a misgiving, can enforce suffocating and unrealistic restrictions and conditions to the remote working team. Maybe even force the top management to rent an office space just so that they can keep an eye on their respective team and ensure no one is taking liberties. Needless to say, such misgivings defeat the entire intent behind having remote workers.
Another way in which the flexible working hours philosophy can backfire is if the workers themselves start to take liberties and work begins to suffer. Fortunately, the solution to both these facets is the same—hire like minded, self motivated people. Be it managers, or remote workers, till the time everyone is not completely on board with the idea of working from home, and till the time everyone doesn’t respect this arrangement, no good can come out of it. No amount of monitoring of coercing from the part of top management can stem the rot once it sets in.
2. Remote Workers Will Be on Facebook All Day
I really don’t need to remind everyone about just how big a resource drain Facebook really is. I mean, there’s a reason why most big companies and multinational corporations have internet firewalls, right? Facebook, the productivity killer. Facebook, the black hole. And so on, and so forth.
So it just makes sense to be scared about your workers just whiling away their time on social media when they’re working from home (and without Big Brother’s eye on them). Right? Right?
Wrong. Irrespective of where people are working, they are still going to spend the same time on Facebook and other social media. I first came across this neat little statement somewhere on the internet (I was just trying to reassure myself that I wasn’t being a bad employee when I logged on to Facebook while working from home). But honestly, that really couldn’t be right, could it? Not everything found in the vast expanses of the interwebs is right, right?
Yeah…even I had those doubts. So I decided to run a little test. I downloaded this app called RescueTime. You can also download it from rescuetime.com. Just sign up, download a tiny program for all your laptops/desktops and mobile devices, et voila!
You can figure out exactly where your time is going. Be it your browsing history, or a history of what programs you used while on your laptop/mobile device, this nifty program captures everything. Captures everything, and organizes it into neat little reports. A very convenient dashboard lets your configure what websites/programs you find “productive” and what are a “distraction”. Thankfully, it automatically takes social media sites like Facebook, Twitter et all under a separate “Social Networking” category. Which it rates as “very distracting”.
So anyway. I installed this on all my devices and tracked my data. I think I began doing this way back in December 2013. The first couple of weeks, I was conscious enough to look at my reports each day, and try and correct certain behaviors (like spending too much time in front of the laptop).
From perhaps mid-January or early February, I just started working on auto-pilot, not even looking at the weekly report summary mail I get from RescueTime. Basically, not really bothering about where my time was going or how productive I was being. What I found out was pretty much consistent with what I had read online. Through the entire spread of data, irrespective of where I was working from, on a typical work day, I was spending around 11%-15% of my time on various social networking sites.
And funnily enough, this number was closer to 15% when I was working from office. What this neat little test proved to me was that whether working from home, or working from office, I needed me some social media entertainment as a break from mundane ole work.
But what about artificial restrictions one might come across in office. Like a firewall blocking all social media and video streaming websites? Well in that case, your workers are bound to take a break by doing some other things.
Frankly, there is only so much productivity even the best managers can squeeze out from their employees. Everyone needs a break, or a distraction. If not social media, that distraction might be gossiping with a fellow worker in the office. So really, the argument that work from home employees spend more time on social media is misguided, at best.
3. Remote Workers Will Get Less Work Done
This is another of those time management arguments most micromanagers employ. Again, the belief stems from the lack of trust they display towards their coworkers. Just because they can’t see them working, means that they aren’t working.
Terms like “productivity” are brought into the mix, without actually recognizing that such arguments might, just might, be outdated. And really, when it is productivity which is being questioned, no organization is ever going to say anything to the contrary.
Except. Except that the good people over at RSA Animate have a pretty neat video detailing, and disagreeing with this very sentiment (if you aren’t already following them, you really need to head over to YouTube and follow them right away. Their animated videos, ranging on topics as varied as economics and organizational behavior are a treat).
Based on a talk by Dave Coplin, Chief Envisioning Officer at Microsoft, the video details what might be possible if organizations—no matter whether SMEs, or MNCs—embrace the full and empowering potential of today’s technology to really inculcate an open, innovative and flexible work culture within their organizations.
I will really let the beautiful and insightful video do that talking for this one.
4. Remote Workers Are Never Going to Come to Office
Ok so maybe you started out from somebody’s garage. Maybe, in those days of thrift and limited space, you let people work from home or work remotely. Maybe, everything went well for you, and today you’re an organization of some scale, and many of your original employees have still stuck around with you.
Maybe now liberated of the past resource crunch, your new HR policy makes it mandatory for employees to come to the office. But the trouble now is that your original employees don’t want to ever come to office because they’re too used to, and too comfortable in, working from home. What do you do now?
Firstly, the very notion that employees will never come to office is a very misleading one. Business is built around face-to-face interaction. If not all day, every single day, then at least for internal and external meetings, reviews, or a myriad of other tasks. It could be even for something as random as, perhaps, looking at, and interacting with, another human being.
For all its supposed perks, working from home (at least in my experience) can be a pretty lonely task. And, frankly, most of your founding employees will recognize this better than most.
While crafting a new HR policy, it should also be examined what the need for change in remote working policy is. Is it so that your managers can micromanage easily? Is it because tasks are not being done and deadlines aren’t being met? If it’s these two, then the problem might be more serious.
As detailed above, no change in work from home policy is going to squeeze out more “productivity” from an underperforming employee/team. Rather than changing the HR policy, it might be worth the effort to reprimand the team, or to replace it entirely.
If the change stems more from the joy of actually sharing the organization’s “own” space, and thus boosting morale, and trust in the company, then maybe a gradual change in policy might work better.
Most employees, upon seeing the company grow into its own office space, would be pretty pumped to maybe explore the space. And just like that, like caged animals being released into the wild, after a period of acclimatization, they are bound to adopt the new office space as their very own. In the world of HR, ultimately, intentionality counts for a whole lot more than the rule.
5. Remote Workers Can Never Communicate and Collaborate
So wait. All your employees are scattered. Maybe in the same city, maybe in different cities, maybe even in different continents. How do you set about communicating with such a team? How do you ensure that everyone is on the same page, and working all guns blazing?
In a regular brick and mortar office, it is very easy to talk to employees and see what they’re up to. It is very easy to get paperwork done. Any meeting can be scheduled at a moment’s notice, provided the conference room is free. How do you accomplish all this when your team is scattered all over the place?
Wake up, honey. You live in the digital age. Yep, it might take some extra effort, but working as a virtual team isn’t impossible anymore. All you need is a decent internet connection, and a properly defined workflow. After that, the likes of Skype, Google Drive et all can very much take care of various collaboration tasks.
A project, no matter its size, can easily be managed via Basecamp. Files can be accessed off a common Google Drive. A shared Google Calendar makes it easy to schedule meetings. Virtual meetings can be had over Skype, or over Cisco’s WebEx service (for the more sophisticated).
Increasingly, software giants are recognizing the need for software tuned towards online collaboration. Hence, you have Google’s array of trendsetting online presentation, spreadsheet and word processor software. Microsoft has followed suit with its Office 365 initiative. Even Apple is making a major push towards cloud storage and cloud software. The intention behind this is the same—to make virtual collaborations easier.
6. Remote Workers Destroy (or Hamper) Company Culture
Most people tell you that an office is more than just a workplace. It is also a place where fun is had, where insightful and/or delightful chatter is heard. And, it is these interpersonal interactions which set up a company’s culture as much as the top management’s efforts, and various HR policies and initiatives.
While it is true that culture stems from camaraderie and understanding between employees too, it is somewhat naïve to assume that such bonds can only be forged within the confines of an office space.
For what it is worth, it should be noted that real bonds are formed outside of the office, over that after-work beer, while watching a game on the pub telly. Which is why company outings are considered so important. More than a means to break the monotony, they are an attempt to get employees to forge informal bonds, which can be carried into the workspace, thus enriching the company culture and enlivening the office space. An entrepreneur should have the drive, ambition, planning, and courage to actualize their dreams. For help planning business trip details utilize the help of workforce mobility solutions specailists.
In today’s world, where Facebook friends are just as close as physical friends, concerns over company culture being eroded because of remote workers seem archaic. Smart phones exist, and people are readily reachable. Throw in some alcohol, and employees are more than willing to make a reasonable trek to chill with their office buddies.
In fact, by taking away the pressure cooker situation created by having a cramped office space, where tempers run high, and people are easily rubbed the wrong way, employees have a better chance of forming strong bonds with each other, and thus enriching company culture.
7. Remote Workers Can’t Brainstorm
Again, the supposition is that the best brainstorming sessions are had while sitting on the office beanbag, in the office conference room, with all your other co-workers also present there. There’s something about the setting which is supposed to fire the neurons into thinking, and come up with some worthy ideas. Surely, replicating such a setting with remote workers would be nigh on impossible, right?
How about, no. With the myriad virtual collaboration tools and apps I already talked about, no brainstorming session is impossible. Just.me enabled Skype session can easily replicate the face-to-face interactions of brainstorming sessions of yore.
In fact, an argument can be made about employees being more liberated, and thus, more open, while on a virtual brainstorming session. Why? Because sitting in their own private and familiar space gives a sense of comfort no office will be able to replicate. Also, talking from personal experience, I tend to feel more liberated while talking to someone online than face-to-face.
There is something very very liberating about the facelessness of the internet. It is only amplified in my case because of certain behavioral characteristics I have. It is not just me, however, who feels this way. Research conducted into the addictiveness of the internet also concluded that young adults tend to feel more confident online.
8. Remote Working Isn’t Safe
Let’s face it. We live in a post-cyber terrorism world. Hackers and snoopers abound. Data on the cloud isn’t really safe. The likes of Anonymous and the Syrian Electronic Army can bring you down, no matter who you are. Obama, Microsoft and BBC News have all been brought to their knees just by these two big groups. So really, how safe is working on the cloud?
No matter how hyped up these attacks are, their frequency is still pretty low. These big hacking groups only go after targets on ideological grounds. So, really, until you do something really nasty to irritate these groups (like, say, threaten Syria), they really aren’t coming after you.
Also, with a couple of natty and knowing precautionary measures, you can ensure that your data is for your eyes only. Set up proper security protocols. For instance, Google requires all remote workers to go through a series of hoops, including (but not limited to) calling up an automated, centralized number for a one time password, before they are allowed to log in.
Most likely, your SME would not require such advanced and sophisticated measures to ensure the safety of its data. In all likelihood, and speaking very practically, an in-house server to store data, and the safeguards already built into Google Drive and its ilk should be sufficient for you.
While working from home and remote working pose many challenges and risks, the benefits far outweigh the downside. All that is required for a remote working policy to succeed is a well aligned and focused management and staff. Between them, they can define enough protocols, goals and targets to ensure that the company’s two biggest objective—deadlines being honored, and bottom lines growing—are met without much hassle.
Achieving Net Zero Emissions Cost-Effective Strategies for Businesses
In the face of escalating climate concerns and growing consumer demand for sustainability, achieving net zero emissions has become a paramount goal for businesses worldwide. The term “net zero emissions” refers to the state where an entity balances the amount of greenhouse gases it emits with the amount removed from the atmosphere. While it might seem like an expensive endeavor, there are ways for businesses to get zero emissions without spending too much. This article will explore various strategies that can help companies cost-effectively reduce their carbon footprint.
Energy Efficiency Upgrades
One of the most effective ways for businesses to work towards net zero emissions is by investing in energy efficiency upgrades. These upgrades include replacing old, inefficient lighting with LED fixtures, improving insulation, and optimizing heating, ventilation, and air conditioning (HVAC) systems. While an initial cost is involved, the long-term savings on energy bills can quickly offset the investment.
Additionally, governments and local authorities often offer incentives and tax credits for businesses implementing energy-efficient measures. These incentives can further reduce the financial burden, making it an attractive option for companies of all sizes.
Switch to Renewable Energy Sources
Transitioning to renewable energy sources is a significant step toward achieving net zero emissions. Solar panels, wind turbines, and hydropower are sustainable alternatives to fossil fuels that can power business operations while drastically reducing carbon emissions.
Many regions now have favorable regulations and subsidies to encourage businesses to adopt renewable energy sources. Companies can cut their reliance on fossil fuels without breaking the bank by taking advantage of these incentives.
Carbon Offsetting Programs
While businesses strive to minimize their carbon emissions, it is often challenging to eliminate them. Carbon offsetting programs allow companies to invest in projects that capture or reduce greenhouse gas emissions elsewhere, effectively balancing their emissions.
Participating in such programs can be cost-effective to achieve net zero emissions. Businesses can support initiatives like reforestation, renewable energy projects, or methane capture from landfills. These contributions help combat climate change and enhance a company’s sustainability profile.
For many businesses, transportation is a significant source of emissions. Companies can explore sustainable transportation options such as electric vehicles (EVs) for their fleets to reduce their carbon footprint. While the upfront cost of EVs might be higher than traditional vehicles, the long-term savings on fuel and maintenance can make them a cost-effective choice.
Businesses can also encourage employees to use public transportation, carpool, or work remotely, reducing the need for commuting and associated emissions.
Waste Reduction and Recycling
Efforts to achieve net zero emissions should extend beyond energy consumption and transportation. Reducing waste and increasing recycling can significantly contribute to sustainability goals. Businesses can lower their overall environmental impact by implementing waste reduction programs and encouraging recycling within the organization.
Recycling programs can often generate additional revenue by selling recyclable materials, further offsetting costs.
Engaging employees in sustainability initiatives can be a powerful tool for businesses. Employees can contribute ideas, adopt eco-friendly practices, and become advocates for sustainability within the company. Employee-driven initiatives, such as energy-saving competitions or volunteer environmental projects, can foster a culture of sustainability without significant financial investment.
Achieving net zero emissions is a crucial objective for businesses in today’s environmentally conscious world. While it may seem daunting at first, companies can implement numerous cost-effective strategies to reduce their carbon footprint. Energy efficiency upgrades, renewable energy adoption, carbon offsetting, sustainable transportation, waste reduction, and employee engagement are all viable ways for businesses to get zero emissions without spending too much. By taking these steps, businesses can protect the planet, enhance their brand reputation, and ensure long-term sustainability in an increasingly eco-conscious marketplace.
Maximizing Profits and Minimizing Risks: Financial Strategies for Emerging Entrepreneurs
In today’s fast-paced business landscape, emerging entrepreneurs are facing a large number and unique set of challenges and opportunities. As you embark on the entrepreneurial journey, you must navigate the complex terrain of financial decisions and investments. Research on passion investments has shed light on the critical aspect of entrepreneurial finance that has the potential to impact profitability and risk management significantly. In this article, I will help you explore the financial strategies that emerging entrepreneurs can employ to maximize profits while minimizing risks, with a particular focus on the intriguing world of passion investments.
Emerging entrepreneurs often find themselves in a tight spot. Being new to the fore, it is important to balance the need to grow businesses with the necessity of safeguarding your financial stability. This delicate dance requires a keen understanding of various financial tools and strategies. By incorporating insights from the research on passion investments into your financial planning, you, as an entrepreneur, can gain a competitive edge. As passion investments continue to gain popularity, the ability to pinpoint a valuable asset could enhance your overall strategy. Now, let us delve into the strategies and insights that can help you, being an emerging entrepreneur, thrive in the world of business.
The Importance of Diversification
One of the fundamental principles of financial strategy for you being an emerging entrepreneur is diversification. Diversifying investments across different asset classes can help you mitigate risk while potentially increasing overall returns. This strategy is well supported by research on passion investment. Passion research shows that entrepreneurs who allocate a portion of their portfolio to assets they are passionate about tend to have a more resilient and balanced approach to financial management.
Strategic Allocation of Capital
Another key aspect of financial planning for emerging entrepreneurs is the strategic allocation of capital. This involves determining how much capital to allocate to different investments, projects, and operational expenses. According to Passion Investment, entrepreneurs who strategically allocate their capital, considering their passion investments alongside traditional assets, are more likely to achieve long-term financial success. So it is advisable that you, being an emerging entrepreneur, devise this strategy as this will help you have a secure investment and minimize the risk.
In short, strategic allocation of capital means judicious and just allocation of resources in such a way that it can be better utilized in a systematic way, thereby avoiding haphazard utilization.
The Role of Passion Investments
Passion investments, as highlighted by recent research, encompass a wide range of assets that entrepreneurs are deeply passionate about. These can include investments in art, collectibles, real estate, or even startups in industries that are close to your heart. The allure of passion investments lies not only in your potential for financial returns but also in the personal fulfillment that comes along. So, the options are many. In the field that you can opt for numerous, all you need to do is find the right investment and kick in the right path.
By incorporating passion investments into your financial strategy, you can achieve several objectives as an emerging entrepreneur. First and foremost, such investments allow you to pursue your passions while potentially generating returns. Secondly, research on passion investments suggests that you can act as a hedge against market volatility.
Diversifying a portfolio with assets that entrepreneurs are passionate about can provide emotional stability during turbulent economic times. This will, in a way, help you to stay focused on your dreams.
Balancing Risk and Reward
While passion investments offer unique benefits, they also come with their own set of risks. Research on passion investments emphasizes the importance of balance. You, as an Entrepreneur, should be cautious not to over-allocate your capital to passion investments, as this has the potential to expose you to excessive risk. Striking the right balance between passion investments and traditional assets is crucial for long-term financial success.
No doubt, the offers offered by passion investments can be of great help to take a leap in your career, but at times, you may have to face the loss. Therefore, it comes with negative aspects as well. In such a case, it is important to delve into this space after thorough research and find a balance between the two to avoid loss and stay risk-free.
Ongoing Financial Education
One of the most valuable lessons from the research on passion investment is the importance of ongoing financial literacy. Therefore, all emerging entrepreneurs like you need to be continuously aware of the financial markets, marketing strategies, and the specific industries in which they operate. This knowledge will equip you and make you knowledgeable enough to make informed decisions about your passion investments and overall financial strategy.
Importance of Financial Strategies for Emerging Entrepreneurs
The importance of financial strategies can not be undermined for the following reasons:
1. It helps you to be prepared for the worst phase that can affect your business at times.
2. It helps you to manage things accordingly. Since you can organize things strategically, management becomes easy.
3. Financial Strategies helps you in balancing the risk. So you can have checks and balances in place.
In conclusion, emerging entrepreneurs face a complex financial landscape, and their success depends on the ability to maximize profits while minimizing risks. Research on passion investments underscores the significance of diversification, strategic allocation of capital, and ongoing financial education. By integrating these insights into your financial planning, you as an entrepreneur can navigate the entrepreneurial journey with confidence and resilience, ultimately achieving your financial goals.
As you prepare to embark on your own entrepreneurial path, remember that research on passion investments has illuminated a powerful approach to financial success. By embracing diversification, making strategic capital allocations, and committing to lifelong financial education, you can build a robust financial foundation that will serve you well in your entrepreneurial endeavors.
How to Make Your Business Safe Inside and Out
With any business, there are ways and means of making it safe for all individuals who work onsite and any visitors who happen to arrive. This is particularly important as far as the business is concerned, as it will make it a pleasant place to work and help eliminate the likelihood of incidents.
Of course, there are some fundamentals that will need to be put in place in order to achieve this:
Health and Safety Signage
Supplying your employees with additional safety signage to help make others aware could reduce the number of accidents that could occur. For instance, having clapper boards that can easily and quickly be installed to draw attention to wet, slippery floors due to spillage or leaks could prevent slips and falls.
Installing other warning signage in areas that require protective equipment or safety clothing, such as on chemical cupboards, restricted areas, or the warehouse, could reduce accidents altogether.
Lighting in Parking Lots
There are a lot of reasons why you should install lighting in your business parking lot. Mainly, it is to reduce the risk of harassment to your employees from less than savory individuals, but it can also help your employees see where they are stepping.
Over time, walkways and parking areas may warp or crack due to different weather conditions, plant roots, or the ground underneath shifting. These can add to the risk of having an employee trip or fall on your premises, although you will want to have these areas reworked and repaired as soon as possible.
However, it is likely that there will be a period of time between the cracks beginning to form and the maintenance work being performed, and there again, you may want to invest in some specialist signage and even barriers to protect your staff.
Manned Security Access
Of course, you can help your employees’ safety further by employing the services of security guards to man your entrances and exits, not just for your buildings but also your parking lots. This will reduce the likelihood of unsavory individuals hanging around, making a nuisance of themselves, or targeting an individual employee.
Having security details patrolling your parking lots will keep your employee’s property safe while it is onsite, and they will also be able to inform you of any issues that they come across, such as any outstanding maintenance that will require attention, like damage to external areas of your building, walkways or road areas.
However, even with all of these put in place, you still risk an incident at your business location or while one of your employees is visiting the property of one of your customers. You should, therefore, ensure that you have a general liability insurance policy in place. With the correct coverage, it will protect your business from many different angles, including damage to a customer’s property, legal fees, and defense costs.
Making your business a safe and pleasant place should be one of your top priorities, and it can be easily done with careful planning and investment. Ensuring that you have the right health and safety signage around for your employees to read and understand, for instance, could help reduce the number of incidents that take place and keep your visitors safe at the same time.
Of course, you should always ensure that you have a provision in place, in the form of some insurance, in case things do not go to plan and an employee or visitor has an accident at your site and decides to raise a lawsuit against you.
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