How To Keep Growing As A Business

pexels-photo-largeMMR Group continues to grow. Last month, the company proudly announced the purchase of assets and operations of Vector Electric and Controls, Inc. In our 20 plus years as a company, we’ve learned a lot about progress, expansion, and growth as a business. We’re of the belief that there is always room for growth and opportunities to be more impactful. As such, I want to share with you a few tips about how to do just that, regardless of the type of company you manage or lead.

  1. Hire the right people
    Your human assets are the most valuable part of your company. Even if you have the greatest ideas or the largest budget, without the proper talent to manage and execute each of those, the business is nil. Hence, hiring is the most foundational tip for growth and long term success. Look out for people who understand your company’s objectives, its strengths and weakness, and the details of their role. Invest both your time and money in attracting great employees; doing so sets a positive precedent for everything to come.
  2. Have Clear Goals
    The next step is to define what success is for your business and how you want to get there. Perhaps, for your company that means reaching a certain number of customers, opening a second location,  or earning a set amount of revenue. Regardless of what it is, every business needs a list of clearly defined goals and a plan for realizing them. Overtime, as those goals are reached and as your company evolves, your goals should as well. It’s also important to prioritize these objectives and ensure that the rest of your team is on the same page.
  3. Be Strategic
    This step requires a greater level of perception and calls for realizing opportunities that were not previously mapped out, but make sense based on the position of the business itself. With very calculated marketing, mergers, or other business strategies, companies can build an enterprise that is not limited only to rigid goals, but that moves based on what is expedient for the business. Always be sensible about your choices and alert to the possibilities which surround you.
  4. Learn From Mistakes
    Every choice or strategy will be not an immediate hit. In fact, some can be an outright failure; that’s a normal part of business. The best way to recover is to learn from the mistake. Ask yourself which part or parts of the process went wrong and why. Only then can your and your company create more successful outcomes going forward, rather failing multiple times over an avoidable issue. There is no guarantee that all things will work, so don’t be afraid of risk. Even the largest companies from Apple to Google frequently have major failures. As a company, however, your power is in controlling the controllable.

Finally, every business starts somewhere; many with just a simple idea and the work of a single individual. Nevertheless, no one goes into business with small aspirations. Every entrepreneur’s goal is to bring their skills, product or resource to as many customers or supporters as possible. Following these simple practices and words of advice can make the likelihood of such a reality.

The Truth About Why Employees Stay And What It Means For You

startup-photos-largeRecent data from the Bureau of Labor Statistics show that, as of 2012, the average length of time an individual remains in a given job is just under four and a half years. Over the course of a lifetime, the number of jobs a person may have on his or her resume is about 11 (more specifically, 11.4 for men and 10.7 for women). Furthermore, the studies show that the decision to leave is not particular to any one career or industry. These numbers are true for bankers and musicians alike, resulting in turnover anxiety for companies and HR professionals everywhere. Yet, the factors determining why employees leave are equally true for why they stay. Examining such could save companies the estimated $40,000 it costs to replace staff member..

With regard to those who stay, MMR Group recently honored a number of employees which have been with the company for over a decade, some of them almost two. It’s an absolute privilege to be able to say that we have people on our team who have worked with us for so long, who’ve watched our company grow, and likewise, have had a hand in our success in the time they’ve been with us. Other than being amazing people, as all of our employees are, based on this research, I wonder what makes them an anomaly.

According to an older issue of the Harvard Business Review (HBR), employees stay at a company for two reasons. The first is they enjoy the work they do/their job description is aligned with their passion. This concept was confirmed more recently by a poll in TIME magazine, which shows that over 67% of people surveyed remained at a job because they enjoy the work, making it the number one influence for retention. Secondly, people stay because of what the HBR called a good “company environment” or what we call workplace culture, today. It means that employees feel connected to companies with which they share values, ideals and ways of living (or working, in this instance).

However, the latter is usually more ambiguous. What defines a workplace culture, really? It could be a number of things from how you communicate with employees, whether via email or face to face. And with that, are employees required to make a meeting or can they in whenever? Also, does the office go out for drinks after work or do most people at the company abstain from alcohol? Is the office quiet? Is there vacation time? Do most people use that time for vacation? All of these questions help better define what the culture of your workplace is–from simple to more complex results. Everyone has a company culture/environment, and no particular one is better than the other. Unless, of course, it isn’t a proper fit for the people you hire.

Thus, it’s important for companies to be aware of both factors. Make sure that job descriptions are expressed clearly and comprehensively. In interviews, get to know prospective employees on a deeper level than credentials and job history. Finding out someone’s true passion and how they work on a daily basis can make a world of difference in losing an employee and keeping a great one for life.

Best Social Media Practices for Small Businesses

Pepper Rutland's photo of facebook and scrabble piecesBefore the 1990s, companies relied mostly on print and broadcast media, such as television and radio, to get the word out about their products, services and/or progress. Prior to those inventions, word of mouth and various guerilla tactics were the focus. Nevertheless, with the advent and subsequent ubiquity of the Internet, businesses saw the importance of getting online. Those who weren’t early adopters, relying still on the aforementioned tools to reach customers and supporters alike, learned quickly that “the net” could not be ignored. Today, more than half of small business have their own website. However, as trends continue to evolve beyond a mere home for your business, the need for web presence via social media has become just as, if not more, imperative to the success of business owners, especially smaller businesses. Yet, while most have at least taken steps to create a social profile, not many use it to their full advantage.

Nearly two years ago LinkedIn reported that 81% of small to medium business had some form of social media. Why the remaining 19% hasn’t caught up is a concern in itself, but that’s not the primary issue at hand. Of those which do have a profile, approximately 95%, virtually all, of them use it for marketing reasons alone. While this makes sense given the wide reach of such platforms at little to no cost, simply using the space to announce deals, sales or new products is akin to handing out flyers on the corner. You may reach a lot of people, but it doesn’t guarantee connection nor interest. Therefore, creating a strategy for engaging your social media audience is key. Here are tips for doing so.

1. Create Quality Content

Consumers are exposed to about 5,000 ads per day, in comparison to 2,000 in the same time, just 40 years ago. The oversaturation and overpopulation of advertisements have led many to either tune them out or block them altogether. That said, using your business profile to do just that creates an automatic division between yourself and the client/customer you’re trying to reach. Instead, create and publish content that is informative and relevant to your product or service. As a result, your business comes across as an authority on related subjects, and appears to onlookers as a brand that is interested in its customers, not just selling to them.

2. Interact With Followers

Use social media to be social. Just as it would be rude to only talk about oneself and never respond to any questions, comments or inquires, in-person, the same applies online. Perhaps there is no dedicated social media person on staff, thus making it difficult to respond to every single interaction; however, merely acknowledging the message goes a long way. Such can be done with a simple like or share on many social platforms. And when it makes sense to do so, follow back.

3. Use Analytics Tools

The larger and more popular websites provide very specific and helpful data, including how many people viewed a post as well as liked and/ or shared it. Not only do these details provide insight about the value of your content to your audience, they can provide key information about how many people you’re actually reaching and optimal times for doing so.

4. Be Channel Specific

As the old saying goes, there’s a time and place for everything. Each business owner or dedicated social media specialist would do well to note best practices of each platform. For example, content on Twitter must be shorter, to the point, and use of hashtags bolster the length of your reach. On Facebook, content can be a little longer, more in depth and media heavy. Hashtags are not as effective, though available, and click through content, such as a link to an external website or presentation, are normal. Using a cookie-cutter approach to all platforms only diminish the effectiveness of your message and goals online.

As we enter this new year, there is an even greater incentive to try new things. With over 2 billion users on social media, an incredible opportunity exists for all businesses to not only acquire new customers but to retain them. Regardless of your product or service, your audience is online. Your competition will certainly be doing all they can to reach them. Beat them to the punch.

Understanding The Importance of Employee Wellness

Pepper Rutlands exercise equipmentInterest in health has become a major focus for many Americans. Now, more than in recent decades, individuals are concerned about getting healthier and adopting wellness as a lifestyle, as seen in the incredible popularity of FitBit and other wearables which monitor activity and quality of sleep, as well as the consumer trend toward juicing, smoothies, and organic or Non-GMO foods. Consequently, it should not come as a surprise that U.S. News & World Report’s #1 trend in employee benefits to watch for in 2016 is wellness programs. As a consistent leader in our industry, the MMR Group had already begun investing in our employees, and this month, we’re proud to announce that our very own employee wellness center is open for all staff, at our in company headquarters in Baton Rouge, LA.

At MMR, we’ve taken notice of studies with regard to stress as a growing problem in America, and how it affects overall health. Research shows that stress can lead to significant, deadly illnesses when left untreated or exacerbated, such as heart disease, migraines, obesity, and accelerated aging. It is worth noting the role work plays into or sometimes causes stressful situations as well. According to a Carnegie Mellon University study, workplace stress has increased between 1983 and 2009, by a startling 18 percent for women and 24 percent for men. While employers cannot control stressful situations outside of the workplace, it is our duty to alleviate any issues resulting from work, and one of the best ways to do that is through well programs.

Most entities, from the Centers for Disease Control and Prevention (CDC) to private companies like Altitude in Massachusetts, agree that wellness programs and centers like ours are imperative, with the CDC going as far as to declare that such is a “vital piece of a healthy lifestyle.” In fact, nearly 28 percent of employees who participate in wellness programs offered by Aetna experienced less stress and 20 percent sleep better. That was early last year and just one study, as more services are offered, that number may likely increase.

Additionally, the benefit of giving employees access to sports and exercise equipment leads to an increase in productivity. According to that same study, healthier, better rested, and less stressed employees produce, on average, about 62 minutes more of quality work per week. Financially, that is about $3,000 per employee every year. Likewise, a recent study published in the Journal of Occupational and Environmental Medicine suggests that companies which invest in employee health perform better in the stock market than those who do not. Thus, such contributions are equally beneficial to all involved, and should be implemented on a larger scale.

Our 10,000-square-foot facility houses a weight training and exercise room, a basketball court, and will offer instructor-led boot camp classes. Active home office personnel and MMR staff employees can utilize the facility free of charge Monday through Friday from 6 AM to 8 AM, 11 AM to 1 PM and 5 PM to 8 PM. Click here to find out out more from our company website.