StartupNation

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• Change Management Helps Achieve Business Goals
• 5 Mistakes to Avoid When Filing Your Taxes
• WJR Business Beat: Snow Removal is Big Business (Episode 354)

Change Management Helps Achieve Business Goals Posted: 02 Feb 2022 09:00 PM PST If there is one thing that is true, it is that change is the only constant. According to Gartner, the average organization has implemented about five significant business changes over the last three years. However, only 34% of such changes are deemed a clear success by the organization. It can be hard to cope with change, both on the technical front and on account of the psychological fear of the unknown. That is human nature. This is why many employees either reject any proposal for change or are slow to adopt it. Change management  helps the company and all its team members navigate change while obtaining the desired results from it. So, what is change management? Change management is how an organization makes improvements to its internal processes without disrupting the day-to-day workflow and at a minimal cost.  It is a step-by-step approach that covers multiple aspects of the business that will be affected by the change, including company culture, operational procedures, hierarchy, division of duties, work ethic band so on. It enables a company to take advantage of change at the right time and in the right fashion, with everyone’s buy-in, to consistently match up to consumer demands and beat the competition. How to Build Great Teams Within Your Startup Why effective change management matters It is extremely common to see pushback from the company when a change, such as a new tool or a new process, is proposed. This is primarily because of inertia, a preference for simply doing things as they have always been done rather than grappling with the unknown.  With change management, the focus shifts from simply imposing the new change to actively guiding everyone through the transition, taking their inputs as relevant. Fears and concerns are acknowledged, and effort is taken to address them all. Once individual employees are convinced about the why of the change, they voluntarily put in effort to make the change work. And the more employees put in voluntary efforts, the bigger the positive impact ripples across the organization. Change management, moreover, does not stop once the change is in place. It involves continuously monitoring success metrics and employee satisfaction levels to ensure that the change is accomplishing what it was meant to. Change management, moreover, does not stop once the change is in place. It involves continuously monitoring success metrics and employee satisfaction levels to ensure that the change is accomplishing what it was meant to. This allows for timely pivoting as and when needed so that the why of the change continues to be fulfilled, without time and money wasted on the wrong things. The implications of poor change management When the team’s needs are not adequately considered, and the change is implemented hastily or too authoritatively, it leads to negative consequences. Things that change managers might be forced to deal with include: A drop in employee productivity. Loss of motivation among teams. Friction between employees and top leadership. The exit of top performers owing to the lack of a shared vision. Reluctance from management or top performers to be fully committed. Change management in practice: an example To illustrate the difference between subpar and good change management, here is a hypothetical example. Let us say a SaaS company is introducing a new tool that gathers customer support data and feedback in real-time to enhance customer experience. A subpar change management approach would be sending out an email about it perhaps a week in advance, scheduling a quick training session and launching the tool shortly after. This approach fails to consider whether employees genuinely understand why the change is necessary and how to best leverage the change to fulfill goals. A better approach involves devising a plan that lists potential questions and roadblocks that employees might face and addresses those during the course of the change. It lays out a reasonable time line that allows employees to adjust properly to the new state of affairs and see for themselves in concrete terms why the change is necessary for business growth and why it is something that should not be feared. With this approach, employee buy-in can be obtained in advance. Any incompatibilities are identified early on so that companies need not waste money on new systems that employees do not see the value of or perhaps do not even need. Benefits of having a change management strategy Change at any level is not easy, and at the organizational level, there are several complexities to be overcome. Having a systematic process in place to introduce, advocate for and navigate the change enables the desired goals to be met much sooner while minimizing resistance from team members, third-party suppliers and clients. The key advantages of following a change management strategy in any company to achieve goals consistently include: 1. Minimizing disruptions Simply imposing change on a team or diving into it ad hoc can be highly costly in terms of workplace disruptions. A change management plan helps to decide in advance how the transition can work efficiently within the existing business environment and routine. 2. Sticking to the budget Navigating change tends to be expensive, and poorly executed plans and reduced productivity due to unnecessary delay can considerably increase those expenses. With a proper change management plan, cost estimates can be drawn up in advance, and you can allocate a reasonable budget that change managers can keep in mind in the future. 3. Optimizing clarity and efficiency Following a predetermined plan provides much more clarity about milestones, roadblocks and role assignments in the context of the change. It saves time and money by providing direction upfront and thus makes change implementation much more efficient. A well-thought-out strategy also helps with the stress of managing several different elements at the same time, especially if the change has multiple facets or iterations to it. 4. Improving communication with employees When teams work together to make something happen, it is always vital to have a complete understanding of everyone’s roles and responsibilities while being confident that one’s questions will be heard. Change management, especially during the planning stage, allows for these aspects to be cleared out for everyone’s benefit. This also helps change managers go into it with an increased understanding of where everyone’s priorities lie. With open communication within and among teams, the stress of adapting to change goes down, and everyone becomes more amenable to future changes. When teams work together to make something happen, it is always vital to have a complete understanding of everyone’s roles and responsibilities while being confident that one’s questions will be heard. 5. Aligning the change with business goals Any company-wide change needs to align business systems and practices better with overarching company goals. By investing in change management planning, each proposed change can be viewed in the context of the bigger picture, such as the ROI involved, as well as in the context of departmental silos and stakeholder perspectives that may need to be challenged. This is a critical step forward in getting everyone’s buy-in and ensuring everyone proactively welcomes the change. 6. Gaining a competitive edge Often, critical business opportunities come along unexpectedly, and the company may lose them if they are not quick enough to react. Having a change management plan can serve as a blueprint for weathering future changes, and the more the company does it, the faster and better they get. Change management also creates a culture of welcoming change for the better, which means companies can quickly build new competitive advantages and get ahead in the market. Over to you Change can be scary even if the company has navigated changes before, but it can also lead to various improvements at the individual and organizational levels if done right. Change management allows the company to ease into the new state of affairs without having to tamp down their concerns or weather too many disruptions. This way, everyone can feel optimistic about the change and actively embrace it, allowing the company to reap the benefits of the change much sooner. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here. The post Change Management Helps Achieve Business Goals appeared first on StartupNation.

5 Mistakes to Avoid When Filing Your Taxes Posted: 02 Feb 2022 09:00 PM PST The process of filing taxes may be intimidating and difficult, and if you’re not cautious, you might make a mistake that costs you. Every year, it’s the little things that cause taxpayers to pay more than they should. 5 tax mistakes people frequently make and how to avoid them Filing your taxes late You don’t want to miss the deadline for submitting your taxes. Missing the deadline isn’t only a frustrating error; it’s also a costly one. Here's why. You’ll be charged 0.5 percent of the outstanding debt every month, up to a maximum of 25%. If you have a Failure to File Penalty and a Failure to Pay Penalty in the same month, you will have a total penalty of 5% for each month or even part of that month, that your tax return was late. Interest is charged on both the overdue tax and the penalty. The best way to avoid extra cost and stress is to simply plan ahead and prioritize your taxes. If you missed the deadline due to unforeseen circumstances, you should request an extension as soon as possible. The Top 5 Accounting Mistakes Startups Make Inputting wrong numbers One of the most common errors people make is entering incorrect numbers on a tax form. We’re not talking about a miscalculation; we’re talking about incorrectly inputting the numbers. It happens! It's important to check and double-check your bank account information and other figures when filing your taxes. In addition to the cost, you will have a hard time requesting a direct deposit refund if your information isn't correct. You'll have to undergo a thorough verification for the system to confirm your identity and to correct the mistake you made. Filing with an incorrect name Greetings to the newlyweds! Although it’s common for a spouse or partner to assume a new last name when getting married, it is important to inform the IRS first before using it. One mistake many people make when filing taxes is the mismatch of names due to a change in status. Couples who have recently gone through divorce are not exempt either and must also notify the Social Security Administration for a name change. Some people even accidentally misspell their name. If your name and Social Security number do not match those on file with the IRS, your tax return may be denied or the process halted. If you are experiencing this situation, here are some ideas to keep in mind to help you deal with the problem. Always double-check your return for mistakes. If you submit a joint return, ensure that the SSN you provide is for the primary taxpayer. Notify the Social Security Administration to get your Social Security number changed to your new name. If you haven't reassigned your number to your new name, you can just use the name that matches your number. Forgetting to sign Forgetting to sign the bottom line is an all-too-common mistake. While you will not be penalized at first, you will experience a delay in getting any expected return. And if you owe taxes and wait until the deadline to file, neglecting to sign the return might result in a late charge and penalty. If you forgot to sign the form, then you haven’t filed with the IRS, as far as the IRS is concerned. Don’t allow a few careless errors to cost you money. Spending minutes double-checking your return might result in more money in your bank account when you need it. Filing too early While it’s not a good idea to file taxes late, you shouldn't file too early. There may be tax deductions opportunities you could miss if you do not include all the financial documents needed when you file your taxes. The bottom line Whether you owe money or are waiting for a tax return, stress levels tend to rise around this time of year. Tax anxiety and the ongoing worry about filing taxes can affect your day-to-day life. If you are stressed, you are more likely to make mistakes. And mistakes could result in missing out on the refund to which you're entitled. The best way to avoid errors and keep more of your hard-earned money is to continue to learn about your finances and take the time to fill out all your forms very carefully. Take note of the common mistakes we just talked about and double-check your work before you file your taxes. StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here. The post 5 Mistakes to Avoid When Filing Your Taxes appeared first on StartupNation.

WJR Business Beat: Snow Removal is Big Business (Episode 354) Posted: 02 Feb 2022 10:21 AM PST On today’s Business Beat, Jeff Sloan talks about the growing business of snow removal and how it reminds us that sometimes the most basic businesses that rely on a little hustle and hard work are some of the best examples of entrepreneurship. Tune in to the Business Beat below to find out just how big the snow removal business is:     Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE. Are you an entrepreneur with a great story to share? If so, contact us at editor@startupnation.com and we'll feature you on an upcoming segment of the WJR Business Beat! Good morning, Paul! Well, given that the biggest winter snow event of the year is bearing down on us, it’s only fitting on the Business Beat this morning that we focus on, well, what else? The business of snow removal. Now, while there are many big operators, certainly in the region, many snow removal businesses are small businesses. Some even part-time yet in the aggregate snow removal is big business. The total U.S. market size for snow removal businesses is roughly $20 billion and growing. Now residential makes up about 34% of the market while retail's at 27% and industrial is around 25%. Geographically, the Northeast is the biggest market for snow removal services in the U.S. at 27% market share and coming in at No. 2, Paul, a 25% market share in the Great Lakes region for snow removal businesses. The market is made up of roughly 110,000 providers in the U.S. today. Again, ranging from sole-proprietor operators in the aggregate comprising about 80% of the total market, all the way up to big behemoth businesses with many trucks rounding out the balance of the operators in the U.S. The typical revenue size on average is roughly $152,000 per year per operator and profit margins hovered around 24%. And as I mentioned, the industry is growing, Paul, at a clip of roughly 3.5% per year. Now so much focus these days when we think of business and entrepreneurship is tied directly to the next big idea, right? The next disruptive innovation that’s going to shake up industries and change the world, but there’s something really comforting in knowing that that’s not really entirely representative of what entrepreneurship is all about. That scraping noise you hear out your bedroom window on snow days like this morning, it sounds so familiar to all of us in the Great Lakes region, reminds us all that sometimes the most basic businesses that simply rely on a little hustle and good old hard work and are just, well, some of the best businesses in America. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on this snowy morning right here in the Great Lakes region on WJR, the Great Voice of the Great Lakes. The post WJR Business Beat: Snow Removal is Big Business (Episode 354) appeared first on StartupNation.

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