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Why Does MoR Risk Management Benefit Businesses and Organisations?

As a business owner I decided I needed to implement MoR Risk Management in the workplace. I was having a discussion with another business owner at a network meeting last month and he explained what MoR was and why he had introduced it into his workplace. MoR was conceptualised by the OGC (Office of the Government Commerce) and the approach was initially formulated to complement OGC’s guidance on program and project management. The basic principle underlying MoR is to help organisations put in place efficient frameworks in order to take very calculated decisions on risk. Every decision that is made within a business has an upward end or downward end and involves some degree of risk. As my business was becoming increasingly busy and the rate of risk was rising, I needed some type of risk management system in place.

The MoR Risk Management concept makes available a broad framework for risk management across all levels of an organisation and this includes the project stage and operational stage. The programme incorporates all actions that are required to spot and control exposure to any kind of risk involved – either positive or negative, which may have a direct or indirect impact on the accomplishment of your business objectives. MoR Risk Management is a program that brings together a set of inter-related processes, approaches and pointers to other sources of advice on risk management techniques and mechanisms. Depending upon the nature of risks and my organisation objectives, it provides an insight on how the approaches and principles can be embedded and applied in different situations.

There are four core concepts which form the MoR Risk Management framework and aims to show how risks can be identified, assessed and controlled: MoR Principles – which is essential for a good risk management system; MoR Approach – every organisation has individual needs and the MoR approach can be adapted to these individual needs. MoR Processes - the processes define the activities involved and enable the risks to be identified and controlled; reviewing MoR – after successful implementation of the principles and processes, consistent application is needed across all levels of an organisation.

Since I have implemented MoR Risk Management I have found there have been a number of benefits for my business. Some of the benefits include: an enhanced basis for setting strategies; an improved service delivery level; it gives my business a greater competitive advantage; unwelcome surprises can be avoided; implementation of change initiatives are performed in an effective manner; there is an efficient usage of available resources; there is a reduction in wastage and fraudulent practices, which gives better value for money.

In conclusion many organisations have started to recognise that risk management can be applied in both situations, i.e. positive opportunities and negative threats. In either case, an approach needs to be taken to reduce any possible threat or increasing the size of possible opportunity. The important factor in this approach is the flexibility it carries to ensure its application to all levels of decision-making. The primary purpose of MoR Risk Management is to correct a systematic application of principles and processes towards identifying, assessing and evaluating possible risks, and thereafter planning for risk responses. This also paves a way for a disciplined decision making environment.

It took time and money to implement MoR Risk Management, but it has been worth it and in ways that have surprised me – my staff feels more confident to take risk as they have a framework to work within. In turn this has increased productivity and our overall turnover. I would definitely recommend any organisation or business to employ MoR Risk Management.

Brian Kelly wrote the article ‘Why does MoR Risk Management Benefit Businesses and Organisations?’ and recommends you visit http://www.afaprojects.com/resources_m_o_r_wirm.asp for more information on Risk Management.

What PRINCE2 Training Did For Me and My Workplace

My workplace is big on training and eight weeks ago it was my turn to attend PRINCE2 training. PRINCE2 is the OGC project management methodology. I had already participated in a PRINCE2 foundation course and was more than ready for additional PRINCE2 training that would prepared me for the official practitioner’s exam. In essence PRINCE2 is essentially a process oriented method that breaks up a project into ‘bite size’ chunks of work with resource prioritisation and role allocation being well defined.

It wasn’t just because my workplace wanted me to attend a PRINCE2 course, I wanted to attend so I could improve my own project management skills. I had worked on successful projects in the past, but I was aware that there was an increasing need in today’s business world to define general processes for projects. Working out a successful strategy for every project was becoming increasingly difficult, and I knew that additional PRINCE2 training would be able to help. My project manager would readily agree a project involves combining resources and skills with technology and ideas, therefore ensuring good product delivery. Projects need to operate within time and risks constraints and PRINCE2 training would address all of those concerns very effectively.

PRINCE2 training is particularly beneficial for people who are involved with managing projects, and not just any ol’ person is allowed to teach the course. First of all they need to be associated with an accredited PRINCE2 training organisation so they can pass on the necessary skills to trainees. Our trainers certainly had the right skills; they taught us first class project management skill so we could feel confident about managing various projects successfully on the work front. We were taught a flexible and adaptable approach that could suit all types of projects, and we were provided with common systems, procedures, and an understanding of PRINCE2 terminology. The trainers said that when we were all ‘singing from the same hymn sheet,’ so to speak, there were fewer mistakes made in the work place.

The PRINCE2 training was hard work and a challenge but enjoyable at the same time. There was some fun practical learning that helped to reinforce the theory we had learnt and the information was imparted in different ways to cover all learning styles. We sat our exam at the end of the course which lasted for 3 hours and an overall score of 180 out of a possible 360 was needed to pass. I am very proud to say my score was 300.

By the end of the course lots of us were saying: ‘this is the best course I’ve ever been on.’ ‘How did I ever manage without PRINCE2?’ ‘What’s the next training course can I go on?’

Since the training the difference I have noticed in my own project management skills are amazing. There is a definite improvement in the way I handle projects and projects are producing better results because with PRINCE2 the methods are largely simplified, owing to its well directed layout, and therefore things fall into place. As a direct result of my improved project management skills my boss has been very impressed and given me a promotion and a pay rise. Another bonus with PRINCE2 training is that it looks great on my resume. PRINCE2 is recognised around the world as a world class qualification and is seen as the standard way for the management of project works.

I would recommend anyone who is involved with project management to attend PRINCE2 training and implement what they have learnt in their workplace, because not only has the training benefited my workplace it has directly benefited me.

Brian Kelly wrote the Article ‘What PRINCE2 Training Did for Me and My Workplace’ and recommends you visit http://www.afaprojects.com/resources_prince2.asp for more information on PRINCE2 training.

Updating Your Business Plan Using CRM Strategy

As wonderful as it is to see lasts year’s business plan work, it is still vital to update that plan for this year. Often times companies get so wrapped up in their end-of-the-year work on a plan that went well that they neglect to tweak it for the next year. A sales process that works may not need to be changed, but people change and companies change. Fine-tuning your messaging and lead generation efforts is necessary for progress. Customer Relationship Management (CRM) is about increasing the positive experience of working with your company. To accomplish this, you need to commit to planning, evaluate opportunities for growth, forecast, and attend to your client base.

Plan and Evaluate

Planning is a process. Not only do you need to dedicate time out of a busy day to orchestrate a meeting, but also you must build a strategy on what to plan before the meeting. To get the most out of your planning process, choose when and who wisely. When do you like to plan? Who else in your company should you include in that planning process? Establish the most optimal time and brain power for your planning, and work from there.

Working with a CRM strategy will boost your efforts to develop the best plan. Increasing the positive experience your company offers means evolving with people and technology. Evaluate your opportunities for growth. What technology do you offer that can evolve?

What tools and resources do you have in place to strengthen relationships with your customers? What kind of trust levels have you established with your clients, and how can you strengthen them? Keep up with the changes that are taking place around you. Continue to improve the strategies that work.

Forecasting

Forecasting is more of an art than an exact science. Customer trends typically run in cycles. It is therefore easier to plan for future revenue from existing clients than future clientele. For clients who have a service contract that is near due, anticipate an 80% renewal rate on those contracts. Even if your renewal rate is currently 95%, it’s best to underestimate. If you have less than an 80% renewal rate, you need to completely overhaul your customer service department. Attrition is inevitable, but losing more than 20% of your customer base is a huge problem. If the client is profitable, winning them back should be a priority. Fortunately, many customers who go elsewhere for what appeared to be better service or pricing will come back if you want them. Having worked with a competitor presents an opportunity to use them as references. Remember to track that in your CRM system.

The next step is to tally the total amount of existing customer revenue from last year (excluding service contracts), and multiply that by 30%. This should be the baseline of minimum revenue you should expect from your existing clients. Thirty percent may be high depending on your clientele, but many companies gain more than 50% revenue from their existing customers. In either case, you want to add new clients. Add your average existing customer revenue to the expected 80% renewal rate on your service contracts. This provides you with a solid number to prepare a support and operations staff. The tougher job is to deduce what the company needs to develop for new business and plan accordingly.

Winning Over New and Existing Clients

New business comes from a variety of areas: advertising, lead generation calling, direct mail, email broadcasting, industry publications, trade shows, alliances, and referrals. Have you tracked where your business comes from and how much revenue each source brings? This is important for planning and execution. Outline several sources of business and initially focus on strengthening the top three. Gauging how these sources perform this year will allow you to plan more effectively next year. Take the next three revenue sources and develop a plan to expand those initiatives. Use creativity when developing resources. For example, hold a customer conference and invite manufacturers to review the latest and greatest technology. Remember, many customers cannot go to the national trade shows or send more than a handful of people to attend. Another idea is to hold “training” or “certification” workshops. This would strengthen relationships with your clients. You could charge for some of these events, but you may see huge dividends if you only charged a nominal fee or nothing at all. Include prospective customers by inviting them to your customer conference. Let them talk to your customers and hear their experiences working with you. Invite prospective customers to a client site that would be comparable or larger in size and scope to their future prospect. They get a chance to see your quality of work and speak to a reference first hand. Best of all, you are attending to the needs of your current clients while letting them help win you new clients.

Neglecting to build on last year’s business plan will leave you falling behind your competitors. Progress doesn’t have to be a costly or complex process. By utilizing your CRM Strategy and attending to the ever changing needs of your clients, you will stay competitive. Focus on your lead source strengths and capitalize on those efforts. Last year’s plan worked well last year. Evolve with your clients and ensure that you’re celebrating success again next year.

Ronald Lang is President of Majestic Consulting Group, a provider of crm software products including CRM solutions such as SageCRM, SalesLogix software and Microsoft CRM. Majestic Consulting Group also provides CRM consulting and CRM training services

Mystery Shopping - A Proven Way Forward in Customer Service

What are “Mystery Shopping” services?

Customer service has become a valuable aspect in business as it allows a company to maintain its competitive advantage. With a wide range of choices available to the modern consumers, ensuring satisfaction in every shopping experience is crucial to success. This is an organizational need that mystery shopping addresses. As a marketing research tool, mystery shopping enables your company to test the effectiveness of your customer service initiatives and maximize your company’s potential.

Mystery shoppers are hired, posing as just your ordinary customers to test how adept your employees are at providing customer satisfaction. Some will note how friendly and helpful the employees are, how long it takes to make a purchase or receive service and if employees are able to answer questions regarding particular product or service.

Some mystery shoppers will present certain scenarios for employees to deal with and report how well they handled the situation. These data are then compiled and analyzed to create a report that will allow you to determine the strengths and weaknesses of your operations and identify which areas need to be improved.

Mystery shopping offers a snap-shot experience of the frontline customer service a business provides. It’s a first hand account from the people that matter the most to your business, your customers.

You can request specific details of the mystery shopper. For example, you can request the following things that you want assesed:

Is there a particular product you would like the shopper to buy?

Should the mystery shopper assess a particular employee or employees?

Are there any observations you would like the mystery shopper to make?

The Benefits of Mystery Shopping Services

Mystery shopping is not just about checking your employees if they are doing their jobs but more on how you can polish and refine your operations to provide customer satisfaction and establish loyal clients to keep your business thriving.

Improving Customer Service and Profitability

Customer-oriented companies engaged in the operations of retail shops, restaurants, fast food chains, banks, health clubs, hospitals, gas stations and the like benefit the most out of mystery shopping. Options include commissioning a mystery shopping agency or hiring mystery shoppers directly for such services.

Mystery shopping services provide you with Direct, impartial information that all senior executives should know to help them improve the way their business works and identify opportunities to increase sales.

Increasingly the only things that differentiate companies are the front line, retail level customer experiences. This is why experiential marketing has become so popular in recent times.

It takes care and expertise to develop a meaningful and ongoing relationship with your customers. Mystery shopping is a first hand evaluation of customer service, your customer and their interaction with your business. If you don’t know your customers – you are less likely to succeed in the current global business operating environment.

In conclusion, mystery shopping will get you the honest answers that you need to hear because we a successful business thrives on the knowledge of its customers.

Giselle Sanchez - Looking for a mystery shopping company to increase your sales? C-B-S provides mystery shopping services to companies in Australia and New Zealand.

Beat Shoplifters With CCTV Equipment, Among Other Things!

Unfortunately for retail stores, shoplifting is a very common problem that knows no financial capability, no physical beauty, no social status and no political power. Cases in point: talented actress Winona Ryder shoplifting from Saks Fifth Avenue and former mayor Jean Eaton jacking from Marshall Field’s stores.

Fortunately, you can beat shoplifters with feng shui, signage and CCTV systems, to name a few. Just don’t beat them literally lest you find yourself hauled to the courts for physical assault and liability suits, which could cost you more than the shoplifted items and the CCTV systems combined. Too bad.

Practice Feng Shui

In feng shui, you ensure that the flow of positive chi is unhampered. For the prevention of shoplifting, you have to employ similar principles in the store’s layout vis-

Sales Boosting of Fast Moving Consumer Goods

During my career I had the opportunity to work for non-profit as well as for profit-oriented company. I must say that the difference is huge. Non-profit organization does not have to earn the budget. Their goal is to spend it. Of course, there are some rules and guidelines that should be respected. In such organization reporting and expenditure justification to donors is crucial part, in order to make an organization eligible for future funding.

On the other side, working in a profit oriented is something completely different. Still you have the funding. But in this case your stakeholder is also a shareholder, who expect profitable operation, with certain return on investment. Further more, goal of every successful company is to have continuous growth in all directions; expanding the portfolio, market share, increasing of sales, revenue and profit, while driving the business at the optimal cost.

But how long the growth can be continuous? Are there any limitations for market need? Of course that there are limitations, but they are imaginary, since the market demand is not something that is firm. It changes, as it evolves through time. But also it is changed by the influence of supplier, i.e. Company is creating a new demand of their potential consumer, by offering them a new and better offer of products and services. This offer is done through development of a new products and services, as well of suitable above the line campaign.

On the other hand below the line campaign is something that is also very important for sustainable growth. Below the line marketing is very important, especially the companies that deal primarily with Fast Moving Consumer Goods ( FMCG ). While capital expenditures as real estates or vehicles are on the one side of demand scale, FMCG commodities like food, soft drinks, alcohol drinks, cosmetics, etc are on the other side.

FMCG products are subject of planned purchase, but are very often subject of impulse purchase.

Impulse for purchase can be triggered by clever positioning and merchandising of product within the shopping area. There are several basic rules for successful positioning that will initiate the shopping need of consumers, even when they didn’t even thought about buying some item.

* Corporate Block is the section on shelf or separate rack that is dedicated for product of one manufacturer or brands owner. Corporate block gives strength from brands synergy, it creates visual impact and increase brands value. Shopper is more likely to be attracted by impressive, well arranged section dedicated to one producer, than by the bunch of products scattered around on different shelves.

* Positioning Before Competition is very important. Who is the winner on 100 m race? That is the one who first gets to the finish, even if the second one is only 0,01 sec behind. This is why is important to have position before competition.

* Eye Level Rule say that whatever is in the eye level and slightly below is at the reach of the hand. What ever is at the reach of the hand is likely to be grabbed. People like easy and effortless shopping, without stretching up or leaning down. This is why you should avoid too low or to high positioning.

* Multiple Shopping Points; more selling points means more shopping opportunities. For small size outlets applies triangle rule, while for the large outlets quadrant rule is more applicable

* Triangle Rule says that the best positioning in the small outlet is capturing the golden triangle - hot spots: entrance, the most frequent area and the cashier. This is obvious, since, whoever comes to the outlets is coming through all mentioned spots, and therefore purchasing possibility is the highest from perspective of horizontal positioning.

* Quadrant Rule says that product positioning is recommended in all zones, but their strength from entrance to the cashier is in decreasing trend. Simply, at the entrance the shopper’s basket is empty while wallet is full, shopper is eager to shop. While moving to the exit the basket becomes full, money already allocated and the shopper is less enthusiastic, since he is starting to think about the rest of a day, rather than about shopping. Therefore early positioning is important for impulse purchase based products.

* Merchandising is the process of effective arranging of product at the selling point. It covers activities like stocking up, arranging according the corporate merchandising standards, placing the price tags, cleaning and rotating products according the expiry date ( FEFO ).

* X-Merchandising is positioning the product next to the other product that is complementary to your products. Examples: soft drinks next to snacks, or spices next to the meat.

These are basics of successful positioning in the shopping zone. This should be accompanied with an optimal inventory stock, changes in portfolio, smart price policy and fresh advertising material. If the outlet is worthwhile investing, then special promotions, presence of sales animators, surprises for shoppers and other add-ons can be used.

Impulse purchase is the moment that must be used in the FMCG industry. Just to be available is not enough. It is necessary to be active and visible at same time. There are many similar products that can easily substitute your. Sometimes only the small difference in position can make the judgment of shopper about which product to buy. For shopper that may not present a big difference. But what about your product?

Laurus Nobilis has 11 years of experience in FMCG business. In 2007 he has started the www.biz-development.com web site dedicated to development of managerial skills. He also runs www.my-introspective.com a Personal Exploration and Development Guide.

Helping Customers Helps Your Business

If you want to have a successful business, it has to hinge on your customers and the service that you offer to them. You can have the best items in the world for sale at great prices, but if you don’t spend any time on customer service or customer relationship management (CRM), you’re going to have a lot of trouble convincing people to buy from you or to come back once they’ve made a purchase. If you spend time with your customers and let them know that they do matter to you, it’s more difficult for them to move on and go with your competition instead. Some of them will still do that, of course, especially if they find what you have to offer at a lower price. However, most of the customers that you have will show that they’re interested in loyalty, and they’ll stick around and patronize your business if you treat them well. CRM is one of the best ways to do that, and you can purchase software specially for that purpose, too. It’s one of the best choices you can make where customer care is concerned.

A lot of companies still don’t think that much about helping their customers, because they’re too worried about helping themselves. Since that’s the case, they have to learn the hard way that they need to keep an eye on what their customers need and want. If they don’t pay attention to CRM, they’ll likely see their customer base starting to dwindle. It might be something that they have to figure out over time, however, when they aren’t sure why their customers are leaving them. CRM helps to avoid these kinds of problems, and it keeps customers who might otherwise leave the company and stop doing business with it coming back instead. There are a lot of ways to help customers, and one of those ways is to show them that they are appreciated. This can be through surveys where their opinion is asked for. It can be through coupons and discounts. It can be through something very simple – a card or email to say thank you or to recognize a special occasion like a birthday or anniversary. All of those kinds of things are appreciated by customers who are looking for a relationship with a company instead of just a store to buy things at.

Customers sometimes only look for the best deal or the lowest price, but others plan to return to a store quite often, and they want to find a store that they can feel good about shopping at. A lot of the larger chain stores are getting a bad reputation today because they don’t seem to care about much except their profits. When customers see that they don’t feel any CRM taking place, and it either makes them angry or makes them want to shop elsewhere just so they can avoid a particular store. Price doesn’t always take place over principles, and making sure that you exercise good CRM can save your business.

Dave Roth runs a site focusing on CRM software The site provides reviews on everything from web based to various open source CRM solutions. Not only that, the site gives salespeople the tools to make these tools even more effective.

Should Employers Use MySpace, Facebook or LinkedIn to Screen Candidates and Make Hiring Decisions? Background Screening Expert Explains the Dangers to Avoid

Social and professional networking sites have become enormously popular ways to connect with friends and colleagues. MySpace

Spas Cater to Pint-Sized Clients With Customized Services

With ingredients like chocolate, coconut cream and caramel apple, it sounds more like an ice cream shop, but at Great Wolf Lodge in Traverse City, Michigan, these are just a few of the enticing items found in the spa services offered at Scoops Kids Spa.

Pint-sized clients enjoy a pedicure seated in an oversized ice cream sundae sofa surrounded by whimsical wall murals in this spa where the themed services are matched up with a child’s personality. For instance, the girl or boy who loves the outdoors and sports might like to try the Gummy Worm Pedicure or Manicure which features a relaxing treatment of chocolate ice cream fizz with real gummy worms tickling the toes. The interactive Scooops Facial teaches youngsters how to keep their skin healthy with an all-sensitive product line for delicate skin. And included with every spa treatment is a coupon for real ice cream in the Bear Claw Cafe.

It’s a growing trend that indicates more and more spas are offering services dedicated to the younger set. According to the International Spa Association, more than half of the nearly 14,000 spas in the United States offer packages for families, teens or kids. This trend may also be in part to mothers who are asking for services and products geared towards themselves as well as their children.

For vacationing families staying at the Nickelodeon Family Suites by Holiday Inn in Orlando, dreamy decorations and a dedicated spa specialist await young guests at their very own spa. Sugar & Spice Kids Spa is a deluxe space complete with massage chairs and treatments for boys and girls alike. It’s also an opportunity for some mother-daughter time.

Girls can relax with treatments like a pretty pastel polish manicure and sparkly topcoat with a Manigirl treatment, or enjoy the Fantasy Facial which uses fresh avocado or an oatmeal scrub, coupled with a cucumber eye lift and a face massage. The spa also features a fun photo shoot with gowns, boas and hats. Rough and tumble boys might dig temporary hand tattoos, finger massage and thumb wrestling offered by the Maniguy Spa Service for Boys. The spa also offers themed party packages complete with dress up and a group photo.

In McLean, Virginia, Eclips Kids is the children-only annex of a salon and day spa, which has been so successful, a separate bigger location opened in nearby Ashburn. Here, custom birthday parties treat the special girl and her friends to abbreviated versions of facials, hair and nail treatments, and clothing-only massages. The spa emphasizes fun, beauty care education and the total spa experience.

In 2003, the Hyatt Regency Hill Country Resort in San Antonio opened The SPAhhhT (”spot”) youth spa as a result of clientele who repeatedly asked for spa treatments geared for their children. Customized 25- to 30-minute treatments are offered in rooms housed near Camp Hyatt, the resort’s award-winning kid’s program. Youth-designed treatments include henna tattoos, Updo’s, Mai-Tai party knots for hair, as well as pedis and medis. Clothed massage treatments under the supervision of a parent or guardian are also made available. Youth spa-goers are issued SPAhhhT-logoed robes and slippers and relax in treatment rooms painted in colors scientifically proven to be relaxing and soothing. Youth-inspired retail beauty products are also available for sale at the spa.

In North Carolina at the Pinehurst Resort, teens may while away the afternoon at the resort’s exclusive Teen Spa Lounge. Girls sample the hottest product trends in health and beauty while sipping on smoothies. Designed for ages 12 to 17, services include the mineral essential Total Teen Facial and Teen Makeup Application and Lesson. The spa’s Teen Tune-Up is appropriate for both girls and boys and features a one-on-one session with a personalized trainer who educates teens on healthy exercising.

The resort also features the Kid Spa for the 12 and under crowd. The Mother and Daughter Re-TREAT package offers a day of pampering with a facial, medi and pedi for both mom and daughter. Additional treatments include parent-supervised massages, facials, and cut and style services.

Geologix Inc. manufactures products using a proprietary formula featuring 34 natural minerals contained in the ancient sea water from the famous Michigan Basin — a concentration of minerals higher than that found in any known body of water in the world. Mineral Essentials focuses on spa, skin care, and massage products to moisturize and provide anti-aging protection for great skin. Mineral Essentials

13 Items to Address When Hiring an Employee

While many companies seek to hire new employees every day, many do not take the proper steps to protect themselves and their businesses. Employers need to become familiar with the hiring process, the required documents for their area and any associated taxes required to be withheld or paid by the business or the employee.

To learn more about hiring employees, review this list of 13 items that must be addressed:

1. Employer Identification Number (EIN)- Each new hire must be associated with an employer identification number for their tax returns and IRS documents. You can apply for this EIN number by visiting www.irs.gov.

2. Labor Department- Your business must become registered with your state’s unemployment insurance tax agency. To learn more about how to register, visit. www.workforcesecurity.gov.

3. Worker’s Compensation Insurance- To protect your business, apply and obtain worker’s compensation insurance. While many states require this insurance, in the event that it is not, seek an agency that can provide you and your business with this protection.

4. Payroll- While your business can address its payroll manually, many businesses prefer to select an automated system as there are factors such as IRS payments, social security and Medicare payments that your business must make on behalf of your employees unless they are hired as independent contractors and paid on a 1099. You can learn more about which taxes must be paid for your employees by visiting www.irs.gov.

5. Employee Tax Forms- Employees should complete a W-4 form stating the amount of taxes that they wish to have withheld from each of their paychecks. You can locate this form by visiting www.irs.gov.

6. Employment Eligibility- Your company will be responsible for validating each one of your employee’s work eligibility and you must keep proof on file for each new hire for 3 years. The form that must be filled out by each new employee validating their work eligibility within the US is called an I-9.

7. State Reporting- New hires must be reported to your state’s hire reporting agency. One of the primary reasons for this is to address any claims for child support. You can locate your state’s agency by visiting www.acf.hhs.gov.

8. Notices Required to Post- Within your business, you must post several posters for employees to view. You can locate the required posters for your business by visiting www.dol.gov/elaws/posters.htm.

9. File IRS Forms Annually- IRS Form 940 must be filed each year for your business, reporting any unemployment tax paid.

10. Workplace Safety- As an employer, you are responsible for adhering to the requirements set out by the Occupational Safety and Health Act (OSHA). Most importantly, your workplace must be safe from hazards and you must keep accurate records of any accidents that occur on your property and during work hours. You can learn more about these requirements by visiting www.osha.gov.

11. Employee Handbook- While this is not a required step, it is highly recommended. An employee handbook can outline your employment policies, can have your employment contract and can include the required forms to ensure that all steps are met when hiring an employee.

12. Personnel Files- As there are many forms that are required to keep on hand, most businesses set up and regularly maintain personnel files. Each personnel file should contain relevant hire paperwork, tax forms, evaluations and any other pertinent information.

13. Employee Benefits- It is not required for your business to provide benefits. But, if you do decide to offer benefits, be sure to establish enrollment procedures for all eligible employees.

Salim Omar, author of “Straight Talk About Small Business Success In New Jersey” specializes in providing accounting and tax services to small business owners and professional practices in NJ. Salim’s articles are featured in various national magazines including Accounting Today, The CPA Journal, Chiropractic Economics, Wealth Manager and The Two River Times. You may request a free copy of Salim’s new special report titled “How To Drastically Reduce Your Taxes By As Much As 62% This Year Alone And Put Thousands Back In Your Pocket”

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