Human Resource Management for a Small Business
- Thomas Mercier
A Small Business Administration (SBA) definition of a small business varies depending on the industry you operate in. These standards are based on the number of employees and average annual receipts of a company. However, there is one standard that applies to all businesses, regardless of size: the SBA limits the number of employees to 500. In addition, these standards are not industry-specific. In addition, they vary by state and country.
Turnover rates can be a significant drain on a Small Business. Even the most highly-paid employees can cause a company to lose money, as they need to be replaced every few years. In addition to losing time and money, replacing an employee costs a company 33% of their salary. Fortunately, there are many companies that specialize in human resources, and analyzing compensation levels in target markets can help you figure out the appropriate salary range for your business.
A Marketing Plan for a Small Business is critical to its success. Creating a solid marketing plan requires thorough market research, both desk and field. This step will help you gain insights into your target market’s needs and shopping patterns. You will also need to examine your competitors’ marketing strategies to gain a competitive advantage. A marketing mix is essential for any business and the right mix can help boost your sales. You can use a combination of traditional and online marketing to improve your sales.