Sarah Lerche

As the owner of a startup, you understand that money is often a challenge when it comes to hiring. This makes it extra hard to compete for the best talent, especially when the economy is hot, and the jobless rate is low. So, the question is out there, "How do you hire a top-notch team when you are competing against the big guys?" Take a look at these five ways startups can attract great talent in a competitive market. #1: Create an employer brand You are probably well-versed in how to create a b...

Running a new startup is tough. It takes long hours, lots of sweat equity, and tremendous planning. While you may have a handle on getting your startup off the ground and bringing your products or services to market, do you know what you need to do when it comes to your finances? One of the most important things you can do is prepare good financial statements. Why? It's the only way you, your board, your staff, and your investors will know where you stand. Good reporting helps you with financial...

Ask nearly anyone, and they'll tell you they wish they had an extra hour in every day. Ask a startup entrepreneur, and they might tell you they wish they had an extra five hours in their day. So, while we might all wish for it, we aren't magical, and we'll have to do with the time we're given. The best answer to gaining time is to get more productive with your day. In this article, we look at five ways for startups to increase productivity. Do this, and you just might find that elusive extra hou...

Your goal with your startup is to make money, right? This is why it's so important to keep money in the bank moving in and out in a healthy manner. If you want your startup to succeed, you'll have to manage your cash flow with finesse. This can be difficult for new business owners especially when it comes to keeping tabs on your burn rate. In fact, not paying enough attention to your cash flow can result in startup failure. Even if you are profitable, or you've raised a lot of capital, things ca...

So you've opened your doors, you've hired your first round of employees, and now you need to pay them. While payroll may seem like an easy task, it's full of twists and turns that can trip up even seasoned bookkeepers. Here is what startups need to know about payroll accounting to ensure it's done accurately and in a timely manner. Decide pay dates Your first step is to set up your payroll. It's a safe bet that your employees want to know for certain when their paycheck is coming. You have sever...

Your startup is growing, and you are busy. You're selling your products, it's time to hire more staff, and things are looking good. Yet, because you're so busy, you don't have time to look at your finances, and perhaps your cash flow doesn't seem as good as it could be. Your startup needs financial systems and processes in place to help it grow, and to do that you need to hire someone to take care of it for you, so you can concentrate on your duties. In this article, we'll look at why hiring an ...

You can find many articles on the internet about how to get funding. In fact, you may have even gotten loads of advice on how to get venture capital from business leaders in your community. The one problem, though, is few people tell you what to do with it once you have it. Let's take a look at things startups need to consider once they receive venture backing. Plan your budget wisely Your venture capitalists are going to want an accounting of where you are spending your money. They will expect ...

You're a go-getter. You've spent months, if not years, getting your startup off the ground. If you're like most entrepreneurs, you've done most of it on your own. But, regular tasks like recruitment, hiring, payroll, benefits plans and employee care are slipping away from you, and there's that nagging voice in your head that's telling you that you need some help. Yet, you don't think your startup is quite big enough for an HR (human resources) department. So, what do you do? In this article, we'...

Taking care of your startup's accounting functions in-house can not only be a headache but a time-consuming task that eats up a lot of your resources. Whether it's payroll, accounts payable, accounts receivable, credit card reconciliation, inventory and budget reports, bank reconciliation, or payroll reconciliation, accounting can often be too much for the small startup to handle. How do you know you need help? Here are five signs it's time to outsource accounting. #1: You have no time left for ...

An employee handbook is vital to the success of your startup. But, perhaps you're wondering why your startup needs an employee handbook and when it's appropriate to create one. Two of the simplest reasons you need one are for the creation of processes and policies and to facilitate benefits administration. Let's look at these reasons as well as a few others, but first, let's discuss when you need one.   When do you need a handbook? While there's no one-size-fits-all answer, it's the best pr...

As a startup, you know you need general liability insurance, property insurance, and workers compensation insurance, but have you ever considered cyber liability insurance? What is cyber liability insurance Cyber insurance generally covers your startup's liability for a data breach that can involve private, sensitive customer information such as social security numbers, credit card numbers, account numbers, addresses, health records and driver's license numbers. When hackers gain this informatio...

Your startup is in its early stages, or perhaps you've been in business for a while, and you're ready to hire employees. Have you thought about how you'll hire the best ones? The most beneficial thing for your startup and your employees is to offer a healthy benefits package. In this article, we look at five employee benefits small companies can offer new employees, but first let's look at why you should offer benefits at all.   The reasons you should offer benefits Yes, offering perks to y...

You know that to help your startup succeed, you have to have a competent, experienced, dedicated team. Unfortunately, though, many startups slip up when it comes to human resources, hiring, training, developing and retaining a great team. To help you avoid these all too common issues, we look at some top HR mistakes made by startups and how to fix them. Mistake #1: Not hiring a human resources person Whether you have a part-time, full-time or outsourced professional manage your HR, you need some...

Did you know that the number three reason startups fail is they were unsuccessful hiring the right team in the beginning? Because of this, we want to look at what you should do and look for when putting together your new company's team. Let's look at five tips for startups making their first few hires.   Tip #1: Hire early If you can afford it, begin hiring your staff as soon as you need them. While the budget might be tight at first, you'll benefit from having extra brainpower in your earl...

Did you know that business consultants often recommend outsourcing non-core functions? A non-core function is one that isn't part of your profit center. It's something you don't charge your customers for. While a non-core function is often essential to your successful operation, it isn't what sets you apart from the competition, so it can be outsourced. It's also of the utmost importance to your staff. Payroll is a non-core function and one you should certainly think about outsourcing. To help y...

The typical large company has an employee on-boarding process that works and is a natural part of their system, but there's no reason your startup can't follow the same game plan. In this article, we will look at creating an effective on-boarding process for startups. This is very important to emerging businesses as it not only gets everyone started on the right foot, but it sets the tone for your company culture. Onboarding provides your employees with training, direction and guidelines. Withou...

As a young startup or a small company, you might find dealing with health benefits and retirement benefits is a time-consuming task that isn't easy for you or your staff. This is why small companies often choose to work with Professional Employer Organizations (PEOs). This gives your employees access to better benefits and more human resources services than you might otherwise be able to provide. What is a PEO company? A professional employer organization (PEO) is a firm you can hire to provide ...

According to Inc , one of the most common reasons startups fail is a lack of cash. This where a chief financial officer (CFO) can really help you by staying on top of your finances, knowing what you need to succeed as well as when it's time to raise some more funds. Let's look at eight reasons why you need a CFO for your startup. The definition of a Chief Financial Officer Some businesses will choose to hire a CFO on staff, while others will decide to outsource this position. Either way, a CFO w...

Outsourcing is the secret weapon for startups. It's part of an effective business model, and one that can help you succeed. While there are several areas in which you might find outsourcing beneficial, let's look at outsourcing HR as this is one area where it's definitely a good idea. You already know that growing your startup is an exciting time as well as one that leaves you wearing many hats. The good news is that with outsourcing, you don't have to do everything. When you outsource your HR, ...

Hiring staff to take care of your IT, human resources, and accounting may not be feasible for your startup. This is why it's very beneficial for startups to hire a business service company. If you're currently in the market for an outsourced team, take a look at this checklist for finding a business services company which will work well for your needs. Know your need Before finding the right fit, you first need to know what your needs are. Make a list of the tasks you need help with. Create a pr...

Have you ever asked yourself what it costs to hire an employee who doesn't turn out to be right for your business? The U.S. Department of Labor says it costs you at least 30% of your employee's first-year earnings if they're a bad hire. For many startups, losing five figures because you hired the wrong person may mean the difference between success and failure. Let's take a look at the costs of a bad hire, so you can avoid the devastating consequences to your startup.   Initial hiring costs...

As the owner of a startup, your time is at a premium. You know that everything takes a lot of time, and when you're rushing from one task to another, some things might fall through the cracks. This is where outsourcing comes in. While you spend quality time building your business, you let others do the support work. We run into many young startups who don't think they are large enough or established enough to outsource. In this article, we'll take a look at why you are big enough to outsource ev...

Hiring new team members for your startup is a lot like marketing your company, but many businesses don't approach it this way. If you want to hire the absolute best candidates, you want to make sure your job posts are attracting the right job seekers by providing them extra information to help them decide whether or not to submit a resume. This involves using your marketing skills to craft your job postings. Here are a few ways startups can attract better talent by improving their job postings. ...

Generating leads can be difficult for new and seasoned startups alike. This is where content marketing comes in. Let's take a look at a few lead generation tips for startups and how you can use your content to build trust with potential buyers. Content marketing According to one report, nearly 90% of marketers are using this tool in their marketing strategy. What exactly is content marketing? It's when you create and distribute content consistently that users find valuable, relevant, educational...

Two of the most important things you can do for your business are to build relationships with your customers and engender their loyalty. One of the best ways to do this is through online communities. You want to encourage your customers to feel like they're a part of something special. This in turn encourages their loyalty. Here are a few reasons why you should consider building an online community around your brand and some suggestions for making this happen. Communities increase retention rate...

As the owner of a startup, you are probably trying to do a lot with a little, and that may mean you're doing your own accounting. While you may try to handle your accounting on your own, it's usually not the best idea, especially if you're working with investors and managing payroll. If you make a mistake in your accounting, you can end up with a huge mess on your hands. Therefore, we have compiled a list of common accounting mistakes your company may be making for you to review. If you find tha...

​ Preparing for the sale of a company can be a long-term process and one that can zap the energy of even the most energetic CEO. We've put together a shortlist of four things founders/management teams need to consider before selling a company. #1: Keep moving forward As you enter the sales phase, you might be tempted to scale back your day-to-day operations. This isn't a good idea. You want to keep your business running as usual, just as if a sale isn't right around the corner. This guarantees y...

Thinking about adding interns to your startup staff? Oftentimes, this is a great idea. Interns can bring fresh, new ideas and a unique perspective to your startup. They are usually inexpensive, and very often they're young and flexible. You'll find they're willing to learn many different aspects of your business and pitch in where they're most needed. As an added bonus, if they really work out, you can add them to your staff permanently. Yet, there are some important guidelines to follow when do...

According to a study , corporations are quite eager to work with startups, with nearly 67% saying they are happy to work with early stage startups and another 23% seeing partnerships as critical. This study is quite significant as the trend towards startup/corporation partnerships is looking good. This is where you might be asking how startups can form partnerships with larger companies and how this makes good business sense. Partnering with an established company helps you gain stability, but i...

According to Marketing Schools , influencer marketing is when you market your products and services to people who have sway or influence over the things other people buy. With influencer marketing, the focus is placed on influential people instead of the target market. When you employ this strategy, it's your goal to identify the people who have influence over buyers and then organize your marketing strategy around them. So, does this mean that influencers are only famous people? No, not necessa...