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What Is a Cost Price Analysis?

A Businessperson Calculates Prices.

What is a cost price analysis?

Is your pricing affecting your profits? With a pricing analysis you compare your prices to others in the same marketplace with the same or similar goods to see how your product is performing. You might find your product is performing well or you might need to make changes in prices to improve your profit margins on that product. A cost analysis is different. It’s performed to evaluate the costs associated with a particular product or program. Both types of analyses can affect your profit and overall growth. If you’re wondering how your pricing is affecting your business and want expert advice from leaders in price and estimation analysis in Dallas, TX, look to the team at R Moon Consulting. We can guide you through the best pricing strategies that will help your business grow and meet its full potential. Get started with us today by calling (972) 584-1758.

How to do pricing analysis

A pricing analysis is a challenging but necessary task if you want to see your profits increase. You have to approach the analysis methodically using the following procedure:

  • Outline your pricing strategy to make sure it’s consistent with positioning, brand, and value. 
  • Match the price to profitability targets while considering your channel partners, brand, and positioning. You may determine that your desired price won’t be profitable and the price might have to be reduced or increased.
  • Evaluate your competitor’s prices as well as positioning in the marketplace to help determine your price.
  • Evaluate any competitor’s price changes to see if you need to change your prices.
  • If you have a single customer that consumes your goods regularly, you might want to calculate profitability and pricing on that customer.
  • Make projections on how customers are affected when you raise or lower your pricing.

Pricing analysis market research

Because pricing is so important to your business, you may want to do a pricing analysis based on market research. Market research can take many forms but it all requires you to talk to your customers in one way or another. Other common ways to conduct market research include email and direct mail surveys as well as telephone surveys or a combination of these forms.  

What are the 4 types of pricing strategies?

There are several different pricing analysis methods or strategies. When you are setting prices you are going to base your prices on cost, demand, and competition. The following methods or strategies can be used to determine the best prices for your products.

  • Price maximization: This strategy seeks to maximize profits while minimizing costs. This is a good strategy for startups where revenue growth is the chief concern.
  • Market penetration: With this strategy, you set your prices lower than competitors to generate a high volume of buyers. This can be a risky strategy for new businesses because income can drop significantly which can be hard to recover.
  • Price skimming: With this strategy, you introduce a product at a premium price, and then gradually lower the price after the product is released. This a good strategy when putting new products on the market.
  • Economy pricing is a strategy that is directed toward price-conscious consumers. In this case, you are trying to lower costs and sell at lower prices. It’s another risky strategy for a new business because it relies on a high volume of sales to generate a profit.    

What pricing strategy is best?

The pricing strategy that is best for you will depend on your particular situation and business. Newer businesses might want to stray from economy pricing, for instance, unless they feel certain they can get the high volume of sales needed to make a profit. Much will depend on what your profitability goals are. Actually, no one strategy will work all the time. Your pricing strategies will have to be flexible as the market and competition changes, and you’ll need to consistently make a pricing analysis to see which strategy will work best for your particular business at a given time. You do, however, want to develop a strategy from the beginning if yours is a new business.

What are pricing models?

Pricing models and strategies are similar and the terms are sometimes used interchangeably. Pricing models are set up to determine the best way to determine prices for your products or services. If you’re selling a specific product, for instance, you might set prices based on a cost-plus pricing model, which means you add a percentage of your costs to the price to maximize the profits. If you’re offering a service, on the other hand, you might choose an hourly pricing model in which you bill your customer for all expenses such as mileage, as well as all hours worked on the project.

What are five common discount pricing techniques?

When doing a pricing analysis, you’ll run into terms like “pricing method,” “pricing model,” “pricing strategy,” or “pricing technique”. These terms basically describe how you’re going to set prices for your products and services. At times you are going to want to lower prices or provide customers discounts for various reasons. We’ve highlighted methods like price maximization, price skimming, market penetration, and economy pricing. Another method to consider in your pricing toolbox is bundle pricing in which you put multiple products together and sell them together at a lower price than they would be sold individually. If you price lower value products with higher value ones, you can often profit on the lower value products in this way.   

A Person Looks Over a Receipt.

Pricing analysis services

If you need assistance trying to set the right prices for your business and need experts with pricing analysis in Dallas, TX, look to the professionals at R Moon Consulting. We can help you determine the right strategies for you so your profits will increase. Get started with one of our experienced consultants today by calling (972) 584-1758.

What Is the Role of a Human Resources Consultant?

A Job Candidate Gets Interviewed.

What is the role of a human resources consultant?

When you have a small business, or you’re starting a business, at some point you’re going to have to figure out what to do about staffing. This might require the assistance of a human resources consultant. What is human resources consulting? When you enlist the services of a human resources consultant, you’ll have a professional who understands all aspects of human resources from creating job descriptions and employee handbooks to developing benefits packages and establishing hiring procedures. Human resources consulting is often necessary for small businesses because they often don’t have the internal resources to manage these processes. For newer businesses, this may mean establishing policies and procedures and making sure these policies comply with laws and regulations.

As your business grows, you’ll need more employees, and keeping track of human resources can be difficult without someone to guide you through it. Even if you have an established business with a human resources department, that department might need more training to adequately handle all staffing issues. Consultants may be needed for a variety of reasons. In larger corporations, for instance, they may be called in to advise management about more efficient ways to manage HR or organize it better.

Whether you’re starting up a business or you’re established but need help with human resources issues and want expert advice on employee, staff, and HR development in Dallas, TX, the experts to turn to are those at R Moon Consulting. We can help you with all aspects of developing a business, and you can learn more about all we offer by calling (972) 584-1758.

Human resources consultant processes

The processes a human resource consultant will apply will vary depending upon what’s required by the company that hires them. If you are a new company, for instance, the consultant is going to be primarily concerned with helping you establish policies and procedures. They’ll also be concerned with making sure you’re following employment laws and regulations. When working with a larger or more established company they’re often brought in to work through organizational issues, including reorganizing the human resources department to make it more efficient. Of course, larger corporations may also need assistance with establishing policies, procedures, or processes such as grievance mediation. 

What are HR techniques?

Human resources consulting often involves helping companies improve their HR management processes and techniques. Managing human resources is a complex task that involves several different processes. Along with staffing, HR professionals are tasked with everything from making sure employees are motivated to do their jobs and have the right training to do them so that performance isn’t hindered to making sure policies and procedures are followed to handling employee grievances and making sure employees are working in a safe environment.

What are the best HR strategies?

Because human resources management is so complex, it requires a variety of strategies for success. Good strategies can create a foundation for company operations and even how the outside world perceives the company. Professionals in human resources consulting have discovered the best strategies to develop a workplace that has engaged and productive as well as loyal staff.

Some of the top strategies include:

  • Competitive salaries and attractive benefits packages
  • Opportunities for promotion
  • Opportunities for staff development and training
  • Regular, open communications and open-door policies
  • Caring about employee well-being
  • Providing opportunities for employee autonomy and creativity

What are the 5 main areas of HR?

Although human resources can be quite complex, it tends to involve these five main functions:

  • Staffing: Staffing ranges from hiring new full- and part-time employees to hiring contractors to terminating employees.
  • Development: This includes everything from ensuring new employees are properly onboarded to providing continuing training opportunities for all employees.
  • Compensation: Human resources is responsible for establishing appropriate salaries and benefits for each role in a company. 
  • Safety and health: This role entails making sure safety and health laws and regulations are followed, keeping everyone informed of these regulations and practices, and staying updated as regulations change. 
  • Employee and labor relations: You’ll also act as mediator when employees and employers are in dispute, work with unions and dealing with labor relations.

What does HR do on a daily basis?

Human resources specialists will have many roles. In a small business, HR can fall to one or two people, whereas large corporations will have several specialists responsible for different tasks. Of course, a major role of HR is managing and keeping track of employee records, as well as managing employee hiring and onboarding responsibilities. HR has to explain various policies and regulations such as safety regulations and ensure those regulations are followed. If you’re starting a business or have a small business, you can get help with all aspects of human resources through human resources consulting.

Consultants Work Through a Strategy.

Human resources consulting near me

When it comes to human resources consulting for small businesses in Dallas, TX, if you want an expert team of consultants to advise you in all aspects of HR, you can always count on the professionals at R Moon Consulting. We offer a wide range of consulting services to help you get started on the road to success. Learn more about what we can do for you by calling (972) 584-1758.

How do you calculate profit loss?

business consulting on profit and loss

Understanding Profit, Loss, and More

This year, 2020 has been strange on so many levels for all of us. Almost like an episode of The Twilight Zone, and that couldn’t be more true for businesses. On a good side, all the chaos got everyone a 3 month extension on filing taxes. However, it only delayed getting the profit loss ledger updated. It’s all about profit and loss.

The average person thinks that a business is all about the sale and make that dollar, and that is true, but not the complete picture. The profit or loss from business can be what determines if a business keeps going or closes their doors. Just because the parking lot is always full, and a line is always in the store, doesn’t mean their profit and loss is where it needs to be to keep the doors open.

If you don’t understand profit and loss, you probably have profit loss basic questions, and we will answer some of those in this piece. If you are thinking about opening a new business, it would be beneficial to sit down and talk with a business consulting firm and get a basic profit and loss lesson for Dallas, TX businesses.

What is profit loss?

Two terms key in the business world are profit and loss, and they are what determines the financial returns a business owner realizes. To calculate the profit and loss of a business, we look at the activity of the business and get the total revenue, then subtract the expenses of operating that business. 

Total Revenue – Total Expenses = Profit and Loss 

If you get a negative number, that is how much the business lost. If you get a positive number, that is how much profit the business made.

profit and loss meeting

How is profit and loss account calculated?

There are a lot of numbers involved to calculate a business’ profit and loss statement, sometimes referred to as an income statement by accountants. Those numbers come from many references and sources, with the resulting profit and loss creating the picture of the business’ financial performance for the month, the quarter, the year, or any period needed. The information needed to create a profit and loss statement of a business include:

  • BANKING records: A business’ banking records are used in creating a profit and loss statement. These records need to include all transactions related to the bank accounts and credit card records that outlined any purchases made for business purpose and use.
  • CASH records: They need all cash purchases made for business purpose and uses to prepare the profit and loss statement. This includes all petty cash transactions that applies to the business.
  • INCOME sources: A profit and loss statement will require a record of all income sources. This includes cash, check, credit card, net billing, and online payments made by clients.

Is loss of profit a direct loss?

Within the profit and loss of operating a business, there are direct losses and indirect losses. For the non-accounting person, this can confuse. Most business owners aren’t 100% clear on this topic either.

No, a direct loss or an indirect loss can be the starting point for a profit loss, and this is determined on the facts, case by case. A direct loss comes about naturally through the course of things when all parties entered the contract and a breach of that contract is in question. A direct loss and the breach of contract is considered foreseeable and recoverable.

An indirect loss arises from special circumstances. For instance, if one party of a contract is a breach of the contract and have an awareness of any special circumstances, the other parties in the contract may recover their losses.

What is the difference between direct loss and indirect or consequential loss? 

A direct loss is one where a business catches on fire and loses everything, or most of what is in their building.  There is nothing left to recover from the fire.  Whereas with an indirect loss, are also referred as “consequential loss” within the insurance industry and the policies that are issued. This type of loss isn’t from the fire and smoke damage itself, but the consequences of the business a company will lose when they aren’t able to operate as usual. 

Can it be that simple? Absolutely not! That is why there are courts and lawyers. They keep things interesting.  As we mentioned, even business owners are confused when it comes to consequential or indirect loss. The courts now have different approaches to the clauses that seek to exclude or include consequential or indirect loss from damages sustained. Sometimes, we may regard a consequential loss a direct loss. 

What does direct loss and indirect loss have to do with profit and loss for a business? If your business suffers from a fire or a storm that renders your place unusable, you will lose revenue. So, instead of having sales that go towards your profit, you’ll have losses to report, especially anything that the insurance will not cover. 

Which loss is an example of a direct loss? 

  • Some examples of direct profit loss would be: 
  • Fire and smoke damage to place of business
  • Theft from place of business
  • Car crashing into place of business
  • Storm damage to place of business 

While each of these is a direct profit loss for a business, they each can create an indirect loss too. Fire and smoke damage, storm damage (i.e., the roof is gone), or vehicle crashing in to building can leave the business unable to produce their goods or serve their customers. Those customer’s take their business elsewhere, creating an indirect loss. 

employees going over profit and loss

In Closing 

You have a dream of opening your own business come true. You know what you want to produce or provide the public or a specific industry. You get it all rolling along, even hire an employee or two. Then comes the tax man and you don’t have any idea how to handle filing the various types of taxes. Profit and loss to you isn’t what the tax man is interested in, so what do you do? 

The best advice is to find a business consultant, one that specializes in small business. They will talk to you about their services and how your company will benefit. They will discuss the profit to loss ratio that your business has currently and how to improve those numbers. A business consultant is up-to-date on tax laws and will make sure you are filing what taxes you need to file on time. Connect with our team today about profit and loss in Dallas, TX today!

How can I Make my Small Business Successful?

Consult us so you can learn more about your options for your business.

Are Small Businesses on the Rise?

When you start a business of any size, it’s absolutely reasonable for you to want to see it grow. However, with current events it may seem like that is an impossibility. We at R Moon Consulting firmly believe that your small business in Dallas, TX and the surrounding areas can still grow. While it may be difficult to believe that, small businesses last year had a 19.2 rate of growth for gross annual income. Most notably, small business growth in industries like construction, accounting, and retail were consistent for the past few years. Even now, with state orders and a general negative climate, small businesses have the capacity to grow. 

Unfortunately, 40% of all small business growth is considered profitable while only 30% just cuts even with an even amount having to take out loans or are just scraping by. However, upon looking at these current statistics there are reasons for this percentage that can actually be prevented. Some examples being:

  • 36% of small businesses do not have a website
  • ¼ of small businesses do not start out with financing 
  • Most small businesses (82%) fail because of cash flow problems

In 2017, the Census Bureau stated that there were stated there was 30.2 million small businesses in the United States which made up for 47.5% of the American workforce. More often than not, small businesses that do not see small business growth often have several reasons for such a negative impact. Much of the time, it tends to be missed opportunities or mismanagement among a few other reasons that can be negated with appropriate steps like competent management being taken. Here at R Moon Consulting in Dallas, TX, we can help you with small business growth through our positive business growth service. When you want to start seeing growth in your business, talk to one of our advisors by calling (972) 584-1758 today.

What are the Five Stages of Small Business Growth?

When you want to see your small business improve, you tend to start looking at your profit margin first. While this is apart of the like of thinking you should have, it is not entirely the only thing that should be focused on. Unfortunately for a small business, 10% is the average profit margin for most small businesses. While that may be alright for some, as seen in the statistics it is not necessarily what a person should be aiming for. To increase that, there are five steps that can be taken that will grow your company when followed accordingly:

  • Establish the Business: Stage one focuses on proper management and sending the message to the local population that this business fills a purpose they need. At this point, the owner tends to be doing a lot of work and advertising
  • Steady the Business: At this point, the business is established and has customers, but has shifted towards figuring out how to finance growth. In this stage, employees of the owner have responsibilities but are not for the most part independent. 
  • Make Goals: At this point, a company will be setting goals for growth and managing it accordingly. The income, thanks to a more diverse list of products, has allowed the owner to expand and need managers to better take on the brunt of the workload. 
  • Grow and Branchout: At this stage, the company should be making enough income to branch out and be capable of taking risks. On some occasions, there can be an expansion added like a sister location. 
  • Retain Success: At this point, a company is focused on keeping their revenue stream running and having enough to facilitate expansion. Upon each move, the employer can look back at the previous steps and make sure that each decision is based on sound and steady footing. 

When it comes to growing your business, R Moon Consulting can easily help with our professional services. Call today to learn more.

How can I make my small business Grow Faster?

Growing a business is like working with stocks, there is no sure-fire way of knowing how to grow it until an ample of research is done and implemented. The best way however for many businesses is to know your market and your customers. When building relationships with your clients and understanding the needs of the community, you can discover niches that need filling. While not exactly an answer, a complicated problem does not earn a simple solution. Ways you can learn of how to get better small business growth is to throw events or attend networking events. Creating a website helps immensely with this process.

Managing a small business can be difficult, we can help

What Makes a Small Business a Small Business?

To put it by the numbers, the United States counts companies with $35. 5 million in sales and a population of 1,500 employees as a small business. While most small businesses tend to be a third of that, a general feature of a smell business reveals itself as a company that is based in a specific community or city. When you want to see your small business growth in Dallas, TX call R Moon Consulting. We’ll make an appointment when you reach out to (972) 584-1758 for a consultation about small business growth.

Why is a Marketing Plan Important?

Marketing Research Being Reviewed.

Why is a marketing plan important?

For whatever reason, some business leaders devote very little time to market planning. This is unfortunate. Whether you’re a one-person operation or a large corporation having a marketing plan in place is essential for your business. It’s marketing that drives sales, and if you aren’t selling enough, you’re not going to stay in business for long. A marketing plan helps you decide who to sell your products to. While ideally, everyone should want to buy your products. Realistically, though you know only a certain part of the population will buy it, and putting a plan together helps you focus on your target market. With a plan in place, you’ll find it easier to make sales.

If you want to improve your sales but don’t have a marketing plan in place, R Moon Consulting can help you with all your advertising and marketing planning in Dallas, TX efforts. We are experienced professionals and can get you on the right track for success. Learn more about how we can help by calling (972) 584-1758.

How do you create a marketing plan?

When creating a marketing plan for small business you’ll want to follow these steps:

  • Write a mission statement that succinctly describes your business, the services offered, and the markets that it serves.
  • Make a list of target niche markets, the people you know your product will appeal to.
  • Write down a description of your services.
  • Work out all your key marketing and promotional strategies. This will require research into your market’s needs, problems, and industry trends.
  • Identify and learn about the competition.
  • Establish quantifiable marketing goals like how many clients you want to acquire or the amount of income you want to generate.
  • Keep track of your results to see which strategies are working.

What can a marketing plan help with

While your overall objective in creating a marketing plan is to generate more sales, the plan helps your business on many levels. As you create the plan, you’ll begin to focus and think more clearly about exactly who your customers are and what your products are and how you’re going to get products to those customers. Moreover, with a plan in place, you have measurable goals in place for your business. A plan will also provide motivation to reach goals. If at any point you decide to go to investors, you will have to have a marketing plan, otherwise, you will not be taken seriously. Speaking of money, with a plan in place, you’ll tend to use your money more wisely. You’ll have a better grasp of what to spend your money on.

When to create marketing plan

A marketing plan should be one of the earliest things you should do when you start a business. Along with the overall business plan, the marketing plan serves as the guidepost to move your business in the right direction to generate sales. It’s especially essential to have before you make a pitch to investors. 

Who reads a marketing plan?

A marketing plan will have different audiences depending on the type of business you have. Anybody from marketing team members to upper management or board members will read the marketing plan. It’s also very likely if you are pitching your business to investors, they will be reading the plan. As part of the business plan, a marketing plan is essential when it comes to attracting investors’ attention. The marketing plan could make or break a deal.

Marketing plan vs marketing strategy

Marketing plans and marketing strategies are different parts of a whole. The marketing plan is an overview of how you are going to go about marketing your products. In the plan, you’ll develop goals and set a budget, whereas, in a marketing strategy, you’ll drill down deeper into the specifics of the plan. In it, you’ll develop ways to reach your target audience and how to lure them away from your competitors. In the marketing strategy, you’ll determine what makes your products attractive, or their value proposition, as well as key brand messaging. It will include information such as data on customer demographics.

What are the four basic marketing strategies?

Marketing strategies are much more specific than marketing plans, but, in general, there are four basic considerations when developing a marketing strategy. These are product, price, place, and promotion. When developing a strategy, you’ll have to consider all four components of the strategy for it to be effective.

A Group Draws up a Marketing Plan.

How do startups find customers?

There are many ways for a startup to find customers. But, one of the best ways to find customers is through developing a marketing plan and marketing strategies. The plan will help you determine who your customers are exactly, and help you figure out strategies to promote your products. If you need help finding customers and developing a marketing plan in Dallas, TX get help from the experienced professionals at R Moon Consulting. Learn more about how we can help you by calling (972) 584-1758.

What is Corporate Filing?

Filing corporation articles

What is a corporate filing?

So, what is meant by corporate filing? When you own a company, there is paperwork involved. A lot of paperwork. A corporate filing is some of that paperwork, and it provides vital information to a corporation. Among that information are the company name and address, the company’s representative information, and the purpose of the corporation that has been formed.

Regardless of what state your business is located in and where it has become incorporated, it is mandatory to file the articles of incorporation. This is referring to forms that are required by the SEC (Securities & Exchange Commission) that states a company’s financial condition and material changes of the organization. Does every company have to file these forms?

No, only companies that are going to be a publicly-traded company, meaning a company that will be on the NYSE.  You know that 30 seconds on the news every night where a small group of people is standing around a podium banging a gavel?  Those are representatives (usually the original owner is in that group) announcing to the world their company is no longer a private company, but publicly traded on the NYSE. They have completed the required corporate filing of paperwork.

That paperwork is drawn up by business consultants, people that have a financial and legal background and knowledge of the protocol, laws, and requirements of the SEC.  Do you need such a company to do your corporate filing paper for you? No, it isn’t a law or requirement, but corporate paperwork, legal or tax paperwork, is complicated, confusing, difficult, and overwhelming.  and difficult.

Just as with your taxes, if your corporate filing paperwork is not done correctly, there could be repercussions costing you money. By hiring a small business consultant, you can have peace of mind knowing that they know what they are doing. They know and understand everything for corporate filing that will prevent possible consequences for your company.

If you are considering going public with your business, losing the sole proprietorship status, if you don’t already have a small business consultant, google “corporate filing services near me” and begin the search for such a company. You want experienced, knowledgeable people on your side for this next step.

How do you find if a company is registered?

The Internet is a wonderful tool. It can be used to find contractors for anything you need to be done, including a small business consultant. Information on anything, find out certain laws, dates of events, and recipes. It is also a tool to find out the status if a company has registered and when they submit their corporate filing. Every state in the country has a link to this information.  It will tell you the date the company registered, under what name, their ID and the company’s current standing.

Who is the owner of a business?

The person responsible for all aspects and facets of a business, the person who receives all the business profits, is the legal owner. The owner is the business. They file income tax listing their expenses, losses, and profit on individual tax forms like the Federal 1040 form annually. This information in their corporate filing along with the financial condition of the company and any material changes within the organization, all done through the corporate filing and dissemination system.

How do I find the owner of a corporation?

Every state has a website that provides a complimentary database with business registration is entered with the corporation’s name and registration number. This will also provide the business owner’s name and address and the registered agent’s name.

corporate office and businessmen

What happens if you don’t file your annual report?

For a company to be in good standing and acknowledged as a registered entity, its annual corporate filing report on time. There are repercussions for filing late or not at all, such as late fees and the company being administratively dissolved as a legal entity.

Corporate filing is just as important for a business to maintain good standing as it is to meet corporate tax filing deadlines and other items of this nature.  Here is a summarization of 8 things that you should expect to get from a small business consultant:

  • Experience and Knowledge of Your Industry.
  • Experience and Knowledge of Your Business.
  • Passion about Your Business.
  • Accentuate Your Leadership Skills.
  • Develop a Strategic Plan.
  • Provide Effective Training.
  • Hold You Accountable to Commitments and Responsibilities.
  • Produce Measurable Results for the Goals You Both Set for Your Business.

If you aren’t getting these things from your current business consultant, request a meeting and review what you perceive and understand to be their part in your business and what you expect. Just as you review your electrical service, auto, business, home, and life insurance policies, your internet, and phone service contracts, regularly, review what your business consultant is providing you. They are a team member and having clear and open communication is important for your business’s success. Dial (972) 584-1758 today for your corporate filing in Dallas, TX.

How do incentive programs work?

team working together on project

Improve morale with incentives

There are times the job market is the employer’s market and at other times, it is the job seeker’s market. Meaning, when the jobs are few, employers have the upper hand and when the jobs are plentiful, the employed and the job seekers have the upper hand in demands and expectations. When it is in the job seekers with the upper hand, employee incentive programs can do a lot in hiring and keeping good employees. 

Some employee incentive program examples are sign-on bonuses and retention bonuses, more sick days and vacation days, quarterly incentive bonuses, etc. Companies may design an incentive program based on the industry, such as accident-free bonuses for an industry that is prone to accidents or reaching a goal of error-free shipping. There isn’t a box of employee incentive programs, as they can be customized to fit the company’s overall goal or to fit a specific department within the company.

A company should choose employee incentive programs that work to make the employee incentive program benefits appealing to the masses or to the type of employee they desire to attract and retain. The employee incentive programs for small businesses are typically different than those of a larger company or corporations, and employees and job seekers can and should need to choose their employment aspirations accordingly.

What is an example of an incentive?

An incentive is something that gives a person the motivation to accomplish something or work harder toward a goal. One example of employee incentive programs in the workplace is to be paid extra money for working additional time on a project. The ultimate goal for the employer may be to get an order out on a time, reach a number in sales and profit, reduce the employee accident rate, boost morale, or any number of things that a company needs to achieve.

The difference can be huge with the right employee incentive programs. Studies have found that a properly structured incentive program can increase the performance of a company’s employees by 40% or more. Some examples of incentives are: 

  • Financial: Money may not everything, but it doesn’t hurt to have more either. A financial reward is commonly always one of the most well-received employee incentive programs and gives the employees that motivation an employer is trying to generate. This financial reward can be in the way of a prepaid card or an open-loop prepaid card that can be used for ongoing motivation. Paycheck bonuses and raises are always a plus too!
  • Networking Social Events: After work, most of us just want to go home and relax, but the occasional work gathering can be fun and give employees the desired incentive to know there is a free “party” waiting for them at the end of a period.  These events are useful for team building among the employees and create camaraderie between employees while strengthening the relationship between the boss and the employees.
  • Points System: A workplace points system as employee incentive programs have proven to be successful. It would reward employees for reaching assigned goals or achieving specific behavior. They can redeem the points for a variety of things like gift cards, merchandise, or time off with pay, like a half day.
  • Learning Chances: Every business is more successful with educated and informed employees, so these types of employee incentive programs are a win-win. Offer educational and training programs that give employees the opportunity to improve on their skillset and expand their knowledge that could lead to paying raises and job advancement.
  • Simply Saying Thank You: Simply saying “thank you” or acknowledging a good job from the boss or management team will make a big difference for an employee. A little bit of one-on-one recognition does a lot for the ego and morale, and best of all, it’s free.

How do you recognize employees for good work?

Nobody wants to fee underappreciated, especially at work. The days of getting a paycheck aren’t enough anymore. Being recognized in the workplace does a lot for morale and encouraging us to keep going at it another day. Sadly, only 1 in 3 workers receive praise or recognition in a week according to a Gallop poll and when an employee doesn’t feel they are appreciated, they are two times as likely to leave an employer within 12 months.

Here is a list of employee incentive programs that won’t cost the company a quarter’s worth of profit.

  1. Give a shout-out from time to time
  2. Offer opportunities for personal development that expand into professional development
  3. Offer fun projects
  4. Take employees to lunch for achieving a goal, like getting a huge order out on time, under budget
  5. Loosen the management reins
  6. Create a fun competition between departments
  7. Throw an appreciation party or plan a potluck lunch
  8. Encourage peers to recognize their fellow associate’s accomplishments

How do I incentivize my employees without money?

As we mentioned earlier, money isn’t everything, but it is something. However, looking beyond to find employee incentive programs that won’t cost the company is helpful too. We’ve mentioned a simply “thank you” can do a lot for motivation and feeling appreciated. Here are some intrinsic motivators that won’t break the budget while getting your employees motivated. 

Independence, mastery, and purpose

Experts say there are three things that motivate humans:

  • Independence: We all want to be independent thinkers and have control over what we do in life, including at work. Don’t be a “helicopter boss” that hoovers over your employees. Give them the opportunity to make decisions.
  • Mastery: We all want to be better at what we do, by providing your employees the opportunity to show off their achievements and progress allows them to show they have mastered something. Provide them constructive feedback and performance metrics so they can achieve that mastery with development plans individually designed for each one.
  • Purpose: Everyone likes to be a part of something that is larger than they are, and by seeing how their contribution benefits the whole business does that. It shows them their work is of value to the whole picture.

Offer praise

You can’t praise an employee too much praise or recognition, even if only a thank you. A shout-out during a team meeting does wonders and can give other employees the push to do strive harder for more too. Make the acknowledging praise and recognition for tangible accomplishments. 

Community development

Your employees need to feel connected to the company and each other. y building a sense of community your employees feel connected to each other – and not just to the business. Have each department go to lunch together, put old fashion games in the breakroom, even a jigsaw puzzle that everyone can work on together. Company picnics that include the employee’s families are excellent for “out of the workplace” togetherness.

Get to know the person

Learn your employee’s hobbies, interests, family situation. Do their kids play ball or take dance? Do they raise a certain breed of cats or dogs? This personal connection will let you know what motivates them.

Volunteering as a team

Of all the employee incentive programs there are, this one helps others too. Get a group of volunteers to work at a food bank or soup kitchen. Find a non-profit to support and encourage the employees to reach out for donations. This brings everyone together for a single goal and it can only help publicity for the company.

What are some employee incentives?

We’ve covered and offered several ideas and suggestions, but there are so many more things that you can do for successful employee incentive programs. Some more ideas to consider are:

  • Make sure your employees have the equipment, materials, and tools they need to do their job well.
  • Create a special, unassigned office for a day when a goal is reached by an employee
  • Give away an outside service like a massage, house cleaning service, sizeable discount for fitness equipment for the home
  • Make a game out of finding small gifts around the workplace
  • Create a funny award
  • Let an employee that wins a contest or achieves a goal pass on a project or switch a client with another employee
  • Draw attention to an employee’s outside accomplishment or interests
  • Shake things up by having management serve lunch to the crew
happy team shaking hands

What are the three types of incentives?

Research and studies have found that when a company provides a variety of incentives, it motivates the employees to do their best consistently. Three popular and well-received employee incentive programs are:

  • Profit-Sharing Plans
  • Cash Bonuses – paid in cash, not by check where IRS gets a piece of it
  • Retention Bonuses – and not just for newcomers, but 5-year, 10-year, 20-year, etc.   

Employee incentive programs are essential to a company’s longevity and success. Happy employees are satisfied employees and those are productive employees. The effort, money, and time you put into this endeavor could have a long-lasting ROI. Call (972) 584-1758 today to discuss employee incentive programs in Dallas, TX.

Is an Exit Strategy Really Necessary?

working on exit strategy business plan

Building Your Dream and Preparing for the Worst

If you are a business owner, then you have likely thought about almost every single scenario. For those that own a brick and mortar location, you’ve probably even thought about how to get out when there is a fire. However, the one plan you have likely not thought about is an exit strategy. What is that? It’s a specific guide for you when things either go south or when you are ready to move on to new ventures. To learn more about an exit strategy business plan for your Dallas, TX company, contact R Moon Consulting. We are the experts you need for this very thing. Call us at (972) 584-1758 to get started. 

an exit strategy business plan for finances

An Exit Strategy Business Plan for You

So what actually is an exit strategy? In a nutshell, this is a specific and strategic plan for an entrepreneur to sell their interest or stake in a business. This could provide a profit if the business itself is successful. However, an exit strategy within a business plan is often there to actually help minimize losses when an entrepreneur sells its stake. Though this sounds very scary, exit strategies are there to serve you, not scare you. An exit strategy business plan example might be a strategic acquisition. In this scenario, you might plan with another company to strategically buy most or all of your shares in your business. You often hear about this happening catching owners by surprise, but this would not be the case for you. There are many other choices for you to pick from which is why it’s important to work with a consultant or consulting agency when writing a plan like this. Similar to when you may need something like HVAC duct sealing. While you can do it yourself, you’ll experience better results and more satisfaction by relying on experts.

Top Exit Strategy Plan Options

When it comes to planning an exit strategy, there is no one way. Rather, there is no exit strategy business plan template. Every business and every plan will be different because it is all based on you. It’s based on what you want, what you have planned, what you currently have, and so on. There is no way to say that what worked for someone will work for you, but that in mind, there are several options to consider.

  • Merger & Acquisition (M&A): With this plan, it usually involves merging with a similar company or just being bought out by a larger company. This is considered a win-win for bordering companies with complementary skills. You get to step back from the business without hurting your finances or employees. 
  • Initial Public Offering (IPO): This is a viable option for a larger business, but most certainly not for smaller businesses. Going public is a long and costly process, which is not always possible for smaller businesses. There is also the risk of being liable for things since public companies are held to strict standards. 
  • Sell to Friend: Selling to a friend or valued business owner is not the same as an acquisition. You won’t actually be combining two resources into one. Instead, you are selling your interest in the business and walking away. This is often ideal for those that want a fresh start. 
  • Liquidation: With a liquidation, this is an immediate, close up shop and sell everything situation. Smaller businesses dependent on a single source or individual may have this as their only option. In that case, you may need some help reworking your business for a possible buyout or acquisition. 
  • Liquidation Over Time: If you are lucky enough, you may get to liquidate your business over time. It may still shut down, but it won’t be immediate. In this case, the owner will typically extract funds over time rather than preparing the business for expansion.

This can all seem very overwhelming to new business owners, which is why it’s recommended to work on this with a consultant. For that, you can rely on R Moon Consulting. We can help you with everything from how to write an exit strategy business plan to employee development coaching. We are here to help business owners just like you find what they need to make their business work for them.

Frequently Asked Questions

  • What is a good exit strategy?
    • A good exit strategy will have everything you need to move on from your current business. It will include information about a retirement plan, pension plans, plans for spending or earning money, and so on.
  • Why do you need an exit strategy?
    • You need an exit strategy for those just in case moments. There is no guarantee that a business will thrive and survive the way you hope it will. If that is the case, you need a plan to ensure you and your money are protected. That’s why you need an exit strategy. 
  • What is a business exit strategy?
    • This is a strategic plan to sell your interest or investment in a company. It’s an opportunity for entrepreneurs to liquidate or reduce their stake in a business. This is often meant for those wanting to retire or spend less time working. 
  • What should be included in an exit strategy?
    • One of the most important things that needs to be included in your exit strategy is what will happen to your business once you sell. This could be an acquisition, merger, IPO, or just simply shutting down the business. This is a critical step to understand where your money is going. 
  • How do you make an exit strategy?
    • Your best bet for preparing an exit strategy is to work with a consultant. They will go over every single detail with you, figure out what it is you want, and help to build a plan from there. While you can do it on your own, it’s best to work with a professional for expert advice.
exit strategy business plan

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When you need help with an exit strategy business plan in Dallas, TX, look no further than R Moon Consulting. Dial (972) 584-1758 to schedule your consultation today.

What Does a Leadership Coach Do?

Leadership Coaching in Action

Leadership and Business Coaching for You

If you are a business owner with employees, you can tell who is going to shoot to the top. You probably have your eye on a select few that you know, if given the chance, could do great things within the company. It can be difficult to find the time and the effort to mentor others so they can succeed, which is why leadership and executive coaches exist. A leadership coach can be brought on to help bring out the best potential in your employees. If it sounds pretty straight forward, that’s because it is! Leadership coaching for Dallas, TX businesses isn’t designed to reinvent the wheel. It’s designed to help unlock the potential hiding within your company. Dial (972) 584-1758 to connect with R Moon Consulting for more.

Employee Utilizing Leadership Coaching

How Does Leadership Coaching Work?

A leadership coach, sometimes known as an executive coach, is a qualified individual that works with high-potential employees within a company. A coach is not a therapist or a consultant, but rather a sounding board and a source of confidential support. They help those high-potential with things like:

  • Gain self-awareness
  • Identify goals
  • Establish objectives
  • Challenge assumptions
  • And so much more

When given permission, these coaches can offer advice when necessary, but again they are not therapists. They are not brought in to tell an employee how they should or should not act. Rather, they are brought in to help employees unlock their potential and rise to the occasion. As mentioned, the title for a leadership coach or an executive coach is relatively interchangeable. There really is no leadership coaching vs executive coaching. The only difference that could be identified would be that executive coaching could be reserved for employees in more executive responsibilities. Whereas leadership coaching could be for employees that show a high-potential for executive responsibilities. Now there is a difference between leadership coaching and something like business coaching. With business coaching, you’d be learning more about how to run a business while also finding those goals and unlocking your potential as a business owner.

Things a Leadership Coach Can Do for You

If you have been considering coaching for your business, you have probably wonder if there are any leadership coaching benefits. And the answer is, yes! Leadership, executive, and other forms of coaching have proven track records. They are reliable resources for positive growth within companies. There really are a number of things you can glean from coaching. 

  • Clarification: Coaching can help you get a much clearer understanding of yourself and of those around you. Perhaps the most critical aspect of leadership coaching is the drive to self-awareness. Knowing who you are and what you want will help you get much further than you currently are. 
  • Strengths and Weaknesses: The other potentially critical aspect of coaching is understanding your strengths and weaknesses. Having a complete understanding of these things can help you utilize your strengths while minimizing and even working on improving your weaknesses. 
  • Actual Achievement: Of course, the bottom line of coaching is to help you and your employees actually achieve your goals. Coaches are not there to consult on how to run your business. Rather, they are there, in a way, to help make your business run more effectively. 

Why leadership coaching is important is because it helps potentially great employees find themselves. It can help those that want to go to the next level with their career and with themselves as well. Leadership coaching can help you both in your profession and in your personal life, to an extent. The one thing that leadership coaching can’t do is help with something like network consulting. Other than that, executive or leadership coaches can have a profound impact on your business.

Frequently Asked Questions

  • What is leadership coaching and how is it beneficial?
    • Leadership coaching is a great way to bring inspiration and motivation to yourself or to your office. It’s beneficial because coaching can help find hidden strengths and weaknesses that you and your company can use to better yourself. 
  • What is the difference between executive and leadership coaching?
    • Executive coaching and leadership coaching are essentially the same thing. They both intend to help clients find hidden strengths while also working to inspire and motivate clients to be the best version of themselves.
  • What do you expect from leadership coaching?
    • You should expect your coach to help you identify big and small goals you have. You should also expect them to help you find and secure the motivation you need to go after and ultimately achieve those goals. 
  • Why is coaching important in the workplace?
    • In the workplace, coaching is primarily important because it can help boost company morale. Coaching can also help you identify and organize your goals so you as a company can ultimately achieve them.
  • How can coaching help leadership development?
    • Coaching can help with improved emotional intelligence. It can help with better time and resource management, better communication, more motivation, a higher or more positive return on investment, and much more. 
Leadership Coaching Conference

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Ready to get started with leadership coaching in Dallas, TX? Call R Moon Consulting at (972) 584-1758 to schedule a consultation today. 

Do Business Coaches Really Work?

Young Female White Collar Worker Teaching Male Colleagues

Expand Your Career With A Business Coach

When you’re wondering what the next step should or can be with your business and field a business coach may be able to help you! There are many seasoned professionals out there that are familiar with your struggles and aspirations and have the knowledge and heart to assist you in navigating your field. A business coach comes with many different personalities and ideologies which can assist the many different mindsets of people out there in the world trying to grow. It’s therefore important to do your research and find out what you ultimately want from a business coach and see if there is enough chemistry to spark a movement towards your future. Here is some information that may be helpful to you in your search for improving your career!

What is a business coach?

A business coach is someone who can assist you in furthering your career as well as establish long term business goals by developing habits that will be beneficial for your future. You can develop ideas that are not only strategic but able to be built upon. Businesses fluctuate and a business coach will be able to help your navigation through changes with a clear head and practical applications.

What should I expect from a business coach?

A business coach should be someone that acts more as a mentor than an actual coach who is willing to sit down with you or lead by example. It’s important to seek someone who is eager to impart their wisdom be it from their seasoned experience or from other field methods. It’s important that you share a sense of chemistry and agreeable mindset that will progress you further. Aim for someone who will hold you accountable and provide you with a dose of honesty so you can constructively be critiqued and challenged. With a business coach, it’s important that they are someone who is objective and can stimulate your thought process. They should be trustworthy and able to admit from past failures so you can learn from them. 

What can a business coach help with?

A business coach can be useful for people who are in different stages of their life. A business coach for entrepreneurs can start at basic functions of goal setting, networking, establishing routine and schedules. Or you may already be established and would like a business coach to assist in your potential for growth if you find yourself stumped as to where to go next. From simple stages to the more complex, a business coach is proven to assist individuals further their careers. Ultimately, it’s up to the individual to find who fits the best with their mindset to further their growth. 

Business Coach vs Management Consultant

A business coach differs from a management consultant based on the establishment and other factors. A management consultant is technically an executive coach that will typically work with individuals that are employed in larger corporations, Fortune 500s, and C-Level teams. Their focus is mostly on the preservation of culture and workmanship spirit yet they can innovate on company structures as well. With a business consultant, you’ll have someone who knows how a business works with both start-ups and established businesses. Their focus if often helping someone transition or shift gears in the playing field of business and how to carefully navigate responsibility and commitment down the road. A business coach will differ from consultants as they will tie in a bit of psychology into the mix and act more as a mentor with interpersonal goal setting, habit-forming, behavioral changes, performance goals and setting your own path.

How can a business coach help me?

A business coach is almost like a therapist that’s with you on the field. They offer wisdom and are familiar with the knowledge that specifically can help you with your career growth. They will guide and assist you in running a business and help achieve a clear vision for the future. A business coach will help connect the dots to see how ultimately this can be achieved with both your business and personal goals. They will establish where you are and get you to where you want to be.

Two Males By a Computer

Why should you hire a coach?

Reasons to Hire a Business Coach 

  • Learn Your Strengths & Weaknesses
  • Be Accountable to Someone
  • Harness Your Ideas
  • Establish Realistic Goals
  • Prioritize Business Needs
  • Get Support & Encouragement
  • Increase Your Creativity
  • Increase Income
  • Challenge Yourself
  • Try New Things
  • Find Motivation 
  • Get Out of Rut
  • Gain Confidence

How do I find a good business coach?

Business coaches know that in this day and age it’s important to offer information or previews of their styles before committing. That’s why several offer routes where you can preview their ways and see if they’re a fit for your through website, podcasts, blogs and more! A search may be as simple as looking for a business coach in your area with a simple search engine implementation such as attic insulation in Fort Worth, TX. There are various avenues to look into for leadership and management coaching, weigh your options with research and a few trials until you find the person who is right for you! 

If you’re interested in a business coach in Dallas, TX call (972) 584-1758 with R Moon Consulting!