As a small business owner, understanding the economic factors that impact your business is essential for success. From supply and demand to pricing strategies and market competition, economic principles play a crucial role in shaping the decisions you make as a business owner. This post aims to provide some economic insight along with strategies that can help small business owners navigate the complex economic landscape and achieve sustainable growth. Today we will be looking into short and long run production in economics. Keep in mind these concepts will impact a business with Physical products and that manage an inventory to support production. Short run and long run production are important concepts in economics that refer to the fixed and variable inputs in a production process. Fixed inputs include capital goods, such as machinery or rented space, which cannot be easily changed in the short run, while variable inputs include labor and raw materials, which can be changed in the short run to increase production. Let’s see this in real time: Let's say you run a small coffee shop with a fixed number of tables, chairs, and equipment like coffee makers and blenders. In the short run, you can hire more staff or increase the amount of coffee and ingredients to increase production and serve more customers. However, you can't easily expand the size of your shop or replace your equipment in the short run. After the lease on your shop expires, you can choose to move to a larger location or purchase more equipment to increase production in the long run. By understanding the difference between short run and long run production, you can make informed decisions about your business operations and plan for future growth. Ways to implement these concepts: Owners can use short run and long run production concepts to make informed decisions about their business operations. In the short run, they can focus on maximizing output using the available fixed inputs and variable inputs. This may involve adjusting the number of employees or the quantity of raw materials used to ensure optimal production. In the long run, they can plan for future expansion by considering the acquisition of additional fixed inputs, such as land, buildings, or machinery, to increase production capacity. This will help them to be better prepared to meet the demands of their customers and stay competitive in their market. If you're looking for additional support or have a specific question about your business, don't hesitate to contact us.

EMPLOYEES. Your business would not be as strong and accomplished without your family of employees. These employees are on the same path as you are towards seeing your business succeed. After all, their time and energy is invested into your business because they work for and WITH you. Today, we’re going to talk about employee engagement. I know what you’re thinking – another buzzword that "corporate pigs" throw around to sound impressive. But trust me, it’s more than just a buzzword. Employee engagement is crucial for any business to succeed, and it all starts with communication. We will first talk the talk and discuss how employees communicate. In this digital age, communication has become more important than ever. Emails, video calls, and instant messaging have become the norm, but sometimes, they just aren't enough. It’s important to create a culture that encourages face-to-face interactions, brainstorming sessions, and team building activities. This creates a sense of belonging and fosters a community feeling among the employees. As someone who has a specialty in the training and certification of employees (I did this for a living for over 300 employees), let’s elaborate on how employees train and learn best. Gone are the days of traditional classroom-style training. Instead, modern businesses are investing in online training and e-learning programs to keep their employees engaged and current. This type of training not only saves time but also provides flexibility and convenience for the employees. This type of training can also be gamified, adding an element of FUN to the process. Who said learning can't be enjoyable? Are the incentives and benefits at your job looked upon in a positive light? Benefits packages have evolved a lot in recent years. Companies are now offering perks such as unlimited PTO, mental health days, and work-from-home options. These benefits show that the company cares about their employees' well-being and work-life balance. They also help to reduce burnout, increase productivity, and create a positive work environment. Do you feel appreciated for what you do? It’s important to recognize and appreciate your employees' hard work and dedication. A simple “thank you” can go a long way in boosting morale and motivation. Businesses can also implement employee recognition programs, where employees can nominate and recognize their peers for their achievements. This creates a positive and encouraging environment, where employees feel valued and appreciated. Employee engagement is not just a trendy buzzword – it's a crucial factor for business success. It starts with creating a culture of open communication, investing in modern training methods, offering attractive benefits, and showing appreciation for your employees. By doing so, you can create a motivated and engaged workforce that will help take your business to new heights. Tara Garcia Faithful Hound Consulting

Get ready for the future of work! Remote work has become a hot topic for businesses and employees alike. And why not? Studies show that remote work can lead to increased productivity, reduced overhead costs, and access to a wider pool of talent. In fact, in 2021, remote workers were 47% more productive, spent 10 minutes less per day being unproductive, and worked one more day a week than office workers (Owl Labs, 2021). After vaccines became widely available, companies had to make a choice - continue remote work, go back to the office, or initiate a hybrid work policy. And the results are in! Hybrid work policies are showing promising results, while back-to-the-office policies are being met with resistance. It's clear that remote work is here to stay, especially as Millennials make up the largest generation in the workforce and want a comfortable work environment, flexible work schedules, and a healthy work-life balance (PwC, 2022; Buffer, 2022). To prepare for the future of work, companies should set up a centralized information system, train employees on how to use the same messaging platform, and optimize job postings to find the best remote workers. And the benefits of remote work are not just desirable, but highly recommended. In fact, 98% of respondents would like to work remotely, at least some of the time, for the rest of their careers, with flexibility being the top benefit (Buffer, 2022). Remote work does show challenges that should be addressed. Staying home too often and feeling lonely can be struggles for remote workers. And while setting work boundaries is important, remote workers can struggle to unplug. However, businesses can balance the benefits of flexibility with the need for boundaries to ensure the success of their remote workers. Additional steps that businesses can take to integrate remote work include establishing clear communication protocols, investing in technology and equipment, setting clear performance expectations, and providing opportunities for professional development (Zapier, 2022). By taking these steps, businesses can successfully integrate remote work into their operations and reap the benefits of increased productivity, reduced overhead costs, and access to a wider pool of talent. References: Owl Labs. (2021). State of Remote Work 2021. Retrieved from https://www.owllabs.com/state-of-remote-work/2021 PwC. (2022). Workforce of the future: The competing forces shaping 2030. Retrieved from https://www.pwc.com/gx/en/services/people-organisation/workforce-of-the-future/workforce-of-the-future-the-competing-forces-shaping-2030.html Buffer. (2022). The 2022 State of Remote Work. Retrieved from https://lp.buffer.com/state-of-remote-work-2022 Zapier. (2022). The Ultimate Guide to Remote Work. Retrieved from https://zapier.com/learn/remote-work/

In today's competitive market, merely offering a good product or service is no longer sufficient. To stand out and win customers, you need to differentiate your business and offer something unique that sets you apart from the competition. Here are some strategies to help you do just that: Identify Your Unique Value Proposition: Start by identifying what sets your business apart from the competition. What unique value do you offer that no one else does? This could be anything from exceptional customer service to a proprietary technology or product. Know Your Target Audience: To differentiate your business, you need to understand your target audience inside and out. What do they value? What problems do they have that your business can solve? Use this information to tailor your messaging and offerings to meet their needs. Focus on Quality: In today's market, customers expect quality. By offering high-quality products and services, you can differentiate your business and build a loyal customer base that will return time and time again. Embrace Innovation: Innovation is key to staying ahead of the competition. Look for ways to innovate and offer something new and exciting that your competitors aren't offering. This could be a new product or service, a unique marketing strategy, or a fresh approach to customer service. Build Your Brand: A strong brand can set you apart from the competition and help you win customers. Invest in building a memorable and consistent brand image that resonates with your target audience. By differentiating your business and offering something unique, you can beat the competition and win customers. Use these strategies to stand out and make your business the go-to choice for your target audience.

Small business owners face an array of problems that can range from industry specific to legislative. In today’s business climate, a challenge impacting most operations as of writing this in 2023, is keeping up with inflation to remain competitive and profitable. We’ve all experienced this with the influx of prices for everyday items. In this post, we will discuss strategies that can help small businesses beat inflation and maintain available revenue. Get creative with how you use these strategies to support both your budget and goals. 1: Streamline and Automate Processes Streamlining and automating your business processes can be a game-changer in terms of reducing costs and improving efficiency. Think about it: by using technology and eliminating manual tasks, businesses can save time and resources that can be invested in growth. And who doesn't want to grow their business? By constantly evaluating your operational processes, you can identify opportunities for improved efficiency. For example, payroll, inventory management, and customer service are all processes that can be streamlined or automated. This will also allow your operation to save on labor costs if you're able to automate certain functions. The benefits of streamlining and automating your processes are many, including increased productivity, improved customer satisfaction, and reduced costs. Also, allow enough time for key players to learn the new procedures/technology. While you have a deep understanding of these functions, it may take time for the staff to fall into an efficient routine. Which at first can create misleading results in terms of how efficient your new functions are. 2: Cut Expenses It’s always good to evaluate a business’s financial health to ensure milestones are being met. By taking a close look at your costs, you can free up resources from unnecessary purchases and improve profitability. As we know you can also automate services but keep in mind if they exceed your budget Another way owners can manage expenses is by negotiating with suppliers for better rates. You want to leverage your relationships with those in the supply chain to make a deal whenever possible. If you’ve been working with a vendor for years, chances are they value your support (or they should) and want to continue doing business. Having those conversations allows us to be transparent with B2B activities. Afterall, chances are they are dealing with the same concerns as you when it comes to economic stability. These small victories on the expense report have a greater impact once we understand all places revenue is dispersed too. 3.Expanding Offerings Understand that expanding offerings during inflation can be a challenge. However, there are many strategies that businesses can utilize to stay competitive and grow their customer base during uncertain times. Here’s were getting creative will help support your budget, especially if you discover a new way to present an offering. Diversification is when an operation adds new products or services to increase their customer base and potentially increase revenue. Think of ways to add value to your existing services and ways that a new addition would make sense to consumers. If selling beach balls for a living and then offering ski equipment it would not represent the brand instead of selling beach wear. Another strategy is to form strategic partnerships with other businesses, which can provide opportunities to offer complementary products or services without having to invest in new resources. Again, looking at your business relationships can help identify opportunities for collaboration. These partnerships should align with the company’s values and have a clear message when presented to consumers. A more obvious tactic can be expanding your online presence in today's digital forward age. Businesses can reach new customers and potentially increase sales through an e-commerce platform, social media marketing, or improving their website to enhance the customer experience. All of which vary in price but, to stay a social media account right now cost nothing but time. With a proper strategy in place, you can reach a wider audience and never need to spend money on advertising until an audience has been established. 4: Employee Retention We want to emphasize the importance of retaining employees as a key strategy for small businesses to beat inflation. By offering competitive salaries and benefits, businesses can retain skilled workers and reduce turnover. Which will positively impact productivity based on the work environment investing back into employees. Sitting down with your employees and giving them a way to voice their concerns can also help. You know your staff better than anyone or you need to if you’re going to use all resources at your disposal. They are going through inflation as well and if you make drastic change at their expense, they easily make the situation worse by leaving. Having those conversations about what their concerns are will give you an idea of their pain points. To which, we are then able to draft a plan to solve them. There’s no way we can solve everyone’s issues, but we can allow them to be heard during troubling times. Making it easier for them to be loyal to an establishment that reinvests back into their own staff for their hard work. Other ways to minimize turnover rates would be employee recognition, autonomy from micromanagement, and employee benefits covered by the business. All of these strategies are just the tip of the iceberg of ways for your business to operate through inflation but should serve as a guide on how to self-evaluate internal processes.

Looking for a no BS guide to living your best life? Look no further than "The Subtle Art of Not Giving a F*ck" where Mark Manson breaks down reasons to care and the alternative. This immensely popular bestseller is a self-help book that caters to those who don't typically enjoy traditional self-help literature. At Faithful Hound Consulting, we know that sometimes it's hard to apply the lessons learned in self-help books to real life. That's why we take the time to read and reflect the resources we offer to give you the people a honest recommendation. With so much grabbing for our attention it becomes difficult not to care or react. Some main takeaways you'll learn is how to prioritize your values, set boundaries, and let go of what's holding you back. The hardest thing to do is turn on and off the reaction button and we believe this book can be a great tool in your library.

Are you struggling with procrastination daily? Do you find yourself constantly putting off important tasks, only to feel overwhelmed and stressed later on? Then "Eat That Frog!" by Brian Tracy is the book for you to digest. Tracy's bestselling book uses the metaphor of "eating a frog" to tackle the most challenging task of your day, the one you are most likely to procrastinate on. In our fast-paced world, effective time management is crucial, and Tracy provides practical and doable steps to help you get more of the important tasks done. At Faithful Hound Consulting, we understand the importance of time management and productivity. That's why we're constantly searching for books, lessons, and references to support the people behind the business. From this book will you learn actionable steps to help you overcome procrastination and increase your productivity. Don't let procrastination hold you back because the reality of it is we all deal with. Take the steps to not only improve your work processes but personal flow from reading this book.

In today's world, competition is fierce and it's hard to stand out in the crowd with so much noise between you and the target audience. What if there was a way to create your own blue oasis where profits are higher, marketing is effortless, and competition is nearly nonexistent? That's exactly what you'll learn in "Giftology" by John Ruhlin. We believe that giving gifts is one of the most powerful ways to cut through the noise and strengthen relationships with clients. That's why we're sharing this book reference to help you apply the principles of Giftology to your business activtites. Within the book can you start to see the power of gifting and how the subtle details in the art of it make the difference. You'll learn how to use gifts thoughtfully to increase referrals, strengthen client retention, and make your message a priority in a world filled with marketing noise. Making a first impression is still vital and with the power of gifting you can prepare the next visits with intention. We highly recommend this to add to your shelf whether you are using it for business or personal gifting.

In today's fast-paced business environment, distractions are everywhere and will only increase with time. Emails, social media, meetings, and other interruptions can make it difficult to focus on the task at hand or even find the time to enjoy yourself. However, the ability to hyperfocus, or fully concentrate on a single task, can be a powerful tool for business owners. Chris Bailey's book "Hyperfocus" offers practical techniques for harnessing the power of attention to achieve greater productivity and success. Let alone, exploring other methods like “Scatter focus” that helps support creativity, recover mental energy, and support active hyper focusing. If you find yourself doing to much, being unable to manage work responsibilities, or looking for a mindset supportive book to implement practical approaches look no further. To quote Mr. Bailey, “The average person is distracted every 40 seconds and take up to 23 minutes to regain focus on that same task.” This alone should get you thinking how much time are you spending on what truly matters? And what you are spending your time on, is it even worth consuming?

Looking for a philosophy that can help you succeed in business and in life? Look no further than Stoicism. In his classic work "Meditations," Marcus Aurelius offers timeless insights on how to live a meaningful and fulfilling life, even in the face of adversity. At Faithful Hound Consulting, we believe that the principles of Stoicism can be applied to business, helping you achieve greater success and overcome challenges with resilience and grace. From this shared video learn the value of Stoicism in business offers practical tips on how to cultivate a Stoic mindset, including staying focused on what you can control, developing a growth mindset, and practicing self-discipline. Don't miss out on this opportunity to learn from one of history's greatest thinkers and apply Stoic principles to your business. Check out this shared video on the value of Stoicism in business today and start unlocking the power of this ancient philosophy. LISTEN HERE

Are you struggling to close sales and meet your revenue goals? Then you won't want to miss what this video has to offer! Youtube Channel "Sales Insights Lab" does a fantastic job of going over principles and techniques related to sales. Share their tried-and-true techniques for closing more deals and boosting your bottom line. You'll learn how to build rapport with potential clients, overcome objections, and close with confidence. Whether you're a seasoned sales professional or just starting out, this video is packed with valuable insights and actionable tips to help you close more sales. Don't let missed sales opportunities hold you back. and check out their channel for similar content.

In today's fast-paced and competitive business world, it's easy for employees to feel stressed, anxious, and overwhelmed. That's why it's more important than ever for leaders to create a culture of safety in the workplace. At Faithful Hound Consulting, we believe that good leaders prioritize the well-being of their staff, creating an environment where employees feel safe, supported, and valued. Today's video centers around how good leaders make staff feel safe offers practical tips for creating a culture of safety in your workplace. Whether you're a seasoned manager or just starting out, this video is packed with insights to help you become a better leader and create a more supportive workplace. Don't let the stress and pressure of the workplace take a toll on your staff's well-being. Watch this shared video on how good leaders make staff feel safe today and start creating a culture of safety in your workplace.