Hiring and retention plan
The first phase in hiring is the establishment of a targeted recruitment plan. Notably, a blanket technique for employing staff will not be effective. The business will have to deploy a strategic recruitment process for the firm consistently. This plan will account for both business objectives and a competitive recruitment environment, which will be structured for every job to be performed in the bakery. As part of the plan, the firm will create a process that provides feedback to the candidates and the hiring personnel. Additionally, a survey will be done to ensure the streamlining of the hiring process. The business will evaluate various candidates’ resumes for various positions to ascertain whether they have had a long-term run in employment with other firms. For instance, an individual that has been moving from one job to another may not be an ideal candidate.
Secondly, there is a need to train the hired employees and also structure the right compensation package. After the successful employment of the new staff, there is a need to assimilate them into the culture of the firm. The business also intends to provide growth opportunities to the employees. Employees desire recognition of their skills, and that implies that a competitive compensation and benefits package which will increase their loyalty, contributing to their more extended stay in the company. The business will assure the employees that providing for their families in a manner that exceeds their needs will occur when employed with the company. Accordingly, offering job security to the employees that will serve to protect and empower them will enhance their loyalty and commitment.
Furthermore, the firm intends to create positive morale in the business. This will be done through the establishment of positivity, reciprocity, inclusivity, and enthusiasm. There is a need for the business to care for the employees working for the firm, invest in them, utilize their ideas, encourage their independence, offer them trust and be available to support and eradicate barriers when they arise. Notably, connection efficiently ensures the establishment of high morale. Hence, the business plans to hold staff meetings regularly, provide surprise incentives, and create a safe and stable working environment where the workers feel empowered to enhance their skills. The business leadership is committed to making the employees feel that they are a part of an extended family.
critical financial management considerations in operating a small business
Various elements of financial management are critical to the success of a small business like the bakery. One of the factors that determine the success of small businesses in cash flow management. A considerable percentage of small business owners feel the pressure of running their businesses daily while handling financial matters, which entails many activities. This implies that a financial management strategy is critical. Cash flow forecasting will be an essential tool for the business to aid in the effective management of the finances. The implementation of various processes can be instrumental in financial management by small businesses. Some of the techniques the business should consider prompt invoicing, requesting a deposit, providing a secure payment method, offering incentives, and avoiding too much lenience.
Secondly, the business should consider accurate financial reporting. The owner of the business requires timely reports that are accurate to help in the decision making and running of the business effectively. This implies that the staff members tasked with financial management should determine important information that is required by the owner and management to make decisions. Additionally, the reports should be designed in a suitable format that is useful.
Furthermore, investment in a cloud-based ERP is another approach that will help the business in managing operations effectively. Accordingly, the cloud-based accounting software provides convenience to the business owner because it offers real-time insights that enable tracking of the business at any location. It is also dependable and free from errors implying that the owner and management can detect any incidences of fraud or misappropriation of funds early before culminating in massive losses.
Finally, the correct matching of employees to the right place is critical because employees are one of the most significant assets a business has. Employees are the drivers of the vision and mission of firms enabling the company to achieve its objectives. When a firm is short-handed, the provision of services to clients is also crippled. Hence, the management needs to establish key staff positions and ensure that specific talent is serving a particular. Besides correct matching, adequate training, compensation, and monitoring of performance ought to be done.
Conclusion
In summary, various issues need to be considered before starting a business to ensure its success. Notably, multiple factors have been considered for the delight bakery. These include a pro forma balance sheet and income statement, hiring and retention plan, and essential financial management considerations to enhance the business’s success.