Categories
Recommendations

Is London Still a Business Hotspot?

For as long as time itself, London has always been intrinsically linked with the world of business. A vast amount of enterprises and corporations have set up shop in the UK capital over the years, but are they continuing to do so today? Is London still worthy of being deemed a business hotspot?

If you want to find the definitive answer to that question, be sure to read on.

It is a global city

One thing that cannot be argued is the fact that London is a global city. Thousands of people flock here from all over the world each and every year, making the UK capital a true international powerhouse.

What does this mean for the state of business affairs in London? For one, it means that more multicultural corporations are appearing in the city, which ultimately means that stronger ties are being forged with companies from across the globe. What’s more, it means that a wider pool of skilled workers are finding their way to London, ultimately resulting in a far stronger and more optimized workforce.

Investment opportunities

Another thing that cannot be argued is the fact that investment opportunities are rife in London. Should a small business owner decide that they want to have a crack at the London market, they can be sure that there will be someone, somewhere willing to inject them with the financial capital that they need. Of course, this means that the UK capital continues to harbour a thriving startup business scene.

Flexible workspaces

A massive variety of flexible workspaces can be found in London. As stated by Fora, a company that offers London office space to rent, any business that moves here will be surrounded by excellent amenities, first-class transport links, and cultural hotspots. It’s no wonder, then, that more and more startup businesses are relocating to the city year in, year out.

Unrivalled transportation system

Want to rely on quick and robust public transport to get you to and from your workspace each day? If so, London could be the perfect place for you to relocate your business to. Here, you’ll find a transportation system that is unrivalled the world over. The London Underground connects the whole city, the mainline goes even further afield, and traditional London buses can be found at every turn. If nothing else, this all means that your workforce will never be able to use public transport as an excuse for being late!

So, is London still a business hotspot? The answer to that all-important question is most definitely a yes! It is a global city that plays host to a plethora of international businesses, startup investment opportunities are rife and can easily be tapped into here, flexible workspaces can be found here at every turn, and it boasts a robust transportation system that no other city in the world can rival.

If you want to give your business the authoritative reputation it needs to scale its market and grow to the next level, you should consider relocating to the UK capital right away.

Categories
Entrepreneurship

Everyone Has Something to Teach

It was back in 2008 (11 years ago) that I was facing redundancy in a job I absolutely loved as a Training Manager and educator in the ‘welfare to work’ sector in the UK.

Working between designing and teaching various training and education programs in an all-male prison, single-parenting programs, drug and alcohol rehabilitation programs and back-to-work training for the long term unemployed; I was in my element and knew that I had found what I was crafted into human form to do.  Teach.

I got the honour of entering into people’s lives, learning all about them and helping people who had completely given up on themselves to see that *actually* they were absolutely overflowing with the most unique life experiences, lessons, skills and resiliencies that most people could never know in their lifetimes – unless somebody was to teach them – unless THEY were to teach what they had learned in the ‘school of hard knocks’.

TEACHING COMES IN MANY FORMS

I helped prisoners pass their life lessons onto their children by re-framing them into fictional children’s stories;

I helped mothers who blamed their unhappy circumstances on ‘not having had a role model in their lives’, to discover their skills, lift their confidence and step into being the super-parent example (and inadvertently teach) that which they wished they’d had from their own parents;

I helped those who had had their dreams, voices and potential bashed out of them from abuse and neglect, to discover their gift, speak up, stand up and use their pain, scars and lessons as a way to correct that which they deemed so wrong in the world.

What I ultimately did, was helped people better their own lives, by teaching them how to teach what their lives had taught them.

THE BEST LEARNERS ARE THE BEST TEACHERS

Paradoxically, we experience the highest form of transformational LEARNING, when we are TEACHING.

In fact, Edgar Dale’s 1969 ‘Cone of Learning’ theory (as backed up by endless studies since), that if we only sit and ‘observe’ ‘lessons’, we will only benefit from 5% of its potential value.

However, if we stand up, speak up and TEACH that which we are trying to learn ourselves, we experience AND retain over 90% of its potential value.

Teaching IS learning, and learning is teaching.

And the best bit?

ANYONE CAN DO IT.

It’s simply a skill that you can learn; just like you did with walking, talking, reading, writing, making a sandwich.

You don’t have to be a professor to share your knowledge, expertise, life lessons and information with the world – you just have to care about something, or want to help somebody get through something that you’ve experienced; or stop anybody from having to go through what you did at all; or help somebody to achieve something that you have achieved; or share something that you found helpful to learn about yourself…. That’s it.

We’ve all got one of those.

[AND SO IT CAME TO BE – THAT I BECAME AN EDUPRENEUR

After being the first female in my Gypsy family to buck a centuries-old tradition by getting my ass to school; I successfully completed my Degree in Education, my Postgraduate Degree in Education, a specialised Diploma in Adult Education, and, added my first 5 years experience as an education sector leader to my resume; there I was.  Now with the perfect combination of academic expertise and practical experience and a healthy dashing of confidence – facing my redundancy.

My heart sank.  I cried. I drank an excessive amount of red wine which exasperated a severe health condition I’d been suffering and wondered how I’d ever be happy again if I had to go back to my cleaning job.

Then I realised something.

I didn’t need to have a boss, or a job, to keep doing what I was doing!

I didn’t need to drive to an office and ‘clock in’, to teach.

I cleared a corner of the kitchen table, pulled open my notebook and started handwriting letters to the local council offices, job centres, rehab centres, businesses and corporates across my region.

Within a couple of months I had a 6 figure education company, had hired my university lecturer as my first employee, and somehow experienced a miraculous turn of fate by getting a promotion at work instead of a redundancy, all at the same time.

I took my business to Malta, where I quickly gained contracts as the primary training provider to a national bank, 5-star international hotel chains and even the European Local Governments.

At this point, I now had an ‘international’ company and I was just 23 years old.

A few years later I fell in love with my childhood classmate, we got married within a couple of months of our first kiss and eloped to Western Australia where my world changed again.

I started my education company up in Australia with nothing more than some lessons from what I’d learned so far and a bag of passion.

Within 18 months of registering the company name, I had built the business to 7 figures and had 23 employees, each teaching their subjects of expertise on Government-funded programs across Perth and remote WA.

I was qualifying flying instructors with their nationally accredited training qualifications, I was writing curriculum for the Saudi Arabian Military, I was designing the workforce development and training plans for the largest oil, gas and mining projects in Australia, providing professional development training to ASX listed companies and personally brokered and managed over $8million worth of Government-funded workforce development projects that upskilled Australian employees with vocational qualifications.

The phone was off the hook, I couldn’t keep up with my recruitment needs, the projects were pouring in.

Wasn’t I a clever little duck?

Things were going GREAT.

I actually had no idea how great though.  I was working so hard, that I didn’t stop to acknowledge just how great I had it.

Until one day in 2014 when the GFC finally grasped it’s hands around the WA economy, put a halt to the major GDP-generating projects in Western Australia and cataclysmically obliterated thousands of jobs and businesses across Australia in one fell swoop.

As the training budgets at the big corporates got slashed, our training and curriculum development contracts began dissipating one by one.

I had to start letting staff go.

And on one fateful Tuesday morning, I received a single phone call that lost me $2.7 million in 11 minutes.

Everything was gone.  Everything.

One by one, I had to tell my staff – my work FAMILY – that I could no longer employ them.

I was crippled with guilt, regret, anger, fear, sorrow, self-pity, and not to mention a multi-million dollar debt for redundancy payouts,  contract payouts, superannuation bills, PAYG, BAS, GST, income tax and another year’s worth of office rent and operating costs that were all locked in.

I had gone from a millionairess to a million dollars in debt in a day, and I had no idea how to deal with it.

OUR MISTAKES ARE OURS TO OWN JUST LIKE OUR SUCCESSES

Every accountant I spoke to told me the same.

Sarah, nobody can get out of something like this, your only option is to fold the company.  Choose voluntary administration, it’s your only hope”.

But I knew that wasn’t an option at all.  (I don’t think anyone who hasn’t faced this has any idea what the life-long consequences of administration actually are).

I knew that it was me and me alone who had got my business into this situation, and thus, I was responsible for getting it out.

I had to own this mess, and I had to clean it up, not sweep it under the carpet.

And more than that, I had learned some serious lessons from this experience- the only way I would be able to pass them on, would be if I survived.

THE QUESTION THAT CHANGED EVERYTHING

So, if you cannot depend on your local economy any longer, there are no jobs available, there is no funding left and all hope appears to be evaporated, what do you do??

You ask yourself: “HOW ELSE CAN I DO THIS?”

If your situation and circumstances change, they do not take your skills and experiences away from you.

They simply demand that you apply them in an alternative way.

How could I teach without a classroom?

How could I write training and help people find their talents to educate others, without any students in front of me?

How could I consult training managers about their people development without any corporate contracts?

And then it came to me…..

AND SO IT CAME TO BE – THAT I BECAME AN EDUPRENEUR

The biggest retail stores such as Amazon, don’t have any shops,

The biggest taxi firms such as Uber, don’t have any cars,

The biggest education companies, such as Udemy, don’t have any courses or teachers….

That’s it!

I didn’t NEED my offices and classrooms and clients IN PERTH – I didn’t NEED to drive to their offices, or shake hands with their CEOs – I just needed to find ANYONE who needed professional development training, teacher training curriculum development services, ANYWHERE.

FROM FACE TO FACE SERVICES TO AN AUTOMATED ONLINE EMPIRE

I turned on my computer, switched on the webcam, and started reciting every single consultation I had ever given with the ‘record’ button on red.

I pulled out all of my classroom materials and filmed every single workshop and course my company had developed into videos.

I even broke down the staff training I gave to my curriculum developers (a service we provided to customers) to create curriculum development training videos – teaching other people to do what we did.

And then, I pressed PUBLISH.

BOOM.

In one swift (38 hours) of uploading some videos (cheers Australian internet); I went from having a local market, to having a GLOBAL market.

By turning what was in my head, in my company desktop files, filing cabinets, bookshelves and resources cupboards into ONLINE COURSES instead of coaching, consulting, workshops, presentations and services, I suddenly had 6 billion potential customers at my fingertips.

I paid a few dollars for some automation software and within 1 year I had grown my business revenue by 60%, reduced my overheads by 90% and was teaching tens of thousands of people from around the world at the same time, without employing a SINGLE trainer or even leaving my house.

It was an absolute revelation.

I wished I’d been hit by the GFC sooner!

Fast forward 4 more years and I have now educated over 20,000 people in 146 countries via my online courses alone.

I paid off every single cent of my debts from that life-changing event, recovered my company and changed thousands of lives – because I didn’t let my circumstances defeat me.

I succeeded because I chose to TEACH the lessons that I had learned to others.

I won multiple awards, published 7 books, hosted a TV show, got invited to speak at conferences around the world – and went on to become the youngest university Director in Australia’s HISTORY as the most senior leader of one of the most remote university campuses in the WORLD.

I never knew that pressing one button on my computer would result in such humongous outcomes.

The world indeed is, our oyster – IF we just get out of our protective little shells and show off the pearly wisdom we each have beneath.

BUT SUCCESS DOESN’T COME WITHOUT NEW CHALLENGES

When you appear to ‘have it all’, many people look on enviously and believe that they are entitled to take what you’ve put on your table.

I’ve had ex-employees and students take all of the company and course IP and set up shop as my competition, I’ve had people pretend to be me to make money from my name (seriously, one psychopath even bought a web domain name in my actual name!!);

I’ve battled brutal trolling, death threats and online harassment from the mentally unhinged and fought to keep a 24-hour business serviced whilst breast-feeding a newborn with post-natal depression.

We all have problems, responsibilities and challenges, but these are the VERY things that make us even more valuable as educators.  They give us more to teach, more to share, more colourful and relatable experiences from which to draw upon and serve others with.

It is precisely our darkest memories, most suffocating experiences and heart-breaking mistakes that provide us with the source of service to others.

Nothing that is great, comes easy, and that’s why success is reserved only for those who are willing to put the time into:

  1. Believing that they can, and
  2. Doing something about it

YES IT IS SCARY – BUT IT’S WORTH IT

Yes, putting yourself out there can feel ‘weird’, your limiting beliefs will come pouring down on top of you and your monkey mind will try to convince you that ‘you are not worthy to teach’.  Tell it to shut up.

And yes again, as soon as you put yourself out there, you *potentially* open yourself up to criticism, ridicule, crazy customers and mangey online trolls; you also *risk* your IP being stolen by those who are desperate and lacking in creative substance – trust me, I’ve experienced it all big time!

But with a TINY bit of that, comes  LOT of immeasurable rewards.

Surely changing just ONE person’s life is worth risking somebody calling you a poo-poo head, right?

What is WORSE than being called a shitty name, or having your precious worksheet copied by an actual poo-poo head, is withholding your expertise from the world and taking it all to the grave with you.

AND THIS IS HOW I CAN HELP YOU MAKE YOUR OWN MIRACLES

You know stuff.

You know stuff that other people would pay to know too.

With over 6 billion people on the planet, there are plenty of people who will pay you to change their lives by sharing with them the experiences, lessons, expertise, knowledge, skills and competencies that you have honed or been forced to hone, since the day that you were born.

This is what I do:

  1. I help you: Discover what that profitable knowledge and experience is that you could turn into an online course; AND a profitable business
  2. Unpack it all out of your brain
  3. Organise it all into logical, informative, interesting and exciting educational content
  4. Set up your online course platform and tech stuff so that you can press PUBLISH and sell your expertise to the WORLD
  5. Help you turn your course into other income-generating products and services such as books, keynotes, workshops and high-ticket transformation programs.

How do I help you do this?

  1. I have packed my academic and practical experience of creating and selling hundreds of online courses, into a single online course called “How To Create Your Own Profitable Online Course”.  Take this online course at your own pace, and have all of the skills you need to create and sell your own online courses by the time you have completed it.
  2. Let me help you create your online course and set up your online school for you in my ‘Course Creators One Day Set-Up’ service.
  3. Or if you prefer the group learning, immersion experience, come along to one of my ‘Course Creation Bootcamps’ where you will not only learn how to create courses – but will walk away with your online course COMPLETED, filmed, your online school built and LIVE for sales before you leave.  (There is ONE last Bootcamp left for 2019 before I go on maternity leave for at least 12 months – so NOW is the time to make it happen!)

Comment below if you’d like the link to the info on any of the course creation options above, or would like me to add you to my email list.

The journey to success is a wibbly, wobbly, uppy, downy, crazy pile of ridiculousness – but every single step gives us more that we can teach.

Start today.

Change a life tomorrow.

Change the world in your legacy.

Let me know if you want to know where to start.

Peace out xx

Categories
Social Marketing

10 Best Free Digital Marketing Tools for Entrepreneurs

Digital marketing can be a costly proposition for entrepreneurs building their businesses online. Reaching out to their target audience, creating campaigns with strong recall value and observing how their competitors are faring becomes a time, money and effort consuming affair. Making life easy for entrepreneurs are several free digital marketing tools available for use online that ease the task at hand. Entrepreneurs must know what these are and how to use them to their advantage. These free digital marketing tools are must needed for some essential digital marketing activities such as conversion rate optimization, marketing automation and personalization.

10 such free digital marketing tools for entrepreneurs have been written about below, their bifurcation done on the basis of the digital marketing analysis activities they help accomplish.

  • Best Free Digital Marketing Tools for Reviewing Brand Mentions and Latest Industry Developments 
  • Google Alerts: A majority of marketers still swear by Google Alerts. It helps them review mentions of their brand, campaign hashtags and competitor names via entering keywords. The main reason why it is not mentioned that widely on social media platforms is because its core use revolved around analysis of sites.
  • Talkwalker: The social listening service Talkwalker offers the free Talkwalker Alerts service that helps monitor mentions of one’s brand, hashtags and social media competitors. 
  • Feedly: RSS was the rage 5 years ago at the very thought of ‘Feed’. Google Reader was found to be quite reliable till the search engine giant withdrew the service. Reader would help categorize sites and stay up-to-date with the latest digital developments. Cut to today, everyone prefers Feedly. So popular has it become, that the most popular posts can be seen through ‘voice of the crowd’. All these Feed readers are very helpful in helping scan through the latest news in different categories. 
  • Zest: This is again very useful for digital marketing. It is a Google Chrome extension programmed to collect suggested content from users. 

 

  • Best Free Digital Marketing Tools for Managing Social Media Updates

  • Hootsuite and Buffer: This becomes a no-brainer. These are the first two names that pop-up during conversations when the task is to post and review social media updates. These free digital marketing tools help keep tabs on competitors and influencers and in case you happen to use Twitter lists, you can also have a stream for each of these. An excellent SEO analysis tool, Hootsuite integrates most of the popular social media platforms and helps manage all social media accounts. 

 

  • Best Free Digital Marketing Tools for Finding Influencers

  • Followerwonk: Followerwonk is the most commonly spoken of free service meant to find influencers via their Twitter bio. Though it has shortcomings, it is far better than reputation tools such as Klout, Kred and Peerindex that have slowly and gradually faded away into oblivion. 
  • Right Relevance: Right Relevance helps identify both publishers as well as influencers, though it still is over-dependent on the text given out in the bio.

 

  • Best Free Digital Marketing Tools for Understanding Customer Search Behavior

  • Google Keyword Planner, Google Webmaster Tools Integration: These still remain most reliable as far as driving the majority of visits, leads and sales for most online businesses are concerned. These offer best help to understand customer behavior when searching and formulating strategies and getting visibility, besides creating content and messages that help meet consumer demands. 
  • Ubersuggest: This is also useful to summarize the Suggest/Autocompete behavior in various countries and to check your covering the main behavior. 
  • io: A very viable alternative, it comes handy when trying to find out how local consumer behavior differs. 
  • Best Free Digital Marketing Tools for Competitor Site Benchmarking

Google AdPlanner for the longest time was most trusted for comparing the size of an audience and dimensions as well. The latest avatar of this is the Google Campaign Planner, highly useful to find out the size and quality of audience for partner and media sites. Alongside, there is the Google Placement Targeting Tool that helps in research and remarketing. SIMILAR WEB, is the latest rage or benchmarking. It offers free stats on all the sites including referrers. 

  • Best Free Digital Marketing Tools for Off-Page Backlink Analysis for SEO

  • Majestic and Moz Open Site Explorer

These two names mentioned above are the most highly recommended ones for this particular digital marketing activity. As far as Non-SEO’s are concerned, the Backlink History works best for basic benchmarking of competitor success to gain backlinks, though link quality is not visible.

  • Best Free Digital Marketing Tools for On-Page Markup Analysis for SEO

  • Marketing Grader: This is most preferred to review on-page markup for SEO and is spoken of very highly within industry circles. It helps review headings and also mobile screen resizing. Other digital marketing activities that Marketing Grader helps out with include Competitive Benchmarking, Lead Generation, Mobile Marketing, Blogging and Overall Analysis. Entrepreneurs will have questions such as ‘is my marketing lesser than my competitor’s’, ‘will my marketing efforts result in leads’, ‘is my blog driving results’ and ‘what are the strong points of my marketing campaign’ answered. 
  • Best Free Digital Marketing Tools for Understanding Overall Online Marketing Effectiveness

  • Google Analytics: This is one of the most critical digital marketing activities of all and warrants the use of a tool that is as high-profile as the task in hand is. Moreover, its Tracking Code Feature gives out an unbelievable number of metrics to the users. From the Google Analytics Hub, Google Analytics for Social Media Marketing works best to understand overall online marketing effectiveness. 

Digital marketing has time and again tested the brilliance and acumen of entrepreneurs and activities such as digging through data and fine-tuning one’s social presence becomes a little hard to do without external help. This comes in the form of these free digital marketing tools that save entrepreneurs precious time and money. Entrepreneurs of all shapes and sizes will benefit highly by using these free digital marketing tools for their marketing initiatives.

Author Bio– Shaun is the Director of Virtual Employee Private Limited, a remote staffing & tech MNC, and is responsible for leading a team of more than 1200 experts from domains like IT, Content Creation, Digital Marketing, Designing. A law graduate from Brunel University, Shaun has been instrumental in creating a business model which is increasingly being seen by industry peers as a model for new organizations in the tech outsourcing domain.

Categories
Operations

How SEO Can Make Your New Business Prosper

Most everyone has a vague idea of what SEO is. But if you’re going to try to use it to succeed as an entrepreneur, you need to genuinely understand what the term means, how the concept works, and how you can leverage it in order to help your business prosper.

Defining SEO

SEO stands for search engine optimization, and it refers to practices designed to improve a site’s position in search engine results pages (SERPs). The goal of SEO is to improve the visibility and traffic of a site. In essence, this optimization is much like holding a search engine’s hand in order to help it understand a website. 

Black and White Hat SEO

Now, as you might suspect, this can lead to both good and bad SEO. Your SEO practices must be centered around improving your audience’s experience. If you focus solely on short-term gains in the SERPs, you’ll inevitably find yourself engaging in ethically questionable practices.

Bad or “black hat” SEO involves the owner of a website deliberately misleading search engines by stuffing their site’s content with SEO tactics, even if it doesn’t accurately reflect the content of the site itself. This satisfies the needs of the search engine but doesn’t actually provide quality content for the audience — in essence, “lying” in order to get traffic.

Good or “white hat” SEO, on the other hand, utilizes sustainable, honest techniques in order to optimize a site’s content while simultaneously making the content itself focused on the audience, not merely on gaming search engines.

Types of SEO

In addition to white and black hat techniques, there are two kinds of SEO that you want to use in order to fully optimize your site. 

The first is on-page SEO. This involves the content actually housed on your site. On-page SEO involves optimizing everything, from keywords and links within the content itself to meta tags and titles, image alt text, URLs, and even the code on the back end.

Off-page is the other kind of SEO you’ll want to consider. As the name suggests, this consists of any and all online SEO activities that you do off of your website. This can include things like guest posts, sharing infographics, working with influencers, and utilizing social media.

How to Use SEO to Build Your New Business

Now, if you’re starting to feel like a deer in the headlights, that’s understandable. SEO can feel very overwhelming at first. However, there’s no need to panic nor to throw in the towel. When broken down into manageable steps, optimizing your business’s online presence can actually be quite an achievable task, and it can yield tremendous benefits. Here are a few ways to go about using SEO in order to make your business shine and bring in traffic from across the web:

Create Genuine, Authoritative Content

First and foremost, always remember to put the customer first. One of the best on-page ways to increase your new business’s SEO is to create authoritative content that is aimed at the customer. In other words, if you start a company blog, make sure that you use it to write articles that provide real information and answer key questions for customers within your niche.

As you create content, start looking into keywords, including long-tail keyword phrases that are specific to your industry, expertise, and location. There are many different free keyword tools out there, like Google AdWords, Keyword Planner, or Keyword In. Look for one that you feel comfortable using, then search for keywords and phrases to include in your content. As you come up with a list of terms that people are searching for, add them to your content in natural places where they don’t disrupt the flow of information.

In addition, make sure to include links within your text that both point to other parts of your sites (known as internal linking) and outside quality sources (known as external linking). Governmental and educational sites are excellent quality external links. When you add a link to your text, also make sure that the words you hyperlink are applicable to the information being linked to!

Heading Off-Page

In addition to the on-site content, make sure to look for opportunities to share your business in other places. As previously mentioned, this can be done by using social media to personally connect with customers. It can also provide an avenue to promote your materials as well. Simply take the time to interact with customers as well as those interested in your niche and join in the conversation.

In addition, you can look for opportunities to connect with other authorities within your niche (known as influencers) who you can collaborate with. Providing quality guest posts for other blogs that include a link or two pointing back to your site can also help drive traffic.

Hiring a Professional

If want to use SEO but you can’t find the time to do so, you can always hire a professional to help. If you do that, though, make sure to set up a system of analytics in order to track their effectiveness. Remember, you’re not running a charity. If your business is new, chances are you don’t have a lot of capital to throw around. If that’s the case, you want to make sure that you’re investing your SEO dollars wisely. Make sure that you have a tool like Google Analytics tracking your data behind the scenes in order to see where your customers are coming from, how long they’re spending on your site, who is making purchases, and so on.

Using SEO to Succeed

In many ways, SEO is the lifeblood of the internet these days. While you always want your content to genuinely meet the needs of your customers, it’s good SEO that will ensure that the content reaches those customers in the first place. 

The beauty of good SEO, though, is it doesn’t require a massive budget or an extremely specialized skill set. While SEO experts can take the concept of optimization to very detailed levels, it’s certainly possible for startups and fledgling companies to also throw their “white hats” into the ring as well. If you focus on creating quality, on-page SEO content and leveraging your off-page SEO endeavors to the best of your ability, chances are you’ll notice your online momentum beginning to build in no time.

Categories
Human Resource

The True Cost of Hiring the Wrong Person

If you run a business, you may find that you make a bad hire from time to time. The term “bad hire” can be defined as an employee who is hired because they either misrepresented themselves on their resume or in an interview. At times, though, a bad hire can also be due to candidates literally lying in order to get a job, as well.

The costs associated with a bad hire aren’t simply a few hours of your time or a paycheck or two to the unqualified employee. In many cases, the costs are high and have far-reaching effects.

Counting the Costs

One of the most obvious costs that a bad hire creates is the expense of replacing them. Time, effort, and resources must be poured into the job of finding new candidates, vetting them, and then choosing a successor. Some estimates put the cost of replacing an employee at 20% of their salary. For a position that pays $60,000 per year, that would be $12,000. But the figure doesn’t stop there.

A new hire will also need to be trained, which can take up significant time, both for them and other employees or managers. 

Then, there are the costs associated with the bad hire themselves while they are on the job. A bad hire can cause discontent that leads to greater turnover, negatively impacts morale, and significantly affects both teamwork and productivity within the workplace.

In addition, they can damage the reputation of a company through poor work or disparagement after being terminated. In some cases, they can even possess valuable confidential internal information that they could take with them to a competitor. 

When all of the possible damage is added up, the potential costs of a hire going south have been estimated to be nearly a quarter of a million dollars.

If poor hiring plagues a company, this can add up quickly. The CEO of Zappos, Tony Hsieh, estimated that bad hires had cost the company a whopping $100 million

Needless to say, the consequences of hiring the wrong people can be astronomical, and companies should take every precaution to create a hiring process that is well-informed of its goals and equipped to find the best candidates possible.

Hiring the Right People

There are many different ways to go about hiring a team, but there are a few essential elements that should always be considered. If your business has grown to the point where you’re ready to make a new hire, you’re going to want to keep these things in mind as you go about building a hiring team, creating job descriptions, and running interviews.

Post Your Jobs in the Right Places

If you’re looking for specific qualifications, make sure that you create job postings on boards that will attract the right kinds of candidates. 

If, for instance, a company is looking for a freelance writer, they should consider posting on a site like ProBlogger where there are limited job postings, all of which are geared towards serious, experienced writers. If they simply pop an ad up on a larger freelancing site like Upwork or, even worse, Craigslist, the quality of the candidates could vary dramatically and make the hiring process more difficult.

Consider Soft Skills

While it’s tempting to prioritize hard skills, soft skills should also be seriously considered. Hiring a talented software engineer, for example, who communicates through passive-aggressive behavior can create multiple headaches if they’re expected to work with a team.

As you create a picture of the ideal candidate, make sure to include intangibles like:

  • Communication.
  • Work ethic.
  • Creativity.
  • Problem-solving skills.
  • Teamwork.
  • Time management.
  • Interpersonal skills.

These are crucial soft skills that can often be the deciding factor in how well a candidate will function within your company.

Look for Past Employees or Passive Candidates

Talent is a hot commodity these days. Sometimes the best way to find the right person for a job isn’t to find an entirely new candidate, but rather a previously existing one. Once you have your job description, consider taking some time to reach out to past employees who may be open to returning to your company. 

 

Another option is to look for passive candidates. These are current employees of another company who are interested in and open to changing jobs if the right offer comes along. Often passive candidates can provide a level of experience and a proven track record that can be trusted — at least more than an unbacked claim made on a resume or during an interview.

Provide Incentives to Increase Retention

Finally, along with creating a solid plan to help with hiring the right people, make sure to include perks and incentives that will help in retaining them as well. Some common incentives are:

  • The ability to work remotely.
  • Generous PTO.
  • Providing a conducive work environment.
  • Purchasing quality company equipment for them to use.
  • Company-wide recognition for exceptional work.

Hiring the Right Person

Even if you just take the cost of hiring into consideration, you’re looking at over $4,000 per hire. Add onto that the potential for a bad hire to cause a quarter of a million dollars in damages, and the importance of hiring the right personnel becomes abundantly clear.

As you go about preparing to hire the best candidate for your company, keep the weight of what you’re doing in mind. Post your jobs in the right places to attract quality content, consider passive candidates with the skillsets you’re looking for, and make sure to provide good incentives to keep them happily employed for the long haul.