The HBS Blog offers insight on Delaware corporations and LLCs as well as information about entrepreneurship, start-ups and general business topics.
For a long time I felt strongly about the importance of working on-site. I was sure information is shared casually between employees and that relationships are built that are crucial to efficiency, productivity and success. While I still see these as key issues, I’ve come around to see they can be accomplished for some employees, remotely, and if used productively can produce a bevy of other benefits.
The primary benefit for you, the owner of the company, is that a “Telecommuting Policy” can be a key business strategy to help you attract top talent, retain staff, increase productivity and save money.
You will instantly and vastly increase your candidate pool. Based on the latest Telework Research Network data, only about 2% of the US workforce considers home their primary place of employment. That isn't a big number, especially considering the number of jobs that can be done remotely. World at Work and Robert Half studies show about 40% (or 50 million) of people who don’t telecommute say they have jobs they thought they could perform from home. Over the next five years this number will grow. Recruiting is in the numbers and the numbers are in telecommuting - you’re much more likely to find your complete dream team by being open to remote working options.
Telecommuting itself might increase productivity. 86% of telecommuters say they are more productive in their home office than at work. Over 75% said they were willing to work more hours - mostly because they save time and money by not commuting. Many excellent employees already have had some experience working remotely. Past employers knew their skills and were happy to trade off location to keep them on-board. Often, these employees are accustomed to making it work well, to building relationships, and delivering results. They anticipate typical roadblocks and use remote tools (Skype, Instant message, conference calls) and often introduce improved project management and group communication tools (i.e. IRC group chat, Yammer, Campfire).
Telecommuting could likely help you retain your top performers. Telecommuters report they eat healthier, are less stressed and have a drastically improved work/life balance. More than 75% say they are more loyal. Thankful for the flexibility and do prove their value, remote workers strive harder to deliver high performance. Beyond performance, the telecommuting trend needs to be embraced just to attract and retain staff. 72% of employees say flexible work arrangements would cause them to choose one job over another, and almost 40% specifically mention telecommuting. Gen Y'ers are notably difficult to recruit and retain and are particularly attracted to flexible work arrangements.
Many companies have concerns that telecommuting arrangements will lead to higher costs - but that need not be the case. A vast majority of employees are willing to take on the expenses of getting their own office furniture, equipment and supplies. This doesn’t include the savings you have with less folks on the premises (less office space, fewer phone lines and phones, facility costs, etc....).
Even with increased travel expenses to have remote employees on-site for project kick-offs or regularly scheduled meetings you might save money in the final analysis.
Telecommuting is a corporate strategy that will separate the winners from the losers when it comes to employee attraction and RETENTION. It’s a trend that is not going away; it’s only getting more convenient and productive for all parties.
Do you and your team have the skills needed to manage and leverage this type of worker? Can you envision a current or open position that you are looking for that could be done remotely? If you’re already telecommuting with some employees, is the program expandable to others you might have overlooked?
Don’t be late to the party!
If I were to ask you what is bigger than Corporations and Nascar in Delaware with Corporations being number one and Nascar number two you would say: The World Championship Punkin Chunkin? The what? That’s right The Punkin Chunkin, this world championship event started 26 years ago right here in Delaware is a three day event that happens every year in November and is all about who can chunk a pumpkin the farthest.
It all started back in 1986 by the four founding fathers John Ellsworth, Trey Melson, Bill Thompson and Donald “Doc” Pepper. As said on punkinchunkin.com Ellsworth said, “We were playing around one day and somebody started talking about throwing pumpkins. There had been an article in a newspaper or on television about some people through pumpkins at Salisbury State. A physics class or something. One of us said that they could throw further than someone else and I threw my hat on the ground”
The first event happened in a small field in a woods owned by Thompson near Georgetown, DE the farthest throw that year was 126 feet. Now 25 years later the world record was set in 2008 when the team Young Glory III out of Milton, Delaware chunked a pumpkin 4,483.51 feet.
This annual event is now located on a farm in Bridgeville, DE and attracts over 100,000 people from all over the world and has 13 divisions and more than 100 teams that line up in a semi circle that is more than a mile long.
So, looking for a great time then make sure to check out this one of a kind event. For more information visit www.punkinchunkin.com or catch the event November 24th at 8pm est. on The Discovery Channel.
To change the Registered Agent for an existing Delaware Limited Partnership (LP), the state of Delaware has, in the past, charged a filing fee of $200 to file the Certificate of Change of Registered Agent and Registered Office. This made changing Registered Agents for an LP almost cost-prohibitive.
The state has now lowered its $200 filing fee to $50. Here at Harvard Business Services, Inc., we are now happy to offer the same cost to change Registered Agents for an LP as that of an LLC or a Corporation. We will prepare and file the form for $50; we will also provide your first year's Registered Agent Fee for only $39. Thus your total cost to change Registered Agents is ONLY $89 per corporation, LLC, or LP.
Thereafter, your annual Registered Agent Fee will be only $50 per company; just think of the money you'll save! If you have delayed in changing the Registered Agent for your LP, now is the time. For additional savings above and beyond the $50 per year, we also offer 2 years for $90 or 3 years for $125.
Recently, I wrote a blog entitled “How Much You Are Paying For Registered Agent Service?” It spoke about how some companies overcharge their clients for Registered Agent service. It explained how other companies bait you with one price and then raise the Fee on you annually. The blog explained how Harvard Business Service, Inc.'s $50 Registered Agent Fee is guaranteed for the life of your company, and how you can change your Registered Agent to Harvard Business Services, Inc. Watch this short video to learn how easy and convenient it is to switch to Harvard Business Services, Inc.
Back in our inaugural HBS post about Interest Rates, we had a look at the way interest rates are set by the Federal Reserve and the effects that rates have on entrepreneurs who need to borrow money to launch or support their businesses. Now we want to take a look at how rates affect those who are saving to start a new business or to expand an existing one. In particular, we are going to focus on a very basic yet powerful concept that is available to all entrepreneurs as they attempt to save for the future: compound interest.
Compound interest is simply defined as interest paid on both principal and accrued interest. A quick example can help illustrate what this means to a saver in the real world. Say you put $10,000 into a bank account earning 5% a year. At the end of the first year you will have $10,500, as your initial $10,000 deposit grew by $500. Quick question: at the end of year two, how much money will you have in your account? If you answered $11,000 (or an additional $500), you are overlooking the magic of compound interest.
Because you will continue to earn interest on your initial deposit of $10,000, as well as on the additional $500 that you earned in year one, your balance at the end of year two will be $11,025. While an extra $25 might not have you worshiping at the altar of compound interest just yet, a look at its effects over the longer term may just make a believer out of you.
Suppose you run a business that regularly requires you to purchase some fairly expensive equipment that has a limited useful life expectancy. For example, let’s assume that you know you will need to purchase a new $50,000 delivery truck every 10 years. How soon should you start planning, and saving, for this or any other large purchases that your business needs to remain vital? The short answer is: right now.
If you take our advice, you will have to set aside $320 a month in order to be able to purchase that truck when the old one is ready for the junkyard. If you are like a lot of people though, you probably don’t think too much about purchases that are 10 years off. Maybe you decide to start saving 5 years from now and think that will do the trick. Well, it might, but you’ll have to set aside $730 a month rather than $320. Put another way, if you get started right away you’ll need to save a total of $38,400 vs. $43,800 if you wait 5 years. And that means you’ll have $5,400 to put towards other uses, like giving yourself a bonus for being such an astute financial manager.
While this is just one example, the math always reveals the same result: the sooner you start saving, the less you need to set aside each month, no matter the size or the date of your future purchase. So in order to avoid the financial pain associated with large but necessary purchases, it always pays to start saving as soon as possible for big dollar purchases you’re expecting down the road.
On a daily basis we receive numerous comments about how informative and great looking our website is. We really appreciate the positive comments as we take great pride in providing our clients with FREE live chat & lifetime customer support on all the information they need to know before, during and after filing a Delaware LLC or Delaware Corporation.
If you have not already heard, to augment our main website www.delawareinc.com in the last year we also launched two more websites www.delawarellc.com (in both English and Spanish) and www.payfranchisetax.com to help give our clients with more focused and in-depth information about our services and why Harvard Business Services is Delaware’s Premier Formation Specialists for the past 30 years now.
I recently read a great article on businessweek.com called Use Your Website to Grow Your Business. Nicole McCullum writes:
“Your website is one of the most powerful marketing tools you have. By itself it may not produce the results you’re looking for, but when combined with your other marketing initiatives it can be a vital source for your lead generation campaign while helping you increase sales, reduce advertising costs, and produce a higher return on investment. The key is including your website in all your marketing pieces. Whether you engage in online, print, TV, radio, or affiliate marketing, all roads must lead back to your website in order to maximize your return on investment. To do so, the following five steps must be implemented.”
1. Make sure your website is a reflection of who you are as a company. Your design is worth a million words, so make it count by ensuring it is an expression of your company and specifically geared and tailored to your target market. A good design should capture visitors’ attention the moment they arrive on your site, and hold their attention as they pass through your site?
2. Engage visitors with a compelling marketing message that has instant impact. Once you have captured visitors’ attention with your design, your marketing message is the key to getting them to stay on and learn more about your company and what you have to offer. Keep it short and include a problem statement and your solution. Solidify your credibility with testimonials, case studies, press mentions, or sample work.
3. Ensure your website has a call to action. Whatever action you want visitors to take once they arrive on your website should be clearly stated and highlighted. Say it once and say it again, not just on your home page but throughout your website and at every opportunity you get to increase your chances of converting your website visitors into leads.
4. Use ethical bribes to boost lead generation. You will maximize your return on investment and reduce advertising cost if you are able to convert more of your Web visitors into leads, which will in turn allow you to establish credibility and build a relationship. The best way to accomplish this goal is to use ethical bribes that are irresistible in exchange for their contact information. Try things like "free trials," "free reports," or "free consultations."
5. Nurture leads easily and effortlessly with website marketing automation. Integrate your website forms with a marketing automation tool that saves you time and money. You can easily schedule a series of follow up e-mails or phone calls to stay in touch with prospects and move them further along in the pipeline and into a sale.
Our website is our number one priority, along with being at the top in SEO (Search Engine Optimization). If you are a small company and have a minimal budget for SEO take a look at this helpful starter guide on SEO from Google.
In a time when the stock market and the real estate market are nothing more than financial roller coasters think about investing in the growth opportunity closest to home: Your WEBSITE!