Full-service payroll is, well, kind of a headache. Correction: it used to be a headache.

With Homebase, we take care of the stuff you don’t have time for—data entry, tax payments, overtime calculation, W-2s, 1099s, you name it. All with one goal: making payroll easy so you can get back to what you do best.

We deliver the systems, you run your business—no matter where you or your employees are working, or how many locations you have.

Because where you grow, we go.

Read on to see what we mean.

Payroll software: what it is and why you need it.

Looking to simplify how your workers get paid, all while keeping it accurate and in one place? We don’t blame you.

No matter if you’re operating one small-but-mighty shop or a myriad of pop-ups, payroll can take up a lot of time and energy—not to mention come with a few mistakes every now and then.

This is especially true when you’re using outdated tools like boring spreadsheets, or different gadgets and gizmos to track time, breaks, bonuses, tips, etc. Then of course, you’re stuck converting it all into the proper pay amount and sending it to your workers, the state, and oh—the IRS.

Phew. Just typing that was hard.

Thankfully, there’s payroll software, like Homebase. It automates the payroll process, letting you pay your team in just a matter of clicks with accuracy and ease.

Still wondering what all the fuss is about? Well, there is none. Literally.

When you’re using payroll software like Homebase, the confusion and hassle of paying your employees simply just doesn’t exist. And we do mean simply.

Take a look at just some of the features we offer small business owners like you.

Just click to convert
Imagine being about to use your thumbs for more than scrolling, swiping, and double taps. Now you can. Here’s how to put those thumbs to good use with small business payroll.

• Click to instantly convert your timesheets into hours and wages in payroll.
• Forget about the plethora of steps. Homebase calculates wages and taxes for you, then sends the correct payments to employees, the state, and the IRS
• TSX filings and forms? Not on your to-do list. Homebase processes your tax filings and issues 1099s and W-2s so you don’t have to.

Dump the data entry
Yep, we’re talking about a full-fledged breakup. Why? Because you’re so much better than manual data entry. So move on with your life, and let our payroll program do it for you.

• They clock in and we do the math. Homebase instantly calculates hours, breaks, overtime, and PTO from every worker and every work location, then syncs it all to payroll so you can avoid mistakes (and those awkward conversations admitting to them).
• Because your employees can self-onboard and e-sign their payroll forms, you don’t have to enter their tax or bank information.

Realize you might be missing something in your current relationship with those old-school spreadsheets and clock-in machines? Keep reading to see why the grass is greener on the Homebase side.

A payroll solution built for small businesses.

If you’re looking for payroll solutions that are made for small businesses, you’ve come to the right place. Homebase was designed for small businesses, and so far, more than 100,000 of them are using our app to manage and pay their teams: accurately, on time, and with ease.

So, why payroll for small businesses? Simple. We really hate paperwork.

Let us explain.

We believe that as a small business owner, you shouldn’t spend your time or money on figuring out things like who took what break, who worked what shift, how much overtime is owed, and how much needs to be deducted for taxes.

You should be working on the important stuff: your people, your customers, and maybe—just maybe!—growing both.

That’s where we come in.

Homebase helps small businesses like yours manage their work schedules, time clocks, payroll, HR, and much more, all so you can focus on your people.

We’ve built our products as solutions for small businesses, because we know how it is: hard.

And time consuming. And confusing.

But we also believe it doesn’t have to be. With the right tools and teams like the ones at Homebase to support you, you can keep going and growing.

So go on, add another location and hire some new employees. And don’t worry about things like time sheets, scheduling, and payroll becoming too complicated or time consuming. You’ve got a business to grow! Focus on that, and let us help with the rest.

From searching for and onboarding all the way paying your team accurately and on time, we make growing your business a breeze. (The cool and refreshing kind on a hot summer’s day—not the kind that blows down your “We’re Open!” sandwich board—again.)

Homebase payroll solution: the best of the bunch?

You’re not new to the Internet, which means you’ve probably done your research on payroll programs and payroll systems for small businesses.

Here’s what we’ve got to say about that: good on ya!

Checking out your competitors is a part of being a small business owner, and not just when it comes to your own industry. You want to know that you’re getting the right tools, services, and support teams at the best prices.

Plus, you want to make sure that whatever you get works for your team of shift workers, too.

That’s what makes Homebase the best of the bunch. We’re designed for small businesses who employ shift workers—especially those who have a habit of running late, missing their break, clocking out late, and also hate paperwork. IYKYK, and trust us: we know.

Here are a few other small-business showstoppers that make us stand out from crowd:

• We’re one-stop-solution-shop: We let you create and share schedules, track employee hours, manage shift trades, and even automate timesheets. These features reduce the time spent on administrative tasks and minimize manual input errors.
• We’re big on collaboration: We get it—sometimes, you need more than one solution for your small business. That’s okay. Homebase integrates with popular point-of-sale systems and payroll providers to support a smooth transition from scheduling and time tracking to payroll processing.
• We’ve got a native mobile app: This lets you review and edit schedules, approve or deny shift trades or time-off requests, and message your team from anywhere and at any location.
• We’ve got heart: Homebase goes beyond scheduling, time tracking, and payroll. We support your team’s communication and their job satisfaction. Our platform gives you one centralized location where you and your team can share updates and assign tasks, reducing the need for back-and-forth emails or separate messaging apps. Best of all, there’s even space for kudos and virtual high fives. You know, the important stuff.
• Growing? We help you hire: Homebase supports the hiring and onboarding process by letting you advertise jobs, monitor applicants, digitally welcome new team members, and consolidate all employee documents in one convenient location.
• We like rules: Our time clock feature enables you to track breaks and prevent early clock-ins or buddy punching. Plus, it handles overtime calculations helping your business maintain compliance with labor laws.
• Need an HR hand? We’ve got a whole team of them: Once you have a Homebase subscription, you’ll unlock access to HR experts who can audit and tailor your company’s policies, clarify queries, and support you in crafting your employee handbook.

With features like auto-populated timetables for easy scheduling, self-scheduling tools that empower your employees to organize covers and claim open shifts, GPS and geofencing for remote and on-the-field sign-ins, plus a complete payroll management that calculates wages, send payments, and files taxes (all compliantly, may we add), Homebase is ideal for small-and-growing businesses.

Like we said, we go where you grow.

And with an app that’s made for business owners and their workers who don’t have time to sit at a desk to tackle paperwork, that’s literally anywhere.

Homebase payroll system FAQs

What is a payroll system with an example?

A payroll system is used to manage and automate the payroll process. This includes calculating wages, withholding taxes, processing deductions, and paying employees. They help businesses and organizations pay workers on time and accurately, and also help with compliance when it comes to tax laws and local, state, and federal regulations.

Homebase is an example of a payroll system. As a cloud-based software program, it streamlines the payroll process for small businesses by helping them manage shift workers, their schedules, time tracking and task management. Employees can clock in and out using the mobile app, which tracks hours, breaks, and overtime automatically, and employers can automatically convert this information into accurate payroll.

What payroll systems are used?

Small business owners can integrate Homebase’s timesheets with other payroll providers including: ADP Pay eXpert, ADP Run, Paychex Preview, BoA, Gusto, Heartland, Millenium Payroll, QuickBooks Online Plus, Square, SurePayroll, and Wells Fargo.

What is a multi-location payroll system?

A multi-location payroll system is a payroll management system that can process payroll for businesses with multiple locations, branches, or offices.

How to do payroll as a small business?

Payroll can be done in about 9 steps. Before you hire staff and get started, first get your employer’s EIN; register with EFTPS; learn payroll laws in your area; and determine your payroll schedule.

Then collect new hire paperwork; report new hires to your state; calculate your new hire’s pay rate; calculate tax deductions and state taxes; and disperse paychecks and maintain records.

Another way to do payroll as a small business is to partner with a payroll system, like Homebase.

What is the easiest way to do payroll?

Online payroll software, like Homebase, is the easiest way to do payroll. It handles the hard stuff and multiple steps for you, like doing calculations, tax filings, and quarterly and annual reports, so you can focus on your team.

By using Homebase, your timesheets turn into hours and wages in payroll automatically, which means you just have to click “approve”.

The post Multi-location payroll made easy appeared first on Homebase.

via Homebase https://joinhomebase.com/blog/multi-location-payroll/

Behind every successful restaurant business is a team of dedicated and passionate employees. In an industry known for its fast-paced environment and high turnover rates, retaining your valuable team members can feel like a challenge.
Picture this: you invest time, resources, and training into your staff, only to see them walk out the door sooner than you’d like. It’s a common conundrum, but one that can be avoided with the right strategies.
In this blog post, we’ll break down tried-and-true employee retention strategies that will help you keep top talent on your team.

What is employee retention?

Employee retention is a company’s ability to keep its employees in their roles, reducing turnover—which is when people voluntarily or involuntarily leave their jobs. To gauge this, businesses use the employee or staff retention rate.

What is a staff retention rate?

A staff retention rate, also known as employee retention rate, is a metric used by businesses to measure the percentage of employees who remain with the company over a specified period of time.

It’s an important indicator of how well your business is able to retain its employees and keep them from leaving for other opportunities.
A high staff retention rate implies that your team will stick around for the long haul, while a low rate suggests frequent departures. This metric is crucial for small businesses.
Every business aims for high retention to break the cycle of hiring and training, saving time and money.

How to calculate employee retention

1. Start with the number of employees you had at the beginning of a specific period (e.g., a year).
2. Subtract the number of employees who left (quit, were fired, retired) during that period.
3. Divide the result by the number of employees at the beginning. Multiply by 100 to get the percentage.

Formula: (Number of Employees at Start – Number of Employees Who Left) / Number of Employees at Start) x 100%

This percentage tells you how well your business is retaining employees. Higher percentages are better, indicating good employee retention, while lower percentages may suggest you’ll need to improve retention efforts.
It’s also important to learn how to calculate your employee turnover.

Why is employee retention at restaurants important?

Employee retention at restaurants is important for several reasons.

Food and service quality

When staff turnover is high, it can lead to inconsistency in food quality, service, and overall customer experience. Retaining employees helps maintain consistent standards, which is crucial for customer satisfaction.

Restaurant costs

Constantly hiring and training new employees can be expensive and time-consuming. By focusing on retaining your staff, you save money on recruitment, training, and onboarding.

Customer loyalty

Customers often return to restaurants where they receive good service from familiar faces. Retaining employees can build customer loyalty and repeat business.

Efficient operations

Employees who have been working at your restaurant for a long time tend to be more efficient and productive. They know the menu, kitchen, and procedures well, leading to smoother operations and shorter wait times for customers.

Positive workplace culture

High turnover can create a negative work environment. Retaining employees fosters a positive workplace culture, leading to happier and more motivated staff.

Restaurant reputation

A restaurant known for high turnover may have a bad reputation. On the other hand, restaurants with low turnover are often seen as more reliable and desirable places to dine.

Effective employee retention and engagement strategies

Retaining staff members has significant advantages for your restaurant, as it leads to cost savings, enhances your overall company culture, and elevates the experience for both your employees and your customers.
Experiment with the employee retention strategies below in your restaurant, and be sure to track your progress and make necessary adaptations along the way. These strategies will show you how to improve employee engagement too.

1. Survey your employees

Employees crave the chance to be heard. Anonymous employee engagement surveys provide them with a safe space to express their thoughts openly, without fearing any negative consequences. By tapping into their insights, you can gain a clearer understanding of what needs to evolve within your restaurant to cultivate a more positive environment.
Your existing team might just hold the key to boosting employee retention in your restaurant. Unveiling these insights is as easy as surveying them to gauge their job satisfaction and gather their suggestions for improvement.
Sometimes, small changes can lead to significant boosts in happiness, but how will you know unless you ask?
Remember, it’s not only about surveying current employees. Creating a plan for exit interviews is equally crucial. This approach lets you uncover the reasons behind employees leaving, allowing you to tackle those issues head-on and create solutions that work.

2. Minimize burnout

Burnout, a state of emotional and physical exhaustion due to prolonged stress, is a long-standing issue in the restaurant industry. Safeguarding against burnout involves understanding how hard your staff is working and the toll it takes on their mental and physical health.
To keep tabs on employee workload and establish feasible labor targets, assess the collective team effort required to meet specific goals, like boosting sales. If the workload exceeds reasonable limits, it’s good to reevaluate your business model and make strategic changes.

Understand your team’s capacity

In essence, it boils down to being realistic about your team’s capabilities. Prioritizing their well-being is important. You need to strike a balance between providing quality service to customers without overwhelming your staff.
Considering the tiring nature of the restaurant industry, addressing burnout is crucial. Employees, fatigued by high stress levels and demanding customers, will start to look for alternative places to work.
Implementing policies that fight burnout like paid time off, mental health days, and team activities, such as exercise classes can promote your team’s overall well-being.

3. Let your employees make their own schedule

The restaurant industry can be tough. Unpredictable hours and short shift notices can be particularly hard for parents and caregivers.
To make things easier on your team, offering them the option to choose their shifts and planning their schedule well ahead of time can provide them with the opportunity to arrange their professional and personal commitments easily.
Here’s where the Homebase scheduling tool comes in as a smart employee retention strategy. By using Homebase, you can easily create schedules in advance.
With Homebase, your schedule is online and always up to date for your team. You can adjust it on the fly, on the bus, or from just about anywhere. And then instantly share it.
This way, you and your team members have a clear view of their shifts well in advance.
Empowering your staff with this flexibility not only improves their work-life balance but also improves their overall job satisfaction, which can lead to better employee retention.

4. Prioritize employee appreciation

Let’s face it, we all thrive on hearing it: “Good job!” These two words can truly brighten our day. Yet, we’ve come to understand that words alone don’t always suffice; actions speak louder. Demonstrating that you value employee happiness is essential, and there’s a ton of ways to do it.
Kicking off with thank-you cards is a solid start. But going a step further, public acknowledgments on your team’s messaging app can do wonders. With Homebase’s shout out feature, your team can give each other shout outs for a job well done.

Employee appreciation events

Employee appreciation events celebrate the collective hard work your team puts in throughout the year. Incorporate fun games, great food, and lighthearted awards for a successful event that your team looks forward to all year.
To keep the impact, incorporate appreciation within your company culture. Never underestimate its power. Make a habit of showcasing appreciation every single day. This is just one of many tips to create a better company culture.
Extra tip: Consider launching a recognition and rewards initiative. Inject an element of playfulness into your appreciation strategy with enticing perks like event tickets, gift cards, movie passes, or an extra day off. Such a rewards system can be established even within a small team and a modest budget.

5. Work on improving company culture

Developing a positive restaurant company culture requires various strategies: enhancing team communication, granting autonomy, and improving benefits. But simpler steps can uplift morale too. Think team outings, volunteering, or pre-shift family meals. These create bonds, boosting commitment to each other and your restaurant’s success.
Does your company culture align with employees’ interests, strengths, beliefs, and well-being? Fostering a culture valuing diversity, equity, and inclusion resonates with Gen Z, who’ve faced intense political times.
Prioritizing employee health through wellness plans showcases care. Providing a serene breakroom acknowledges their efforts and offers a space to unwind.
Facilitating feedback channels demonstrates a culture of openness. Reflect: how does your company culture show employees they’re valued here?

6. Increase compensation

Improving the atmosphere at work can help keep employees from leaving their jobs, but it’s essential to understand that pay and benefits are the main reasons why people look for new jobs. Increasing salaries can make a big difference in reducing employee turnover.
Take a look at how you pay your employees and identify those who consistently do an excellent job. Are they getting paid what they deserve? Giving them raises before they ask for it can really help in keeping them from leaving, as employees often think about leaving if they think they’re not paid enough.
When you’re working with a tight budget and can’t increase salaries much, think about other ways to make your employees happy. Can you offer them perks like big discounts, partnerships with nearby businesses, free meals, or extra paid time off?
Even if you believe you can’t afford it, remember that it costs around $6,000 on average to find and train a new employee. It’s often wiser to invest that money in keeping your current team happy and motivated.

7. Improve productivity with time tracking tools

Boosting how much work your employees get done helps them stay focused on their jobs and feel more connected to your company.
To make your employees more productive, you first need to keep track of their work hours accurately. It’s tough to improve something if you don’t know how it’s going.
A time clock app can be a big help. It lets your staff record their work hours precisely. They can see how long it takes to complete tasks, which helps them manage their time better. It can also show if some tasks take longer than expected or if certain employees need extra help to stay on track.
Time tracking software like Homebase goes a step further. It sends reminders to employees when it’s time for breaks, helping them stay on top of their work and manage their time well. This makes them more efficient, so they can get more done in less time, and it helps you keep labor costs under control.
Homebase also includes tools to prevent cheating on work hours, keep track of timesheets, and handle payroll processing. It makes sure everyone gets paid accurately, and you can manage everything related to time and work effectively.

Employee retention in restaurants is easy with Homebase

In today’s tough job market, the struggle to find new workers is real. Plus, keeping employees can be hard in the restaurant world.
Holding onto your team is a smart move because it cuts costs, makes your workplace better, and gives your staff and customers a better experience at your restaurant. Give these employee retention strategies a try, and remember to keep track of how they’re working and adjust as needed.
You’ve got the idea of keeping employees, know how much turnover costs, understand how to get your employees engaged, and have some strategies to try out. Now, put it all into action.
Don’t stress about it too much; take it step by step. Once you start using your plan to keep employees, you’ll see good results for your team and your restaurant too.

Frequently Asked Questions about employee engagement and retention

What is employee retention?

Employee retention means keeping your employees happy and motivated so they stay in their jobs instead of leaving.

Why is employee retention important for restaurants?

Employee retention is vital for restaurants because it keeps food and service quality consistent, saves money on hiring and training, builds customer loyalty, and makes operations smoother.

How do you calculate employee retention?

To calculate employee retention, you count how many employees you have at the start, subtract those who left during a specific time, and divide by the initial number. Multiply by 100 to get the percentage.

What are some strategies to improve employee retention in restaurants?

Strategies include surveys to listen to employees, preventing burnout, letting employees make schedules, showing appreciation, enhancing company culture, increasing compensation, and using time tracking tools.

Why should restaurants use Homebase for employee retention?

Homebase offers tools to create schedules, prevent time fraud, and manage payroll. It helps restaurants save money, improve efficiency, and keep employees happy and engaged.

The post 7 most effective restaurant employee retention strategies appeared first on Homebase.

via Homebase https://joinhomebase.com/blog/restaurant-employee-retention-strategies/

When you’re in the early stages of running your business, it’s easy to get lost when thinking about all the things you need to organize in order to grow. This is where making a business plan, strategic plan and operational plan comes into play. 

A business plan outlines the “what” and “how” of your business, while a strategic plan sets the long-term vision. Operational plans dive into day-to-day tasks. We’ll explain their roles, differences, and how they work together. 

In this post, we’ll break down these concepts, explain the difference between them and why all three are important.  By understanding these plans, you’ll gain the tools to steer your ship, set big goals, and navigate the everyday waters with confidence and success.

What is a business plan?

A business plan, just like a blueprint for building a house, shows the general path for your business to follow. Besides the essential facts, it’s the tool that conveys your vision to potential investors, partners, and your own team.

A business plan is your business’s roadmap to success. It’s a detailed guide that helps you understand where your business is headed and how to get there. In this plan, you outline your business goals, what products or services you offer, who your customers are, and how you’ll reach them. 

Writing a business plan is one of many tips for starting a business you can tap into to get off the ground. 

Your business plan includes financials 

Your business plan also includes financial details, like how much money you’ll need and how you’ll make money. It’s important to outline everything because it helps you make smarter decisions, attract investors or loans, and stay on track as you grow. 

Think of your business plan as a game plan that keeps you focused and prepared for whatever comes your way.

What is a strategic plan?

A strategic plan is a detailed plan that lays out where you want your business to be in the future and how you’ll get there. In this plan, you outline your long-term goals, the actions you’ll take to move towards those goals, and the major steps to reach those goals.

A strategic plan helps you make smart choices about things like which products to focus on, how to stand out from competitors, and where to expand. It’s like your compass for making decisions that match your vision. 

Goal setting in your strategic plan 

Setting SMART goals (Specific, Measurable, Achievable, Relevant, Time bound) is a clear way to put your strategic plan into actionable tasks. 

This plan also keeps you flexible – you can adjust it as your business grows and the market changes. By having a solid strategic plan, you’re setting yourself up for success, making sure all your actions lead to reaching those big dreams you have for your business.

What is an operational plan?

An operational plan is where the nitty-gritty of running your business happens. An operational plan is like your playbook for your day-to-day tasks . 

It spells out exactly how you’ll execute your strategies outlined in your strategic plan and reach your goals outlined in your business plan.

In your operational plan, you break things down: who’s doing what, when and how. It’s like giving clear instructions to your team on tasks, deadlines, and responsibilities.

From managing the kitchen in a restaurant to handling customer orders in a salon, it’s all in the operational plan.

It also covers how you’ll maintain quality, manage resources, and handle any bumps along the way. Think of it as your action plan – turning your grand ideas into reality, step by step. 

What’s the difference between a business plank, strategic plan and operational plan?

Business plan

• Focus: This is the big blueprint for your entire business. It explains what your business does, who your customers are, how you’ll make money, and your long-term goals.
• Timeframe: Usually covers a few years and includes financial projections.
• Use: It’s your pitch to investors and guides your business decisions.

Strategic plan:

• Focus: This is the long-term vision. It’s about where you want your business to go and the major steps to get there.
• Timeframe: Often covers 3-5 years.
• Use: It guides big choices like expanding, new products, and setting direction.

Operational plan:

• Focus: This is the detailed game plan for your day-to-day business operations. It’s about how you’ll execute your strategies.
• Timeframe: Covers the short term, usually a year or less.
• Use: It’s the instructions for your team on tasks, deadlines, and responsibilities.

In short, a business plan is your overall roadmap, a strategic plan sets the direction for growth, and an operational plan makes sure everything runs smoothly day by day. They work together to keep your business on track and thriving.

Why is having a business plan, strategic plan and operational plan important?

Having a business plan, a strategic plan, and an operational plan is like having a superhero trio for your business. Here’s why they’re so important:

Business Plan:

• Clarity: It gives you a clear path for your business journey. You know what you’re doing, who your customers are, and how to make money.
• Guidance: It helps you make smart choices and stay on track to reach your goals.
• Attractiveness: Investors and lenders like to see a solid plan before supporting your business.

Strategic Plan:

• Direction: It’s like a compass for your long-term vision. It tells you where your business is headed and how to get there.
• Big Goals: It sets ambitious goals like growing big, launching new things, and standing out from the crowd.
• Adaptation: It helps you adjust when things change, keeping your business aligned with your dreams.

Operational Plan:

• Smooth Sailing: It’s your step-by-step guide for daily tasks. You know who does what and when.
• Efficiency: It makes things run smoothly and helps you manage resources well.
• Quality Control: It ensures your products or services are top-notch and consistent.

Together, these plans are like your business’s superpowers. They make sure your business is not just surviving, but thriving..

Strategic plan example

Let’s say your restaurant, Brenda’s Bistro, wants to become the ultimate dining spot in your community, celebrated for your fantastic dishes and top-notch hospitality.

Mission 

Brenda’s Bistro’s mission is to create unforgettable dining experiences by offering a diverse menu crafted from locally sourced ingredients, while delivering outstanding customer service.

Goals:

• Achieve a 20% increase in revenue within the next two years.
• Expand the customer base by targeting families and young professionals through special promotions.
• Introduce a new themed menu every season to keep customers excited and engaged.

Strategies and Initiatives:

• Strengthen Brenda’s Bistro online presence by sharing engaging content on your website and social media accounts regularly.
• Partner with local farmers to ensure your ingredients are fresh, sustainable, and support the community.
• Launch loyalty programs and offer discounts to encourage repeat visits.

Key Performance Indicators (KPIs):

• Monitor revenue growth every quarter to track progress toward your goal.
• Collect customer feedback through surveys and online reviews to measure satisfaction.
• Evaluate the success of your seasonal menus based on the number of orders and positive feedback.

How to make a strategic plan

Crafting a strategic plan isn’t a one-size-fits-all deal; each company’s unique goals require a tailored approach. 

Let’s break down the essential steps to shape that core plan.

1. Gather the key people

Start by bringing together the important voices. This usually includes your executive board, managers, and sometimes outside investors. 

Their insights and suggestions are like puzzle pieces that fit into a successful strategic plan.

2: Find your business’ strengths and weaknesses 

Your strategy needs to know where your company stands both inside and out. Begin with a SWOT analysis, checking your internal strengths and weaknesses, plus external opportunities and threats. 

Gather insights from gap analysis, looking at competitors, and listening to customer and employee feedback give you the bigger picture.

3. Set Goals

Now, create goals from all that info. Match these goals with your mission, vision, and values. 

Pick the ones that make a big impact, make sense for the long haul, and line up with your values. Examples can be reaching certain sales targets, or a certain number of followers on your business’ social media. 

4.Make a game plan 

Time for an action plan. Break down each goal into strategies, initiatives, and tactics. Depending on your goals, these could be marketing plans, tech upgrades, or smart partnerships. 

You don’t need tons of details here; that’s what the operational plan covers. Also, set up key performance metrics to measure your progress.

5. Review and and tweak

Schedule regular check-ins to review your plan. This is where you reflect and adjust if needed. Good financial info comes in handy here. 

How often you do this depends on your business’s rhythm – maybe monthly for new businesses or yearly for more established ones.

Remember, your strategic plan is your map to success. Tailor it, review it, and let it guide you toward your goals.

Now that your strategic plan is sorted, let’s dive into the power of operational planning to make those goals a reality.

How to make an operational plan

It’s time to take that big-picture strategic plan and break it into doable steps. First, check out the long-term goals. 

Figure out which departments need to team up to reach which goal. Ask questions like: What kind of resources does the business already have access to? 

What’s missing? Any money financial risks coming up? This helps you see which parts of your business need a boost to hit those goals.

1. Nail down your budget

Make a budget based on what each department in your business needs to reach the big goals. What does your kitchen staff need? How about front-of-house staff?

With your match-up between goals and areas, spread your budget where it’ll give the best bang for your buck. 

Remember to keep some cash aside for surprises and changes. A solid budget is like a shield against unexpected stuff.

2. Set targets

Each goal you’re chasing needs a target. Think carefully here – not too wild that your team loses heart, but not too tiny that the big plan stays out of reach. 

Realistic targets are your secret weapon. An example target could be selling 100 orders’ worth of a certain dish by the end of the month.

3. Check in with your team regularly 

Don’t just set and forget. Schedule regular check-ins with your staff to see how things are going. 

Are you hitting those targets? Are things humming along? 

These feedback sessions with your employees are like checkups for your plan. If things are off, you can tweak the plan to get back on track.

Homebase’s free mobile app has a built-in messenger tool to make it easy to stay connected. Send messages to individuals, groups, or your entire team.

3. Stay open and data-driven

Keep communication flowing during reviews. And don’t forget the data – it’s your treasure map. 

Numbers show where you’re doing well and where there’s room to improve. Use your POS software or an employee management tool like Homebase to help you make data-informed decisions on how to improve your business operations. 

With Homebase’s workforce forecasting and smart scheduling tools, you can save on labor costs for your business. 

With all this, your operational plan becomes a real powerhouse, making sure your business charges ahead toward those big dreams.

Make your business plan, strategic plan and operational plan work for you

In the bustling world of business, having a roadmap is essential for success. The triumphant trio of a business plan, strategic plan, and operational plan work together to steer your ship towards greatness. 

These plans aren’t just fancy paperwork – they’re important tools that guide your every move. 

By understanding each plan’s role and significance, you’re armed with the superpowers needed to navigate the complex business waters. 

A business plan provides clarity, a strategic plan offers direction, and an operational plan ensures smooth sailing. Together, they fuel your business’s journey from survival to thriving, making sure you’re not just a player in the game, but a true champion.

Here are 10 small business tools you can use to put these three plans into action. 

FAQs about business plan, strategic plan and operational plan

Why do I need a business plan?

A business plan acts as a roadmap for your business journey. It outlines your goals, customers, and how you’ll make money. It’s crucial for attracting investors and making smart decisions. 

What’s the purpose of a strategic plan?

A strategic plan sets your long-term vision and goals. It guides big choices like expanding and standing out. It’s like a compass, helping you stay on course towards success.

What’s the difference between a strategic plan and an operational plan?

While a strategic plan sets long-term goals, an operational plan focuses on day-to-day tasks. It’s like a playbook that tells your team exactly what to do to reach those goals.

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A successful retail business starts with a well-thought-out retail business plan. While you may think you have your business ideas all figured out in your head, putting them down on paper in the form of a business plan is crucial for several reasons. 

In this post, we’ll explore what a retail business plan is, why it’s different from other business plans, what to include in it, common mistakes to avoid, and how to make your plan stand out.

What Is a Retail store business plan and why do you need one?

A retail store business plan is a comprehensive document that outlines your business model, identifies your target customers, and lays out a roadmap for turning your retail store or online shop into a profitable business. 

It’s a planning and forecasting tool that provides clarity and direction for your business. With a good business plan, you’re more likely to achieve success. 

Here’s why having a retail store business plan is essential:

Planning and forecasting

A retail store business plan helps you plan and set clear goals for your business’s short-term and long-term success.

Planning helps you set goals, allocate resources wisely, and stay on track. It ensures that day-to-day operations run smoothly. Forecasting, on the other hand, helps businesses anticipate future trends and challenges, allowing them to make informed decisions and adapt to changing circumstances. 

Together, planning and forecasting help you avoid costly mistakes, reduce labor costs, seize opportunities, and achieve both short-term and long-term objectives. In essence, they’re like a GPS for your retail business, guiding it towards profitability and sustainability.

Securing investment

A retail store business plan helps secure investment by demonstrating a clear and well-thought-out strategy. It shows potential investors that you’ve done your homework, understand your market, and have a solid plan for success. 

The plan outlines your business goals, target market, competitive analysis, and financial projections, instilling confidence in investors that their money will be used wisely. It also highlights your commitment and professionalism, making you a more attractive investment opportunity. 

Essentially, a strong retail business plan reassures investors that your venture is a sound investment with a higher likelihood of delivering returns on their capital.

Guiding business operations

A retail store business plan serves as a roadmap for guiding business operations. It outlines your business’s goals, strategies, and tactics, providing a clear direction for daily activities. 

It helps you make informed decisions about product offerings, retail staff scheduling, pricing, local business marketing, online marketing and staffing. The plan also includes financial projections and budgeting, ensuring you manage resources effectively. 

Regularly reviewing the plan allows you to track progress, identify areas needing improvement, and adjust strategies accordingly. Overall, it keeps the business focused, organized, and aligned with its objectives, making day-to-day operations more efficient and effective in achieving long-term success.

 

How is a retail business plan different from other business plans?

Retail businesses are unique in many ways, and your business plan should reflect that. Unlike other businesses, retail operations involve factors such as inventory management, supply chains, order fulfillment, deliveries, and customer returns. 

Here’s how a retail store business plan differs:

Inventory management

Unlike other business plans, retail plans must handle challenges like seasonal sales variations and predicting what customers will buy. Inventory management in retail business plans is about keeping the right amount of products in stock to meet customer demand while avoiding excess or shortages. 

They also need to explain how they get products, where they store them, and how they restock when items run low. In contrast, many other businesses don’t deal with these inventory issues.

Retail store business plans focus more on handling and controlling inventory to make sure they always have what customers want and don’t waste money on too much stock.

Marketing strategy

Marketing strategy in retail store business plans, compared to other business plans, often emphasizes attracting customers to physical or online stores, creating appealing displays, and running promotions like sales or loyalty programs. 

Retail plans typically prioritize reaching a broad consumer base and enticing them with visually appealing products. In contrast, other business plans might focus on more specialized marketing, like B2B partnerships or online advertising. 

Retailers also consider factors like store location and layout, which are less significant for many other businesses. So, simply put, retail business plans concentrate on tactics to draw in shoppers and make their shopping experience enjoyable and memorable.

Growth strategy

Growth strategy in retail store business plans, unlike other business plans, often centers on expanding to new locations, introducing new product lines, or attracting more customers. Retailers aim to increase sales by opening additional stores, going online, or diversifying their offerings. 

In contrast, some businesses may focus on improving internal processes or targeting specific niche markets. 

Retailers typically rely on broadening their reach to fuel growth, making strategies like franchising, adding new store branches, or exploring e-commerce crucial components of their plans. So, in simpler terms, retail business plans tend to emphasize expanding the business footprint and customer base as a primary path to success.

What to do before you start writing your retail store business plan

Research your market

Thorough market research is essential. Investors look for evidence of a healthy market and an unmet need that your business can address.

You’ll want to gather data on who your customers are, what they want, and where they’re located. Analyze your competition to see what makes your business unique. This research helps investors see that there’s a demand for your products or services and that your business can thrive in the market. 

It’s about proving that your idea is well-informed and has the potential to succeed. So, in simple terms, thorough market research shows investors that your business plan is based on a strong foundation of knowledge and understanding.

Understand your competitors

 Know your competition inside out. Understanding what sets you apart is crucial.

You need to know who you’re up against and what makes them tick. Research your competitors thoroughly: their strengths, weaknesses, and strategies. Identify what sets your business apart – your unique selling points. 

Investors want to see that you’ve done your homework and can explain how your retail store will outshine the competition. Maybe it’s better prices, superior quality, or outstanding customer service. 

This knowledge not only helps you stand out but also shows investors that you’re ready to face the competition head-on, which can boost their confidence in your business’s potential success.

Have a growth strategy

Define a clear growth strategy to demonstrate how your business will expand once it’s up and running. It shows investors that you’re not just focused on starting your business but also on making it grow in the long run. 

You can outline different growth strategies like market penetration (selling more to existing customers), product development (creating new products for existing customers), market development (selling existing products to new markets), or diversification (introducing new products to new markets). 

This helps investors understand your vision and how you plan to increase your business’s value over time, making your retail venture a more attractive investment opportunity.

What to Include in your retail store business plan

Business overview

Provide a high-level description of your retail business, including your company’s structure, location, and the products or services you’ll offer.

Business goals

Explain your business goals, whether they’re related to market share, product ranges, or online expansion.

It should give a clear, simple picture of your retail business. Explain whether your business will operate in a physical store, online, or both. 

Mention the legal name of your company, where it’s located, and briefly describe the products or services you plan to sell. Keep it straightforward and easy to understand, so anyone reading your plan can quickly grasp what your retail business is all about. 

This section sets the stage for the rest of your plan, helping readers get a sense of your business from the get-go.

Your industry experience

In the “Your industry experience” section of your retail store business plan, it’s your time to shine. Tell the readers about your background and expertise, especially if you’ve held important positions in recognized retail businesses. 

If you’ve previously led successful growth initiatives or managed to open new stores that flourished, this is the place to mention it. Basically, this section is all about showcasing your qualifications and experience in the retail world.

It helps build trust and confidence that you’re the right person to turn your retail business idea into a thriving reality. Keep it concise but impressive.

Marketing strategy

The “Marketing strategy” section of your retail store business plan is where you paint a picture of how you’ll present your store to the world. Explain your store’s image, the strategy for your brand, and how you plan to market your products or services. 

Don’t forget to dive into the 4Ps of retail marketing:

• Product: Describe what you’re selling and what makes it special.
• Pricing: Explain how you’ll price your products and why.
• Place: Tell where you’ll sell your products, be it online, in-store, or both.
• Promotion: Detail your strategies for promoting your store and products.

This section gives a clear roadmap for how you’ll attract customers and make your business a success. Keep it straightforward and compelling.

Financial strategy and forecast

The “Financial strategy and forecast” section of your retail store business plan is where you show the money side of your business. Investors want to see the numbers, so include things like:

• Estimated capital requirements: How much money do you need to get started and keep going?
• Profit and revenue models: Explain how you plan to make money and what your sales goals are.
• Sales volume projections: Predict how many products you expect to sell.
• Financial statements: Include balance sheets, cash flow projections, and any other financial documents.

These details help investors understand your business’s financial health and potential. Make sure your numbers are realistic and based on careful research and planning.

Management structure

In the “Management structure” section of your retail store business plan, you’ll provide details on how you intend to organize your team and manage your business effectively. This section involves explaining several key aspects:

Firstly, you’ll specify the number of team members you plan to hire. This is essential to understand the size and scope of your workforce.

Secondly, you’ll describe the roles and responsibilities of each team member. This clarification ensures that everyone knows their specific duties and contributes to the smooth operation of the business.

Lastly, you’ll illustrate how each team member fits into your overall business plan. This section helps investors and stakeholders comprehend how your team will collaborate and work together to achieve the business’s goals and objectives. 

A well-defined retail management structure assures potential investors that you have a competent team ready to execute your business plan effectively.

Homebase offers user-friendly employee management tools to streamline team communication, time tracking, and scheduling, helping you refine your management structure. 

Common mistakes to avoid when making your retail store business plan 

A successful business plan is as much about what you leave out as what you put in. Here are some common mistakes to avoid:

Too much detail

Avoid long, rambling text. Use visuals and graphics when possible and attach heavy content as appendices.

Poor financial planning

Account for growing expenses, taxes, and market influences in your financial projections.

Poor spelling and grammar

Basic errors can undermine how partners and investors view your plan.

Strengthening your business plan

To strengthen your business plan, consider your audience, which may include potential investors, business partners, and financial institutions. Be transparent, avoid exaggerations, and demonstrate the value of your idea.

Conclusion: Finishing your retail store business plan

A well-crafted retail store business plan is more than just a guide; it’s a tool to attract investors, secure funding, and set the foundation for a successful retail business. Leveraging tools like Homebase can help you stay competitive and efficient in the retail industry.

Don’t delay writing your plan—it could be the first step towards realizing your retail business dreams.

FAQs about writing a retail store business plan

What is a retail store business plan, and why is it important?

A retail store business plan is a comprehensive document outlining your retail store business’s model, goals, and strategies. It’s crucial as it provides clarity, attracts investors, and guides daily operations for success.

 

How does a retail store business plan differ from other business plans?

Retail store business plans are unique due to their focus on inventory management, marketing tactics to attract shoppers, and growth strategies centered on expanding customer reach.

What should I include in my retail store business plan’s business overview section?

In the business overview, provide a concise description of your retail business, including its structure, location, and the products or services you intend to offer.

How can a retail store business plan help secure investment?

A retail store business plan demonstrates a well-thought-out strategy, outlining business goals, target market, competitive analysis, and financial projections. It reassures investors, making your venture a more appealing investment opportunity.

What common mistakes should I avoid when creating a retail store  business plan?

Common mistakes include excessive detail, poor financial planning, and grammar/spelling errors. To avoid these, focus on clarity, accurate financial projections, and proofreading.

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If you’re thinking about starting an eatery, the first big step is making a restaurant business plan. A good plan helps you get funding for your restaurant, helps you run things smoothly, and sets you up for success. 

Many who start restaurants don’t make a detailed business plan because it can be time consuming. But without a solid restaurant plan, it can be like trying to hit a target without knowing where to aim.

It’s also hard to get investors interested in your restaurant if you don’t have a proper plan. And even if you do find someone, not having the right plans, rules, and predictions can make your restaurant fail.

In this post, we’ll give you a breakdown of the different components of a solid restaurant business plan, giving you the tools you need to do well in the food industry.

1. Executive summary

An executive summary is like the teaser trailer for a movie—it grabs attention and gives a quick peek into what’s coming.The restaurant business plan is the part that sums up everything in a nutshell. 

It’s like telling a friend about your restaurant idea in just a few sentences. 

That’s what the executive summary does for your plan. It introduces the main information people need to know: your mission (what you’re all about), the concept you’re cooking up, how you’ll make it happen, a sneak peek at costs, and the expected money you could make. 

This summary is very important because it’s the first thing investors see. 

It’s like a “Why should you care?” note that convinces investors your plan is worth reading. So, it’s a tiny powerhouse that can make or break the impression of your whole restaurant business plan.

2. Company description

This section of your restaurant business plan is where you give a full introduction to your company. Begin with your restaurant’s name and location, including contacts and important details. Add your key contact info and briefly talk about your experience.

The next part of your description should focus on the restaurant’s legal status and lay out short-term and long-term goals. Offer a quick market study to show your grasp of local food industry trends and explain why your restaurant will thrive in this market.

3. Financial analysis 

Having a solid financial plan is crucial when creating a restaurant business plan. It’s like having a roadmap for your restaurant’s financial success. 

To make this plan, it’s smart to hire an experienced accountant who knows a lot about running restaurants. This accountant should understand important restaurant details, like how many seats your place will have, how much customers might spend on average, and how many people you plan to serve each day.

This information is important because it helps you figure out if your restaurant idea can generate enough money to cover costs and bring in profits. It also helps you plan a create a budget and plan costs for your establishment. 

Profit and loss statement

Your accountant should make a “profit and loss” statement that predicts how much money you might make and spend in the first few years. They’ll also figure out when your restaurant might start making enough money to cover all its costs – that’s called the “break-even” point. 

Plus, they’ll help you plan how much money you’ll need to start and run the restaurant.

Remember, having a strong financial plan is vital. It shows investors that you’ve thought about money carefully and helps you understand the real costs of owning a restaurant. 

4. Market overview

The market overview section of your business plan connects closely with the market analysis in the restaurant business plan, which we’ll cover in the following section. 

Your market overview should explore the present economic situation that might affect your restaurant, and explain your strategies to overcome them. 

Things like location, menu, competition, marketing, and service quality can directly affect your restaurant’s success. On the broader scale, economic conditions, inflation, consumer confidence, government regulations, and cultural trends in the whole economy can also have an impact.

Make sure your market overview covers as many of these influencing factors as possible.

5. Market analysis 

The market analysis section of your restaurant business plan should be split into three parts: industry analysis, competition analysis and marketing analysis.

Industry analysis

Your industry analysis should answer the following questions. Who are you aiming to attract? What are the characteristics of the people your restaurant will serve? 

This section explains to investors who your intended customers are and why they might choose your restaurant over others.

Competition analysis

It’s simple to think everyone will come to your restaurant, but making it a reality means looking at your competitors. Which restaurants already have a following in your desired location? 

Note things like their prices, hours, menu style, and how their place looks. Then, make sure this section explains to investors what makes your restaurant different from your competition.

Marketing analysis

Investors will want to know how you’ll get the word out about your restaurant. How will your marketing stand out from others? How will you attract your target customers? What special deals will you offer? It’s all essentially a marketing plan. 

Breaking down the market analysis like this helps investors understand how you plan on promoting your restaurant and helps you figure out how to shine in a crowded restaurant market.

6. Menu

The menu is crucial for your restaurant’s launch; it’s the key product you offer. While a final version may not be ready, having a mock-up is important for your restaurant business plan.

Keep it simple. Include a select few items, as too many choices can confuse customers. Make sure to highlight any special “signature” dishes at the top of the list to give customers an idea of your cuisine. 

Add your logo and choose a design that fits your style. If designing is a challenge, online resources can help. 

Including pricing in your sample menu is also essential.  Your prices should mirror the financial analysis, showing your target price range. Menu engineering matters and can help you increase profits over time. 

7. Location

Selecting your restaurant’s location should match your intended customers. While an exact spot might not be certain, you should have a few options in mind.

When explaining potential locations to investors, provide detailed info about each and explain why it’s ideal for your restaurant. Cover aspects like size and the usual customer profiles.

Your chosen restaurant location should align with your target customers. Though a precise spot might not be locked in, you should have a few possibilities.

When discussing potential locations with investors, furnish ample details for each and clarify why it suits your restaurant. Highlight square footage and the typical customer base.

8. External tools 

To bring your restaurant dream to life, you’ll need external support. Jot down the names of professionals you’ll use, like accountants and designers. Include software tools you’ll use such as POS systems and reservation systems. 

These aids improve your restaurant’s functionality. Clarify to investors the importance of each and their contributions to your venture.

Homebase is an employee management software for restaurants. From smart scheduling, time clocks, payroll management, Homebase is built for full-service restaurants. Use Homebase for free employee scheduling, timesheets, and much more at your restaurant.

9. Team

In your restaurant business plan’s company description, owners get a quick intro with some details. Your Team section should expand on the restaurant management crew, a key part of your workforce.

Investors understand you might not have the entire team finalized yet, but having a few members is a good start. Use the current talent to highlight the combined work experiences they bring.

10. Restaurant design

In this restaurant design section, you have the chance to impress investors with your ideas. If you lack professional mock-ups, that’s alright. Instead, craft a mood board to convey your vision. Gather images that match your restaurant’s intended vibe.

Remember, restaurant design goes beyond appearances. It encompasses elements like software systems and kitchen equipment.

How to format your restaurant business plan

When working on your restaurant business plan, having different formats to present to different groups can be beneficial. The information needs to remain consistent, but the length and presentation can be adapted to fit different situations. 

Here, we’ll cover the four common business plan formats to suit various scenarios.

Elevator pitch

An elevator pitch offers a brief summary of your business plan’s executive summary. Instead of diving into details, it’s a quick teaser used to spark interest during short encounters. It should last around 30 to 60 seconds, highlighting key points.

Pitch deck

A pitch deck involves a slideshow and spoken presentation to encourage discussion and further exploration of your plan. It typically covers the executive summary, using graphs to illustrate market trends and benchmarks. 

Some people add sections for upcoming products or samples, but this might not apply to a restaurant plan.

Stakeholder plan (external)

This written presentation details your business model for customers, partners, and potential investors. It can vary in length but should be well-written and focused on an external audience. 

Use it to persuade others to engage with your business.

Management plan (Internal):

The management plan outlines operational details for smooth business functioning. Unlike the stakeholder plan, this is for internal use. It includes specifics for owners and managers, written with candor and informality as external stakeholders are less interested.

Conclusion: Crafting Your Restaurant Business Plan for Success

Starting a restaurant is an exciting journey, but without a well-structured restaurant business plan, it’s like setting sail without a map. 

Your restaurant plan is your guiding light – it helps you secure funds, manage operations, and pave the way for triumph. 

While creating a solid plan may seem daunting, don’t be discouraged. Follow the instructions outlined in this post and see the immense benefits making a plan will bring.

FAQs about Restaurant Business Plans

Why do I need a restaurant business plan?

A restaurant business plan is essential because it helps you secure funding, run your restaurant smoothly, and increases your chances of success. Without it, starting a restaurant can be like trying to hit a target in the dark – you won’t know where to aim.

What’s the most important part of a restaurant business plan?

The executive summary is the most critical part. It’s like a teaser trailer for a movie, grabbing investors’ attention and giving them a quick overview of your restaurant idea, mission, concept, costs, and potential earnings. It’s your chance to convince them that your plan is worth reading.

How do I analyze the financial aspects of my restaurant in the plan?

You’ll need a solid financial plan, which includes a profit and loss statement. It’s like a roadmap for your restaurant’s financial success. To create this plan, consider hiring an experienced accountant who understands restaurant details like seating capacity, average customer spending, and daily customer volume. 

This information helps you determine if your restaurant can cover costs and make a profit.

Why is market analysis important in a restaurant business plan?

Market analysis is crucial because it helps you understand your target customers, competitors, and marketing strategies. It answers questions like who your customers are, what makes your restaurant unique, and how you plan to attract them. This analysis is key to standing out in a competitive restaurant market.

How should I present my restaurant management team in the plan?

In the team section, introduce your restaurant management crew. Even if you haven’t finalized your entire team, highlighting the work experiences of current members is a good start. Investors want to see that you have capable hands steering the ship.

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As a small business owner, you may assume that workforce management (WFM) is only for larger enterprises with bigger teams and more resources to spend on expensive software. You feel discouraged thinking that, unlike more established companies with larger budgets, you won’t be able to grow your team and expand your business more efficiently because you’re stuck using outdated manual processes for hiring, scheduling, time tracking, and HR processes.

The great news is that workforce management is for businesses of every size and owners of every experience level. There are systems and tools designed especially to help small businesses with their unique team operation issues — all priced within a small business budget.

If you’re concerned about the time and effort it will take to transition from easy-to-use paper and spreadsheet methods to an overly complicated workforce management system, don’t worry. Let’s remove the mystery and clarify what workforce management can look like for your small business.

What is workforce management (WFM)?

Workforce management is the set of processes businesses follow to increase productivity and efficiency for their teams. Essentially, WFM is about simplifying and automating your employee operations with the right software. You can use online tools and platforms to make most of your processes more streamlined, including tasks like:Time tracking

• Time tracking
• Team scheduling
• Payroll
• HR and compliance
• Hiring and onboarding
• Labor costing

While small business owners don’t have to use complex systems to do WFM well, they should set achievable business goals before implementing completely new management tools. Developing a solid set of objectives first prevents them from wasting time and money on software and apps that don’t serve their ultimate purpose — to grow their small business or franchises in a way that makes sense for them.

What are the benefits of workforce management?

While WFM focuses on updating your employee processes, it can have a far-reaching impact on your business. Specific benefits include:

• More efficiency — Workforce management allows business owners and managers to automate administrative tasks like scheduling, time tracking, and payroll. It also saves employees time by simplifying tasks like clocking in and out, shift trading, and team communication.
• Higher productivity — Monitoring attendance, overtime, and team member performance can help you spot potential bottlenecks and adjust your tasks and workflows.
• Better labor forecasting — WFM platforms like Homebase will track trends in scheduling and overtime so you can make more strategic scheduling and hiring decisions for your business.
• Increased revenue — By cutting down on inefficiencies and allowing you to focus on bigger business objectives, WFM can help you increase your profitability without having to expand your marketing budget or hike up the prices of your products and services.
• Happier employees — Team member self-service tools for scheduling, time tracking, and team chat put more control back into the hands of your staff and give them more ownership over their work experience.

Who should use workforce management?

Workforce management is for companies of every size, but it’s particularly essential for:

• Small business owners who are running their operations on their own or with a small management team.
• Owners and managers who don’t have much administrative or HR experience and need extra support to help them meet their business goals.
• Shift supervisors and team leads who often feel stressed about covering shifts and creating schedules for team members with varying degrees of availability.
• Employees who are stressed about taking on more responsibility than they would have in a larger business, or those who often get frustrated about delayed schedules and inaccurate paychecks.

Workforce management: The best tools and software for small businesses

Once you explore the wide breadth of options of WFM tools on the market today, you’ll see how easy they are for owners, managers, and employees to use. Here are a few options that are well-suited to small businesses and franchises.

Homebase

Homebase is a team management platform that streamlines scheduling, time tracking, communication, and payroll for hourly, shift-based teams. With the platform, managers can create schedules in minutes and share them via the Homebase mobile app. Employees can then receive auto-reminders for upcoming shifts and clock in directly from their phones. Once they’ve started time tracking with a GPS-enabled time clock, Homebase immediately converts their hours into timesheets for payroll.

Business owners can also use the platform to write job descriptions, hire, and onboard new employees before their first day of work. Best of all, Homebase is great for helping small business owners stay on the right side of employment law — users that have access to Homebase’s HR and compliance features can contact one of our HR experts at any time to answer questions about labor and tax regulations most relevant to them.

You can access Homebase’s time tracking, scheduling, messaging, and hiring tools for free for up to 20 employees. For more advanced features, Homebase pricing starts at $20 per location per month.

Connecteam

Connecteam is an employee management app that serves small and medium-sized businesses (SMBs) with automated scheduling, time tracking, and team chat features — all accessible via its mobile app. Managers can also use Connecteam to assign tasks and subtasks for every shift, making it a great solution for businesses where quality assurance is of the utmost importance, such as in the construction, care, and hospitality industries.

Connecteam has a free plan for up to ten users, and more advanced plans start at $29 per month for the first 30 users.

Arcoro

Arcoro is a platform providing HR solutions specifically for the construction industry. The software offers workforce management features like hiring, applicant tracking, time tracking, scheduling, benefits, and compensation tools for your salaried employees. It also makes training and developing your construction teams easier with built-in performance and learning management systems.

Arcoro pricing doesn’t provide pricing on its website, but you can contact their team for a quote.

Skedulo

Ideal for “deskless,” mobile businesses in industries like healthcare, real estate, and residential maintenance, Skedulo’s scheduling and dispatching features help assign the right jobs to the right people, keeping clients satisfied. As your team members go out into the field, Skedulo lets you view their locations and job statuses and check in with mobile messaging if they need assistance with a task. Finally, when employees call in sick or get a last-minute client request, you can use the work offer feature to find available workers quickly.

To learn more about Skedulo’s pricing, you can book a demo and get a custom quote from their sales team.

Paycom

Paycom is a human capital management platform that helps business owners streamline applicant tracking, performance management, and HR data and compliance. But it’s also a payroll solution with various tools for paying team members and giving them early access to their wages. For example, business owners may also appreciate their employee self-service payroll feature called Beti (Better Employee Transaction Interface). This feature guides employees through checking and correcting their own timesheets so they can ensure their paychecks will be accurate and reduce managerial liability.

Contact Paycom’s sales team to get a custom quote for your business.

Ease your workforce management task load with Homebase

The fact that you own and run a small business doesn’t mean you have to be limited to painstaking manual paper and spreadsheet processes. Just the opposite: You’re probably so busy acting as an owner, manager, and HR professional every day that you need an easy-to-use workforce management platform to act as your digital assistant.

That’s why our customers feel so relieved when they add Homebase to their toolkit. As an intuitive team management app, Homebase helps you cut back on time spent at a desk scheduling team members, checking time cards, arranging shift swaps, and ensuring new hire paperwork is in order.

With tools for time tracking, scheduling, hiring and onboarding, payroll, and HR and compliance, Homebase not only helps you save time and helps you lead a more efficient team, but it also gives you peace of mind that you’re reducing labor costs and doing it all by the book.

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Building a solid team that will stick by your side is crucial for the success of any business. Hiring and retaining top talent can be challenging and long, but there are many strategies you can use to attract and keep the best employees.

• Define Your Company Culture 

Before hiring, it’s essential to define your company culture. This includes your values, mission, and overall work environment. Be clear about what you stand for and what kind of workplace you want to create. This will help you attract candidates that share your vision and fit your team well.

• Write Effective Job Descriptions 

When writing job descriptions, be clear about the responsibilities and expectations of the role. Highlight the skills and qualifications you’re seeking and be transparent about the salary and benefits package. This will help attract candidates who are a good fit for the role and your company culture.

• Use Multiple Recruitment Channels 

Make sure to limit yourself to one recruitment channel. Use multiple channels, such as job boards, social media, and employee referrals, to reach a wider pool of candidates. This will help you find top talent who may not have seen your job posting.

• Conduct Thorough Interviews 

When conducting interviews, ask behavioral questions that reveal a candidate’s work style and problem-solving abilities. Use scenario-based questions to see how candidates would handle specific situations. This will help you assess whether a candidate is a good fit for the role and your team.

• Offer Competitive Compensation and Benefits 

Offering competitive compensation and benefits is vital for attracting and retaining top talent. Research what other companies in your industry offer and ensure that your salary and benefits package is competitive. This will help you keep employees and reduce turnover.

• Provide Growth and Development Opportunities 

Top talent wants to work for a company that invests in its growth and development. Provide opportunities for training, mentorship, and career advancement. This will help you retain employees and improve their skills and performance.

• Create a Positive Work Environment 

Offer flexible work arrangements, recognize and reward employees for their contributions, and foster a culture of open communication and collaboration. This will help employees feel valued and motivated to stay with your company.

Building a strong team requires a combination of effective recruitment strategies and retention efforts. By defining your company culture, writing compelling job descriptions, using multiple recruitment channels, conducting thorough interviews, offering competitive compensation and benefits, providing growth and development opportunities, and creating a positive work environment, you can attract talent that will drive your business forward.

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The end-of-summer slow down is underway, with businesses that staffed up in the spring now scaling down. However, worker wages continued to rise as Main Street fights to retain good talent amid a persistent labor shortage.

Most small business hourly workers are satisfied with their jobs and pay, as new priorities like schedule flexibility and team relationships top the list. Workers are less optimistic about future prospects, as inflation worries increase.

NEW AND NOTEWORTHY:

• Main Street wages continued to rise in August, despite salary cuts across big industries like technology and transportation, showing that small businesses are still battling the labor shortage.
• Hospitality saw only a slight dip in employees working as teams thinned towards end of summer while still supporting greater demand than prior years.
• Consistent summer wage growth has impacted worker priorities, with employees now valuing schedule flexibility & control and team relationships over wages.
• Inflation remains a top concern for hourly workers (more than 3x more than losing one’s job). Longer working hours have also been an increasing worry.

Summer slowdown has begun, in line historical seasonal trends.

The number of employees working and hours worked dropped from July at the same rate as prior years.

Employees working

(Monthly change in 7-day average, relative to January of reported year)

Hours worked

(Monthly change in 7-day average, relative to January of reported year)

Data compares rolling 7-day averages for weeks encompassing the 12th of each month; April data encompasses the subsequent week to account for Easter holiday. Source: Homebase data.

Impacts of the July heat dome have cooled.

Reductions in employees working are no longer concentrated in the South. 

Output by MSA

Month-over-month change in core economic indicators, by metropolitan statistical area

Note: August 6-12 vs. July 9-15. Source: Homebase data

However, the Lahaina fire has affected much of Maui’s Main Street.

August’s devastating fires in Lahaina destroyed local businesses and forced many others to close their doors and focus on safety and recovery. Outside of Lahaina, calls for tourism to continue in outlying towns, like Kihei and Wailea, encourage visitor foot traffic for local businesses that are trying to keep their doors open and teams gainfully employed.

Employees working

(Monthly change in 7-day avg, relative to January 2023)

Hours worked

(Monthly change in 7-day avg, relative to January 2023)

Businesses open

(Monthly change in 7-day avg, relative to January 2023)

Note: Data encompasses businesses that operates in the census-designated places (CDPs) of Kihei, Wailea, and Lahaina.  Source: Homebase data.

Fewer employees working is driven by the transition from summer vacations to back-to-school (and work).

Hospitality businesses saw leaner teams in August than midsummer, but needed more workers to support greater demand than prior years.

This year, Hospitality1 saw only a slight dip in employees working in August, which is much less than in prior years. This is likely due to early summer labor shortages, which meant lower hiring in June and July and thus smaller team reductions in August (compared to previous years).

Entertainment2 saw a stark but expected decline in employees, as the need for outdoor activities slowed in line with prior years.

Percent change in employees working

(Mid-August vs. mid-July, using Jan. ‘19, Jan. ‘22, and Jan. ‘23 baselines) 3

1. Hospitality includes tourism and hotel/lodging businesses.
2. Entertainment includes events/festivals, sports/recreation, parks, movie theaters, and other categories. 
3. August 11-17 vs. July 7-13 (2019); August 7-13 vs. July 10-16 (2022); August 6-12 vs. July 9-15 (2023). Source: Homebase data

Wages at small businesses grew even more in August than July.

Small businesses continue raise staff wages to retain seasoned teams in the face of labor shortages.  

Avg. wage changes, m/m

Monthly change in average hourly wages across all jobs

Hourly Employee Pulse Check

Hourly workers are less optimistic about future job options.

Even as wages continue to grow and labor remains tight on Main Street, worker optimism is decreasing and uncertainty is gradually on the rise. This is likely driven by general economic instability or stories in the media.

34% of hourly workers think their job options will be better in 12 months. This rate has been steadily declining since July 2022 when it was at 42%.

Survey question: Do you think your job options will be better, about the same, or worse in 12 months compared to today?

Source: Homebase Employee Pulse Survey

N = 873 (Feb. ‘23); N = 666 (Apr. ‘23); N = 611 (Jun. ‘23); N = 427 (Aug. ‘23)

 

Workers are 3x more concerned about inflation than losing their jobs. 

Inflation remains a top concern in 2023, as the cost of living rises. In August, 64% of hourly workers reported being concerned about inflation, an increase of nearly 10% from June.

Longer working hours for employees also appear to be on the rise. Workers are more worried about increased hours (23% in August, up from 19% in June), and are less worried about reduced hours (29% in August, down from 33% in June).

Source: Homebase Employee Pulse Survey. N = 666 (Apr. ‘23); N = 611 (Jun. ‘23); N = 427 (Aug. ‘23)

Job satisfaction on Main Street is consistently high.

As many as 4 out of 5 hourly workers agree they’re happy with their jobs overall. 

Their outlook on wages has remained generally consistent. In August 2023, 54% of hourly workers at small businesses said they were satisfied with their compensation.

Source: Homebase Employee Pulse Survey

N = 873 (Feb. ‘23); N = 666 (Apr. ‘23); N = 611 (Jun. ‘23); N = 427 (Aug. ‘23)

It’s about more than just money, say hourly workers. 

Flexibility & schedule control and team relationships are the most important factors for employees.

Since May, wage growth has impacted hourly worker priorities, with schedule flexibility and team relationships consistently ranking above wages.

Source: Homebase Employee Pulse Survey. N = 666 (Apr. ‘23); N = 611 (Jun. ‘23); N = 427 (Aug. ‘23)

For workers who receive tips, they are a critical component of compensation. 

Source: Homebase Employee Pulse Survey. N = 427 (Aug. ‘23)

 

Link to PDF of: July 2023 Homebase Main Street Health Report. If you choose to use this data for research or reporting purposes, please cite Homebase.

 

 

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Creating a solid brand identity is crucial for all businesses looking to succeed in today’s competitive market. Your brand identity sets you apart from your competitors and helps customers connect with your business on a deeper level. Here are some tips for creating a solid brand identity for your business:

Define Your Brand Values 

Before creating a solid brand identity, you need to define your brand values. What does your business stand for? What are your core beliefs and principles? Your brand values will help guide your branding efforts and ensure that everything you do is aligned with your business’s mission and vision.

Develop a Unique Brand Voice 

Your brand voice is how you communicate with your customers. It should be consistent across all your marketing channels, including your website, social media, and advertising. Develop a unique voice that reflects your brand values and resonates with your target audience.

Design a Strong Visual Identity 

Your visual identity includes your logo, colors, typography, and overall design aesthetic. These elements should be consistent across all your branding materials and reflect your brand values and personality. Invest in professional design services to make your visual identity solid and memorable.

Be Authentic 

Authenticity is vital in creating a strong brand identity. Be true to your brand values and avoid trying to be something you’re not. Customers can sense when a brand is inauthentic, so it’s essential to be genuine in your branding efforts.

Consistency is Key 

Consistency is essential for building a solid brand identity. Ensure that all branding materials, from your website to your business cards, have a consistent look and feel. This will help customers recognize and remember your brand more easily.

Engage with Your Customers 

Engaging with your customers is a one of the great ways to build a strong brand identity. Respond to customer inquiries and feedback promptly and professionally, and use social media to connect with your audience and build a community.

Monitor Your Brand Reputation 

Monitoring your brand reputation is vital for maintaining a strong brand identity. Use tools like Google Alerts to track mentions of your brand online and respond to any negative feedback or reviews professionally.

Creating a strong brand identity takes effort and time, but it’s well worth it. By defining your brand values, developing a unique brand voice, designing a strong visual identity, being authentic, maintaining consistency, engaging with your customers, and monitoring your brand reputation, you can build a brand identity that sticks with your audience and sets you apart from your competitors.

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Overtime isn’t for everyone. While some employees leap at the chance to earn extra money, others want to keep a strict work-life balance. 

But if you have a busy week, you may struggle to adequately staff your business while respecting each team member’s preferences.

And using overtime isn’t a sustainable strategy. Sure, occasional emergencies and one-off events might get absorbed into your labor budget. But if you rely on overtime every week to cover shifts, the increased labor costs will overtake your profits.

Comp time is a way to solve these problems in one move. By offering days off in exchange for overtime, you can avoid paying overtime rates, adequately cover every shift, and encourage your team to work more hours.

As comp time is a complex topic, we’re covering all the guidelines you need to be aware of before you start using it. Our article explores:

• Whether comp time is always legal
• Which staff are eligible
• How to calculate comp time
• How to set up comp time for your business

What is comp time?

Comp time (otherwise known as compensatory time off) is the practice of offering employees additional paid time off in exchange for working beyond their normal hours. This PTO is instead of standard overtime pay.

That way you can reward employees for taking more shifts and ensure full shift coverage while reducing overtime.

Offering comp time can also improve morale and increase retention rates. Employees may struggle to pack vacations and personal commitments into PTO or find they need more days off after they’ve used all their allotted vacation. Comp time gives your team more control and flexibility over working hours so they can manage time off better.

In some cases, comp time helps you hang onto staff. For example, students can save days off for exam season instead of handing in their notice.

Is comp time legal?

Comp time is legal according to US federal law but there are many rules and restrictions. The Fair Labor Standards Act (FLSA) states that:

• Employees must agree to the arrangement
• They have to use the time off they accrue within the same pay period
• Employers must also honor comp time once they make the agreement
• They must also pay unused comp time if it expires
• Comp time can’t exceed 240 hours per year (except for some healthcare and emergency service workers who can take 480)
• The minimum rate is 1.5 hours of comp time per hour of overtime

The laws on comp time also vary between states. For example, Alaska has banned this practice outright and California only allows it for a few cases. 

Check your state’s Department of Labor (DOL) website for the most up-to-date regulations on comp time in your area.

Who’s eligible for comp time?

The main rules and regulations surrounding comp time concern different types of workers. So, let’s identify the different categories and which rules apply to each.

Comp time for exempt vs non-exempt employees

Before we delve in, let’s clarify the difference between exempt and nonexempt employees. Think of ‘exempt’ as ‘exempt from overtime pay.’ So, exempt employees can’t earn more money by working extra hours whereas nonexempt employees can.

Note: Exempt doesn’t always mean salaried. If salaried staff have executive, administrative, or professional roles, and earn less than $684 a week, they count as exempt.

The rules are generally as follows:

• Exempt employees are eligible for comp time if overtime is mandatory at their company.
• Nonexempt employees may receive comp time depending on their sector, local labor laws, and how they get paid.

Comp time for hourly and salaried employees

Salaried workers have fixed schedules and pay so they aren’t usually eligible for comp time. The idea is that employers shouldn’t make teams work beyond the hours in their contracts.

But businesses with salaried employees can have an informal arrangement where, for example, bosses give everyone Friday off for working extra hours on a project. 

And, as we’ve noted, nonexempt salaried staff are an exception. 

On the other hand, hourly employees don’t have fixed schedules and their pay directly corresponds to the amount of time they work. If workers exceed their regular hours, the law states that employers must pay them overtime. These businesses can’t implement comp time unless:

• Local labor laws allow it
• There’s an agreement with the workers’ union
• Employees work in specific public sector roles (which we outline below)

Comp time for private and public sector employees

Some public sector roles are eligible for comp time because they involve working long, irregular hours. This includes the following industries:

• Social services
• Healthcare 
• First responders
• Law enforcement
• Public works
• Government agencies

It’s worth noting that employees who work for privately owned businesses in the same industries may be ineligible. If you run a private clinic, for example, you can’t offer your nurses comp time just because they work in healthcare.

In fact, most private sector employees don’t count for comp time unless the local labor laws say otherwise.

So, if you’ve ruled out all the other scenarios where your staff may be eligible for comp time, check your state rules and regulations. Make sure your information is up to date and applies to your industry. 

There are also consulting services like Homebase’s team of HR professionals which can offer you guidance on business policies like this.

What if my employee isn’t eligible for comp time?

Perhaps you’ve gone through the sections above only to discover that your team isn’t eligible for comp time. But there are other ways to manage time off more effectively and give staff more flexibility over their schedules. Here are some of the most popular ideas:

• Flexi-time: If your business doesn’t require employees to work set hours, you can let them decide their own schedules. That way they can fit in commitments like childcare and studies without the need to take days off.
• Remote work: Another way to solve the issue of family care is to let staff work from home. That’s on the proviso that their personal lives don’t interfere with their professional responsibilities.
• Seasonal and temporary work: Some employees need long periods off. For instance, parents can’t always work during the summer holidays and retirees may relocate for the winter. Offering temporary contracts allows these team members to take as many days off as they need.
• Company-wide time off: During certain festivals, your business may slow down. You can save operational costs and spare employees from using their PTO by closing for these days.
• Personal days: Staff might find they’ve taken all their PTO when they suddenly get hit with legal obligations, transport problems, or home emergencies. Offering personal days helps them save time for vacation and unforeseen circumstances.
• Self-scheduling: Letting your staff arrange their own swaps and covers gives them more control over their hours. Apps like Homebase have scheduling and chat features to help your teams coordinate and approve shift changes.

How do I calculate comp time?

If you discovered your employees are eligible for comp time, let’s look at how to calculate their extra PTO.

First, check the local laws to see if they set a minimum rate. The standard rule is that staff get one hour of comp time per extra hour worked. So, if Mal usually works 15 hours but agrees to stay two hours later on Tuesday evening, you’d get:

2 hours of extra work = 2 hours of comp time

But if an employee works more than 40 hours in a week, they’re into overtime and you change their comp time accordingly. This is often at a minimum rate of 1.5 for each hour of overtime. Let’s say Lena works a 40-hour week but stays 4 hours late on Sunday, now you’d get:

4 hours of extra work x 1.5 overtime rate = 6 hours of comp time

But what happens if staff don’t normally work 40 hours but their extra hours take them into overtime? Now, you would have to apply different rates. Imagine Ace does 30 hours a week but picks up 15 hours of extra shifts one week for comp time. You calculate:

10 hours of extra work = 10 hours of comp time 5 hours of extra work on the overtime rate x 1.5 = 7.5 10 + 7.5 = 17.5 hours of comp time

On looking at these calculations, you may decide you need labor more than you need to reduce overtime pay. For example, maybe you can’t afford to lose Ace for 17.5 hours later in the month.

If team members don’t use their comp time before it expires, you simply reverse these calculations and add these hours to your payroll as you would ordinarily.

How do I set up comp time for my employees?

Once you’ve checked your employee’s eligibility for comp time, and seen whether the rates above suit your business, you’re good to go.

Now to set up comp time policies for your business and introduce them to your staff. We’ve listed the essential steps below.

• Review labor laws and regulations: That means going beyond eligibility. For instance: What is the minimum overtime rate? Do you need to obtain written consent?
• Decide who’s eligible: If you have different types of workers, you may want to keep matters simple and only offer comp time to full-timers. Scheduling may become overly complicated and time-consuming if part-time employees keep moving around their shifts.
• Determine an accrual rate. As we’ve discussed, you have to comply with the state minimum. But maybe you want to offer a more generous rate to encourage employees to take extra shifts. Say, there’s a one-off event your team all hates working, you could offer two hours of comp time per hour worked to reward them.
• Set accumulation limits: You may struggle to staff your business if all your staff take comp time during busy periods. In that case, restrict how much they can take and use in a month to suit your labor demands.
  

• Develop a policy: With all the above figured out, write a policy. Homebase’s HR professionals can help you draft one that suits your specific needs and preferences while staying compliant.
  

• Explain the policy: Make sure employees are aware of and understand the policy. You can announce the changes via your team chat, hold a meeting to discuss the rules, and add the policy to your handbook.
  

• Train managers: As managers may oversee comp time shifts, let them know what to expect. If you’ve previously told them to send employees home when they approach overtime, they may find the changes confusing.
  

• Track comp time: You can lose track of hours if you don’t record them properly. Have teams track comp time on their time clock to ensure mistakes don’t lead to them getting under or overpaid.
  

• Review: Teams change and so do their priorities. They may find comp time doesn’t suit them anymore and stop using it after a while. Keep checking how much staff use it and consider tweaking your policy if they’ve lost interest.

Compensatory time off: Key takeaways

When you come across a policy like comp time that benefits you and your team, no doubt you want to take advantage of it. 

Because let’s face it, you don’t want to assign staff long hours or undesirable shifts any more than employees want to take them. And comp time is a way to incentivize staff to take these hours without going over your labor budget.

But navigating the labor laws surrounding comp time can be a challenge. That’s especially when you already have a business to run and can’t spend hours researching rules and regulations.

There’s no need to tackle new business policies alone, though. Homebase has compliance features that:

• Update you on changing labor laws related to comp time
• Advise you on whether your team is eligible for this practice
• Help you draft a comp time policy and add it to your handbook

That way you can easily introduce comp time to your business without worrying about incurring heavy fines or disrupting your business flow.

Remember, this is not official legal advice. If you have any concerns, it’s best to consult an employment lawyer. 

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