A Human Resource Management System (HRMS) can help you get organized, get through paperwork faster, hire and fire employees more efficiently, and keep track of all the other aspects of your business or organization that pertain to human resources. However, not all HRMS Systems are created equally, and this can be a very costly mistake when it comes time to change systems or upgrade to the next generation of your system’s platform. Luckily, the quickest way to make sure you find an HRMS Systems that will maximize your ROI and make you rich is right here!
First, calculate your margins
What percentage of your product is profit? For example, if you have a shirt for $20, and it costs you $5 to make, then you have a margin of 70%. With that information in mind, think about how much margin should be retained by both your manufacturer and retailer. The general rule of thumb is 50%, so let’s keep that number in mind as an example for figuring out what margins should be kept. If 70% is being kept by your manufacturer, 30% would go toward creating more inventory (and thus lower costs). On top of that 30%, 10% would go toward keeping up with demand or building up stock to keep shelves stocked and 5% would go toward paying expenses such as employee compensation and paying suppliers.
Second, make sure you are adding value
The quickest way to get rich is if you are adding value. Value = your product or service does something it wouldn’t be able to do without it. The best example I can think of is being able to purchase movie tickets online – there would probably still be a way for us buy them in person, but having that option online has certainly added a lot of value to my life! You want your business idea (or product/service) to add value as well! If there was nothing else out there like yours and people couldn’t live without it, they would pay tons of money for it! That’s how rich people get – they sell things that make other people’s lives easier and better.
Third, choose one thing and do it brilliantly
This philosophy is what Chris Guillebeau, author of The $100 Startup and The Art of Non-Conformity, calls a laser focus. This can be tough for small businesses as there are always multiple moving pieces that need attention. But it’s absolutely essential to success, according to Guillebeau. My No. 1 piece of advice [to young entrepreneurs] is do one thing really, really well, he says in an interview with Laptop.
Fourth, get your customers to pay up front
There are three basic ways of charging customers: (1) per item, (2) per order, or (3) per month. Per-item charging is appropriate only if you’re selling an item that is consumed upon use. For example, a tire store sells tires. In contrast, Amazon Prime charges by month. This makes sense because it can take years for an individual customer to go through a single book purchased on Amazon! In fact, only 10% of items purchased on Amazon are re-purchases by customers! Thus, it makes more sense for Amazon to charge its Prime members $8-10/month instead of $0.99-$2.99/book.
Fifth, consider how technology can help you
The market for new HRMS Systems is booming. These days, there are lots of choices available to help you easily track and organize your customer relationships, marketing efforts, and sales pipelines and at prices that won’t break your budget. A recent report from market-research firm AMR Research predicted that companies will spend $12.4 billion on software for human-capital management in 2012 an increase of more than 10 percent from 2011. The demand for business-management software comes from a growing recognition among small businesses (and even some larger ones) that old practices such as using Excel spreadsheets or filing cabinet drawers aren’t effective tools in today’s fast-paced economy, where information is everywhere and everything changes constantly.
Sixth, look for growth opportunities within existing clients
While selling new products or services to your existing customer base might not be a primary revenue strategy for you, if you work in customer service, it is probably something you do quite frequently. The key here is not only to increase sales but also sell up. When a client purchases a $1,000 product from your company, ask if they have other needs that could be address by purchasing other services or products. Try reaching out on LinkedIn and asking them if they know of anyone else who could benefit from your services. If a client buys 1,000 units of something from you at $1 each, try talking them into buying 10,000 units at 10 cents each or even 100,000 units at a penny each!
Seventh, develop excellent relationships with everyone in the company
Not only should you be conscious of how you treat your coworkers, but also how they treat you. For example, if someone makes a mistake and comes to you in private to apologize, don’t make them feel bad by being harsh or sending them off in public while reprimanding them. As they say, two wrongs don’t make a right; try resolving issues as calmly and pleasantly as possible. In fact, when it comes to issues that require conflict resolution of some sort (or even small ones), try walking away for a short time and coming back with a fresh mind before continuing on. Sometimes we all need a few minutes to calm down before talking about an issue head on.
Eighth, create systems and processes
The biggest difference between successful companies and unsuccessful ones is that successful companies develop processes for doing things. This might sound very basic, but most of us live by a philosophy of just get it do. Unfortunately, there are so many urgent demands on our time that we forget about process. Accordingly, everything takes more time than it ought to. Without systems and processes, you’re likely to become overwhelmed by your business and not grow in a steady way if at all. Instead of thinking just in terms of getting tasks do, focus on developing long-term goals and then work backward from them. Creating systems and processes will help you do more with less stress…and less stress means you’ll be happier and healthier for years to come!
Ninth, stay on top of new industry developments
This can be an exhausting task, because every industry is always changing. But stay on top of it, because you want to know what new trends are going on in your industry. Be a good listener and pay attention to what people are saying. This way you won’t find yourself blindsided by trends that can affect your business, clients or career down the road. For example, if one day clients start asking for a service that you aren’t offering yet, now is when you need to become knowledgeable about it so you can offer them what they want as soon as possible. You don’t have time for these things later when they become essential knowledge for growth and progress there will be no time for homework then!
Tenth, know that success takes time – it doesn’t happen overnight!
If you find that there are too many things in your life, then it will be hard for you to focus on improving yourself or becoming rich. It is essential for you to remove distractions from your daily life and make room for some of these changes. If you want something badly enough, then you will have no problem clearing time in your schedule to ensure that it happens. The important thing is that you remember that success takes time – don’t get discourage if things seem too difficult at first! Just keep going and it’ll happen soon enough. And remember that if nothing seems to be working, then ask yourself why and try something new!
