Consultant’s Corner: How Much Does It Cost to Replace an Employee?

Q. How do I calculate the cost of replacing an employee? Employee turnover is the attrition of employees through voluntary or involuntary terminations. Employee turnover results in costs (internal and outside services) to the employer, including those for employee separation/departure, lost productivity, recruiting and hiring replacement employees, orientation and training of new employees, etc. While […]

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Consultant’s Corner: How Much Should You Budget for Marketing?

Q: How much should I budget for my marketing costs? General Marketing Expense Ratios For established businesses, the general guideline for a marketing budget is a percentage of sales. However, for a startup business with no sales history, the considerations are: What marketing methods are identified in a business plan? What marketing methods will be […]

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Consultant’s Corner: Serving on a Corporate Board

Q: How does a person go about getting considered to serve on a corporate board, or as an advisor to other corporate boards? The approach, qualifications, and other considerations for getting a board of directors, or advisory committee, seat vary somewhat based on the type of corporation—nonprofit, privately-owned, or publicly owned. Having contacts and relationships […]

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Consultant’s Corner: Hiring Your First Employee

Question: I’m growing and am thinking about hiring my first employee. What should I do? When growing a business, entrepreneurs typically reach a point in the process where they must consider the prospect of adding staff. There are several important things to consider when hiring employees, which include: labor laws, compensation structure, fringe benefit programs, […]

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