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How should I compensate my sales hunters?

First note that I did not title this “how much should I compensate my sales hunters?”.  What you pay will vary based upon your geography, industry, availability of quality candidates, and the experience of your hunter.  This post will focus on how to structure what you pay them to gain the best performance and results. Read more about How should I compensate my sales hunters?[…]

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What should my first small business marketing plan look like?

For many small businesses, marketing is an optional thing that you do if you have extra money, which often is not the case.  Now that doesn’t mean that they don’t spend money on trinkets and sponsor the local baseball team, its just that they don’t put together an intentional effort to market their business.  If Read more about What should my first small business marketing plan look like?[…]

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When is it time to hire my first employee?

For many entrepreneurs, they believe that the first real outward sign of their success is when they hire their first employee.  Makes sense right?  Now their venture went from “my job” to a “real business”.  However, this decision is not one to take lightly and also not one to rush in to. Having employees can Read more about When is it time to hire my first employee?[…]

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How important is brand identity?

Let’s get right to the point on this one.  Having a strong brand identity can be the difference between having a business from which you can make an “ok” salary or having one that thrives and provides well for you, your family in future generations, and the community you serve. Now that we have answered Read more about How important is brand identity?[…]

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Know your numbers to be successful

When running a small business, it can be easy to get caught in the trap of assuming that if there is cash in the bank you are doing well and if there is no cash, you need to do better.  Unfortunately, there can be much more to determining how successful you are currently and in Read more about Know your numbers to be successful[…]

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It’s OK to say “I don’t know”

When starting a new business there is a lot of pressure to be successful.  You may have risked your life savings to chase your dream, perhaps borrowed from family, or even gotten a loan or grant to grow your business.  So when prospective clients come to you with a question, the natural reaction is to Read more about It’s OK to say “I don’t know”[…]

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What is the difference between accrual and cash basis accounting?

For many small businesses, the consideration of whether to use cash or accrual basis accounting never even comes up as the difference between them is unclear and they leave it up to their tax accountant to decide.  However there are significant advantages and disadvantages to each which should be considered not just for tax purposes Read more about What is the difference between accrual and cash basis accounting?[…]

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How do I eliminate my business competition?

Running a business is hard enough when things are going well and you are selling all you could hope to sell.  Regardless of whether you sell a product or service, and even if you were first to market, if it’s worth selling there will be competition because others will want to get a piece of Read more about How do I eliminate my business competition?[…]

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Should I ask my family to make an investment in my business?

Financing a small business can be very difficult and very stressful.  When you have a great idea and want to get started, you need to determine how much startup capital you will need, and you will likely need more than you anticipate.  It you have family members with financial means, it can be tempting to Read more about Should I ask my family to make an investment in my business?[…]