When most small businesses owners hand their shingle, they have a certain amount of money they plan on using to get started. Perhaps it is money they have saved or borrowed from friends and family but in any case, it is usually limited. While not true in every case, a business often takes longer to Read more about When should I look for bank financing for my business? – By: Michael Giuffrida[…]
Employee turnover can be painful, especially in a small business. The disruption to the basic flow of operations and distraction to other employees can immobilize a business if the person who was let go or decide to leave was a key employee or well liked by their peers. Don’t get me wrong, some people just Read more about How much does it cost me every time I lose an employee?[…]
Total rewards is much more than salary and if you don’t recognize and publicize that, there is no way that your employee ever will. The total rewards packages can include: Salary Paid time off (Vacation, personal time, paid holidays, floating holidays) Flex time opportunities Insurance benefits Work/Life balance Recognition programs Quality performance management Career growth Read more about How do I communicate our Total Rewards Package to employees?[…]
With all of the cyber attacks in the news lately, you have likely heard about bitcoin. Unless you are in the technology space, this might sound like something from a movie plot but believe it or not it is a valid form of currency around the world. Bitcoin is an electronic currency that was created Read more about What is bitcoin and why would I need it?[…]
Let me start by giving you a resounding YES! Now I’ll explain why; When you started your business, you might have done a business plan with a 1/3/5 year projections. This pretty document immediately got bound and left on the shelf so you could say you did it. However when you actually started serving the Read more about Do I really need to create a budget for my small business each year?[…]
Every business has its challenges and there is no way to avoid that. Even the companies with the best cultures, compensation plans, and products and services will face issues. When you decide you are going to sell your business, it can be like a “get out of jail free” card on these problems as you Read more about If I am going to sell my business, should I worry about the little problems it still has?[…]
When you decide to sell your business, the buyer will want lots of information so they can make an educated assessment about the value of your business. This process is called Due Diligence. For the seller, the due diligence process can be more invasive than applying for a mortgage while getting a colonoscopy. While you Read more about When selling my business, what kind of information will I have to provide to the prospective buyers?[…]
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?[…]
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[…]
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?[…]