If you have ever watched the TV show, Shark Tank, you know just how aloof business evaluations can be. The mere fact that a valuation can be negotiated shows just how much subjectivity business evaluations hold. But regardless of how you come up with the number, the valuation of your business is vital. The value of your business can help you determine your company’s financial and competitive standing. For larger public corporations, a valuation is typically created through the stock price. What about private corporations? There are three easy ways to find the value of your business regardless of size.
Let’s imagine you’re finally getting off that couch and building that company you’ve always dreamed of. One that sells non-embarrassing gym clothing to people who desperately need the gym. (Like me. Probably you too.) You’ve been smart about this and wasted no time in setting up a great looking DIY website. You have a couple of co-founders who share your passion for gym wear (and loathing for exercise). You even have a small seed fund that helps you get the basics in place – a small office, suppliers, a few employees, the works.
So you’re all set to beat the Lululemons of the world?
Maybe not. Because, as every entrepreneur knows, a successful startup is not about getting all the pieces of a puzzle together. It’s about getting all those disparate pieces to work together in a creative yet efficient manner. Continue reading
One of the first steps to creating your own business is picking your name. You can change your name in the future, but almost every entrepreneur is set on getting it right the first time. Maintaining your business name can significantly help your brand consistency. Whether it’s your first business or one of many, you’ve probably spent a bit of time thinking of the perfect name, and have inevitably asked – what some common business name mistakes to avoid during this important choice? Continue reading
When starting a company, it’s natural to want to shout your message from the rooftops. You not only want to spread the word about your new endeavor to family and friends, but it’s important to get noticed in order for your business to grow. According to Forbes, approximately 543,000 new businesses start each month. The struggle to stand out in this clutter can seem helpless, but there are several things you can do to maximize your potential.
Standing out and being well represented amongst the competition requires you to create a strong brand, something that resonates with your potential customer and gives you increased visibility. The following tips will help you understand all that your brand is made up of, and how to use it to maximize your business startup efforts. Continue reading
Do you ever sit at your table in a restaurant and think about how your food got there? You probably wonder where the food came from and how it was prepared. As consumers, we love to know what are products have gone through to get to the final stages. Have you wondered what happens after you submit an order with MyCorporation? There are four key steps that occur to turn a phone call into a full legal filling. Continue reading
Starting your own business is hard. I knew that going in, but I didn’t know just how tough the first few months were going to be. The initial setting-up jobs – the phones, the internet, the space (my living room) were simple enough, but it was when the actual work started that things began to unravel. With hindsight, there were things I wish I’d known before I started which may have helped the business settle down and begin to succeed more quickly.
I wish I’d known… Continue reading
Payroll may seem like a straightforward topic, but there is a lot more to it than just tracking hours and cutting checks. Unfortunately a lot of small business owners don’t realize that and, before they know it, they’re up to their ears in tax forms and reports they’ve never even heard of. Calculating, and staying on top, of payroll can actually be pretty complicated, especially if you don’t have a background in accounting. So what do small business owners absolutely need to know about setting up a payroll system?
You must withhold taxes
The federal, state, and local governments can all levy tax on income, and it is your responsibility as an employer to withhold the necessary amounts from your employee’s paychecks and send that into the proper agency. Continue reading
You’ve launched your Business and are steadily getting orders from customers. You’ve built an inventory of products to ship them as soon as possible and handle more customers. But how do you ensure everything in your inventory is running smoothly, every day? How can you take your business to the next level?
Small business owners need to regularly monitor the important numbers about their inventory to ensure all processes are running smoothly. This enables them to easily identify areas where they can grow revenue, increase efficiency or streamline costs. Here are 7 key inventory metrics small business owners need to keep an eye on. Continue reading
Keeping your small business’s project management up to date can seem nearly impossible. With the rapid advancements of technology in the recent years it feels like once you finally get caught up with one thing, everything else has changed, and you’re back at square one. However, there are ways you can utilize these technological upgrades to your benefit – but how? This article will explain the 5 things you can do to get ahead of the game and boost your business’s project management in 2015. Continue reading
Leading people who all work in the same location is one thing, but leading people who all work in different locations is another matter entirely. The difficulties that exist in terms of coordinating them, planning tasks and projects and tracking productivity are rife, but there are a number of techniques and best practices that can be used to make life easier and ensure that the quality and efficiency of work being completed does not decrease.
Although it can never be said that it is easy to lead a team when everyone works in one office, it is much simpler than managing remote teams, either working from home or in another branch of the company’s offices. As a leader, the challenges of ensuring that work-rates and results stay high in addition to the team members remaining engaged and enthusiastic about their roles within the organisation can be difficult to conquer.
As hard as it can be to lead or manage a remote team, it is possible to do it successfully. With this in mind, here are some best practices to adopt in order to get the most out of your remote team. Continue reading