When you own your own business, you know your star employees are the key to your continuing business success. You may be the brains and driving force behind the entire operation but who takes control of your crucial sales multiplication, or your kickass marketing strategy? Your star employee, or employees. I’m sure, like me, you don’t take your key employees for granted. But did you really stop to consider what would happen if they were suddenly not there? I’m not talking about employees leaving to take another job. I’m talking about sudden death, or disability. Not something anyone likes to consider, but if a large part of your business success rests on one or two individuals, it is definitely something you need to confront. (more…)
When it comes to small business financing options, it’s usually traditional funding methods that come to mind: working capital loans, SBA loans, business lines of credit, etc. But did you know an alternative option exists that’s allowed thousands of entrepreneurs to launch businesses debt-free? It’s called a Rollover for Business Start-up (ROBS), and it enables you to leverage your own retirement assets to buy a business without having to pay any tax penalties or get a loan. (more…)
A group of talented salespeople without effective sales management is like a football team without a head coach: the players will be on the field but only creating chaos. Midsized businesses often struggle with implementing a solid sales management process, perhaps because they have finally grown big enough and complex enough to need one. Here are the important fundamentals to keep in mind when developing the sales management function in your business: (more…)
We have all been suffering from soporific presentations. So why annoy clients any longer with those dreary, monotone meetings? To be ahead of the pack, it needs more than traditional slides. A key to success can be the method of mind-mapping: Organizing information through visually prepared one-page depictions not only keeps the audience engaged; it also clarifies complex correlations and shows benefits and possible solutions in one spot. As mind-mapping pioneers, business consultants have gathered much experience in applying this brain-friendly way of presenting information. Any entrepreneur could learn from that. (more…)
Small businesses face a wide variety of challenges because of their limited resources. Any business owner who’s nearly missed payroll or taken out a new credit card to pay for surprise expenses knows that fact all too well.
However, there’s one area where business owners are starting to become increasingly vulnerable: security. Whether you’re a small brick-and-mortar retail shop or a white collar service business, security should be near the top of your priority list. (more…)
Tax day is just around the corner! Tax season can be a stressful time for entrepreneurs, so we wanted to reach out to our small business experts and ask them what tricks and tips they utilize to make this time of year as painless as possible.
Here’s what they had to say…
“Have your spouse on your Board of Directors (BOD). The IRS allows 1 BOD trip annually; all expenses are a 100% write off, including meals and entertainment. Nice perk.” –Phil Gafka, LEAP Associates, Inc. (more…)
It’s easier than ever these days for online sellers to sell products on multiple shopping carts and online marketplaces. But multichannel selling does add complexity to a business, and one administrative task that suffers is sales tax.
While I’m not saying sales tax is every simple, when you only sell on one channel you only have one report to pull and one set of numbers to wrangle into manageability. When you multiply that report, things start to get tricky. (more…)
Too often in business, safety and sustainability are seen as afterthoughts. They are seen as an extra cost, something ancillary to the real practice of business, and so investing in them is put on the backburner. However, this attitude, persistent as it may be, is the wrong one to have. (more…)
Baby boomers are the nation’s second-largest living generation, overtaken only recently by millennials. Even though many boomers have technically reached retirement age, that doesn’t mean they’re ready to stop working just yet. More and more individuals age 50 and older are choosing to embark on encore careers instead by starting their own small businesses.
As a leading provider of 401(k) business financing, my company, Guidant Financial, has seen its fair share of boomers making the jump from employee to employer. We’ve found that the market is exploding with niche opportunities that not only jive with boomer interests but have the ability to be extremely profitable. Here are the top five business industries in which we’ve seen boomers thrive: (more…)
With St. Patrick’s Day quickly approaching, we’ve got luck on the brain! Running a business takes a huge amount of work, but, ask any entrepreneur, and they’ll always tell you that there’s a little bit of luck involved.
We asked our small business owners what the luckiest thing to happen to them and their business was. Here’s what they had to say…
“My small business was lucky enough to acquire a massive client right at the end of our launch. As I finished my speech he asked, “Are you accepting paying clients?” Needless to say, he is now a client. It put the icing on the cake that was the launch of my business.” –Bryant McNamara, Initial PR (more…)