For small businesses, working with independent contractors can be a life saver. You can hand over tasks you don’t have time for – at a fraction of the cost of an employee. Unlike staff, you won’t owe a contractor payroll taxes, unemployment insurance, health insurance, or other employee benefits. Because contractors aren’t employees, however, they do need to be managed differently. They’re accustomed to being their own bosses, for one… Read more
It’s been said that a business partnership is a lot like a marriage, and the comparison holds true when things go awry: the end of a partnership is a lot like divorce. Lawyers will be involved and assets will need to be divided. However, a separation need not be overly dramatic or unnecessarily painful. These tips can help make separation easier – and more amicable – should your business partnership… Read more
Ever dreamed of starting a family business? Investing in a franchise opportunity with friends? Businesses owned and operated by families can have incredible staying power. Volkswagen, Samsung, and Nike – all family-owned companies – are among the world’s most successful, leading brands. It can be fun and rewarding to work with family and friends. But before you hire the people you care about most, it’s wise to consider the pros… Read more
A coordinated marketing plan enables you to increase your chances of success by strongly positioning your business in the marketplace. It helps you define your market, target customers and competition. Your plan should illustrate that you understand who your customers are, and what they want. It should also outline how you intend to boost awareness of your brand. It’s also important to outline what methods you’re going to use –… Read more
At some point in its lifetime, every small business suffers from cash flow problems. The trick is to think ahead and figure out when these problems are going to arise so you don’t have to unexpectedly postpone a purchase or hurriedly seek out additional finance. This is where cash flow forecasts come in. Download our FREE Cashflow Kit including Cashflow Forecast Calculator today! Name* Name Email* CAPTCHANameThis field is for… Read more
A coordinated marketing plan enables you to increase your chances of success by strongly positioning your business in the marketplace. It helps you define your market, target customers and competition. Your plan should illustrate that you understand who your customers are, and what they want. It should also outline how you intend to boost awareness of your brand. It’s also important to outline what methods you’re going to use –… Read more
The same advice for building a healthy investment portfolio applies to your business: diversifying will lower risk and increase growth. Adding a recurring revenue stream (or two, or three!) can provide a predictable, ongoing source of income which will improve the accuracy of your projections, increase profits, and provide a buffer for any unexpected sales dips. Here are four simple ways to start earning recurring revenue for your small business.… Read more
These days your personal data is everywhere, and that information is valuable to marketers, hackers and everyone in between. If you want to prevent the unauthorized use of your personal information, you need to take a proactive approach to protecting yourself and your identity. You can no longer afford to be blasé about your data security – if you are not taking proactive measures to prevent the use of your… Read more
In today’s fast-paced world, everyone wants to be more productive. Fortunately, there is an ever-increasing number of tools, many of them available online and across multiple devices, that promise to help us achieve our goals. The challenge then becomes how to know not just which tools will live up to their promise but which tools are right for our business. Choosing the best productivity tools depends on a number of factors,… Read more
A coordinated marketing plan enables you to increase your chances of success by strongly positioning your business in the marketplace. It helps you define your market, target customers and competition. Your plan should illustrate that you understand who your customers are, and what they want. It should also outline how you intend to boost awareness of your brand. It’s also important to outline what methods you’re going to use –… Read more
Whether you complete your business objectives in a year or 20 years from now, or you just feel like you need a change of scenery, leaving a company you built with your own two hands is never easy. You’ve got to consider your employees’ futures and commitments to financial partners – not to mention your own business legacy. Needless to say, you’ll also want to make sure you exit with… Read more
It can be a challenge for new business owners to find a bank that will approve them for even a small business loan. Most will see a young company as too high a risk to qualify for corporate lending. A credit card can serve as a short term solution for small scale financing, offering entrepreneurs a “foot in the door” with a lender. Think of it as a chance to… Read more
At some point in its lifetime, every small business suffers from cash flow problems. The trick is to think ahead and figure out when these problems are going to arise so you don’t have to unexpectedly postpone a purchase or hurriedly seek out additional finance. This is where cash flow forecasts come in. Download our FREE Cashflow Kit including Cashflow Forecast Calculator today! Name* Name Email* CAPTCHANameThis field is for… Read more
Being open to new possibilities is a positive trait shared by most entrepreneurs—but saying yes to all the people you meet and opportunities that come your way can get you into trouble. When we overcommit—especially when we take on projects that don’t actually benefit our business—our stress can hit the roof. It’s much hard to be productive when we’re feeling burned out and resentful. One of the most impactful changes… Read more
Making a few good local business connections can go a long way helping your business grow. Networking can spark mutually beneficial partnerships, lead to new opportunities, and attract more customers through word of mouth. In the age of social media, small business owners may think networking isn’t as valuable as it used to be. On the contrary, it’s just as important for people to get to know your face out… Read more
According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one… Read more
Every business can benefit from dedicated financial management expertise, but very few small businesses have the means to hire someone full time—particularly in the lean early years. Unfortunately, it’s those first few years when a company is just starting up that establishing good habits with managing financial resources is so important, and, over time can even make or break a business. Hiring a virtual CFO is an affordable option for… Read more