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Are You up to Speed on Your Business Finances?

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Running a business means you wear many hats and have a lot on your plate to deal with.

That said the biggest focus should be on how your business is doing financially. If you lose focus here, you could in fact end up losing your business if not careful.

So, how up to speed are you on your business finances?

Don’t Let Financial Issues Cost You Your Business

In looking at the impact various financial matters can have on your business, here are a few to focus on:

1. Bringing in enough revenue – How good of a job are you doing bringing in revenue? If you have been in business for a few years now, it is wise to compare revenue numbers from prior years. This can give you a good sense of if your business is headed in the right or wrong direction. If you see indications that revenue is heading south, you can at least be aware of it and try to turn things around. Figure out if it is only your business having financial issues or more a sense of the industry you are in. If the former, you need to put a stop to the bleeding sooner than later.

2. Knowing the financial rules you face – From taxes to commission revenues, be up to speed on rules you face. For instance, if someone asked you what is ASC 606, could you answer that question rather quick? ASC 606 involves the accounting of commissions and how they are tracked and reported. Things like this you need to be aware of and any changes that come with it. This is why having a top-notch accountant for your business proves crucial. Small financial mistakes at a company can oftentimes be overcome. What you do not want to have happen is having major ones put you on the brink.

3. Erasing debt – One of the worst things you can have hanging over your head as a business owner is a large amount of debt. With that being the case; are you dealing with sizable debt? If so, are you taking any action to deal with it? Not dealing with it can leave you in financial rough waters for years to come. An example here would be credit card debt. While it is fine to use a business credit card for some needs, do not rely on it all too often. If you do, you could see that balance become rather high in a short amount of time. In the event you only pay the minimum each month, think of those interest fees. Those fees are in essence like throwing money out the window. This is why using cash more often and paying down any credit card debt makes a lot more sense. If you do have sizable credit card debt, look to see about doing a balance transfer. You may discover another bank with better financing rates.

As you go about reviewing your company finances, be sure to look for any red flags.

If you find red flags with your finances, do all you can to lower them.

About the Author: Dave Thomas covers business topics on the web.

3 Keys to Selling a Startup

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Is there any chance you may want to sell your startup anytime soon?

If the answer is yes, do you know what is necessary to get this all-important task done?

Making sure everything falls into place is critical to say the least.

The last thing you want is hassles that can end up costing you time, money and more.

With that in mind, are you going to be selling sooner than later?

What Will Make for a Better Sale?

When you are thinking of preparing your startup for acquisition, here are three keys you want to zero in on:

  1. Is now the right time? – Above all else, be as sure as you can that now in fact is the right time to sell. There are a myriad of factors that can and often do come into play with such an important thing to consider. For one, is the market in your particular industry good for selling now? If such sales are sluggish right now, you may well decide it is best to hold off. In the event many startups in your industry are on the market, you may also decide now is the best time to cash-in on this. You also want to think about what a sale will mean to your professional and personal lives. Do you have another business to turn to? Will you go work for someone else? If you are getting up there in years, is retirement a possibility now? Weigh everything in play to see if selling a startup now makes sense.
  2. Where do your workers go? – Unless your company is void of employees, what happens to your workers when selling is key. The last thing you want is to leave them hanging. That said you typically would have a few options to look at. First, you may be buying another startup soon. If so, will you offer to take your current employees with you? Second, you may include some language in the sale of your startup. Language that says the buyer will at least offer your workers jobs. For some sellers of startups, they will not do either. If this is where you are leaning to; at least give your employees as much notice as possible. This allows them more time to see what else is out there on the job front.
  3. Charting your next course of action – Last, you want to have a good idea of what is next in store for you. Are you looking at buying something else? Would you go and work for someone else? If you are up there in age, could retirement be in the cards for you sooner than later? By having a good sense of what it is you want and can do, you are in a better position moving ahead.

Once you have made the decision it is a go to sell your startup, a lot needs to come together.

With that in mind, you want to put together a checklist.

Be sure to check the appropriate boxes as you move along.

In selling your startup, you more than likely have options on the table to what will come next.

About the Author: Dave Thomas covers business topics on the web.

 

 

 

Do You Do Enough for Your Employees?

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three hands stacked

No matter the number of employees you have under you, it is important for you to do all you can to keep them happy. In doing so, they will tend to give you their all in return.

That said are you taking steps to provide them with the resources and motivation to get the job done. If not, you could be hurting your business in the process.

So, where do you need to do more for your employees?

Providing the Answers to a Successful Company

As you look to do all you can for those under your employ, focus in on the following:

  1. Resources – Be sure you give your workers all the necessary resources to get the job done. Without such resources, you can be leaving them and your company short. Worst of all, it can have a negative impact on your customers. Those resources not only help to get the job done, they also reward your workers for all their efforts. For example, when you have a sales team in place, do you have tools needed to properly record their work? This is where sales commission software enters the picture. Such software allows you to correctly track each sales team member and their efforts to sell. In doing this, you can avoid having sales members miss out on the proper commissions. Other resources to look at include the right amount and kinds of computers, phones and more. Make sure your team has the resources at their fingertips to serve your customers.
  2. Hiring – It goes without saying that making the right hires proves critical too. Don’t be one of those employers not all that focused on the hiring process. The right hires can help you to steer clear of different problems. Those problems are everything from the job not getting done to high turnover and more. As part of the hiring, be sure either yourself or someone else hire up in the company sits in on the interviews. This can make it easier to pick the right people for the job.
  3. Incentives – For many workers, having the ability to move up in a company is rather important. So, does your company do all it can to provide incentives for its workers? If people feel as if they are stuck in a dead-end job, it can have repercussions for you’re a business. With growth possibilities, more employees are likely to go the extra mile for you. They also are likely to stick around for a longer period of time. Given the cost of living tends to go up on a regular basis; you also want to address this matter. By giving regular raises, you can address cost of living increases. You also take a little less worry out of the lives of your employees along the way.
  4. Thanks – Last, it never hurts to tell your employees thanks. Sure, they get paid and many may also get health benefits and more. That said saying thank you on occasion for all they do is a good thing. So, when is the last time you did that?

As you look to do enough for your employees, any particular areas you want to start on?

About the Author: Dave Thomas covers business topics on the web.

 

Are You Properly Managing Your Business?

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Running a business is a full-time job and then some.

That said how are you doing when it comes to properly managing your business?

If things could be better, you want to be sure you act sooner than later.

Failing to take care of your business needs could well come back to haunt you if you are not careful.

So, where do improvements need to be made on your end of things?

Don’t Let Bad Management Ruin All You Have Worked for

In looking to make sure your business is getting the proper management, focus in on the following:

  1. Employees – Unless you are the company’s only employee, you have people working under you. As a result, make sure you have taken the time to hire the right individuals. If you did not, they could be hampering your company’s ability to succeed. Yes, it takes time when it comes to interviewing people for jobs. That said take whatever time is needed to get the right people in the right positions. Failure to do this can set you and your company back if not careful.
  2. Resources – As important as your workers are, don’t sleep on the resources needed to run your company. This means everything from tools your employees need in the office to when they are out on the road. As an example, do you have the right software for your team in-house? This can mean everything from sales software to analytics and much more. If you have not done so up to now, take the time to go online. Once there, you want to do reviews of various project management software. Such reviews will move you a step closer to finding the right providers for such needs. In today’s tech world, many consumers expect brands to be up to speed on technology. If you do not have the right resources for employees to work with, you could lose business.
  3. Promotions – How good of a job are you doing when it comes to promoting your business on a consistent basis? If you are not doing a very good job, this could hinder you in your ability to stay relevant in your industry. Do all you can to promote your brand in every conceivable way you can think of. For example, are you good at using social media to push your brand message? If the answer is no, this can be detrimental to your success. Take the time to make sure your message is getting out there via social networking. You also want to be sure you are active in your local community. Doing so gives you a chance to build up a good relationship with those in your community. The goal at the end of the day is to promote your brand and reap the rewards of more business in return.

Take the time to see where you could better your company’s management.

Chances are good you will find ways that you may have missed or not spent enough time on before.

About the Author: Dave Thomas covers business topics on the web.

 

3 Keys to Moving on from Your Startup

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Business person hand, keyboard

You put a lot of blood and sweat into your startup business.

Whether that was in recent years or many years ago, you’ve gotten to the point where you want to sell it.

So, will you make all the proper moves to unload it and come out ahead? If not, what might the financial repercussions be for you?

Plan Correctly How to Sell Your Startup

When the time comes for you to sell your startup, keep these keys in mind:

  1. Plan correctly – Nothing would be worse for you or your startup if you do not plan correctly. This means having all the proper documentation in order. If your paperwork is not up to date or some of it is missing, it can make selling your startup that much harder. From what your company is worth to how many employees you have and more, know the details and provide them. Also, know how the industry your startup is in is doing now. If things are slow or going in a bad direction, now may not be the time to want to sell your startup. Last, understand why you are apt to sell now. There likely is a main reason behind this. Knowing it will make it easier for you to understand if now is the time to unload your startup.
  2. Work with the right people – Having someone help sell your startup is a lot better than you going it alone. With that in mind, do some online research to see which businesses would best be able to help you in this effort. Knowing how to sell a startup company may not be your area of expertise. As a result, trying to wing it can result in disaster. There are companies out there specializing in selling startups. Find the right one and lean on them for help. Their experience will guide you so that the sale goes much smoother.
  3. What’s next in your world? – Unless you are in a very positive financial spot and do not have to work for the foreseeable future, what is next? Selling your startup may mean you are opening something else up. It may mean you have decided to go back to the corporate world. If this is the reason for selling, do you have another job lined up? It would be downright foolish to not have your next plan in order. Always thinking one step ahead is what most successful business people do. You may be at a point where you can take time off from the business world and relax. If so, great for you and all the work you put into your startup over time. If not, being able to move along to something else without a major delay is going to prove quite important.

Countless people love the freedom and flexibility that comes with owning a startup.

If this has been you for a while now; congrats on all you have done.

That said you may well have reached a point where it is time to move on to different challenges in life.

If so, be sure selling your startup is not a major thorn in your side.

About the Author: Dave Thomas covers business topics on the web.

 

3 Keys to Running a Sounder Business

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How good of a job would you say you are doing when it comes to running your business?

No matter the length of time you have been a business owner, it is important to be doing all you can for your business. If you are not, you could be on the outside looking in before you know it.

So, what steps do you need to take to run a sounder business?

Protect Yourself So You Can Remain in Business

In looking at the keys to keeping your business plugging along, remember these things:

  1. Protect yourself – You will not be much good to consumers if you are not taking care of you. This means not only physically but also financially. That said make sure you have protection in place should something happen to you. As an example, if you run a medical practice, keep in mind all the people depending on you for medical needs. As such, you can’t afford to miss a large amount of work. If you were to suffer a serious medical issue or injury, how would you support yourself and your practice? By having the best disability insurance for physicians, you are in a better position. That coverage allows you to protect all you have invested in. This becomes especially important when a notable illness or injury impacts your world. The last thing you want is to watch all you have worked for go by the wayside. Shop around for the right protection and get it today.
  2. Take care of customers – It goes without saying that taking care of customers goes a long way. That is in determining how long you will remain in business. With that in mind, are you doing enough to show customers you care? No matter the type of business you have, it is important for customers to know they can count on you. Not only is service key, but also rewarding those loyal customers who have been by your side for a while now. Do all you can to show them that you are there for them. From discounts to answering questions they have, taking care of them is a priority.
  3. Stay up on technology – Last, how good of a job are you doing when it comes to staying on top of technology? As technology grows and improves, it is important for you to grow along with it. Some businesses are more focused on the tech world than others are. If technology plays a big role in your business world, be sure you are staying on top of it. If you are not technologically sound, hire one or more individuals who are. Their experience can play a key role in helping you provide customers with the tech they expect from you. You can also attend some tech events during the year. That is to gain more insight in the role technology is playing in the business world.

When it comes right down to it, you have to do all you can to run a sound business.

If you are not doing so, chances are good your competitors will reap the rewards.

About the Author: Dave Thomas covers business topics on the web.