3 Mistakes That Strangle Growing Businesses

Businesses want to grow and help a larger audience, but too many make mistakes that cripple their growth. Even worse, they keep repeating them! Don’t do the same; avoid the blunders outlined below. Hiring Toxic Personalities Businesses hire more staff as they grow. But if they expand too quickly, they will feel pressure to fill positions on their team, even if the job candidates have a few personality flaws. While…  Read more

You’re Getting Audited — Now What?

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more

What are the Warning Signs of Employee Fraud?

Billing schemes. Skimming. Check tampering. Employee fraud is a real risk for entrepreneurs of fewer than 100 employees. In fact, according to the Association of Certified Fraud Examiners 30% of fraud cases take place in small businesses. This article will help you identify the most common signs of fraudulent activity before an unscrupulous employee destroys your business. Identifying high risk employees When an employee has something to hide, their conduct…  Read more

4 Ways to Make your Business Easier to Sell

Perhaps you’d always planned to build a thriving business to eventually sell for a tidy sum – or maybe for unexpected personal reasons it’s best to let your company go sooner rather than later. No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale. These four tips will help you get…  Read more

What to Do if You Fall Out With Your Business Partners

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

What is a Virtual CFO? [Infographic]

“Virtual CFO” certainly sounds like a buzzword of the moment, but it’s a service that could be very beneficial in the long run for your startup or small business. Continue reading to find out what a Virtual CFO is, the benefits of outsourcing to a Virtual CFO, and the positive impact one can have on your growing business. Virtual CFO: Defined A Chief Financial Officer (CFO) is a key executive…  Read more

Why Banks Won’t Lend to a Business

How to obtain financing is a common concern for new businesses and those preparing to scale. Getting approved for a business loan or line of credit is more difficult than qualifying for a personal loan. It’s crucial that small business owners are adequately prepared to meet with a lender to present their business in the best possible light and qualify for the money they need. Here’s what you can do…  Read more

8 Characteristics of Successful Small Businesses

We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are: Owners leading by Example Having a simple business structure Information sharing among employees Staff are carefully chosen Staff commitment and loyalty A unique product or service A specific Customer focus Prompt follow up…  Read more

10 Productivity Tools to Help You Do More at Work

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

Why you Need Recurring Revenue Streams – and How to Start

Sure, you may have a loyal customer base, but there are also ways to guarantee loyalty month after month or year after year. 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 easy product offerings to begin earning recurring revenue…  Read more

Is it Better to Buy or Lease a Company Vehicle?

If you need a car to operate your business, you may wonder whether it makes more sense to purchase or lease. On the one hand, if your business owns the car you’ll have a long-term asset and may qualify for more tax deductions. On the other hand, buying a car is a huge expense and monthly lease payments tend to be lower than car loan payments; they may also be…  Read more

How to License Your Business Ideas

Looking for a cost-effective means to create another income stream? Consider this: ambitious companies are always on the lookout for the next lucrative business idea. Licensing your intellectual property to another company can be a win-win when both parties see eye to see, and result in a worthwhile pay out for all concerned. Wondering how to get started licensing your bright business ideas? Read on. Intellectual property 101 If you’re…  Read more

5 Ways to Save Money for your Business

Looking for simple ways to cut costs? These tips will help you make a noticeable difference to your bottom line. 1. Reduce staff costs Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners. Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting or…  Read more

The Importance of Documenting Processes and Systems

Many entrepreneurs operate with their business processes and systems in their heads. They know what they need to do each day and the way they want to get things done. Unfortunately when a business grows and staff need to be hired – or the owner needs to take time away from the business – it’s a real liability not having processes and systems documented in one place. Read on to…  Read more

How to Go From Hobby To Business

Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of…  Read more

New Payment Methods to Consider in 2018

A new year is the perfect time for business owners to set goals to improve profitability. If you aren’t yet familiar with digital wallets and the latest mobile payment technologies, you might be interested in the benefits they afford small businesses, such as: instant access to funds and real time financial data cost savings on third party transaction fees and POS systems competitive edge—making it easy for customers to pay…  Read more

What is your succession plan?

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

9 Things You Need to Remember While Negotiating Contracts

There are several aspects of business that can only be learnt through actual experience. One of them is negotiating contracts. Several people fear the negotiation process because it is an intrinsically uncomfortable process. Asking for more money or making personal demands doesn’t come naturally to everyone. But with the right toolkit, you can breeze through contract negotiations. And you’d better get used to it, because you’ll have to handle a…  Read more

Identify your Break-Even Point

Without knowing your break-even point, you can’t make informed business decisions. To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to your success. This especially true if you’re thinking about starting or buying a business. Calculate fixed and variable costs The…  Read more

Pricing and Your Business: Lessons from 3 Pricing Stories

Story One: John Times were tough, so John decided he had to drop his prices below his competitors. The results seemed gratifying. Business picked up quickly and when John looked round his shop he could see his sales staff were always busy with customers. Then came the call from his accountant. “Aren’t the sales figures great?” said John, getting his bit in first. ‘Yes”, said the accountant, “impressive sales indeed.…  Read more

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