• How to Sell Your Small Business


    Selling your business can be difficult, a long process and be emotional. There are steps you can take to help smooth the process and there are certain external professionals you should consider consulting with. The first thing you probably want to know is how much money will I get. A quick way to ballpark the price of the business is three times cash flow after all expenses and taxes. If your business nets you $100,000 per year, a good starting price for the business is to sell for $300,000. Everything is relative however. First, consider your situation. Why are you selling? This is one of the first questions any potential buyer will ask. Retirement, overworked, relocating, famil...
  • Accounting Templates


    Balance Sheet Assets Current Assets Cash in bank Accounts receivable Inventory Prepaid expenses Other current assets Total Current Assets Fixed Assets Machinery & equipment Furniture & fixtures Leasehold improvements Land & buildings Other fixed assets Total Fixed Assets Other Assets Intangibles Deposits Goodwill Other Total Other Assets Total Assets Liabilities and Equity Current Liabilities Accounts payable Interest payable Taxes payable Notes, short-term Other current liabilities ...
  • How to relocate your business


    Are you thinking about moving your business to a new location? There is a lot of preparing to do. To make the move to a new city or country you should start by doing a lot of research to learn as much about the location and its people as you can. Even cities less than 100 kilometers away can have different attitudes. There are many reasons to move a business. Expand into new markets, increase quality of life, access to more labor, decrease costs and increase revenues. Some locations are difficult to find skilled workers. Perhaps you need new facilities. Moving to larger cities gives access to transportation hubs, rail, international airports and ports. Research Do research on the...
  • How to schedule staff to reduce costs


    Scheduling staff can be difficult and time consuming. There is just so much to think about. Labor laws, absences, vacation time and seniority to name a few. Employee wages can account for a majority of the costs to run a business so it is important to optimize it as best as possible. It is important to get scheduling done right so it reduces stress for not only management but also the employees. Job satisfaction increases if you allow employees a variety of shifts to pick from and allow them to swap shifts with others. Schedules should be as consistent as possible and any changes should be communicated to the staff. Do not forget to ask for their input. The requirements of the bus...
  • How to retain your good employees?


    It is important for an employer to attract and keep employees. Employee retention is focused on keeping those good employees. Employees can be lured away to another company with offers of better salary or benefits. It is important to stay connected with employees and to allow open communication and that they feel respected and valued not only from management but also from their fellow employees. One thing we can start with is gathering feedback from employees to understand what they enjoy and what they would like to see changed. It is important to know what motivates employees to stay with the company rather than look for other work. This can be done through employee satisfaction surv...
  • How to market your small business?


    For small business owners every dollar must count. Large companies can afford large marketing budgets. There are many methods you can use to stretch that small budget. When using any marketing method it is important to try to engage customers and track your marketing efforts. Digital marketing including social media marketing are among the low cost effective methods that a small business can use. Email marketing Can have high ROI. Many sources report $30+ return for every dollar spent on email marketing. Elevator pitch Whenever or wherever you meet someone new you have just a minute or two to sell them on what you offer. Cross promote Think of other businesses that complement but ...
  • How to manage your inventory


    If you are in the business of selling products, you most likely will carry some sort of inventory. Inventory management it crucial to cost savings and running an efficient business. One of the worst things that can happen is continually wasting inventory, it is just cash out the door. Inventory can be one of the biggest expenses for a company. The goal is to use up 100% of inventory. Inventory is an asset of your business but too high inventory and you are wasting money. Too low and customer has to wait for item to come in and may go somewhere else. Record keeping You will need to manage on-hand quantities to ensure you have enough to do business but only keep the minimum you need ...
  • How to handle team conflict


    Teams are when a group of people come together to with the same goal. Teams go through five stages of development Forming, Storming, Norming, Performing and Adjourning. Team conflict is most likely to occur in the storming phase when team members are competing for power and relationships have not yet developed. When conflict does arise, there are styles to handle conflict: Competing, Avoiding, Compromising, Accommodating and Collaborating. (Daft, R. L. 2014 P.317). Competing using power to pursue your own interests. Avoiding when you ignore the concerns of others. Compromising to find mutually acceptable solution. Accommodating by ignoring your position and satisfy the other individual. ...
  • How to Give Excellent Customer Service?


    Good customer service makes the difference between growing your customer base or not. You cannot afford to lose customers from a bad experience. What can you do to ensure excellent customer service? Know your customers Develop a strong relationship with customers. Ask for feedback and show you are listening. Keep an open dialogue. Plan for trouble Make sure you have standard for what steps your employees need to take if something goes wrong for a customer. Do you have a customer service policy? Be genuine If a customer is having an issue try your best to be understanding, treat them like family or better. Use the right tools Customer Relationship Management (CRM) tools keeps trac...
  • How to do cold calling to find leads


    Cold calling can be stressful and you can receive lots of rejection. It can feel defeating and unproductive. With enough practice, it can be an effective marketing strategy. Many sales people fear cold calling this can only mean that if you do it and well you can reap greater rewards. A phone call is a much richer medium than an email or mail that is easy to delete or toss in the trash. Most people are too polite to just hang up and if you use the right words, you just might get their attention. Prepare Prepare a script of what you will say. How will you convince them to buy? Think of any possible responses that a prospect may have so you have a reply. Make sure you have a goal i...