While many small business start out as one-person operations, it is not uncommon for employers to hire on additional help as they grow.  Whether your employees are part time, full time, family or someone you hired from an add,  being a good boss and knowing how to effectively manage people is a skill that is invaluable if you want to keep your business running successfully.

Once you have found these incredible people, it is just as important to put time and effort into being a leader that your team can both respect and trust.  This will go a long way toward keeping these incredible people on your staff because, let’s face it, it’s hard to find good people and everyone is looking. You don’t want to miss out on an incredible staff member because of ineffective management.

1.)    Stop thinking of yourself as the owner and start thinking of yourself as the leader.

When you start thinking of yourself in terms of someone that leads others, the choices you make begin to change.  True leaders are able to get the job done with a force of will and a strength of character that makes those on their team believe in them and that confidence translates into getting the job done and getting it done well.

2.)   Don’t lose your sense of humor.

When  you are able to laugh at yourself and are able to make others laugh at a stressful situation, you can dispel any tension that keeps your team from being productive.  Maintaining your sense of humor will help you keep perspective as well as make you more approachable and will continue to build the respect of your employees.

3.)    Be honest about your strengths and weaknesses.

It is important to know your own strengths and weaknesses as well as those of your team.  This is so you can accurately anticipate any problems and areas for development and growth.

4.)    Clearly communicate your expectations.

Whether you are hiring a new employee and giving them a job description or whether you are setting service quality standards for new customers, it is important to set the proper expectations.  It is also important to acknowledge when those expectations have been met, reward your employees when they have been exceeded, and hold them accountable when they are not met. If you have not clearly explained what you expect from people, it is unfair to blame or punish when you’re expectations are not met.

5.)    Hire slowly and fire quickly.

Don’t be afraid to take your time to find someone of quality to fill any of the positions you’re seeking.  Taking that additional time will actually save you time and money in the long run because a competent employee can hit a point of efficiency far faster than someone who is not quite the right fit that was hired to fill an immediate hole.  The opposite can be said for someone who is disruptive or who is failing to perform at the level you have communicated. Take the necessary steps to move them out in an expedient and clear manner.

We can’t run your business for you, but we can show you how our ValuEdge product will help you as a business owner. Contact eBusinessAppraisals.com today at 800-706-1322.

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Review Where You’ve Been

The best place to start when thinking about goals for your new year is by looking at the performance of the last year.  Take inventory of what worked and what didn’t work throughout the year.  What goals did you meet? More importantly, what goals did you miss?  What are the areas you would like to see become more developed?  Topics to make sure that you review are:

• Staff (Number and workload)
• Time you personally invest
• Size of your client base
• Revenue
• Your product and/or service offerings

Set Realistic Goals for Where You Want to Be

As you take a look at your past year and begin developing goals for 2013, make sure they are realistic.  There is no greater disappointment than missing all of the goals you’ve set yourself.  When you set unrealistic resolutions, you are setting yourself up for failure.  The key to success is giving yourself goals that are both challenging as well as attainable.  You want to make sure that the goals you set for yourself and for your company are things you can achieve.

Don’t Let Your Resolutions Be All Talk

One of the reasons that many businesses don’t actually meet the goals that they set for themselves is that their resolutions are all talk and no action.  Having forward thinking ideas and plans is great, but it means very little when there is no action behind it.  When you begin creating your resolutions, don’t forget to also set an action plan for each item.  Even something small to get the ball rolling can give a sense of accomplishment and momentum that can help you achieve your vision.

Follow Up

When you set goals for yourself, it is not enough to merely set them and then go about business as usual.  As you progress throughout the year, take a look back the goals you set at the beginning.  How far along are you?  Do those goals still meet the needs of you and your business?  If not, don’t be afraid to evaluation and adjust, but make sure that everything you decide to do is both action oriented and attainable.

We’ve got the tools to help you with your New Year business resolutions! Contact eBusinessAppraisals to find out how we can help you grow your business successfully with our valuation services.

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Here are some more resolutions (continued from the last blog article: New Year’s Resolutions for Your Small Business – Part I) to help you have a successful new year.

Take Inventory.

Taking inventory means more than just having a count of your merchandise or product.  It means that you also make a list of all of the accomplishments you have made in the last year.  As a small business owner it is so easy to get bogged down with all of the things that need to be done, particularly if you’re still relatively new to the game.  It’s important to take some time and remember all that you have already done and to celebrate those successes.

Use this time as a way to promote your accomplishments and give yourself some momentum for the new year.  Do NOT use this as an excuse to beat yourself up.  Owning your own business takes a lot of time, effort, and plain hard work.  Now is the time to focus on what you are doing right and those things you can improve for the new year.

Keep What Is Working, Get Rid of What Is Not.

Now is not the time to hold on to those things that you think you should do simply because someone told you once that you should.  If something did not work for your business this year, find out why and either tweak it so that it will work, or trash it so that you can put more time and energy into those things that show promise.  Make a list of those things that you tried out this year and their results.  Did you try a new marketing campaign?  How many new customers did it bring in? How many repeat customers?  Knowing where you’ve been and where you’re headed will give you a better understanding of how to get there in the future.

Set New Goals for Your Small Business

Once you have taken your inventory and you know what NOT to do for next year, start making a list of goals for yourself and your business.  When you have a clear goal in mind it is easier to see where you are headed and to know if you are heading off track.  Get specific.  Saying that “you want to make more money this year” doesn’t give you any kind of direction for your business.  How do you want to make more money?  Do you want to bring in new customers? Upsell your current client base?  Having a concrete plan will help you ensure your success in the coming new year.

Challenges will always present themselves, but the more you have planned and the clearer your mental image is of where you want to be headed, the easier it will be to handle anything that comes up. May you all have a wonderful year!

We’ve got the tools to help you with your New Year business resolutions! Contact eBusinessAppraisals to find out how we can help you grow your business successfully with our valuation services.

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Talk to a professional.

When dealing with your business, especially your finances, it is never a bad idea to consult a professional.  You will want to see a layout of how much you have already paid in taxes so you have a solid estimate as to what you will be paying in the new year.   A good CPA will also be able to help you create financial plan for next year that may help you save money for next year.  Your conversation shouldn’t just center around short term fixes or ideas, but also on long-term strategies that will help you build your business for the future.

Re-evaluate Your Small Business

Most small business start out with a staff of one, you, or perhaps as a partnership.  If you have had a successful year, it may be time to start thinking about how you can expand to better serve your needs and the needs of your customers.  It may be worth it to consider incorporating or forming an LLC which will help to cover you from some of the financial and legal risk.  This is also a great time to reconsider the goal and mission statement of your business.  Are you still on track to do what you started or have you found that in your day to day workings you have shifted your focus?  If this is something that is working for you, consider altering your goals to match your new direction.  If it is not working for you, you may want to think about ways you can get your business back on track.

Get A Head Start on Spring Cleaning.

As you sit down to review your goals, it is also a great time (when things have slowed down a bit) to do some actual housekeeping.  Start checking your receipts and making sure that your paperwork from 2012 is present and accounted for.  This will make tax time much easier on you and your business.  Make sure that you have done your annual maintenance on any equipment you use.  Update your computer and clear out any unnecessary files.  Clean out the dust from the previous year.  Doing some actual cleaning can give you a great head start on the new year.

There are many resolutions for the new year that can help you succeed, we’ll continue with more helpful tips, hints and resolutions in our next blog article, New Year’s Resolutions for Your Small Business – Part II.

We’ve got the tools to help you with your New Year business resolutions! Contact eBusinessAppraisals to find out how we can help you grow your business successfully with our valuation services.

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In order to keep your holidays protected from the HumBugs, here are a few tips on boosting security this holiday season.

1.)    Out of Sight, Out of Mind

If a potential shop lifter believes that they aren’t being watched or that they will not be caught, your merchandise will walk out the door right under your nose.  One of the most effective loss prevention methods is to have a visible security presence.  Simply seeing your security measures in place can be enough to deter any would-be shoplifters.

2.)    Cameras Don’t Lie

If you carry a lot of merchandise that is prone to theft, it may be worth it to invest the money in a Closed Circuit Television security system.  These cameras can be operated to watch all of your blind spots and can be incredibly useful in the prosecution of anyone who tries to steal from your store.  This is a highly effective way to protect your product.

3.)    Keep it Locked

If you sell valuable “big ticket” items like jewelry or hand held electronics, you can protect your inventory by making sure that they are locked in cases and only a limited number of your staff has the key to access them.  Since a manager should always be on duty, it should be easy enough for employees to ask for access to these items.  The fewer people that have direct access to these items, the safer they will be.

4.)    Be vigilant

It can be easy during a rush to get overwhelmed and to miss things.  This goes for both you and your employees.  As human beings, we only have one set of eyes.  This is why it is important to have someone walk the floor with the express purpose of “killing them with kindness”.  When you offer customer service that ensures that no one is left out two things can happen: your honest customers will love the additional service and those who are less honest will know that there is someone who has their eye on things.

5.)    Make it Clear

It is valuable to make it as clear as possible that you have security measures in place.  By posting signs that say “Shoplifters will be prosecuted” or “Smile! You’re on camera” potential thieves will know that they are being watched and what will happen to them if they are caught.  This will cause them to think twice before trying to sneak off with your merchandise.

There are a number of ways that you can boost your loss prevention.  Some may cost more initially than others, but ultimately you will save yourself the stress of worrying about your inventory as well as the cost of having to replace it.

Speaking of investing in something that will save you stress and money in the future, have you considered having a professional valuation done for your business? Contact eBusinessAppraisals.com today at 800-706-1322 for a free consultation.

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The holidays can be a great time to bring in extra profit which can give a good start to the fiscal year, but if not handled properly, the holiday shopping season can also be a time of confusion and missed opportunities, particularly for anyone in retail or food service. To keep from missing out on the time of year with the most earning potential, here are a few tips that will help to keep you in the black this holiday season.

Keep your staff in the know for the holiday rush.

It’s a good idea to give a bit of extra training to your staff so that they know how to handle the holiday rush. Most of the time the customers that will be coming to you will be in a heightened state due to holiday pressures. It is important to remind your staff to remain friendly, courteous and helpful. If your staff is small and you’re anticipating a larger than normal rush, you may want to consider hiring temporary holiday help to boost you through the next month or two.

Keep your stock up.

Make sure that you keep enough stock on hand to make it through the holidays. Talk to your vendors about stocking up on extra supplies, or start ordering a little extra early on. There’s nothing worse than having to turn away a potential sale because you have run out of product.

Set the holiday mood.

When you decorate your business for the holiday season it tells customers that you are ready for the holidays. There is also something very welcoming about a business that gets into the holiday spirit. This type of celebration and celebratory sentiment causes consumers to feel more inclined to spend their money with you.

Sale! Sale! Sale!

Most of the competing businesses around you will be offering deals and special limited sales that are intended to draw customers in. Shoppers are used to looking for the best deal while doing their holiday shopping. By offering incentives, you will get them into your store. One trick that many businesses use is to offer different sales or discounts on highly desired items on the 12 weeks leading up to Christmas. If you offer a different deal each week, you can count on a higher return customer base.

Adjust your business hours for the holiday season.

Shopping for the holiday season can happen at all hours. You want to make sure that you are as available for them as you can be. By adjusting your hours to accommodate all shoppers means more people walking through your doors. Also, make sure that you are posting your holiday hours so everyone can see them. People won’t know they can come shop during earlier or later hours if you don’t tell them.

This holiday season, keep your business up and running and most importantly, succeeding. Don’t miss out on one of the biggest sales opportunities of the year.

Even if you have your holiday business strategy under control, don’t neglect your logng term plans. Learn more about how our ValuEdge product will help your business be successful and contact eBusinessAppraisals.com today at 800-706-1322.

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As you begin to build your business team person by person, whether you are hiring from an agency, the newspaper or from within your own family, there are some things to consider when beginning the hiring process.

1.)    Hire people that other people want to be around.

Spending time with the people in your office should be better than just tolerable.  The team you build should make coming in to work easier.  They should be the kind of people you actively enjoy being around.  It’s an easy concept to agree to, and one that most people, when making a list of dream qualities of their team would list at the top, but actually putting this into practice is harder than it sounds.  If you make this a priority for your business you may need to sacrifice in another area such as skill or experience. However, trust your instincts if they tell you that your team will actually become less happy with this person on board.  Remember, hiring someone who is difficult to work with will in turn make it harder to hire quality people in the future.

2.)    Each new person you hire should add something to team.

While a complementary personality is definitely a desirable aspect, making sure that your potential new hire has a complementary skill set is also a priority. By always striving to increase the quality of your team with every person you hire, you give your company the greatest success of having a stellar team. When you are starting out in the hiring process, one strategy you could employ is making sure that every person you hire brings a skill set that no one else on the team currently has.

3.)    Choose your hiring wisely.

By constantly evaluating your team’s needs and keeping a level head you can accurately judge when you need to hire another person or when you can shift responsibilities of your current staff to meet your immediate needs. If your company begins to grow quickly it is easy to find yourself experiencing growing pains that seem urgent and like they require the additional hiring of another person.  Keep the quality and happiness of your team in mind. Even if your need for an additional employee is necessary, don’t simply hire to get an additional body in the office. Remember to hire for quality not quantity.

4.)    Take the time to help new employees acclimate.

It is easy to assume that once you’ve hired an employee that your job is complete and there is nothing special that you need to do to integrate your new employee. However, you may find that after a few months, your newest employee has amassed a large collection of questions without knowing to whom they should be directed. By setting up a training program that includes a mentor with an experienced employee you can ensure that your entire team will feel comfortable in their role and in the overall goal of the team.

Finding good people can often be the easy part. It takes patience, people skills and the ability to recognize and reward exemplary work.  Building a great team can be the greatest success of your company because a strong team will support your business and strive just as hard as you do to make it grow.

We can’t build your team for you, but we can show you how our ValuEdge product will help you as a business owner. Contact eBusinessAppraisals.com today at 800-706-1322.

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High default rates and tighter restrictions on lending can make the application process seem pointless – but don’t give up. Small business bank loans in 2010 were valued at $652 billion. With a great business loan application, you can successfully acquire the funding you need to make your business grow.

Plan Ahead

The first step in a great loan application is improving your business and personal credit – an integral part of your loan application. This can be an involved, lengthy process, so get started 6 months to a year before you’re ready to apply for a loan.

• Start the process of creating a credit history for your business, as opposed to your personal credit history. Open a business checking account, apply for a business credit card, and use both regularly to establish your business’s cash flow history and solvency.
• Check your credit reports for errors and inaccuracies that could damage your credit or cause you difficulties down the line. Even having an incorrect address listed on your report can be trouble.
• Pay your bills, pay your bills, pay your bills! Nothing hurts your credit history like late or delinquent accounts. Pay down any high balances on your credit cards – lenders don’t want to see balances that are near your credit limit. Don’t pay just the minimum each month. Save money on interest by paying down your highest interest cards first.

Be Prepared

In providing you with a loan, lenders want to be confident that your business will remain solvent, in the black, and capable of paying back the loan with interest. Having a well-written and well-thought-out business plan can help you prove to lenders that your business will be successful.

• A business plan describes not only where you want your business to go, but also where it’s been. Include a financial statement for the past year outlining your business’s income and cash flow, along with future projections based on current market conditions.
• Invest in professional help from a lawyer, accountant, or business coach to proofread your business plan and make sure it paints your business in the best possible light.

Do the Math

You need a good credit history to show the bank that you are likely to pay your debts, and you need a business plan to show your bank that you have that plan in place for paying your debt. You also need a list of your assets to provide the bank with assurance that, should you not pay your debt, they have a means of reclaiming some of their loss.

• Take the time to make a complete list of all your personal and business assets.
• Your assets include not only personal and business property, but also equipment, furniture, investments, mortgages, retirement accounts, and trusts.

Banks are wary of lending money to new businesses that have not yet proven themselves to be financially successful. In order to fund your new business, you have to put together the best possible application.

This includes a clean, well-established credit history and a financially feasible business plan, backed up by sufficient assets to protect the bank’s investment. With the right preparation, you can qualify for a small business loan that will help your company succeed.

Megan Webb-Morgan is a web content writer for ResourceNation.com. She writes about small business, focusing on topics such as business sales. 

Overwhelmed? Learn more about how our ValuEdge and ProfitEdge products will help you with your small business loan needs. Contact eBusinessAppraisals.com today at 800-706-1322.

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Some of the best advice that can be given to business owners comes from those who have done it before and done it well.  Learning from the mistakes of business owners who tried before you lets you improve without having to make those same mistakes yourself.  When there have been so many successful business owners before, it’s not necessary to “reinvent the wheel” of business ownership.

Here are some “wheels” from successful business owners:

Hire Great People – and then Get Out of the Way!

One of the smartest things you can do for your business is to hire excellent people who have a passion for what they do and the drive to get the job done.  Once you have these fantastic people working on your side, the next best thing you can do for your company is to get out of their way and let them do what you’ve hired them to do.  Motivated people who love what they do don’t need a lot of hand holding or micro-managing and may actually be stifled by that management style.  Give them the freedom and trust to do their best for you and they will go above and beyond.

Create a Culture that You Would Want to Work in.

Something that is heard frequently in offices with great culture is that employees may not necessarily love everything they do at every point during the day (especially in high stress/high stakes jobs), but they are still happy with their job if they love where they work and who they work with. As a business owner you will be spending a significant amount of time in and out of your location.  Think about your ideal place to work.  How do you want to be treated, what do you want to feel when you walk through the door?  Chances are that your employees feel the same way and by creating a work environment that supports that vision you will be able to hire great people and keep them.

Invest Time and Money in Yourself as a Business Owner and in Your Company as a whole as well

In small business there is a fear of spending money.  This is understandable as small businesses, especially start-ups, are on a tight budget and are watching every penny.  However, if there is an area of your business that needs to be improved—whether that means additional training for yourself as a business owner, or your staff, or investing in equipment that will up your productivity – then spend the money.  The amount of money that you will save in the long run is worth the cost now.

There are lots of different things that successful business owners have learned and many of them are more than happy to pass on their knowledge and experience.  Don’t be afraid to ask those who’ve been there before.

Interested in learning more about how our ValuEdge product will help you as a business owner? Contact eBusinessAppraisals.com today at 800-706-1322.

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  You don’t want to stretch beyond your means or grow too fast to be able to maintain your expansion—especially in this economy.  So how do you know when it’s time to grow?  Where can you find the necessary resources to go through such an expansion?

One of the things you should first consider is whether or not you have the current resources to expand.  This means, in specific, knowing if you have someone trustworthy to run your current location while you set up the new one, or vice versa.  Do you want to try a smaller expansion first and see if there is interest for a larger one?  Perhaps you should expand your online offerings and up the marketing for your business to build interest in an expansion or to see if interest currently exists.

The next question comes down to finances.  How much do you currently have to put toward an expansion project and how much do you additionally believe this will cost you?  This is a serious expansion question because you will need to consider how broadly you are able to expand.  By creating a solid expansion plan, you are likely to receive more loan availability at a much more affordable rate.

When you are considering expanding and especially if you are considering seeking a loan for the expansion, one of the best things that you can do is to keep your business in order.  Keep your paperwork at hand and your valuation up to date so you can show the most current information.  Being organized and having your information in order is one of the strongest stances you can take when facing a lender.

This is where companies like eBusinessApparisals.com come in handy.  Not only do we offer business valuations with our ValuEdge product, which will give you a solid picture of how much your business is worth, but we also offer a unique product called LendingEdge, which is designed to enable you to get the expansion loan that you are after.

Interested in learning more about how our ValuEdge and ProfitEdge products will help you with your business expansion? Contact eBusinessAppraisals.com today at 800-706-1322.

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