How To: Business Owner Advice on Staff and Spending

Business Owners, You Don’t Have to Reinvent the Wheel 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 [...]

Read More November 20th, 2012 zero comments Blog, Business Management, Business Succession, Intangible Assets , , , ,

Value of Your Business Reputation

Just how important is a company’s reputation? Consider the following: Would you still consider dining in a restaurant which is reputed to have a dirty kitchen; or sign up for a phone service which people complain about for its hidden charges and poor customer service? You would most likely not. It goes without saying how much this can cost a business in the process. If anything, businesses work hard at cultivating a reliable public image. Small businesses would even work doubly hard to prove that they can provide the service or product than their bigger and more established counterparts. In many cases, these businesses even offer promos and discounts to lure customers and make their product a preferable option, be it for the convenience or savings it offers over the more familiar ones. But today’s tech features and capabilities pose a new threat to the extent that reputations can be guarded. Social media sites like Facebook and Twitter can post real time information, which are then distributed to the user’s network, until it is picked up by other sites, too. It can go viral in no time. Online reviews through blogs and consumer review sites like Yelp also propagate raves and [...]

Read More April 10th, 2012 zero comments Blog, Intangible Assets , , , , , , , ,

How Experts Determine Business Value

For many entrepreneurs, the world of business value is shrouded in mystery. Like the reclusive chocolatier Willy Wonka, professional appraisers might as well be living behind walled fortresses and conducting their valuations in complete secrecy. And yet these business valuations are produced day after day. How do they do it? How exactly is the value of a company determined? If you’ve ever wished you knew the answers to tease questions, consider this article your golden ticket, your pass to pull back the curtain and see just how we do what we do. [...]

Read More March 15th, 2012 zero comments Blog, Business Valuation, How to Value a Business, Intangible Assets, Resources, Sell a Business , ,

Common Intangible Assets that Attract Premium Buyers

Intangible assets, also known as “off-balance sheet” assets are those features that you might not think of as having a value. These assets don’t exist physically, but they are your meat and potatoes, the things that you worked hard to nurture and they are ultimately the ‘things’ that attract premium buyers. [...]

Read More January 27th, 2012 zero comments Blog, Get Appraised, Intangible Assets , ,

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