Does Governance Matter?
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The headlines, seminars and business school classrooms are all abuzz about the need for stricter and tighter corporate governance.
However, their focus is aimed at public companies, the big corporations, financial institutions, Wall Street, etc. What is not discussed is small business. Does corporate governance have a place in a small, privately held company?
President James Madison pointed out very clearly that governance is a difficult problem when he wrote the following as part of the Federalist Papers in 1788.
“If men were angels, no government would be necessary. If angels were to govern men, neither external nor internal …
I Heard It Through The Grapevine
Don’t let it be your company’s swan song
Depending on when you read this article, the light at the end of the tunnel for your company might be that long-awaited, positive turning point in your business that you fought for. Or, it might be another train coming at you.
The continuing turmoil caused by this lengthy economic downturn has undoubtedly affected you and your employees in many ways, most of them negative. Even if your company has not been directly impacted by a reduction in force (such as layoffs), hiring freeze, reorganization or a realignment of responsibilities, the chances that …
The Cash Paradigm
…Whether you are new to business and just setting foot on your first mountain or you are an experienced climber, this mountain, this economic crisis, is the highest peak we will likely face in many generations of business. But in the end, it is still just another mountain to be climbed.
As a country, we are now in the second phase of what will likely be four phases of the current economic crisis, each phase worse than the one before. Therefore, it is imperative that everyone, particularly small business owners, understand the economic playing field on which we presently find …
Your Tax Dollars At Work
If you have an interest in learning more about the U.S. Small Business Administration (SBA) and what it can do for your business, read on. In the next three issues, I will demystify the SBA and provide ideas regarding how to navigate the SBA and help your business take advantage of the myriad of services and programs offered. Remember, these are your tax dollars at work. The strength and power of the U.S. government stands behind you.
According to the SBA’s website, www.sba.gov, “While poor management is cited most frequently as the reason businesses fail, inadequate or ill-timed financing is …
Profitable Business Operations
Business owners pride themselves on working long hours in hands-on capacities. Unfortunately, hard work alone is not enough to ensure profitability or the survival of any business. Companies need to be effectively managed to be successful. One critical element in that process is the implementation and enforcement of appropriate operational systems.
Business functions are a strategic set of interrelated tasks and activities utilized to produce a profit. Business operations flow from and support a company’s overall strategic plan. For those operations to be successful, a business owner understanding sales, marketing, overhead, pricing and cost control is required. A business owner …
Make Sense For A Change
How to effectively reduce your business taxes
Remember when…Alice fell down the rabbit hole and found that nothing really made sense? Is that how you felt when the only suggestion offered by your accountant to reduce taxes was to buy more equipment? Did you feel like you were spending the proverbial dollar to save a quarter?
For many small business owners, this is the only advice they receive and, sadly, too many choose to follow their accountant’s advice and purchase equipment that is simply not needed in an effort to claim the available “depreciation” deductions. When this advice is followed, …
Health Care: The New Frontier
As health care and its increasing costs were focal points of the last election, many have now come to realize this national issue must be addressed. From employer sponsored health plans to individual coverage, costs are skyrocketing while benefits are being cut. Many are now asking what has happened to our health care system and what can be done to improve it.
It is estimated that in 2008, 63 percent of employers offered health benefits to their employees. This statistic is further broken down as follows: preferred provider organization (PPO) plans, 58 percent; health maintenance organization (HMO) plans, 20 percent; …
Stop The Bleeding
Do owners of small and medium-size businesses worry about needlessly lost profits? Do they worry that their bookkeeper paid a significant invoice twice or made some other large dollar mistake in cash disbursements?
Business owners shouldn’t panic as there are many profit recovery firms that can give them the answer. But, if an owner of a small to medium-size company does not want to hire an outside firm to find duplicate payments and cash disbursement mistakes, he or she can implement a few handy techniques to keep mistakes at a minimum.
About profit recovery firms
Some firms specialize in sales …
Phantom Stock Plans
Phantom stock can be a great way for entrepreneurs to offer incentives to key employees
In today’s uncertain economic times, savvy business owners must be ever so diligent in sharpening their pencil to ensure a positive bottom line. Key employees are a crucial component to a business’ ability to sustain a positive bottom line. Recruiting and / or retaining key employees and incentivizing them during tough economic times could be considered more critical than during flush economic times.
There are several incentive plans available to retain key employees and attract top-notch candidates for critical positions within a business. Few, if …
Ask The Expert: Strategic Planning
It takes strategic planning and an implemented recruiting system to be successful in the search for a top employee.
But not every company is geared up for the arduous task of recruiting. It takes time, money and a plan to get the process going and ensure success.
Clearly, a strong recruitment plan is expensive. What are some of the possible recruiting costs?
There are many, and they include advertisements and promotional company materials such as brochures, DVDs or other print or multimedia products you create. Also, don’t forget about the recruiter’s salary, if you use one.
There are also costs …