Improve Your Incentive Based Programs
By Creating an environment that exudes a corporate culture geared toward overachieving is key in any industry.
While it is easier to measure in some industries than in others, measuring and creating performance criteria in any business can be challenging. But it does not have to be that way.
Professional service firms, like all other companies, have key matrices that they operate under. These can be calculated at an overall corporate level, departmental levels and at individual position levels.
It is incumbent upon senior managers to identify, benchmark and track their firm’s key matrices. Once this is accomplished, not only can …
Develop An Online Business Strategy
While many business owners recognize the need for a Web site, most don’t have a clear strategy. Instead, they see their site as a simple electronic brochure where prospective buyers can learn about their business. But a Web site should be much more — it should be designed as part of your business’s online strategy.
E-commerce has too often been viewed as a separate marketplace. It was that view that resulted in the wild run-up of stock prices for Internet based companies before the dot-com crash. Since the implosion, many business owners have been confused about the importance of the …
Service: A Lost Art In The Insurance Industry
Rates today continue to climb on the benefit side of the insurance industry while the service continues to decrease! The question becomes— “Why are you paying a broker to represent your company?”
Most employers forget that they are paying for representation and too often voicemail is their answer or, if by chance their broker is on the phone, an “800” number is passed out as a solution.
How to pick a broker:
When interviewing a broker to represent you, the tough questions must be asked. Instead of inquiring on what to expect during the plan year, many small business owners …
Is My Business Really Protected
Hopefully, by the time you read this it’s not too late for you and your business.
“Why didn’t anybody warn me about this? I thought I was protected from this type of thing. That’s why I incorporated. The legal system is not fair…I hate attorneys!”
Hopefully, by the time you read this it’s not too late for you and your business. Procrastinators pay a heavy price. You have worked too hard for your business and family to put everything you own in the hands of fate. Those who plan are protected and love their attorneys, the others simply need someone …
Hire That Lawyer
16 things you need to know…When hiring and managing a lawyer
It is often said that we are a nation of laws. We may find ourselves in a situation where we have to hire a lawyer to interpret the law, or in cases that are not absolutely clear, to provide a judgment on what the law is likely to be.
In many cases, interpretation of law and judgment concerning risks is the application of the cost benefit judgment that we use all the time in our daily lives. To soften the prospect of hiring a lawyer, there are some considerations …
Navigating The Fog
“All the Congress, all the accountants and tax lawyers, all the judges and a convention of wizards cannot tell for sure what the income tax law says”, said Walter B. Wriston, former CEO of Citibank.
Between the two narrow extremes of complete compliance with tax law and outright tax fraud, is a dense fog of uncertainty. Many business owners consistently make key decisions concerning their business and individual taxes in a fog without being aware of the pitfalls or opportunities. Unfortunately, a misstep in one direction can lead to increased risk of audits and penalties. A misstep in the …
Business Success Now
The success of a construction company is no longer dependent on the artisan or the professional craftsman turned construction company owner. Running a profitable and efficient business may be an entirely new craft.
By applying these six tenets–and a little bit of hard work and determination– construction company owners can master the craft of business management.
Tenet one: Produce profitable sales
Profitable sales begin with strategic bidding. The person who performs this task must be knowledgeable about the financial side of the business and understand the difference between variable and fixed costs. Variable costs such as materials, subcontractors and equipment …
Take Action Now
Does federal policy at a national level truly affect your business in any meaningful way? Most small business owners say that federal policy proposed by the White House or proposed and enacted by the House has little or no direct impact on their businesses if they are in an industry not affected by governmental regulations. While it is understandable that some business owners might think this way, clearly this is not the case.
Let’s take the current policy views being forwarded and implemented in regard to our energy and environmental issues. While it would be easy to digress into our …
Ask The Expert
Why is a succession plan important for a business owner?
The average business owner spends approximately 10 hours per day, six days per week to get the business to the point where it can provide a measure of security and comfort for the owner’s family. At some point, control of the business will be transferred, often to a family member. Succession planning is necessary to ensure the successful transfer of the owner’s interest and should not be written and applied without a business valuation assessment to know the owner’s total business worth. Regular valuations of the business, in combination with …
The Public Relations Effect
Why PR is a critical component to your business success
Properly implementing public relations efforts can make your company stand out from its competition. PR is an important part of business — publicity, promotions and community relations help businesses build prestige, recognition and better images. When PR efforts co-exist in business with marketing and merchandising initiatives, companies can increase sales and profits.
And by using PR to interact with clients, other businesses and your community, you will enhance your company’s business and the industry in general.
Every aspect of your company affects its image. When clients see your offices, warehouse …