Five Tips for Success with Your Small Business

– Set goals to grow and profit from your company; remember it is not what you make but what you keep.

– Review and cut your fixed overhead costs; eliminate unnecessary expenses or personnel.

– Preserve cash now; cash is always king!

– Eliminate poor employees who have bad attitudes and work product; good people are easy to find right now.

– Go visit your top customers and make sure you are meeting their needs.

Five Tips to Recruit Great Employees for Your Small Business

– Advertise online; today’s job hunters are tech savvy and a web presence is a must.

– Recruit on college campuses; young, hungry and eager to learn can energize your company.

– Create an internal recruitment program that provides incentives and motivates current staff to help recruit.

– Use a temp-to-perm staffing firm; the firm will do all the screening and you get to try as many people until you find the right fit.

– Bring a person on as a contractor to ensure you have the right fit.  This will also allow you to see if there is a need for a full-time employee.

Starting a Small Business – What is a Corporation?

Corporations are separate legal entities that must File Articles of Incorporation with the State.  Owners have limited personal liability for any debts, obligations or claims the business incurs equal to the invested amount.  There are two types of corporations: S and C.  S corps allow profits to be taxed at the individual owner level but must meet certain ownership requirements (less than 75 owners all of which must be U.S. citizens).  C corps have no ownership limitations but are double taxed i.e. profits are taxed at the corporate level and, if distributed, taxed at the individual level as well.

Disaster Planning:

Every business needs a disaster plan.  The planning process should focus on preparedness, mitigation, response and recovery.  Here are some other tips:

– Secure Computers:  when a storm threatens, put computer equipment in waterproof bags or boxes.  Make sure hard drives, software and equipment are stored off the ground at least at desk height.  Back up all computer records and store them offsite.

Put Financial Records in a Safe Place: if you have to evacuate, take a set of financial records with you.  You may need them to apply for disaster assistance.

– Keep Up-to-Date Lists: compile employee’s home telephone numbers, cell numbers and other emergency contact information.  Put together an organized system, such as a phone tree, to check in with everyone after the disaster.

Discover Business: How to Write A Business Plan

Today we are offering a link to a free resource designed to assist future entrepreneurs and small business owners with starting a business.

Discover Business: How to Write A Business Plan

It was written by Prof. Dennis Masino and Jackie Giuliano, Ph.D., and has been referenced and used by many universities around the country including:

  • Stanford University
  • Texas State University
  • Indiana University of Pennsylvania
  • Southern Connecticut State University

We will also put the link on our reference page at: http://www.companyprophets.com/helpful-resources/