Month: November 2020

It may seem like the pandemic and lockdowns will never end, but if you are a business owner, you are likely looking ahead to reopening offices and the return of your workforce. In fact, nearly 75% of the current remote workforce is actually eager to return to the office. If you are struggling with ways to welcome your employees back to the office, here are three easy things you can try.

Purchase New Office Furniture

With the fear of germs at an all-time high, your employees may be a bit leery of returning to a workspace that does not seem fully sanitized. Invest in some new office furniture to make the place look like new. If your budget is lower, try something like refurbished office cubicles to save a bit of money while still giving the office a new vibe. Your employees will feel appreciated when they see the new items and will also feel safer at work.

Provide Ample Opportunities for Sanitation

Now is the time to put hand sanitizer everywhere. Hang dispensers on the walls throughout the office, and always ensure that bathrooms have adequate soap and sanitizer options available. If possible, ensure that each employee also has their own bottle of sanitizer and encourage them to use it frequently.

Be Flexible

Though many will be very happy to return, some people may not feel entirely comfortable. If an employee is brave enough to voice these concerns to you, listen to them and be willing to adjust their in-office requirements if necessary. After all, employee productivity is the ultimate goal, and productivity declines if your employees are unhappy or uncomfortable.

Returning to the workplace after the pandemic will be exciting and challenging. Begin your preparations early so that you can make a seamless transition when that time finally arrives.…

Many entrepreneurs start their companies with the intent to grow. While the founder or founders may be the only employees when the company opens, as the company grows, staff members will need to be hired. Before hiring anyone, it is a good idea to evaluate the needs of the company, create job descriptions and make a list of desirable candidate qualities.

1. Evaluate the Company Needs

No one person can do everything, and everyone has their own strengths and weaknesses. Figure out where there are gaps in the company and figure out how many employees will be needed to fill those holes. Figure out how many hours employees should work per week to accomplish their tasks.

2. Create Solid Job Descriptions

Sometimes business owners realize they need help, but do not have a complete grasp on what is needed. Look up job descriptions for different positions before creating a job ad in order to have an understanding of what candidates will expect their general duties to be. For example, it would not make much sense for a payroll specialist to be in charge of contacting a copier repair service Reston VA in case of a breakdown.

3. Find Compatible Staff Members

Many people hire people that they like and that are similar to themselves. There is nothing wrong with hiring likable people who will fit in with the company culture and be pleasant to work with. However, it is a mistake to hire staff members who have similar strengths and weaknesses as existing teammates. If many people in the company are great at customer service but not good at planning events, then someone should be brought in who has excellent organization skills and can keep everyone else on task.

Hiring staff members for the first time can be an exciting time for business owners. However, it must be done carefully to ensure the new employees will do excellent work and work well with others.…

The premise upon which most businesses operate is that of profitability. Products are manufactured by modifying the properties of raw materials such that their value increases above the commodity value of the raw inputs. In a similar fashion, businesses of all kinds are created, improved and sold for a profit. For example, if the owners of a company that provides language translation services decide to retire, rather than closing the business they can sell business language translation services as a package. Likewise, if the owners of a manufacturing concern want to start a different company making some other product, they can sell their manufacturing operation to new owners.

There are a few unique twists in these transactions. The valuation of a business requires a careful review of its performance, assets and liabilities. Business owners often invest more than just tangible assets into their company. The efforts of a proprietor to develop and maintain a positive reputation and build a customer base represent value. Arriving at an acceptable value for “sweat equity” can be a complex task.

Comparable Business Value

When evaluating the effort and expertise invested by owners and employees one good reference point is the sale of other similar businesses. After accounting for and deducting the cash value of tangible assets from a sales price, the remainder is an indication of the sweat equity’s cash equivalency.

Past and Future Earnings Value

Previous earnings are a measurable indicator of a company’s worth. By factoring in market conditions, predictions about earnings and profits provide another useful valuation reference point. There are industry-specific methods that use profits and earnings multipliers to arrive at a fair market value for a business. Once a total value is established, determining intangible investments is again accomplished by subtracting the company’s hard assets’ worth.

Transactions involving businesses vary in complexity depending on the general economic climate, size and type of the enterprise and demand within an industry. Successful negotiations hinge on accounting for both the tangible and intangible components of a company’s worth.

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When someone gets an idea for a business, they may be tempted to rush into entrepreneurship without proper preparation. Before starting a company, the entrepreneur should consider all aspects of the company and the impact it will have on their personal life.

1. Insurance

Anyone who has insurance benefits through their current job should think about what will happen when they quit to open up their own business. Not only will the owner need to have an insurance policy, but prospective employees will likely be concerned about benefits as well. Besides health insurance, the business will need to be insured against liabilities, along with any property or vehicles that will be used during business hours. Potential entrepreneurs should look into different policies and think about contacting captive insurance companies for more information.

2. Finances

No matter how small a company is when it opens, there are expenses involved. It is incredibly difficult for new entrepreneurs to get a traditional bank loan or find an investor right away, so any expenses will need to be covered by the founder. The business owner will need to make sure that they can provide enough money to keep the company running while also providing for their living expenses.

3. Network Size

Business owners need to overcome many challenges, especially when the company is first founded. Having a supportive group of people who are knowledgeable about business processes and the industry can make a huge positive difference in the success of a new business. Entrepreneurs who have one or more mentors and a suitable network of peers will be able to learn from others and make better decisions.

Whether someone wants to turn a hobby into a local business or dreams of owning a national corporation, they will probably start off small. With careful planning and preparation, they have the potential to create a thriving company.…