Help Make Your Salesforce Team a Success

Help Make Your Salesforce Team a Success

You’re paying your sales force too much if you’re giving them a significant salaried paycheck. Their salary should be just enough to cover their food, gas, and overhead costs, with their checks based largely on sales, not salary. The key is to design an effective commission rate that favors new business rather than old.

For instance, you may want to pay your salespeople two percent residuals on existing business but ...

Continue Reading →

Management by Wandering

Management by Wandering

Making a habit of stopping by to chat with your employees face to face on a regular basis to get a sense of how they’re doing: this is known as management by wandering, or management by wandering around (MBWA). Being a success story starts with caring for the people who work for you. When you show genuine interest, compassion, care and attention on a regular basis, your employees will pay you back in kind by ...

Continue Reading →

The Guarantee

The Guarantee

The personal guarantee: it’s often misunderstood, misused, and frequently causes a problem down the line. When you apply for a commercial loan, you will be asked by the bank to sign a personal guarantee. It’s standard practice these days. After all, the bank is taking a risk on you.

A personal guarantee backs the commercial loan with additional collateral that satisfies the requirements of the bank. In a nutshell, if you default on the loan, ...

Continue Reading →

The Pros and Cons of a Merchant Cash Advance

The Pros and Cons of a Merchant Cash Advance

All sorts of unforeseen circumstances can lead a business owner to need fast access to cash. Perhaps a large order comes in requiring more stock than you have on hand and your outstanding receivables won’t hit your bank account for another 45 days. Not having the cash to buy more inventory can bring your business to a screeching halt. Or perhaps you need to make payroll, but a seasonal slump ...

Continue Reading →

How Much Are You Really Paying for Your Cash Advance?

How Much Are You Really Paying for Your Cash Advance?

Understanding Factor Rates vs. Interest Rates and APRs

One of the biggest points of confusion for a business owner seeking working capital is understanding how much their cash advance is actually going to cost them. If you have applied for a home mortgage, auto loan, credit card, commercial property or business loan, you are already familiar with interest rates and Annual Percentage Rates. But certain types ...

Continue Reading →

Training is Serious Business

Training is Serious Business

Training. It’s one area in business that is frequently mishandled. Many business owners mistakenly hire a new employee and immediately put them onto the production floor or office setting, expecting the existing co-workers to train the newbie. You assume your seasoned employees know the job, know what you need, know how everything works, and that they’re the ones who can train the most effectively.

It’s a fallacy. Firstly, you don’t know how your ...

Continue Reading →

The Science Behind Firing an Employee

The Science Behind Firing an Employee

Most of us are good people. We all have similar values, we all want to do the right thing, we all want to get along and see the good in others. We want to be liked, respected, and give others repeat chances. This is human nature.

However, this human element that can prove disastrous for an entrepreneur. That ...

Continue Reading →

Sales and Marketing: A Two-Pronged Approach

Sales and Marketing: A Two-Pronged Approach

Nothing happens until something is sold, yet small businesses tend to focus on — at best, one sales program, maybe a few ads, some marketing, or perhaps not. The overwhelming sales program involves opening up, creating a primary website and waiting for the customers to stand in line. This doesn’t work. Sales must be aggressively pursued in as many ways as you possibly can. One sales program is not enough, whatever it ...

Continue Reading →

Why Bootstrapping Can Quickly Kill your Business

Why Bootstrapping Can Quickly Kill your Business

Entrepreneurs have unlimited tenacity. They never give up. They never stop. They know the difference between running a hobby and a business. They believe in themselves and their company mission passionately. They know they’re going to succeed — if they could turn the corner, get that big order, attract investors or get a loan.

Entrepreneurs’ tenacity drives them to find a way to win, whether it’s not taking a salary, sacrificing friends ...

Continue Reading →

What is Factoring a Company?

What is Factoring a Company?

Obtaining financing for your small business may be near impossible these days, at least when it comes to traditional bank lenders. Ever since the recession, banks were badly burned and won’t be forgetting that anytime soon. When the credit crisis erupted in 2008, banks began tightening their purse strings under severe financial pressures.

The major reason banks stopped lending to small business is because much stricter regulations were passed that raised the bar, preventing banks ...

Continue Reading →
Page 1 of 7 12345...»