Monitoring Your Staff

An essential task of running a business and ‘being the boss’ is the monitoring of your staff and how to go about it without making it obvious you are checking upon them.

If done the wrong way, you can engender fear in your staff as they could feel you don’t trust their abilities or work commitment.

If done the right way, employees will not be aware that they are being monitored and will accept monitoring tasks as simple methods of safeguarding staff, protecting resources, or improving productivity.

Employers monitor their employees in several ways; dedicated software is increasingly being used, but more traditional methods are checks of emails and voice messages, recording telephone calls, and the use of CCTV.

Who do you Need to Monitor Your Staff?

Some of the reasons for monitoring staff include:

Cybersecurity

Most IT security breaches happen through employee negligence. By monitoring and restricting employees’ online activity, a business can protect its systems and information from outside attacks.

Data protection

Globally, there has been an increase in hackers gaining access to the personal information of clients and blackmailing the business, requesting money or the information will be released across the internet. Tracking employees’ actions can help ensure that employers become aware of any data breaches as soon as possible and that relevant rules are complied with.

Leaks of confidential information

Monitoring may not prevent a leak, but it can help spot one and gives the business a fighting chance of damage limitation.

Internal rules

Monitoring can help employers ensure that many policies and internal procedures are followed correctly, and any misconduct is detected immediately.

Remote working

With the increase of remote workers, employers need to make sure they are not being taken advantage of. By tracking communications and login details they can confirm that employees are performing their job appropriately.

Boosting productivity

Some data generated from monitoring can be analyzed to help devise strategies that could increase production.

Many of these issues may seem to apply only to large businesses with hundreds of staff and thousands of clients.

However, in an SME with lower staff numbers, the key knowledge within the business is retained by a very small number of the staff. This places even greater emphasis on ensuring that knowledge is not shared where it shouldn’t be, whether accidentally or on purpose.

In a small or medium-sized business, it becomes even more important that staff is aware of the monitoring and the reasons behind it. So, make sure your business has the following:

  • Have policies in place that clearly explain the extent of the monitoring being undertaken, with an explanation of why it is needed
  • Regular check the policies are up to date and have been brought to the employee’s attention
  • Regularly review alternative, less intrusive options for monitoring as part of a risk assessment
  • Develop processes to ensure that the information collected is kept securely, is seen by as few people as necessary, and gets deleted when no longer needed
  • Do not jump to conclusions when the monitoring reveals potential misconduct. Sometimes all that is needed is a reminder of policies or some retraining.

Take care when monitoring employees, infringing their rights could result in claims, fines, and reputational damage that has a lasting effect on the business. Corporate Business Solutions Inc. can help you understand your rights and those of your employees.

Managing Conflict in the Workplace

Leadership and conflict go together. If you cannot or will not address conflict in a healthy, productive fashion, you should not be in a leadership role. You shouldn’t fear conflict; embrace it – it’s your job.

You can try to avoid conflict (a bad idea), but you cannot escape it. Conflict in the workplace is unavoidable. It will find you whether you look for it (good idea – more later) or not. Being able to recognize conflict, understand its nature, and be able to swiftly resolve the conflict are prime leadership qualities, failure to do this will lead to your downfall.

Good conflict resolution skills will lead to good employee retention. But if you don’t deal effectively with conflict your best talent will leave for a better workplace environment. Failure to deal with conflict can result in loss of productivity, the stifling of creativity, and the creation of barriers to cooperation and collaboration. But good conflict resolution skill sets will build a sustainable business model.

Typically, the two main causes of conflict in the workplace related to poor communication or letting emotions drive decision-making.

The following tips will lead to more effective handling of conflicts in the workplace:

Define Acceptable Behavior – having clearly defined job descriptions for all staff to know what’s expected of them. Make it known what behavior will and won’t be tolerated. Having a published delegation of authority statement, encouraging sound business practices in collaboration, team building, leadership development, and talent management will all help avoid conflicts.

Approach Conflict Head-on – You can’t always prevent conflicts at work, but if you seek out areas of potential conflict and intervene proactively and decisively, you can prevent many conflicts from getting started.

Understanding the WIIFM Factor – understanding the other person’s “What’s In It For Me” position. If you understand their motivation, you can avoid conflicts by helping them achieve their objectives.

The Importance Factor – pick your battles and avoid conflict where possible. If the issue is important enough to create a conflict, then it must be important enough to resolve. Do whatever is necessary to open lines of communication and close any positional and/or philosophical gaps.

View Conflict as Opportunity – the outcome of many conflicts creates great teaching and learning opportunities. View a conflict as an opportunity for growth and development. Differing positions when addressed properly can stimulate innovation and learning whereas two people who are on “the same page”  are less likely to come up with different positions. Smart leaders look for the upside in all differing opinions.

Resolutions can usually be found in conflicts where both parties are seriously seeking a positive outcome. Being prepared to compromise, forgive, show compassion and empathy, find common ground, be an active listener, and place the goals of the business ahead of your pride and reputation will always allow you to be successful in building rapport if the underlying desire is strong enough.

But, if all else fails and positional gaps cannot be closed, resolve the issue not by playing favorites, but by doing the right thing.

Let Corporate Business Solutions be your guide when you are facing conflicts in your workplace.

Causes of Low Employee Retention

Studies have shown that employers prefer to employ someone who is already in employment over someone unemployed. But this means that another employer is about to lose a member of their staff.

This means that all businesses need to work hard at retaining their best employees. Losing any worker can be disruptive, and the business is then faced with the costs of recruitment and the loss of institutional and customer knowledge.

High employee turnover impacts a business’s profitability and can also affect customer satisfaction, plus it is costly to recruit new staff. Every leaver should be asked to take part in an exit interview so the business can understand the reasons for leaving and find ways to fix addressable problems.

Excessive employee turnover is preventable. Here are the main reasons employees leave.

An employee has no purpose – they work just because it is a job to do. But businesses that have a strong mission have more motivated employees who live the business brand.

Low Pay – it’s been found that workers who change jobs earn on average an extra 5.2%. If your pay rates and benefits are near the top of the scale it makes it more difficult for competitors to lure away your employees. Ensure you apply annual pay increases. Pay rates are the easiest way for employees to gauge how much you value them and their efforts. So, unsurprisingly, underpaying what an employee feels they are worth is the number one reason they move on.

Being overworked – when employees feel they are performing tasks without appropriate resources to be successful, they feel a lack of control and consistently face more daily stress than they can manage. A combination of emotional and physical exhaustion with a sense of hopelessness and self-blame, manifests in behavioral and physical issues, commonly referred to as burnout. Ensure all employees have enough resources to do their job and that their workload can be achieved in the hours they are paid to work.

Bad managers – while some bad managers take credit for the work of others or play favorites, more commonly it is because they are just bad at managing others. Good managers know the ability of their staff and uncover their skills and motivations, capitalizing on them for the good of the business. Bad managers don’t do this and fail to get the best out of their staff or demotivate staff by criticizing perceived underperformance.

Little feedback or recognition – employees who receive positive feedback rarely seek employment elsewhere. The only thing worse than bad feedback is no feedback at all. When employees lack guidance bout their performance or how to develop their skills, they feel they have no direction and no future with the business.

No opportunity for growth and development – if there are few opportunities for promotion, the next best thing is providing career development opportunities to get better at what the employee does or to learn new skills and move into different departments. Without this, the employee can be left to feel as if they will be doing the same daily tasks forever, and that doesn’t encourage them to stay where they are long term

Toxic Work Culture – it has been reported that as many as 25% of US workers dread going to work! Many of the reasons are caused by a combination of the previous issues mentioned but can also include poor relationships with workmates with issues like bullying and harassment raising their heads. When employees feel included, respected, and empowered to do their job without being micromanaged turnover is usually low.

Viewing the Corporate Business Solutions Reviews you will find businesses with good staff retention rates.

Identifying Bullying in the Workplace

A 2008 poll on workplace bullying found that 75% of workers reported being affected either as the target or as a witness. More disturbing was a 2019 survey of 2081 workers with a staggering 94% claiming to have been bullied at work! More than half said they were bullied by their immediate boss.

Causes of bullying were reported to be aggressive emails (23%), co-workers negative gossip (20%), and someone yelling at them (18%).

Just because getting bullied seems to now be the norm does not make it right. There are plenty of businesses that respect their employees and have zero tolerance for bullying and other forms of harassment.

When management gets to hear of bullying claims, you can usually expect the claimant has been putting up with a negative environment for quite some time before taking this problem to the management level. Therefore, any bullying claims should be treated seriously and be fully investigated.

A workplace bully who management support by ignoring their behavior can cost a business thousands of dollars due to high staff turnover. Be aware that the bully is unlikely to admit there is anything wrong with their behavior and is even less likely to display it in front of management.

Here are six signs that bullying is occurring in your workplace.

Temper tantrums – shouting, name-calling, and other types of verbal abuse, undermining comments about co-workers, blaming others for mistakes but quick to take credit for any successes. When you observe the suspected bully do they interrupt the target, belittle them, make inappropriate comments or spread rumors and negative gossip?

Subtle signs of bullying – the bully may seem fine in your presence but behave in a much more sinister way to the target in private. Watch for unreasonable demands, sabotaging a subordinate, constant questioning, and generally making life more difficult than for others.

Observe the behavior of the suspected victim – it may be easier to identify bullying from the change in behavior of the targeted victim. Are there sudden changes in their behavior? An employee who becomes increasingly withdrawn has increasing error rates or suffers stress-related illnesses and absences from work are displaying signs of being bullied.

Is an individual being isolated or left out of important communications? –  If a particular individual never copies a co-worker into emails or invites them to important meetings, there could be a problem. Other obvious signs include refusing to speak to the target and forgetting to return their messages.

Investigate any allegations of bullying immediately – sometimes you may not be aware that bullying is taking place until you are specifically informed. Remain neutral, ask the victim for physical evidence like emails and ask both for witnesses to any incidents.

Examine your organizational culture – competitive workplaces tend to ridicule underperformers and this kind of behavior can become normalized. Top management also has a direct influence on bullying. Are bullies being rewarded with promotions that encourage them to continue with their behavior, perhaps even taking it to greater extremes? If one bully has been allowed to operate for some time, others will likely copy their behavior.

For Corporate Business Solutions for issues like these, check out http://www.cbs-cbs.com/services/.

Identifying and Handling Difficult Employees

While hiring procedures and employee standards of conduct should be of utmost importance in starting your business, no process is perfect. Employees who know the right words to say but act against company values can still slip through the cracks.

This doesn’t mean that they are hopeless, but you as the business owner need to know how to identify problems in the workplace before they become disastrous and figure out how to best discuss this with otherwise productive employees. This guide will help you to identify and solve problems with employees that might be dragging your production down.

Over-Confidence

Confident, independent employees that are also good team players are an invaluable addition to your firm. The problem arises when the confidence comes without humility where even high-performing members believe that they can do no wrong.

These crew members can be especially difficult when they can keep other employees quiet due to their high performance, but that makes it especially important to address the issue. As the business owner, you need to remain calm while discussing the problem.

These individuals can turn into great leaders if they have the intelligence and maturity to realize how they are affecting your firm and what they can do to improve.

Refusal of Responsibility

If a team member constantly has a non-personal reason for every point you mention in a performance review, that is an issue. Responsible team members will admit to their mistakes but be aware and confident enough to admit when something is out of their control.

While these employees can be irritating it is important to hear their side of the story, conveying patience and diligence. Sometimes those who are constantly complaining might feel unseen or unheard. Certain employees might have complaints that are unfounded or unreasonable, but that doesn’t mean that all are to be dismissed.

Workers who cannot provide a reason for their gripes might not be mature enough for your workforce, but others might have insight into how things could do be run better or how your team could get more operational support. Don’t just write them off as a complainer, but their attitudes should be tempered if it’s detrimental to morale.

Lack of Communication

Some businesses require constant socialization, especially in a high-volume or high-stress environment. Workers that are not suited to this kind of work should be identified and ruled out in the hiring process, but it is not always so simple.

Employees who suddenly go dark or stop offering reports despite a good history should be met with. An individual’s work-life balance could be disrupted and that needs to be discussed. Some employees are hesitant to speak about family or financial difficulties to separate the office from home.

While this is an admirable attitude, it can be damaging to both the worker and the company. Sudden changes in work ethic are often the result of emotional difficulties, and employers should always check in with their workers.

Giving an overworked or overstressed employee time off or a lighter workload can improve team cohesion and employee retention as they know you care for their overall well-being. Letting your workers know that you see them as more than a non-feeling resource is never a bad decision.

Personal difficulties with workers often stem from temporary hardships or inner issues that they’ve never had to address. As the business owner, you can be the one who can turn those perceived flaws into advantages for both parties. Always discuss potential issues with your employees before you move to immediate criticism.

No matter how you want to improve your workforce, Corporate Business Solutions can help arrange the best scenario for both your business and your employees.

Qualities of a Great Employee

Identifying high-value job candidates and employees is a crucial aspect of any business. If you are a wise entrepreneur, then you will have put considerable care into your hiring protocols and hold frequent performance reviews along with clear guidelines.  

This guide can help you and your hiring managers better identify the intangible aspects of individuals that can be a great resource to your firm. 

Appreciate Ambition

 While it may not always show up in his or her work metrics, look for employees and candidates that demonstrate a growth mindset. People with this worldview are looking to constantly improve themselves, be it in or out of the workplace.

 Appreciate those who talk about their hobbies and passions with a desire to learn and improve, as this almost always crosses into their attitude at work.

 An ambitious worker can always be taught, while a capable but unwilling employee can be a drag on both the productivity and morality of all those around them.

 Ambition can also be infectious, as growth-minded workers are usually positive people and can motivate the rest of your firm to improve themselves.

 Search for Cooperative Independence 

Going with ambition, eager workers are often quick to learn their jobs so that they can perform without excessive supervision, but this should not be confused with isolation. Any successful team needs to strike a balance between autonomy and communication with the rest of their department. This will depend largely on an individual’s role within a firm, but the concept remains the same.

Don’t confuse constantly needing assistance with being a good teammate. Good employees should be willing to ask for help when necessary, but they should never want to be a drag on production. A good crew should want to give back as much as they can while learning how to handle their role.

Hire Humility 

Much like maintaining harmony between independence and being a good team member, you need to find the proper balance between ambition and humility. High-performing but arrogant employees can quickly rise to become toxic leaders that poison your business. 

Seek ambition, not arrogance. Positive but ambitious employees grow precisely because they are humble to admit that they aren’t perfect and can always be doing better. Surrounding your employees (and also yourself) with these personalities will always result in good outcomes no matter what your company provides. 

This can be especially difficult as many candidates know the right words to say in an interview but don’t always do the right thing in their actual work. This is partially why the traditional annual performance review is going away in favor of more frequent evaluations.

Curate Confidence 

Humility does not mean meekness. Find employees that are growth-minded but confident in their current abilities. These workers are often innovative, take calculated risks, and don’t require constant assurance and supervision that they are doing their work properly. 

Candidates that are demure or too quick to agree during the interview process might become well-meaning employees, but their constant need for advice or comfort might not work well in your business model. A lack of confidence can even be disastrous in fast-paced, high-stress, or even dangerous work environments. Encourage your workers, but avoid those who need coddling. 

No interview or performance evaluation protocol will ever be perfect, and this is mostly because work culture and employee production can’t always be broken down into concrete numbers. Intangibles can make or break a seemingly stable business model. 

Never forget to pay attention to the social or soft skills of your employees/potential hires. If you’re interviewing a candidate that is unproven technically but demonstrates the previous qualities, then you might have found a diamond in the rough. 

For all other company culture or hiring advice, Corporate Business Solutions Consultants can make sure that your entire staff is happy and productive. 

Best Point of Sale Systems for Every Business

Having a reliable, efficient point-of-sale (POS) system can save your small business many headaches down the road. A POS system is ultimately a hardware/software combination that digitally tracks individual sales and overall sales reports, making data accumulation easier than ever and keeping track of your business exchanges all in one place.

Some software comes free of charge, but other packages can cost a few hundred dollars a month. That’s why your business needs to select the right system to maximize efficiency and minimize monthly business costs based upon your business model and POS requirements.

No matter what type of business you run, this POS review can help every entrepreneur select the system that will find the right balance.

Square

Square is an excellent choice for a POS system no matter the size or niche of your small business. It’s a cloud-based system, so you can receive and track payments anywhere. Originating as a mobile system, you can easily track your business even when giving exercise classes in a local park.

Square has expanded from its original roots, but that doesn’t mean the platform has forgotten its origins. Not to be left behind in the marketplace, Square has begun offering more grounded hardware for brick-and-mortar establishments, meaning that you won’t have to bring your phone along to accept payments at your start-up cafe or corner retail store.

Square offers a paid option for its services, and the Square Plus version offers profit margin reporting and 24/7 phone support. For growing businesses with multiple employees, this might be a worthy expense for only $60 per month.

Toast

Toast is one of the market leaders in restaurant POS systems. Toast can accommodate entrepreneurs who want to accept orders both through a hardware system in the store, to applications that customers can download and order through in the comfort of their own home.

Toast can both process and distribute funds, but there will be a management fee taken off of your revenue. Toast’s integrated system can easily pay for itself in convenience, as its hardware can also be linked to your kitchen’s order display, meaning that orders will be seamlessly transferred from your server/customer interface to the sous chef’s exposition station.

After purchasing the basic hardware, Toast offers its software, 24/7 customer service, and general analytics for free. The “Essentials” and “Growth” subscription plans start at $165 and $272 per month, respectively. The premium packages offer several benefits including gift card processing and mobile-application hosting for customers, meaning that your POS capabilities can expand within Toast as your business grows. You’ll never have to jump around from different POS providers if you go with Toast!

Shopify

Just as Toast is made specifically for restaurants, Shopify is designed for retail. It is praised for its ease of use and convenient setup process.

With a range of plans from “Shopify Lite” to the “Advanced” option, retailers can pay anywhere from $9 to $299 per month depending on their needs. Regardless of which subscription option you choose, Shopify is known for its accessibility for even the most technologically inexperienced.

Shopify also offers an application for online retailers that can use it as a stand-alone service or sync their online shopping with their brick-and-mortar setups, so entrepreneurs can easily sync their Shopify online store with the POS service.

Both the software and hardware are available on both Apple and Android products, so there is no barrier to entry depending on the platform you side with.

Shopify serves as an easily accessible register that you can use on a tablet for more professional appearances or a smartphone for the sake of mobility. This information can then be immediately updated to Shopify’s accounting services.

Store registry can be tracked by providing each employee a unique PIN, tracking sales made, hours worked and orders logged. All of these features make Shopify a great all-in-one solution for retailers who want to operate entirely online or want to open a small to medium-sized business that employs a handful of workers.

Whatever your business model entails, you can rest assured that there is a POS system out there for you. No matter your ambitions, know that Corporate Business Solutions Consultants can always offer advice with your entrepreneurial goals.

 

 

Local Advertising Tips for Your Small Business

Every business owner wants his or her project to grow beyond their immediate market but getting a business model off the ground often depends upon word of mouth and how your idea grows in your immediate community.

The internet has made it easier for firms to reach out to a wider audience, but never underestimate the power of community when it comes to growing your company. After all, every entrepreneur should always be looking to fulfill a need. Checking in with those around you can help you do just that!

List on Local Directories

While time-consuming, determined business owners should first and foremost make sure that they have an entry submitted to relevant online local directories. This is the digital equivalent of making sure that your business is included in the yellow pages.

Not only will you invite local customers to your website, but you will also rise in local internet searches, making it easier for customers to find you down the road.

Do not worry about being included in every local directory, as they will not always apply to your business model. Large metropolitan areas generally provide a dizzying number of directories, but brick and mortar businesses such as restaurants and retail stores can get an early start on advertising by placing an entry into a relevant directory for free.

Help Your Customer Base Grow Itself

Referral programs can be a wonderful way to expand your client base. This is especially true for more social experiences such as businesses that offer painting or cooking classes. Encourage customers who enjoyed your services to bring a friend next time.

Offering discounts to customers who bring a friend can both ensure repeat business and attract new clients to your firm. This requires entrepreneurs to be both realistic and generous with the referral programs that they can establish, but if these programs can be properly dialed in, a burgeoning company’s reputation can spread like wildfire.

Keep a Well-Maintained Website

Once seen as a mysterious skill, web design can be done by almost anyone thanks to various architectural software. Site builders typically only cost a couple of dozen dollars per month to design and maintain your company’s online presence.

Designing a sleek website can benefit businesses of every type, and it can increase both your local and online presence if you study up and follow some basic search engine optimization techniques. Launching your website is a great springboard to taking your business to the next level.

Between taking reservations, publishing informative content, to building a subscription base, every entrepreneur should create some sort of online platform. With how easy website building has become, there is no excuse not to be reaching out to a digital audience.

Helping your small business blossom might seem daunting at first, but with some forethought and slowly putting one foot in front of the other, you can help your company explode onto the local scene and get the word out about everything your firm has to offer.

For more help with your entrepreneurial goals, CBS-CBS.com is there to help you every step of the way.

Planning Your Small Business Website

Creating a website for your small business is one of the best things you can do for your company’s future. Not only will it improve your local presence, but it can pay dividends down the road if you decide to expand your firm’s scope of operations.

This step-by-step guide to designing your company’s website can get you started for digital success.

Decide on a Provider

Designing a website used to require extensive technical knowledge, but an entire sector of services called content management systems (CMS in shorthand) has made it possible for entrepreneurs to build a website from the ground up without needing to learn how to code or hire a website architect within one’s own firm.

Most modern website providers allow business owners to design and host their websites in a bundled service package. The sheer volume of platforms within the CMS field means that most business owners won’t have to pay more than $10-$40 per month to host and constantly have editorial abilities over their firm’s website.

Registering a Domain Name

Your domain name is your digital address, very much like a street address. This can be very important for overall visibility and message branding, but it doesn’t have to be complicated.

The cheapest and most straightforward way of obtaining a domain name is by going through one of the very popular website-building platforms. They often provide free domain names.

If you plan on coding your own website, most web host companies also offer free domain names. This will take more work, so it’s probably not a good option unless you are technically savvy with web coding and have a very specific idea as to how your website will look.

Registering a domain name can be very expensive depending on the field. Some individuals have made entire careers out of buying up domain names and selling them off after interest in given term sprouts up.

This makes it especially important to get a jump start on reserving your desired domain name and all social media accounts that might be associated with your business.

If your business turns out to be wildly successful, you can save thousands of dollars in the long run by being diligent about your digital identity.

Vigorously Test Your Site Before Launch

One of the great things about modern website hosting services is that they allow constant, real-time editing so the site always looks exactly how you want it to. This means that there’s no shame in launching a site that doesn’t “look” exactly how you want it, but you always need to make sure that it performs well.

There is a wealth of data showing how many seconds potential consumers are willing for a screen to load before leaving a website. Most website designing/hosting services will provide a checklist to make sure that the site is running properly, but as the captain of the ship, you need to be positive that your company’s website is ready for a global release. An inefficient loading time or messy interface can turn users into negative reviews. Due diligence is paramount before launching your company’s website on its maiden voyage.

Launching a small business website is a far less esoteric task than it was at the dawn of the information age. More than technical expertise, it now requires an entrepreneur’s vision, focus, and diligence.

If you’re willing to take your business model online, then Corporate Business Solutions Reviews can advise you every step of the way.

 

How to Sell Your Business

Owning and running a small business is often the most challenging yet rewarding event in an individual’s life. Many entrepreneurs dream of the day when they will design an operation successful enough to sell to an outside party and ride off into the sunset. What many forget is that the process of selling a business requires a great deal of preparation that should start years in advance to make sure the sale goes smoothly and there are no unforeseen legal complications.

One of the great mistakes owners make is not looking at the long-term future of their business, often leaving records and descriptions cluttered, hoping to clean it all up when it comes time to sell. The sale of a given business in America is under heavy scrutiny by the government. The most important aspect is the proof of the seller exercising his or her “due diligence”.

Due diligence for the owner means looking at and reporting your business’s information as if you were the party looking to buy it. Any inconsistencies or unclear records from the start of your business need to be cleaned up and kept immaculate. Depending on the size and complexity of your business, this can take anywhere from one to multiple years. This can be especially pertinent if your business’s infancy was disorderly and cluttered because of the challenge of simply getting your project off the ground. One of the great mistakes owners make is thinking that preparing business records for a sale is a brief period, but the process can go much smoother if overseen systematically.

One’s books and records should be extremely easy to understand. Buyers understand that business owners will seek tax write-offs every year but are the reasons clear. This is important not only for the buyer but for reporting to the government. Many novice business owners either are unclear in their write-off reporting or disingenuous. While this can lead to short-term savings, it can lead to legal/financial disaster when one is looking to sell his or her business.

While your staff may be comprised of excellent workers, you must keep their specific roles and job descriptions up to date. This does not have to be very intensive, but having clear salary, title, roles and job descriptions in place for your employees will make your business more presentable to a potential buyer. Vague or uncertain terms can leave buyers feeling nervous or confused. This is true both for finances and employee information.

Business owners who have had a future business plan in place, but never had the time or resources to implement it, can pass this on to a buyer. Sellers can discuss the generalities of a potential 5-year plan to sellers, essentially selling the potential of their business. Sellers can show buyers a lucrative future of their business that had never been previously considered.

Overall, business owners who are looking to eventually sell their businesses need to focus on three fundamental issues. The first is constantly keeping meticulous financial records throughout the life of the business, not trying to clean up years of messy finances at the point of sale. This is important not only to present a clear picture to the buyer but to avoid any repercussions from the government. Second, sellers need to realize that positioning your business for sale is a marathon, not a sprint. The process can even take multiple years, but it can be made much easier if you are thorough and clear in your business documentation.

Third, sellers should consider investing in a Certified Business Valuation by an accredited professional to aide in the ultimate negotiations for the selling price of the business.

In every step of the way from planning, financing, starting, to selling your small business Corporate Business Solutions Consultants is devoted to helping you in all aspects of your journey.