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How to Sell Your Business

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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.

Financing Your Small Business

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One of the greatest hurdles entrepreneurs meets when trying to start up their small businesses is adding the first funds to break into the market. This simple but challenging problem is one of the first great trials for all but a few of the luckiest entrepreneurs.

Luckily, there is a myriad of options to choose from depending on a potential small-business owner’s risk tolerance and patience.

The easiest and direct method of financing your business is by dipping into your savings. This allows an individual the keep from taking on any debt bring a partner into your project. Of course, many could find it difficult to come up with enough funds depending on the scale of his or her business ambitions.

A total failure of the business could entirely wipe out hard-earned savings. Some recommend that people keep a separate savings account to contribute to in addition to others saved for retirement and unforeseen expenses.

Retirement accounts can be a source of these personal savings, but there are often taxes that are paid whenever one makes a withdrawal. The risks are again the potential total loss of whatever funds invested that you had planned to save for your future.

Regardless of the money you take out to finance your business, entrepreneurs should always err on the side of caution and make a solid plan on what they are willing to lose.

If individuals have supportive families and friends who believe in their business model, they can also be potential financial sources, but this often comes with emotional complications. You can offer them a structured loan on specific terms to ease their minds, and they typically won’t charge you the interest of a bank and offer more flexible terms.

If both parties can reach a supportive agreement, this can be a possibility, but emotional intelligence is paramount. Financial disagreements amongst family and friends can ruin relationships.

Home equity loans can be useful low-interest options to garner funding for a small business, but owners need to be prepared to offer their home up as collateral. Borrowers are also still responsible for the repayment of the loan even if the business project doesn’t generate adequate income, and total default can result in the loss of one’s house.

Credit cards can be a quick solution if one needs a small cash advance to cover an immediate expense. Outside of these specific conditions, credit cards are not a safe way otherwise. Both interest rates and minimum payment amounts are typically quite steep with most credit cards and expenses can cost a great deal of money in the long term.

A better solution for business models that won’t require a great deal of capital to start is a microloan. Their terms and conditions are often better than typical banks in the regular market, but there is a limit on how much money can be borrowed. Microloans will not be useful to customers who need a lot of money and/or expansive business plans.

Microloans can also be easier to obtain than a standard small business loan from the bank. These lines of credit typically have favorable conditions, but most banks have strict lending criteria. Typically, these include good personal credit, sources of collateral, and a thorough business plan.

Financing a small business is often described as the most difficult part of starting a small business. There are multiple options to consider but they all come with their benefits and follies. Starting a small business should never be started on a whim and individuals should never be embarrassed to consult an expert. Corporate Business Solutions Reviews can help you with any advice you might need in starting your entrepreneurial endeavors.

Utilizing Email Marketing

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With technology at everyone’s fingertips, it is no secret that online marketing is one of the best ways to promote your business. Whether through social media, online ads, or direct contact, consumers are receiving various online promotions daily.

Email marketing is a fantastic way to reach your target audience. This audience can include past clients, potential customers, and those who have contacted your business in ways besides email.

When it comes to email marketing, there are four basic types of emails you can use to promote your business online and directly to your target audience. Finding the right type and right time to use them is the key to achieving successful email marketing.

Corporate Business Solutions Consultants can easily help you set up a schedule of which emails you should send out and when to do so.

Acquisition Emails

Acquisition emails are meant to convert those who have chosen to receive your emails into customers. They can consist of informative content and special promotional offers that help catch the eye of your potential client.

A lead who has chosen to receive your emails is interested in what your company has to offer. These acquisition emails can help encourage them to take the leap and try out the products or services that you are providing.

Acquisition emails can be a terrific way to catch the eye of your potential clients and make their transition into a customer faster and easy.

Retention Emails

Retention emails are meant to keep your customers engaged and involved even after their initial purchase from your business. These can be requests for feedback or unique offers.

Retention emails are typically sent to customers who you have recently worked with or those who have not interacted with your email campaigns much. By targeting these previous customers, you will be reminding them of all that your company has to offer and their previous experience with you.

Retention emails are a wonderful way to get repeat and referral customers who have been satisfied with their experience with your company.

Email Newsletters

Email newsletters are one of the most common types of email marketing to use. These can be used by all types of companies and help to remind consumers of your business and what you are up to.

Email newsletters typically contain useful, engaging content such as a how-to, announcements about new services or products, or an update on professionals within your company. Anything that provides insight into your business and the industry that you are in can be used in an email newsletter.

Email newsletters can be sent to email subscribers and past clients. These can be sent regularly, around the holidays, or whenever you want to connect with your potential and past customers.

Promotional Emails

If you are looking to increase sales, promotional emails are a wonderful way to do so. Promotional emails include unique offers that appeal to your target audience of potential and past customers.

These can be special sales, limited time offers, and much more. By putting these offers directly into the inbox of your potential clients, you will increase your chances of being seen and taken upon what your business has to offer.

 

5 Reasons a Co-working Space is Great for Small Businesses

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Whether you’re working on a series of freelance projects or running a small business, a co-working space can benefit you greatly. As your business begins to grow beyond just yourself, it is crucial to make a space in your office to accommodate your team. Co-working spaces are a great way to positively impact your business’ growth.

Corporate Business Solutions has put together five interesting reasons that a co-working space is great for small businesses.

The Benefits of Co-working Spaces for Small Businesses

A co-working space is an ideal environment that provides people within the office with meeting spaces, desks, internet access, and other things such as coffee machines. In the co-working space, everyone can work beside one another to create a welcoming and creative space.

Now, let’s look at the benefits of these working spaces.

  1. Co-working spaces save time

As a small business owner, you can never have too much time on your hands. Saving time is so important if you already have enough on your plate. As a small business owner, you are responsible for dealing with customers, managing employees, and the day-to-day operations of your business.

These responsibilities can soon pile up which leaves you with many challenges along the way. This is where co-working spaces come into play.

  1. Co-working spaces save money

If you’re not into the idea of spending lots of money to deck out your space or hire lots of employees, a co-working space is what you need. Co-working spaces provide a cost-effective workspace for everyone to come together. Co-working spaces work for everybody from freelancers who need a quiet space to teams who are running projects.

Co-working spaces also offer small businesses a low-cost option for getting out of the house while still maintaining privacy.

  1. Co-working spaces save space

Co-working spaces easily offer both the privacy of a private office as well as the collaborative environment of an open floor plan. It also doesn’t take up too much space. It keeps your home and works life separate while adding comfort.

  1. Co-working spaces improve productivity

Small businesses can easily boost productivity with co-working spaces. If you have ever felt your creativity being stifled, co-working spaces can put the hop back in your step. If you’ve been looking for interesting ways to boost your creativity, a co-working space is a way to do it.

  1. Co-working spaces encourage collaboration

Shared spaces are the perfect way to encourage collaboration between coworkers. In these spaces, coworkers can easily bounce ideas off each other and tackle hard problems via face-to-face interaction.

Co-working spaces provide an affordable, collaborative, and easy-going space for small businesses to work in the best way possible. As small businesses grow, it is common to outgrow your co-working spaces. However, you can always find another location to level up your space again! If you’ve been looking for a space to collaborate and grow with your team, try a co-working space!

 

 

4 Competitive Advantages Small Businesses Have Over Big Companies

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One thing that many small businesses don’t realize is that they have many advantages over large companies. While it may seem disheartening at times to only be a small business, the reality of it is that sometimes you are far luckier. Often, when small business owners are made aware of how truly lucky, they are, their outlook changes completely.

Check out these four competitive advantages that small businesses have over big companies from your Corporate Business Solutions Consultants to learn more.

  1. Faster decision making

Being a small business isn’t always a bad thing. It does come with a unique set of advantages. One of the biggest advantages is the quick turnaround for making decisions. While you may have a smaller number of employees, you can make decisions and be quicker in process innovation far easier.

To keep your small business afloat, you must be able to adapt, grow, and change. It can be harder to make those decisions when you’re surrounded by red tape and other voices.

  1. Targeting niche markets

It can sometimes feel overwhelming to be a small business surrounded by larger businesses. However, you should never forget your competitive advantages when it comes to your target niche market. By developing and maintaining a focused strategy, you can easily home in on and target your niche market.

This gives you leverage and power that big companies simply do not have.

  1. Empowering and developing your team

A strong and loyal team makes all the difference to business operations. Smaller teams can get the one-on-one attention that is needed for a team to thrive. Having a smaller team allows individualized attention that large companies simply cannot gain access to within their operations.

To make the most of empowering and developing your team, ensure that your employees can have their say in the direction of where the business is going. Leadership should also be accessible to all employees to address their concerns and questions. Ensure that time is also set aside to discuss personal development with each team member.

By implementing these practices, small businesses can grow and create an environment where each employee feels valued and listened to.

  1. Personalized customer service

Ranking high on Google, being a top market player, and having a large customer base is great. However, it all comes down to your customer service. Having a real and unique connection with your customers instantly makes you a flag-bearing business.

The problem many big companies make is in their one size fits all approach. Luckily, small businesses have the leverage, and capacity, to be able to listen to what each customer has to say. Then, they can customize everything accordingly. All small businesses should take advantage of this.

As you can see, small businesses have many great advantages that large companies could never dream of having. To get the most out of your business, use these advantages in your favor.

 

 

 

 

How to Make an Awesome Logo for Your Small Business

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If you’re reading this, you’re likely planning to start a side hustle or small business. Perhaps you already have a small business but feel your logo is lacking. No matter the reason, there are some dos and don’ts when it comes to creating a suitable logo for your small business.

There can be a lot of confusion surrounding logos. However, there is no need to worry as you’re not alone at all. Reviews for Corporate Business Solutions have put together a few ways to make an awesome logo for your small business.

Do I need a logo?

The short answer is yes, you most definitely need a logo. No matter how small or large your business is, your logo is the face of your brand and should be treated as such. Even if you’re only making candles to sell to family and friends.

Put simply, if you are planning to monetize an idea, you need a logo. Otherwise, your image, efforts, and hard work could belong to anyone. Here are some tips to make an awesome logo.

  1. Get inspiration

Every great venture or logo begins with a simple idea. That means that the first step to an awesome logo is to get inspired and write down all of your great ideas. Start feeding your brain with new experiences, impressions, and memories that could conjure up a logo idea.

Use anything to inspire your brain. Things such as hiking, visiting local attractions, and meditating can help to unlock the part of your brain that wants to create. Any activity that brings energy and joy will help you create the best logo possible.

  1. See what’s trending

When it comes to logo design, there are several choices to make. Consider what is trending right now as to how you make your logo. However, make sure you look for aspects of your logo that will survive after the trends die out.

Don’t be afraid to try new things and give it your best shot.

  1. Keep a sketch pad with you

You never know when inspiration will strike. That is why you should always carry around a sketch pad to write your ideas down as soon as they hit you. Don’t be afraid to sketch things as it is a great base to have when designing a logo. Once you have come up with a few designs you like, learn about an online logo creator. From there, you can combine your ideas to make the ideal logo. When it comes to logo creation, you need to take your time. Rushing will only delay the process or create a less than an ideal logo. It is good to remember that your final logo will determine your business’s success. That is why you never want to risk rushing the process.

Take your time and make everything as perfect as you possibly can. With the tips above, you’re on your way to an amazing logo!

 

 

How to Save Time on Social Media While Running A Small Business

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If you want to see the best out of your business, using social media as a form of marketing is your best bet. Smart business owners all over the world are leveraging the use of social media to give their business the boost it needs. If you aren’t using social media, you are doing your business a disservice.

A social media marketing system is crucial in every business. Without one, you could be wasting your time and money with no reward. Before you know it, you could be running at a loss due to poor marketing efforts.

If you want to save time on social media, check out these hot tips from your Corporate Business Solutions Consultants. Put these tips into play to get the best out of your social media efforts.

Create a calendar

Making time for social media is important. However, getting into a routine with your social media can be hard. Without organization, you begin to lose afternoons, mornings, and nights to the endless cycle.

By creating a social media calendar and planning a strategy, you can bring order to your social media schedule. It is a simple way to put your activities into place and limit the time invested. You can choose how you want to implement this.

You can be as detailed or as broad as you like. If your social content is planned out, it will be a breeze. You will also regain your time to develop consistency.

Always revisit your strategy

Always revisit your social media strategy to ensure that it is working. There is nothing worse than continuing with activities that don’t work for your business. Just because someone claims that it works, that doesn’t mean it will work for your business.

Social media is constantly evolving. That is why nothing is worse than remaining stagnant with your social media strategy. It always pays to experiment and try brand new approaches. To try something new by adding pictures to your posts or creating videos.

You could even try using hashtags or links. If you plan to change up your strategy, change only one thing at a time. That way, you can identify what is working and what isn’t. After you have identified that, double down on what works and drop what doesn’t.

Be consistent

Social media is all about quality. While some people will say it is better to post more than less, it comes down to more than that. People do want to hear from you. However, they would prefer high-quality content over low-quality content.

For example, you could post four photos per week that are low quality and get little engagement. On the other hand, you could post once or twice per week with great content and get a lot of engagement.

Don’t be pressured into posting too much.

Social media is a wonderful tool to use for your small business when used properly. If you’re looking for good results for free, social media is the way to go.

 

 

 

 

 

 

 

 

 

 

 

 

 

How to Motivate Your Employees Through Goal Setting

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In any business, big or small, there will always be days where everyone is feeling a little down. Sometimes a lack of motivation strikes, and everyone is lacking the drive they need to get through the day. However, there are steps you can take to deal with this.

If you’re noticing a lack of motivation in your employees, you must make them feel passionate about their work environment and efforts. Positive employee engagement is the perfect way to motivate your employees. Motivating your employees doesn’t have to be a challenge.

Motivating your employees through goal setting is proving to be a great mood booster. Corporate Business Solutions has put together some of the ways to motivate your employees through goal setting.

Set challenging yet achievable goals

When setting goals for your employees, you want to ensure that they are challenging yet still achievable. They must be practical and realistic, as well. By blindly setting a goal, you will be setting your employees up for failure.

Even if they can achieve it, it will take far longer than a well-thought-out goal. By setting unrealistic goals, you will cause your employees to hit a wall. That means you will be achieving the exact opposite of what you wanted.

Set long – and short-term goals

When people can see their achievements, they become more motivated. By setting both short- and long-term goals, your employees will be able to see their achievements coming to fruition. They will then become more excited about their future goals.

Setting both long- and short-term goals will build experience, confidence, and skillsets for future projects.

Reward your employees

When your employees accomplish their goals, reward them for all their hard work. Their reward could be as simple as a round of applause. Perhaps you could even throw an office party. By recognizing your teams’ achievements, they will become even more motivated for their next project.

Give feedback

Being able to provide feedback to your employees is of the utmost importance. Feedback also helps to create a more transparent process. By providing your employees with feedback, you will notice fewer hiccups throughout the project.

If someone’s performance is not easily quantifiable, make sure to provide them with feedback.

Be flexible

Employees will always face challenges when trying to complete goals. After all, expect the unexpected, right? For the sake of your employees, make sure you are flexible enough to meet their hurdles with a kind mindset. This will show them that you believe in their abilities.

It will also teach your employees that they can trust you even when things aren’t ideal. Have enough flexibility to maneuver and move forward when things don’t go to plan.

Achieving goals is a great way to feel worthy. That is why setting them can improve motivation in the workplace. By following the steps above, you can ensure that motivation in the workplace will be soaring in no time.

If you’ve noticed your employees lacking motivation, try goal setting to get them back on track.

 

 

 

 

 

 

 

 

 

 

 

 

 

5 Examples of Small Business Goals

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Setting goals is an essential part of every single business. It can help you focus on your business. In turn, achieve the results you have worked hard for. If you start setting goals now, you will be able to achieve them far faster. 

The importance of setting goals cannot be overstated. This does apply to companies as well. Though, it is far more applicable to small businesses since they have fewer resources available. By setting goals, you can optimize the few resources you do have available to you.

Setting goals is the perfect way to improve your focus. Then, you can use that focus to keep everyone motivated and increase morale in the workplace. Check out these 5 examples of small business goals from CBS-CBS.com to get the ball rolling.

Create a new product/service

Creating a new product or service is the perfect way to push your business. One great goal you can set is to create a new product or service within a specific amount of time. Usually, a good time frame is six months or a year. 

It will excite your existing customers while also attracting new ones.

Open a new location

If your business is doing well, this goal is great for you. Opening a new location is an exciting and fruitful time. However, to succeed in your location, you must remember how you first got there. 

Perhaps create a template to outline where you went wrong/right the first time. It will help you determine your next steps.

Increase your response time 

Depending on the size of your customer base, you may be able to set a goal to increase your response time. It is certainly attainable for many businesses. If you run a small business with local customers, it should be as easy as 1,2,3. 

You may struggle if your business is slightly bigger. However, there are many ways you can automate the process as well. 

Reduce ongoing expenses

This is a very fitting goal for many small businesses. After all, who doesn’t want to reduce their ongoing expenses? When setting this goal, make sure you are incredibly specific about how you plan to reduce your costs. 

You may be able to reduce ongoing expenses by:

    • Paying off debt
    • Automating more of your business
    • Changing the way your business operates

Increase productivity within your business

Productivity can certainly make or break your business. That is why it is always a good idea to search for new ways to improve it. You can become more productive by eliminating any distractions or improving the way you use technology. 

Productivity apps are also a fantastic way to increase your productivity.

Once you have put together some goals, you can inject them into your small business. A good goal is one that is attainable, measurable, and relevant. Don’t forget, achieving goals is always something that should be celebrated.

When you tick a goal off your list, take the chance to celebrate the success. 

Starting Your Dream Business – A Step-by-Step Guide

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Starting a new business is an exciting and uplifting process. There is so much to do, think about, and plan. However, you must know where to start and how you plan to achieve success. Otherwise, your plan for success may not reach the heights you first thought it would.

Creating a logo or business plan is obvious, but people rarely remember the equally important parts that aren’t often spoken about. Rather than playing a guessing game or ‘going with the flow’, you need to have a detailed plan. That way, you can ensure that you have given your business the best chance at success.

Check out these three steps compiled by Corporate Business Solutions to start your dream business properly.

 

  • Build a great team

 

A business is only as good as the team running it. Unless you plan to run your business by yourself, you need to gather a great team. Many successful CEOs will tell you that you need to spend just as much time on your employees as you do your products.

A good team should be:

  • Efficient
  • Reliable
  • Educated
  • Productive
  • Organized
  • Supportive
  • Good at communicating
  • Cooperative
  • Respectful

These are all great features of a team that will see success.

 

  • Refine your idea

 

Your first plan should always be considered a rough draft, not a final copy. There will be things from your draft that are still relevant, though you will likely need to add some things in whilst taking some out. To refine your idea, you can do things such as:

  • Look at what current brand leaders are doing
  • Figure how you can be different
  • Research businesses offering the same (or similar) service
  • Ask for feedback on your idea
  • Do your research
  • Consider the current markets

A good place to start is to consider why, who, and what. Why you’re doing it, who your target customers are, and what your business solves.

 

  • Assess your financial situation

 

Every business will need a start-up cost. By assessing your financial situation, you will gain a clearer understanding of what that cost may look like. Consider if you will need to borrow the money or if you can cover your start-up cost. 

Then, you will likely have to consider whether or not you plan to leave your current job. If so, you will need to ensure that you have enough money to get by until you make a profit. That is why it is best to figure out your start-up costs straight away.

Many businesses fail because they run out of money before they can turn a profit. It never hurts to overestimate your start-up costs because it can sometimes be a while before you turn a profit. If you overestimate, there is always room if something goes wrong.

If you follow this guide, your business has a good chance to succeed. When starting, make sure you don’t cut corners. Cut corners will always come back to haunt you.