If you are thinking about selling your business in the short term, there are some areas you can improve now that will increase the value of your company to potential buyers. Here are three of the most common things a business owner can do right away.
What’s Included in Business Employee Documentation, and Why?
The most important way to set your business up for success is to create a plan and document it. This theory also applies for your employee population. The most important thing to do prior to bringing employees onboard to your business is to document how the business will hire and policies for the employees to follow. Depending on the number of employee the business will have, there are also policies that the business is required to have. Even if you’re a solopreneur or operate a business with yourself and an office administrator, a clear job description, policies and procedures will streamline the business making every action you take more effective
Learn how to set up and run your payroll.
Running payroll for the first time can be a bit scary, and keeping up with Federal and State regulations changes can be overwhelming. First step is to learn what information is needed to set up Payroll and what to collect from employees and tax department. This article will assist with the proper steps on how to set up your payroll and how to run your payroll.
Additional Human Resources Items to Have On Your Radar
You will need to register and gather some information in order successfully set up your payroll. It’s always important to also have your HR in place, employee application, employee hand book, job description and responsibilities to mention a few. Today we will focus on the basics of what you need to set up your company’s payroll.
Why Is It Important to Have a Great Business Website?
Your business website:
- Is the first impression many people get of your business.
- Gives the best, most visible presentation of your business, the way YOU want people to understand it.
- Helps you articulate your mission, message, intention and strategy – keeps you organized and focused.
- Educates your
- Prepares all of the above to take action favorable to your business health and growth
- Is your voice and presence where you are not physically present.
If you don’t have a great business website, you’re not doing all of the above as effectively as you would if you had a great, currently updated, professional business website.
The Mistake of Focusing Only On Current Business Demands
Estate Planning is an essential part of business planning. It is not unusual for business owners to think much of business plans, entity formation, marketing, and bookkeeping, and give very little thought to estate planning. I believe this is because most new business owners are so consumed with the setting up and day to day operation of their business, that they give little thought to the future. This is a mistake.
Continuing the Entrepreneurial Journey Theme
In my last article, The Entrepreneurial Journey, we explored individual passion and making a directed decision regarding our business vision.
- What is our business?
- What is our mission?
- What resources are necessary?
- What does an ordinary day look like and how do you want to see that improve?
- Whom do we seek?
- Why do we seek them and where are they?
- How are our goals going to be met and are they of benefit?
- What MOTIVATES me?
That was only the beginning…
Compliance Is Key
In today’s business environment a key to success is to stay under compliance with State and Federal regulations, along with being able to streamline business payroll and HR in a seamless and efficient web-based system. Often small to medium size companies don’t realize that with hiring one employee, they now have the same responsibilities as a company that has 1000 employees in terms of hiring, processing corrective action, terminations etc.
Is networking your favorite thing to do?
Probably not. Why is that?
- Not sure what to say?
- Not sure how to approach people?
- Uncomfortable meeting new people?
- Had a bad experience being “sold to” at a networking event?
If you are thinking about selling your business in the short term, there are some areas you can improve now that will increase the value of your company to potential buyers. Here are four of the most common things a business owner can do right away.