Ten Truths that all Small Business Owners Should Know
Last week a new business owner asked me what ten things would I tell a family member who was starting a business. This was an intriguing question and one that I pondered. At first, I thought of the standard things such as write a business plan, know your break-even point, know your target market, etc. […]
Georgia’s Small Businesses Must Look to the Familiar to Make it Through Tough Times
It wasn’t very long ago that the federal government passed the financial rescue package. Georgians embraced this historic government action with both optimism as well as with deepening concern about the state’s and country’s economy. One major segment of the economic engine, the nation’s small businesses, continues to struggle in today’s difficult market conditions. Small […]
LLC or Corporation: Which Legal Structure is Better for Your Business
When starting a business, choosing the best legal form is a serious matter. If you don’t want your personal assets to be at risk, your choices are between a Limited Liability Company (LLC) and a Corporation. Both entities provide the limited liability protection that you want. What other criteria should you examine before making that […]
Protecting, Valuing, and Licensing Intellectual Property
Not every idea is worth the time and money to protect. On the other hand, many inventors don’t achieve maximum value for good ideas. By understanding the invention process and business strategies associated with the commercialization of innovative products, inventors can save both time and money and get the maximum benefit from their innovation. Build […]
The Power is in the Numbers
Today’s business owners expect higher productivity, greater efficiency, and better information from all their employees and professionals. And they should! After all, they need to find every competitive advantage that they can in order to grow market share and become more profitable. One of the key functional areas that business owners need to be experts […]
Credit Clean Up…A Critical Concern for Entrepreneurs
As entrepreneurs plan to fulfill their dreams of launching a business, they should be very attentive to all the steps required to ensure success. Those steps typically include developing a comprehensive business plan that can be submitted to lenders to secure funding for their new business. Imagine planning for a significant event and overlooking a […]
Sustainability in Small Business
Whether it’s due to the floundering economy, flat housing market, or time of year, it seems that more small businesses than usual are in financial distress. Let’s face it, entrepreneurship is risky, and many don’t survive past the three year mark. But some are not only surviving, but thriving. So, what’s their secret? Other than […]
Your Credit is Your Character
When it comes time for you to borrow money to start or expand your business, remember that bankers are risk averse. Their main interest is getting their loan repaid in a timely fashion. Lenders assess the risk factors of the loan through their evaluation of the borrower, using the 5 C’s of credit: collateral, cash, […]