updated - July 13, 2020 Monday EDT
What is missing in most small business plans is an adequate answer to the questions "who are you?" or "what do you do?" said Wortmann. (Small businesses with no established name are often asked these questions.)
Management consultant and author Martin O'Neill says, "Turn your company into an Internal Franchise. If you want to maximize your profits, teach each and every employee to act like they own the business."
Good HR management is important for any company. However, employee time tracking can be very time-consuming. But 2012 should be a year to celebrate for those employer and managers who get overwhelmed by employee attendance, sick, PTO, vacation time tracking headaches, thanks to the newly revamped ezTimeSheet employee time tracking software from halfpricesoft.com
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. A business plan helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of a...
Buying a business is not like buying a piece of real estate or a piece of critical equipment. Finding a good business for sale can be a real challenge, as can thoroughly checking it out and closing the deal. The process can take months, and can virtually monopolize a buyer's time. Below is the framework that most business purchases follow.
Small businesses can get money through "equity financing" or "debt financing." Equity financing means that you sell stock in your company to a buyer, who then has an ownership interest in your company. Debt financing means a loan -- you owe the person who holds the debt (usually a promissory note) the amount borrowed. Here are the most common sources of equity and debt financing for small businesses.
In a rare display of election-year bipartisanship, the House of Representatives voted overwhelmingly on Thursday to make it easier for small businesses, the engine of the economy, to raise capital and eventually hire workers.
The International Franchise Association (IFA) was established in 1960 to build and maintain a favorable economic and regulatory climate for franchising. It is the only association serving as the voice for franchising in the United States and is a major participant in the international franchise arena. IFA's mission is to enhance and to safeguard the business environment for franchising worldwide. Today, more than 75 industries operate within the franchising format, and IFA's membership and ...
There is no doubt about it. Putting your money in a franchise is an active investment as contrasted with a securities investment which is passive. Franchisees often place their life savings, time, and energy into the franchise and, as a result, the loss of a franchise investment may be even more catastrophic than the loss of a securities investment.
For any new business there are several options for acquiring finance, however, the preferred option for larger levels of finance tends to be bank loans - this is no different for franchising. Before thinking about approaching a bank, you need to build a comprehensive business plan to allow the bank to judge the viability of the business.
Business leaders are looking for a new edge. Their companies may be just barely alive, having made cuts they never thought they would have to make. The workers have been beaten down and overworked. The energy, the buzz, and satisfaction are dead. Why not turn to Internal Franchise, advises management consultant and author Martin O’Neill.
TOP 10 FRANCHISES OF 2020