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Signs That it Might Be Time to Fire an Employee

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Of all the responsibilities that come with owning a small-business, the least pleasant is undoubtedly firing an employee. It’s something that is never comfortable for anyone, regardless of how long they’ve been in the professional working world. But as a small-business owner, it is something that does occasionally need to be done. Remember, when an employee isn’t living up to expectations, not only is it impacting your company’s bottom-line, but also the livelihood of both you and your ...

How to Set Up an Internship Program

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5 Steps to Getting an Internship Program Up and Running Ask any intern whether or not they like what they’re doing and they will either tell you they love it or they hate it. Rarely is there a middle ground. Not surprisingly, the interns that work best for their employers are those that are the happiest with their internship programs. If you are interested in setting up an internship program or your business’s interns just aren’t producing as well as you had hoped, then here ...

7 Things Every New Business Should Strive for in the First Year

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How to Tell if Your Business Will Be Successful Beyond Its First Year In the world of business, the potential for success is so often measured by milestones. Since just two out of five new businesses make it beyond their first year in operation, researchers have been able to mine a few solid indicators that can help identify those companies that will inevitably survive. According to experts, there are seven chief indicators that a new business will be one of the lucky ones to make it past its ...

How Can Cooperative Capitalism Benefit Your Business?

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Encouraging a Team Mentality Inside and Outside of the Business Remember the old adage, “Two heads are better than one?” This same mentality is what cooperative capitalism is essentially founded upon. In other words – like-minded people working together to achieve a single goal. Unlike competitive capitalism, which follows the principle that 1% of the population should own 99% of the wealth, cooperative capitalism is based on the belief that trust in business can be built through ...

Business Problems Can Be Contagious. Keep Your Business Healthy

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As a small-business owner, you probably do everything you can to keep your business’s finances healthy. You keep tabs on your budget, monitor your cash flow, keep your business and personal finances separate, and monitor your business credit. But despite your best efforts, other businesses’ problems can become issues for your business, as well. How does it happen, and what can you do to prevent it? The Ripple Effect Let’s say your business has a few key clients who are the ...

Can Your Small Business Afford to Provide Employee Health Care?

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Like it or not, the Affordable Care Act is a reality. The ACA has been the subject of intense debate on both sides of the aisle. Supporters claim it’s a boon for millions of uninsured Americans, while critics say its effects on the business community will be disastrous. Despite the dire predictions of detractors, the situation is not as bad for small businesses as it may seem. So, how will the Affordable Care Act really affect small-business owners? Will your small business be able to ...

How to Choose the Right Location for Your Business

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Every entrepreneur has heard that choosing the right location is extremely important. But there are so many items on the to-do list of anyone starting a new business, that scouting out the perfect location can sometimes slip through the cracks. For many small businesses, not letting that happen is crucial. So, what should small-business owners consider when choosing a location? Is It a Good Fit for Your Customers? For small-business owners whose customers come to them, the effects of location ...

How to Pitch Your Business to Family and Friends

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If you read the news, you might think that the majority of businesses acquire startup financing from venture capital firms and angel investors. But, that is actually not the case. The fact is, more than half of all startup capital is raised through those close to entrepreneurs: family, friends, and colleagues. Approaching people in your personal network for business financing can feel a bit awkward, but it does not need to. Remember, these people want you to succeed, as they are personally ...

Having Trouble Getting Paid on Time? Here’s What to Do

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Extending credit to clients can help small businesses increase sales volume, enhance customer loyalty, and gain a competitive advantage over businesses that do not offer deferred payment plans. But, if clients fail to pay according to terms, offering credit can also be a source of cash flow problems. Fortunately, there are actions that small-business owners can take to make sure their clients pay on time. What are they? Arm Yourself With Information Unfortunately, it is very difficult to ...

Why You Should Care About Your Suppliers’ Credit Ratings

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Most business owners know how important their business credit rating is. Having an excellent business credit rating makes borrowing affordable and accessible, increases a business’s value and appeal to potential investors. It also makes it easier to build business relationships. Why does a business’s credit rating matter so much to lenders, investors, vendors, and clients? Because it is a reliable indicator of how prompt a business is in paying its bills. Lenders and suppliers want ...