Getting United States government contracts seems awfully lucrative. The billions of dollars that are spent for so many multi-national companies makes government contracts seem extremely profitable. Then there are a number of small business programs that help small businesses get a foot into the door. Sometimes that just adds to the idea that getting government business is easy. Nothing could be further from the truth. The reality is that while government contracts can be large, but it can also be low margin.
When evaluating government contracts one must look at their competition. If a business is use to competing with big business, then they can be assured they will be competing with them for government business. The upside is that most big businesses actually increases their margins when pricing for the United States government. This is to the small business's benefit as they just need to simply match or beat those prices. Competing with other small businesses can be harder because they will have many of the same advantages. It could be made even more difficult if the competition is already winning the contracts.
The United States federal government is the single largest purchaser of goods and services in the world. With a purchaser of that size there are plenty of large businesses pursuing that business. However, the US federal government has set goals to do twenty-three percent of its business with small businesses. There are many entities that exist both within and without the government to help small businesses get government businesses. However, within each government department there is one office every small business should know.
Each United States federal government department has an Office of Small and Disadvantaged Business Utilization (OSDBU) that exist to assist small businesses in finding business opportunities within that department and its many agencies. These offices are great because it gives small businesses a point of contact within each governmental department and also can be a guide to help one through the maze of agencies within each department. The OSDBU will be familiar with each department's purchasing history and any major projects. They will also be terrific in providing introductions to purchasing personnel and contracting officers within the department and its agencies.
If at all possible a business should make personal contact with each department's OSDBU with which they are interested in doing business. There are two ways to make initial contact. First and probably best is make an appointment in Washington, DC. Yes, this will necessitate a trip to the nation's capitol, but it could be a business's best marketing investment ever. Second is to seek a conference where many OSDBUs will be present. It may be possible to find such conferences within easy reach of a business's main office. The nice benefit of local conferences is that they often have state and local opportunities to network with also.
Understand that pursuing government contracts is typically a long process and making contact with the OSDBU is just the first step in marketing a business to the US federal government. There will be follow-up meetings with the contracting and purchasing people where a business will actually develop a long-term relationship. That part of the process can be long and complex, so the initial contact with the OSDBU will be thankfully painless and even pleasant. Also, understand the OSDBU is only a guide in federal procurement and will not have contracts ready to handout. They may have something presently pending that one's business is perfectly suited, but that would be the exception. Even if they did have such available, the OSDBU would only direct the business to the contracting or purchasing office making the offer.
Ultimately it is best to make a resolute decision to acquire government business, rather than to simply try getting government contracts. The process being long and difficult, it doesn't pay to simply try. Only the businesses that make the determination to get government business succeed, The main thing to remember is that getting government work will take time and effort. However, perseverance will pay off. That is when government contracts are most lucrative, because the government procurement personnel like to use the same people over and over. Meaning it may be hard to get in, but once a business is in, they are in.
Visit http://www.osdbu.gov/ to find a list of OSDBUs and more information.
Wednesday, September 21, 2011
Monday, February 7, 2011
5 Ways To Avoid a Tax Audit
Worried about extra scrutiny from the Internal Revenue Service?
Everyone has heard horrible stories about people getting audited by the IRS and the IRS wasting a lot of their time for tiny mistakes or the IRS forcing the taxpayer to pay much more in taxes than they already paid. Statistics show that only about 1% of tax returns get audited in a given year, so if you think about it, it is more likely than not that you will get audited in your lifetime.
While you can never completely "audit-proof" your business's income tax return, you can take actions that will greatly reduce your chances of being flagged.
Here are 5 ways to avoid a tax audit:
1. Don't prepare your return by hand: Preparing your tax return by hand can easily lead to math errors or a return being too sloppy for the IRS computers to read. If the IRS computer doesn't understand what is on the return then an IRS employee will manually look at your return. Whenever you have an actual person looking at your return, the chances for an audit significantly jump. It is suggested that you use tax preparation software or use a tax professional to help you file (who most likely uses tax software as well).
2. Make over 100K a year: This is one of those things that you can't help, but it is good to know that once you pass this point your chances of an audit are significantly higher. If you do make over 100K a year, be sure to keep detailed records because the audit rate of 100K+ people is about double that of under 100K. This makes sense financially for the IRS to pursue these people because they pay more than 60% of the taxes in the United States.
3. Don't use foreign accounts: If the IRS sees money being transferred overseas or to some kind of foreign account this is a big red flag to them. Even if there is a legitimate reason for sending money overseas the IRS will investigate, so be sure to keep good records of any transactions that are being done.
4. Don't round your numbers: Rounded numbers is an instant flag to get a tax return looked into further. The IRS knows that the likelihood of you having deductions that are rounded off to the nearest thousand or hundred is extremely unlikely. The IRS knows that people that don't have exact records for their transactions just take guesstimates on some of the deductions or income numbers on their tax return. Be sure to use accurate information and avoid rounding.
5. Be careful with business deductions and schedule C filings: If you own a small business and file a schedule C, this will significantly increase your chances of an audit. Over the years people have abused many deductions, so the IRS keeps a close eye on this. One of the major things that they watch out for is the home office deduction. If you do have a legitimate home office, be sure to keep all proper records to legitimately backup your deductions. Also, if you do have a small business, consider setting it up as a different entity so expenses won't flow through your personal tax return. Partnerships and SCorps are most less likely to get audited and the IRS doesn't look into business expenses that are being flowed through these entities as much as personal tax returns.
An IRS audit is a big hassle for anyone who encounters one and can be costly. Keeping these things in mind can significantly decrease your chance of an audit.
Everyone has heard horrible stories about people getting audited by the IRS and the IRS wasting a lot of their time for tiny mistakes or the IRS forcing the taxpayer to pay much more in taxes than they already paid. Statistics show that only about 1% of tax returns get audited in a given year, so if you think about it, it is more likely than not that you will get audited in your lifetime.
While you can never completely "audit-proof" your business's income tax return, you can take actions that will greatly reduce your chances of being flagged.
Here are 5 ways to avoid a tax audit:
1. Don't prepare your return by hand: Preparing your tax return by hand can easily lead to math errors or a return being too sloppy for the IRS computers to read. If the IRS computer doesn't understand what is on the return then an IRS employee will manually look at your return. Whenever you have an actual person looking at your return, the chances for an audit significantly jump. It is suggested that you use tax preparation software or use a tax professional to help you file (who most likely uses tax software as well).
2. Make over 100K a year: This is one of those things that you can't help, but it is good to know that once you pass this point your chances of an audit are significantly higher. If you do make over 100K a year, be sure to keep detailed records because the audit rate of 100K+ people is about double that of under 100K. This makes sense financially for the IRS to pursue these people because they pay more than 60% of the taxes in the United States.
3. Don't use foreign accounts: If the IRS sees money being transferred overseas or to some kind of foreign account this is a big red flag to them. Even if there is a legitimate reason for sending money overseas the IRS will investigate, so be sure to keep good records of any transactions that are being done.
4. Don't round your numbers: Rounded numbers is an instant flag to get a tax return looked into further. The IRS knows that the likelihood of you having deductions that are rounded off to the nearest thousand or hundred is extremely unlikely. The IRS knows that people that don't have exact records for their transactions just take guesstimates on some of the deductions or income numbers on their tax return. Be sure to use accurate information and avoid rounding.
5. Be careful with business deductions and schedule C filings: If you own a small business and file a schedule C, this will significantly increase your chances of an audit. Over the years people have abused many deductions, so the IRS keeps a close eye on this. One of the major things that they watch out for is the home office deduction. If you do have a legitimate home office, be sure to keep all proper records to legitimately backup your deductions. Also, if you do have a small business, consider setting it up as a different entity so expenses won't flow through your personal tax return. Partnerships and SCorps are most less likely to get audited and the IRS doesn't look into business expenses that are being flowed through these entities as much as personal tax returns.
An IRS audit is a big hassle for anyone who encounters one and can be costly. Keeping these things in mind can significantly decrease your chance of an audit.
Wednesday, September 15, 2010
Social Media Marketing Tips For Small Business
Social networking platforms build buzz, boost business and serve small businesses as low-cost/no-cost marketing tools. Small business owners need to understand how these tools strategically serve and support small business first so they best implement social media strategies to sell products and/or services.
Social Media, simply put, serves users and organizations in marketing in three ways:
1. Communication
Marketing is all about building relationships -- relationships start with communication. New web tools like blogging, micro-blogging (Twitter), social networking (Facebook, LinkedIn, Ning), podcasting (BlogTalkRadio), video distribution (YouTube), event coordination tools (Meetup), wikis (Wikipedia) photo sharing (Flickr, Photobucket), and product review sites (epinions.com) allow small businesses to communicate, educate and share information directly with their current and prospective customers.
Content in the form of blog posts, audio, video, comparison/review sites, tweets and social network messages help share information in a less-formal way that builds the know, like and trust factors that influence decision making. Content is no longer just text. Small businesses can use audio or visual content for a "show me" and "tell me" to make communications a pack more interactive punch.
Social media's direct communication distinction serves and supports small business as it brings the people you want to attract directly to you and makes direct communication possible. Social Media makes communication a conversation so small business owners can share, receive feedback and connect on equal ground with their target markets.
2. Collaboration
When small businesses empower their target consumers, they feel powerful. When your target market feels powerful, it trusts you, buys from you, and stays with you. Social networking collaboration transforms consumers into "prosumers". In an era of social media prosumers, it's people (not companies) who make, shape, or break purchase patterns.
Small businesses can ignite collaboration for marketing by creating their own communities and/or joining communities. By doing so, they can listen and connect to their target customers and build a free forum to bring their market together. Collaboration = Marketing Acceleration.
Social networking collaboration tools like review sites, video sharing sites, blogs, wikis and more allow users to self-serve, collaborate, and potentially serve as an endorser for your small business. Social media works as a marketing tool because people are more likely to trust peers rather than companies.
The power of mass collaboration serves and supports small business owners in a distinct way. Tapping/creating valuable collaborative options can bring people together to share ideas, exchange information, and help each other -- and support relationship growth. Removing the "company/client" disconnect can break down elitism and boost marketing mind power.
3. Entertainment
The most important reason that social networking works as a marketing tool is simple -- because it's fun. People want to go where they feel they belong, have a voice, are listened to, and enjoy themselves. Small business owners need to be where their target markets are -- and these days, the masses are on Facebook, Ning, Twitter, Linkedin, Photobucket, YouTube and more because it has entertainment value.
Remember the Will It Blend? campaigns by Blendtec? They were a perfect example of social media marketing in brilliant action. Videos were relevant as they showed the product, were entertaining (they blended an iPhone!), and they were viral! People could easily share the fun with friends due to the ease of social media sharing widgets.
You can't put a dollar amount on free promotion. The way social media stores data as an "Interactive Rolodex" also has an entertainment factor. Sites like Facebook and LinkedIn are becoming the "new databases" because they are fast, easy, and fun. People are more likely to update their Facebook and LinkedIn information than a sterile address book because it is fun.
Small business owners use social media's entertainment factor to build their online database of contacts and connections, be visible to prospective customers, and get the word out in creative ways like YouTube videos, blog posts, images, podcasts to make people smile and spread the word.
How Social Networking Helps Small Businesses Sell
Social Media Marketing helps most small businesses boost sales indirectly by increasing relationships. Understanding that social media marketing serves users for communication, collaboration, and entertainment is the first step to considering how to strategically implement the multitude of social media marketing tools and choose the ones that work best for your unique organization.
The key thing that small businesses need to remember when using social media to help sell is that efforts must have value. There has to be value to your content, community, and execution to get people to engage with you or your organization. Social media doesn't sell things -- people sell things. Engaging in social media marketing starts the relationship-building process. Start small and snowball. Social media takes understanding, passion, effort, and commitment to make it work. Give your small business an authentic voice with social media and commit to providing value and you will be off to a smart start.
Social Media, simply put, serves users and organizations in marketing in three ways:
1. Communication
Marketing is all about building relationships -- relationships start with communication. New web tools like blogging, micro-blogging (Twitter), social networking (Facebook, LinkedIn, Ning), podcasting (BlogTalkRadio), video distribution (YouTube), event coordination tools (Meetup), wikis (Wikipedia) photo sharing (Flickr, Photobucket), and product review sites (epinions.com) allow small businesses to communicate, educate and share information directly with their current and prospective customers.
Content in the form of blog posts, audio, video, comparison/review sites, tweets and social network messages help share information in a less-formal way that builds the know, like and trust factors that influence decision making. Content is no longer just text. Small businesses can use audio or visual content for a "show me" and "tell me" to make communications a pack more interactive punch.
Social media's direct communication distinction serves and supports small business as it brings the people you want to attract directly to you and makes direct communication possible. Social Media makes communication a conversation so small business owners can share, receive feedback and connect on equal ground with their target markets.
2. Collaboration
When small businesses empower their target consumers, they feel powerful. When your target market feels powerful, it trusts you, buys from you, and stays with you. Social networking collaboration transforms consumers into "prosumers". In an era of social media prosumers, it's people (not companies) who make, shape, or break purchase patterns.
Small businesses can ignite collaboration for marketing by creating their own communities and/or joining communities. By doing so, they can listen and connect to their target customers and build a free forum to bring their market together. Collaboration = Marketing Acceleration.
Social networking collaboration tools like review sites, video sharing sites, blogs, wikis and more allow users to self-serve, collaborate, and potentially serve as an endorser for your small business. Social media works as a marketing tool because people are more likely to trust peers rather than companies.
The power of mass collaboration serves and supports small business owners in a distinct way. Tapping/creating valuable collaborative options can bring people together to share ideas, exchange information, and help each other -- and support relationship growth. Removing the "company/client" disconnect can break down elitism and boost marketing mind power.
3. Entertainment
The most important reason that social networking works as a marketing tool is simple -- because it's fun. People want to go where they feel they belong, have a voice, are listened to, and enjoy themselves. Small business owners need to be where their target markets are -- and these days, the masses are on Facebook, Ning, Twitter, Linkedin, Photobucket, YouTube and more because it has entertainment value.
Remember the Will It Blend? campaigns by Blendtec? They were a perfect example of social media marketing in brilliant action. Videos were relevant as they showed the product, were entertaining (they blended an iPhone!), and they were viral! People could easily share the fun with friends due to the ease of social media sharing widgets.
You can't put a dollar amount on free promotion. The way social media stores data as an "Interactive Rolodex" also has an entertainment factor. Sites like Facebook and LinkedIn are becoming the "new databases" because they are fast, easy, and fun. People are more likely to update their Facebook and LinkedIn information than a sterile address book because it is fun.
Small business owners use social media's entertainment factor to build their online database of contacts and connections, be visible to prospective customers, and get the word out in creative ways like YouTube videos, blog posts, images, podcasts to make people smile and spread the word.
How Social Networking Helps Small Businesses Sell
Social Media Marketing helps most small businesses boost sales indirectly by increasing relationships. Understanding that social media marketing serves users for communication, collaboration, and entertainment is the first step to considering how to strategically implement the multitude of social media marketing tools and choose the ones that work best for your unique organization.
The key thing that small businesses need to remember when using social media to help sell is that efforts must have value. There has to be value to your content, community, and execution to get people to engage with you or your organization. Social media doesn't sell things -- people sell things. Engaging in social media marketing starts the relationship-building process. Start small and snowball. Social media takes understanding, passion, effort, and commitment to make it work. Give your small business an authentic voice with social media and commit to providing value and you will be off to a smart start.
Thursday, June 10, 2010
Entrepreneurship as a Career to Starting Your Own Business
If you have been thinking of starting your own business but with a little information on how to make the first step, then, you have to take the following into great consideration.
1. Decide what type of business you want to put up. You may ask to some of your successful friends what is a good type of business. Well, they might suggest some, but the right answer is in you. Deciding what type of business you would put up means reflecting deeply the things you want to do and things you are good at. Look ahead and ask yourself these questions: Am I willing to do this business everyday for years? What do I love to do? What are the things that are both profitable, at the same time, things that I find enjoyable? These questions will lead you to specific type of business you want to put up. Take your time.
2. Do research. Once you have determined a particular type of business you want to put up, study its profitability. You simply don't put up a business you love, don't you? You still have to think if the business will click. Feasibility study would do the job. In other words, study if the business you are trying to put up will return to you the investment you have given. In here, you have to decide where to put up your business. Remember that a certain type of business would hit big time in one place but not on the other, so make sure that the place you will choose will give you good sales once you have opened.
3. Decide on the name. Create a name that is snappy; the name that will put every element of your business in a nutshell. A name may or may not be short as long as it distinguishable.
4. Decide on the form of business. Form of business means that you will have to choose between, incorporation, partnership, and sole proprietorship. Know the difference between the three and what are their advantages and disadvantages to you.
5. The registration. Most businesses must be registered and there are processes to follow. You need to reserve for the business name and registering your business. One state might have different business registration procedure from another. Check the information on the website of your state.
6. Get the license and business number. Register for the PST and the GST/HST. All these must be accomplished before you can operate your business. Again, you may want to check on the whole procedure of starting a business on your state.
7. Get your employees ready. Having an employee helping you will certainly give additional boost on your business. It may be the last thing you would think on the early stage of business but it is nice to know that when you have an employee, you know there is someone who can assist you as you go along the way.
8. Get business insurance. A support net would come in handy once you fall from the sky. Research on the types of business insurances that you can get.
9. Get started. Give a good start and keep your name clean. You may want to study more on the principles of entrepreneurship as you go along.
Although all these may sound easy or awfully hard task, you still need to understand how the business world works. Yes, having read this would not mean that you would instantly become a tycoon. These are only your initial steps; somewhat the basic information you need to know when you decide to start a business of your own. To become a successful entrepreneur, you need to dedicate you whole heart and soul to the business you love. Before you know it, you are a growing businessperson.
Once you have started, never disregard the chance of failure. And this should not demoralize you. It is just the part of the game. Learn how to adapt to the business and charge all your failures to experience. You will learn as you go along. Successful people never give up. Remember, always head forward but have time to look back, learn from the past and seek out new information to improve your results.
Get started now at http://www.bizsmartdepot.com/business_startup.html where you can claim your FREE copy of our Business Start-up Checklist.
1. Decide what type of business you want to put up. You may ask to some of your successful friends what is a good type of business. Well, they might suggest some, but the right answer is in you. Deciding what type of business you would put up means reflecting deeply the things you want to do and things you are good at. Look ahead and ask yourself these questions: Am I willing to do this business everyday for years? What do I love to do? What are the things that are both profitable, at the same time, things that I find enjoyable? These questions will lead you to specific type of business you want to put up. Take your time.
2. Do research. Once you have determined a particular type of business you want to put up, study its profitability. You simply don't put up a business you love, don't you? You still have to think if the business will click. Feasibility study would do the job. In other words, study if the business you are trying to put up will return to you the investment you have given. In here, you have to decide where to put up your business. Remember that a certain type of business would hit big time in one place but not on the other, so make sure that the place you will choose will give you good sales once you have opened.
3. Decide on the name. Create a name that is snappy; the name that will put every element of your business in a nutshell. A name may or may not be short as long as it distinguishable.
4. Decide on the form of business. Form of business means that you will have to choose between, incorporation, partnership, and sole proprietorship. Know the difference between the three and what are their advantages and disadvantages to you.
5. The registration. Most businesses must be registered and there are processes to follow. You need to reserve for the business name and registering your business. One state might have different business registration procedure from another. Check the information on the website of your state.
6. Get the license and business number. Register for the PST and the GST/HST. All these must be accomplished before you can operate your business. Again, you may want to check on the whole procedure of starting a business on your state.
7. Get your employees ready. Having an employee helping you will certainly give additional boost on your business. It may be the last thing you would think on the early stage of business but it is nice to know that when you have an employee, you know there is someone who can assist you as you go along the way.
8. Get business insurance. A support net would come in handy once you fall from the sky. Research on the types of business insurances that you can get.
9. Get started. Give a good start and keep your name clean. You may want to study more on the principles of entrepreneurship as you go along.
Although all these may sound easy or awfully hard task, you still need to understand how the business world works. Yes, having read this would not mean that you would instantly become a tycoon. These are only your initial steps; somewhat the basic information you need to know when you decide to start a business of your own. To become a successful entrepreneur, you need to dedicate you whole heart and soul to the business you love. Before you know it, you are a growing businessperson.
Once you have started, never disregard the chance of failure. And this should not demoralize you. It is just the part of the game. Learn how to adapt to the business and charge all your failures to experience. You will learn as you go along. Successful people never give up. Remember, always head forward but have time to look back, learn from the past and seek out new information to improve your results.
Get started now at http://www.bizsmartdepot.com/business_startup.html where you can claim your FREE copy of our Business Start-up Checklist.
Tuesday, March 16, 2010
The Changes In Working Capital Loan Programs
There have recently been significant changes made to business finance funding options throughout the United States and elsewhere. These are serious and real changes that cannot be ignored by business owners as they develop their working capital plans for future financing and refinancing. We expect even the temporary small business loan and commercial mortgage loan measures to be in place for a lengthy period of time due to the severity of current economic conditions, and some of these measures are likely to end up being permanent.
The net result from business finance changes has been a reduction in commercial lenders as well as stricter standards for acquiring commercial loans and commercial mortgages. Unfortunately there has also been no shortage of misinformation about the availability of commercial funding.
A significant reduction in business lending activity overall is perhaps the most dramatic change. This has been due to several events occurring almost simultaneously. Several major commercial lenders have gone out of business altogether. Even though they have continued consumer lending, many banks have stopped commercial finance lending. Numerous business lenders have enacted stricter standards for the commercial financing transactions they are still willing to consider.
It remains to be seen how many changes will be permanent or temporary. But from a practical perspective, commercial borrowers are left with no choice but to adapt to the changing business finance environment. Business owners must be prepared to operate within a more complicated climate for commercial mortgage loans and small business loans regardless of how long the changes might be kept in place.
What should borrowers do about this? A primary option that business owners should explore involves looking beyond their local market area for help with commercial loans. A commercial financing expert operating throughout the United States should be helpful in improving upon this situation.
In addition to fewer business lenders to choose from, there are two other significant changes which must be anticipated by business owners before seeking new commercial loans. First, more collateral for virtually all business finance funding is being demanded by many commercial lenders. Second, most lenders have cancelled or are about to eliminate unsecured lines of credit (usually called working capital loans) for many businesses.
Considering a business cash advance program based on future credit card processing transactions is likely to be an effective commercial financing strategy for overcoming the combined obstacles of more collateral, reduced unsecured credit lines and fewer lenders. This is proving to be one of the few sources of business funding that has not been adversely impacted by recent events. It will be productive to discuss the potential with a business finance expert who can provide advice about small business financing solutions including business cash advances and other financial options.
It is increasingly obvious that many banks will continue to modify their business lending programs in response to changing conditions. This means that another key change issue for working capital financing and commercial mortgages is the likelihood that more changes will be forthcoming in the near future.
To adequately prepare for future commercial finance changes that might (or might not) occur is a daunting task for a business owner. A commercial financing expert familiar with Plan B contingency financing for small business loans will prove to be a valuable resource for any borrower wanting to seriously deal with both current and future changes impacting the financial health of their business. By having a candid conversation with a commercial loan expert, business owners should be more capable of implementing an appropriate strategy for the vast changes which have recently occurred or are about to become effective for most working capital finance funding.
Obtain effective strategies for commercial financing - Ask our business finance funding experts on your options in alternative working capital loan. Click here.
The net result from business finance changes has been a reduction in commercial lenders as well as stricter standards for acquiring commercial loans and commercial mortgages. Unfortunately there has also been no shortage of misinformation about the availability of commercial funding.
A significant reduction in business lending activity overall is perhaps the most dramatic change. This has been due to several events occurring almost simultaneously. Several major commercial lenders have gone out of business altogether. Even though they have continued consumer lending, many banks have stopped commercial finance lending. Numerous business lenders have enacted stricter standards for the commercial financing transactions they are still willing to consider.
It remains to be seen how many changes will be permanent or temporary. But from a practical perspective, commercial borrowers are left with no choice but to adapt to the changing business finance environment. Business owners must be prepared to operate within a more complicated climate for commercial mortgage loans and small business loans regardless of how long the changes might be kept in place.
What should borrowers do about this? A primary option that business owners should explore involves looking beyond their local market area for help with commercial loans. A commercial financing expert operating throughout the United States should be helpful in improving upon this situation.
In addition to fewer business lenders to choose from, there are two other significant changes which must be anticipated by business owners before seeking new commercial loans. First, more collateral for virtually all business finance funding is being demanded by many commercial lenders. Second, most lenders have cancelled or are about to eliminate unsecured lines of credit (usually called working capital loans) for many businesses.
Considering a business cash advance program based on future credit card processing transactions is likely to be an effective commercial financing strategy for overcoming the combined obstacles of more collateral, reduced unsecured credit lines and fewer lenders. This is proving to be one of the few sources of business funding that has not been adversely impacted by recent events. It will be productive to discuss the potential with a business finance expert who can provide advice about small business financing solutions including business cash advances and other financial options.
It is increasingly obvious that many banks will continue to modify their business lending programs in response to changing conditions. This means that another key change issue for working capital financing and commercial mortgages is the likelihood that more changes will be forthcoming in the near future.
To adequately prepare for future commercial finance changes that might (or might not) occur is a daunting task for a business owner. A commercial financing expert familiar with Plan B contingency financing for small business loans will prove to be a valuable resource for any borrower wanting to seriously deal with both current and future changes impacting the financial health of their business. By having a candid conversation with a commercial loan expert, business owners should be more capable of implementing an appropriate strategy for the vast changes which have recently occurred or are about to become effective for most working capital finance funding.
Obtain effective strategies for commercial financing - Ask our business finance funding experts on your options in alternative working capital loan. Click here.
Monday, October 26, 2009
Small Business Legal Protection Part II: How To Find Small Business Legal Help
Deciding Whether to Go Legal
As a former full-time practicing attorney and now a small business owner, I have been on both sides of the fence when it comes to the legal issues a business owner may face। This provides me with the distinct advantage of knowing when to call in an attorney for assistance, as opposed to using another professional, such as an accountant, financial planner, insurance agent, or business coach -- or perhaps handling the matter myself. In addition, my background helps me to select an attorney that is the best fit for the business matter at hand. Many entrepreneurs have had limited experience deciding whether a matter needs legal attention and, if so, what type of attorney to retain, how to find the best match, and how to maximize the attorney-client relationship. As an entrepreneur, it is imperative that you understand when to "go legal," and if you do, how to find and work with an attorney that is the best fit for your issue.
If you are confused about whether your matter needs legal attention or whether you can handle it yourself, try researching the matter on the American Bar Association's Self-Help online center। Go to Public Resources, then Legal Help, and then Self-Help. The section is organized by state and is a user-friendly resource for determining whether a matter is complex and needs a legal expert, or whether it is something you can handle yourself.
In addition, a good business coach, especially one with a legal background, is a great sounding board to assist you in determining whether an issue is truly legal in nature, and if so, which type of attorney to retain। You would be surprised how many issues appear legal in nature, but turn out to be business decisions instead. So don't be hasty when deciding whether to go legal!
Not All Attorneys Are Created Equal
So, assuming you have decided to "go legal" and retain an attorney, which one are you going to call? If you broke your arm, would you make an appointment with an allergist? If you had an ear infection, would you seek the advice of a surgeon? Of course not! Yet, everyday, many entrepreneurs contact and use attorneys to handle matters for their businesses that are completely outside the realm of what that attorney specializes in। Yes, attorneys specialize.
First, there is the main issue of whether your matter is civil or criminal in nature। Generally (and, thankfully!), the average legal matter an entrepreneur will face is a civil matter. Thus, you will be dealing with a civil attorney (hopefully in more ways than one). However, civil law is a huge umbrella. Typical small business matters may include incorporation, intellectual property (trademark, copyright, and patent), contract drafting and enforcement, employment or labor law issues, etc. Thus, look for an attorney that specializes in the area you need help with. Don't be tempted to use your cousin, who is a residential real estate attorney, to assist you with a complex trademark issue. While this may be tempting in terms of saving money, it may (and often does) cost you more money in the long run if the matter is not handled properly. So match the attorney to the problem, and you are on the right track.
If you are unsure what type of legal issue you are even facing, speak up! Talk to a friend or business colleague that is an attorney, and ask his or her advice on the type of issue you are dealing with। You can also call the local bar association, or do some basic internet research to find out the area of law you are dealing with. This background research will arm you with enough terminology and basic knowledge to make the best match with an attorney whose legal practice covers the area of your business issue.
Finding an Attorney
So, now that you know the area of law, how do you find a good lawyer that practices in that area? The same way you find any other professional to assist you with your business। Referrals from friends, family and colleagues are a fantastic way to find a reputable attorney. You can also ask your local chamber of commerce, local law school, and local and state bar associations.
Money Matters
If you've never worked with an attorney before, here are some basics of the legal profession with regard to money matters। Most attorneys charge by the hour, so ask what the hourly rate is, and an estimate of how many hours the matter may take. If the matter is small, or a typical one that the attorney handles often, there may be a flat fee for the entire transaction instead of an hourly rate. Be prepared to pay a fee for the initial consultation, which is standard, but not a hard and fast rule. In some cases, the attorney may require a retainer, which is money that you provide upfront that the attorney works off of as the matter progresses.
Maximizing the Attorney-Client Relationship
I cannot emphasize enough the importance of accurate, concrete, and timely record keeping and documentation when preparing to work with an attorney, and during the relationship। An attorney will need to go on a fact-finding mission in order to best represent you and your business. Help your attorney do his or her job better by coming to the table with all of your ducks in a row. Be prompt in providing requested information, as often legal timelines are at play. Honesty is also vital when working with an attorney. The best attorney-client relationships are built on mutual trust and, thus, withholding information can make or break your case. An attorney needs all of the facts in order to make tough decisions with you about the best course of action for your business matter.
For small business legal help and solutions visit us by clicking here.
Copyright 2008. Lisa Montanaro, "The Solutions Expert."
As a former full-time practicing attorney and now a small business owner, I have been on both sides of the fence when it comes to the legal issues a business owner may face। This provides me with the distinct advantage of knowing when to call in an attorney for assistance, as opposed to using another professional, such as an accountant, financial planner, insurance agent, or business coach -- or perhaps handling the matter myself. In addition, my background helps me to select an attorney that is the best fit for the business matter at hand. Many entrepreneurs have had limited experience deciding whether a matter needs legal attention and, if so, what type of attorney to retain, how to find the best match, and how to maximize the attorney-client relationship. As an entrepreneur, it is imperative that you understand when to "go legal," and if you do, how to find and work with an attorney that is the best fit for your issue.
If you are confused about whether your matter needs legal attention or whether you can handle it yourself, try researching the matter on the American Bar Association's Self-Help online center। Go to Public Resources, then Legal Help, and then Self-Help. The section is organized by state and is a user-friendly resource for determining whether a matter is complex and needs a legal expert, or whether it is something you can handle yourself.
In addition, a good business coach, especially one with a legal background, is a great sounding board to assist you in determining whether an issue is truly legal in nature, and if so, which type of attorney to retain। You would be surprised how many issues appear legal in nature, but turn out to be business decisions instead. So don't be hasty when deciding whether to go legal!
Not All Attorneys Are Created Equal
So, assuming you have decided to "go legal" and retain an attorney, which one are you going to call? If you broke your arm, would you make an appointment with an allergist? If you had an ear infection, would you seek the advice of a surgeon? Of course not! Yet, everyday, many entrepreneurs contact and use attorneys to handle matters for their businesses that are completely outside the realm of what that attorney specializes in। Yes, attorneys specialize.
First, there is the main issue of whether your matter is civil or criminal in nature। Generally (and, thankfully!), the average legal matter an entrepreneur will face is a civil matter. Thus, you will be dealing with a civil attorney (hopefully in more ways than one). However, civil law is a huge umbrella. Typical small business matters may include incorporation, intellectual property (trademark, copyright, and patent), contract drafting and enforcement, employment or labor law issues, etc. Thus, look for an attorney that specializes in the area you need help with. Don't be tempted to use your cousin, who is a residential real estate attorney, to assist you with a complex trademark issue. While this may be tempting in terms of saving money, it may (and often does) cost you more money in the long run if the matter is not handled properly. So match the attorney to the problem, and you are on the right track.
If you are unsure what type of legal issue you are even facing, speak up! Talk to a friend or business colleague that is an attorney, and ask his or her advice on the type of issue you are dealing with। You can also call the local bar association, or do some basic internet research to find out the area of law you are dealing with. This background research will arm you with enough terminology and basic knowledge to make the best match with an attorney whose legal practice covers the area of your business issue.
Finding an Attorney
So, now that you know the area of law, how do you find a good lawyer that practices in that area? The same way you find any other professional to assist you with your business। Referrals from friends, family and colleagues are a fantastic way to find a reputable attorney. You can also ask your local chamber of commerce, local law school, and local and state bar associations.
Money Matters
If you've never worked with an attorney before, here are some basics of the legal profession with regard to money matters। Most attorneys charge by the hour, so ask what the hourly rate is, and an estimate of how many hours the matter may take. If the matter is small, or a typical one that the attorney handles often, there may be a flat fee for the entire transaction instead of an hourly rate. Be prepared to pay a fee for the initial consultation, which is standard, but not a hard and fast rule. In some cases, the attorney may require a retainer, which is money that you provide upfront that the attorney works off of as the matter progresses.
Maximizing the Attorney-Client Relationship
I cannot emphasize enough the importance of accurate, concrete, and timely record keeping and documentation when preparing to work with an attorney, and during the relationship। An attorney will need to go on a fact-finding mission in order to best represent you and your business. Help your attorney do his or her job better by coming to the table with all of your ducks in a row. Be prompt in providing requested information, as often legal timelines are at play. Honesty is also vital when working with an attorney. The best attorney-client relationships are built on mutual trust and, thus, withholding information can make or break your case. An attorney needs all of the facts in order to make tough decisions with you about the best course of action for your business matter.
For small business legal help and solutions visit us by clicking here.
Copyright 2008. Lisa Montanaro, "The Solutions Expert."
Tuesday, October 6, 2009
Small Business Legal Protection Part I: Seek Legal Advice Before it Becomes Necessary
There are many reasons to hire an attorney form simple estate planning to criminal defense lawyers can help people to find their way through many legal struggles that can creep up on them at any time. Most people believe that they do not need to keep a lawyer on retention or that having a lawyer will somehow invite trouble to them. However for anyone that is in business having access to a lawyer is like having an accountant to keep the books straight
With contracts flying around and people requiring different services from a legal perspective the addition of an attorney to the payroll makes sound business sense। Many large corporations have a full time lawyer on retainer and working for their specific interests and so too should any small business enterprise that is competing in the marketplace.
Aside from contracts and letters of credit or collection a lawyer can aid in the legal advice of building a business and can actually help in avoiding legal problems before they arise if they are utilized correctly and allowed to review any important documents and contracts that could come across the desk of the business owner। In ever case it is easier to prevent legal problems for arising with the aid of attorney, than it is to hire a lawyer once a legal issue raises its head.
Once a business owner realizes that they need a lawyer it is often too late to prevent the legal issue from growing and the fees and expenses of an attorney will be far higher than if the attorney was brought in to help at the onset of business।
This concludes Part I of this article. In Part II, we will cover How To Find Small Business Legal Help
With contracts flying around and people requiring different services from a legal perspective the addition of an attorney to the payroll makes sound business sense। Many large corporations have a full time lawyer on retainer and working for their specific interests and so too should any small business enterprise that is competing in the marketplace.
Aside from contracts and letters of credit or collection a lawyer can aid in the legal advice of building a business and can actually help in avoiding legal problems before they arise if they are utilized correctly and allowed to review any important documents and contracts that could come across the desk of the business owner। In ever case it is easier to prevent legal problems for arising with the aid of attorney, than it is to hire a lawyer once a legal issue raises its head.
Once a business owner realizes that they need a lawyer it is often too late to prevent the legal issue from growing and the fees and expenses of an attorney will be far higher than if the attorney was brought in to help at the onset of business।
This concludes Part I of this article. In Part II, we will cover How To Find Small Business Legal Help
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