Welcome to Leadership Training Courses Online Website. This website provides a library of best leadership resources and tools for senior managers and executives. Leadership website provides a list of top international training courses offered via various delivery methods, including online distance learning, accelerated workshops, experiential courses, corporate action learning, and self-study courses. It also provides leadership learning resources, expert advice, and insights.
Leadership Training Courses
This website provides guide to standardized leadership training courses topics and to most popular leadership training courses in leading industrial countries, the courses includes the following key topics: Leadership, leadership measurements and metrics, international leadership leadership and organization culture, strategic planning, management certification, policies and procedures, leadership training, balanced scorecard (BSC) for leadership, Leadership best practices, strategic plan implementation, and operations control and alignment.
Thursday, July 2, 2009
Business Staregy Module
Welcome to Business Strategy Management Training Courses Online Website. This website provides a library of best business strategy resources and tools for senior managers and executives. Business strategy website provides a list of top international training courses offered via various delivery methods, including online distance learning, accelerated workshops, experiential courses, corporate action learning, and self-study courses. It also provides business strategy learning resources, expert advice, and insights.
Business Strategy Management Training
This website provides guide to standardized business strategy training courses topics and to most popular business strategy training courses in leading industrial countries, the courses includes the following key topics: business strategy management, business strategy measurements and metrics, international business strategy business strategy and organization culture, strategic planning, management certification, policies and procedures, business strategy training, balanced scorecard (BSC) for business strategy, business strategy management best practices, strategic plan implementation, and operations control and alignment.
Business Strategy Management Training
This website provides guide to standardized business strategy training courses topics and to most popular business strategy training courses in leading industrial countries, the courses includes the following key topics: business strategy management, business strategy measurements and metrics, international business strategy business strategy and organization culture, strategic planning, management certification, policies and procedures, business strategy training, balanced scorecard (BSC) for business strategy, business strategy management best practices, strategic plan implementation, and operations control and alignment.
Friday, June 26, 2009
Business Management Basics
One of the problems of running a small business is that the small business owner gets to do everything himself – at least until he can afford to hire other people. Business management can be a particularly thorny area for people who don’t have any management experience and/or aren't familiar with management basics.
These business management basics provide an outline of four areas of business management most critical to small businesses. For each business management bascis area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management topic.
1) Money Management Basics
Is there anything more important to the success of your small business than managing the money? Money management should be your top business management priority.
Accounting
The first step in money management is tracking the money coming in and the money flowing out.
* Top Accounting Software Programs For Small Business
These top selling software programs simplify your small business accounting tasks, and provide all the reports and tools you need to effectively use your financial data.
* Before You Buy Accounting Software
Ease of use, the learning curve, and scalability are only some of the features you should consider when choosing an accounting software package that will meet the needs of your small business.
* Preparing A Balance Sheet
An explanation of the different sections of the balance sheet and a balance sheet template that you can use for your small business.
Cash Flow Management
Once you know how cash flows in and out of your small business, you’re ready to manage that flow.
* Cash Flow Management
A definition of cash flow management and an outline of the steps small businesses need to follow to develop a cash flow management system.
* Preparing Cash Flow Projections
An explanation of the difference between a cash flow statement and a cash flow projection, and a template that you can use to make cash flow projections for your small business.
* Close The Cash Flow Gap
The basics of cash flow management, including a simple way to make cash flow projections and how to improve your cash flow by shortening your cash flow conversion period.
* Doing Credit Checks Can Really Pay Off
Doing a credit check on a customer before you extend credit can save you money and buy you peace of mind. And the best credit check is an accurate credit report. Learn how and where to get credit reports in Canada.
Financing
Sooner or later, your business is going to need more money. From angel investors and private lenders through traditional sources of small business financing, figuring out where you’re going to get the money you need and managing your business’s debt is vital to good business management.
* Finding Small Business Financing
This guide to the different types of debt and equity financing will help you decide what kind of small business financing is right for you.
* How To Get A Small Business Loan
Increase your chances of getting a small business loan by being prepared to meet the lender's expectations. This explanation of the documents you need and how to prepare yourself will give you a better chance of making a winning presentation.
2) Business Planning Management Basics
While business planning is a huge part of business management, two aspects of business planning basics to focus on are managing the vision of your small business and protecting your small business from disaster.
Managing The Vision
Managing the vision means having long-range goals and objectives for your company and then planning how to achieve those goals. What do you want your small business to look like next year, three years, and five years down the road?
* What's a Vision Statement?
Get started crafting a vision statement that encapsulates your dream for your company's furture.
+ Quick-Start Business Planning
Put together a plan that will keep your business on track and invigorate your business over the course of the next year with this quick-start approach.
+ Setting Goals Is Just The First Step To Achievement
How to set specific goals that are designed to help you succeed and make it easy for you to evaluate your success. The secret is in the goal setting formula.
+ Advisory Boards - Management Power For Small Businesses
No business is too small to benefit from an Advisory Board and an Advisory Board can be a powerful management tool for your small business. Here's how to set up and use an Advisory Board.
These business management basics provide an outline of four areas of business management most critical to small businesses. For each business management bascis area, I’ve linked business articles that you can use to learn more about or brush up on that particular business management topic.
1) Money Management Basics
Is there anything more important to the success of your small business than managing the money? Money management should be your top business management priority.
Accounting
The first step in money management is tracking the money coming in and the money flowing out.
* Top Accounting Software Programs For Small Business
These top selling software programs simplify your small business accounting tasks, and provide all the reports and tools you need to effectively use your financial data.
* Before You Buy Accounting Software
Ease of use, the learning curve, and scalability are only some of the features you should consider when choosing an accounting software package that will meet the needs of your small business.
* Preparing A Balance Sheet
An explanation of the different sections of the balance sheet and a balance sheet template that you can use for your small business.
Cash Flow Management
Once you know how cash flows in and out of your small business, you’re ready to manage that flow.
* Cash Flow Management
A definition of cash flow management and an outline of the steps small businesses need to follow to develop a cash flow management system.
* Preparing Cash Flow Projections
An explanation of the difference between a cash flow statement and a cash flow projection, and a template that you can use to make cash flow projections for your small business.
* Close The Cash Flow Gap
The basics of cash flow management, including a simple way to make cash flow projections and how to improve your cash flow by shortening your cash flow conversion period.
* Doing Credit Checks Can Really Pay Off
Doing a credit check on a customer before you extend credit can save you money and buy you peace of mind. And the best credit check is an accurate credit report. Learn how and where to get credit reports in Canada.
Financing
Sooner or later, your business is going to need more money. From angel investors and private lenders through traditional sources of small business financing, figuring out where you’re going to get the money you need and managing your business’s debt is vital to good business management.
* Finding Small Business Financing
This guide to the different types of debt and equity financing will help you decide what kind of small business financing is right for you.
* How To Get A Small Business Loan
Increase your chances of getting a small business loan by being prepared to meet the lender's expectations. This explanation of the documents you need and how to prepare yourself will give you a better chance of making a winning presentation.
2) Business Planning Management Basics
While business planning is a huge part of business management, two aspects of business planning basics to focus on are managing the vision of your small business and protecting your small business from disaster.
Managing The Vision
Managing the vision means having long-range goals and objectives for your company and then planning how to achieve those goals. What do you want your small business to look like next year, three years, and five years down the road?
* What's a Vision Statement?
Get started crafting a vision statement that encapsulates your dream for your company's furture.
+ Quick-Start Business Planning
Put together a plan that will keep your business on track and invigorate your business over the course of the next year with this quick-start approach.
+ Setting Goals Is Just The First Step To Achievement
How to set specific goals that are designed to help you succeed and make it easy for you to evaluate your success. The secret is in the goal setting formula.
+ Advisory Boards - Management Power For Small Businesses
No business is too small to benefit from an Advisory Board and an Advisory Board can be a powerful management tool for your small business. Here's how to set up and use an Advisory Board.
5 Ways Your Business Can Make More Money
How to Make More Money
1) Rent out part of your business premises.
If you own or lease physical business premises, do you really need all of your current space? If not, you can make more money by renting out some of your space to another business.
There are a lot of small businesses that only need a corner or a kiosk. Or maybe you have an unused room that another business could use as office space. And you can make even more money from your rental space if you’re able to throw in some add-ins, such as shared secretarial services or computer workstations.
2) Package services as products.
If your business primarily involves selling services, you can make more money by packaging your services as products rather than charging clients an hourly rate, says C.J. Hayden. This will increase your sales, she says, because it goes a long way to overcoming clients’ reluctance to sign on for what they view as open-ended projects and makes your work appear tangible. Her article, Turn Your Services Into Products, explains how to make more money this way.
3)Shift your sales focus.
One of the easiest ways to make more money is often overlooked; getting your current customers to buy more of your products and/or services. Shifting your sales focus to your current customers rather than attracting new customers makes excellent economic sense because your current customers are already converted prospects. They know your company and your products and are easier to sell to. Learn how to make more money by enticing your current customers to buy more by reading 6 Sure Ways to Increase Sales.
4) Lend out your employees.
Do you have talented, marketable people working for you? Then maybe you could sub-contract them to other businesses, suggest the authors of A Bigger Bang for Your Buck. For instance, if you have exceptional managers, you could hire them out to other enterprises to run exercises in team-building and management skills.
Another twist on this idea is to lend out employees to avoid having to lay them off, loaning employees to another company for a set period of time and then getting them back when you need them. (Definitely an arrangement to be made by contract only.)
5) Add value-added services or products.
A carpet cleaner selling bottles of spot remover. A store selling kitchenware offering cooking lessons. A seminar on investment strategies in tough economic times. A farm that sells produce offering a vegetable delivery service These are all examples of adding value-added products that customers and clients might be willing to pay money for.
Make more money by examining your products and services and brainstorming services or products that your customers might be interested in. Then choose the one you think will make the most money for your business and test it.
Make More Money By Getting More From Your Assets
1) Rent out part of your business premises.
If you own or lease physical business premises, do you really need all of your current space? If not, you can make more money by renting out some of your space to another business.
There are a lot of small businesses that only need a corner or a kiosk. Or maybe you have an unused room that another business could use as office space. And you can make even more money from your rental space if you’re able to throw in some add-ins, such as shared secretarial services or computer workstations.
2) Package services as products.
If your business primarily involves selling services, you can make more money by packaging your services as products rather than charging clients an hourly rate, says C.J. Hayden. This will increase your sales, she says, because it goes a long way to overcoming clients’ reluctance to sign on for what they view as open-ended projects and makes your work appear tangible. Her article, Turn Your Services Into Products, explains how to make more money this way.
3)Shift your sales focus.
One of the easiest ways to make more money is often overlooked; getting your current customers to buy more of your products and/or services. Shifting your sales focus to your current customers rather than attracting new customers makes excellent economic sense because your current customers are already converted prospects. They know your company and your products and are easier to sell to. Learn how to make more money by enticing your current customers to buy more by reading 6 Sure Ways to Increase Sales.
4) Lend out your employees.
Do you have talented, marketable people working for you? Then maybe you could sub-contract them to other businesses, suggest the authors of A Bigger Bang for Your Buck. For instance, if you have exceptional managers, you could hire them out to other enterprises to run exercises in team-building and management skills.
Another twist on this idea is to lend out employees to avoid having to lay them off, loaning employees to another company for a set period of time and then getting them back when you need them. (Definitely an arrangement to be made by contract only.)
5) Add value-added services or products.
A carpet cleaner selling bottles of spot remover. A store selling kitchenware offering cooking lessons. A seminar on investment strategies in tough economic times. A farm that sells produce offering a vegetable delivery service These are all examples of adding value-added products that customers and clients might be willing to pay money for.
Make more money by examining your products and services and brainstorming services or products that your customers might be interested in. Then choose the one you think will make the most money for your business and test it.
Make More Money By Getting More From Your Assets
10 Tips for Successful Business Networking
1.
Keep in mind that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.
2.
Ask yourself what your goals are in participating in networking meetings so that you will pick groups that will help you get what you are looking for. Some meetings are based more on learning, making contacts, and/or volunteering rather than on strictly making business connections.
3.
Visit as many groups as possible that spark your interest. Notice the tone and attitude of the group. Do the people sound supportive of one another? Does the leadership appear competent? Many groups will allow you to visit two times before joining.
4.
Hold volunteer positions in organizations. This is a great way to stay visible and give back to groups that have helped you.
5.
Ask open-ended questions in networking conversations. This means questions that ask who, what, where, when, and how as opposed to those that can be answered with a simple yes or no. This form of questioning opens up the discussion and shows listeners that you are interested in them.
6.
Become known as a powerful resource for others. When you are known as a strong resource, people remember to turn to you for suggestions, ideas, names of other people, etc. This keeps you visible to them.
7.
Have a clear understanding of what you do and why, for whom, and what makes your doing it special or different from others doing the same thing. In order to get referrals, you must first have a clear understanding of what you do that you can easily articulate to others.
8.
Be able to articulate what you are looking for and how others may help you. Too often people in conversations ask, "How may I help you?" and no immediate answer comes to mind.
9.
Follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor that and your referrals will grow.
10.
Call those you meet who may benefit from what you do and vice versa. Express that you enjoyed meeting them, and ask if you could get together and share ideas.
Keep in mind that networking is about being genuine and authentic, building trust and relationships, and seeing how you can help others.
2.
Ask yourself what your goals are in participating in networking meetings so that you will pick groups that will help you get what you are looking for. Some meetings are based more on learning, making contacts, and/or volunteering rather than on strictly making business connections.
3.
Visit as many groups as possible that spark your interest. Notice the tone and attitude of the group. Do the people sound supportive of one another? Does the leadership appear competent? Many groups will allow you to visit two times before joining.
4.
Hold volunteer positions in organizations. This is a great way to stay visible and give back to groups that have helped you.
5.
Ask open-ended questions in networking conversations. This means questions that ask who, what, where, when, and how as opposed to those that can be answered with a simple yes or no. This form of questioning opens up the discussion and shows listeners that you are interested in them.
6.
Become known as a powerful resource for others. When you are known as a strong resource, people remember to turn to you for suggestions, ideas, names of other people, etc. This keeps you visible to them.
7.
Have a clear understanding of what you do and why, for whom, and what makes your doing it special or different from others doing the same thing. In order to get referrals, you must first have a clear understanding of what you do that you can easily articulate to others.
8.
Be able to articulate what you are looking for and how others may help you. Too often people in conversations ask, "How may I help you?" and no immediate answer comes to mind.
9.
Follow through quickly and efficiently on referrals you are given. When people give you referrals, your actions are a reflection on them. Respect and honor that and your referrals will grow.
10.
Call those you meet who may benefit from what you do and vice versa. Express that you enjoyed meeting them, and ask if you could get together and share ideas.
What really Makes a Website Run?
When putting together a successful website there are many components that must be taken into account. Simply creating a webpage in Frontpage or some online template system and putting it online through the "free" webspace you get with your ISP is not enough.
To have a truly informative, productive website takes a lot more.
When building a website it should have the following (in general):
* clear, easy to read, to the point text
* fast loading and good looking graphics, photos
* logical and easy to access navigation through the website
* information and resources to help your vistior/potential customer
Once the content is established, it needs to be designed or put together for optimial search engine rankings and link popularity (see my article on "how to design for link popularity").
Most compentent web designers will agree on these points but there is one thing that I have seen few comments made on; the one thing that truly makes a website run and that is its web hosting.
Who and where you host your website will make all the difference in the world.
There are literally thousands of web hosting companies out there, so how do you know who to work with? That is the million dollar question.
I have worked with many customers (many just starting out or inexperienced), installing my Link Management Script and have see the gamet of web hosting companies. I have worked with too many who simply got stuck with poor web hosting because they did not know what to ask or inquire about, thus the motivation behind this article. Usually going with the cheapest company can be a big mistake, there are of course a few exceptions which I'll cover below.
So what criteria should a webmaster look for?
When working with a web hosting company, you need to find one that offers the following.
1. Prompt and professional customer support either via email or phone; (if it takes days for a response from an email you sent them what good will that do you?)
2. Informative and detailed online help (having a good faq online can save everyone alot of time).
3. Online administrative control - a good control panel - (this is a great extra to have and gives you the ability to setup your website).
4. Offers a variety of OSes (Unix or Windows) complete Perl, database (MySQL or MS Access), web stats, SSI, etc...
5. Secure and virus free systems.
6. Hassle free domain registration and transfer in or out.
7. And obviously the features and hosting package sizes that you need; number of email accounts, hosting space, and bandwidth usage.
8. Connection monitoring-do they monitor themselves to minimize downtime?
9. Website backups, power backups (you should always backup your own work, but it is nice to have your webserver do it too.)
Web hosting is something you never think about until something goes wrong or you can't install a new program you just purchased. Remember it is your website and you should be able to run it the way you want. Since there are so many companies out there it is a buyers market, don't feel obligated to stay with a poor company just because...
I would like to recommend a company that I work with ClubWebHost. The reason I recommend them is because of the criteria mentioned above and my experiences. I use them myself and find the options offered and customer service given is phenomenal. Investigate what ClubWebHost can offer you. You are not a number there.
Finally, even if you don't use my recommendation, make sure you know what your hosting company offers, if possible look for current clients and ask them how they like working with that host, try to see where you want to go with your website and what needs you might have. If you can make sure you get a company that can expand as you do via hosting package add-ons. Lastly, talk with the company and see how you are treated. Now nothing is foolproof, but hopefully this will help you to be a little more informed and look more closely at who gets to host your website.
To have a truly informative, productive website takes a lot more.
When building a website it should have the following (in general):
* clear, easy to read, to the point text
* fast loading and good looking graphics, photos
* logical and easy to access navigation through the website
* information and resources to help your vistior/potential customer
Once the content is established, it needs to be designed or put together for optimial search engine rankings and link popularity (see my article on "how to design for link popularity").
Most compentent web designers will agree on these points but there is one thing that I have seen few comments made on; the one thing that truly makes a website run and that is its web hosting.
Who and where you host your website will make all the difference in the world.
There are literally thousands of web hosting companies out there, so how do you know who to work with? That is the million dollar question.
I have worked with many customers (many just starting out or inexperienced), installing my Link Management Script and have see the gamet of web hosting companies. I have worked with too many who simply got stuck with poor web hosting because they did not know what to ask or inquire about, thus the motivation behind this article. Usually going with the cheapest company can be a big mistake, there are of course a few exceptions which I'll cover below.
So what criteria should a webmaster look for?
When working with a web hosting company, you need to find one that offers the following.
1. Prompt and professional customer support either via email or phone; (if it takes days for a response from an email you sent them what good will that do you?)
2. Informative and detailed online help (having a good faq online can save everyone alot of time).
3. Online administrative control - a good control panel - (this is a great extra to have and gives you the ability to setup your website).
4. Offers a variety of OSes (Unix or Windows) complete Perl, database (MySQL or MS Access), web stats, SSI, etc...
5. Secure and virus free systems.
6. Hassle free domain registration and transfer in or out.
7. And obviously the features and hosting package sizes that you need; number of email accounts, hosting space, and bandwidth usage.
8. Connection monitoring-do they monitor themselves to minimize downtime?
9. Website backups, power backups (you should always backup your own work, but it is nice to have your webserver do it too.)
Web hosting is something you never think about until something goes wrong or you can't install a new program you just purchased. Remember it is your website and you should be able to run it the way you want. Since there are so many companies out there it is a buyers market, don't feel obligated to stay with a poor company just because...
I would like to recommend a company that I work with ClubWebHost. The reason I recommend them is because of the criteria mentioned above and my experiences. I use them myself and find the options offered and customer service given is phenomenal. Investigate what ClubWebHost can offer you. You are not a number there.
Finally, even if you don't use my recommendation, make sure you know what your hosting company offers, if possible look for current clients and ask them how they like working with that host, try to see where you want to go with your website and what needs you might have. If you can make sure you get a company that can expand as you do via hosting package add-ons. Lastly, talk with the company and see how you are treated. Now nothing is foolproof, but hopefully this will help you to be a little more informed and look more closely at who gets to host your website.
Wednesday, June 24, 2009
Getting Out of Business is a Process
Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying the decision to get out. Planning how you exit your business is just as important as how you started it.
The exit process, timing of events; and tasks associated need to be tailored to the type and complexity of the business. Each case is individual because reasons for dissolution differ, and problems that arise are unique to each circumstance. The following checklist contains key elements that should be evaluated as early in the exit process as possible to eliminate pitfalls later on.
The process for exiting a business should include evaluation of the following points:
1. Engage Professionals & Consultants as Team Members.
2. Prepare a List of Assets & Perform a Physical Inventory.
3. Perform a Valuation of the Business.
4. Prepare Detailed Plan & Assign Responsibilities.
5. Release Announcements & Notices.
6. Conclude or Transfer Contract Obligations.
7. Dispose of & Transfer Assets.
8. Settle Accounts Payable & Debt Obligations.
9. Prepare Final Financial Statements & Tax Returns
10. File Articles of Dissolution.
11. Prepare & Issue Special Filings, Notices, Informational Returns, & Taxes.
12. Receive Tax Clearance Notice.
13. Close Bank Account.
14. Store Business Records
The process for successfully exiting a business requires the same amount if not even more planning as starting the business. While the process may be easier, it is likely to be less enjoyable and more stressful. The best advice for business owners is to incorporate potential exit strategies in the early stages of setting up their business. Vigilance and diligent managerial oversight is needed to ensure that complications and problems which could affect dissolution, and net value, do not develop into roadblocks. When the time comes to divest or sell the business, be sure to engage the relevant expertise needed, and prepare an action plan.
The exit process, timing of events; and tasks associated need to be tailored to the type and complexity of the business. Each case is individual because reasons for dissolution differ, and problems that arise are unique to each circumstance. The following checklist contains key elements that should be evaluated as early in the exit process as possible to eliminate pitfalls later on.
The process for exiting a business should include evaluation of the following points:
1. Engage Professionals & Consultants as Team Members.
2. Prepare a List of Assets & Perform a Physical Inventory.
3. Perform a Valuation of the Business.
4. Prepare Detailed Plan & Assign Responsibilities.
5. Release Announcements & Notices.
6. Conclude or Transfer Contract Obligations.
7. Dispose of & Transfer Assets.
8. Settle Accounts Payable & Debt Obligations.
9. Prepare Final Financial Statements & Tax Returns
10. File Articles of Dissolution.
11. Prepare & Issue Special Filings, Notices, Informational Returns, & Taxes.
12. Receive Tax Clearance Notice.
13. Close Bank Account.
14. Store Business Records
The process for successfully exiting a business requires the same amount if not even more planning as starting the business. While the process may be easier, it is likely to be less enjoyable and more stressful. The best advice for business owners is to incorporate potential exit strategies in the early stages of setting up their business. Vigilance and diligent managerial oversight is needed to ensure that complications and problems which could affect dissolution, and net value, do not develop into roadblocks. When the time comes to divest or sell the business, be sure to engage the relevant expertise needed, and prepare an action plan.
Business for Sale in Toronto, Ontario
Many business owners looking to list a business for sale in Toronto deal with somewhat of a paradox. The city of Toronto, Ontario is a bustling metropolis, filled with opportunity and it attracts numerous immigrant investors every year. Yet some owners looking to sell a business state that they have trouble selling their small businesses in Toronto - Canada’s largest city. This article will explore some of the reasons why company owners may list a business for sale in Toronto and have trouble finding a buyer.
There are consequences to not dealing with a professional
Listing a business for sale in Toronto is an entirely different process than selling a piece of real estate. Yet, some business owners looking to sell still choose to deal with salespeople that sell real estate. The consequences can be that the business sales process goes awry and business for sale don’t attract the right Toronto buyers and the companies languish on the market. If you are looking to sell your company (especially in a city as competitive as Toronto) then choose to deal with the professional that can properly assist you.
The business for sale is not priced properly
If you are looking to sell a small business, it is critical that you go to market with it being properly priced. This is especially true if you’re in Toronto. Selling a business in Toronto is not an easy task. True, there are many immigrant investors that are attracted to the GTA and there are plenty of buyers – but there are plenty of sellers too. Finding the right buyer for your business for sale Toronto is difficult enough so don’t make the take even more difficult by overpricing the business. Owners that list their business too high generally don’t attract as many buyers as they could and the business gets ‘market stale’. If you want to sell your business and attract qualified buyers from around the city, work with a professional that can assist you in the business sales process.
Please, report all your earnings!
Many small business owners in Toronto make the common (and highly unadvisable) mistake of not claiming some or all of their cash earnings from their companies. There are many businesses for sale in Toronto where the owners have done this and believe that they have ‘saved’. Besides this being a very big ‘no-no’ from CCRA, there is another cost involved to the small business seller. Generally, small businesses are valued based on a multiple of earnings. If ‘cash’ earnings of a small business are not reported then the business valuation is then that much smaller. So, if a business owner believes he or she is saving in income taxes avoided, the truth is that they’ve made their business valuation that much tougher to justify. As well, business buyers generally get a big ‘red flag’ when they encounter a business for sale that has an undeclared ‘cash’ component to it. They are much more difficult to get financing for (if at all). Honesty truly is the best policy.
Perhaps Toronto buyers are willing… but are they able?
Often, a potential business buyer will embark on a search for a business for sale in Toronto without the right forethought into the process… and what type of business they would like to own. For instance, there are many restaurants, laundromats, gas stations and retail establishments for sale and a potential pool of buyers for these types of businesses. The trouble is, are these potential buyers truly ready to own a dry cleaner or a printing shop? To paraphrase an old saying, “the will is there, but not the skill”. This is a common occurrence in Toronto where a large group of new investors and business buyers want to “go into business” but truly aren’t prepared for the challenges this involved. The point is, if you want to sell your Toronto business it is important to properly qualify the buyer. Most people believe that this is merely a financial exercise but a professional business brokers will tell you otherwise.
There are consequences to not dealing with a professional
Listing a business for sale in Toronto is an entirely different process than selling a piece of real estate. Yet, some business owners looking to sell still choose to deal with salespeople that sell real estate. The consequences can be that the business sales process goes awry and business for sale don’t attract the right Toronto buyers and the companies languish on the market. If you are looking to sell your company (especially in a city as competitive as Toronto) then choose to deal with the professional that can properly assist you.
The business for sale is not priced properly
If you are looking to sell a small business, it is critical that you go to market with it being properly priced. This is especially true if you’re in Toronto. Selling a business in Toronto is not an easy task. True, there are many immigrant investors that are attracted to the GTA and there are plenty of buyers – but there are plenty of sellers too. Finding the right buyer for your business for sale Toronto is difficult enough so don’t make the take even more difficult by overpricing the business. Owners that list their business too high generally don’t attract as many buyers as they could and the business gets ‘market stale’. If you want to sell your business and attract qualified buyers from around the city, work with a professional that can assist you in the business sales process.
Please, report all your earnings!
Many small business owners in Toronto make the common (and highly unadvisable) mistake of not claiming some or all of their cash earnings from their companies. There are many businesses for sale in Toronto where the owners have done this and believe that they have ‘saved’. Besides this being a very big ‘no-no’ from CCRA, there is another cost involved to the small business seller. Generally, small businesses are valued based on a multiple of earnings. If ‘cash’ earnings of a small business are not reported then the business valuation is then that much smaller. So, if a business owner believes he or she is saving in income taxes avoided, the truth is that they’ve made their business valuation that much tougher to justify. As well, business buyers generally get a big ‘red flag’ when they encounter a business for sale that has an undeclared ‘cash’ component to it. They are much more difficult to get financing for (if at all). Honesty truly is the best policy.
Perhaps Toronto buyers are willing… but are they able?
Often, a potential business buyer will embark on a search for a business for sale in Toronto without the right forethought into the process… and what type of business they would like to own. For instance, there are many restaurants, laundromats, gas stations and retail establishments for sale and a potential pool of buyers for these types of businesses. The trouble is, are these potential buyers truly ready to own a dry cleaner or a printing shop? To paraphrase an old saying, “the will is there, but not the skill”. This is a common occurrence in Toronto where a large group of new investors and business buyers want to “go into business” but truly aren’t prepared for the challenges this involved. The point is, if you want to sell your Toronto business it is important to properly qualify the buyer. Most people believe that this is merely a financial exercise but a professional business brokers will tell you otherwise.
Many Businesses Plan to Expand, Despite Unrest
The year 2008 has already been grim for most Lebanese businesses: Struggles with the nation's permanent protest movement, security problems, a brief war in a Palestinian refugee camp and sporadic bombings have brought the nation to its knees.
Most recently a bomb tore through the bustling Chevrolet area on the outskirts of Beirut on Jan. 25, killing Captain Wissam Eid from the Internal Security Forces.
As the political situation tips further in the direction of widespread insecurity, however, Lebanese businesses around the country are clinging to the motto, "the show must go on." Expansion seems to be the word on the street in Beirut, no matter what the uncertain future may hold.
ABC, a major department store and mall with seven outlets, two main flagship stores and a staff of more than 1,000 is currently revamping one of its main branches in Dbayeh.
"In March, we are also launching a new section extending over an entire floor of 8,000 square meters dedicated to children, dubbed Kidsville. It will also include a 500 square meter playground, an array of kids' accessories and a coffee shop, La Mie Doree," said Robert Fadel, ABC's general manager. A second big store in the Ashrafieh suburb of Beirut is adding an extension for a playground that will fill an expanse of 800 square meters.
The Johnny R. Saade group is also jumping on the expansion bandwagon. Its travel and tourism arm, Wild Discovery, will be setting up shop in Kaslik in northeast Lebanon in a few months.
"We decided to push forward with the opening of new branches in Lebanon despite the prevailing situation, following the simple strategy that one has to invest and position oneself in times of relative crisis to prepare for the inevitable economic and political recovery that can be foreseen," said Sandro Saade, one of company's owners.
"This opening is also justified by a strategic objective to cover the northern Beirut area, where there is a demand for high-quality travel services."
The company's real estate arm boasts a $30 million residential project sprawling over 18,000 square meters in one of Beirut's posh suburbs. In addition, the group is developing a winery in Bekaa Valley, near the villages of Kefraya and Tell-Denoub, covering a 50-hectare swath of land. The project is estimated at $25 million and will employ 50 people, excluding seasonal workers.
"The Lebanon venture will also integrate two other complementary projects, namely a wine museum and a boutique hotel, or 'h"tel de charme'" with 30 to 35 rooms, said Karim Saade, another company owner.
It is not just big names that are taking a leap of faith into the murky Lebanese waters.
Nehme Lebbos, founder of Iloubnan, a news portal for Lebanon, left his home country in 1991 and worked as an IT consultant for 12 years in France before coming back.
"I wanted to come back ever since I left. I started IIoubnan in March 2005 with the help of my wife, a French journalist," Lebbos said. "It is a Web magazine dovetailed with an e-commerce wing."
The young entrepreneur has poured all his savings into this venture, relying on a bank loan, as well. The company's recent success has allowed for an increase in operations, with four journalists employed on a full-time basis and a network of 20 freelance journalists around the world.
A shared vision of Lebanon seems to cement together the diverse business figures. "Lebanon is our homeland and we believe in our country," Fadel said. On the other hand, Lebbos is conscious of the risks he might incur but is nonetheless determined to promote change in his home country.
Although most companies are investing in Lebanon, many have also looked to taking their business abroad. ABC will be opening in Jordan in March. "The company will bring to the Jordanian market a spirit of Lebanon, and aims at becoming a leading and trendy shopping destination," Fadel said.
Similarly, the Saade brothers are relying on an international network of agencies for their tourism activity as well as launching a new winery in neighboring Syria. The group is trying to counter the negative business environment by highlighting the quality of its services. And so Wild Discovery is investing in an in-house sales training program expected to enhance its team's knowledge and technical skills.
Most recently a bomb tore through the bustling Chevrolet area on the outskirts of Beirut on Jan. 25, killing Captain Wissam Eid from the Internal Security Forces.
As the political situation tips further in the direction of widespread insecurity, however, Lebanese businesses around the country are clinging to the motto, "the show must go on." Expansion seems to be the word on the street in Beirut, no matter what the uncertain future may hold.
ABC, a major department store and mall with seven outlets, two main flagship stores and a staff of more than 1,000 is currently revamping one of its main branches in Dbayeh.
"In March, we are also launching a new section extending over an entire floor of 8,000 square meters dedicated to children, dubbed Kidsville. It will also include a 500 square meter playground, an array of kids' accessories and a coffee shop, La Mie Doree," said Robert Fadel, ABC's general manager. A second big store in the Ashrafieh suburb of Beirut is adding an extension for a playground that will fill an expanse of 800 square meters.
The Johnny R. Saade group is also jumping on the expansion bandwagon. Its travel and tourism arm, Wild Discovery, will be setting up shop in Kaslik in northeast Lebanon in a few months.
"We decided to push forward with the opening of new branches in Lebanon despite the prevailing situation, following the simple strategy that one has to invest and position oneself in times of relative crisis to prepare for the inevitable economic and political recovery that can be foreseen," said Sandro Saade, one of company's owners.
"This opening is also justified by a strategic objective to cover the northern Beirut area, where there is a demand for high-quality travel services."
The company's real estate arm boasts a $30 million residential project sprawling over 18,000 square meters in one of Beirut's posh suburbs. In addition, the group is developing a winery in Bekaa Valley, near the villages of Kefraya and Tell-Denoub, covering a 50-hectare swath of land. The project is estimated at $25 million and will employ 50 people, excluding seasonal workers.
"The Lebanon venture will also integrate two other complementary projects, namely a wine museum and a boutique hotel, or 'h"tel de charme'" with 30 to 35 rooms, said Karim Saade, another company owner.
It is not just big names that are taking a leap of faith into the murky Lebanese waters.
Nehme Lebbos, founder of Iloubnan, a news portal for Lebanon, left his home country in 1991 and worked as an IT consultant for 12 years in France before coming back.
"I wanted to come back ever since I left. I started IIoubnan in March 2005 with the help of my wife, a French journalist," Lebbos said. "It is a Web magazine dovetailed with an e-commerce wing."
The young entrepreneur has poured all his savings into this venture, relying on a bank loan, as well. The company's recent success has allowed for an increase in operations, with four journalists employed on a full-time basis and a network of 20 freelance journalists around the world.
A shared vision of Lebanon seems to cement together the diverse business figures. "Lebanon is our homeland and we believe in our country," Fadel said. On the other hand, Lebbos is conscious of the risks he might incur but is nonetheless determined to promote change in his home country.
Although most companies are investing in Lebanon, many have also looked to taking their business abroad. ABC will be opening in Jordan in March. "The company will bring to the Jordanian market a spirit of Lebanon, and aims at becoming a leading and trendy shopping destination," Fadel said.
Similarly, the Saade brothers are relying on an international network of agencies for their tourism activity as well as launching a new winery in neighboring Syria. The group is trying to counter the negative business environment by highlighting the quality of its services. And so Wild Discovery is investing in an in-house sales training program expected to enhance its team's knowledge and technical skills.
The Unplanned Business Exit
For some, planning a business exit can be a predictable, methodical process. We know the competition; we understand market demands, know when we want to sell and might even know the actual date. But for far too many business owners, the business exit comes as a harsh reality and often unplanned event.
Protecting your business and assets against the dreaded six D’s of an unplanned business exit can give whole new meaning to the term “Disaster Management”. While every business may experience unexpected pitfalls, careful planning to ensure risk exposure is minimized can assist in keeping you in the driver’s seat when it comes to managing your company. Familiarize yourself with the six D’s of an unplanned business exit: debt, death, disability, divorce, departure and disaster. Know the enemy and look to address all six D’s in your operating and buy / sell agreements.
The Six D's of an Unplanned Business Exit
Debt:No one goes into business and plans on it not succeeding, but 40,000 businesses fail every month in the United States. When debt exceeds revenue, it is critical to exit timely in order to minimize loses. Understanding limitations and protecting critical assets are key to successful divesture.
Death:Many businesses are solely dependant on their owner’s abilities, relationships, and passion to drive success, and when there is a death of an owner or partner of a business, it can have significant impact to a business almost immediately. While no one wants to consider their own demise, the strength and longevity of a business relies on being able to plan for such a critical loss even if it means downsizing or reorganization. The survival of a business in relation to key individuals needs to be evaluated and exit strategies planned accordingly.
Disability:Unbelievably, death is not as likely to end the business as a disability. A disability to a business partner can put a significant drain on cash flow, daily workloads, and excess down time, all of which can be devastating. Insurance and financial planning towards alleviating such an impact needs to be carefully evaluated especially when dealing with small business start ups where funding and resources are limited.
Divorce:No one wants to plan for a business or personal divorce, yet while Pre-nuptial agreements may be gaining in popularity many people never look to manage such impact to their businesses. What happens when the partners cannot get along? Or worse, you inherit another partner due to a personal divorce settlement? Exiting the business might be the only alternative you are provided.
Departure:It does not sound as bad as death, but it can wreak the same results. A partner, key employees, or other resources decide to go to the competition, retire, burn out, or win the lotto. When they leave, how does this impact your business going forward?
Disaster:If the five D’s above where not enough to impact your business, there are no limit to the other disasters that may occur that were never planned on: robbery, sickness, employee theft, employee turnover, natural devastating events, etc. In today’s post Katrina, 911 world the impact of the chaos theory is enough to keep even the best business minds awake at night. Plan for the worst; strive for the best and know when to get out if need be.
Protecting your business and assets against the dreaded six D’s of an unplanned business exit can give whole new meaning to the term “Disaster Management”. While every business may experience unexpected pitfalls, careful planning to ensure risk exposure is minimized can assist in keeping you in the driver’s seat when it comes to managing your company. Familiarize yourself with the six D’s of an unplanned business exit: debt, death, disability, divorce, departure and disaster. Know the enemy and look to address all six D’s in your operating and buy / sell agreements.
The Six D's of an Unplanned Business Exit
Debt:No one goes into business and plans on it not succeeding, but 40,000 businesses fail every month in the United States. When debt exceeds revenue, it is critical to exit timely in order to minimize loses. Understanding limitations and protecting critical assets are key to successful divesture.
Death:Many businesses are solely dependant on their owner’s abilities, relationships, and passion to drive success, and when there is a death of an owner or partner of a business, it can have significant impact to a business almost immediately. While no one wants to consider their own demise, the strength and longevity of a business relies on being able to plan for such a critical loss even if it means downsizing or reorganization. The survival of a business in relation to key individuals needs to be evaluated and exit strategies planned accordingly.
Disability:Unbelievably, death is not as likely to end the business as a disability. A disability to a business partner can put a significant drain on cash flow, daily workloads, and excess down time, all of which can be devastating. Insurance and financial planning towards alleviating such an impact needs to be carefully evaluated especially when dealing with small business start ups where funding and resources are limited.
Divorce:No one wants to plan for a business or personal divorce, yet while Pre-nuptial agreements may be gaining in popularity many people never look to manage such impact to their businesses. What happens when the partners cannot get along? Or worse, you inherit another partner due to a personal divorce settlement? Exiting the business might be the only alternative you are provided.
Departure:It does not sound as bad as death, but it can wreak the same results. A partner, key employees, or other resources decide to go to the competition, retire, burn out, or win the lotto. When they leave, how does this impact your business going forward?
Disaster:If the five D’s above where not enough to impact your business, there are no limit to the other disasters that may occur that were never planned on: robbery, sickness, employee theft, employee turnover, natural devastating events, etc. In today’s post Katrina, 911 world the impact of the chaos theory is enough to keep even the best business minds awake at night. Plan for the worst; strive for the best and know when to get out if need be.
Sunday, June 21, 2009
Professional Business Plans
So, how will you know what to write in your business plan? Do you know the first thing about writing a business plan? It may seem like an overwhelming task to try to figure out what to write for your personal business plan. You may have attempted to take out a few books at the library or even asked a friend to help you. But, are you satisfied that your business plan will be successful? Remember, you only get one chance to WOW people, so the first business plan they see will be the one they remember. What if it’s just not good enough?
Okay, that’s enough worrying! It is time to act! Your first order of business is to decide what your business goals are. Once you have a basic idea of what you need, you can then do several things to determine what type of business plan you need as well as where to get it. One of the best things you can do when in need of a business plan is to hire a qualified, experienced business plan service.
Not only will you obtain the best professional business plan available, but you won’t have to struggle over the words yourself. Now, how much better can that be? Using sample business plans from their website, you can see just how well their products can fit your needs. Sample business plans can be a great way to visualize the finished product. Using a sample business plan as a guide, you can determine if the product will fit your needs and plans. If not, perhaps you can see what is missing in your point of view.
Having a professional business plan will make all the difference during that trip to the bank. The trip to see if you qualify for funding is enough to worry about. Having a well thought out, professional business plan can give you the comfort and security you will need. The first impression you give the lender will be one of professionalism, attention to detailFree Reprint Articles, and organization. That alone will help them realize that your business is worth the risk. What’s more is that there is just no real reason to not have a professional business plan. They are relatively inexpensive and pay for themselves when you secure that loan. Making a smart business choice begins with your business plan!adsen
Okay, that’s enough worrying! It is time to act! Your first order of business is to decide what your business goals are. Once you have a basic idea of what you need, you can then do several things to determine what type of business plan you need as well as where to get it. One of the best things you can do when in need of a business plan is to hire a qualified, experienced business plan service.
Not only will you obtain the best professional business plan available, but you won’t have to struggle over the words yourself. Now, how much better can that be? Using sample business plans from their website, you can see just how well their products can fit your needs. Sample business plans can be a great way to visualize the finished product. Using a sample business plan as a guide, you can determine if the product will fit your needs and plans. If not, perhaps you can see what is missing in your point of view.
Having a professional business plan will make all the difference during that trip to the bank. The trip to see if you qualify for funding is enough to worry about. Having a well thought out, professional business plan can give you the comfort and security you will need. The first impression you give the lender will be one of professionalism, attention to detailFree Reprint Articles, and organization. That alone will help them realize that your business is worth the risk. What’s more is that there is just no real reason to not have a professional business plan. They are relatively inexpensive and pay for themselves when you secure that loan. Making a smart business choice begins with your business plan!adsen
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