Everyone should make plans for their family should the unthinkable happen. This is not difficult, especially when you have an estate planning solicitor to guide you. Making a Will is an essential part of it, although there can be much more to it. But for those who own a business it is a little more complicated because they have to decide what they want to happen to the business and those who work in it, then implement steps to ensure it happens.
If the business is a partnership or has several owners, there must be plans to ensure they are taken care of. One way to do this is to draw up a legally binding buy-sell agreement. This will outline what you want to happen if a partner or co-owner dies, decides to leave or is forced to leave for some reason.
Every business should have a good financial planner on board to guide the owner through the financial maze that is inherent in every business. A financial advisor can work with you right from the start to help create the financial section of your business plan; something that any lender will want to see before they make that important lending decision.
When you have your financial planning sorted out, you can see at a glance whether your business concept is truly viable – and so can the lender. While it might seem obvious to anyone starting up a business that it is essential to be sure before you start that the business is viable, when you are possessed by a cherished dream to have this particular business you can often get carried away and think things will be much better than they end up being.
If you are in business, it is imperative to dress the part and make yourself as attractive as possible. Some people choose to do this with Botox treatments, while others pay more attention to their makeup and hairstyle. Certainly, if you have pronounced wrinkles, Botox can help smooth them away and give you a younger look. There are other ways to make the most of yourself and one of these is to ensure your hairstyle really suits the shape of your face.
Making the most of yourself may include using Botox injections to reduce facial wrinkles, but if you keep that tired old hairstyle, you still won’t look your best.
The year 2016 brings forth a fresh set of commandments for small businesses. It is essential to look out for these new changes, which when not implemented can prove to go against the business.
A run down on the 2016 issues that need to be handled without delay which when done can result in huge turn-over for small businesses-
- Extra working hour rules: An increase in the overtime pay is the highlight this year. As soon as the details are out an urgent action is expected from the employers.
- Staff Salary: Around the globe, new laws are being formulated for a raise in the minimum salary of employees, stressing on equal wages and paid sick leaves. These laws have already taken an effect since the 1st of January 2016 in New York City based fast food employees. Equal pay for men and women is being implemented and 5 paid sick leaves are to be allotted by owners having a minimum of 10 staff members.
- Confidentiality Issues: Laws of Security and Privacy has gone up a notch this year. The data-security measures that have been functioning in various businesses up till now will require a boost.
Every business organisation needs to have good governance in place, but what exactly does it mean? Corporate governance is the system of rules, processes and policies put into place in order to monitor and control an organisation. Just like a good family has certain rules to establish responsibility, leadership and who does what, so a business has to have the same kind of thing. Only because a business has so many parts to it, the governance is rather more comprehensive than a family would need.
Even small businesses have to have some kind of governance in order to progress smoothly. People within the company from the janitor to the CEO have to know who is responsible for what and who is to make what decisions. It also encompasses certain rules and regulations set out by the government that businesses must adhere to, to be legal.
Input for a governance framework can come from an individual director, company counsel, outside commercial lawyers, a board of directors and officers in the company. It takes into account the kind of business it is and whether there are stakeholders or other shareholders who must be considered. It delineates duties and responsibilities appropriately and where delegation of duties is carried out ensures there is clear and proper understanding of what is to be done and by whom. Effective governance will ensure that the business runs smoothly and safely right from the start, as each person’s skill set will be used to carry out the work they are best suited for.
We often hear people complaining about the cost of insurance, but when it comes to your business, the cost of not having it can be devastating. Just imagine what would happen to all your work and dreams if your business was suddenly wiped out by flood or fire, or some other act of nature. What about if an employee was injured or worse while at work? Or what if your revenue suddenly dropped due to road or street repairs in front of your business that prevented your customers from coming in? Perhaps vandals threw rocks at your shop front and smashed it or stole your goods.
The loss that you would suffer from with all these and many other risks would be so high that your business may never be able to recover. When compared with the cost of insurance premiums it is easy to see which is best. Another problem that often occurs is businesses trying to keep down their insurance costs by insuring for much less than they need. Then when they finally get their payout, it is not enough to repair and start up their business again. Insurance is not the place to try and save on costs.
An individual can think for business for many reasons. Before starting any business, it is wise to understand its pros and cons, whatever the size of an individual’s business is whether it is small or big, virtual or live, it should be secured one. There can be various ways to secure any business. These are almost same for every business without considering its type.
For Firm and Established Business
There are certain ways to secure one’s business. Insuring business is one of them. It is a mandatory and a secured way. Insurance is a need as well as it is beneficial for business authorities. Insurance is a need because it covers a business and in the case of ups and downs it proves to be quite favorable as well.
How to Select Insurance Plan for Your Online Business?
It is mandatory to select an insurance company with a reputation in the market and after going through rule and regulation legitimately. While doing any insurance, an individual needs to understand the reason behind it. If he goes for insurance just because it is necessary, then it can be problematic later on. Before selecting any insurance, an individual must assure about assets it covers. Since in the case of loss, he will be able to get an amount from insurance company according to that only.
In business terms, taking your business around the globe is something that is targeted by every business person. There are many advantages associated with taking your business overseas. In order to stay in competition and to avoid the costs of import and export, the best solution is to globalize your business and make your base in other countries. It benefits all the associated countries and the business owner himself. There are a number of factors that can be considered as the reason for moving your business overseas; most important of them are discussed here. Globalization of business reduces trade barriers; it is quite obvious that the purpose of business is to earn profit. Reducing the trade barriers reduces the cost and in turn increases the profit to a nice extent.
Reducing trade barriers:
Reduction in trade barriers means stopping the export of goods and manufacturing the goods in that other country. There are huge custom duties which a trader has to bear if he wishes to target a market outside the boundaries of his country. If you want to target the market without the hassle of import and export, you can globalize your business; this will benefit your business, your country and the other country as well.
Letting a business grow enormously:
Competition is ever growing and we have to cope with it if we want to keep ourselves in the market. If your own country’s market is saturated and your business is giving you less profit, you can target a market overseas where competition is low or even zero. This is how signature brands come into existence.