AllBusiness.com

---

• First Time Working Remotely? Here’s How to Ease Into It
• 6 Reasons Why Your B2B Branding Matters
• Small Business Owners: Don’t Overlook Your HR Strategy
• 4 Steps to Kick-Start Your Online Business
• 15 Smart Ways to Test New Hires Before You Commit
• Latest Trends in the Booming Beauty Industry
• How Long Should Your Blog Posts Be?
• 7 Rules for More Effective Social Media Marketing
• What Happens When You Hire a Collection Agency for Your Small Business?
• Are You Focusing on the Right Key Metrics to Scale Your Startup?
• 5 Ways to Brainstorm (and Protect) a Brilliant Business Idea
• How Risk-Taking Can Lead to Success in Business
• 6 Strategies to Recession-Proof Your Small Business
• 7 Reasons Why You Need a Business Mentor—And How to Land One
• Should You Sign a Personal Guarantee for a Small Business Loan?

First Time Working Remotely? Here’s How to Ease Into It Posted: 13 Mar 2020 08:53 AM PDT Remote work may become the new normal for many employees in the coming months as a precaution against the coronavirus. If you already work remotely and have been doing so for some time, you're probably accustomed to the process. Those that have not worked remotely before, however, may be a bit hesitant on what to do next. The good news is that most workplaces are establishing guidelines and plans for how employees may adjust to working remotely. Ready to ease into working from home, whether it's on a temporary or slightly more long-term basis? Here's what you need to do to transition into becoming a telecommuter: Meet with your team beforehand If your request to work remotely was accepted, it's important that you meet with your team and create a contingency plan before exiting the office. A few items to talk about may include: Equipment. Depending on your line of work, you may need more than a work laptop to do your job. Even said laptop or desktop computer may need to be outfitted with programs specific to your line of work. Check in to see what kind of equipment your organization can provide you with to use remotely. Technology. Make sure you have all of the proper tech tools that allow you to effectively communicate with your team. A few programs you should have include Google Drive and Dropbox for storing files, messaging platforms like Slack, Evernote for taking notes, and videoconferencing and call taking through Zoom and Microsoft Teams. Additionally, make sure there are other ways for people to get in touch with you beyond tech tools and email. Time clocks. Do you clock into work each day with a physical time clock in your office? Discuss with the team, or your manager, how you will be able to keep employee records of your working hours while working remotely. Wi-Fi connection. If your home connection is currently slower than it is at work, see if you can switch to a faster internet provider. Let your employer know if this is a significant issue and see if there are any ways they may be able to assist. Create a space in your home to work from All veteran remote workers will tell you that you can't, and should never, set up camp in your bed while working from home. You'll need a designated space for a home office. This may be a separate room in your home, or a nice desk with a good chair if you reside in a smaller studio space. The space you work from should have minimal distractions. If you live on a busy street, keep your window closed to minimize excessive noise. Put on headphones to better focus on the task at hand. Your desk should also be organized and tidy — treat it as you would your traditional work desk. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business Get into a set schedule You may be working remotely, but you're not a freelancer or entrepreneur. Most employees that work remotely do not get to set their own hours and work whenever they like. You're still expected to be “on” at a certain time with a few breaks in between and a clock-out time. Try to recreate the patterns and habits you have from your traditional office job. Make a to-do list to prioritize and organize items that need to be completed. Communicate with other fellow employees throughout the day via Slack or other messaging apps. Share your schedule with your team members as well. If you're in the middle of a project and want to minimize interruptions, encourage employees who reach out with questions for you to schedule in a time to chat through online calendars such as those available through G Suite. Dress the part Working remotely? Don't wear your pajamas all day. Instead, get dressed in your typical business casual wear. You may dial down certain elements of your look, like wearing flats instead of heels. Make sure your outfit is clean, well-fitting, and professional if you need to take a video conference call. Add creature comforts to your remote workspace You may be working remotely for a week or two, or perhaps a little while longer. Think about your traditional work desk and the items you keep on it to make it cheerful. Add a small plant to your desk, a Himalayan salt lamp to brighten your spirits, a calendar and physical planner to take notes in, and any framed photos of family members and loved ones. If you're new to remote work and are a little nervous about the process, these little comforts go a long way in keeping you grounded and focused on the bigger picture at hand. RELATED: 13 Ways to Stay Focused When Working From Home  The post First Time Working Remotely? Here's How to Ease Into It appeared first on AllBusiness.com. Click for more information about Deborah Sweeney. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

6 Reasons Why Your B2B Branding Matters Posted: 12 Mar 2020 06:16 AM PDT By Emily Johnson Some people believe that developing a strong brand is less important to B2B companies than it is to B2C companies, who must work to gain the trust of individual consumers. But, the truth is, branding is as important to B2B success as it is in any business. Some of the misconceptions about B2B branding include: B2B buyers are rational decision makers and are unaffected by emotional factors such as branding. B2B products and services are too intricate to be summarized to a single tagline. Money is the only driving force behind B2B decision-making. A relationship with the sales representative of B2B organization is more crucial than any branding. Some things are constant in business: loyalty, emotional connections, and trust are key components that build relationships (and eventually sales), no matter what industry you’re in. B2B buyers are human beings, and humans are driven by their emotions—it's these emotions that can impact the decision-making process. An effective brand works on an emotional level and triggers the right kind of emotional response in the customer. It's not about B2B or B2C—it's about using the right strategy to connect at a personal level with customers and gain their trust, no matter what you’re selling. Here are some of the reasons why branding matters for your B2B business: 1. Good branding forms a strong emotional connection Customers today have more choices than ever before. They can often choose from a pool of dozens or more competing brands. If you want your business to be the top choice, you have to go above and beyond to demonstrate your brand’s value. A good brand should create an emotional relationship with clients, and building brand intimacy is crucial to stand apart from the competition. B2B companies need to ask themselves the following questions: Do my customers feel emotionally complete? Does our brand messaging cultivate an emotional bond between our brand and our customers? If not, what’s preventing us from creating an emotional connection with our customers? Answering these key questions first will help you identify flaws in your current strategy so you can make necessary changes. 2. Branding attracts and retains loyal customers Some companies assume branding is all about an attractive logo, impressive packaging, a catchy tagline, and a well-designed website. However, branding is so much more than business awareness. The ultimate objective of branding is to increase customers and sales. A strong brand will not only bring in new clients, but also retain them for a long time. It will also get you inside the door of a customer quickly. 3. Branding speeds up the decision-making process The time it takes to make a decision in organizations can range anywhere from one month to one year, and, according to Gartner, for firms with 100 to 500 employees, an average of seven people are involved in the buying decision. A strong branding message, however, can reduce that time significantly. Effective branding helps customers make faster decisions. If there are dozens of options available, customers will pick the one they already know; if every option is new to customers, they will reach for the one with the best branding. A company that projects an appealing “personality” or that tells a charming story will connect better with customers. If your brand resonates well with the lifestyle or personality of customers, they will be more inclined to choose you. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business 4. Branding secures your position in the market The right branding strategy will help secure your position in the market and make it difficult for competitors to push you out. Once you have created a name for yourself through branding, customers will think of you first and remain loyal to your brand, even if your competitors try to lure them with similar products and services. However, to establish such a position in the market, you have to do more than shout out the features or benefits of your service. Instill trust by addressing customers’ needs in a way that no one else can. This can be done by establishing an emotional connection with buyers backed by concrete selling points. 5. Branding boosts conversion rate and revenue Branding agency MBLM’s Brand Intimacy Study 2019, which studied the emotional bonds consumers have with brands, reports the most intimate brands have outperformed the top brands in the Fortune 500 and S&P indices for 10 years running in both revenue and profit. According to the study, “Disney continues to dominate through its associations with nostalgia and the strong bonds it builds with both men and women and across a variety of age groups.” From storytelling to emotional messages, your company can create emotional bonds with customers and realize higher returns. 6. Branding goes beyond your customers While a strong brand identity helps a company grow faster than its competitors, a strong brand also cements a company’s relationship with its employees. People want to have faith in their employer and expect the company they work for to have a vibrant purpose. If you want your B2B company to be considered a reliable brand, ensure that your staff is well trained and content with their work. It's no surprise that competitive firms like Microsoft, Cisco, IBM, and GE continue to invest in employee growth. Building your B2B brand Buyers will not hesitate to pay a premium for a product or service with a strong brand identity they can relate to. If you want your B2B business to continually outperform the competition, consistently track, measure, and assess the strength of your branding message. RELATED: 4 Creative Ways to Increase Brand Success About the Author Post by: Emily Johnson Emily Johnson is a marketing analyst at Blue Mail Media, a leading marketing company based in Irving, Texas. Emily is also a chief content writer and is interested in entrepreneurship and startups that help organizations grow to a new level. Company: Blue Mail Media Inc Website: www.bluemailmedia.com Connect with me on Facebook and Twitter. The post 6 Reasons Why Your B2B Branding Matters appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

Small Business Owners: Don’t Overlook Your HR Strategy Posted: 11 Mar 2020 06:56 AM PDT By Tegan Fitzpatrick When you’re an entrepreneur, you generally need to understand every function of your company: operations, sales, marketing, finances, and human resources. Many business owners, however, only concentrate on departments that are directly linked to sales and increased ROI, and put human resources on the back burner. However, by not making HR a critical department in your operation, you are sabotaging your company. This is not to say that a startup should immediately hire an HR coordinator, but if you run a small business, you need to be knowledgeable about HR. Implementing the following practices will put your organization in a stronger position for growth and financial success. 1. Develop a business compensation plan When you are running a company with 10 employees and each holds a vital position, it can be detrimental if one employee leaves. According to a survey by PayScale, 25% of employees leave a job because they want higher pay. So how do you know what to pay an employee? Pay them too much, and your company could go bankrupt before your first year is up. Pay too little, and you will not attract quality employees which can also cause your company to fail. Therefore, thoughtful pay scales should be instituted that link employees’ skills and abilities to the market. And by doing this during the early stages of your business, you will save yourself a lot of grief in the future. Here is how a pay scale will benefit your company: You will hire the right employees. If you have researched the market, then you know exactly what kind of employees you will be attracting with the salary you are offering. It creates a trusting, transparent environment. In many modern companies, the pay scales of employees are visible for all to see. When your employees know that coworkers with a similar skill set have the same salary, it’s an excellent way to raise employee morale. This also helps your employees to plan for their future with the company, knowing where they want to go with the expectation of the pay they will make. You eliminate the guesswork. Companies that deal with compensation by using a case-by-case method will likely create inequity of pay within their organization. This will likely lead to employees becoming extremely underpaid or overpaid compared to the market. There will be fewer future complications. If pay scales are not implemented when there are only 10 employees in the company, it will become a nightmare to implement when there are 100. On top of that, Employee morale will be a nightmare with changing everyone’s income to fit within a grade. Company financials will be healthy. Your accountant will one day thank you for this. Keep in mind that pay scales are always adjustable. Once a pay scale has been established, it’s easy to increase with inflation and as the company becomes more successful. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business 2. Write job descriptions Every entrepreneur has gone through it: You are overwhelmed with product orders, inventory counts, making rent for the new office, marketing, and who knows what else. You are finally at the breaking point—you need help. The first employee that you hire is a jack-of-all-trades, and so are the next two. It finally gets to a point where everyone is doing everything and your company is less productive than ever before; employees are upset because they don’t know what’s expected from them and what they should be doing. So, before you get to that point, sit down and begin writing and researching job descriptions. Why do you need to hire an employee? For what tasks? What skills do you need applicants to possess? How many people do you need? Do you need full-time or part-time staff? Can you afford full-time staff? These are just a few of the questions to think about before you hiring. Not only will a good job description help to attract the right candidates, but it also contributes to: Clearer work expectations. Your employees will know what their duties are and what is expected of them. A boost in employee morale. Employees are happier if they have a clear purpose and vision for what they are supposed to accomplish. Legal protection. If an employee was to ever come back and sue for being fired without cause, you policies will clearly outline what was expected of them and how they were not a match for your company. Less negativity. You’ll avoid a negative culture of employees complaining that a particular duty you want them to do “isn’t their job.” Makes it easier to measure employee performance. You will know whom to promote and who needs a performance review. 3. Conduct exit interviews This is a situation that every leader will have to face one day: an employee decides to quit. The way you handle this situation can be a major turning point for your company. In fact, the exit of an employee can become an exciting opportunity for company growth and change. When an employee leaves, you will need to conduct an exit interview to find out why the employee is leaving. Sure, sometimes employees leave because they are relocating to another city, but sometimes they leave because they were offered a better opportunity to do their same job at a similar startup. Unhappiness with an employee’s current organization is the second biggest reason an employee will leave a company, according to a PayScale study. This means that the reason an employee leaves is within your control. Exit interviews can help to avoid future turnover if the cause of an employee leaving is internal. Your employee could be unhappy for a number of reasons: lack of training, hostile work environment, not getting along with another employee—the list is endless. Finding the root cause of why an employee is quitting will help you to solve internal issues and reduce future turnover. We know, however, that exit interviews can be awkward and in a face-to-face encounter an employee may not necessarily share the truth. This is why it is important to come up with a way to find out the truth: an emailed survey, a phone call from a secondary company, a questionnaire, etc. are all ways to obtain information. Once you’ve gotten feedback, then you can take action to make changes within your organization that will hopefully reduce future turnover. 4. Create a company mission statement Many entrepreneurs roll their eyes when they’re asked what their company’s mission statement is. What they don’t realize is having a mission and a vision guided by values may be the most important step in building a company. In fact, PayScale also reports that 14% of employees leave a job because the company’s vision does not align with their own. Let’s look at the mission statement of Patagonia: “Patagonia is in business to save our home planet.” Short. Sweet. Powerful. It’s backed by the values of sustainability, creating quality products, and causing no unnecessary harm. So now you need to sit down and figure out why you created a business, what needs to be accomplished, and come up with core values that will guide it in the right direction. So why have you created your startup? Is it a blog that will inspire and empower women? Perhaps you’ve developed a technology will lead to a cure for cancer. The reason you created your company and your product is your mission and values. This will lead to the formation of a company culture full of like-minded employees excited to contribute to your mission. This is the mantra that will lead to all future decisions that will make your startup successful. Write down your values and find your mission. RELATED: Hiring Your First Employee: 8 Key Questions to Ask About the Author Post by: Tegan Fitzpatrick Tegan Fitzpatrick is CEO of Blush Leaders, a blog where she shares advice and articles for entrepreneurs, startups, and women in business. Tegan’s experience in the business sector includes a business degree in marketing and human resources, and a professional background in finance and working as a business analyst. Company: Blush Leaders Website: www.blushleaders.com Connect with me on LinkedIn. The post Small Business Owners: Don't Overlook Your HR Strategy appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

4 Steps to Kick-Start Your Online Business Posted: 10 Mar 2020 05:36 AM PDT The internet offers everyone a virtually limitless platform to start a business and earn profits. There are many tools that allow you to easily create a website, and tracking and analytical tools that make it easier to manage and monitor your business. Whether you're planning to launch a SaaS (software as a service) website, an e-commerce business, or a website that generates revenue from advertising, there are four key steps you should follow: 1. Identify customer demand With countless websites already offering nearly everything you can think of, it's critical that you determine if there's a demand for what you'd like to offer. There are several free tools that show keyword search volumes that are helpful. For example, if many people are searching for a particular term, and there are few websites that provide the answers or solutions customers are seeking, there could be a significant demand for your new online business. 2. Create a business plan Your business plan is a road map. It shows where you are now and where you want to go. Importantly, it maps out the journey so you have the greatest likelihood of getting to the finish line. Use the proper business plan layout that includes all the key sections: your executive summary, company analysis, industry analysis, customer analysis, competitor analysis, marketing plan, operations plan, management team, financial plan, and appendix. Within those sections, answer key questions such as, Will you create your website or outsource the development of it? What are your capital investments and operating expenses? What are your contingency plans? What is your break-even point? A detailed SWOT analysis and the core content of your website should also be featured in your plan. Finally, your plan should highlight your business’s unique selling point (USP) and explain how you will differentiate yourself from the competition. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business 3. Set up your website Setting up your website starts with choosing the best domain name. Your domain name or URL should preferably be synonymous with your business name. If your website doesn't describe your business type (e.g., joescarwash.com), be sure your plan calls for extra investments in marketing to build your brand name.  You then need to decide whether you will build your website yourself or outsource it. There are countless skilled website creators who can build general websites as well as specific applications and features. Depending upon the complexity of your site, you might need a specific hosting company to handle your processing needs. Every component of your website matters. Look and feel, content, user friendliness, and comprehensiveness are just some factors that can make a website successful and build your brand reputation. Importantly, avoid common website design mistakes that are found on many sites. And make sure your site provides users with a great experience on desktop, tablet, and mobile devices. 4. Market your online business The most effective methods to marketing your online business include search engine optimization (getting your site to rank near the top of the search engine results); search engine marketing (advertising on search engines); social media marketing (posting on social media platforms); and email marketing—all are proven and effective strategies. But just because they are proven strategies, there's a big difference between doing them and doing them well. Be sure to study best practices before embarking on any of these marketing strategies. And then be sure to judge the results of each of your marketing efforts so you can optimize them to best attract your target customers. Ready to start an online business? Online businesses are exciting because they can be launched very quickly and inexpensively. But because of this there is a lot of competition. To succeed with a website and online business, find your unique niche, create a well-conceived business plan, build a top-notch website, and spend time effectively marketing it. Follow this formula and you could have a great online business up and running in no time. RELATED: 4 Proven Ways to Make Money Online The post 4 Steps to Kick-Start Your Online Business appeared first on AllBusiness.com. Click for more information about Dave Lavinsky. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

15 Smart Ways to Test New Hires Before You Commit Posted: 09 Mar 2020 05:41 AM PDT Hiring a new employee is a huge commitment, especially if you’re a small to mid-sized business with a tight budget. Before you invest time, energy, and resources into a new team member, you’ll want to make absolutely certain they are truly a good fit. Implementing a trial period can be a great strategy for confirming your hiring decision. To find out more, we asked Young Entrepreneur Council members the following question: Q. There is always a worry that a new hire won’t work out as well as you initially thought. What’s the best way for a small to medium-sized business to conduct a “trial period” for new hires? 1. Start them as hourly All of my new hires go through a trial period where they know they are being watched and measured to ensure they are a fit for the position. Those new hires do not come on as salaried employees—they start at an hourly wage. I find this helps create employee motivation and creates a smooth transition after the end of the trial period if they are a fit. —Leila Lewis, Be Inspired PR 2. Provide a mentor One often overlooked element of a successful trial period is making sure new hires have constant access to a mentor. Employees who are assigned a mentor as part of their formal employee onboarding process are more likely to stay with the company long term. They learn more quickly, are more in tune with the business's goals, and assimilate into the company culture more effectively. —Blair Thomas, eMerchantBroker 3. Hire them as interns first Hire interns for summer internships or co-op positions. This is a great way to bring on new staff and learn who would be a good fit as a fresh hire out of school. This also gives your current staff leadership opportunities by allowing them to manage the interns. You’re trialing potential new hires, but you are also vetting out leadership capabilities among your current staff. —Matthew Podolsky, Florida Law Advisers, P.A. 4. Clearly define the trial period length and expectations The trial period should be defined (90 days, as an example) and there should be specific tasks that need to be completed. For example, the new hire should have read the employee handbook, be able to clock in and out, and have memorized all relevant company passwords. When the trial period is specific in what needs to be accomplished, you'll be able to weed out folks who won't work out. —Andrew Schrage, Money Crashers Personal Finance 5. Start them with “real” work right away The mindset of the trial period matters just as much as the actual thing. If you want to avoid having to let someone go after a trial period, then treat it like it isn’t just a trial. Set your new employees up for success by starting the real work right away and treating them like everyone else. The more comfortable they feel, the more they’ll fit in with the company so you don’t have to recruit. —Jared Atchison, WPForms 6. Give them problems that require deep thinking Small to medium-sized businesses should make new hires go through a probationary period where they're given certain tasks that are seeded with intentional problematic forks that require deeper thinking. This will give a company a better idea of how new hires tackle problems and their decision-making process. —Jordan Edelson, Appetizer Mobile LLC 7. Incorporate it into your onboarding process The best way to ensure that a new hire performs well is to create a solid onboarding system. This should include an orientation to company rules, expectations, and values, along with on-the-job training. We assign a “buddy” to all new team members that can answer questions and provide guidance. Setting 30-, 60- and 90-day expectations up front is crucial, along with check-ins at those intervals. —Katie Wagner, KWSM: a digital marketing agency 8. Give them a small project Use the trial period to give new employees a small project to work on. Through it  you can determine if they’re the right fit for your business. You can see their work ethic, problem-solving skills, teamwork, and more. It’s a great way to get to know them better, too. —Stephanie Wells, Formidable Forms Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business 9. Ask them to freelance before hiring For creatives such as writers, developers, and designers, it’s often a good idea to offer a short-term freelance contract before hiring. Give the candidate a well-defined task and see how they perform. If you think they’ll be a good fit after the trial, sign them up with a standard contract. —Chris Madden, Matchnode 10. Have them sign a confidentiality agreement Anyone you hire, even for a trial period, should sign an agreement that makes it clear they will keep your confidential information confidential and that any intellectual property they work on for your company will belong to your company. This will help ensure if things do not work out, they will not take your intellectual property to a competitor or use it to start a similar business. —Doug Bend, Bend Law Group, PC 11. Schedule a six-week check-in Have a six-week check-in where you discuss the strengths and weaknesses of the new hire and give both parties the opportunity to share whether or not the position is working. Tell new hires up front that the first six weeks is a trial period, and if the position is not a great fit for them, they will either be moved elsewhere or let go if there is not another position available that is a good fit. —Diego Orjuela, Cables and Sensors 12. Make the long-term intention clear When you hire someone for a 60-day trial, it’s a great way to get a feel for their work and communication style. Unfortunately, when someone is on “trial,” you might not treat them as a full employee, and you might find yourself holding back from giving them meaningful work or feedback. To make a trial successful, start with full-time intention and treatment, or you won’t get a real sense. —Nathalie Lussier, AccessAlly 13. Start with low-impact tasks Don’t start the new hire on the highest-level projects. Let them prove their worth with low-impact tasks. For example, if you’ve hired a social media manager, don’t have their first project be the deployment of a new traffic channel strategy. Instead, put them on an existing process so you can quickly see how they work within your culture and processes. —Matt Diggity, Diggity Marketing 14. Be flexible based on where they are in the hiring cycle Applicants are in different stages of the hiring cycle. Full-time employees looking for a new job may be open to a paid “after hours” project before receiving the final offer. Available candidates can spend a week or two at your office before receiving an offer. Everyone else can start with two- to eight-week trial periods designed for onboarding and learning before both parties can fully commit. —Mario Peshev, DevriX 15. Extend the trial period if needed A 90-day period is often enough to understand if a new hire will be a good fit with your business. At times, it isn’t so clear. You can add an option to extend the trial period for a short period of time to flesh out important issues. It’s important, however, to make a decision in the end so that it’s fair to the new hire and is beneficial to your business. —Syed Balkhi, WPBeginner RELATED: Hiring Your First Employee: 8 Key Questions to Ask The post 15 Smart Ways to Test New Hires Before You Commit appeared first on AllBusiness.com. Click for more information about YEC. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

Latest Trends in the Booming Beauty Industry Posted: 06 Mar 2020 07:30 AM PST Lately, I've been spending too much time searching for the best makeup for "mature," dry skin. Apparently, according to The 2019 AARP Survey of Women's Reflections on Beauty, Age, and Media , I'm not the only boomer in search of beauty solutions. But as the BeautyMatter blog points out, while beauty's importance to women "doesn't diminish with age" there's been a "proliferation of brands created by millennials for millennials" with many "trying to capture their share of the coveted millennial mindshare." But BeautyMatter warns, "Marketers who dismiss older consumers do so at their own risk." Why? The AARP Survey shows: Nearly 90% of women say beauty and personal grooming are either very important (43%) or somewhat important (47%) to them. As women age, the increased importance of "inner beauty" reflects the decreased importance of external motivations—92% of Gen Z, 88% of millennials, 92% of Gen X, and 95% of boomers agree that inner confidence is more important than outer beauty. Being healthy is a stronger motivator for women 50+ than for younger demographics. On average, women use six beauty and personal grooming products every day, spending more than 30 minutes on their daily beauty and personal grooming regimens. Women spend $40 a month on beauty and personal grooming products. Older women are more likely than younger women to feel ignored by the beauty and personal grooming industry—53% of boomers feel the industry doesn't create products with people their age in mind, compared to 39% of Gen Z women, 24% of millennials, and 40% of Gen X. Women 50+ have difficulty finding products tailored to their age (hence my personal experience), leading to boomers feeling more underrepresented than other generations. Boomer women also think the beauty and personal grooming industries treat them as an afterthought. Women under age 50 are more likely to use home remedies. Women under 50 are more likely to turn to social media to "find new methods" for their beauty routines. Women 40+ have unmet needs, with 70% of women ages 40+ wanting to see more perimenopausal and menopausal beauty and personal grooming products. The top product "want" for all women over 40 are skin-care products for the face. Gen X women rank "products for hot flashes" second, while boomer woman put hair-care products in second place. Most women of all generations believe older adults are not adequately represented in advertising. They feel media images, in general, are ageist (69% total women, 64% millennials, 70% Gen Xers, 74% boomers). All women, regardless of age, feel better about and will more likely buy more from companies that show women of different ages in their marketing and advertising. But, each generation shows loyalty to the specific brands that represent people their age. There's obviously a lot good reasons for entrepreneurial beauty companies to target older women. It's not all that often that such a sizable market segment practically begs businesses to create more products. But that's not the only demographic small businesses in the industry should target. Beauty industry breaks gender barriers "Masculinity is getting a makeover," according to The Guardian newspaper. A chain of British department stores (John Lewis) recently announced it was opening a permanent makeup counter for men, following a successful pilot program in its London store. The test program showed "demand for War Paint for Men, a [line] of male-focused cosmetics, was 50% higher than expected." Daniel Gray, War Paint's founder told The Guardian, "We are finally starting to see men's makeup become the norm and break the stigma that has been around for years." The paper reports the personal care market for men "has grown exponentially over the past decade, and is expected to hit $166 billion by 2022, according to Allied Market Research." This focus on men—for makeup and skin care, goes back more than a decade. Jack Black, which has been selling men's skin-care products for 19 years, say they started their company because "there were plenty of skin-care companies that made luxury, efficacious products for women, but no one was addressing the needs of the modern man." Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business According to a report from CBS News, global research firm Mintel reports more than two-thirds of Gen Z males in the U.S. are interested in gender-free beauty products, and not just products in traditional masculine packaging (dominated by deep red, green and black colors). Alison Gaither, beauty analyst at Mintel, told CBS News, "9% of Generation Z males (ages 18 to 24) said they use some form of lighter, 'no-makeup' makeup, whether it’s tinted moisturizer, BB cream or CC (color correcting) cream." Social media plays a big role in driving both these beauty trends. The Guardian notes how "high-profile male beauty influencers like Jeffree Star and James Charles, who became the first male face of CoverGirl in 2016, have helped redefine the category, demonstrating that makeup isn't just for women." And according to AARP's report on women, social media not only helps women find new methods for their beauty and personal grooming routines, but also has changed their perception of beauty and personal grooming for the better. The women in the boomer study say another positive aspect of social media for them is it's "moving consumers away from the norm of air-brushed advertisements." While The Guardian says the big beauty brands like Tom Ford and Chanel have launched male beauty products in the last few years, there's still a lot of opportunity for small players in the market. RELATED: 5 Creative Ways to Test Market a New Product The post Latest Trends in the Booming Beauty Industry appeared first on AllBusiness.com. Click for more information about Rieva Lesonsky. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

How Long Should Your Blog Posts Be? Posted: 05 Mar 2020 06:32 PM PST When writing a blog post, you know you should be using a tone that falls in line with your brand and provides enough detail to demonstrate value to your users. But if you've ever written an article that felt too short or worried that you were writing too much, you may have considered the all-important question: how long should my blog post be? The question is a complicated one without one true answer. But understanding the purpose of your content can help you determine the optimal length for your posts. Quality over quantity First, you should know that the quality of your content is going to matter far more than its length. For example, a high-quality 300-word post is going to yield more overall value than a 10,000-word post that's mostly fluff. Conversely, a well-written 10,000-word post will always outperform a shoddy 300-word one. Covering the right topics and committing to content value should be your first priority; only then should you start worrying about content length. What's the goal of your blog? We can consider multiple independent goals when deciding the optimal blog post length: Links and SEO—For some content marketers, the end goal is earning as many links as possible and looking good to search engines. If this is your goal, your content length should provide Google with enough content to crawl and be filled with citable material for other bloggers. Social shares—For others, social shares are more important; the optimal post length is one that attracts the most shares on social media, ultimately netting more brand exposure. User engagement—You might also want to consider length for your user engagement. Here, the optimal length is one that encourages your users to stay on a page for as long as possible, or one that encourages more conversions. Brand reputation—Finally, you may tailor your post length to improve your brand reputation, focusing on pure user value or journalistic integrity rather than any of the other goals. You may have one of these goals as your main priority, or seek all four of them in different capacities. Keep your priorities in mind as you review the following information. Links and SEO The "optimal" length of content for SEO has changed over the years. The industry standard advice a few years ago was somewhere between 500 to 800 words. This length was considered long enough to help your brand target specific keywords, but short enough to be digestible to the average reader. Today, however, the general consensus skews a bit longer. One study from Moz and BuzzSumo found that while the vast majority of content is less than 1,000 words, posts of 1,000 words or more tend to attract more links than any other length. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business A more recent study by SEMRush found that the difference in length between top-3 posts and rank-20 posts was a whopping 45%; in other words, longer content tends to higher rank. If your main goal is SEO, longer posts are better. Aim for at least 1,000 words. Social shares Social shares are a bit more complex to analyze. The same Moz/BuzzSumo study found that posts of 1,000 words or more tend to get more shares than other posts in the same way that longer posts earn more links. However, the same study found that certain types of posts are far more highly shared than others. For example, quizzes and listicles (as you might expect) get more shares than standard articles; these content types tend to be shorter than others. You might also find that shorter posts are more shareable because they're more digestible. It doesn't take readers as long to get through your work, and they might be more likely to share that work with their social contacts. User engagement Intuitively, you might reason that shorter posts are better for user engagement; after all, they're more easily digestible. But you might also reason that longer posts are better, since they offer more detail and may afford you more chances to offer CTAs and other engagement opportunities. According to one report, the average web user only reads 28% of the words during an average page visit, regardless of page length. Why? Because most web users who consume content tend to scan it, rather than read it in-depth. This fact should caution you to spend more time formatting your text properly (with shorter paragraphs, clearer headings, and bold and italic fonts), but also help you lean toward long-form content. After all, if users are only reading a quarter of what you're writing, it's better to have them read 280 words of a 1,000-word post than 28 words of a 100-word post. Brand reputation Finally, we have to consider your brand reputation—and this is the most subjective point of all. If you want your brand to be known for concise, witty posts, it may be in your best interest to churn out posts of just a few hundred words—even if you earn fewer links per post on average. On the other hand, if you want to be known as a thought leader with highly detailed, exhaustive content that covers heavy industry issues, you should only produce posts of several thousand words (or more). Blog length: the bottom line The bottom line here is that there's no single correct answer for how long your blog posts should be, though you may seek one length over another if your specific brand would benefit from it. Consider your priorities and options carefully: What are your goals for publishing blog posts? Are you trying to attract links to boost your SEO? Are you trying to engage readers? Are you trying to encourage social shares of your content? Depending on your goals, your blog post word count requirements may differ. If you're ever in doubt, just cover all your bases and create a wide variety of content in different sizes. You can always measure your results and discover the most valuable content for your brand by testing various lengths and seeing what produces the most value for you. RELATED: 6 Tips for Brainstorming Brilliant Blog Topics The post How Long Should Your Blog Posts Be? appeared first on AllBusiness.com. Click for more information about Jayson DeMers. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

7 Rules for More Effective Social Media Marketing Posted: 04 Mar 2020 08:11 AM PST By Neal Schaffer Although the use of social media in marketing isn't new, over the last few years it's gone through a lot of changes. As most of us know, it has evolved from simple advertising inserted into our feeds into the sophisticated content that's used today. In particular, we now use influencers as our content creators and thought leaders. So, what should we marketers keep in mind as we navigate those changes? Here are seven things to consider that will help you maximize the success of your social media campaigns: 1. Remember that social media in business is just a means to an end Back in the day, social media for business was quite simple. Originally, we'd all just throw up a business page and link it to our profiles to show where we work. Now, that's not even close to enough. People don't just write reviews on Yelp or Ripoff Report anymore. And the Better Business Bureau, as important as it is, doesn't have the extensive reach it once did. Now, customer service is often handled through social media. So is much of advertising, whether it employs influencers or just business-generated content. 2. Know your goals for social media advertising This applies for your business social accounts, your paid advertising, and your use of influencers. Are you having trouble getting people to engage with your current advertising? Or are they following everyone else's page instead of yours? When you advertise on social media, are you hoping to build brand recognition or generate sales leads? How about announcing the launch or improvement of an important product? All of these goals are great opportunities for social media to shine. Accordingly, you need to think carefully about what you post on a social business page. For example, the hiring of a key employee can be announced on Facebook to tell people about exciting changes going on at the company. While this won't necessarily sell anything, it can increase brand awareness. On the other hand, posting content about a new product is intended for sales. 3. Determine what works and what doesn't Companies that engage with their customers well on LinkedIn, usually B2B brands, should probably continue to use LinkedIn for future campaigns. But they also should consider whether their Instagram strategy is working, or determine how well their latest Twitter efforts performed. Ideally, you should find a way to make all social media channels work for you. There are different ways to do this, but many of them involve influencers. For example, if you have a new product, then it might be advantageous to have an influencer talk about how the product has made their life easier at work. Or, demonstrate that the new type of makeup you're selling is more effective than the competition's for people with oily skin. Whatever it is, know what's working and then determine a great way to adapt those effective techniques to other platforms. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business 4. Know your competition Most of you know to do market research. After all, being able to keep your finger on the pulse of the competition allows your company to ensure products and services stay relevant. But did you know this applies to social media, too? It's a war out there, so you need to have a sense of how your competitors are using social media and how effective their efforts are. Maybe they're stealing away potential customers because they're constantly engaging your audience. Let this activity remain unchallenged, and they will soon be wiping the floor with you in online forums. 5. Ensure your social media marketing budget matches your goals It's easy to be a cheapskate when it comes to marketing. Most small businesses think in terms of worker time and materials when deciding how to spend their money. But marketing is an area where you need to spend money to make money. Think about your goals, and then determine how much money you'll need to spend on marketing to achieve them. Sometimes you'll have to take smaller steps than you'd like; however, over time effective marketing will help your business grow. Somewhere there's a perfect balance between spending too little (and getting meager results) and spending too much and cutting into business profits. Know that number and then find a way to maximize it. 6. Understand the difference between personal and business Business and personal uses of social media are fairly different, even if they have similarities. For one thing, personal use involves keeping track of friends and family, playing social games, and sharing common interests. Business users, on the other hand, are often engaging with people they don't know or have any connection with other than as an audience for whatever business they're running. Social media is used to spread the word about the company's products and services, to perform customer service tasks, and to project corporate values to whoever wants to know. So what does this mean? Don't use your business social accounts to talk about your latest trip to Italy, unless it was for a trade show or other business purpose. On the other hand, feel free to share pictures from the office blood drive or charity event. Show people what your business is about and what it can do for them. 7. Determine whether social media is relevant to your market While social media is an integral part of marketing for most businesses, there are some limits. For example, a realtor who primarily sells homes in 55+ communities isn't going to get as much bang for their buck with social media. Certainly they can use it to reach the kids, who might influence Mom and Dad to buy a home in those communities, but the kids aren't their core audience. On the other hand, if the realtor's goal is to sell first homes to young people, social media is critical. About the Author Post by: Neal Schaffer Neal Schaffer is a leading authority on helping businesses through their digital transformation of sales and marketing through consulting, training, and helping enterprises large and small develop and execute on social media marketing strategy, influencer marketing, and social selling initiatives. President of the social media agency PDCA Social, Neal also teaches digital media to executives at Rutgers University, the Irish Management Institute (Ireland), and the University of Jyvaskyla (Finland). Fluent in Japanese and Mandarin Chinese, Neal is a popular keynote speaker and has been invited to speak about digital media on four continents in a dozen countries. He is also the author of three books on social media, including Maximize Your Social (Wiley), and in March of 2020 will publish his fourth book, The Age of Influence (HarperCollins), on educating the market on the why and how every business should leverage the potential of influencer marketing. Neal resides in Irvine, California, but also frequently travels to Japan. Company: PDCA Social Website: www.nealschaffer.com Connect with me on Facebook, Twitter, and LinkedIn. The post 7 Rules for More Effective Social Media Marketing appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

What Happens When You Hire a Collection Agency for Your Small Business? Posted: 28 Feb 2020 10:48 AM PST By Dean Kaplan You have an overdue invoice and a client who won't pay. The client is either not taking your calls anymore or you're getting a lot of excuses. It may be time to call in a collection agency. Before sending a customer to collections, you should know what a collection agency is going to do with your claim. Here is the process successful collection agencies take to collect the money owed to you. Collection agency will have you evaluate the claim The first thing a collection agency will do is have you evaluate the claim to make sure the business that owes you money is, in fact, a valid business. Too often, small business owners enter into agreements without doing even a basic credit check on their new partners. Doing basic research, such as asking for references and double-checking website addresses and phone numbers, can help keep you from doing business with a fraudulent company. Review your contracts and agreements, including any relevant email or written conversations. Sadly, there are situations where collection agencies cannot accept a claim. If you have been the victim of business fraud, or if your contract is worded poorly or incorrectly, a collection agency may not be able to help you. There are many business reasons for keeping good records of your invoices and contracts, and the possibility of one day having to send an account to collections is one of them. The better your records and paper trail, the easier it will be for a collection agency to collect for you. Collection agencies like to move quickly. The longer a debt goes unpaid, the less chance there is of collecting on it. You don't want to slow down the process by spending weeks or months trying to track down your own invoices, statements, signed contracts, and communication records. They will contact the debtor Collection agencies will usually start with a letter that they will send to the debtor by mail, email, and fax. Included with the email will be all the relevant documentation proving the debt, such as copies of the unpaid invoice and underlying contract. This validates the debt and the agency’s authority to act on your behalf. All correspondence is then immediately followed up with a phone call to let the debtor know the situation is serious, needs attention, and that they should look for the email. On rare occasions, sending a letter is all it takes. If the debtor has not been paying because they are disorganized or because they were prioritizing other bills over yours, a letter from a collection agency can be a powerful motivator. There are articles that recommend you send a letter threatening to sue or have a lawyer friend send a letter to your client on your behalf. While we can understand the appeal of doing this, it’s not a great idea. Occasionally such a letter works, but usually it doesn't. Once you've threatened to sue or used a lawyer to threaten someone, you have backed yourself into a corner if the debtor does not pay. When the next collection effort comes from a collection agency, the debtor will assume you have decided against suing and your leverage is compromised. Your business is too important for you to play a game of chicken with your clients. Next, they will try to have a conversation In popular culture, debt collectors hit hard, browbeating customers into paying their bills. This method, however, doesn't work when it comes to commercial collections. Successful debt collectors will begin the collection process by talking. They will find out what the real situation is and figure out how to come to an agreement. Some people are reluctant to send an account to collections because they don't know how the collection agency will treat their client. The truth is, a trained collection agent is more likely to have a polite, productive conversation with a customer than you are. Why? Because the collection agent isn't emotional about the situation. Since the collection agency will talk to clients on your behalf, it is essential that you carefully research any agency before you hire them. As an industry, collection agencies face a high number of complaints. Make sure any agency you hire is capable of representing you well. Check their professional affiliations and online reviews. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business When all else fails, they will go to court In many cases, simply being consistent and persistent works. When the debtor finally realizes they can no longer ignore the invoice, they pay it. Sometimes, however, the issue isn't a matter of "wanting to pay" but being able to pay. In those cases, a collection agency will try to come to an agreement with the debtor that allows you to get as much of the money owed as quickly as possible. But sometimes neither persistence nor negotiation work. When all other avenues have been exhausted, the debtor may be taken to court. There are attorneys who will take collection cases on contingency, with you only having to pay the out-of-pocket costs. Out-of-pocket costs are typically between $350 and $1,000, so it isn't very expensive to sue. Still, collection agencies will avoid going to court because the process can be slow. Many courts are backlogged, and if the debtor defends the lawsuit, it could take over a year before there is a trial. Also, once you get a judgment, it doesn't mean you automatically get paid. A judgment merely starts the process of trying to collect on the judgment. The possibility of going to court is a reason you want to make sure you have strong contracts before beginning work. When you can show this strength to a debtor, it often motivates them to pay. But, if your contracts and documentation will not hold up in court, you may have difficulty finding a reputable collection agency to take your claim. One day you may need a collection agency Sooner or later, almost every business will face the problem of an unpaid invoice. Knowing what to expect if you have to send your client to a collection agency can help you feel more confident and secure about moving forward. RELATED: How to Collect Money From Slow-Paying Customers About the Author Post by: Dean Kaplan Dean Kaplan is president of The Kaplan Group, a commercial collection agency specializing in large claims and international transactions. He has 35 years of manufacturing, international business leadership, and customer service experience. Today, he provides business planning, training, and consulting to a variety of global companies. Company: The Kaplan Group Website: www.kaplancollectionagency.com Connect with me on Facebook, Twitter, and LinkedIn. The post What Happens When You Hire a Collection Agency for Your Small Business? appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

Are You Focusing on the Right Key Metrics to Scale Your Startup? Posted: 28 Feb 2020 10:32 AM PST By Kash Mathur Success in the startup space is no small undertaking. You’re trying to validate your product and simultaneously trying to develop a customer base, secure funds, establish a sustainable business model, and find the right people to bring on board. All that and figuring out how to scale, too! With your attention so divided, it can be difficult to focus on the key metrics essential to scale. Yet metrics are a necessary component of strategic planning. Leave them by the wayside or pick the wrong ones, and you'll find yourself driving with no clear direction. Your early-stage business needs you to diligently—and regularly—track metrics. Once you establish pillars for your business, determine daily or weekly performance indicators that will lead to their success. If goals are not set, tracking KPIs is useless; you may end up making decisions based on irrelevant information and risk deviating from the steps necessary to achieve your goals. Meanwhile, don't fall victim to a common startup trap: overcomplicated reporting. Many startups try to automate everything. If that's not possible, chances are good it can be done manually. Google Drive, Microsoft OneDrive, and Apple’s iCloud all provide access to spreadsheets employees can work on or edit. Put in a bit of manual effort and then get the metrics out to the team. Understanding key metrics While deciding where to focus your attention can be a challenge, there are certain types of metrics startups need to monitor regularly. Rising to the top of the list are leading versus lagging metrics. Leading metrics are those a team acts on, as they’re often seen as business drivers and can shift at a moment's notice. For example, a social app’s leading indicators may include the number of daily active users or the number of messages sent, while an SaaS platform’s leading indicators might be more sales-focused, such as the number of demos requested or qualified leads captured. Consider them precursors of what's to come: your trend forecasting. Lagging metrics, on the other hand, are outputs of leading metrics. They measure performance, like products sold per day or return on investment. Both leading and lagging generally roll up into your key metrics, which the company and investors will rally around to show success. Many startups make the mistake of focusing only on review metrics when the leading metrics—the daily actions that drive the review metric—are far more pressing. When tracking sales revenue, for example, you have to check the daily inputs. If you check on the sales review metric only once each month, it will be too late to respond to what you’re seeing. When you determine your performance indicators, you need to also figure out the daily and weekly leading metrics that roll up to the overall (lagging) review metric. Otherwise, you risk losing sight of what it takes to get to the overarching goal. Beyond that, establishing clear business objectives is another way to measure the success of your venture. Are you going to focus first on growth, for example, or on maximizing profitability? Obviously, you want to grow and be profitable, but different actions will get you to each goal. You want to take a macro view of your business and look at the marketplace as a whole. This will help you to decide on additional metrics to benchmark your progress. Having established all of this, commit to full transparency company wide. Thoughtful contributions are generally backed by metrics, and ideas can come from anywhere. That’s why universal access to data is critical: if the entire team understands the relevant information, they can contribute to the growth of the review metric—and the company. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business Tracking and measuring key metrics Once you’ve established which metrics matter to your business, take these steps to track and measure them effectively: 1. Use OKR OKRs, otherwise known as objectives and key results, are a framework for goal setting that has you set objectives and then identify the metrics by which to measure the associated results. OKRs can be made available company wide and used as a jumping-off point for quarterly planning. This will allow all team members to participate in the objectives and understand the strategic goals of the organization. It's all about being transparent with employees. 2. Keep your team in the loop With objectives and metrics in place, anchor your team around what needs to happen and how you’ll get it done. Working with the team will guide next steps and help you determine exactly how the group will accomplish the goal. In fact, keeping your team in the loop on business objectives can boost their performance, according to 69% of high-performing companies. 3. Provide context Metrics should be tracked regularly; the needed frequency depends on the metric. But tracking isn't enough. You need to frame the data in a way that provides context. Let’s say churn suddenly spikes. If you want to develop a proactive strategy, you need to understand the reasons surrounding it. To understand what’s going on, dig in to find out whether that spike is a trend or an anomaly. Maybe one of your biggest clients went out of business (an anomaly), or maybe the churn is an indication that the whole industry is failing (a trend). Key metrics and your next steps If you lead an early-stage startup, it can be difficult to know how to measure your company’s success beyond a general sense that you’re doing well. That’s why it’s important to get anecdotal evidence to validate any gut feelings that could be determining the direction of your business. Relying on metrics is the key to monitoring success and scaling your venture. But combining both kinds of evidence will clarify where to direct your attention as you scale. RELATED: 3 Mission-Critical Metrics Every Small Business Needs to Pay Attention To About the Author Post by: Kash Mathur Kash Mathur is the former COO of Chewse, a service that delivers family-style meals to offices from the best local restaurants, transforming transactional drop-off delivery into an inclusive meal experience and donating unwanted food excess to those in need through the Chewse to Give program. With over a decade in executive leadership roles, he has guided organizations in the food space through substantial periods of scale by focusing on strategy, product, and operational excellence. Company: Chewse Website: www.chewse.com Connect with me on LinkedIn. The post Are You Focusing on the Right Key Metrics to Scale Your Startup? appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

5 Ways to Brainstorm (and Protect) a Brilliant Business Idea Posted: 28 Feb 2020 07:30 AM PST When you hear the word "inventor" what comes to your mind? Images of American's most accomplished inventors like Benjamin Franklin or Thomas Edison? Or do you think of the silly characters in movies—like Belle’s father, Maurice, in Beauty and the Beast, or Dr. Emmett "Doc" Brown of the Back to The Future movie trilogy? Obviously, not all inventors are as prolific as Edison and Franklin, or as incompetent as Maurice and Doc Brown. Yet most people don't think they have what it takes to be an inventor, to turn ideas into products, to build something from nothing. But inventions aren't all about scientific or mathematical formulas. Sometimes they're just about the same entrepreneurial adage: find a niche and fill it. Retailers can be inventors, too Of course, retail and e-tail success is all about selling merchandise. But all too often you're selling the same stuff as the store down the street or via dozens of websites around the country. One way to stand apart from the competition is to sell unique products. These can be hard to find since so many retail businesses source from the same places. So to really stand out, why not create your own exclusive products? Yes, you can be an inventor. Here's how: 1. Identify a niche The best place to start is figuring out what the market needs. Don't waste time and money creating a product you think consumers will love, only to find out too late they don't. Start by reviewing your best-selling products. Then check your results against industry trends. Is there something you can create—an offshoot—that no one else is selling? For example, let's say you sell fashion accessories and one of your best-selling products are cross-body handbags. After talking to your customers you learn women like them because they can be hands free. Think of other products you could create that have the same effect, like fanny packs. 2. Don't reinvent the wheel—you don't have to create an entirely new product The truth is only a small number of inventions are something that's never existed before. Most new product launches are improvements or add-ons to something that already exists. You can expand your customer base by creating a lower-priced or more expensive version of that product. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business 3. Do market research on your new business idea Expand your initial research and ascertain whether there really is a market demand for your new product. Make sure it doesn't already exist in the market. Learn more by surveying your customer base. Also, check into secondary research sources, like Census Bureau data, information from the Commerce Department and industry trade magazines and websites. Go online and search for products that resemble what you've come up with. Go to the U.S. Patent and Trademark Office (USPTO) website, and do a patent search (it's free) to see if anyone else has already invented and patented your idea. 4. Protect your business idea Depending on what you've invented, you may need a design patent, a utility patent, or a copyright. A copyright protects artistic expression such as a graphic pattern or design on a clothing or home décor item. A design patent protects a new, nonobvious ornamental design of products, and is mostly used for designs that are a slight variation or improvement on an existing product. A utility patent protects the functionality of an invention. You can find if your concept is patentable by going to the USPTO site. It's smart business to hire an attorney who knows patents to make sure you're protecting your idea and not inadvertently stealing someone else's work. 5. Take notes—document the process from step one Just in case you end up patenting your idea, you should document your idea generation and product development process. You'll need a bound notebook with numbered pages that can't be removed (meaning they're not perforated). Computer entries will not work in this case. Write down your idea and everything you do to bring it to life. Date each page and keep it in safe place. RELATED: You've Been Accused of Patent Infringement—Now What? The post 5 Ways to Brainstorm (and Protect) a Brilliant Business Idea appeared first on AllBusiness.com. Click for more information about Rieva Lesonsky. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

How Risk-Taking Can Lead to Success in Business Posted: 27 Feb 2020 11:34 PM PST By Myra Singh "The biggest risk is not taking any risk. In a world that's changing very quickly, the only strategy that's guaranteed to fail is not taking risks." These words of wisdom are from Mark Zuckerberg, chairman and CEO of Facebook, the world's most popular social media platform. Zuckerberg also ranks among the top 10 richest people on this planet; his net worth is estimated to be nearly $70 billion. No one would have ever heard about this successful entrepreneur had he not taken risks to try something new. The risks he took helped him rise from amateur computer programmer to co-founder of the world's third most popular website. Let's find out about the importance of taking risks in your career. Comfort zones are dangerous Yes, comfort zones are dangerous and can mean the doom of your career. Invariably, millions of people fall into comfort zones and won't progress beyond a certain point. The reason is simple: most people don’t want to leave a steady job with lucrative pay and some level of seniority. However, staying in your comfort zone can only lead to one outcome: a stagnant career. You may get job promotions and pay increases, but these will happen because of your seniority and not necessarily because of your skills, experience, and excellent work. This has a cascade effect too. Stagnation leads to complacency, meaning you may not try to upgrade your skills unless it becomes absolutely necessary for the job. This in turn means you will be automatically disqualified for better-paying jobs that require higher level skills. If you don't wish to stay within the confines of a comfort zone and want more from your career, it is imperative to take risks. It's also worth remembering: success doesn't come automatically—you need to strive for success. Reduces risk of redundancy Having a long tenure with one employer doesn't necessarily imply a continuum of employment. We live in an era of mergers and acquisitions. You are prone to lose a job, even after long-standing service, if new owners decide your role is redundant within the new organizational setup. And if you've been complacent about your skills and career growth, as I mentioned earlier, you are at high risk of losing a career, not merely a job. Taking risks helps circumvent the dangers of redundancy. Changing jobs selectively and when necessary keeps your skills updated while also enriching the experience. Varied experience across diverse functions in a single role is something that employers look for today. Hence, taking risks can actually help save your career and prevent unemployment. Taking a risk encourages entrepreneurship There's an old saying: "If you don't build your dreams, someone else will hire you to build theirs." I don't imply you should never work for someone as an employee. In fact, you should put whatever you've learned to test while working and gain experience from work. Working will also help you to expand your social and professional networks, and update your work skills so you can earn more money. If you’d like to one day run your own company, once you have adequate expertise in your field, you can bid adieu to employment and say hello to entrepreneurship. Entrepreneurship, however, involves real risk; risking a job and money to venture into untested waters can be a real test. However, this risk is worthwhile if you become the proud owner of a business with employees. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business Taking a risk boosts your confidence Smooth seas never made a good sailor. Hence, taking risks is necessary to gain vital experiences in both work and life. Risks come with inherent insecurities and dangers, and it's vital to face them because 's how we learn new things. Above all, taking risks brings out qualities in us that we might not know existed. History bears witness to the fact that dangers and risks bring out the best in humans. Taking a risk brings out your best abilities and helps you to think outside the proverbial box. The knowledge and experience you gain by taking taking risks will give you a boost of confidence. In conclusion It's worth remembering that nothing great in your life or career is possible without your taking some degree of risk. That doesn't mean you make foolish decisions or throw caution to the wind. There is a strong link between risk-taking and having a successful career; however, this simply means you take risks after calculating the odds for succeeding and focusing on the objectives you wish to attain. RELATED: How a Risky Financing Strategy Paid Off for One Entrepreneur About the Author Post by: Myra Singh Myra Singh is a content writer at DMatic Digital Pvt. Ltd., and is a freelance blogger who writes about small business, careers, and education. In addition to being a writer, Myra is also an artist who loves painting and sketching. Company: DMatic Digital Pvt. Ltd. Website: www.surejob.in The post How Risk-Taking Can Lead to Success in Business appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

6 Strategies to Recession-Proof Your Small Business Posted: 26 Feb 2020 05:10 PM PST "The time to recession-proof your business is now. Once the economy starts to downturn, it may be too late to turn the ship and make the changes you need to so your business survives, and even thrives, in a worsening economy,” warns Belinda Rosenblum, CPA, and money strategist for entrepreneurs.  She points out that a recession is long overdue by many measures. And, according to the Capital One Small Business Growth Index (Fall 2019), 85% of small business owners say their business would be impacted if the economy entered a recession in the next six months, yet only 32% say they feel fully prepared for a potential recession. So given that it is a matter of when— not if— a recession is coming, what are small business owners to do now?  Rosenblum encourages business owners to "uplevel" in the following key areas:  Clarify your messaging Be sure you are attracting your ideal clients Monetize your expertise with a clear strategy and profitable business model  Have financing in place for your business before you need it (from internal or external sources)  Lead your team and entire business. She observes that "when times are good, it is easy to let one or more of these areas slide. When times get leaner—and they will—you need to have each of these areas dialed in." Rosenblum is also host of  “Recession Proof Your Business,” a free online event. She and other experts from the event share their best tips for keeping your cash flowing in any economy. 1. Take control of your cash flow Belinda Rosenblum, CPA, founder of OwnYourMoney.com “A surprisingly large number of business owners do not have a handle on their cash flow or even know their numbers. (It is no wonder that 82% of businesses fail because of cash flow issues, according to a study by U.S. Bank.) Make sure you know your numbers now and create a clear vision and profit plan for your future, including where your "lever points" are to push or pull back depending on the economic situation.” 2. Build multiple revenue streams Jennifer Allwood, business coach and host of The Jennifer Allwood Show podcast  “One key way to recession-proof your business is to have multiple revenue streams. Having a variety of ways you are bringing in revenue at a wide range of price points is necessary to maintain your income regardless of the economy. “Incorporating things like affiliate marketing, digital and physical products, a monthly/recurring membership group, one-on-one consulting, ad revenue, and sponsored content can really help your bottom line if the economy takes a downturn. You don’t want to be caught with all your eggs in one basket, unable to make a shift or pivot. Multiple revenue streams will help your business stay flexible and be able to persevere.” 3. Invest in your client relationships Susan McVea, business sales strategist and host of Master the Sales Game podcast  “Invest in your client relationships! Focus on your best current customers instead of investing a large amount of money to attract new clients. When you create the best results and experience for your existing customer base, they will want to do more business with you and become an important source of new clients as well. “Business owners will often overlook this as they look for more customers, but don't underestimate your relationship currency with clients who already know, like, and trust you and your business. It's much easier to get a repeat client, through good service and delivering on your promises. It's also considerably cheaper than getting new clients through ads or other means. “An added benefit: happy clients act as ambassadors for your business and share their experience with other potential customers, in turn helping you to draw in new sales for a much lower cost.” Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business 4. Build your business to sell it Ariana and Tom Sylvester, business consultants and hosts of the Lifestyle Builders podcast “Build your business with the intent of selling it. That doesn’t mean you have to sell it, of course! But it means you’ve built your business successfully, without it revolving 100% around you. Tom always likes to ask the question, “What would need to be true for that to happen?”  “For business owners, that means truly understanding your business and who you serve, and putting systems and processes in place in each part of your business engine. That’s what makes it easier for you to step back and hold the vision as the CEO. When you’re the driver of the car (your business), you better keep an eye on the dashboard as you navigate through any ups and downs our economy may throw at you.” 5. Create a deeper connection Brandon Lucero, CEO of SoldWithVideo.com  “One of the best ways to recession-proof your business is to find a way to position it in a unique way that appeals to one identity. For example, there are a ton of coffee shops and they are likely all positioned as standard "coffee shops." However, if one of them changed their name, names of the drinks, had areas for kids, and catered to the identity of parents, it would be the coffee shop for parents. It would stand out and attract a huge percentage of a certain type of identity or demographic, in this case, those that identify as parents.  “People will still spend money in a recession and they will almost always choose a business that caters and reinforces their identity.” 6. Get financing before you need it Finally, here's my own tip: don't wait until you're in a cash crunch to look for financing.  Lenders are already talking about preparing for the next recession, and you can bet that one of the first things they will do when it begins is to start to tighten lending standards. So here's my tip: secure financing now. In fact, it's always smart to look for financing before you desperately need it. The lowest-cost financing, including SBA guaranteed loans, a bank loan, or even crowdfunding, often takes time to secure. Now's a great time to gather documentation (such as copies of tax returns or financial statements), address any issues with your personal or business credit, and evaluate your options.  While you're at it, get a business credit card if you've been relying on personal credit. Many business credit cards don't report activity to the cardholder's credit reports (except in the event of default) and also help business credit. If you do need to carry balances temporarily, say if clients start paying more slowly, it may be better for that activity to stay off your personal credit reports so it doesn't impact your personal credit scores.  Do it now Position your business for success now, before you're left scrambling when the economy starts to slow. The worst that can happen is that your business grows even faster.  "Recognize you have a choice to be a business owner that chooses to make any adjustments needed to leverage the opportunities that inherently arrive in a recession," advises Rosenblum. Otherwise you may be "swept up in the undercurrent, barely able to keep your head above water and your business profitable. Choose to take action now." RELATED: 7 Smart Steps to Protect Your Small Business The post 6 Strategies to Recession-Proof Your Small Business appeared first on AllBusiness.com. Click for more information about Gerri Detweiler. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

7 Reasons Why You Need a Business Mentor—And How to Land One Posted: 24 Feb 2020 11:05 AM PST By Brian Winch One way to get strategic with your business trajectory is to land a trusted adviser in the form of a mentor. Mentoring can take many forms, such as a one-on-one relationship or a mentoring circle within an organization. The best mentor-mentee relationships involve two-way learning and reciprocation. Mentors help professionals feel more engaged, derive more meaning from their careers, and grow their businesses. According to the Small Business Administration, small business owners who receive three or more hours of mentoring report higher revenues and increased growth. Need more of a push? Here are seven reasons why you need a mentor this year: 1. A good mentor will help you identify blind spots Blind spots are a funny thing because they exist for everyone—even the most successful leader. But when blind spots are our own, we are oblivious to them. While you yourself may not easily recognize where your weaknesses lie, a mentor can help you improve self-awareness. Think of this aspect of mentoring as a healthy reality check. 2. Give you access to a sphere of influence A mentor can offer a large network of connections that you might not otherwise have had access to. Would your business benefit from introductions to more distributors, potential customers, or new vendors? Your sphere of influence facilitates these key interconnections. 3. Allow you to benefit from a free resource How many small business resources can you name that cost $0? Not that many. And you can't put a price on a mentorship, except for time spent. Both parties should agree to meeting parameters, times, dates, and agenda items so you can meet as efficiently as possible. When you enter a mentor-mentee relationship in an organized way, it will be time well spent for both parties. 4. Cheer you on through ups and downs We could all use a cheerleader in our corner, especially when it comes to the trials and tribulations of running a successful small business. When you are paired with the right mentor, they genuinely want you to succeed. Your mentor will encourage you during your lows and be one of the first to celebrate your highs. 5. Challenge you in positive ways Short-term and long-term goals aside, a great mentor will also challenge you to think outside the box. In an article in Inc., John Brandon explains one of his own techniques for mentoring: "One strategy I've used with those I'm mentoring is to assign a fairly difficult task to complete—something that will require my involvement. I don't see mentoring as just a weekly chat. It's an ongoing relationship and one that should always be moving toward a specific goal. It has to be intentional and specific, not vague and by the seat of your pants. Keep track of the task together and use it as a teaching aid." 6. Share what they’ve learned from their own experience Learning from others' mistakes can be priceless. Who wouldn't want to shorten the learning curve when it comes to building your small business? In most scenarios, a mentor is older, wiser, with years more business experience. With that experience comes tales of far reaching success, and also brutal failures. Honest, vulnerable conversations with your mentor will help shape your future business decisions. 7. Help you overcome your complacency Have you ever felt stagnant in your business? A good mentor will help you establish realistic goals, hold you accountable to the tasks that help you achieve those goals, and push you when you feel like giving up. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business How to find a business mentor Once you have decided that you would like to have a mentor, how do you go about locating the right one for you? Look at your current network. Is there another small business owner whose company's growth is something you'd like to emulate within your own business? Take stock of your LinkedIn connections to see who is open to mentor-mentee opportunities. Check for local SCORE opportunities. SCORE was founded in 1964 as a nonprofit resource partner of the U.S. Small Business Administration (SBA). The SCORE network includes 10,000+ expert volunteers offering business mentoring and workshops at 300 SCORE offices across the country. Visit the SCORE website to find the closest local office; your local SCORE chapter will help pair you with a suitable mentor. Investigate contacts within your specific industry. You might think this suggestion is counterintuitive for competitive reasons. However, seasoned professionals who are passionate about their field often offer mentorship services to other small business owners in their own industry. Research. See if there are private organizations in your area, such as the Pink Mentor Network, a mentorship community for women in Charlotte, North Carolina. Also discover state-funded mentorship communities such as Business Mentor NY. Finding someone you admire should be a top priority. Make a short list of potential candidates and see where your personalities align. You can feel them out by having informal meetings where you discuss your goals and trajectory before officially asking them to be your mentor. When asking a person to become your mentor, you want to be direct. Try something like, "I can see you're a great team leader and I'm managing a team for the first time. Would you be able to work with me over the next year to become a great team leader?" Once you have committed to the process, good luck. And if years from now you find yourself being asked by someone to be their mentor, draw on this experience and pay it forward! RELATED: 5 Fast-Growing Businesses Reveal Their Shared Secret to Success About the Author Post by: Brian Winch Brian Winch has been involved in all aspects of the parking lot litter removal business since 1981. A $200 initial investment turned into a $650,000-a-year business and provided him with a great life. Brian is now focused on his legacy, which includes teaching others the secrets to his success so they can replicate his business in their own area. If you'd like to learn more about how to start your very own parking lot litter removal business, please contact Brian. Company: Cleanlots Website: www.cleanlots.com Connect with me on Facebook, Twitter, and LinkedIn. The post 7 Reasons Why You Need a Business Mentor—And How to Land One appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

Should You Sign a Personal Guarantee for a Small Business Loan? Posted: 22 Feb 2020 09:38 AM PST By Veronica Baxter Every small business must contend with the challenges of financing their business operations. Whether you're just starting up or expanding, business loans are often a critical part of a small business's success. But what if you are required to personally guarantee the loan? Should you? Read on to learn about how a personal guarantee works and the potential consequences of personally guaranteeing a small business loan. What is a personal guarantee of a business loan? Simply put, a personal guarantee of a business loan is a promise from the owner of the business that he or she will pay the loan if the business does not. Here are some pros and cons: Pros: Often it is the only way a startup can obtain capital. Lenders will offer better loan terms if there is a personal guarantee. There is insurance available for personal guarantors to insure against default by the business. Cons: If the personal guarantee is secured by personal assets, the business's failure to repay and then your subsequent failure to repay puts those assets at risk. If the personal guarantee is unsecured and the business defaults, the lender can still sue you to collect if you fail to repay, and can garnish wages, levy on bank accounts, and file liens on real property. A personal guarantee must be in writing and signed by the guarantor or the guarantor's agent in order to be enforceable. It can be unsecured, meaning it is not secured to any one asset such as equipment or real property, or can be secured by property you own. Be aware that any asset you pledge as security for a personal guarantee may be sold to satisfy the loan if the business defaults. Also, be aware that the guarantee document may provide that the guarantor is responsible for payment on the loan if the business defaults, as well as payment of interest, legal fees, and other fees. If you are not an owner or on the executive team of the small business applying for a loan, use caution if requested to sign a personal guarantee. You may not be in a position to know the business's full financial picture and whether repayment is likely to occur. It is always a good idea to consult an attorney when considering providing a personal guarantee of a business loan. When do lenders require a personal guarantee? A lender will often require a personal guarantee of a business loan as added assurance that the business owner intends to repay the loan regardless of the success of the business. It is common practice for lenders to require that entrepreneurs who own more than 20% of the business personally guarantee the loan; this is also the requirement for obtaining an SBA-guaranteed loan. Other Articles From AllBusiness.com: The Complete 35-Step Guide for Entrepreneurs Starting a Business 25 Frequently Asked Questions on Starting a Business 50 Questions Angel Investors Will Ask Entrepreneurs 17 Key Lessons for Entrepreneurs Starting A Business In small businesses owned by a single person or a family, business finances and personal finances are often intertwined, so it is logical for a lender to require personal guarantees of repayment. Often the spouse of a business owner will be required to offer a personal guarantee as well, for the same reasons. Not every small business owner will be required to offer a personal guarantee. Where there is evidence of little risk to the lender, personal guarantees are not required. Here are some examples: Business revenue exceeds $25 million Business is registered on a public stock exchange Business is a non-profit; Business is venture-backed; Business is structured as an Employee Stock Ownership Plan (ESOP). What happens if the business defaults on the loan? If the business defaults on the loan—which can happen for any reason ,but most likely from insufficient revenue, liquidation under a Chapter 7 bankruptcy filing, or reorganization under Chapter 11 bankruptcy—the personal guarantor remains personally liable for that debt. What can you do about it? It depends on how your business was organized. If you are a sole proprietor or LLC, in many cases the debt will be discharged as to you and as to the business if you file a Chapter 7 bankruptcy petition. However, if your business is a corporation and the corporation files Chapter 7 bankruptcy, you will remain liable for repayment of that debt. Keep in mind that businesses that file Chapter 7 bankruptcy do not continue business operations, and all business assets are liquidated for the benefit of the business's creditors. If the business files a Chapter 11 bankruptcy, the business will have a plan of reorganization. If that plan includes only partial payment of the debt that an owner personally guaranteed, the guarantor remains liable for repayment of the remainder. If the debt was secured by your personal assets, in most cases the lender is empowered to seize and sell those assets if they file a collection lawsuit and obtain judgment against you. If the assets sell for less than the amount of debt you guaranteed, the lender could also pursue collection of the account deficiency by levying on bank accounts, garnishing wages, or filing a lien against your real property. When a business defaults on a loan, the business's credit is negatively affected. If a personal guarantor then defaults, then the guarantor's credit will also suffer. The impact on credit could last for up to 10 years. In most states there is a four-year or six-year statute of limitations on collections pursuant to a personal guarantee of a business loan. What happens if you want to sell the business? If you want to sell your interest in the business and a loan that you personally guaranteed is outstanding, be sure to obtain a release from liability. If you do not and the new owner(s) default on the loan, you could remain personally liable for that debt even though you no longer own interest in the business. Sometimes lenders will require that you pay off the loan if you sell the business. Be sure the review the loan documents and speak with your lender if you have questions about this, prior to taking any action to sell your interest in the business. RELATED: When Financing Equipment, Beware of the Dreaded Blanket Lien About the Author Post by: Veronica Baxter Veronica Baxter is a blogger and legal assistant living and working in the great city of Philadelphia. She frequently works for busy Philadelphia bankruptcy attorney David M. Offen, Esq. Company: Law Offices of David Offen Website: www.getfreeofbills.com The post Should You Sign a Personal Guarantee for a Small Business Loan? appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.

You are subscribed to email updates from AllBusiness.com. To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States