Business Mentoring Blog Posts
December 30, 2017
Choosing the right business structure is key to making the most out of your small business. It can be difficult to decide what type of entity to register as. The most common types of entities include sole proprietorships, partnerships, corporations and limited liability companies. Read up on our cheat sheets to decide what the best type of business entity is right for your business.
A sole proprietor owns an unincorporated business by him or herself.
Easy and least expensive to establish
Owner can deduct net business loss from personal income taxes
Owner is liable for any debt, judgements or other liabilities
Harder to raise capital
A partnership is a relationship existing between two or more people who come together to create or carry on a business. Each individual contributes property, labor, money or skill and has a share in the profits or losses.
Greater possible capital
Easy to form and operate
All owners are personally liable
Divided authority amongst owners
S-corporations are corporations that elect to pass corporate income, losses and deductions to their shareholders for federal taxes.
Limited liability to stockholders
Lifespan, the business is a legal entity and can grow
Expensive with more paperwork
Interest of owners determines their incomes from business profits
In a corporation, shareholders exchange money and property and can take special tax deductions. A corporation distributes profits to shareholders and recognizes net income or loss.
Unlimited number of shareholders
Some benefits can be deducted as business expenses
Must pay its own taxes as a separate tax entity
Extensive paperwork must be filled out to start a corporation
5. Limited Liability Corporation (LLC)
This is a business structure where owners are called members and allowed by state statute.
Owners can choose how the entity should be taxed
Allows great flexibility on business structure
Most expensive to establish
Some states only allow one member in the LLC
No matter what type of business entity you are interested in or that is the best fit, our experienced team here at BIG can help you get started.
December 15, 2017
Business mentoring provides companies of any size number benefits that range from boosting company morale to providing industry expertise. Many businesses don’t see the need for business mentors however, these signs will tell you if you should invest in one.
Often times, when someone new comes on in the sole leadership position, they try to be exactly like the person before. A business mentor can help bridge the gap between the old and new leader. They can discuss new ways to manage the company or business while keeping the same values.
No Business Growth
An obvious sign of needing a business mentor is if you aren’t seeing any real growth within the business such as revenue, clients, etc.
Business often struggle to retain employees and lose talented workers. If you are noticing a high turnover rate, it may be time to invest in a business mentor. Mentors have reduced turnover rates by helping you create an inviting atmosphere for employees. Mentors suggest ways for you to better support and empower employees.
Need for Change
The more a business grows, change is inevitable. Whether it is bringing on more employees or internal structure changes, a business mentor can help guide you. They can talk you through the necessary steps to get you to where you want to be and give realistic advice to help you reach your business goals.
Employee motivation and morale are low
The morale and motivation of company employees is crucial to success. Business mentors can suggest ways to increase internal comradery to motivate employees to put their best foot forward day in and day out. Through this, business leaders will gain support and personal motivation as well.
Business mentoring can guide your business to success. From basic morale suggestions to ways to reduce turnover rates. Contact us for your business mentor needs at http://www.bizimprove.com/contact/.
October 30, 2017
Being a young adult is hard. Transitioning to being financially independent is even more difficult. Here are some financial tips that young adults need to follow in order to be financially set for years to come.
Credit cards are great for emergency purposes and those “must have” items. But the bill that comes at the end of the month isn’t so great. Even though impulsively buying those clothes or furniture seems like a good idea, waiting to spend that kind of money once you can pay off the bill right away is an even better idea.
Take control of your financial future
As a young adult, it’s easy to take other’s advice on your personal finances. However, they often don’t truly know your financial situation. Take some time to read a financial planning book or meet with a financial planner. This way you will be ready for anything that is thrown at you.
Know where your money goes
Whether you are right out of college or in your mid to late 20s, it is crucial to not outspend your income. Making a monthly budget is the easiest way to know exactly where every dollar is going.
Most young adults have moved out on their own and start their career. With that being said, emergencies happen and you have to be able to take care of those financially. Once you have your bills sorted out, create a savings account that is only for emergencies. Not only will you be able to access this money in case of emergency, but you will gain interest.
Save for retirement
It is never too early to start saving for your future. The earlier you begin saving, the more money you will have to live off of when it comes time to retire. Whether you take advantage of your company’s retirement benefit program or save on your own, it’s important to start saving early.
Fully understanding income taxes can be difficult especially as a young adult. When you’re offered a salary at your job, being able to calculate how much of that will go to taxes and how much you will actually receive is important.
August 31, 2017
As summer comes to a close, the fourth quarter is upon us. Often times, businesses stress out about how to successfully close out the year. There are many things businesses of all sizes can do to prepare for the fourth quarter.
1. Prepare Your Marketing Campaign and Promotions
The fourth quarter is the perfect time to try and clear out your inventory and increase revenue. Using your social media channels to share holiday specials or new promotions will gain you both exposure and potentially more sales. Also, use your social media to drive customers to your website. There, you can gain insight about your customers, encourage them to purchase your product or service and simply increase brand awareness. Ensuring your marketing campaign is top notch will help you in this upcoming quarter.
2. Take Advantage of the Holiday Season
The holiday’s round out the fourth quarter and for many companies, this is where the most money is made. For small businesses, take this time to highlight what makes small businesses better for holiday shopping. For all of the large businesses, use the holidays as a big push for your products that are being discontinued. There will always be people taking big holiday shopping trips so use this season to really sell your product or service. Providing customers with great deals or promotions never hurts either.
3. Review All of Your Expenses
During this time, review all of your business's expenses. This could range from mileage to employee spending. Decide which ones were necessary and which ones could be cut back in the next year. This is the time to cut costs so expense evaluation will make you more prepared going forward.
4. Set Company Goals
Before the fourth quarter begins, set your company goals for the end of the year and the upcoming year. This includes revenue. How much do you want your company or business to make in the next year? These goals could also include benchmarks. How many customers would you like to gain or what’s your ideal ROI? Once you have these goals set, decided what steps you need to take as an organization to reach those goals. Discussing all of these things will help you get ready for what’s to come.
5. Train Your Employees
This busy time of the year can be stressful for employees. Take time before the last quarter begins to train your team members on new strategies, give them insight on what is to come and be sure to give them the necessary tools to close out the year strong.
The fourth quarter can be the most crucial time of the year. Following these steps with make sure your company is ready to take on the last quarter head on.
May 20, 2014
Jim Bonvissuto, President of Business Improvement Group, Inc., discusses joining with COSE (http://www.cose.org/), or the Council of Smaller Enterprises, to mentor entrepreneurs interested in purchasing, starting, or operating a business.
May 13, 2014
Credit to Brian Archer with newsnet5 Cleveland
CLEVELAND - Janice Buildt is busy working on her plan for Bricks 4 Kidz, a Lego based business that offers Lego-themed school programs and parties for children. It's something Buildt always wanted to do.
"I knew I had the tenacity and the energy and enthusiasm for the business," said Buildt.
But what this mother of two, with career in social work, didn't have was any business experience.
That's where Jim Bonvissuto (http://www.bizimprove.com/) comes in. A seasoned business owner for more than 20 years who's helping Buildt get off to a successful start.
"It's a very fulfilling feeling," said Bonvissuto, "when you're able to help and mentor people through business ownership."
COSE (http://www.cose.org/), or the Council of Smaller Enterprises, has been helping to connect startups with established business owners for years. They've recently created a formal structure for the process called Incfuse. (https://incfuse.com/)
"We saw a need for the because while there's more than a hundred resources in Northeast Ohio for small businesses, they're not all well connected together," explained COSE president and Executive Director Steve Millard. "So incfuse kind of stitches them together so somebody wants to start a business can get all the help they need."
Buildt is happy to get some help navigating through the facts and figured necessary to become a successful business owner.
"I don't know where I would have gone if it wasn't for this interaction of having Incfuse provide me with a mentor."
COSE is marking National Small Business Week (http://www.sba.gov/nsbw/nsbw) which runs from May12-16 2014.
For more information about how to start a business or how to mentor those that are through the infuse program click here. (https://incfuse.com/)