Archive for October, 2008
Startling Facts On Starting A Business
Starting a business is an exciting venture but it is easy to get overwhelmed with all the various tasks needed for the initial launch of the business. Underestimating the difficulty of starting a business is one of the biggest barriers faced by entrepreneurs.
Many people think that starting a business is easy. I know for a fact that it is far from easy.
Before starting out it is important to list your reasons for wanting to go into business. Having a mentor to help guide you through the steps to starting a business is invaluable. Every little bit of advice helps when you’re starting a business – provided it’s good advice.
Before you start your business you need to ask yourself some serious questions:
(1) Can I handle the difficulties and challenges that come with starting a business?
(2) Who is my audience/or business aimed at?
(3) Where is my business to be located?
(4) Am I starting full-time or part-time?
Starting a business requires determination, motivation, and knowledge. Starting a business can be a complicated and daunting experience. Not everyone has what it takes to be successful in business. A lot of people fail because they jumped into business without honestly appraising their lifestyle to know if it fits in with running a business. It could also be possible that they underestimated the amount of effort involved in starting or running a business.
It is very important to discuss your intention of starting a business with your close family (and friends). Many a relationship has been broken because the ‘other half’ could not understand why all the attention seemed to switch from them to starting and nurturing a new business. In my opinion close friends and family need to be put in the picture regarding what to expect when you’re starting a new business
Have you got a good business idea? You would think this an obvious question anyone thinking of starting a business will ask themselves this question. Many people seemingly run with the first business idea that comes to their mind. They seldom pause to investigate the viability of their business idea. A good business idea is one that meets a customer’s need, fills an empty niche, solves someone’s problem or answers someone’s question(s).
A good way to generate good business ideas is to look inwards. What do you enjoy doing? What hobby or hobbies do you regularly indulge in? This may hold the key to your business idea. Unless you are a serial entrepreneur with a proven track record you may struggle badly if you venture into a business you do not have background knowledge of or one without any bearings to your previous experience(s) in life.
Location, location, location. Except when setting up an online business, the location is of great importance for your new business. You need to think very carefully about the location of your business. The over-riding factor in deciding the location for your business should be customers. After all the whole point of starting a business is to serve customers (and also make money, of course). As such the business should be located where the customers are located. You also need to think about the amenities available in the area such as bus, tube, train etc.
Not everyone has the confidence to go full hog into business. You may decide to continue with your day job while building your business part-time. Although this may mean taking more time to build your business to its full potential it nevertheless reduces the risk of loss of income if you were to pack in your day job to concentrate solely on building your business.
Once you’ve answered the pertinent questions enumerated above you then need to add the necessary ingredient of a successful business namely: A Business Plan. Many people often skip this very important step, thinking they are saving time. In the long run it costs them time if not money as well. This, I believe, is because working through a business plan will tell you whether or not your idea for starting a business is viable. A business plan may also be necessary for securing funding. A business plan explains your business concept, highlights the details of your business and generally helps you focus the direction of your business, amongst other things. Not giving these factors proper consideration may cost you time and or money in the future.
A well prepared business plan can help you secure funding for your business. In that wise money/funding is not as important as putting together a good business plan for your proposed business.
If you are not experienced in writing a business plan you can get someone else to write it for you. A good place to look is elance website. You can also try ebay website. Another good source of help is friends and family. Inform your friends and family about your intention of starting a business and ask if they can or know anyone who can be of help in putting together a business plan.
Now you’ve decided on a business idea and you’ve put a business plan together, what next? You need to source the funding for your business. The following, not an exhaustive list by any means, are sources of funding you may consider:
(1) personal savings
(2) loans from friends and family
(3) loan from a bank/building society/other financial institution
Running your own business is one of the most rewarding but challenging things you can do.
Starting a business is an exciting and sometimes confusing endeavour. The toughest part of starting a business is, in fact, making a start – going from your passion to the reality of running a business that fulfils your hopes and aspirations. Starting a business is incredibly hard work. Starting a business is a big step and it takes planning.
If you are thinking of starting a business my advice to you is to go for it – it’s very rewarding to create something from nothing.
Remember: “The person who risks nothing, does nothing, has nothing, is nothing, and becomes nothing. He may avoid suffering and sorrow, but he simply cannot learn and feel and change and grow and love and live.” – Anon.
By: Jimi Adeboyejo
About the Author:
Many people think that starting a business is easy. I know for a fact that it is far from easy.
Before starting out it is important to list your reasons for wanting to go into business. Having a mentor to help guide you through the steps to starting a business is invaluable. Every little bit of advice helps when you’re starting a business – provided it’s good advice.
Before you start your business you need to ask yourself some serious questions:
(1) Can I handle the difficulties and challenges that come with starting a business?
(2) Who is my audience/or business aimed at?
(3) Where is my business to be located?
(4) Am I starting full-time or part-time?
Starting a business requires determination, motivation, and knowledge. Starting a business can be a complicated and daunting experience. Not everyone has what it takes to be successful in business. A lot of people fail because they jumped into business without honestly appraising their lifestyle to know if it fits in with running a business. It could also be possible that they underestimated the amount of effort involved in starting or running a business.
It is very important to discuss your intention of starting a business with your close family (and friends). Many a relationship has been broken because the ‘other half’ could not understand why all the attention seemed to switch from them to starting and nurturing a new business. In my opinion close friends and family need to be put in the picture regarding what to expect when you’re starting a new business
Have you got a good business idea? You would think this an obvious question anyone thinking of starting a business will ask themselves this question. Many people seemingly run with the first business idea that comes to their mind. They seldom pause to investigate the viability of their business idea. A good business idea is one that meets a customer’s need, fills an empty niche, solves someone’s problem or answers someone’s question(s).
A good way to generate good business ideas is to look inwards. What do you enjoy doing? What hobby or hobbies do you regularly indulge in? This may hold the key to your business idea. Unless you are a serial entrepreneur with a proven track record you may struggle badly if you venture into a business you do not have background knowledge of or one without any bearings to your previous experience(s) in life.
Location, location, location. Except when setting up an online business, the location is of great importance for your new business. You need to think very carefully about the location of your business. The over-riding factor in deciding the location for your business should be customers. After all the whole point of starting a business is to serve customers (and also make money, of course). As such the business should be located where the customers are located. You also need to think about the amenities available in the area such as bus, tube, train etc.
Not everyone has the confidence to go full hog into business. You may decide to continue with your day job while building your business part-time. Although this may mean taking more time to build your business to its full potential it nevertheless reduces the risk of loss of income if you were to pack in your day job to concentrate solely on building your business.
Once you’ve answered the pertinent questions enumerated above you then need to add the necessary ingredient of a successful business namely: A Business Plan. Many people often skip this very important step, thinking they are saving time. In the long run it costs them time if not money as well. This, I believe, is because working through a business plan will tell you whether or not your idea for starting a business is viable. A business plan may also be necessary for securing funding. A business plan explains your business concept, highlights the details of your business and generally helps you focus the direction of your business, amongst other things. Not giving these factors proper consideration may cost you time and or money in the future.
A well prepared business plan can help you secure funding for your business. In that wise money/funding is not as important as putting together a good business plan for your proposed business.
If you are not experienced in writing a business plan you can get someone else to write it for you. A good place to look is elance website. You can also try ebay website. Another good source of help is friends and family. Inform your friends and family about your intention of starting a business and ask if they can or know anyone who can be of help in putting together a business plan.
Now you’ve decided on a business idea and you’ve put a business plan together, what next? You need to source the funding for your business. The following, not an exhaustive list by any means, are sources of funding you may consider:
(1) personal savings
(2) loans from friends and family
(3) loan from a bank/building society/other financial institution
Running your own business is one of the most rewarding but challenging things you can do.
Starting a business is an exciting and sometimes confusing endeavour. The toughest part of starting a business is, in fact, making a start – going from your passion to the reality of running a business that fulfils your hopes and aspirations. Starting a business is incredibly hard work. Starting a business is a big step and it takes planning.
If you are thinking of starting a business my advice to you is to go for it – it’s very rewarding to create something from nothing.
Remember: “The person who risks nothing, does nothing, has nothing, is nothing, and becomes nothing. He may avoid suffering and sorrow, but he simply cannot learn and feel and change and grow and love and live.” – Anon.
By: Jimi Adeboyejo
About the Author:
J.A. is a budding Internet Marketer. Visit his business-related sites at;
Ground Rules for Successfully Selling Your Business
Sooner or later you are going to exit your business. The question isn’t whether or not you will be ready. The sixty four thousand dollar question is whether or not your business will be ready. It is estimated that seven out of ten privately held businesses have no succession plan to transfer the business to the next generation of owners. What does that mean to you? It means that if you do not currently have a plan in place to transfer your business to family members, existing partners, management or employees, someday you will think about selling your business.
That day might come sooner than you anticipate. Don’t make the mistake of thinking that just because you are not currently ready to retire that you have plenty of time to prepare your business for sale.
As a business broker, I have been involved in a number of transactions (and potential transactions) where the business owner wanted to sell, or in some instances, was forced to exit the business earlier than expected. In fact, retirement is NOT the number one reason why businesses sell.
Here is a list of the most common reasons why owners sell (or otherwise discontinue) their businesses: Burn-out (the number one reason for selling) Health issues Personal diversification Retirement/semi-retirement Death Divorce/partner disputes Business growing too fast Second generation not up to the task Loss of market share
TAKE GOOD CARE The sad truth is that many business owners do not take good care of their most valuable asset: the business. They don’t groom someone to continue the business in their absence, and do not keep the business in salable shape during the time they operate the business.
Business owners tend to get too bogged down in the day to day business operations to worry about–or plan for an event that they perceive won’t occur until sometime in the distant future; selling the business.
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of little use to anyone. At auction, the assets will bring only what the attending bidders are willing to pay. In some instances, underlying assets are sold to liquidators (or scrap) for only pennies on the dollar. Liquidation of a going business often occurs where the owners have become ill or disabled, or need to retire and have not planned adequately for their exit from the business. 2. Closing the business—is even less attractive than liquidation. That is because many who find themselves in this situation have a tendency to “put off” liquidating the underlying assets in hope that maybe someone will come along to buy this business. This almost never happens. BUILD WEALTH NOW BY PLANNING FOR THE SALE OF YOUR BUSINESS Okay, so you think you have enough to do without throwing more onto the pile. Am I right? That is why I have written this article for you. It provides a “down and dirty” overview of things that you ought to begin thinking about and planning for right now. Doing so will provide you with an additional safety net that will help safeguard your valuable business asset.
Here are just a few of the benefits of planning now: A planned sale allows for your goals and objectives on your timetable You may begin to identify potential buyers You may be able to create an attractive acquisition candidate You can begin to understand why a buyer may want to buy You might learn why buyers would not want to buy—and be able to fix the problems You may begin to realize the worth of your business now, and learn how to increase the value as part of your retirement planning
BUSINESS VALUE HOUSEKEEPING CHECKLIST
Record All Sales Business owners often invent remarkable ways to beat the tax collector. But the taxman can be a business owner’s best friend when it comes to selling one’s business. Income taxes are a great investment in the years immediately preceding an anticipated sale of the business.
Paying income tax proves to the buyer AND the banker that your business operations have been profitable. Nobody wants to pay more income tax. But consider this example: Ronald Bunk systematically underreported business income by an average of $20,000 per year. Assuming a combined tax rate of 40%, Mr. Bunk saved $8,000 in taxes per year. But, the underreported income also reduced the company’s earnings base by $20,000 per year. If, for example, the business could be sold for a multiple of 5x the company’s reported earning base—the company would sell for $100,000 less ($20,000 average earning base not reported times the price multiple of 5) than it is really worth!
Without considering the time value of money, it would take in excess of twelve years of (illegal) tax savings to make up for the loss of $100,000 in business value. The lesson: In trying to screw the government, business owners often find themselves on the short end of the stick; often in more ways than one.
Eliminate co-mingling of business and non business assets A common practice among closely held companies is to co-mingle non business assets and expenses with business assets and expenses. I have seen businesses owning motor coaches, boats and airplanes; all reported as business assets. The costs of maintaining and operating the assets were expensed as regular business operating expenses.
It is true that those businesses (not audited by the IRS) are saving a certain amount of income tax, and providing an extra “fringe” benefit for the owners of the company. Wise business owners should endeavor to separate non business assets from the business in the three to five years before a planned sale of the company. Doing so will make it much easier to accurately measure and reflect the true earning power of the business, as it will be unfettered by the capital investment in non business assets and the associated costs. Buyers of your business are generally purchasing future income and benefit streams that will be produced by your business. The leaner and more productive your business is—the more it is worth. It is never too early to begin segregating non business assets from your business, as it may take some planning and time. Do your own due diligence
Some executives of both public and private firms get a physical check-up once a year. Many of these same executives think nothing of having their personal investments reviewed at least once a year, if not more often. Yet, these same prudent executives never consider giving their company an annual physical, unless they are required to by company rules, regulations or some other necessary reason. Anyone interested in purchasing your business will perform “due diligence” procedures on your business before closing on the purchase. All too often, sellers are surprised at the skeletons purchasers can find in the closet. These skeletons can reduce the value of your company, and in some cases, kill any chance at closing a sale. What skeletons are your company’s closets?
Why not give your business a periodic physical? In essence, I am suggesting you would do well to treat your business as if someone else owned it—and you were the potential purchaser. What problems would you discover that could cause you and your advisors to reduce or withdraw your offer?
Spending the time and money to discover and fix your company’s problems now will pay huge dividends in the form of increased company value—which is exactly what you want when it’s time to sell.
Compliance with taxing and regulatory authorities Mountains of regulation often seem to impede a company’s growth and profitability. Some regulations might seem rather easy to “slight” or ignore.
Take for example one of my recent sellers who swore to me that the business had no regulatory violations of any type. I reminded the seller that anything “hidden in the closet” would most likely be discovered in a buyer’s due diligence (investigatory) process. “Nope—no problems of any kind” I was assured. Well, guess what the buyer’s due diligence turned up? Seems the seller had a couple of shipping/storage containers sitting behind the building—which the sellers KNEW were in violation of local zoning ordinances. How did they know? They had received four previous “reminders” from the trustees about the containers, and the need to remove them. “Why didn’t you mention that to me, or disclose that fact on your disclosure statement?” I asked. “Gee, nothing ever happened and the township never did anything—so we just figured it was no big deal.” Was the seller’s reasoning.
No big deal, except when the purchaser turned up the non compliance issue, it threw a few extra wrinkles into the mix. In that case, the issue was easily resolved (yet, much to the additional cost and chagrin of the sellers). But, sometimes known violations are not so easily remedied. In those instances, a seller runs the risk of blowing a good deal.
What’s the bottom line?
Clean up any tax, industry, OSHA, EPA or zoning issues with which your company does not comply.
Organize and keep records available. One never knows when opportunity might knock. If and when it does knock, will you be ready to strike while the iron is hot? How many times have you heard someone say something like, “I’d sell anything, including my business for the right price?”
Maybe you have even said it yourself. But would you know what paperwork and documents a serious buyer will immediately need in order to pursue the purchase? When a qualified buyer is ready to begin serious due diligence, they will need a variety of company documents.
Following is a partial list of things a buyer will ask for: • Three to five years income tax returns • Copies of one to three years quarterly payroll reports • Three to five years CPA prepared financial statements • Current year to date financial statements • Detailed depreciation schedules listing each fixed asset owned by your company • Corporate Minute Book with updated minutes • Recent aged accounts receivable trial balance • Recent aged accounts payable trial balance • Company organization chart • Copy of the Summary of Insurance Coverage (provided by your carrier) • Information about Employee Benefits provided by the company • Information about Employee Retirement Plans • Copies of labor contracts • Copies of other contracts to which the company is a party • Copies of licenses, registrations for patents, copyrights, trademarks, etc.
The foregoing list is an example of the types of records your company should have up to date and on hand at all times. These records are extremely important to speed the sales process along. Though this advice sounds basic, I often encounter companies whose records are not complete and up to date. This situation can dramatically affect a potential sale.
I suggest using a three ring binder to keep the basic updated records available at all times. This also makes other business needs for the documents much more manageable.
CONCLUSION
You can increase your wealth by knowing a few simple ground rules for successfully selling your business. Just like other owners of closely-held businesses, you know how to operate your business on a day to day, month to month and year to year basis. But your experience in running the business has not prepared you to know how to sell your business.
While the information I provided in this article is not all inclusive, it should help you get started in preparing your business for a successful sale—no mater when the business might be sold.
By: Grover Rutter
About the Author:
That day might come sooner than you anticipate. Don’t make the mistake of thinking that just because you are not currently ready to retire that you have plenty of time to prepare your business for sale.
As a business broker, I have been involved in a number of transactions (and potential transactions) where the business owner wanted to sell, or in some instances, was forced to exit the business earlier than expected. In fact, retirement is NOT the number one reason why businesses sell.
Here is a list of the most common reasons why owners sell (or otherwise discontinue) their businesses: Burn-out (the number one reason for selling) Health issues Personal diversification Retirement/semi-retirement Death Divorce/partner disputes Business growing too fast Second generation not up to the task Loss of market share
TAKE GOOD CARE The sad truth is that many business owners do not take good care of their most valuable asset: the business. They don’t groom someone to continue the business in their absence, and do not keep the business in salable shape during the time they operate the business.
Business owners tend to get too bogged down in the day to day business operations to worry about–or plan for an event that they perceive won’t occur until sometime in the distant future; selling the business.
Unfortunately, fate sometimes dictates circumstances beyond your control, and tough decisions must be made. If your business isn’t ready to sell when the time comes, what are your alternatives?
1. Liquidation of business assets—may be a solution, but one that usually returns very little money to the business owner. If the business had been an operating business, the underlying assets (except for real estate) may be outdated and of little use to anyone. At auction, the assets will bring only what the attending bidders are willing to pay. In some instances, underlying assets are sold to liquidators (or scrap) for only pennies on the dollar. Liquidation of a going business often occurs where the owners have become ill or disabled, or need to retire and have not planned adequately for their exit from the business. 2. Closing the business—is even less attractive than liquidation. That is because many who find themselves in this situation have a tendency to “put off” liquidating the underlying assets in hope that maybe someone will come along to buy this business. This almost never happens. BUILD WEALTH NOW BY PLANNING FOR THE SALE OF YOUR BUSINESS Okay, so you think you have enough to do without throwing more onto the pile. Am I right? That is why I have written this article for you. It provides a “down and dirty” overview of things that you ought to begin thinking about and planning for right now. Doing so will provide you with an additional safety net that will help safeguard your valuable business asset.
Here are just a few of the benefits of planning now: A planned sale allows for your goals and objectives on your timetable You may begin to identify potential buyers You may be able to create an attractive acquisition candidate You can begin to understand why a buyer may want to buy You might learn why buyers would not want to buy—and be able to fix the problems You may begin to realize the worth of your business now, and learn how to increase the value as part of your retirement planning
BUSINESS VALUE HOUSEKEEPING CHECKLIST
Record All Sales Business owners often invent remarkable ways to beat the tax collector. But the taxman can be a business owner’s best friend when it comes to selling one’s business. Income taxes are a great investment in the years immediately preceding an anticipated sale of the business.
Paying income tax proves to the buyer AND the banker that your business operations have been profitable. Nobody wants to pay more income tax. But consider this example: Ronald Bunk systematically underreported business income by an average of $20,000 per year. Assuming a combined tax rate of 40%, Mr. Bunk saved $8,000 in taxes per year. But, the underreported income also reduced the company’s earnings base by $20,000 per year. If, for example, the business could be sold for a multiple of 5x the company’s reported earning base—the company would sell for $100,000 less ($20,000 average earning base not reported times the price multiple of 5) than it is really worth!
Without considering the time value of money, it would take in excess of twelve years of (illegal) tax savings to make up for the loss of $100,000 in business value. The lesson: In trying to screw the government, business owners often find themselves on the short end of the stick; often in more ways than one.
Eliminate co-mingling of business and non business assets A common practice among closely held companies is to co-mingle non business assets and expenses with business assets and expenses. I have seen businesses owning motor coaches, boats and airplanes; all reported as business assets. The costs of maintaining and operating the assets were expensed as regular business operating expenses.
It is true that those businesses (not audited by the IRS) are saving a certain amount of income tax, and providing an extra “fringe” benefit for the owners of the company. Wise business owners should endeavor to separate non business assets from the business in the three to five years before a planned sale of the company. Doing so will make it much easier to accurately measure and reflect the true earning power of the business, as it will be unfettered by the capital investment in non business assets and the associated costs. Buyers of your business are generally purchasing future income and benefit streams that will be produced by your business. The leaner and more productive your business is—the more it is worth. It is never too early to begin segregating non business assets from your business, as it may take some planning and time. Do your own due diligence
Some executives of both public and private firms get a physical check-up once a year. Many of these same executives think nothing of having their personal investments reviewed at least once a year, if not more often. Yet, these same prudent executives never consider giving their company an annual physical, unless they are required to by company rules, regulations or some other necessary reason. Anyone interested in purchasing your business will perform “due diligence” procedures on your business before closing on the purchase. All too often, sellers are surprised at the skeletons purchasers can find in the closet. These skeletons can reduce the value of your company, and in some cases, kill any chance at closing a sale. What skeletons are your company’s closets?
Why not give your business a periodic physical? In essence, I am suggesting you would do well to treat your business as if someone else owned it—and you were the potential purchaser. What problems would you discover that could cause you and your advisors to reduce or withdraw your offer?
Spending the time and money to discover and fix your company’s problems now will pay huge dividends in the form of increased company value—which is exactly what you want when it’s time to sell.
Compliance with taxing and regulatory authorities Mountains of regulation often seem to impede a company’s growth and profitability. Some regulations might seem rather easy to “slight” or ignore.
Take for example one of my recent sellers who swore to me that the business had no regulatory violations of any type. I reminded the seller that anything “hidden in the closet” would most likely be discovered in a buyer’s due diligence (investigatory) process. “Nope—no problems of any kind” I was assured. Well, guess what the buyer’s due diligence turned up? Seems the seller had a couple of shipping/storage containers sitting behind the building—which the sellers KNEW were in violation of local zoning ordinances. How did they know? They had received four previous “reminders” from the trustees about the containers, and the need to remove them. “Why didn’t you mention that to me, or disclose that fact on your disclosure statement?” I asked. “Gee, nothing ever happened and the township never did anything—so we just figured it was no big deal.” Was the seller’s reasoning.
No big deal, except when the purchaser turned up the non compliance issue, it threw a few extra wrinkles into the mix. In that case, the issue was easily resolved (yet, much to the additional cost and chagrin of the sellers). But, sometimes known violations are not so easily remedied. In those instances, a seller runs the risk of blowing a good deal.
What’s the bottom line?
Clean up any tax, industry, OSHA, EPA or zoning issues with which your company does not comply.
Organize and keep records available. One never knows when opportunity might knock. If and when it does knock, will you be ready to strike while the iron is hot? How many times have you heard someone say something like, “I’d sell anything, including my business for the right price?”
Maybe you have even said it yourself. But would you know what paperwork and documents a serious buyer will immediately need in order to pursue the purchase? When a qualified buyer is ready to begin serious due diligence, they will need a variety of company documents.
Following is a partial list of things a buyer will ask for: • Three to five years income tax returns • Copies of one to three years quarterly payroll reports • Three to five years CPA prepared financial statements • Current year to date financial statements • Detailed depreciation schedules listing each fixed asset owned by your company • Corporate Minute Book with updated minutes • Recent aged accounts receivable trial balance • Recent aged accounts payable trial balance • Company organization chart • Copy of the Summary of Insurance Coverage (provided by your carrier) • Information about Employee Benefits provided by the company • Information about Employee Retirement Plans • Copies of labor contracts • Copies of other contracts to which the company is a party • Copies of licenses, registrations for patents, copyrights, trademarks, etc.
The foregoing list is an example of the types of records your company should have up to date and on hand at all times. These records are extremely important to speed the sales process along. Though this advice sounds basic, I often encounter companies whose records are not complete and up to date. This situation can dramatically affect a potential sale.
I suggest using a three ring binder to keep the basic updated records available at all times. This also makes other business needs for the documents much more manageable.
CONCLUSION
You can increase your wealth by knowing a few simple ground rules for successfully selling your business. Just like other owners of closely-held businesses, you know how to operate your business on a day to day, month to month and year to year basis. But your experience in running the business has not prepared you to know how to sell your business.
While the information I provided in this article is not all inclusive, it should help you get started in preparing your business for a successful sale—no mater when the business might be sold.
By: Grover Rutter
About the Author:
Grover Rutter has over 30 years’ experience advising business owners. A sought after business broker and consultant, Grover is a CPA, Accredited Business Valuator, Certified Valuation Analyst, Business Valuator Accredited in Litigation and an Empire Certified Business Broker. http://www.gruttercpas.com
Liquidating your Business Assets Can be an Efficient and Prudent Exit Strategy
We Buy Your Business
In today’s dynamic business environment you’re either Growing or Going…out of business that is! If you’re part of the latter contingent and have made the decision to get out of a business but are unable to transition your business internally or sell it as an intact entity, full or partial liquidation of assets may be an appropriate exit strategy. Asset liquidation can provide quick cash and assist in diversifying equity. However, before you terminate your lease, sell a key piece of equipment, or disconnect your utilities, make sure you have a well-thought-out plan.
Getting out of business successfully requires careful planning from start to finish. If you are looking at asset liquidation as a part of your exit strategy, consider incorporating the following recommendations into your plan to increase your chances for success.
1. Talk to your lawyer and accountant.
2. Establish the liquidation value of your assets; remember liquidation vs. retail value can differ substantially.
3. Identify the best venue and timetable to sell your assets.
4. Arrange the sale at the most appropriate location with an expert.
5. Use a non-recourse bill of sale.
Understanding and incorporating these steps into your exit plan will not only help you recover as much money as possible, they may also help you achieve the freedom needed to pursue new endeavors.
It is important to note that the recommendations discussed above are intended to serve as a general overview to assist with the asset liquidation process. It is not a substitute for case-specific advice that only your lawyer and/or accountant can provide. Also, depending on the situation and necessity of business divesture, the cooperation of creditors may need to be considered. Cover your bases and talk to the experts before liquidating any assets that may be in question.
Initiate the process by preparing a current inventory of your business assets. Include photographs, serial numbers and a brief description of the condition of each item if possible. A thorough inventory will save considerable time and expense as you navigate the sale process and can be invaluable if you are asked to provide documentation for creditors or the Internal Revenue Service.
Next, start preparing your assets for sale. To elicit the best offers, take care that you do not diminish the appeal of your most marketable items by lumping them in with outdated or worn-out equipment, furniture or inventory. In most cases the most lucrative value of these lesser items may be in the form of a tax deduction, so why not donate them to an appropriate charity?
Finally, don’t overlook your intangible assets. For example, is your lease assignable? Are the business licenses, permits, patents or trademarks that you hold in demand? Can they be transferred? Is there a market for your customer list, contract rights or accounts? You may need to check with your attorney or accountant to determine what information and agreements are transferable but once cleared these types of assets can also provide a substantial return.
We Buy Your Business (WBYB) provides cash offers for all assets in order to assist in the liquidation process. Please contact your WBYB representative for more information at www.WeBuyYourBusiness.com
By: We Buy Your Business
About the Author:
In today’s dynamic business environment you’re either Growing or Going…out of business that is! If you’re part of the latter contingent and have made the decision to get out of a business but are unable to transition your business internally or sell it as an intact entity, full or partial liquidation of assets may be an appropriate exit strategy. Asset liquidation can provide quick cash and assist in diversifying equity. However, before you terminate your lease, sell a key piece of equipment, or disconnect your utilities, make sure you have a well-thought-out plan.
Getting out of business successfully requires careful planning from start to finish. If you are looking at asset liquidation as a part of your exit strategy, consider incorporating the following recommendations into your plan to increase your chances for success.
1. Talk to your lawyer and accountant.
2. Establish the liquidation value of your assets; remember liquidation vs. retail value can differ substantially.
3. Identify the best venue and timetable to sell your assets.
4. Arrange the sale at the most appropriate location with an expert.
5. Use a non-recourse bill of sale.
Understanding and incorporating these steps into your exit plan will not only help you recover as much money as possible, they may also help you achieve the freedom needed to pursue new endeavors.
It is important to note that the recommendations discussed above are intended to serve as a general overview to assist with the asset liquidation process. It is not a substitute for case-specific advice that only your lawyer and/or accountant can provide. Also, depending on the situation and necessity of business divesture, the cooperation of creditors may need to be considered. Cover your bases and talk to the experts before liquidating any assets that may be in question.
Initiate the process by preparing a current inventory of your business assets. Include photographs, serial numbers and a brief description of the condition of each item if possible. A thorough inventory will save considerable time and expense as you navigate the sale process and can be invaluable if you are asked to provide documentation for creditors or the Internal Revenue Service.
Next, start preparing your assets for sale. To elicit the best offers, take care that you do not diminish the appeal of your most marketable items by lumping them in with outdated or worn-out equipment, furniture or inventory. In most cases the most lucrative value of these lesser items may be in the form of a tax deduction, so why not donate them to an appropriate charity?
Finally, don’t overlook your intangible assets. For example, is your lease assignable? Are the business licenses, permits, patents or trademarks that you hold in demand? Can they be transferred? Is there a market for your customer list, contract rights or accounts? You may need to check with your attorney or accountant to determine what information and agreements are transferable but once cleared these types of assets can also provide a substantial return.
We Buy Your Business (WBYB) provides cash offers for all assets in order to assist in the liquidation process. Please contact your WBYB representative for more information at www.WeBuyYourBusiness.com
By: We Buy Your Business
About the Author:
Expert Business Coach Shows How to Work on your People
When it comes to successful business growth – one of the key differences that separates the successful business owners from the average ones…
Is what the business owner ‘works’ on – when they have employees.
I have noticed that the best business owners work on improving their employees…
Why? Well, so that the employees learn and then do certain tasks that the business owner used to do.
By doing this, the owner can remove themselves from the ‘day-to-day’ running of the business so that they can work on areas that can grow the business – and/or do the things they enjoy doing.
Like playing golf, going on holidays, spending time with their families.
On the other hand, the average business owner continues to work ‘in’ the business despite having employees. For a number of reasons the average business owner says that they don’t have the ‘time’ to improve their employees.
As a result, the employees lack the skills and/or the freedom to do the tasks that would free up the business owner from the day-to-day running of the business.
So guess what happens? The business remains dependent on the Business owner.
So the Business owner has to continue working.
Despite having employees, the business owner is still working a million hours… but the business never seems to grow to the levels that the business owner is hoping for – even though they’re working harder than they ever have.
Does this sound familiar?
Let’s explore how this happens.
The average business owner that wants to grow their business – but find it very hard to grow successfully… tends to do the following.
They have a business – and it’s growing. Early in the business it’s just the owner and maybe a few others. The business is growing, and the owner is working a million hours.
The average business owner knows that they should employ staff, but they put it off and put it off, until they can’t possibly cope with the workload anymore.
So they hire new staff at the last minute.
Usually the new person is employed in such a hurry that the business owner doesn’t have the time to train them. Because the business is so busy.
After all, the business owner has been working a million hours, so they’re probably feeling a bit stressed and overwhelmed.
They’re typically not feeling in control and calm – that’s for sure.
And the business owner usually doesn’t have a system to hire appropriately skilled or passionate people.
Because they don’t have a proven hiring system, the staff that are employed can often lie their way through interviews telling the owner that they do have skills – when they actually don’t.
You know how the story goes…
Anyway, a new person is hired.
But because the business is busy, and the business has no real induction or training system to get the new employees up to speed – the business owner continues to focus on doing the work themselves.
When the owner checks to see how the new employee is performing, they get disappointed because the new person doesn’t have the ‘skills’ or the initiative to do things properly.
So the business owner steps in to ‘do it themselves’ because they think that they can ‘save time’ by doing it themselves.
It’s at this time the business owner starts proving to themselves that ‘no-one can do it as good as me’.
And they are correct. Of course no-one can do it as good as them – because no one has taught the new employees properly.
So the average business owner continues to do the ‘day-to-day’ things, and take over from their staff when the staff aren’t doing the right things…
By continuing to do the work that the employees are suppose to do, the staff very quickly realize that the business owner will always ‘save the day’.
So they back off on their productivity, and their passion.
The staff quickly learn how to ‘hide’ in the business so that they just get by.
They become ‘clock watches’. They turn up to work, to watch the clock and as soon as it turns 5pm – they’re out of there.
And this hurts your customers. Because the customers of the business receive inconsistent levels of service.
The customers quickly begin to realize that if the business owner serves them – they may get extraordinary service.
And if the staff serves them – they’ll get inadequate service.
If the service is poor and inconsistent the customers will start to get annoyed. They’ll literally ask for the owner every time they come into the business. Because they know they’ll get the service they want.
And that’s a sign of a poorly trained team.
As a result the customers end up going somewhere else, the business suffers, the sales and profits dwindle – and the business owner blames it on the ‘staff’.
The business owner may then go into “see I told you I can’t find the right people’.
The average business owner has tried to grow the business, yet misses a few crucial things that makes them miss out on the rewards of a successful business.
The result is unhappy staff, unhappy customers, a business that barely makes any money – and an owner that works around the clock, stressed and overwhelmed for little or no return.
Well it doesn’t have to be that way!
You can quickly and easily turn this around, if you’re in this position, or even better you can completely avoid it by following my guidance.
Every great business owner that I know, that has successful business growth follow a number of specific steps to get them out of the situation I’ve just outlined.
And it’s crucial for the growth of your business too.
It’s wonderfully easy when you learn how to do it for your situation.
Let’s look at what the best business owners achieve by following these specific steps – and what you could possibly achieve by following my guidance.
Firstly – your staff will have the right skill sets and attitude to work in your business. Plus they’ll improve and grow rapidly (faster than you may think). This means that you can comfortably rely on them to get the ‘job-done’.
By focusing on getting the team up to the standard you can be assured that in a few weeks or months they’ll be at the point where you can depend on them.
They’ll be doing a great job and delivering consistent levels of service.
As a result you can now forget about having to ‘look over their shoulder’, or forget about having to ‘save the day’ like other average business owners.
Because your staff are now producing – you have freed yourself up from the day to day running of the business – so you can focus on ways to grow and improve your business.
And you can even spoil yourself with reduced work hours, time off and even holidays.
Imagine that?
Now, back to your staff.
Because they’re learning, growing and producing you’ll be happy with them and they’ll be happy with themselves – and of course they’ll be happy working for you.
And it’ll rub off on your customers.
Why?
Because your customers will get great consistent service from your entire business.
So what will this mean to your business?
For a start, your customers won’t always be asking for you, because they know your staff are consistent – so you won’t feel trapped.
Because of this consistency your customers will reward your business with their repeatable profitable custom, positive word of mouth and ongoing referrals to your business.
Now you’ll have a business where the team are growing and happy, your customers are happy and raving about you, and your financials are healthy and very profitable.
That’s right, your business will be profitable which means you’ll be making great money – and remember, your staff will be doing most of the work… so you’ll not only be making great money – you’ll also have ample free time.
Can you see, hear and feel what’s happening to your business?
Multi-millionaire business owners always tell me that the most important part of their growth – is good people. They’ll always hire people that know more and perform better than them on the certains task they are employed for.
People are one of your greatest assets as a business owner. And like any asset you need to invest in it to get returns.
Invest your time and your focus on growing your people to do better than you. That way you’ll have the time to grow your business.
On my one-on-one business coaching program I take my clients through this process step by step so that they can fast track their growth – with the safety and peace of mind knowing that they are following a process that has worked time and time again.
Copyright © 2007 by Casey Gollan. All Rights Reserved
By: Casey Gollan
About the Author:
Is what the business owner ‘works’ on – when they have employees.
I have noticed that the best business owners work on improving their employees…
Why? Well, so that the employees learn and then do certain tasks that the business owner used to do.
By doing this, the owner can remove themselves from the ‘day-to-day’ running of the business so that they can work on areas that can grow the business – and/or do the things they enjoy doing.
Like playing golf, going on holidays, spending time with their families.
On the other hand, the average business owner continues to work ‘in’ the business despite having employees. For a number of reasons the average business owner says that they don’t have the ‘time’ to improve their employees.
As a result, the employees lack the skills and/or the freedom to do the tasks that would free up the business owner from the day-to-day running of the business.
So guess what happens? The business remains dependent on the Business owner.
So the Business owner has to continue working.
Despite having employees, the business owner is still working a million hours… but the business never seems to grow to the levels that the business owner is hoping for – even though they’re working harder than they ever have.
Does this sound familiar?
Let’s explore how this happens.
The average business owner that wants to grow their business – but find it very hard to grow successfully… tends to do the following.
They have a business – and it’s growing. Early in the business it’s just the owner and maybe a few others. The business is growing, and the owner is working a million hours.
The average business owner knows that they should employ staff, but they put it off and put it off, until they can’t possibly cope with the workload anymore.
So they hire new staff at the last minute.
Usually the new person is employed in such a hurry that the business owner doesn’t have the time to train them. Because the business is so busy.
After all, the business owner has been working a million hours, so they’re probably feeling a bit stressed and overwhelmed.
They’re typically not feeling in control and calm – that’s for sure.
And the business owner usually doesn’t have a system to hire appropriately skilled or passionate people.
Because they don’t have a proven hiring system, the staff that are employed can often lie their way through interviews telling the owner that they do have skills – when they actually don’t.
You know how the story goes…
Anyway, a new person is hired.
But because the business is busy, and the business has no real induction or training system to get the new employees up to speed – the business owner continues to focus on doing the work themselves.
When the owner checks to see how the new employee is performing, they get disappointed because the new person doesn’t have the ‘skills’ or the initiative to do things properly.
So the business owner steps in to ‘do it themselves’ because they think that they can ‘save time’ by doing it themselves.
It’s at this time the business owner starts proving to themselves that ‘no-one can do it as good as me’.
And they are correct. Of course no-one can do it as good as them – because no one has taught the new employees properly.
So the average business owner continues to do the ‘day-to-day’ things, and take over from their staff when the staff aren’t doing the right things…
By continuing to do the work that the employees are suppose to do, the staff very quickly realize that the business owner will always ‘save the day’.
So they back off on their productivity, and their passion.
The staff quickly learn how to ‘hide’ in the business so that they just get by.
They become ‘clock watches’. They turn up to work, to watch the clock and as soon as it turns 5pm – they’re out of there.
And this hurts your customers. Because the customers of the business receive inconsistent levels of service.
The customers quickly begin to realize that if the business owner serves them – they may get extraordinary service.
And if the staff serves them – they’ll get inadequate service.
If the service is poor and inconsistent the customers will start to get annoyed. They’ll literally ask for the owner every time they come into the business. Because they know they’ll get the service they want.
And that’s a sign of a poorly trained team.
As a result the customers end up going somewhere else, the business suffers, the sales and profits dwindle – and the business owner blames it on the ‘staff’.
The business owner may then go into “see I told you I can’t find the right people’.
The average business owner has tried to grow the business, yet misses a few crucial things that makes them miss out on the rewards of a successful business.
The result is unhappy staff, unhappy customers, a business that barely makes any money – and an owner that works around the clock, stressed and overwhelmed for little or no return.
Well it doesn’t have to be that way!
You can quickly and easily turn this around, if you’re in this position, or even better you can completely avoid it by following my guidance.
Every great business owner that I know, that has successful business growth follow a number of specific steps to get them out of the situation I’ve just outlined.
And it’s crucial for the growth of your business too.
It’s wonderfully easy when you learn how to do it for your situation.
Let’s look at what the best business owners achieve by following these specific steps – and what you could possibly achieve by following my guidance.
Firstly – your staff will have the right skill sets and attitude to work in your business. Plus they’ll improve and grow rapidly (faster than you may think). This means that you can comfortably rely on them to get the ‘job-done’.
By focusing on getting the team up to the standard you can be assured that in a few weeks or months they’ll be at the point where you can depend on them.
They’ll be doing a great job and delivering consistent levels of service.
As a result you can now forget about having to ‘look over their shoulder’, or forget about having to ‘save the day’ like other average business owners.
Because your staff are now producing – you have freed yourself up from the day to day running of the business – so you can focus on ways to grow and improve your business.
And you can even spoil yourself with reduced work hours, time off and even holidays.
Imagine that?
Now, back to your staff.
Because they’re learning, growing and producing you’ll be happy with them and they’ll be happy with themselves – and of course they’ll be happy working for you.
And it’ll rub off on your customers.
Why?
Because your customers will get great consistent service from your entire business.
So what will this mean to your business?
For a start, your customers won’t always be asking for you, because they know your staff are consistent – so you won’t feel trapped.
Because of this consistency your customers will reward your business with their repeatable profitable custom, positive word of mouth and ongoing referrals to your business.
Now you’ll have a business where the team are growing and happy, your customers are happy and raving about you, and your financials are healthy and very profitable.
That’s right, your business will be profitable which means you’ll be making great money – and remember, your staff will be doing most of the work… so you’ll not only be making great money – you’ll also have ample free time.
Can you see, hear and feel what’s happening to your business?
Multi-millionaire business owners always tell me that the most important part of their growth – is good people. They’ll always hire people that know more and perform better than them on the certains task they are employed for.
People are one of your greatest assets as a business owner. And like any asset you need to invest in it to get returns.
Invest your time and your focus on growing your people to do better than you. That way you’ll have the time to grow your business.
On my one-on-one business coaching program I take my clients through this process step by step so that they can fast track their growth – with the safety and peace of mind knowing that they are following a process that has worked time and time again.
Copyright © 2007 by Casey Gollan. All Rights Reserved
By: Casey Gollan
About the Author:
Business Coach, Mentor And Growth Specialist
Casey Gollan, Business Coach, Mentor And Growth Specialist. Grows $1 Million p.a. Small Businesses Into $2 to $5 Million p.a. Businesses Over a 2 to 3 Year Period.
Business Manager
Defining a Business Manager.
When an individual thinks of a Business Manager, their mind often leads to a man or woman that is in charge of a business. Often times, this case holds true, but with new technology other types of Business Managers are being used. Such a Business Manager is not a human, but in fact can be a computer program.
Prophet can ACT as a Business Manager.
Although there are many different computer programs that are available to ACT as a Business Manager, one of the most popular and effective forms of a Business Manager is the software program known as Prophet. Prophet is a Business Manager software program that is made available by Avidian, a computer company that specializes in customer relationship management, also known as CRM. CRM is highly important for many companies, as it is the relationship between a customer and a company that regulates the sales for a company. If there is a positive CRM relationship established, there is a high certainty that a client will be a repeat purchaser. Many companies give thanks to Prophet as their acting Business Manager, as the program can generate multiple sales for a company.
The multiple factors of Prophet as a Business Manager.
There are many factors that Prophet plays upon as a Business Manager. For example, Prophet can regulate a client’s contact database for all of its customers. This means that as an acting Business Manager, all of a company’s clientele can be regulated and organized into an electronic file. A company can keep electronic records of all of their clients, including a company name, physical address, telephone number, and an e-mail address for the contact individual at the company. A Business Manager can do the same things for a company, but it will take much more time to keep everything as organized as a computer program such as Prophet can. Prophet also acts as a wonderful organizer, keeping all of the business contact information in order, as well as easily and readily accessible.
Prophet can save money as an acting Business Manager.
Another reason why many companies are turning to computer programs for a Business Manager instead of working with a person within the company is due largely for costs. The price of Prophet’s Business Manager is quite affordable (starting cost is around $100.00), which makes for a wonderful investment for any company. It is hard to find a Business Manager system such as Prophet that is as affordable as it is. The competitors are much higher, and a lot less cost effective than Prophet. Prophet has proven that as a Business Manager, that the software can keep track of sales, hold notes on accounts for reference, provide graphs and charts of projected sales as well as sales past, and the most beneficial means of gaining additional profits. Prophet’s Business Manager is indeed geared towards multi-tasking, which is what many companies are looking for.
Prophet can ACT as a Business Manager for companies large and small.
Prophet is not only helpful for companies, but for individuals and major organizations as well. For an individual, Prophet Business Manager is great for a small business. This is often the choice for entrepreneurs that have a very small staff, usually under 10 people. Just as a major company can keep track of transactions and sales projections, a small business owner can as well. Sales lead management is filtered all throughout the Business Manager, which is one of the main reasons why there is such a high demand for Prophet software. Business owners are constantly looking for additional outlets for their company, and can find such business management with Prophet.
Large size companies can benefit from Prophet as a Business Manager, too.
For those that are dealing with a larger sized company, Prophet is a wonderful tool for Business Manager as well. This is what is known as the “professional edition†of the Business Manager end of Prophet. The Professional Edition of Prophet offers the same incentives for acting Business Manager as in the small company, but it is also available as a network. When Prophet software acts as a network for a Business Manager, it can be manipulated in a variety of ways. For instance, when Prophet is networked as a Business Manager, it can simultaneously share information with those that are connected to the system of information. That being said, those that are linked with the Business Manager network can generate sales and the likes with the program. Workers that are connected to the Prophet Business Manager network can also see where others in the company have left notes of relevance on an account. This is highly important; as a note may be a flag on an account, such as payments rendered, or accounts past due of payments.
Conglomerate companies can save a lot of money utilizing Prophet as a Business Manager.
For conglomerate companies, a Business Manager is a must. A Business Manager in a large company keeps track of sales, and is responsible for where there needs to be sales generated. Prophet acts as a Business Manager on many levels, and this aspect is no exception. Prophet can be seen as a Business Manager in large, corporate setting, as it can be a Business Manager on many folds. Prophet as a Business Manager in a corporate setting can lead to an ease in record keeping, while showing where there is need for improvement in other areas. As an acting Business Manager, Prophet can demonstrate all of the duties as set forth with other levels of sales. Furthermore, as the principal Business Manager, Prophet is created to hold a plethora of information, as well as keep it all organized. Prophet certainly does the job well with the Business Manager program for corporate organizations.
Palm Pilot can operate Prophet.
Another addition that is important to many Prophet Business Manager users is the fact that it can be displayed on a Palm Pilot. A Palm Pilot, or a personal hand held electronic organizer, is compatible with the Prophet software, and makes for a great mobile Business Manager device. There are many features and benefits that can be generated from using Palm Pilot as a Business Manager. For instance, a Palm Pilot that is doubled as a Business Manager can become the equivalent of a computer, as it shares Business Manager information like the regular Prophet program would on a computer. In essence, the Palm Pilot is a mobile version of Prophet’s Business Manager software.
An overall view of how Prophet is an essential tool acting as a Business Manager.
A Business Manager is indeed an essential tool for any company, but utilizing Prophet as a Business Manager is even more efficient. The information that is needed is easily accessible, and can be transferred time and again. As a Business Manager, Prophet can utilize its electronic resources to generate sales slips and projections. Prophet is not only a Business Manager of today, but also a Business Manager of the future.
About Avidian Technologies:
Avidian Technologies is a software company specializing in creating software solutions for users of Outlook and Exchange. Prophet, developed by Avidian Technologies on the .NET platform, is the leading contact management and sales CRM software built in Outlook. The company is headquartered in Redmond, Washington. For more information, please visit http://www.avidian.com or call 1-800-860-5534.
By: Jose Vanegas
About the Author:
When an individual thinks of a Business Manager, their mind often leads to a man or woman that is in charge of a business. Often times, this case holds true, but with new technology other types of Business Managers are being used. Such a Business Manager is not a human, but in fact can be a computer program.
Prophet can ACT as a Business Manager.
Although there are many different computer programs that are available to ACT as a Business Manager, one of the most popular and effective forms of a Business Manager is the software program known as Prophet. Prophet is a Business Manager software program that is made available by Avidian, a computer company that specializes in customer relationship management, also known as CRM. CRM is highly important for many companies, as it is the relationship between a customer and a company that regulates the sales for a company. If there is a positive CRM relationship established, there is a high certainty that a client will be a repeat purchaser. Many companies give thanks to Prophet as their acting Business Manager, as the program can generate multiple sales for a company.
The multiple factors of Prophet as a Business Manager.
There are many factors that Prophet plays upon as a Business Manager. For example, Prophet can regulate a client’s contact database for all of its customers. This means that as an acting Business Manager, all of a company’s clientele can be regulated and organized into an electronic file. A company can keep electronic records of all of their clients, including a company name, physical address, telephone number, and an e-mail address for the contact individual at the company. A Business Manager can do the same things for a company, but it will take much more time to keep everything as organized as a computer program such as Prophet can. Prophet also acts as a wonderful organizer, keeping all of the business contact information in order, as well as easily and readily accessible.
Prophet can save money as an acting Business Manager.
Another reason why many companies are turning to computer programs for a Business Manager instead of working with a person within the company is due largely for costs. The price of Prophet’s Business Manager is quite affordable (starting cost is around $100.00), which makes for a wonderful investment for any company. It is hard to find a Business Manager system such as Prophet that is as affordable as it is. The competitors are much higher, and a lot less cost effective than Prophet. Prophet has proven that as a Business Manager, that the software can keep track of sales, hold notes on accounts for reference, provide graphs and charts of projected sales as well as sales past, and the most beneficial means of gaining additional profits. Prophet’s Business Manager is indeed geared towards multi-tasking, which is what many companies are looking for.
Prophet can ACT as a Business Manager for companies large and small.
Prophet is not only helpful for companies, but for individuals and major organizations as well. For an individual, Prophet Business Manager is great for a small business. This is often the choice for entrepreneurs that have a very small staff, usually under 10 people. Just as a major company can keep track of transactions and sales projections, a small business owner can as well. Sales lead management is filtered all throughout the Business Manager, which is one of the main reasons why there is such a high demand for Prophet software. Business owners are constantly looking for additional outlets for their company, and can find such business management with Prophet.
Large size companies can benefit from Prophet as a Business Manager, too.
For those that are dealing with a larger sized company, Prophet is a wonderful tool for Business Manager as well. This is what is known as the “professional edition†of the Business Manager end of Prophet. The Professional Edition of Prophet offers the same incentives for acting Business Manager as in the small company, but it is also available as a network. When Prophet software acts as a network for a Business Manager, it can be manipulated in a variety of ways. For instance, when Prophet is networked as a Business Manager, it can simultaneously share information with those that are connected to the system of information. That being said, those that are linked with the Business Manager network can generate sales and the likes with the program. Workers that are connected to the Prophet Business Manager network can also see where others in the company have left notes of relevance on an account. This is highly important; as a note may be a flag on an account, such as payments rendered, or accounts past due of payments.
Conglomerate companies can save a lot of money utilizing Prophet as a Business Manager.
For conglomerate companies, a Business Manager is a must. A Business Manager in a large company keeps track of sales, and is responsible for where there needs to be sales generated. Prophet acts as a Business Manager on many levels, and this aspect is no exception. Prophet can be seen as a Business Manager in large, corporate setting, as it can be a Business Manager on many folds. Prophet as a Business Manager in a corporate setting can lead to an ease in record keeping, while showing where there is need for improvement in other areas. As an acting Business Manager, Prophet can demonstrate all of the duties as set forth with other levels of sales. Furthermore, as the principal Business Manager, Prophet is created to hold a plethora of information, as well as keep it all organized. Prophet certainly does the job well with the Business Manager program for corporate organizations.
Palm Pilot can operate Prophet.
Another addition that is important to many Prophet Business Manager users is the fact that it can be displayed on a Palm Pilot. A Palm Pilot, or a personal hand held electronic organizer, is compatible with the Prophet software, and makes for a great mobile Business Manager device. There are many features and benefits that can be generated from using Palm Pilot as a Business Manager. For instance, a Palm Pilot that is doubled as a Business Manager can become the equivalent of a computer, as it shares Business Manager information like the regular Prophet program would on a computer. In essence, the Palm Pilot is a mobile version of Prophet’s Business Manager software.
An overall view of how Prophet is an essential tool acting as a Business Manager.
A Business Manager is indeed an essential tool for any company, but utilizing Prophet as a Business Manager is even more efficient. The information that is needed is easily accessible, and can be transferred time and again. As a Business Manager, Prophet can utilize its electronic resources to generate sales slips and projections. Prophet is not only a Business Manager of today, but also a Business Manager of the future.
About Avidian Technologies:
Avidian Technologies is a software company specializing in creating software solutions for users of Outlook and Exchange. Prophet, developed by Avidian Technologies on the .NET platform, is the leading contact management and sales CRM software built in Outlook. The company is headquartered in Redmond, Washington. For more information, please visit http://www.avidian.com or call 1-800-860-5534.
By: Jose Vanegas
About the Author:
Many of today’s most successful large and small businesses have chosen Avidian’s CRM Software as their sales management and contact management software.