Welcome to the SCORE Small Business Success Blog, where small business experts and mentors share tips, discuss trends, and provide advice on a wide range of topics affecting entrepreneurs in every industry.
If the legal protection of the two types of these business entities is almost the same, which is better? Most of the time, the simple answer is this – an LLC is better. It’s simpler to form and it allows for the most favorable tax elections.
Businesses need mission statements to tell the public and especially their customers what it is the business does.
It takes more than a better mousetrap to be successful in business. The purpose here is to tell you what you need to be successful, in addition to the better mousetrap.
One of the early-developed lean tools, developed in the 1930’s, is The 5 Whys. It is a problem-solving technique developed by the founder of Toyota Industries Corporation, Sakichi Toyoda. It's also useful for solving your business problems, regardless of your industry.
I have had an exciting, intense and wonderful career as a management consultant and have worked with organizations around the world. I have worked with groups trying to chart their future, groups that were stuck trying to get to the future, groups that were locked in conflict, and all kinds of situations in between.
Companies using a calendar year to do their financial statements need to take this time of the year to do budgeting for next year. Budgeting? Why would a company need that? Just do their thing – sell and hope for the best? That’s NOT a good way to run a company. Not good at all. All the big corporations budget everything – sales, expenses by category, cash flow, etc, etc. And, they do it on a quarterly basis. Why? One, they want a target that they believe they need to hit and so they then plan what they must do to hit that target. And, secondly, they use it for accountability – to measure the performance of each subsidiary or department that fed their budgets into the overall budget. Planning and accountability.
If you don’t have customers, you don’t have a business. First things first, who’s going to buy what you’re selling? And why buy your product, or service, instead of the competitions?
If there’s a cause to support in your community, you don’t have to wait for a big company to lend big donations. As a small business, you can also participate in giving back and make a meaningful change.
From determining your level of involvement to adopting innovative business structures, here are nine tips for developing a new small business structure.