Archive for the ‘Helpful Tips’ Category

  • 10 Tips for Entrepreneurs

    1. Look for opportunities to do something better than just about everyone else.
    2. Accept risk as a necessary evil. It makes for much less competition.
    3. Act responsibly to customers, employees and vendors.
    4. Goals aren’t enough. You need a plan. You need to execute the plan.
    5. You need to fix the plan as you go. Learn from your mistakes. Most people don’t.
    6. Do not reinvent the wheel. Learn from others — join a business group.
    7. Make sure the math works. I know plenty of people who work hard and follow their passion but the math doesn’t work. If the math doesn’t work, neither does the business.
    8. Make sure that every employee understands and works toward the mission.
    9. There are going to difficult times and you need to be resilient; whining is a waste of time.
    10. There will be sacrifices. Work to find a balance so that you don’t become a financially successful loser. It’s not about the income, it’s about the outcome.

    Read the full You’re the Boss blog posting here.

    2010.09.05 / no responses / Category: Helpful Tips

  • 3 Qs to Ask When Evaluating a Business

    Taken from here and excerpted below:

    1. Does the target company produce positive cash flow?

    2. Does the company cover its costs?

    3. Can it be diversified?

    “We have found that in making deals over the years, our chances of success are much higher when we have positive answers to these three questions. When we explored the Lexington deal, for instance, we liked the answers we got, so we moved ahead.

    But I think this exercise can be useful even if you’re not looking at a potential acquisition. I believe that all business owners should be asking these three questions about their own businesses.”

    2010.09.01 / no responses / Category: Helpful Tips, In the News

  • Hire Writers

    An interesting post from hrcapitalist.com on why writers might make for great hires.

    —-

    When In Doubt: Hire the Best Writing Skills…

    Why does hiring the best writer make sense?  Let me count the ways:

    1. People talk like they write and vice versa.  If someone has trouble putting a good, topical sentence together, you can bet that they’re going to have trouble talking to folks verbally at times.Home school

    2. Have you heard of this thing called email?  Apparently it’s a somewhat important business tool based almost entirely on the ability to write.

    3. Apparently when used incorrectly or without context provided by effective writing skills, email can piss people off faster than Rush Limbaugh at the Democratic National Convention.  Advantage: Writing skills with a sprinkle of judgment.

    4. The ability to use the written word to share ideas, motivate and gain acceptance makes any employee more valuable to your organization.  Writing skills can influence almost anyone – customers, fellow employees, media outlets and competitors to name a few – and we don’t pay enough attention to the value it provides in the hiring process.

    When I say hire someone with writing skills, I’m not talking about someone who can write term papers, because let’s face it, no one reads those. I’m talking about the ability to write down some thoughts in an engaging, personable, influencing manner.  You know it when you see it. The problem is you probably don’t see it in the interview process.  So you need to create a way to engage the candidate in a writing exercise that doesn’t even feel like an exercise.

    My favorite way – pick something you didn’t talk about in person on the candidate’s resume.  Drop them a note and ask a detailed question about the school or company you’re referring to.  Make sure the question is detailed enough to warrant a 3-4 paragraph response, and make sure you ask for some opinion as well to get the level of detail you need.

    Example Email to generate writing sample: “Rick, have an interview coming up with a kid who was in the Forestry program like you at (you guessed it readers) Wake Forest.  Based on this guy’s limited experience and the fact he’s applying for an entry level role, can you drop me some notes today to help me understand the top three things a kid coming out of that program should have competency in and maybe your thoughts on the transferability of that degree to an entry-level customer service role?  You’d help me a bunch with the notes you provide.  Thanks in advance, KD”

    I’m not asking you to lie.  I really did have a Forestry grad that interviewed for a support role.  As far as you know. Keep it truthful, but find a reason to ask for the detail related to something.  And make sure you make it clear that you want it in a response to the email. Then take what comes in and judge accordingly.  Add it to the overall profile of your candidate (save the email, you folks who say I’ll get sued, blah, blah, blah…) and make your hiring decision accordingly.

    And hire the best writer when all other things are relatively the same.

    2010.08.27 / no responses / Category: Helpful Tips, Human Resources

  • ER Bills, Worth the Fight

    Talk about confusing – just try to discern what your being charged for after having received care in an Emergency Room (ER).  This article helps consumers navigate the payment maze – how to ensure your paying a fair price for services rendered. Tips include not paying retail prices, be aware of pay-related surprises, avoid the ER if possible (visit urgent care clinics more often), scrutinize all bills, make an offer, don’t let unpaid bills go into collection.

    2010.08.13 / no responses / Category: Helpful Tips, In the News

  • How Financially “Safe” Is Your Company?

    Well, the Altman Z-Score might start to tell you – a measure of financial health and likelihood of bankruptcy. Based on the academic work of a professor at New York University, and commonly (though not exclusively) used to assess public companies, the Score is tied to 5 variables.

    • X1 = (Working Capital/Total Assets).
    • X2 = (Retained Earnings/Total Assets).
    • X3 = (EBITDA/Total Assets).
    • X4 = (Market Value of Equity/Total Liabilities).
    • X5 = (Net Sales/Total Assets).

    2010.07.22 / no responses / Category: Helpful Tips

  • Medical Bills Worth Haggling Over

    A little known and often overlooked fact: what you’re charged for a medical service rendered often is not what you in fact justifiably (even legally) owe. Under what’s referred to as “balanced billing” “doctors and other health care providers receive a discounted payment from the insurance company – an amount less than the fee they want to be paid – and then they bill the patient for the rest.” Often this practice is illegal, and there are ways to avoid overpaying.

    As this article details, recommended steps include:

    + Staying in network for care; double check with providers you intend to visit make sure they are still active in the network – a majority of billing headaches happen when you receive out-of-network care.

    + Negotiate a price upfront if you go out-of-network; often providers are willing to work with you.

    + Negotiate after you get billed too – call your provider and discuss payment (amount, methods of, timelines, etc.).

    + If all else fails, you can file an appeal.

    2010.05.07 / no responses / Category: Benefits, Helpful Tips

  • Debt Collection – Know Your Rights

    Especially nowadays, as more people fall behind on payments (of all kinds), debt collection companies have boomed. The Bureau of Labor Statistics (BLS) anticipates that between now and 2016, the debt collection industry will experience a 23% rate of growth, a much faster rate than the average for all industries.

    With such growth, unscrupulous collection practices now define the process, one in which people who owe money can be harassed, intimidated and even lied to, often in violation of the Fair Debt Collection Practices Act (PDF).

    When it comes to paying back money you owe, it pays (quite literally) to know your rights.

    What practices are off limits for debt collectors?

    Harassment. Debt collectors may not harass, oppress, or abuse you or any third parties they contact. For example, they may not:

    • use threats of violence or harm;
    • publish a list of names of people who refuse to pay their debts (but they can give this information to the credit reporting companies);
    • use obscene or profane language; or
    • repeatedly use the phone to annoy someone.

    False statements. Debt collectors may not lie when they are trying to collect a debt. For example, they may not:

    • falsely claim that they are attorneys or government representatives;
    • falsely claim that you have committed a crime;
    • falsely represent that they operate or work for a credit reporting company;
    • misrepresent the amount you owe;
    • indicate that papers they send you are legal forms if they aren’t; or
    • indicate that papers they send to you aren’t legal forms if they are.

    Debt collectors also are prohibited from saying that:

    • you will be arrested if you don’t pay your debt;
    • they’ll seize, garnish, attach, or sell your property or wages unless they are permitted by law to take the action and intend to do so; or
    • legal action will be taken against you, if doing so would be illegal or if they don’t intend to take the action.

    Debt collectors may not:

    • give false credit information about you to anyone, including a credit reporting company;
    • send you anything that looks like an official document from a court or government agency if it isn’t; or
    • use a false company name.

    Unfair practices. Debt collectors may not engage in unfair practices when they try to collect a debt. For example, they may not:

    • try to collect any interest, fee, or other charge on top of the amount you owe unless the contract that created your debt – or your state law – allows the charge;
    • deposit a post-dated check early;
    • take or threaten to take your property unless it can be done legally; or
    • contact you by postcard.

    Read more here and here.

    2010.04.28 / no responses / Category: Helpful Tips, In the News

  • HIRE ACT (aka, “Jobs Bill”)

    HIRE ACT (aka, The “Jobs Bill”)

    Tax Breaks for Hiring Unemployed Workers

    Overview

    On March 18, 2010, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act (pdf of legislation). The Act includes more than $17 Billion in tax credits meant to stimulate employment, and supply funds for highway and transit programs. A key provision for businesses is a tax credit for hiring recently unemployed workers. Under the HIRE Act, an employer of a “qualified employee” is excused from paying the employer match for the 6.2% Social Security portion of that employee’s wages in 2010. A qualifying employee is defined as someone who is:

    • hired after Feb. 3, 2010 and before Jan. 1, 2011
    • not hired to replace another employee
    • not related to the employer
    • and certifies under penalty of perjury (signed affidavit) that he or she has not been employed for more than 40 hours during the 60-day (two-month) period ending on the date that employment begins with the new employer.

    This incentive can save employers up to $6,621.60 for each qualified employee hired (6.2% of the maximum Social Security withholding for 2010), with increased savings for hiring qualified veterans, whose maximum Social Security withholding amount is higher. Employers also can receive a tax credit on their 2011 return for each new employee hired and retained for 52 weeks under certain criteria; that credit is the lesser of $1,000 or 6.2% of the wages paid to the employee for those 52 weeks.

    These tax incentives are meant to spur job creation, especially for small businesses who may be undecided about whether to begin to ramp up their hiring efforts given recent economic conditions. In addition, the Act includes a one-year extension of expensing thresholds; small businesses may elect to write-off up to $250,000 of certain capital expenditures (subject to a phase-out once those expenditures exceed $800,000) in 2010 in lieu of depreciating those costs over time.

    You can also read more here.

    2010.03.29 / no responses / Category: Helpful Tips, In the News, Payroll

  • “Hire Me!” (Resume Pointers)

    Looking for a job, but not sure exactly how to polish up that old resume of yours – what employers nowadays are looking for? Well, then, you might want to read this article … helpful hints on how to make a strong first impression after hitting the send button or licking that envelope.

    2010.03.07 / no responses / Category: Helpful Tips, Human Resources

  • An Advisory Board How-To

    As most entrepreneurs can attest to, getting a business up and running is a feat in and of itself. To do so, all on your own, can be an even greater challenge. That’s why putting in place an advisory board – a select few outside individuals who can help provide specialized input and counsel – often is a smart move. This article details how to do it right. Among other things: have an objective; be open to challenges; turn to a network; put it in writing; pay for the advice.

    2010.02.27 / no responses / Category: Helpful Tips

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