Consultant’s Corner
Consultant’s Corner: Consolidating Business Loans
Question: Can I get a loan for consolidating business loans together, and how do I go about applying for them? Checking with your current lender or lenders would be the first place to inquire about the availability of and requirements for a consolidation loan. Provided that your business is financially stable and generating sufficient cash…
Read This Article
Consultant’s Corner: Resources for Measuring Customer Service
Q. I’m looking for ways to measure my customer service. What do I need to look for, and where should I look? A. Managing and measuring customer service varies by type of business products and services and can include counting customer calls and inquiries, measuring response time, customer surveys, improving written customer policies and procedures, product…
Read This Article
Consultant’s Corner: Contingency Plans for Sole Proprietors
Q. I’m starting a sole proprietor service business. Until the business grows to the point where I can afford an employee, I’ll be doing everything myself. How should I respond if a prospective client asks what will happen if something happens to me and I’m unable to do the work for any reason? The response…
Read This Article
Consultant’s Corner: Motivating Salespeople
Question: We are a base pay + commission compensation company that has been in business 5 years. What is an effective way of motivating employees to understand that they are not cost effective until they generate 5 times their pay? While it is important for workers to experience transparency in their company and understand where…
Read This Article
Consultant’s Corner: Filing a Patent
Question: I’d like to file a patent. How do I perform a patent search and complete the process of filing a patent? Patent Basics A patent for a product or business process invention is the grant of a property right to the inventor. Patent protection prevents others from using a product or business process invention…
Read This Article
Consultant’s Corner: Terminating an At-Will Employee
Question: If we hire an at-will employee and have to let them go is there any law(s) that we need to be aware of? Is this all based on our company policy? Are we supposed to keep the employee for a certain period of time? We do not know the details of your company’s formal…
Read This Article
Consultant’s Corner: Business Succession Agreements
Q: What do I need to know about Business Succession Agreements? Business succession planning refers to the planning for changing ownership of business interests. There is no one document that does effective business succession planning. You can research succession planning considerations through articles and information like the following examples, which explain that several coordinated documents are often required to…
Read This Article
Consultant’s Corner: Forming a General Partnership
Question: I am ready to start a business with a partner. What steps should I take? You can review information for forming a General Partnership at state and legal websites; however, these are the general steps required for formation of this entity type: Choose a business name File a trade name Draft and sign a…
Read This Article
Consultant’s Corner: Setting a Price for Consulting Services
Question: I want to start a consulting company. How do I bill my clients for my consulting services? We do not know the type of consulting services you plan to offer, however, business consultants and other service businesses have standard billing rates by staff position. Also, these billing rates are often adjusted based on the…
Read This Article
Consultant’s Corner: Home-Based Business Insurance
Question: Would our homeowner’s insurance cover the entire inventory of our home-based business, or do we need additional insurance? In our experience, it is unlikely that your existing homeowner’s insurance policy covers any of your business assets or liabilities, particularly significant amounts. You would have to speak with your homeowner’s insurance agent to determine if…
Read This Article