Consultant’s Corner
Consultant’s Corner: Fringe Benefits for Key Employees
Q. Is it possible for companies to offer fringe benefits to some employees and not others? For example, can they give certain benefits to key executives and sales leaders and not to the rest of the company? Fringe Benefit Programs Generally speaking, it is possible for certain fringe benefit programs to vary by employee category—executive/non…
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Consultant’s Corner: Planning a Price Increase
Question: I’d like to re-evaluate my pricing schedule, but I am not sure how much to increase my prices. Where can I get a start on understanding the pricing game? Competitive prices are critical in order to maintain customers and market share; however, you still need to maintain adequate profit margins and profitability. We do…
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Consultant’s Corner: Cold Calling Techniques
Question: What is business etiquette concerning cold calling and how often to follow-up with a prospect if they do not give you a time? How should you toe the line between checking in and being annoying? Cold calling can involve phone calls to set appointments or cold call visits to prospects to have a sales…
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Consultant’s Corner: How Much Should You Budget for Marketing?
Q: How much should I budget for my marketing costs? General Marketing Expense Ratios For established businesses, the general guideline for a marketing budget is a percentage of sales. However, for a startup business with no sales history, the considerations are: What marketing methods are identified in a business plan? What marketing methods will be…
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Consultant’s Corner: 15 Reasons to Write a Business Plan
Question: I have been in business for a year. Is it worth my while to prepare a business plan since I am not borrowing money? The two basic purposes of a business plan are to raise funding and effectively plan new business ventures. Below is a list of 15 common reasons, including the first two…
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Consultant’s Corner: Bank CDs for Small Business Financing
Question: I have many friends and family who want to invest in my business, but would like a secure place to do so. Should I have them invest in a bank CD that I utilize as a secured loan for my business? In our opinion, having investors buy a bank CD (or CDs) to secure…
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Consultant’s Corner: Serving on a Corporate Board
Q: How does a person go about getting considered to serve on a corporate board, or as an advisor to other corporate boards? The approach, qualifications, and other considerations for getting a board of directors, or advisory committee, seat vary somewhat based on the type of corporation—nonprofit, privately-owned, or publicly owned. Having contacts and relationships…
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Consultant’s Corner: Protecting Your Business from Employee Theft
Q: I’m looking to start a new mobile auto detailing business. My biggest concern is protecting my business, particularly from employee theft. What can I do in my hiring procedures? Effective hiring procedures are important for every employer; however, since you will have employees taking company assets off premise, handling customer cash payments, working on…
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Consultant’s Corner: Do I Need a Separate Business Bank Account?
Question: Medicare and other insurance take direct deposits into my account. Is it better to use a different bank for business and personal so as to limit any errors or confusion? Should I open two accounts: one for direct deposit from the insurance companies and another to pay bills? Regardless of the business structure (sole…
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Consultant’s Corner: Business Interruption Insurance and Vehicles
Q: One of our trucks was involved in an accident where the other party involved was at fault. Their insurance company is dragging their feet in the matter. What are we entitled to in regards to loss of income and property damage, and what action should we take? The car that hit our truck is…
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