The Best Money That Wisdom Can Buy |  |
- The Best Money That Wisdom Can Buy
- Small Business 101: How To Properly Operate Out Of State
- Why Corporate Venture Capital Deals Are Small
- U.S. Job Numbers Weak in May: Are You Hiring?
| The Best Money That Wisdom Can Buy Posted: 04 Jun 2012 11:00 AM PDT It's not about the money or the time, not really. It's about what you do with them, how you use money and time to enhance your life and your business.
Money Means More In Wise Hands If it was just about the money, every lotto winner would be happy and financially set for life. But resources have a way of slipping through fingers that aren't ready for it. The same is true for time. We all have the same 24 hours in a day, yet some accomplish amazing, smart and creative things and others just kind of tread water. Time gets away from us without a plan. John Mariotti brings up an interesting question about how companies spend money on technically. He asks “Should You Buy “State of the Art” Technology?” and suggests that we "choose the state of your need." Instead of the latest phone, app or software, John says to get something that "is proven, reliable and well understood." And because of the way technology leaps forward, proven and reliable products can still be cool and sexy (of course, proven and reliable is sexy). Technology is ambitious (and that's fun), but it always needs a season or two to work the kinks out. So why should we pay top dollar for someone's beta product. When we could wait a couple of years and pay for the one that works the way it should. Since Time Is Money… Social media can devour a large chunk of our time. That's a big deal when you're a small business trying to market yourself. You don't have time or money to waste. Ivana Taylor says that we need to focus on creating "a tight marketing message" before we dive into social media. In “How B2B Marketers Can Use Social Media To Generate More Customers,” Ivana walks us through the process of identifying our target audience and creating a message that connects. At the end of the day, social media is just a communication tool — we're responsible for how we use. Put the time into a better marketing message and social media can have a greater impact. Your Time, Your Money, Your Job After starting a business or receiving a major promotion, there is no greater professional impact on your time and money than job lost. In “Get Ready for New U.S. Jobs: Here’s Where to Find Them” John highlights great employment opportunities like service and technology jobs in multiple fields including health care. He also mentions something that's interesting for small business owners. John says
In the past, your college degree and years on a job could guarantee your middle class status. In the future, we will have to do more and be smarter if we intend to live that dream. I also believe the "new middle class" will include a larger number of successful small business owners and independent contractors. For some, job insecurity has lessened the risk aversion to creating a business. Change is common now. The best thing we can do is accept it and dive in.
From Small Business Trends |
| Small Business 101: How To Properly Operate Out Of State Posted: 04 Jun 2012 08:00 AM PDT In today's market, geographic boundaries don't always mean much. With the web, companies sell and hire across time zones and continents. But if you're expanding into a new state, you've got to make sure you have your legal ducks in a row. In some cases, this may entail registering your business as a 'foreign corporation' in the new state.
If your business operates across state boundaries, or you're considering expanding your reach, read on to learn if a foreign qualification is necessary. What's the definition of doing business in another state? Be aware that just having a client or selling to customers in another state doesn't necessarily mean you're operating in that state and must register as a foreign corporation (or LLC). While exact requirements vary state to state, operating in a state generally means:
Let's take a look at a few examples. Michael runs a small consulting business based in New York. His company serves clients outside New York, but at this point the company is most likely not considered to be operating out of state. However, once Michael opens a small office with an employee or two in California, he will probably be considered doing business in California and will have to file a Statement and Designation by Foreign Corporation form with California. In another scenario, Jennifer launched a software business. She lives in California, but wanted to take advantage of Nevada's lack of state income tax, so she incorporated her business in Nevada. Since her business is physically located in California ? that's where her office and employees reside ? her business needs to file as a foreign corporation in California (and, her company will also be subject to all the regulatory and tax requirements of California too!) What's required to file a foreign corporation? Foreign Corporation paperwork is relatively similar for each state, although the names may differ. In some states, it's called the Statement and Designation; in others it's the Foreign Qualification application. Take a look at your state's Forms and Fees page (generally part of the Secretary of State's office) to determine what's the correct form for your new state. In essence, the foreign corporation paperwork will resemble the Articles of Incorporation document you first used to file your corporation. Some of the information will include: name of your corporation, your domestic state, stock information (how many shares authorized, etc), list of corporate officers, registered agent, and the principle office or location you'll be using in your new state. In most states, you'll also be required to have a Certificate of Good Standing document. This document is produced by your domestic state (the state where you incorporated) and shows that your corporation is in active status. If your corporation does not currently have an active status, it's most likely due to the fact that you didn't file an Annual Report or some other required filing and can be easily remedied by filing a form and paying a fee. How to file a foreign qualification Just like other corporate filings, you have several options depending on your budget, available time, and level of comfort when dealing with legal forms. You can register your foreign corporation on your own, by going directly to the secretary of state's office. If you aren't certain about the requirements (and have the budget), you can hire a corporate attorney to register your foreign corporation for you. The third option is to use a legal document filing service. This is a good option is you're fairly confident about what you need, would prefer to spend your cash on something other than attorney retainer fees, but would like some professional help in tracking down all the necessary paperwork and making sure all the i's are dotted and t's are crossed. Whatever method you choose, be sure to take your legal obligations seriously when crossing state borders. Filing upfront will be simpler and far more affordable than having to deal with the ramifications of operating improperly.
From Small Business Trends |
| Why Corporate Venture Capital Deals Are Small Posted: 04 Jun 2012 05:00 AM PDT Price Waterhouse Coopers and National Venture Capital Association recently released the MoneyTree Report on Corporate Venture Capital. Data from the report show that the average independent venture capital investment was $8.3 million last year, while the average corporate venture capitalist deal was only $4.2 million. Moreover, the ratio of the two has ranged from 1.7 to 2.9 for the past decade.
Why is the average corporate venture capital deal much smaller than the average independent venture capital investment? Both corporate and independent venture capitalists provide cash in return for a minority equity stake in a young, high-potential technology company. However, the two types of venture capitalists make their investments for different reasons. As Ian MacMillan, the Dhirubhai Ambani Professor of Innovation and Entrepreneurship at the University of Pennsylvania, and colleagues explain in a PDF report written for the National Institute of Science and Technology (NIST).
Because corporate venture capitalists are making partially strategic investments, while independent venture capitalists are making purely financial ones, corporate venture capitalists can accomplish their goals by putting in less money. The ability to tap knowledge from an investment in a young company is not proportional to the size of the investment, but earning a financial return is. Therefore, corporate venture capitalists tend to make smaller investments than independent venture capitalists. Investment Photo via Shutterstock From Small Business Trends |
| U.S. Job Numbers Weak in May: Are You Hiring? Posted: 04 Jun 2012 02:30 AM PDT The U.S. economy continues to add jobs, but the pace may be slowing, some figures indicate. Small businesses could again be a key factor in hiring and employment over the next few months, with most hiring happening at smaller companies while corporate giants cut back. Is your business hiring or planning to? Here’s a look at the employment situation and tips for when you plan to add people to your payroll. Overview of HiringU.S. economy in May – creates fewest jobs in the last year. The U.S. economy added 69,000 jobs last month. That may sound like a lot, but it’s actually the fewest new jobs created in the last year, according to the U.S. Department of Labor. At the same time, unemployment increased to 8.2 percent. What about the small business community heading into June? Will you be adding jobs? Yahoo! Finance Small business hiring still growing slowly. A separate report from ADP, a firm providing payroll services, shows hiring is still increasing but has slowed its pace since the beginning of the year. ADP’s numbers reflect hiring at small businesses with fewer than 50 employees and still show more job growth at these companies than during the previous month. The Washington Post Hiring continues to increase at smallest firms. The best news on the hiring front may be happening at the smallest small businesses, those employing fewer than 20 people, says Intuit Inc., creators of online payroll software for smaller companies. These companies added an estimated 40,000 jobs last month, a 0.2% increase through May 23. An economist working with Intuit says a similar growth rate over two years would be required to bring small business hiring back to 2007 levels. The Wall Street Journal Tips & OutlookVetting new candidates through social media. With unemployment high and resumes becoming more creative, there are also more ways to check and see whether potential hires will fit on your team. From Facebook to LinkedIn to Twitter to blogs, there are many tools to get a feel for potential hires before you meet them in person. Here are some details. The Washington Post The best interview questions. Ten business leaders share their top interview questions in this post. How important is the interview process in your small business and how much does it tell you about potential candidates? What can you learn from the interview styles of these top leaders? Huffington Post When it’s time to hire. Be careful when sending a job offer letter to a potential new employee. Just a few poorly chosen words can open your business to legal action in the event of a later termination. Be sure to avoid some key mistakes when making your initial offer, especially if it is made in the form of a contract. Business Management Daily Small businesses gearing up. A report from the National Federation of Independent Business indicates small business hiring was down in May, despite other figures. But an NFIB survey also indicated the number of small businesses planning to create new jobs increased. Reuters Getting Best ResultsHow to keep newly hired employees on the payroll. Once you’ve hired a new employee you think will work for your business, it’s a great idea to make every effort to keep them around. An estimated one fourth of new employees leave their companies within one year. Here’s a look at why and how to keep it from happening in your business. Small Business Trends Incentives to keep employees happy. You’ve hired some new employees and know that keeping them happy will boost morale and profitability in the long run. Here are some tips for creating an incentive program that will show your employees how much you value the work they do and encourage great performance in the future. Small Biz Diamonds Other OptionsHiring consultants is another option. Help can come not only in the form of employees, but with the hiring of consultants who provide information and guidance on how to run your business better. The key is to make sure hiring a consultant is a prudent business investment. The Young Entrepreneur Council has these suggestions. Fox Small Business Center From Small Business Trends |
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