When entrepreneurs see, read, or talk about business coaches, a lot of them see an added expense to their company. And since business coaches generally demand high compensation, many smaller companies ignore them. But is that the right move? Or is there truly some wisdom in hiring a business coach? Steve Sorensen.
While the price of hiring a business coach ranges from hundreds to thousands to dollars, depending on the schedule and size of a company, it may prove to be a valuable investment. Many successful business leaders who’ve been mentored by coaches have gone on record to say that the pros heavily outweigh the cons. Steve Sorensen.
The philosophy that one should never stop learning is emphasized when one owns a business. With all the things that have to be done and all the things that are happening all at the same time, knowledge can be a great tool, and guidance even more so.
Steve Sorensen. That’s what a business coach brings to the table. Not only does a business coach teach business people the fundamentals of a business, but there are also specific and incredibly important points he touches on, points such as how and who to hire at the different stages of a business’s life, how to maintain the best employees, and who to let go.
A business coach also imparts wisdom he’s gained from years of mentoring other successful entrepreneurs, because after all, they, too, are continuously learning. And business owners can greatly benefit from their knowledge if they’re willing to pay for it. Steve Sorensen.
It’s always a challenge to begin a new business, especially since each one will come with a slew of legal implications. But business owners have to ensure that they are ticking all entries on all legal aspect checklist if they are to prevent potential lawsuits, fines, and even prison time. Steve Sorensen embezzlement.
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First off, seek the aid of a legal expert. A business owner should have a lawyer help them out if only to ensure that everything’s in order from the get-go. At the same time, they have to familiarize themselves with applicable local employment laws. Even if they plan to simply go it alone at the beginning, the success of their small business will likely depend on having a staff helping them out down the line. And when that happens, they must comply with specific laws for it in their industry and area. Steve Sorensen embezzlement.
At the same time, business owners will need certain permits and licenses. The same goes for permission to use certain patents and even images. It’s not as easy as simply lifting logos from other companies to bolster, say, a business’s presence on Facebook or Instagram. All these have legal ramifications, so secure the appropriate permits. Steve Sorensen embezzlement.
It is also crucial to sort expected tax. Keep in mind that any business in the U.S. requires compliance with state, federal, and local tax laws. A business owner has to make sure that they have registered and that they are fully aware of the amount of tax they’d need to pay so that they can save up and schedule on-time payments. Steve Sorensen embezzlement.
Most importantly, remember that among the most basic requirements for starting a small business is a legally permissible company name. In other words, secure a copyright for it. Come up with a list of options just in case it turns out that the name thought of is already taken. Steve Sorensen embezzlement.
One of the grittiest and unabashedly realist films depicting the goings-on in Wall Street during Jordan Belfort’s time is “The Wolf of Wall Street.” We’re not saying that we should follow Belfort’s then-wolf-like tactics (which ultimately led to his downfall), but the movie does teach us key lessons in achieving business success.
Firstly, business is all about one’s ability to sell himself or herself. This often begins with that exuded confidence. It’s important in any business to have a good understanding of the so-called Johari window, which translates to knowing fully well how others see you and how you want others to see you. And yes, power-dressing helps a lot.
You should, from the get-go, know what you want. Find that niche or specialty as soon as possible; more important than goal-setting is a clear vision of what
you want to achieve and how you’d get there. Belfort knew he had to quickly capitalize on something lucrative, and that proved to be selling penny stocks to the public. Of course, we’re not at all condoning exploitation. But you get the idea.
Once the system is in place, work on honing the strategy and don’t waver. In Belfort’s case, he continued to tweak his approach and zeroed in on his target demographic, customizing his pitches to their needs. In a way, Belfort’s strategy of putting the premium on customer service became the template for modern methods of maintaining a loyal clientele base.
Hi, there. My name’s Steve Sorensen and I’m a certified public accountant. I consult for business finance and investment, banking, and on issues involving employee embezzlement. For more on my work and interests, visit this website.