Q: One of my former employees has started a competing business and is calling my clients and trying to steal their business from me. Do I have any legal recourse against him? -- Brad J.A: I hate to break this to you, Brad, but unless this former employee signed a noncompete agreement while on your payroll, there is probably very little you can do to stop him from wooing your customers. You should discuss the situation with your attorney, but...more
Last week we discussed the importance of performing an autopsy on a dead business. No, I haven't been watching too many of those wonderfully graphic, TV forensic investigation shows. The reason I recommend you do a business autopsy is to uncover the exact reasons why the business died. This is valuable information that can not only heal feelings of personal failure, but also better prepare you for the pitfalls of business should you ever take the...more
Have you ever focused on something so intensely that your senses seem to shut off? Imagine being a jockey at the helm of a Belmont Stakes contender. Your horse is breathing hard, but you barely notice it. Your body is rocking in tune with the flow of the horse's gait, but you hardly feel it. The resounding cheers of 120,000 screaming spectators are muffled at best, if not completely blotted out altogether. Your focus is on the white finish line, and making sure that your horse's nose cuts over it before anyone else's. A new "challenge" approachesÂ…a stately competitor has inched its way to your shoulder. Now you can see its whole head. The white line looms closer and larger. Can your horse hold out its lead to the finish? Both cross the line. The winner will have to be determined by photo finish. A difference of less than one centimeter separates you and the other guy from the $1 million prize. Did you win or lose by a nose?Real life isn't always that exciting or dramatic, but real life mimics this "win by a nose, lose by a nose" competition all the time. Consider this. If you're firm is attempting to secure a sale and you lose, what do you lose? EVERTHING. If you win, you win...more
Flexible-benefits Plan (FBP) is an employee benefits plan which helps the employees' to save considerable amount of taxes by paying certain expenses from their pre-tax income. Some of the eligible expenses from pre-tax income are medical, vision, dental, elder care, and dependent care. All state employees who get a regular paycheck are entitled to...more
I was asked the other day what personality traits I thought were important to entrepreneurial success. I immediately gave my preprogrammed reply about passion and dedication and hard work. After taking some time later to ponder the question a little deeper (I normally operate in shallow waters), I came up with a more detailed checklist for...more
A poor credit business loan is designed for a business person or persons with a poor credit history.In the life of a business, virtually all come across a time where extra money is needed for business growth, expansion, a new venture, or paying outstanding bills. Businesses owned and operated by an individual or individuals with a poor credit history are of no exception. The fall back on this type of situation is that it is difficult to qualify for a conventional loan if you are an individual or a part of a business partnership with an individual who has poor credit, and are in need of a business loan. Poor credit business loans are designed especially for business people with a poor credit history. Poor credit business loans apply to both new ventures and existing businesses, and offer the business owner or owners the opportunity to turn around their poor credit rating, while also providing much needed financing for the business.Pros of Obtaining a Poor Credit Business Loan1. A poor credit business loan can offer a business person or business persons with poor credit an opportunity to receive a loan when they may otherwise not qualify for a conventional loan.2. Poor credit...more
Much of business involves inducing people to do what we want them to do. Whether it is to sign a proposal, return a call, set up an appointment, provide information or pay a bill, we are constantly nudging.In business, to exist you must persist. But...more
IntroductionSupervisors must make sure that they shift their focus from the work itself to the people who do the work - supporting their needs, developing their abilities, removing obstacles and making resources available. They need to make the...more
HOT STOCK PICK FOR THE WEEK:InnerWorkings (INWK) is setting up in a cup and handle chart formation and looking to move higher. InnerWorkings provides print procurement services to corporate clients in the United States, and boasts earnings and...more
What do the major generals who are leading the war efforts in Iraq have in common with executives and entrepreneurs who are conducting business back home? When it comes to leadership, the answer is probably a lot more than you think.In a recent study...more
In 2005, Berkshire Hathaway bought about a million shares of Lexmark. I haven't followed this story closely, but I assume the stock was purchased by Lou Simpson rather than Warren Buffett. I have only two reasons for believing this: the total...more
Q: I started my business about a year ago and everything is going fine. We're growing and making a profit, but the stress of running the business is really starting to get to me. I spend more time worrying than working. Sometimes the pressure is...more