Category Archives: Management Issues

Fall Cleaning: Get Your Financial Statements in Order

by Kelly Deis of SoundPoint Consulting

Thinking that you might want to sell your business in the next few years?  If so, make sure your financial records are up to snuff. It will save you time, effort (and maybe even embarrassment) later on.

To start, let’s understand who the most likely buyer of your business might be. If your business is considered “lower middle market” (a large majority of businesses fit this category), the most probable suitor will be a first time buyer.  Continue reading

An overview of the new minimum wage and paid sick leave requirements.

Changes to the state minimum wage

The minimum wage will be $11 per hour in 2017

  • The minimum wage applies to all jobs, including agriculture.
  • Employers must pay employees age 16 and older at least $11 per hour in 2017. WAC 296-126-020(app.leg.wa.gov).
  • Employers are allowed to pay 85 percent of the minimum wage to employees under age 16. WAC 296-126-020 (app.leg.wa.gov). For 2017, this rate is $9.35 per hour.
  • Seattle, Tacoma, and the City of SeaTac currently have higher minimum wage rates. The local rate applies if it is higher than the state minimum wage rate.
  • The initiative does not change overtime pay requirements.

The initiative sets future minimum wage rates Continue reading

Ask SCORE: How can I protect my intellectual property when working with strategic partners?

One way to grow your business is by reaching out to strategic partners who offer complementary products or services or who otherwise can work with you to the mutual advantage of both your businesses. Strategic partnerships can expand your market reach and help you achieve more sales. But giving another business intimate knowledge about your company’s inner workings may make you a bit uneasy. There’s some inherent risk involved in sharing confidential information and intellectual property (IP).

According to Marc Goldberg, a SCORE mentor with business startup and management expertise, “It is very easy to steal your ideas or even your unique approach to customer fulfillment. Very quickly you could generate a competitor by sharing information with the wrong people.”

For that reason, you need to take measures to protect your ideas, information, and innovations from theft.  Continue reading

Here’s how to fund your business.

by Kelly Deis of SoundPoint Consulting

So, you have a great idea for a start-up or you want to expand your current business. You have the perfect business plan and are confident that both revenue growth and profitability are sure-fire.

Problem is, you don’t have the capital to fund the start-up or expansion. If that is the case, here are a few ways to fund your business. Which one is right for you?  Continue reading

A Step-by-Step Guide to Hiring Your First Employee

So You Want to Be the Boss?

Top 10 HR Issues: How to Avoid Common Pitfalls

What You Need to Know Before You Hire Your First Employee

If you’re thinking about hiring your first employee, you may be feeling so thinly stretched that you want to fill out paperwork and have someone start right away. That’s understandable, since adding staff to your small business can increase your ability to serve your customers. But if you’re not experienced at hiring and managing employees, it’s easy to make mistakes that can make it harder to serve as a consistent, fair boss.

Before you place your first ad for an employee, here’s what you’ll want to consider about the employer-employee relationship you’re about to embark on.

Continue reading