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When developing a budget, it is important to estimate profits annually for the next three years as well as to develop a detailed month-by-month budget of sales, expenses, and cash flow amounts for the same three years.
Owners of growing companies need to begin positioning them for sale early in the life of the firm and continue to take steps toward sale throughout the business's life, writes an entrepreneur and venture capitalist. Included are eight suggestions for doing just that.
Entrepreneurs launching growth companies need an understanding of the financial basics to work with professionals and spot problems early, says a serial entrepreneur and investor. Tips for acquiring literacy are provided.
In the first three years of running her printing solutions company, Wendy Fergerson borrowed roughly $60,000 per month on credit cards without paying any interest. Out of that experience, she recommends credit cards as a way to bootstrap a company as long as you pay attention to the details on each card for which you apply.
Under the Immigration Act of 1990, the U.S. Congress set aside 10,000 annual visas for foreign investors looking for opportunities in America. Those carrots are coming in handy during what remains a debilitating credit crunch for U.S. entrepreneurs. Rather than wait a year or longer for other immigrant visas, foreign investors--through the so-called EB-5 program--can snag a slice of equity and a quick-and-dirty U.S. visa in just three-to-six months; plus, unlike other immigrant visas that might expire in a few years, the EB-5 flavor offers permanent residency. EB-5 minimum requirements: a $1 million investment from a lawful source in a new or existing commercial enterprise that directly creates at least 10 U.S. jobs. Investors can put up as little as $500,000 if the company is in a rural area or in a county sporting 150% of the average national unemployment rate. (Canada has a similar program, called the Canadian Business Immigrant Investment Program, though it doesn't impose any job-creation requirements.)
Companies that turn to contractors must structure both the business and the specific nature of the work accordingly, according to a software-company entrepreneur. On the business side, founders need to retain a competent attorney and match the right worker to the job; on the tech side, they must require that contractors produce their work within a framework that can be replicated for other projects, the author advises.
An experienced small businessman, Thaine Fischer now enjoys helping others in the Leadership Roundtable organized through the Scottsdale Area Chamber of Commerce.
SHANGHAI -- Books these days regularly cheer innovation. You rarely go to a conference without hearing how important it is. Copying others has a bit of a stigma.
A technology entrepreneur loses his shirt on his first company, regroups and starts a second, and lives to advise others about how to get it right.
It sounds like a privacy breach waiting to happen: Take some of your company's most classified information — employee records containing Social Security numbers, salaries — and put it on a bunch of remote servers that let you access the data via the public Internet.
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