Rules Of Thumb Business Valuation

By: Corey Philip | Updated: February 1, 2023

Sometimes it’s nice just to have an idea of what your business is worth… even if you don’t plan on selling it. Admittedly there is a nice feeling associated with seeing the equity value and saying “WOW, my business is worth $X (hopefully many more X’s). For that we have ‘rules of thumb’, which I am going to break down. #1 Your Business Is Worth a Multiple of Discretionary Earning. The valuation of small businesses that are established more than 5 years is heavily weighted on a multiple of their discretionary earnings. As a small

3 Sales Manager Compensation Models That Align Incentives

By: Corey Philip | Updated: February 1, 2023

Overseeing a sales team is a challenge for anyone, whether the sales manager is new to the business or well-seasoned. Many studies have proven that incentivizing someone equals results; after all, who doesn't want extra compensation for their hard work? There are a handful of compensation models that can align incentives to entice your sales manager to become a sales-handling machine.To successfully motivate your sales manager, you can incentivize them with compensation for meeting sales metrics and KPIs, reaching high profit margins, and their behaviors. You can also reward your sales manager with a cliff

What is the Best Compensation Management Software in 2023?

By: Corey Philip | Updated: February 1, 2023

Let's face it, managing a small business and working long hours to pay the bills - on top of your team’s compensation is not for the faint-hearted! And ultimately, why should you take on that added burden if it can be automated with efficient compensation management software?The best compensation management software in 2023 is CaptivateIQ, Paycom, Namely, RUN Powered by ADP, SpriggHR, ChartHop, and Performance Pro. Including Zenefits, Workday HCM, and Lanteria HR. Most leading compensation management software applications provide a comprehensive HR solution.While choosing a world-class compensation management software tool may sound straightforward, that

How Business Owners Can Use Sound Frequency Healing For Stress Relief

By: Corey Philip | Updated: January 31, 2023

Have you ever found yourself locked in a cycle of stress, living from day to night to day again, buried under a seemingly never-ending list of tasks for your business? That stress cycle can wreak havoc on your body and well-being, but thankfully, you, as a business owner, can use sound frequency healing to manage stress relief.It's time to find out how.Sound frequency healing helps business owners achieve a state of balance. It can improve sleep, emotional regulation, nervous system regulation, thought focus, physical ailments, heart rate, blood pressure, and more. Entrepreneurs can run their

9 Ways To Build Valuable Business Relationships Online

By: Corey Philip | Updated: January 31, 2023

Gone are the days when business relationships were solely face-to-face. Building valuable business relationships online is a new field leaving companies looking for ways to do this effectively. The solutions are simple yet complex. Simple in that there are many avenues to reach your customer but complex in understanding your customers’ needs and catering to them.There are 9 ways to build valuable business relationships online. Firstly, know your customer. Then, perfect your website, be present on social media, engage, create content, respond, deal with complaints, treat customers with respect, and reward and acknowledge customers.Finding the

How Profitable is Selling Digital Products on Amazon?

By: Corey Philip | Updated: January 28, 2023

Over the last two decades, Amazon has become, by quite some distance, the largest e-commerce or online store globally. While most people directly associate Amazon with selling billions of dollars’ worth of physical products, few understand the enormous and profitable upside of selling various digital products on the global platform.The financial benefits will be significant if you can create and market a desirable digital product to sell on Amazon’s global e-commerce platform. On Amazon, digital products can be sold to a global audience the same day they are uploaded to the site, making the venture

Explained: The Business Model of Selling Printables on Amazon

By: Corey Philip | Updated: January 27, 2023

Over the last few years, printables have become one of the most effective and profitable online passive income approaches. A printable is a digital file that anyone accessing Amazon’s global e-commerce platform can instantly and repeatedly download.Creating a desirable and marketable printable is the initial and main challenge that any seller must overcome. However, the benefit of selling digital downloads is that it requires almost no overhead or significant financial investment.While there are various online platforms to sell your unique and creative printables, placing them on the global Amazon e-commerce store will give you the

3 Unique Ways Media Liability Insurance Protects Small Businesses

By: Corey Philip | Updated: January 27, 2023

Do you own a small media-based business?Do you currently have sufficient legal and liability coverage to protect your business from financial ruin?Suppose you own or have recently started a small media-based company. In that case, knowing how media liability insurance can protect your business in unique and vital ways before purchasing a policy most applicable to your specific requirements is essential.For any small, online, or digital business, media liability insurance is a crucial aspect to account for. Effective media liability insurance protects any small media-based business by providing legal and financial coverage from third-party disputes

How to Create a Direct-to-Consumer Luxury Brand

By: Corey Philip | Updated: January 27, 2023

Creating a direct-to-consumer brand is not for the faint-hearted, yet it can be one of the most profitable and rewarding journeys any business owner can embark on. Formulating and creating an effective direct-to-consumer luxury brand is challenging as it involves third-party wholesalers and retailers' assistance to sell your products directly to end consumers.There are many approaches you could take to create a direct-to-consumer brand; however, the most effective way is to first define your specific niche and target market. Formulating a business plan after performing a thorough market analysis is vital before marketing, and online

Why Your Business Should Have a Non-solicitation Clause For Employees

By: Corey Philip | Updated: January 27, 2023

Non-solicitation clauses go a long way in protecting the longevity and success of your business. Implementing a non-solicitation clause in your employment agreement with your employees is essential in protecting your ability to retain existing clients and employees.Your business should have a non-solicitation clause for employees to prevent employees from soliciting your clients and suppliers. Additionally, a non-solicitation clause is necessary to prohibit an employee from leaving, starting a new business, and recruiting your employees for that new business.Failure to implement a non-solicitation clause for employees can result in your employee becoming your competitor and