Thursday, August 4, 2016

Most Promising Candidate Has One Bad Reference?

You've just finished interviewing candidates for a new position in your company. Your most promising new hire candidate has one bad reference. Should you hire him? It's a good question, and here's why. Sometimes a bad reference is nothing more than a bad attitude expressed on a bad day which can color perception and response. It's also interesting that the candidate listed  that particular person as a reference if knowing that it might jeopardize his chances of getting hired.

The reference could be mistaken, confusing one former employee with another or the employee may have been unknowingly subjected to blackmail and is now being blackballed to prevent further hire.

That said, consider looking more closely into the matter. Ask the candidate what it was like working for the company and specify the person referred.

Perhaps the incidents referred to were real and correctly assessed. But was the lack of dependability a purely circumstantial situation? Perhaps a family obligation preventing the employee from availability.  Performance impacting health issues or other handicaps. Most important is to determine whether the contributing factors have changed. This can be easily ascertained if more recent references are favorable.

A tip: Make sure your most favorable candidates understand the business process and marketing strategies. Those who have an appreciation of the business itself are most likely to make it shine. That said, take the time to review your companies business plan. If the company does not have one suggest writing a business plan complete with mission statement, company objectives, and business process. Use the business plan to orient new hires and identify the kind of performance that achieves stated objectives.

Author: Mark Angelo Askew
As a business plan download archivist, Fimark's Winning Business Plans, I have written several clear and detailed business plans for scores of new startups that have maintained substantial profits over the years. Pre-written business plan templates are the smart choice for startups. It allows you to study your competitor, create partner delegations and establish business processes to determine what works best for you and your business partners. The marketing strategies included are the life-blood of your business. In addition, these plans help you get the investor funding required to sustain and grow your business and profits.

Wednesday, August 3, 2016

Business Plans vs. Business Partner Agreements

When there is a dispute between partners in a business, the most common reason is misunderstanding the business agreement as well as a difference in defining the business process. What is needed to resolve these conflicts when they arise?

 All businesses partners should consult with a business attorney to establish an unbiased objective understanding between partners. His input can help them draw up a business plan and a written general partnership agreement that sites the responsibilities, and profit and loss distribution of each partner.

The business agreement should specify the rules about the general partnership. Having said that it is paramount that a business meeting is scheduled to review and/or create the groundwork for...

1. A Partnership agreement
2. A Business plan

Business Partnership Agreement

Your partnership agreement should provide the answer to following questions.

1. Who are the official partners of the business?

2. What percentage of ownership does each have?

3. Do you have a legal and binding partnership agreement in writing specifying the percentage of company ownership? If you do, good. If not, add it.

4. Is the partnership agreement signed by both parties and notarized?

5. Have you reviewed the agreement and associated financials with all parties concerned at least on a quarterly basis?

6. Specify duties, obligations and responsibilities of each partner going forward. The agreement should include how varied and unforeseen situations are to be handled and how this impacts payout.

Also note that  each partner is equally liable for the debts and obligations of the business, as well as the actions of the other partner(s). All parties are legally bound to fulfilling the agreement.

The partner agreement and the business plan are not the same. The agreement spells out the obligations and responsibilities of each partner, whereas the business plan defines the business itself, its mission and objectives while detailing the process by which the partners will carry this out.

Writing Your Business Plan

Regarding your business plan. Write a detailed plan that spells out  what the business is, it's purposes, reach and brand characteristics, as well as how you will run your business. Include the who, where, when, what, and how of the day to day business process. It should also include financials, a forecast of expenditures, revenue, and profit.  Detail how revenue is to be used, profit substantiation, partner salary, and the payout process. Review this with all partners on a regular basis.

Author: Mark Angelo Askew
As a business plan download archivist, Fimark's Winning Business Plans, I have written several clear and detailed business plans for scores of new startups that have maintained substantial profits over the years. Pre-written business plan templates are the smart choice for startups. It allows you to study your competitor, create partner delegations and establish business processes to determine what works best for you and your business partners. The marketing strategies included are the life-blood of your business. In addition, these plans help you get the investor funding required to sustain and grow your business and profits.

How To Improve Chances For Business Loan Approval

So you think you need a business loan. Business loans can be a bane for your business enabling you to expand your business, start an ongoing marketing campaign, upgrade your IT system, lease an office in a more marketable local, hire more staff and entertain an effective client retention program. For a few vital items to prepare and present when applying for a business loan review the following Business Loan Application Tips.

Business Loan Application Tips

1. Investment Assets Portfolio
2. Moderate to High Credit Score
3. Established Business Growth and Profits Report
4.Concise Business Plan (A written business plan showing how the loan will contribute to business growth and profit, including how the loan will be paid back over time.)
5. Don't act like you need the loan.  Consider it one of many options
6. A well-established business that's turning a profit is what banks are looking for.
7. If you have pre-approved competitive lending options inform the bank of your options.
As a business plan archivist, I have helped hundreds of business owners successfully apply for approved loans and find investment support. Get more info regarding winning pre-written business plan templates here.