Attract the Ideal Start-up Co-founder Using These 10 Steps

Find Your Ideal Co-founder With These 10 Steps

 

Good Business Partnership

Good Business Partnership

Opening a business is incredibly difficult work. That is why two heads are better than one. However, if you have an idea or a dream and want assistance in this practice, you need to know where to turn and who can assist. To do this, you shouldn’t just settle for anyone though. You need to know how to find your ideal co-founder to help get the company off the ground and who to expand and work with. To best do this, here are 10 steps you can use in order to improve your ability to open a new business.

Create a Job Description

 

Perfect Job description

Perfect Job description

Before you go out and start looking for anyone to join with you on your business venture, you need to create the perfect “job description” for the person you want. After all, you want to find someone who is able to open up a business with and fill all of your needs. Now, the common problem many people start out with is to look towards their spouse, best friend or a family member. This generally is a very bad idea. Plenty of relationships have ended because of disagreements in the business. You want someone that is not connected to you in this way. Instead, you really need to look at your own skills and write out someone who can complement your business skills and make up for the weaknesses that you have.

Network

 

Build a professional network

Build a professional network

Now, you need to network. Do not go out and blatantly say you are looking for very specific elements, but instead you want to just network as you would for investors while keeping an eye on other individuals who are interested in this sort of practice. It is amazing what you can find while networking for something else. It is possible to kill two birds with one stone regarding this.

Online Business Matchmaking Websites

This does not mean go out to a dating website and assume you are going to find a business partner. Instead, there are websites that are designed to bring people together who want to open a business but are looking for a business partner. There are websites including StartupAgents, CoFoundersLab and others that allow you to bridge the gap and to find other people who are also looking to start up a business. This is a great way to start and it can take you to likeminded individuals. However, you should never settle for one particular individual simply because you haven’t found the ideal candidate that meets the needs you wrote out in the first step. This is just going to run into problems later down the line. Never settle when it comes to your business.

Entrepreneur Activities

Entrepreneur networking

Entrepreneur networking

Often times a local business community, university or community college host entrepreneur activities. This is a great way to mingle with other individuals in order to see what they are looking for. You might find your next employee, intern or a professional who you can open the business with.

Different Backgrounds

Sharing the same background can bring similar talking points, but it does not expose you to other potential demographics. That is why you need to think globally and look towards partners who have different kinds of experience. Whether they come from the city and you from the suburbs or one comes from India and you are from Cleveland, there is something that both you and your potential partner can bring to the table while attracting more individuals to your business.

Previous Associates

Business networking

Business networking

Chances are you have worked with other professionals who might work out very well. Many associates want to eventually move up the job ladder and open their own business. Through work experience you know you can work with these individuals, so some of these people might prove to be the perfect fit for your company.

Relocate

Sure, moving can be tough, but you want to relocate to the right geographical area. Perhaps you need a location with a larger tech center or you want something with a better fashion industry. Perhaps you just need a larger college student base. Keep this in mind as it can make or break you company.

Common Interests

Naturally, while you don’t want to start up a business with your best friend, having some chemistry is good for getting along on the job. Looking for common hobbies or sports interests is a good idea to get acquainted before offering up half of your company.

Define Milestones

Define milestones

Define milestones

You want to define major milestones with your potential partner. Sit down with these individuals and discuss what sort of milestones should be set and what goals are important.

Negotiate Early Roles

First, you need to negotiate and document the roles of each individual in order to make sure each one of you is pulling weight and also knows what to expect in the future.

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How to Expand Your Patient Base by Maximizing Your Online Reputation

Expand Your Patient Base and Safeguard Your Online Reputation

Expand your business

Expand your business

 

No matter if anyone believes they are Internet savvy or not, more and more patients are turning online for accessing providers for potential health care. When in need of information for health care, four out of five users on the Internet check the Internet, and each of these searches are for specific providers. Additionally, three out of four searchers utilize reviews on the web as their form of recommendations received through word-of-mouth.

Reviews on the web impact businesses in a major way which frightens many owners. However, online reviews are two-fold: either patients will be driven away or they will become a tool that is powerful for advertising. The principles below are to ensure your practice’s reviews online are working for you and not against you.

Increased risk

Increased risk

Risk Increases With Low Volume

Health care professionals and physicians often approach reputation management websites regarding online reviews and request that they somehow extract their review from the web. While this can’t happen, even if it could, it isn’t helpful. It is significantly riskier to have no reviews than it is to have a large quantity of them.

When taking into consideration a hypothetical doctor, like John Doe, M.D., for example, with three reviews online with an average rating of 4.2 out of possible 5 stars. This above-average rating shows searchers immediately that Dr. Doe is trustworthy and competent upon their first impression. Furthermore, because most ratings are embedded directly within search listings, most all patients will view this result. There is vulnerability to this good score, however. Only two one-star reviews could move this rating to a 2.9, which is below-average. Let’s change these reviews to twenty instead of three, though, with the same 4.2 rating. His reputation scoring would see much greater safety due to the fact that many more negative reviews would have to change the average.

 

Higher scores

Higher scores

When There is High Volume There is a Higher Score

When analyzing reputation management databases, this information shows a solid link between an extensive review quantity and a score that is positive. When your physicians and practice obtains more reviews, there is a greater chance there will be positive scores on average. Therefore, when encouraging reviews by patients, average ratings will improve and a reduction in the chances of a few disgruntled patients sabotaging your practice will occur.

The relevance of your practice within review sites, as well as search results, is another key importance of a large volume of reviews because it becomes increased. When visiting sites like “Yelp” and searching for “ophthalmologist” within your city, you will immediately see a large number of reviews with highly rated practices alongside.

 

Social Media Syndication

Social Media Syndication

Risk is Decreased by Spreading Reviews Across Multiple Sites

When attempting to obtain a large number of reviews, these reviews should also be spread across a large number of sites. Upon searching for your practice online, prospective patients will likely find preliminary listings for your business, your website, and numerous reviews. If they visit one site and see three bad reviews out of four, they may search out to see another review site and see another site where all the reviews are positive.

It is a great idea for the patient to perform more research because they will uncover more good reviews than bad. Unfortunately, most patients will not make this attempt. It is easier for them to take a quick look at the search listing, see yellow stars and make their judgments based upon the ratings overall.

 

Quality Improvement

Quality Improvement

 

Operational Improvement Occurs Through Negative Reviews

When negative reviews occur, this is a great opportunity for you to make improvements within your practice. It is important for you to read and evaluate each of these negative reviews on a regular basis.

Negative reviews are a great source of insight into areas where you could improve your practice. It is important to make it a priority to evaluate and read negative reviews on a routine basis. The themes or trends are recurring could point toward problems that are systematic that are important to address.

A good example is when there are reviews citing problems with billing, this is an opportunity for you to review your front-office staff protocols or offer additional billing procedural training. Another example if a specific physician is singled out on numerous occasions for a bedside manner that is poor, you may need to bring this issue to their attention or provide them with a CME course that is appropriate for interacting with patients. Negative reviews help practices decide where focus should be placed with regards to major issues with their operations.

 

Respond promptly

Respond promptly

Respond Properly for a Better Reputation

Upon receiving negative reviews, respond quickly and appropriately in order to mitigate the situation. If a patient complains about the rudeness of a physician, respond with an apology and ask them if they would like to discuss the experience in further detail so your practice can investigate the situation.

This is a dual impact to this response. First, it allow your practice another chance to win the patient back by allowing them to choose a different physician. Second, when other prospects read the negative review, they will notice the practice attempting to resolve the situation in a positive manner. No one expects perfect situations. Everyone makes mistakes, and patients know this. It is how practices recover from these mistakes is what matters.

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ADP Offers Year-end Tax and Payroll Ideas for Small Businesses

Year-end Tax and Payroll Strategies for Small Companies from ADP

 

When it’s the end of the year, most small businesses start worrying about how to plan and prepare for the upcoming tax season. There are many software tools that will record the financial activity of a small business throughout the year; however, it is not always possible to consider all the scenarios to minimize the taxes owed to state and federal governments. Many payroll providers, such as ADP and Intuit, offer tax-saving tips and pointers to save on the amounts owed to Uncle Sam. A number of year-end tax and payroll strategies are offered by ADP every year to help small businesses.

Tax Strategy

Tax Strategy

Review W-2 and 1099 Details With Employees

The accounting team must review all tax forms thoroughly before they ever file 1099 online – or a W-2 form – with the details provided by the employees. It is recommended to have the employees re-verify the details of their W-2s and 1099s before running the last payroll report for the year. The corrected information must be handed over to the accounting team or the payroll provider at the earliest possible date. If a W-2c form is required to correct an employee’s W-2, then the accounting and payroll provider must be notified and coordinated with immediately.

If using a 3rd party service to efile 1099 forms or W-2’s, consider several things first. Do they have the technology infrastructure to be as safe as possible considering the current standards? Do they have a history that reputable enough to trust them? What other services do they offer along with the use of their e-filing technology? If you’re looking for a guide visit www.eFil4Biz.com to see what you should expect in a trusted e-file service.

Verification of Tax IDs

The accounting team must review and verify the tax IDs of all employees on payroll. It is important to fix all errors to ensure that the tax IDs on record are accurate. This must be completed no later than the last payroll cycle for the year 2014.

Adjustments to Employee Paychecks

Any adjustments – including void checks, manually processed payroll checks, and erroneous payments – needed for employee payroll must be addressed before December 31, 2014. All these cases must be sent to the accountant and payroll provider before the end of the calendar year.

paycheck

paycheck

 

Recognizing a Responsibility to File Taxes

Most small business owners are busy with increasing their sales and growing their business. The business owner must realize his or her responsibility to file taxes before the deadlines set by the IRS. Typically, business owners or accountants are responsible for filing taxes. Tax advisors must be able to help business owners understand the responsibilities related to filing a company’s annual taxes.

Missing Wages and Miscellaneous Income Tax Credits

Items such as COBRA payments, fringe benefits, tips, employee moving expenses, employee reimbursements without proper receipts, and expenses towards annual parties must be reported to the accountant and payroll provider no later than the last payroll cycle for 2014.

file tax

file tax

 

Knowing the Impacts from the Affordable Care Act

The rules and regulations stemming from the newly-introduced Affordable Care Act are complex. It is important to work with a CPA to understand the impacts to a small business and the possible implications while filing taxes. There are many free training sessions available online for small businesses to learn more about the Affordable Care Act.

Affordable Care Act

Affordable Care Act

 

Setting up Retirement Plans

Business owners could set up retirement savings plans like 401(k)s after consulting with their tax advisors, CPAs and financial advisors. Business owners must understand the eligibility, deadlines and tax implications while setting up retirement plans. Furthermore, business owners must ensure that any eligible bonuses are paid to employees. The bonuses paid and related taxes are tax deductible. Depending on the tax system being used, you could pay bonuses either by December 31, 2014 or March 15, 2015.

401k

401k

 

Work with Accountants

Accountants or tax advisors know the best options to minimize taxes and take maximum advantage of tax laws. Tax laws constantly change and evolve during the course of the year. CPAs or tax advisors must be able to help small business owners with the nuances of tax laws. Working with accountants or tax advisors will also help business owners keep accurate records and to ensure that they are in compliance with tax laws and regulatory filing requirements.

Conclusion

There are many ways to improve the tax filing process for a small business. The tips and guidelines provided by ADP are valuable tools to assist business owners with preparing for tax filing seasons and also to keep pristine records of financial and payroll data. Apart from the tips provided by ADP, tax advisors must be able to guide businesses with the necessary steps to minimize errors, reduce tax amounts and ensure a smooth tax filing for the tax year 2014. Most payroll providers have automated checks to help small businesses identify any required data that must be gathered before the end of the tax year.

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