Should I Form a Corporation or LLC?

should-i-form-an-llc-or-corporationWhen starting a new business, getting the structure right is extremely important, and can impact the long-term success of the business. A business can be a sole proprietorship, partnership, Limited Liability Company, or Corporation. Within each of these general types there are many sub types (limited liability partnership, S-Corp, C-Corp, etc.), but before you can consider them, you need to first decide what structure works best for you. Generally, those who are best served as a partnership or sole proprietorship will know that as we did at Sterling Heights Photo Booth, as they are uniquely different from the others. With LLCs and Corporations, however, there are many similarities which can make it confusing as to which is right for you.

But when thinking about forming either a Corporation or LLC, what you want to think about is the ownership structure and future aspirations. With a Corporation, there are shares of …

Third Party Auditors for Your Small Business

third-party-auditAuditors come in all shapes and sizes, for just about every facet of your business. Some will call themselves auditors, others consultants, and still others, simply, experts. But whatever their title or expertise, they are all ultimately trying to do one thing – make your business better by giving you an objective, third party review of your business and its potential shortfalls.

 

Many small business owners are weary of consultants – and perhaps rightly so. They either have worked with one in the past who did not provide any value, or they have heard one of the many horror stories of a consultant collecting a fee and never fulfilling their commitment. For those companies, however, who do take the time to find a good, well-referenced auditor or consultant, the impact can be dramatic.

 

The most common types of auditors would be in the financial accounting, efficiency, and legal …

5 Uses for Excel for Business Owners

tracking-safety-trendsMicrosoft Excel is one of the few programs that any business owner can utilize to improve efficiency with their business. Unfortunately, it is also a tool which is underutilized by most small business users because they either are intimidated by the complexities of some of the more advanced features of Excel or because they simply don’t know about them. If, however, you are a small business owner, here are 5 reasons why you should start using Excel if you aren’t, and why you should expand your use with it, if you already are.

 

  1. Track Sales – With Excel, you can collect sales data and place it all onto a spreadsheet. With this data, you can then track sales on a daily, weekly, monthly, or quarterly basis. You can track peak seasons, growth, and even forecast for future sales. It is one of the simplest, yet most complete, ways to

Updating Policies and Procedures for Lockout Tagout

lockout-tagout-proceduresCreating policies and procedures for lockout tagout is never an easy task. Based on OSHA Standard 1910.147, lockout tagout procedures have very specific requirements, are different at every facility, and need to be created in such a way that they are easy to monitor and update. This creates a very daunting task; especially since OSHA Standard 1910.147 is extremely convoluted and difficult to understand.

Because these procedures are so difficult to create, many companies hire third party lockout tagout auditing firms such as premierfactorysafety.com to help them create their procedures. And while this helps them to ensure that the procedures are correctly created, it also leaves the company with procedures they may not know how to properly monitor and update. So some companies then hire the third party auditing firm on indefinitely to monitor the procedures for them, making relevant changes.

But lockout tagout procedures may need to be changed …

Establishing Safety Goals

establishing-safety-goalsIt is important for every company, whether a brand new start up or a long standing company, to have established safety goals. These goals will help to guide your company’s occupational health and safety initiatives and will help to create a measurable, achievable, place for your company to reach. Your goals can be set in any of a number of ways and can be facilitated in a number of ways, as well. But however you set your goals, they need to be achievable, definable, and incremental.

Every company would like to set a safety goal of 100% OSHA compliance with no workplace injuries. Similarly, many companies want to get every safety certification at once. But these are not necessarily realistic goals for a company with a history of workplace injuries or OSHA issues. At least, not right away. But there are achievable goals which can be set along the way

8 Tips For New Business Owners

chinchilla-business-and-safety-consultingWhen starting out a new business, there will be a constant barrage of well-intentioned acquaintances giving you advice. Some of this advice will be great, some will be less-than-great; some will be extremely applicable to your business, some not so much, and some will be completely contradictory to what you were told the day before by someone else.

All of this advice, while well-meaning, can be overwhelming. So to help you through the process of deciphering the advice, here are 8 tips that are applicable to any new business in any industry to help get you off on the right foot.

Create a Business Plan – By setting goals, projections, and expectations to paper, you can begin tracking successes and failures. This will help you to determine actual startup costs, determine what success looks like in the first few years, and ensure you can afford your business if things start …