One of the most basic corporate housekeeping responsibilities is for a company to appoint and maintain the right registered agent for its business. The choice of a registered agent involves several key considerations. Every company should take the decision seriously, especially given the consequences of choosing wrong. Does My Business Need a Registered Agent? A [...]
Dear Business Owner, Behold Your 401(k) Plan Responsibilities! As a business owner who wants to attract and retain top talent, you’ve decided to offer your employees a 401(k) plan to help them save for retirement. Employers with 401(k) plans benefit from these retirement plans in other ways, too, but with those benefits come important responsibilities [...]
Once you have reached the stage of business where you have a team of employees and a strategic set of goals to carry out, you will likely find having a set of guiding policies and procedures crucial. These documents serve as both a northern star and foundation for progress. You can tackle these documents on [...]
In its most literal meaning, the definition of organizational culture is described as the values and behaviors that contribute to the unique social and psychological environment of an organization. Organizational culture encompasses many elements and is both concrete and dynamic. By today’s standard, every company should pay close attention to their organizational culture. Companies should [...]
Would you believe it if we told you that many businesses operate under a fictitious business name? Fictitious naming serves various purposes and is more common than you realize. Let's learn what a fictitious business name is, why they're useful, how to obtain one, and more. What is a fictitious business name? Fictitious names are [...]
As a business owner, managing business records or creating a Records Retention Policy likely isn’t at the top of your “fun things to do” list. Records retention can be a daunting and unforgiving task. It’s the elephant in the room that every business must boldly confront. Spring is here, so while you’re tidying up [...]
If you've arrived here after reading Part 1 of this post, you're probably asking yourself, "What is the most financially-productive way to spend time focusing on your business?" Let's continue the conversation on how outsourcing your back office and business administration duties can greatly improve the success of your business. Value of Time > Value [...]
You’re a business owner and there are only so many hours in your day. Growing your business is essential but you’re not sure how when you’re in charge of the back office work, too. Simply ignoring the business administration work is not advisable --- it will likely come back to haunt you. The terms “back [...]
Definition of back office (Merriam-Webster Dictionary) : of or relating to the inner workings of a business or institution The term “back office” was born as businesses began designing their offices with a front area for employees interacting with customers, a back area for employees doing work that is administrative, technical in nature, behind-the-scenes and [...]
If you’re a business owner looking to sell at some point in the future, you may be discouraged to hear that many sale transactions fall apart during the due diligence phase. You have the ability to minimize the risk of this happening by being a diligent business owner before putting your business on the [...]
