Sigma College of Small Business

Leading from the “Follower” Position

Jamie Gorman — Fri, 11 May 2012 14:39:29 +0000

Have you ever tried to get something accomplished with no authority and little resources? When you have resources to direct it is a little easier to get things done because you can direct the vision, although it can still be a challenge. As a small business person you have to influence vendors, partners and customers on a daily basis with little or no actual authority. I call this critical small business skill “Leading from the Follower Position”. Here are some tips I’ve been able to use successfully (more…)

5 Practical Leadership Tips for Small Business Owners

Jamie Gorman — Wed, 09 May 2012 18:52:40 +0000

“What’s the difference between management and Leadership”, is a question I often ask my small business clients. Common responses typically include a flavor of “Managers execute, leaders envision”, or “Leaders are inspiring, take risks and are motivational, whereas managers do as directed”.

There is always a good discussion that follows, but banks don’t hire “branch leaders” they hire branch managers and companies don’t hire “account leaders” and “business leaders” they hire managers. A person with vision who can motivate and take risks, but can’t follow through and get things done is not really a leader. The bottom line is that you have managers who are good leaders and those that are just managers. This especially applies (more…)

It May Be Legal, But is it Right? – LLC, S-Corp and C-Corp Part 2

SigmaBiz2 — Wed, 18 Apr 2012 18:57:28 +0000

In Part 1 we took a look at the importance of forming an LLC, S-Corp or C-Corp around your business and the value of choosing the correct entity to limit liability and reduce taxes. In Part 2 we will take a look at these primary forms of legal organization and where each might benefit a small business.

Note: There are other entity types like limited partnerships and PLLCs that might be better suited to your specific situation, but the three discussed here are most common. Your accountant, lawyer or other business professional should know if one of these is better if they are asking the right questions.

A great resource full of examples is the book “Own Your Own Corporation” by Garrett Sutton, Esq.

Liability Re-Visited – Use It or Lose It!

As discussed in part 1, all legal entities provide protection against legal and financial liability. Since there isn’t a big difference, we won’t focus on comparing each of them.

The critical point to make is that in order for a legal entity to protect your business, you must act like a legal entity! If you are organized as an entity but don’t have official meetings, by-laws, minutes, organization agreements and (more…)

It May Be Legal, But is it Right? – LLC, S-Corp and C-Corp Part 1

Jamie Gorman — Wed, 18 Apr 2012 13:40:59 +0000

Small businesses are bombarded with advertising to “incorporate your business, protect your assets”! Forming a legal entity around your business is important and even an advantage to being in business, but not all entities are created equal. It is important to make sure you are in the right type of legal entity to match your business and personal goals.

Why Legal Entity Matters

There are two primary benefits to creating a corporation or limited liability (LLC) around your business – liability and taxes. (more…)

Business Value – Is Yours Worth What You Think?

Jamie Gorman — Wed, 04 Apr 2012 06:30:03 +0000

Small Business Owner – If you haven’t watched at least one episode of the ABC’s The Shark Tank, you need to do that now! Then come back, finish reading my post and leave a comment:-)

The Shark Tank challenges small business owners on many topics, but the most frequent is on business value. Like most small businesses, the ones who present to “The Sharks” often don’t know the reasonable value of their business – and it costs them. Here are a few simple tips (more…)

The Quick and Practical Marketing Plan

Jamie Gorman — Wed, 01 Feb 2012 06:00:25 +0000

You and I could sit in a room for 30 minutes and come up with 100 great new marketing ideas! And if properly budgeted and implemented, many of them would work. The problem with small business marketing is that it is rarely planned, budgeted and implemented in a way that makes it effective. Building a practical marketing plan doesn’t have to be complicated and here are 5 simple things that will get you started towards marketing success!

Set Your Marketing Objectives

What do you want your marketing to accomplish in the coming year? (more…)

4 Practical Tips for Small Business Goals in the New Year

Jamie Gorman — Thu, 29 Dec 2011 02:37:17 +0000

It’s almost January! Can you believe it? Seems like only yesterday I was setting goals for 2011 and now it’s time to see how I did and do it big for 2012.

For those who don’t have time to do the deep analytics and research to create those great strategic goals we see in all the text books, here are a few practical tips: (more…)

The Crazy Economy – Where’s It Going and What’s it Mean?

Jamie Gorman — Tue, 06 Dec 2011 07:00:48 +0000

For all of us small business owners wondering about this economy and the roller coaster called the stock market, I caught up with John Stewart, Managing Partner of Vantage Economics and editor of The Vantage Times, an online economic newsletter. In short, there is still a lot of risk and uncertainty! In part one of this three part podcast, John explains where we’re at and his thoughts on the economy as we move through the holiday season and into the new year. He also discusses a few of the things to watch over the next few months that could impact your business!

The Crazy Economy Where is it Going and What’s it Mean – A Podcast with John Stewart