Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration between…
Being a contractor offers flexibility, choice and more control over your own schedule. It also means that you have different responsibilities from other employees that you may have to fulfil. For employers, knowing the difference between a contractor and an employee is a must. It can lead to costly penalties if the two get confused.…
Partnerships and joint ventures are both valid structures for businesses, but there may be factors in place that prompt you to choose one over the other when it comes to deciding what’s best for your business. In some instances, a joint venture might be the preferred structure for the situation as is required. A joint…
With the demanding conditions that have plagued the retail industry over the past twelve months, business owners need to be aware of all the restructuring options available before it is too late. COVID-19 has unfortunately resulted in reduced foot traffic, store closures, the accumulation of legacy creditors and significant deteriorations in working capital positions. Even…
Commercial tenants have been some of the hardest hit during the ongoing COVID-19 situation, with many losing out on revenue while businesses have been forced to close or make alternative arrangements across the state/country. Several states have announced rent relief in the form of rebates and legislation to ensure that commercial tenants can viably remain…
Making decisions as the owner of a business can be a world of difficult choices, but none so much as deciding that your business requires a partner. It’s a critical, strategic decision for the business that you won’t want to get wrong. Approach your search for the right business partner to suit your business as…
With the effects of COVID-19 being felt by millions across the states, businesses and individuals alike are turning to the government for additional support and relief in these financially uncertain times. Due to the unique situations being faced by different businesses across the states, but with all requiring additional assistance to continue operations, the state…
If you’re looking to go into business with someone, the chances are that you might be looking at using a business structure known as a partnership. A partnership is a type of business structure that is made up of two or more people who distribute income or losses between themselves and is a fairly popular…
Businesses use negotiation in a number of different ways. You can negotiate in business for both informal day-to-day interactions and formal transactions. These could include negotiating for things such as negotiating conditions of sale, lease, service delivery, and other legal contracts. Negotiation should not be your enemy. In business, negotiation can be the difference between…
Sometimes you might want to set up a structure where you will share in the spoils with everyone that deals with that structure. There is a specific type of structure for this and it is known as a Co-Operative A co-operative business structure (or co-op) is a legally incorporated business entity that is designed…