Small Business Blog

Proper Inspection
A proper inspection of a forklift is necessary before you get onto it. Simply carry out a visual inspection to check the current condition of the machine. Check for any loose nuts and bolts, worn out tires, insufficient engine oil and fuel levels, loose hoses and parts, damaged forks, or any leaks. After a visual inspection of these things, you can even see if the mechanical operations are fine. Check if the lift is working, horns are loud enough, brakes response, all lights are working fine, steering is smooth, and so on.

Placing Materials
While loading the goods, see that heavier materials are kept at the bottom and lighter ones over them. Set the forks wide apart, so that the load becomes balanced while on the forks. Make the forks go under the load, tilt the mast a bit backwards, and lift to get the load properly balanced on the mast. Before moving, make sure the load is lifted up about four-six inches from the surface. Abide by all regulations and warnings that relate to maximum weight on the forklift.

While Transporting Goods
Before transporting goods to the destination, assess if the destination is suitable and ready for placing loads. If while on the move, the load slips out of place; brake immediately, lower the forks, put the truck into park mode, and set the loads in proper place. Make sure the load does not become a barrier for a clear view of the path. If it does, you can use reverse the machine to transport the goods. Remember that the standard speed for a loaded forklift is five miles per hour approximately. Give proper hand signals, use horn when necessary if it is a busy factory, and do not take sharp turns. Make sure you do not lift the load to an extent that will damage overhead systems such as lights, pipes, wires, water sprinklers, etc.

Driving Conditions
Use the forklift truck in an open space as much as possible. Since the emissions coming out from a loosely maintained engine can release carbon monoxide, you need to be careful. This gas can be extremely harmful to the health of workers in enclosed places. Also make sure that you do not operate the truck on oily, wet, or slippery surfaces; as the traction may become unstable. Before taking the load, make sure the surface is clean and smooth, which will prevent load from moving from its place on the forks. Below mentioned are some points that are included in forklift operator safety training.

Other Safety Tips Read the rest of this entry »

Business voicemail etiquette guidelines to follow, when recording or leaving a voicemail on someone’s machine.
1.After the message plays, give a 1-2 second pause before speaking.
2.State your name, organization or business’s name and your specific department, if any, and telephone number. Do so clearly and slowly.
3.State the date and time of your call.
4.In a few words, describe your reason for calling. Keep your recording brief and to the point. Do not ramble.
5.If necessary, leave the best time, for the person to call you back, or mention, that you will be available at any time.
6.At the end of the message, repeat your name and phone number, slowly.
Example:
“Hello, this is Ellen Myers, from XYZ Wireless Ltd, Accounts department. My phone no is 810-203-2232. This call is with reference, to your leave application for the 5th of April, 2011. There are a few minor details to be discussed. Please call me back on receiving this message, on my extension 810-203-2232. Have a nice day”.

Do’s and Don’ts of leaving a message:
•If you are calling someone for the first time or it’s a really important call, write down what you are going to say. Do not go “umm” and “ahh..” on the message.
•Be specific and brief in stating your purpose.
•When calling someone you have never met or don’t know, mention a mutual acquaintance or colleague if any, to bridge the gap.
•Cover all grounds, leave alternate or home phone nos and even email addresses, so you don’t’ miss a reply to your message.
•Avoid slang, personal references and casual language.
•Don’t be stiff and detached sounding, be pleasant, with a clear tone.
•Do not exhale into the phone, as it can be heard on the recording.
How to Record a Professional Outgoing Voicemail Message

Some business voicemail greeting etiquette rules, to record the perfect message for your voicemail inbox.

1. State your name, department, organization and extension or telephone number.
“Hi, this is Barney Mosby with the HR department of Kringle Electronics, at 820-233-1234″.

2. State that you are not available or at your desk, and other relevant information.
“I’m currently not at my desk”. Read the rest of this entry »

Look at the Profitability
The answer to the question how to value a small business is by looking at its profitability. The best way to find profitability of the business is to calculate the percentage of net profits earned by the business over the total turnover done in the particular period. The profitability can be calculated by taking a ratio of the net profit and the total income. Remember that net profit is calculated after deducting all sorts of expenses, taxes, depreciation and losses from the total turnover. You need to understand that all businesses cannot be profitable and it is not possible to increase the profit margins all of a sudden. The profitability calculation will help you in valuing your business and determining how sound it is.

Growth in Profits and Sales
In order to know how to value a small business, you need to find out how much growth in profits and revenues you registered over the years. If the trend is positive, then the business can be sold off at a premium to the current valuation whereas if it is negative, then the overall business valuation will automatically go down.

Find Out the Liquidation Value
Another way of valuing a business is to find out the liquidation value. This means we need to calculate how much money will be generated by the sale of various assets owned by the company after paying off any debts and liabilities on the business. This method of business valuation is used in all parts of the world.

Comparison with Other Firms
Comparing the situation of the business with other competitor firms is also one of the main ways to value a business. You can find out how much valuation the competitor firm is getting for the sale and net profit generated by them and accordingly decide how much you should get for your business by looking at your financial performance.

Strength of the Balance Sheet Read the rest of this entry »

Before I tell you about the grants for small business start up for women, it is important to note that women with weak economic background or minority community have the higher chances of getting the small business grants for obvious reasons. It doesn’t mean other women won’t get it but they should have a lot of patience for that as the process of receiving grants takes a significant time. Apart from that, you have to follow some complicated and long procedures to qualify for the grant. The difference between the commercial loans and grants or loan for small business start up for women is well defined. Loans have to be repaid with interest whereas grants may or may not be repaid and are generally very flexible. Grants are packaged so that underprivileged sections of the society can be benefited. Hence the process is very stringent because the granters see that the well deserved candidates receive the money. You have to prepare a good business plan before you apply for the grants so that the adequate amount is granted to you.

Small Business Grants for Women

There are a lot of federal and state government grants to start a small business. Given below is the list of schemes and organizations that provide grants for small business start up for women:
ACCION Small Business Loans
California: Women’s Economic Ventures Small Business Loan Fund
Delaware: Delaware Access Program
Illinois: Minority, Women, and Disabled Participation Loan Program
Iowa: Target Small Business Assistance Program
Mississippi: Capital Access Loan Program
New Jersey: Urban Plus
New Mexico: The Loan Fund
New York: Micro Loans For Minority and Women Owned Businesses
Wisconsin: Linked Deposit Loan Subsidy
Wisconsin: Women’s Business Initiative Corporation Small Business Loans Read the rest of this entry »

Family foundations are privately owned organizations which support a charitable cause. The funds for charitable work come in the form of gifts from the foundation. Currently, there are about 33,000 family foundations in the US. These foundations contribute to about 40% of the foundation grants to non profit organizations. Starting one’s own family foundation allows you to contribute towards a noble cause. As you have the total control over the funds of the foundation, you can decide what cause to support. By forming a family foundation, you can become eligible for tax exemption under section 501(c)(3) of IRS. Besides, you can also claim tax deduction on capital gains, if you are in possession of assets that have undergone appreciation.

How to Start a Family Foundation

Irrespective of your motive to start a family foundation, there are a certain steps that you must take. Given below are a few guidelines on how to start a foundation.

Establish an Area of Interest
It is important for the entire family to come to a consensus regarding where to invest foundation funds. All the family members must unanimously support a cause for which foundation money can be used. If the control of the foundation is retained within the family, the family members can later make amendments, if a worthier cause comes up. Most importantly, the members should agree to the decline in family income due to foundation gift.

Set up a Trust/Corporation
Your private foundation can assume the nature of a trust or a corporation. If you are setting up a trust, you will need to appoint a trustee, who can act on behalf of foundation trust. The same responsibility is bestowed upon an executive director, when you set up a private corporation. Trustee or executive director is a person who makes all the important decisions on the behalf of a trust. He decides how to allocate funds to the non charitable organization. Besides, he is also responsible for ensuring that the foundation pays the gift amount on time. He also handles the taxation part of the foundation. Apart from a trustee, or an executive director, you will also need to appoint a committee of 3 to 5 members to run the administration of trust/corporation. These can be either family members or close associates of the family. Read the rest of this entry »