From chaos to clarity – choosing the perfect job management system

Posted on by Margaret Gimpel

Running a business comes with countless moving parts. From managing projects and keeping the team on the same page to ensuring profitability, it can feel overwhelming. That’s where a job management system comes in—a single tool that can help streamline your operations, reduce errors, and boost overall efficiency.

But how do you know if a job management system is right for you? And if it is, how do you select the one that best suits your needs? Let’s break it down.

The key benefits of using a job management system

Investing in a job management system doesn’t just make tasks easier—it helps your business thrive. Here are the top benefits of implementing one into your workflow:

1. Improved teamwork and communication

Have you ever sent an email about an important update, only to find team members missed it? With a job management system, those headaches disappear. A central platform ensures everyone has instant access to the same information—whether it’s project updates, deadlines, or client notes. When everyone is on the same page, collaboration improves and misunderstandings fade away.

2. Real-time insights for better decision-making

Guesswork isn’t a great strategy. Job management systems provide real-time data like project progress, resource allocation, and profitability projections. These insights empower you to make informed decisions, identify potential bottlenecks, and adjust course to stay on track.

3. Reduced manual processes and errors

If you’re still juggling spreadsheets or manual processes, you’re likely spending more time and energy than you need to. Job management systems automate repetitive tasks, reducing the risk of human error and freeing up time for high-value activities.

4. Cost control and profitability

Sometimes, hidden costs creep into your projects and eat into profits. A job management system helps track actual costs against estimates, giving you a clear picture of where money is going. By catching discrepancies early, you can prevent profit leaks before they get out of hand.

5. Seamless integration of job and financial data

One of the most significant advantages is the way job management systems integrate with accounting software. This ensures your job data aligns with your financial records, helping you monitor performance with accuracy and ease.

How to choose the right system for your business

Not all job management systems are created equal, and choosing one can feel overwhelming. Here’s how to find the perfect fit without wasting time or money.

1. Focus on your business needs

Start by asking yourself, “What are my top priorities right now?” Maybe you need better tracking for resource allocation. Maybe your focus is on speed or improving client communication. Write down what matters most—this will guide your decision.

2. Consider your budget

Some systems offer all the bells and whistles, but they may strain your budget. Be realistic about what you’re willing to spend. Remember, it’s okay to focus on features that align with your goals and accept trade-offs for secondary needs.

3. Understand your team and client needs

Your team will be the ones using the system every day, and in some cases, so will your clients. Choose software that’s intuitive and user-friendly, especially if your team or clients have varying levels of comfort with technology.

4. Evaluate core strengths

Every job management system has strengths. Some excel in scheduling and resource management, while others shine in reporting or integration with other apps. Take time to research what each tool is best at and match it with your specific demands.

5. Think beyond your industry

It’s tempting to focus on software marketed exclusively to your industry, but don’t limit yourself. Often, tools designed for other sectors might offer features that better align with your company’s unique needs. Broaden your search to explore all options.

6. Plan for implementation

Even the best systems won’t work unless they’re properly implemented. Consider how much time and effort it will take to onboard your team, migrate data, and integrate the software into your operations. Look for providers that offer support or training to make this process smooth.

Final thoughts

A job management system can transform the way your business operates, helping you work smarter, not harder. It fosters better teamwork, provides real-time insights, and saves you from labor-intensive manual work—all while keeping your bottom line in check.

When choosing the right system, take time to assess your needs, budget, team, and client preferences. Look at examples like WorkGuru for resource tracking, FergusApp for simple team adoption, WorkflowMax for advanced financial insights, or Teamwork.com for client collaboration.

The right choice isn’t solely about features; it’s about finding something that aligns with your goals and empowers everyone—team and clients included—to succeed.

By simplifying your work, cutting errors, and giving you actionable insights, a job management system sets the stage for long-term growth. Isn’t that what every business owner wants?

Why every small business should have a shareholders agreement

Posted on by Margaret Gimpel

Starting a business is an exciting time. Maybe you’re launching a dream project with a close friend or teaming up with a few like-minded partners to bring an idea to life. But as thrilling as the early stages of running a company can be, it’s essential to think ahead – especially when it comes to setting up a shareholders agreement.

Wondering, “Is this something my business really needs?”. The answer is almost always yes. A shareholders agreement is more than just paperwork. It’s a tool to protect the business you’ve worked so hard to create and to keep things running smoothly, no matter what challenges arise.

Here’s why having one in place from the start is so important.

1. Creates clarity and sets expectations

Picture this – you and your fellow shareholders are aligned today. But what about six months or six years down the line? Without a clear framework, disagreements can pop up over responsibilities, decision-making, or ownership rights.

A shareholders agreement outlines everyone’s roles and expectations from the beginning. It covers who owns what, how responsibilities are divided, and how decisions will be made. This clarity can prevent miscommunication or assumptions that lead to unnecessary conflict down the road.

2. Reduces the risk of disputes

No one likes to think about falling out with their business partners, but disputes can and do happen – especially when money or tough decisions are involved. Without a clear agreement in place, disagreements can escalate and harm the business.

A shareholders agreement helps by including dispute resolution mechanisms designed to manage potential conflicts before they can derail the company. It’s like a built-in peacekeeper for your business relationships.

3. Streamlines decision-making

Who gets the final say in big decisions? How should votes be counted? These might seem like small details now, but they can become big issues when opinions differ.

A shareholders agreement lays out the process for decision-making. It defines voting rights, what happens in the case of a tie, and how major decisions – like hiring, fundraising, or selling the business – are handled. Everyone knows what to expect, which means fewer delays and smoother operations.

4. Protects minority shareholders

Not all shareholders are created equal in terms of ownership stakes. If you’re a minority shareholder, you might worry about being overshadowed by larger investors. Similarly, if you’re the majority owner, you’ll want to avoid conflicts with those who hold smaller stakes.

A shareholders agreement provides safeguards for minority shareholders, ensuring they have a voice and their interests are respected. At the same time, it sets boundaries so that majority shareholders can make decisions without unnecessary gridlock.

5. Clarifies how shares can be transferred

What happens if one of your shareholders wants to leave? Or if they receive an offer to sell their shares to someone else? Without clear rules, this can leave the business vulnerable to unwanted changes in ownership.

A shareholders agreement outlines the process for transferring shares, including who gets the first right to buy them and under what conditions. This ensures the company remains stable and that everyone involved feels secure about how ownership is handled.

6. Plans for the unexpected

Running a business involves facing the unknown. What happens if one of the owners decides to retire? Or if someone wants to cash out and sell their stake? Maybe circumstances change, and a shareholder can no longer contribute as they once did.

Including exit strategies and future planning in your shareholders agreement means you won’t be scrambling for solutions later. It gives everyone peace of mind knowing there’s already a plan in place.

7. Keeps sensitive matters confidential

Every business has internal matters it would prefer to keep private, whether that’s about finances, operations, or relationships within the company.

A shareholders agreement can include confidentiality clauses to ensure that sensitive information stays within the business, even after someone exits. This protects the company’s reputation and its competitive edge.

Final Thoughts

Setting up a shareholders agreement may not be the most glamorous part of starting a business, but it’s one of the smartest decisions you can make. Think of it as a safety net – a way to safeguard the future of your company and reduce risks.

Rather than waiting until a problem arises, take the time to draft an agreement at the outset. You’ll thank yourself later when everyone knows exactly where they stand, and you have a framework ready to guide your growing business.

If you’re unsure where to start, it’s worth seeking help from a professional to draft an agreement that suits your company’s specific needs. Invest in this step now, and you’ll be setting your business up for the years to come.

Mastering constructive criticism

Posted on by Margaret Gimpel

Think about the last time you gave or received feedback. Did it inspire growth and improvement, or did it leave someone feeling deflated? Constructive feedback, when done right, is a powerful tool for driving success. But it’s a fine line – getting it wrong can do more harm than good.

For business owners, managers, and team leaders, learning to give and receive constructive feedback effectively isn’t just a nice skill to have; it’s a necessity. Feedback shapes stronger teams, builds trust, and moves companies forward. Let’s look at what constructive feedback truly is, why it matters, and actionable strategies to master this vital skill.

Constructive feedback vs. destructive criticism

Not all feedback is created equal. Constructive feedback is designed to promote growth. It’s specific, actionable, and focuses on behaviour or outcomes, not personal traits. Destructive criticism, on the other hand, often comes off as judgmental and unhelpful, targeting the person rather than the problem.

Consider these examples:

  • Constructive feedback: “I’ve noticed the last few reports had minor errors. Is there anything I can do to help streamline your workload? We can look at strategies to support you in creating even stronger reports moving forward.”
  • Destructive criticism: “You never deliver reports without errors. Maybe this role isn’t for you.”

The difference? Constructive feedback opens the door to improvement, while destructive criticism shuts it.

By aligning feedback with a growth mindset, businesses can foster trust, encourage professional development, and build an environment where both individuals and teams thrive.

Why constructive feedback matters

Great feedback isn’t just about pointing out mistakes – it’s a catalyst for growth. Here’s how constructive feedback benefits businesses:

  • Improves employee performance: Identifies strengths, weaknesses, and areas for improvement.
  • Enhances team dynamics: Encourages open communication and collaboration.
  • Builds trust and engagement: Employees feel valued when their growth is a priority.
  • Fosters continuous learning: Positioned as a tool for development, feedback encourages individuals to keep improving.
  • Drives business success: Growth at the individual level contributes directly to company goals.

Employees need to know their work matters, and constructive feedback signals that their success is tied to the business’s.

How to give constructive feedback effectively

Providing great feedback takes preparation, empathy, and a strategic approach. Here’s a breakdown of how to deliver it successfully:

1. Choose the right time and place

Deliver feedback in a private setting where the person feels comfortable and safe to discuss openly. Avoid giving feedback in the heat of the moment; instead, allow emotions to settle so the conversation remains productive.

2. Be specific and focused

Vague feedback like “You need to do better” isn’t helpful. Instead, reference specific situations and actions. For example, say, “During yesterday’s client call, I noticed some confusion about the project timeline. Do you think preparing a detailed overview beforehand might help in future calls?”

3. Use “I” statements

Frame feedback with “I” statements to avoid sounding accusatory. For example:

  • Instead of “You’re always interrupting me,” say, “I felt interrupted during our meeting, and it made it difficult for me to express my points.”

4. Balance positives and negatives

Use the feedback sandwich technique:

  1. Start with a positive comment.
  2. Address the area for improvement with actionable suggestions.
  3. End with encouragement.

For example: “You’ve done a brilliant job handling client queries this month. I’ve seen a slight drop in follow-up times recently, though, which could impact satisfaction. If we can improve response times by 20%, I think you’ll keep impressing our clients.”

5. Offer solutions and support

Feedback shouldn’t just point out issues – it needs to provide solutions. For instance, suggest additional training, offer to share workload, or brainstorm ideas together. This shows a commitment to the person’s growth.

6. Follow up

Check in after the feedback conversation to see how the individual is applying the advice. This shows your feedback wasn’t a one-off critique but part of an ongoing growth process.

Receiving constructive feedback positively

Feedback is a two-way street. Learning to receive it with an open mind is just as crucial. Here’s how to ensure you’re extracting the most value from feedback:

1. Listen actively

When receiving feedback, focus on understanding rather than responding. Avoid interrupting or dismissing the feedback outright. Instead, paraphrase to confirm understanding, e.g., “What I’m hearing is that I should work on communicating deadlines more thoroughly. Is that correct?”

2. Avoid defensiveness

It can be tempting to explain away criticism, but doing so may make you seem resistant to growth. Accept feedback with humility and thank the individual for pointing out opportunities for improvement.

3. Reflect on the information

Take time to process the feedback before acting on it. Ask yourself:

  • What specific actions can I take to improve?
  • Is there a pattern in the feedback I’ve received?
  • How can I use this information to grow?

4. View feedback as an opportunity

Having a growth mindset is key. See feedback not as criticism but as an investment in your potential.

5. Implement changes

Feedback that isn’t actioned benefits no one. Develop a clear plan to address areas of improvement and track your progress.

Building a feedback-positive environment

To truly unlock the power of feedback, create a culture where feedback is valued, sought after, and given freely. Here’s how:

Encourage regular feedback

Make feedback a regular part of your business culture by holding routine one-on-ones, team debriefs, or anonymous surveys.

Reward constructive feedback

Celebrate employees who both give and act on constructive feedback. This reinforces its value and shows that it’s a tool for growth, not punishment.

Demonstrate leadership buy-in

When leaders seek and act on feedback, it sets the tone for the entire business. An open and transparent leadership style fosters a safe environment for feedback.

Provide training

Equip managers and team members with the skills to give and receive feedback effectively. Training in conflict resolution, active listening, and emotional intelligence can be game-changing.

Final thoughts

Constructive feedback is more than a tool – it’s a mindset. It encourages growth, builds trust, and empowers you to achieve your full potential. Whether you’re delivering it to your team or receiving it from others, the key lies in empathy, clarity, and a focus on solutions.

Here’s your actionable takeaway: Start small. Have one meaningful feedback conversation this week, using the strategies in this blog. Observe the impact, refine your approach, and make feedback a regular part of your leadership toolkit.

The benefits will cascade beyond your expectations – for your people and your business.

How crowdfunding works

Posted on by Margaret Gimpel

Are you an entrepreneur wondering how to fund your next big idea? Or maybe you’re an investor curious about tapping into the world of innovative startups? Crowdfunding could be the solution you’re looking for.

Crowdfunding isn’t just about raising money—it’s about building a community, validating your ideas, and creating exciting opportunities. But how does it work, and how can you make it work for you? Stick around as we break it all down through an easy-to-follow guide with some actionable tips.

1. What is Crowdfunding?

At its core, crowdfunding is pooling funds from a large group of people—usually via an online platform—to support a project or business. It’s like digital fundraising but with a broader purpose, including backing new ideas or funding innovative startups. Crowdfunding often uses powerful storytelling and community engagement to attract smaller contributions from a larger audience.

There are four main types of crowdfunding models:

  • Reward-based Crowdfunding (e.g., Kickstarter): Backers fund your project and get tangible rewards, like a product or service, in return.
  • Equity Crowdfunding (e.g., WeFunder, Seedrs): Contributors invest in your business and receive shares in return.
  • Debt Crowdfunding (e.g., Lending Club, Prosper): Loans from backers are repaid with interest.
  • Donation-based Crowdfunding (e.g., GoFundMe): People contribute with no expectation of return.

Example:

Kickstarter helped Oculus Rift, the now-famous virtual reality company, raise $2.4 million in its early days. The campaign promised exclusive rewards to early adopters, proving how well this model works for innovative products.

2. Benefits of Crowdfunding 

Why is crowdfunding such a game-changer? It’s because it does more than just raise funds. Here are three key perks:

  • Market validation 

 Crowdfunding lets you test the waters before fully committing. Success in a crowdfunding campaign signals demand for your product or idea. Think of it as pre-launch feedback from your target audience.

  • Branding and marketing 

 A compelling campaign can go viral, giving your startup early exposure and media attention. Crowdfunding inherently creates buzz and sets the stage for customer loyalty.

  • Community of advocates 

 Crowdfunding builds a loyal base of supporters (and potential repeat customers). These early “investors” help spread the word while offering valuable input on your product’s development.

Did we mention that crowdfunding also involves less financial risk? Unlike loans, you don’t need to repay funds if your campaign doesn’t reach its goal in most cases.

3. Challenges to watch for

Like any business endeavor, crowdfunding has its challenges. Understanding these can help you mitigate risks.

High effort, tight deadlines 

 Launching and managing a campaign takes serious effort. You’ll need to create visuals, craft compelling copy, and continually engage with your backers—all on a ticking clock.

Competition and exposure 

 Crowdfunding platforms are crowded with projects, making it hard to stand out. Publicly sharing your idea means it’s exposed to competitors, too.

Fulfillment stress 

 If your campaign succeeds, the hard part begins—meeting backer expectations. Missteps in delivery or quality control can dent your reputation.

Platform fees 

 Crowdfunding platforms take their slice of the pie. For instance, Kickstarter charges 5% of the total funds raised, with additional payment-processing fees.

It’s not all doom and gloom—being prepared makes all the difference.

4. How Crowdfunding works step-by-step

Step 1. Find the right model and platform 

Ask yourself:

  • Are you offering equity, rewards, or simply seeking donations? 
  • Which platform attracts your target audience? Kickstarters are great for creative projects, while GoFundMe works wonders for social causes.

Step 2. Build a captivating campaign 

Your campaign’s success hinges on storytelling. Share what makes your idea unique:

Visuals matter 

 Use professional photos, videos, and infographics to create polished campaigns.

Tasting the future 

 Include mock-ups or prototypes so people understand what they’re supporting.

Pro tip: Create urgency by setting limited-time offers for early backers.

Step 3. Engage and promote 

Once your campaign is live, engagement is key. Share your crowdfunding page across social media, email newsletters, and partnerships to get the most exposure. 

Bonus Tip:

Early backers = momentum. Rally friends, family, and networks to contribute within the first 48 hours to create visibility.

Step 4. Follow through 

Backers aren’t just contributors—they’re part of your extended team. Don’t ghost on them. Keep them updated and be transparent about delays or challenges. Delighted backers pave the way for repeat success.

5. Popular Crowdfunding platform examples

Here are some of today’s best-known platforms and what makes them favorites:

  • Kickstarter: Perfect for creators, small businesses, and product launches.
  • GoFundMe: Great for charity initiatives or personal projects.
  • Indiegogo: A flexible platform for both fundraising and pre-orders.
  • WeFunder: Ideal for equity crowdfunding, especially for startups.

Do your homework—each platform comes with different rules and fees.

6. Is Crowdfunding right for you?

Crowdfunding isn’t a one-size-fits-all solution—but it’s certainly worth considering. It’s a powerful way to secure initial funding while growing your audience, learning from feedback, and building momentum for the future.

If you’re unsure whether crowdfunding is right for your startup or business, ask yourself:

  • Do I have a unique, marketable product or service?
  • Am I ready to put in the effort to execute a campaign?
  • Is my target audience active on crowdfunding platforms?

If you answered “yes” to two or more of those, crowdfunding could be what accelerates your business.

Final thoughts

Crowdfunding isn’t just about collecting funds—it’s about offering people the chance to invest in something meaningful. If done right, it’s not just a financial boost but a way to build credibility and create connections with like-minded supporters.

The timeless wisdom of ‘The E-Myth Revisited’: Lessons for today’s business owners

Posted on by Margaret Gimpel

Think back to when you started your business. What drove you? Maybe it was the dream of freedom, the excitement of being your own boss, or the simple fact that you loved what you did. Fast forward to now—are you thriving and in control, or are you stuck juggling a million things, feeling like you’re working harder than ever with little to show for it?

That’s the exact scenario Michael Gerber speaks to in his iconic book, The E-Myth Revisited. Written decades ago, this book is a wake-up call for entrepreneurs who start businesses but unknowingly trap themselves in a cycle of endless work. And you know what? The lessons are just as relevant now as they were then—maybe even more so.

Here are the key takeaways from The E-Myth Revisited and how they apply to the challenges modern business owners face today.

Work On your business, not just In it

If you’re like many business owners, you wear all the hats—sales, marketing, customer service, and more. Gerber calls this the “Technician Trap,” where you’re so caught up in the day-to-day work that you never step back to see the bigger picture. Sound familiar?

Gerber argues that to grow, you need to stop thinking like just a technician and start thinking like a business owner. Your job isn’t only to do the work—it’s to create the systems and structure that allow your business to thrive without you being there 24/7.

What this looks like today

Today’s biggest challenge? Balancing the need to get things done while also planning for the future. But here’s the thing—those systems that Gerber talks about? They’re your secret weapon.

  • Automate repetitive tasks. Tools like Zapier or marketing automation platforms can save you hours.
  • Delegate—and trust your team. Have clearly defined roles and responsibilities so work gets done right, even when you’re not involved.
  • Schedule CEO time. Seriously. Block a couple of hours each week to focus on strategic goals instead of firefighting.

When you work on your business instead of just in it, you build something sustainable—something that doesn’t require you to burn out to keep it going.

Systems and processes are non-negotiable

The heart of Gerber’s message is this: businesses that rely on people alone are fragile. Businesses that rely on systems? They’re unshakeable. Systems create consistency, scalability, and freedom.

Think about your favorite chain restaurant. Why do those cheeseburgers taste the same whether you order in New York or Tokyo? It’s not the chef—it’s the system. To grow your business, you need to think like that. What processes can be documented, standardized, or automated?

Modern solutions for system-loving entrepreneurs

We’re living in a golden age for business systems. With technology, you can streamline almost anything.

  • Customer support? Chatbots or CRMs like HubSpot can help keep track of inquiries without losing the personal touch.
  • Project management? Platforms like Asana or Monday.com can stop things from falling through the cracks.
  • Financial tracking? Software like QuickBooks , Xero or FreshBooks simplifies invoicing, payments, and reporting.

The point is, you don’t have to start from scratch. Use tools that already exist to create processes that work for your business—and save your sanity.

Think like an entrepreneur, not just a worker

At its core, Gerber’s book highlights that entrepreneurship isn’t about loving the craft; it’s about loving the process of building a business. That means thinking beyond today’s to-do list and envisioning your business one, five, or ten years from now.

Gerber’s mindset shift is still relevant today. With the pace of change—from new technology to uncertain markets—businesses need owners who aren’t afraid to adapt, learn, and innovate.

How to stay ahead

Here are some ways modern entrepreneurs can stay in an innovative, entrepreneurial mindset while juggling everything else life throws their way:

  • Invest in continuous learning. Whether it’s online courses, podcasts, or masterminds, stay curious and open to new ideas.
  • Keep an eye on trends. From AI to social media, understanding new tools and shifts in consumer behavior can help you pivot when needed.
  • Practice self-care. Yes, this is part of being an entrepreneur. Burnout doesn’t just hurt you—it can cripple your business. Take breaks, hire help, or say no to things that don’t align with your goals.

Why this matters

At its heart, The E-Myth Revisited is more than just a guide for running a business. It’s a manual for reclaiming control of your life. Gerber reminds us that owning a business shouldn’t feel like being trapped in one.

If you’ve been feeling overwhelmed by your business, now is the time to take a page from Gerber’s book—literally. Step back, set up the systems, and allow yourself to think bigger. Because growth doesn’t happen by accident. It happens when we make the choice to step out of the day-to-day grind and truly own the vision for our business.

And who wouldn’t want that?

How to successfully negotiate the sale of your business

Posted on by Margaret Gimpel

Selling a business isn’t just about signing on the dotted line and handing over the keys. For small business owners, it’s more than just a transaction—it’s often the culmination of years of hard work, growth, and dedication. Whether you’re passing the baton to focus on new opportunities or preparing for retirement, negotiating the sale of your business will determine whether you walk away satisfied—or leave money on the table. 

The process can feel daunting, but it doesn’t have to be. This guide will help you confidently approach the ins and outs of business sale negotiations, with tips and strategies to achieve a win-win deal for all parties involved. 

Why preparation is key 

Ever heard the saying, “Fail to prepare, prepare to fail”? That couldn’t ring truer when negotiating a business sale. Taking the time to assess your business’s value, understand the market, and clarify your goals will give you a significant advantage as you enter discussions. 

Here’s how to get started with preparation: 

  • Know your why. Are you seeking the highest price? Or are you more focused on finding a buyer who shares your values and vision? Clarify your motivations and what outcomes you value most. Consider non-monetary elements, such as agreeing on staff retention or phased transition roles for you as the seller. 
  • Get a professional valuation. Work with a professional appraiser to determine your business’s true value. Buyers will negotiate hard, and having a data-backed valuation ensures you’re not undercutting yourself. 
  • Understand your buyer’s motivation. Research potential buyers. Are they looking to expand their portfolio, enter your market, or take advantage of synergies with their existing operations? Tailor your pitch to align with their priorities. 

Remember, your preparation sets the stage for everything that follows. Having clarity on your objectives and a solid understanding of the market will make you a confident and persuasive negotiator. 

Dos and don’ts of business sale negotiations 

Here’s a quick breakdown of essential behaviours to keep in mind during negotiations: 

✅ Do stay flexible 

Nothing kills negotiations faster than a “my way or the highway” attitude. While it’s important to anchor yourself in your objectives, be willing to explore creative compromises. For instance, instead of insisting on full payment upfront, could you consider options like an earn-out agreement? 

❌ Don’t ignore the market 

Your competitors and industry trends play a massive role in shaping what buyers are willing to pay. If similar businesses are selling for 5x EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation), don’t set unrealistic expectations for 8x EBITDA. Use market data to support your pricing and build credibility. 

✅ Do build rapport 

Relationships matter. Negotiations are far more successful when there’s mutual trust and collaboration. Focus on good communication, show empathy for the buyer’s concerns, and aim for a win-win outcome. Treat the negotiation like a partnership, not a battle. 

❌ Don’t put all your eggs in one basket 

Even if a buyer shows a lot of interest early on, keep your options open. Allow multiple buyers to engage in the process until you’re closer to completing a deal. This keeps the playing field competitive and prevents you from being overly reliant on one buyer who may pull out. 

The step-by-step process for a smooth negotiation 

Step 1. Have your documents in order 

Transparency is key when selling your business. Prepare reliable financial statements, tax records, customer contracts, intellectual property ownership documents, and a detailed operational playbook. Buyers value confidence and clarity. 

Step 2. Highlight your value 

Don’t just tell buyers about your numbers—show them why your business is a unique opportunity. Detail your loyal customer base, long-term supplier relationships, proprietary processes, or brand reputation. The stronger the value story, the easier it becomes to justify your asking price. 

Step 3. Focus on interests, not positions 

A common negotiating pitfall is getting fixated on a position rather than understanding underlying motivations. For example, if a buyer balks at paying your asking price, pause to explore the reasoning behind it. It could be cash flow worries—allowing you to adjust terms, such as staggered payments, while still preserving the overall deal value. 

Step 4. Bring in the experts 

A seasoned business broker or negotiation consultant can act as a buffer and manage the trickier parts of the negotiation. They can help you hold ground when needed, find opportunities for compromise, and avoid emotional pitfalls. Equally, engaging a solicitor to review contracts ensures everything is legally sound and protects you from risks. 

Step 5. Document everything clearly 

Once you’ve reached an agreement, capture the deal terms in writing. From the purchase price and payment schedule to handover responsibilities and contingencies—every detail matters. This isn’t the time for assumptions or handshake deals. 

Step 6. Prepare to walk away (if necessary) 

Sometimes, the best deal is no deal. If a buyer is unreasonable or unwilling to meet fair terms, don’t hesitate to walk away. This demonstrates strength and ensures you don’t settle for a poor outcome. 

“Walking away” doesn’t always mean permanently closing the door. It could be a strategic pause to revisit terms at a later stage. However, make sure this move is intentional—returning to the negotiation table hastily after walking away can leave you in a weaker position. 

Why negotiation often fails—and how to avoid it 

Despite good intentions, many negotiations fall through due to preventable mistakes. Here are some common culprits and how to dodge them: 

  • Mistake 1. Valuing your business unrealistically While optimism is great, overestimating your business’s worth can drive buyers away. Use a blend of financial analysis and market benchmarking to arrive at an accurate valuation. 
  • Mistake 2. Being distracted from running your business
    Don’t lose sight of day-to-day operations while selling. A drop in performance during the sale process could lead to reduced confidence or last-minute renegotiations. Consider delegating sales responsibilities to a trusted team member or hiring a professional broker.
  • Mistake 3. Giving away control of the negotiation process 
    Maintain ownership of the sales process. Dictate timelines, demand clear communication, and vet buyers thoroughly before offering exclusivity or access to sensitive information. 

By addressing these issues head-on, you can significantly increase the likelihood of a successful, mutually beneficial deal. 

Set yourself up for success 

Negotiating the sale of a business combines strategy, patience, and people skills. But with careful preparation, a collaborative mindset, and a clear process in place, you can secure an outcome that rewards your time and effort. 

Are you preparing to sell your business and unsure where to start? Reach out to us – we can guide you through every stage of the process.

Lessons from ‘Atomic Habits’ by James Clear

Posted on by Margaret Gimpel

When you’re running a business, every day feels like a balancing act. Emails, meetings, planning strategies—it’s overwhelming. But what if the secret to long-term success wasn’t massive overhauls or inspiring “aha” moments? What if it was small, consistent changes that compound over time? That’s the premise of James Clear’s bestseller Atomic Habits, and it’s a game-changer for modern business owners.

Here’s how some of the book’s most powerful lessons can transform the way you approach business.

Small changes, big outcomes

Clear’s core argument is simple yet profound: small habits matter. While it might feel good to chase bold goals or dramatic pivots, real progress often comes from tiny, deliberate improvements. Why? Because consistent actions—no matter how small—compound over time.

What this means for business owners:

  • Improving team productivity: Instead of overloading your team with big changes, focus on small, manageable tweaks. For example, encourage just 15 minutes of focused, distraction-free work (like a daily sprint) to build momentum.
  • Better customer experience: Rather than trying to overhaul everything at once, aim for 1% daily improvements. Send a follow-up email with a personal touch or add a small surprise for loyal customers. These tiny efforts build deeper connections over time.

Consistency beats intensity. When every small improvement builds on the last, you’re suddenly not just solving short-term problems—you’re laying a foundation for lasting success.

The power of habit stacking

Habit stacking is one of the book’s most practical ideas. It’s about linking a new habit to something you’re already doing. Think of it as piggybacking on an existing routine.

Here’s an example from the workplace: If your day always starts with coffee, you could stack a quick team check-in right after. That way, coffee becomes the cue for connecting, sharing updates, or planning the day ahead.

Other ways to use habit stacking in business:

  • After sending invoices, review your weekly budgets.
  • When you finish your lunch break, dedicate 10 minutes to brainstorm ideas.
  • Following every team meeting, send out a quick email with next steps.

By combining the familiar with the new, it’s much easier to stick to new positive business habits without losing momentum.

Identity-based behavior

One of Clear’s most powerful lessons is this: your habits are a reflection of your identity. If you see yourself as “someone who runs an innovative company,” your behaviors naturally shift to align with that identity. However, the reverse is also true—your habits shape your identity.

For example, if you lead by always putting customers first, it doesn’t just result in better service. It reinforces the idea that yours is a customer-centered company. Over time, this becomes part of your business DNA, influencing every decision.

How does this show up for business owners?

  1. Building a strong team culture: If you build habits of acknowledgement—like celebrating small wins regularly—your team identifies as one that values and appreciates each member.
  2. Personal leadership growth: Start small with habits that reflect the kind of leader you want to be. Want to be known as approachable? Commit to walking the office floor each afternoon and checking in with staff.

It’s not about perfection today but about reinforcing the identity you want every day.

Real-world applications

Need proof that small habits work in the real world? Look no further than these examples:

  • Google’s “20% time” rule: Employees spend 20% of their time on personal projects. This was a small tweak to the workday, yet it led to products like Gmail and Google Maps.
  • Starbucks’ culture of feedback: Starbucks created rollouts for consistent, small training updates rather than overwhelming employees with huge manuals. The result? Stronger habits and happier employees.

When businesses focus on continuous improvement—especially at the habit level—those small changes snowball into significant results.

Key Takeaway

The lessons in Atomic Habits remind us of this: change doesn’t have to be massive to matter. Adopting small, consistent habits can create a ripple effect throughout your company—boosting productivity, improving morale, and setting you on a path to long-term success.

The next time you’re overwhelmed, slow down and ask yourself, “What’s one small improvement I can make today?” It might not seem like much in the moment, but over time, it just might define your business.

Everything you need to know about IRS Direct File

Posted on by Margaret Gimpel

Filing your federal taxes just got a whole lot easier. The IRS Direct File program offers taxpayers a free, secure, and efficient way to file their federal tax returns directly with the IRS. But how does it work? Who’s eligible? And, most importantly, how can you use it? Stay with us, and we’ll answer all your questions about this new tax filing option.

Whether you’re a seasoned taxpayer or filing for the first time, this guide will walk you through IRS Direct File’s features, benefits, and everything it has to offer.

1. What is IRS Direct File?

IRS Direct File is a free online tool designed to simplify filing your federal tax return. Instead of going through third-party software or services, you can file directly with the IRS using their secure platform. Launched as part of a pilot program, it is currently available for taxpayers in 25 participating states and supports “simple” tax situations.

Think of it as a streamlined alternative to help you handle your taxes quickly and accurately while saving money. And yes, it’s completely free—no hidden costs, no last-minute fees.

2. Key features of IRS Direct File

What makes IRS Direct File so unique? It’s built with simplicity and security in mind. Here are the standout features you’ll love:

  • Ease of Use: The online interface is designed to guide you step-by-step, making tax filing straightforward for beginners and seasoned filers alike.
  • Data Import: Starting in 2025, you can import key tax data—like W-2 wages and other details—directly into the platform, saving you time.
  • Secure Service: Built on the IRS’s systems, IRS Direct File uses advanced encryption and identity verification through IRS or ID.me accounts to ensure your data is safe.
  • Live Support: Got questions? Live chat and callback support are available in English and Spanish for technical or basic tax inquiries.
  • Tasting Notes for Taxes (Metaphorically): If your tax return involves additional steps like state taxes, IRS Direct File conveniently connects you to a free, state-supported filing system to finish the process.

This is all about reducing stress and improving accuracy when it comes to tax season.

3. Who’s eligible to use IRS Direct File?

Before you jump in, it’s essential to determine whether you meet the eligibility requirements. The program is designed for specific situations.

Income types supported:

  • W-2 wage income.
  • Social Security income (SSA-1099).
  • Unemployment compensation (1099-G).
  • Interest income (1099-INT).
  • Retirement income (1099-R as of March 2025).
  • Alaska residents receiving the Alaska Permanent Fund Dividend.

If you earn income from gig work, rental properties, or your business, you’ll need to consider other filing options.

Deductions and credits supported:

  • Standard deduction.
  • Student loan interest.
  • Educator expenses.
  • Health Savings Account contributions.
  • Various tax credits, including the Earned Income Tax Credit (EITC) and Child Tax Credit.

However, IRS Direct File doesn’t support itemized deductions, which may limit its usefulness for more complex financial situations.

Participating States:

Currently, IRS Direct File is available in 25 states:

If you lived and worked outside these states for all of 2024, IRS Direct File isn’t available for you just yet.

4. Why use IRS Direct File?

Here’s why you might like it:

  • Save money: Filing your taxes shouldn’t cost you a fortune. With IRS Direct File, you file your federal taxes for free—no sneaky fees or upsells.
  • Save time: The platform saves time by pre-filling some information and offering a user-friendly experience.
  • Enhanced accuracy: By eliminating third-party handling, you reduce potential errors and streamline communications directly with the IRS.
  • Peace of mind: With secure systems and live support, you can rest assured that your sensitive financial information is in good hands.

5. How to get started with IRS Direct File

Feeling ready to give it a try? Here’s a step-by-step guide:

  1. Set Up Your Account: If you don’t already have an IRS Online Account, create one and verify your identity through ID.me.
  2. Check Eligibility: Answer a few simple questions on the IRS Direct File website to confirm you qualify.
  3. Import Your Data: Import key documents like your W-2 directly through the IRS system.
  4. Follow the Prompts: Complete the guided questions to fill out your return.
  5. Submit Your Federal Return: Once reviewed, your return is submitted directly to the IRS.
  6. Complete State Filing: If applicable, the system will guide you to a state-supported tool to finalize your state taxes.

Tax Day is April 15, 2025—don’t wait until the last minute!

6. IRS Direct File vs. IRS Free File

You might think IRS Direct File sounds similar to IRS Free File, but they’re different.

FeatureIRS Direct FileIRS Free File
EligibilitySpecific income types and statesIncome under $73,000
Filing PartiesDirect with IRSThrough partnered third-party software
CostAlways freeAlways free for qualifying income levels
Complexity SupportedSimple returnsVaries with third-party offerings

Direct File offers direct guidance and no reliance on external private companies, making it an appealing option for many.

7. The future of IRS Direct File

Looking ahead, IRS Direct File has the potential to expand. However, success depends on funding and political support. For now, the pilot program is proving highly effective, with 30 million taxpayers expected to benefit for the 2025 tax season.

There’s also talk of adding more income types and deductions, which could make the service comprehensive enough for broader adoption.

Final thoughts

IRS Direct File is revolutionizing how Americans file their federal taxes. With its simplicity, security, and cost-saving features, it’s an excellent option for many taxpayers.

Check your eligibility – a smoother tax season may be just a few clicks away.

 

The rise of AI-powered fraud: what you need to know and how to stay safe

Posted on by Margaret Gimpel

Imagine receiving a call from what sounds like your boss, urgently requesting a fund transfer. Or maybe you’re asked to verify your identity using a government ID—except the person on the other end has a near-perfect AI-generated fake of your ID card. Scenarios like these aren’t far-fetched anymore. AI-powered fraud is growing rapidly, and both businesses and individuals need to understand the risks and how to defend themselves.

AI-powered fraud tactics you should know about

Artificial intelligence has opened up a world of possibilities, but not all its applications are benign. Fraudsters are increasingly using AI to commit highly sophisticated scams. Here are some key methods causing concern today:

  • Deepfakes of documents and videos: Generative AI (GenAI) can now create scarily convincing fake IDs, financial documents, and legal papers. These forgeries can bypass traditional verification systems by mimicking details like shadows and textures. Some scammers have even used AI-altered videos to present falsified evidence or impersonate people during virtual meetings.
  • Synthetic identity fraud: This involves combining real and fake information to create a completely false identity. Criminals use these synthetic profiles to open new accounts or steal access to existing ones. It’s incredibly hard to detect and has become one of the fastest-growing types of financial fraud.
  • AI-enhanced phishing scams: AI is making phishing emails nearly indistinguishable from legitimate communication. They’re grammatically accurate, highly personalized, and even capable of engaging in seemingly real-time dialogue via chatbots.
  • Voice cloning and spoofing: With AI tools like VALL-E, fraudsters can replicate someone else’s voice using just a few seconds of audio. This tech has been used in scams where criminals impersonate executives to approve fraudulent transactions.

These methods are getting harder to spot because they exploit technology’s ability to mimic human behavior and credentials with alarming accuracy.

How can this happen?

The same technology that lets us automate tasks, improve accuracy, and streamline processes also arms cybercriminals with powerful tools. For example, AI lowers the barrier to entry for creating fake content that used to require professional-level skills. Plus, fraud-as-a-service platforms now offer these tools to anyone willing to pay, amplifying the risk.

What can you do about it?

The good news? There are clear steps you can take to defend against AI-powered fraud. Whether you’re an individual protecting personal data or a business safeguarding operations, here’s a roadmap:

For businesses

  1. Boost your ID verification systems: Update your verification processes to include AI-resistant measures. For instance, biometric checks (like facial recognition or fingerprint scanning) can make it harder for fraudsters to rely solely on AI-generated fake IDs.
  2. Leverage AI for fraud detection: The fight against AI-powered fraud often starts with AI itself. Tools powered by machine learning can detect anomalies, flag suspicious transactions, and evaluate patterns faster and more accurately than humans.
  3. Fortify financial controls: Ensure that major transactions, such as fund transfers, require multi-step verification and approval from more than one manager. AI or not, scammers often rely on exploiting single points of failure.
  4. Train employees to spot risks: Schedule regular training sessions to educate staff about the newest and most common AI fraud tactics. Raise awareness about scams involving deepfake videos, phishing, and synthetic identity fraud.
  5. Review your fraud risk framework: Make sure your fraud-prevention systems are keeping pace with the capabilities of AI-fueled crime. Conduct regular audits to close any weak links.

For individuals

  1. Stay suspicious of urgent requests: Whether it’s an email, a call, or a text, think twice if someone pressures you to act immediately. Verify their identity by contacting them through a known, reliable channel.
  2. Double-check documents: Be cautious when sharing sensitive information. Check IDs or documents for inconsistencies, even if they look polished.
  3. Protect personal data: Keep private information off social media, and avoid sharing specifics like your full name, job title, or phone number unless absolutely necessary. This makes it harder for fraudsters to build convincing scams targeted at you.
  4. Enable multi-factor authentication (MFA): Always activate MFA where possible. Even if someone gets your password, MFA makes it exponentially more difficult for them to break into your accounts.
  5. Report suspicious activity: If something feels off, report it immediately. Whether it’s to your workplace security team, bank, or another institution, quick action can limit damages and help others avoid falling victim too.

Why awareness is your best defence

The faster fraud techniques evolve, the more important it is to stay informed. Individuals and businesses alike need to cultivate a healthy skepticism toward anything that feels “too good to be true” or overly urgent.

Take the example of AI-enhanced phishing. By being vigilant to overly polished emails, knowing the typical “tells” of scammers, and never clicking on unverified links, you can drastically reduce your risk. Or, think about voice cloning scams—what if you set up a “safe word” system with colleagues or family for verbal confirmations?

Looking forward

AI isn’t going anywhere, and its role in fraud—both as the problem and the solution—will only grow. Staying vigilant, educating yourself, and leveraging the best tools available are key steps to staying ahead.

By acting smartly and deliberately, you can protect yourself and your business from becoming the next victim. 

What is Gross Profit Margin and what does it tell you?

Posted on by Margaret Gimpel

Managing a small business can feel like balancing countless tasks at once. In the midst of it all, one key metric stands out  – Gross Profit Margin. But what is Gross Profit Margin, and why does it matter for small business owners? Let’s look at how to calculate it, why it matters, and how you can use it to unlock your business’s full potential.

What is Gross Profit Margin?

At its core, Gross Profit Margin is a financial metric that shows how profitable your business is after accounting for the direct costs of producing your goods or services. It’s expressed as a percentage and acts as a snapshot of your profitability.

For example, if your Gross Profit Margin is 60%, it means you’re retaining 60 cents for every $1 of sales after covering the cost of goods sold (COGS). The higher the percentage, the more efficient your business is at generating profit.

Understanding the formula 

Now that you know what Gross Profit Margin is, it’s time to understand how to calculate it. Fortunately, the formula is straightforward:

Gross Profit Margin (%) = (Net Sales – Cost of Goods Sold) ÷ Net Sales x 100

Breaking it down:

  1. Net Sales: This is your total revenue after subtracting returns, discounts, and allowances.
  2. Cost of Goods Sold (COGS): Includes the direct costs of producing your goods or services, such as raw materials and labour.

For example, let’s say your small business earns $50,000 in net sales in a month, and your COGS totals $20,000. To calculate: 

Gross Profit Margin = ($50,000 – $20,000) ÷ $50,000 x 100 = 60%

This means 60% of your revenue contributes to covering overheads, like rent and salaries, and eventually becomes profit.

Why does Gross Profit Margin matter?

For small business owners, Gross Profit Margin is more than just a number – It offers insight into your business’s health.. Here’s why it’s important:

1. Measures efficiency

Gross Profit Margin tells you how efficiently you’re managing your production costs relative to your revenue. A high margin suggests you’re producing goods or delivering services cost-effectively, whereas a low margin might indicate inefficiencies or rising costs that need attention.

2. Guides decision-making

Should you increase your product prices? Can you afford to hire more staff? By evaluating your Gross Profit Margin, you gain a clearer understanding of your financial standing, empowering you to make smarter decisions.

3. Attracts Investors

For small businesses looking to scale, Gross Profit Margin is often a key metric investors examine. A healthy Gross Profit Margin demonstrates financial stability and operational efficiency – qualities that make your business more appealing to potential backers.

How to interpret Gross Profit Margin

What does a “good” Gross Profit Margin look like? It depends. Industries have different benchmarks – a small retail business may operate on margins of 25%, while a tech startup could aim for margins above 70%.

For example

Imagine two small bakery owners, Anna and Ben:

  • Anna’s bakery has a Gross Profit Margin of 70%. She sources affordable ingredients locally and prices her products competitively.
  • Ben’s bakery has a Gross Profit Margin of 40%. His COGS are higher due to imported premium ingredients.

While Anna’s higher Gross Profit Margin gives her more financial flexibility, Ben’s pricing strategy may justify his lower margin if he’s catering to a niche, high-end market.

The takeaway? Always compare your Gross Profit Margin to businesses in your industry.

Strategies to improve your Gross Profit Margin 

If your Gross Profit Margin is lower than you’d like, don’t worry – there are steps you can take to boost it. Here are some effective strategies:

1. Reduce your COGS

  • Source raw materials strategically:

 Negotiate with suppliers for discounts or bulk deals.

  • Lower manufacturing costs:

 Consider automating manual processes to reduce labour costs in the long term.

 2. Increase your prices

If your products or services are underpriced, gradually increase prices. Outline the value you provide so that customers understand what they’re paying for.

3. Focus on upselling

Encourage customers to purchase more – for example, a café could pair croissants with coffee at a discount. Increasing the average order size can improve profitability.

4. Reduce waste

Track inventory to eliminate overstock and expired goods. This particularly applies to businesses like restaurants and retailers.

5. Create efficiency in Operations

Streamline processes within your business to save time and money. For instance, a POS system could speed up transactions and reduce errors.

Final thoughts

Gross Profit Margin isn’t just an abstract financial concept – it’s a powerful tool. It provides insights into your business’s efficiency and profitability and helps guide critical decisions about pricing, cost management, and scalability. 

Don’t underestimate the impact of tracking your Gross Profit Margin regularly – it can help you adapt to challenges, make smarter decisions, and ultimately, achieve long-term success.

Have questions or need help refining your business strategies? Contact us now.