|What you can do if your business canít pay bills
Business development attorney Shawn Jackson answers readers’ questions each week about owning and operating a business.
Q: What should I do if my business can't make enough to pay loans and bills?
A: There are initially three things you should do: (1) get involved in a business development program like the California Business Development Incubator or some of the other low-cost business development services; (2) hire a business development attorney who focuses on transactional law not litigation; and (3) have that attorney immediately contact your creditors and strategic alliances to set up a plan that will move you to a more peaceful situation.
Q: What is Referral Marketing?
A: Referral marketing is a structured and systematic process that maximizes word of mouth potential. Referral marketing does this by encouraging, informing, promoting and rewarding customers and contacts to think and talk as much as possible about their supplier, their company, product and service and the value and benefit the supplier brings to them and people they know.
Q: What are the consequences for corporate officers when employee and president choose to reduce payroll expense with fraudulent unemployment?
A: There are plenty of problems for everyone...from the employees who look like they fraudulently filed an unemployment claim to the employer who may have conspired to facilitate fraud on the EDD. As you might imagine, the Labor Commissioner will also be interested in the matter along with various taxing authorities. So, if you were one of the employees or the employer, you will want to select an attorney and start the process to minimize the fire under you.
Question for our readers: What do you think “leadership” is? Let us know your answers at Consultants@CaliforniaBusinessDevelopment.com.
Your choices of answers:
A. The charisma that exudes from a person that encourages others to listen to you.
B. The ability to use benefits and deterrents to motivate others into action.
C. The ability to attract & organize others to achieve a desired result within a time period.
Q: What is the difference between a “strategy” in business and a “tactic” in business?
A: Tactics: Whereas “strategy” exists in one’s mind (conceptual), the tactics are the visual manifestations of these “strategies.” Tactics can be seen and measured objectively. The “tactics” encompass the daily tasks to achieve your strategy as an expression of the selected “system.”
Shawn Jackson is a business development attorney and instructor with more than 30 years of broad-based sales, business development and marketing experience. He has assisted multiple clients on business structures, systemic development, and strategic business growth. Send him questions via e-mail at firstname.lastname@example.org.