7 - Business Operations

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					7. Business Operations


    Business	
  opera,ons	
  encompasses	
  everything	
  from	
  
    your	
  loca%on	
  to	
  the	
  services	
  that	
  help	
  you	
  organize	
  
    internal	
  processes.


    Your	
  opera,ons	
  are	
  the	
  cogs	
  that	
  keep	
  your	
  business	
  
    running	
  smoothly.	
  


    In	
  this	
  chapter	
  I	
  explore	
  how	
  to	
  find	
  a	
  space	
  that’s	
  
    properly	
  fits	
  your	
  needs,	
  spa,ally	
  and	
  financially.	
  


           I	
  also	
  reveal	
  some	
  of	
  the	
  best	
  organiza,onal	
  and	
  
                         opera,onal	
  tools	
  on	
  the	
  market,	
  to	
  manage	
  
                          anything	
  from	
  your	
  sales	
  forces	
  to	
  online	
  
                           mee,ngs.


                                             Learn	
  how	
  to	
  get	
  the	
  most	
  
                                             out	
  of	
  your	
  professional	
  
                                             vendors,	
  and	
  take	
  full	
  control	
  
                                             of	
  opera,ons	
  on	
  a	
  budget.
Identify & Secure a Location

There	
  are	
  two	
  types	
  of	
  loca,ons	
  you	
  will	
  consider	
  as	
  a	
  business,	
  an	
  
office	
  or	
  a	
  retail	
  space.	
  There	
  are	
  two	
  very	
  different	
  approaches	
  to	
  
leasing	
  depending	
  on	
  which	
  of	
  these	
  spaces	
  you	
  require.




Office	
  Space




                                                                                                                                  Chapter 8: Business Operations
 Maybe	
  your	
  home	
  office	
  has	
  goHen	
  a	
  liHle	
  too	
  claustrophobic,	
  your	
  
 staff	
  is	
  expanding,	
  or	
  it’s	
  important	
  for	
  you	
  to	
  have	
  some	
  sort	
  of	
  office	
  
 space	
  from	
  the	
  get-­‐go.	
  Either	
  way,	
  your	
  office	
  space	
  should	
  be	
  
 prac,cal,	
  useful,	
  and	
  suited	
  to	
  your	
  needs.


 My	
  big	
  ,p	
  for	
  office	
  spaces	
  is	
  to	
  find	
  something	
  affordable	
  un,l	
  you’ve	
  
 proven	
  out	
  that	
  you	
  can	
  bring	
  in	
  customers	
  and	
  revenue.	
  Especially	
  in	
  a	
  
 world	
  where	
  most	
  interac,ons	
  can	
  be	
  carried	
  out	
  online,	
  the	
  space	
  
 where	
  you	
  work	
  is	
  becoming	
  less	
  and	
  less	
  important.


 It’s	
  also	
  advisable	
  to	
  look	
  for	
  a	
  short	
  lease,	
  try	
  to	
  keep	
  it	
  at	
  1	
  year	
  to	
  
 prevent	
  yourself	
  from	
  being	
  locked	
  in	
  to	
  a	
  longer	
  lease	
  you	
  can’t	
  afford	
  
 or	
  won’t	
  need	
  long-­‐term.	
  


 If	
  you	
  really	
  like	
  the	
  space	
  you	
  may	
  have	
  the	
  op,on	
  to	
  extend	
  your	
  
 lease	
  down	
  the	
  line,	
  so	
  if	
  you’re	
  enjoying	
  your	
  office	
  consider	
  
 discussing	
  this	
  possibility	
  with	
  your	
  building	
  manager.
Retail	
  Space

 A	
  retail	
  space	
  is	
  different	
  than	
  an	
  office	
  in	
  that	
  your	
  space	
  is	
  your	
  
 product.	
  Whether	
  you’re	
  running	
  a	
  bou,que	
  store,	
  a	
  salon	
  or	
  a	
  
 daycare,	
  the	
  appearance,	
  size	
  and	
  loca%on	
  of	
  your	
  space	
  is	
  cri,cal.


 You	
  should	
  put	
  more	
  thought	
  into	
  selec,ng	
  your	
  retail	
  space	
  than	
  an	
  
 office.	
  It	
  may	
  be	
  worth	
  it	
  to	
  pay	
  more	
  for	
  a	
  beHer	
  loca,on,	
  or	
  a	
  
 bigger	
  space	
  that	
  will	
  allow	
  you	
  to	
  hold	
  more	
  customers.	
  Weigh	
  the	
  
 costs	
  against	
  the	
  benefits	
  of	
  a	
  nicer	
  or	
  centrally-­‐located	
  space.	
  




                                                                                                                 Chapter 8: Business Operations
 If	
  you	
  secure	
  a	
  longer-­‐term	
  lease	
  you	
  can	
  usually	
  lock	
  in	
  
 be=er	
  rates,	
  and	
  this	
  will	
  also	
  give	
  you	
  leeway	
  to	
  built	
  
 out	
  and	
  improve	
  the	
  design	
  of	
  your	
  space.




    Found the right space?
    Check out this lease
    agreement for a retail
    store.
Working with Professional Vendors

  Part	
  of	
  your	
  business	
  opera,ons	
  will	
  
  inevitably	
  involve	
  working	
  with	
  
  professional	
  vendors,	
  such	
  as	
  lawyers	
  and	
              Legal Doc
  accountants.	
  
                                                                          • General Power
                                                                            of Attorney
  This	
  can	
  be	
  nerve-­‐racking	
  for	
  a	
  small	
  
  business	
  owner,	
  because	
  aHorney’s	
  fees	
                    • Limited Power




                                                                                                                          Chapter 8: Business Operations
  are	
  steep	
  and	
  tend	
  to	
  rack	
  up.	
  We	
  will	
          of Attorney
  discuss	
  how	
  to	
  select	
  the	
  best	
  aHorney	
  
  for	
  you	
  in	
  Chapter	
  20,	
  but	
  properly	
  
  managing	
  your	
  ,me	
  with	
  aHorneys	
  is	
  
  relevant	
  to	
  business	
  opera,ons	
  so	
  I’m	
  going	
  to	
  stress	
  this	
  point	
  here:


  The	
  most	
  effec,ve	
  way	
  to	
  work	
  with	
  aHorneys	
  and	
  accountants	
  is	
  to	
  
  make	
  sure	
  that	
  you	
  over-­‐communicate	
  the	
  expecta%on	
  of	
  the	
  
                                                                deliverable,	
  and	
  the	
  price	
  
                                                                      that	
  will	
  be	
  incurred	
  
                                                                       for	
  it.

       Helpful Videos                                                      Very	
  clearly	
  walk	
  
                                                                           through	
  what	
  you	
  
       •   Tips for working with a lawyer                                  expect	
  them	
  to	
  
                                                                           complete,	
  and	
  don’t	
  
       •   Choose the right attorney                                       be	
  shy	
  to	
  put	
  a	
  cap	
  on	
  
       •   Choose the right accountant                                     the	
  amount	
  of	
  hours	
  
       •   How to Manage Attorney Fees                                     an	
  aHorney	
  can	
  work	
  
                                                                           before	
  they	
  check	
  in	
  
                                                                           with	
  you.
Tools and Services

There	
  are	
  a	
  variety	
  of	
  tools	
  and	
  services	
  that	
  can	
  help	
  you	
  streamline	
  
your	
  business	
  opera,ons,	
  from	
  accoun,ng	
  to	
  HR.	
  Here	
  are	
  some	
  of	
  
my	
  favorite	
  services	
  for	
  beHer	
  management.




    Payroll                                                           Online Meeting




                                                                                                                 Chapter 8: Business Operations
    Payroll	
  can	
  be	
  a	
  pain	
  to	
  handle	
               This	
  so[ware	
  allows	
  you	
  
    yourself.	
  These	
  services	
                                  to	
  hold	
  online	
  mee,ngs	
  
    manage	
  company	
  payroll	
  and	
                             and	
  share	
  your	
  desktop:
    take	
  out	
  required	
  taxes:
                                                                           • GoToMee,ng
        • ADP
        • Paychex
        • Trinet

                                                                      Online Storage

                                                                        Use	
  these	
  services	
  to	
  
    Sales Management                                                    store	
  and	
  share	
  your	
  
                                                                        digital	
  files	
  online:
      A	
  great	
  customer	
  rela,onship	
  
      management	
  system:                                                 • Dropbox

           • Salesforce                                                     • Box
Customer Surveys                            Project Management

A	
  free	
  survey	
  tool	
  that	
       The	
  best	
  project	
  
allows	
  you	
  to	
  gather	
             management	
  so[ware	
  I’ve	
  
feedback	
  from	
  customers:              found	
  out	
  there:

  • SurveyMonkey                              • Basecamp




                                                                                 Chapter 8: Business Operations
Business Credit Card                        Recruiting

                                            Post	
  jobs	
  and	
  manage	
  
The	
  ideal	
  credit	
  card	
  for	
  
                                            responses	
  across	
  mul,ple	
  
small	
  businesses	
  because	
  it	
  
                                            job	
  boards:
has	
  a	
  high	
  credit	
  limit:

   • American	
  Express                       • Ziprecruiter
Resources Recap

 • Business	
  Opera,ons	
  Forms	
  (legal	
  documents	
  package)
 • Office	
  Space:	
  Lease	
  Agreement	
  (legal	
  doc)


 • 	
  Working	
  with	
  Professional	
  Vendors
    • Tips	
  for	
  Working	
  with	
  a	
  Lawyer:	
  (video)




                                                                       Chapter 8: Business Operations
    • Choose	
  the	
  Right	
  AHorney:	
  (video)
    • Choose	
  the	
  Right	
  Accountant:	
  (video)
    • Manage	
  AHorney’s	
  Fees	
  (video)
    • General	
  Power	
  of	
  AHorney	
  (legal	
  doc)
    • Limited	
  Power	
  of	
  AHorney	
  (legal	
  doc)


 • 	
  Opera,ons	
  Tools
    • 	
  Payroll:	
  ADP,	
  Paychex,	
  Trinet
    • 	
  Online	
  Mee,ngs:	
  GoToMee,ng
    • Sales	
  Management:	
  Salesforce
    • Online	
  Storage:	
  Dropbox,	
  Box
    • Customer	
  Surveys:	
  SurveyMonkey
    • Project	
  Management:	
  Basecamp
    • Business	
  Credit	
  Card:	
  American	
  Express
    • Recrui,ng:	
  Ziprecruiter

				
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