A business partnership is an agreement between two or more individuals who go into business together. There are several types of partnerships that business owners can create, such as a general partnership, limited partnership, LLC with multiple members, and limited liability partnership (LLP). Regardless of the partnership you choose, we recommend creating a documented agreement…
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How to Develop Sales Compensation Plans in 7 Steps
Developing a sales compensation plan involves figuring out what type of sales compensation will best motivate your team, establishing goals, setting your commission rate, and being clear on how you measure compensation and when sales reps will be paid. Creating an effective sales compensation plan helps you drive sales and reward your top-performing team members….
Medical Practice Loans: Costs, Terms & Requirements
Doctors who own their own practice can generally qualify for most medical practice loans because of their high earning potential, strong net worth, and stable revenue. A Small Business Administration (SBA) loan typically will give a doctor the lowest monthly payment of most term loans. However, alternative lenders offer quicker business loans for doctors with…
What Is Payroll Software Integration?
Payroll software integration happens when you sync your payroll system with other software, for instance, with an accounting program. It saves you from having to enter the same payroll information into two separate programs and even allows your employees to do some of the work for you. Payroll software commonly integrates with HR, time and…
What Is a Coinsurance Clause?
Property insurance policies, whether personal or commercial, typically have a coinsurance clause that makes the policyholder responsible for some of the risk being insured. Many coinsurance clauses state that the policyholder must be insured for at least 80% of the property value, but the percentage ranges from 70% to 100%. How a Coinsurance Clause Works…
The History of VoIP: From Dial-up to Today
In our modern times, voice-over-internet-protocol (VoIP) phone systems are commonplace. After all, they are highly affordable and have features beyond basic calling, such as SMS, video conferencing, and integrations with outside business software. However, VoIP popularity is relatively new in the broader scope of phone technology. Here, we’ll be looking at the major developments that…
The Ultimate Guide to Sales Leadership in 2020
Sales leadership involves strategic decision-making and the ability to inspire and motivate team members. Sales leaders meet and exceed company revenues by leading their teams to achieve revenue goals. Sales leadership roles are a good fit for professionals capable of long-term vision planning and who have excellent mentoring and decision-making skills. What Is a Sales…
What Is a Virtual Phone Number? Definition, Cost, Features & Providers
A virtual phone number is a unique phone number that automatically routes calls to specific mobile phones, landlines, or desktop devices. While not as feature-rich, virtual phone number services are affordable alternatives to standalone voice-over-internet-protocol (VoIP) systems. This makes them perfect for businesses that need to separate their professional calls from their personal line, but…
Dial-by-Name Directories & How to Set One Up
A dial-by-name directory is an automated system within your phone service. It lets users search your employee directory by first or last name to find their desired contact and reach their individual extension. This connects callers to contacts more quickly by saving them from having to navigate through a phone tree. Best of all, it…
What Is Square? How Square Works & Why Small Businesses Love It
Square is a mobile payment company that also offers a suite of business software, payment hardware products, and small business services. Unlike most payment processors, Square is available to businesses of all sizes and offers the most comprehensive free point-of-sale (POS) system on the market. As a result, millions of businesses use Square as part…
Debt Service Coverage Ratio – What It Is and How to Calculate It
When you apply for a small business loan, numbers can mean everything. For example, the lender will want to know your income, your credit score, and your debt service coverage ratio (or DSCR). Debt service coverage ratio (DSCR) measures your business’s ability to repay debt by dividing your net operating income by your total debt…
Call Transfer: What It Is & How to Do It
Call transfer is a type of call handling and an integral part of any phone system. This capability allows you to forward calls to different extensions or departments to route callers to the party that they are trying to reach. However, the process of transferring a call will vary depending on the kind of phone…