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August 24, 2023

Why Exit Planning Is Good Business Planning

In the bustling life cycle of a business, from its humble beginnings to its peak of success, many entrepreneurs may overlook one critical aspect: exit planning. Yet, in the realm of business strategy, exit planning is not just about selling your business or passing it down; it’s a cornerstone of comprehensive business planning. Here’s why:

July 25, 2023

Some Revealing General Sales Statistics

Below are some general historical statistics that have been reported in sales studies.  These do, of course shift based on factors such as the industry you serve, product or service, geography, etc.  How can you apply these to your practices? Average Lead Conversion: The average lead conversion rate across industries is typically between 2% to

June 23, 2023

Calculating Business Risks

In the intricate landscape of business, risk is an inherent element that could potentially derail the pathway to success. Understanding and calculating business risk is a critical aspect of strategic decision-making and can often differentiate a thriving company from a failing one. At its core, business risk refers to the possibility of inadequate profits, or

May 31, 2023

Taking Vacation Time You Deserve

As we head into summer, it seems fitting to have a few words of discussion about vacation time.  Much advice exists on disconnecting from work and returning to the office relaxed and revitalized, but which approach is right for you? According to Scott Edinger, founder of the Edinger Consulting Group “You’ll actually get worse at

April 25, 2023

Critical Planning for Success

In this rough inflationary environment, one thing is for sure: sooner or later many businesses simply won’t be able to hold off any longer on making critical business decisions while waiting for a strong uptick in the economy.   Furthermore, customers may sooner or later say “I’m tired of this,” or “I can’t wait anymore,” or

March 22, 2023

How Small Companies Should Prepare for a Crisis

Small businesses face a unique set of challenges when it comes to dealing with a crisis. It’s important for owners to be proactive and take preparatory steps. The following tips will help small businesses prepare for and manage a crisis. Develop a crisis management plan: Small businesses should develop a crisis management plan that outlines

February 28, 2023

Benefits of a Non-Disclosure Agreement

A non-disclosure agreement (also known as an NDA) is a contract between two parties which outlines confidential information that one party wishes to protect and keep confidential from the other. There are many benefits associated with using an NDA, and in this article, we will discuss some of them. First and foremost, an NDA helps

January 25, 2023

Strategic Drivers of Business

Strategic drivers of business are forces, both internal and external, that shape an organization’s business strategy.  Strategies that fail to adapt to forces such as technological change, competition and regulations are recipes for disaster. By no means comprehensive, below we discuss eight such drivers, to set you on the right path: Organizational Effectiveness: Does the company

January 4, 2023

Buy-Sell Agreements: Entity vs. Cross Purchase Agreements

A Buy-Sell Agreement assures a smooth transition of ownership and business continuity in the event of a departure of a partner or equity owner.  It is a legally binding contract that establishes how the departing owners’ shares may be reassigned (obtained by the remaining partners) should that owner die or otherwise leave the business involuntarily,

Business Drivers
December 12, 2022

8 Key Areas That Will Enhance the Value of Your Business

Try considering the value of your business from an investment standpoint. Eventually, you will ideally either pass the business on to a family member, sell it to key employees or sell it to a third party. Either way, your future is invested in the value of your business. By consciously developing the business as an