Did you know that 79% of business owners have no written transition plan and 48% have done no exit planning at all? And on top of that, roughly 50% of all business exits are involuntary and are forced by dramatic external factors. You need to have a well-thought-out plan of what happens if something unexpected
Although many use these terms interchangeably, strategic planning and long-range planning differ in their emphasis on the “assumed” environment. Long-range planning is generally considered to mean the development of a plan for accomplishing a goal or set of goals over a period of several years, with the assumption that current knowledge about future conditions is
You have landed the opportunity to present your proposal to a prospective new client. You should always have a game-plan and the following preparatory and presentation tips should help tip the scales in your favor. Do the proper research. Learn as much about the prospective client before meeting as you can. “Google is your friend.”
The following are ten ways to help prevent fraud from occurring in your business: Review Monthly Bank and Credit Card Statements. If possible, do not send your bank or credit card statements to your business address if you don’t have a Bookkeeping/Accounting Department with good internal controls in place. Have them sent to your home
There’s a great line in Alice in Wonderland when the Queen says, “Sometimes I think of 6 impossible things before breakfast.” I think you’ll agree that this has to be creativity at its best! As a small business owner this is an ideal you really need to strive for … but how on earth can
Have you invented the next big thing? Built a better mousetrap? If you invent or discover a new and useful “process, machine, manufacture, or composition thereof” you can apply for a federal patent to protect your invention from being used by others without your permission. Do you remember the first video arcade game, Pong? Invented
“Excellence is never an accident; it is always the result of high intention, sincere effort, intelligent direction, skillful execution and the vision to see obstacles as opportunities.” The above anonymous quote was displayed prominently in an office, where, oddly enough, it seemed to attract very little attention. In any case, it has made enough of
Capable leadership is one of the most important traits of a successful business owner, manager or executive. However, different circumstances call for different management styles. This article discusses four basic types: Directive, Participative, Laissez-faire and Adaptive. Directive: This is the perhaps the oldest form and is relatively autocratic. Someone using a directive style tells people
In the past several years, business coaching has gone beyond a luxury reserved for Corporate America’s executives to an invaluable tool for small business owners. Yet many small business owners are still unclear on the difference between a business coach and a business consultant. The difference is as simple as the old expression “give a
For many Manufacturing, Trades and Tech Companies labor is the single largest expense item in their operation. Labor costs are often the difference between profit and loss and the quality of life the business owner will enjoy. Here we talk about some ways to reduce labor costs. First, it is absolutely imperative that
