In the world of entrepreneurship, small businesses play a pivotal role in driving innovation, creating jobs, and stimulating economic growth. However, despite their significance, a staggering 90% of small businesses fail within their initial years. This high failure rate can be attributed to a variety of factors ranging from financial mismanagement to market dynamics. Understanding
When meeting with consulting clients, many professionals naturally feel comfortable getting down to business by heading straight to crunching numbers, going through reports, etc. This approach may seem logical, but it’s not always the best approach for relationship building. What many professionals might consider a confident tone may come across as overbearing or even intimidating
As we look towards 2024, small businesses are poised to navigate a landscape shaped by various trends, technologies, and regulatory changes: Artificial Intelligence (AI): AI continues to be a significant trend, with its integration in various business operations such as marketing and customer service. Small businesses using AI have reported more successful outcomes. The focus
Fraud can be a devastating blow for any business, but small businesses are particularly vulnerable. Limited resources and lack of specialized staff make it challenging to implement extensive anti-fraud measures. However, there are practical steps small business owners can take to protect their assets, reputation, and future. Here are 15 tips to help you prevent
In today’s competitive business landscape, the identification and cultivation of opportunities can be the distinguishing factor between stagnation and growth. Below, we share some guidance for small businesses to help you harness potential avenues for expansion. Continual Education is Paramount To stay ahead in any industry, one must maintain an up-to-date knowledge base. Regularly attending
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
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
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
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
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
