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
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:
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
Many people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed. Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you
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
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
Here’s an interesting notion: Do you realize that there are mistakes you can make at various stages of your business’ growth that can be slowly killing it for months or even years if you don’t watch for them? Well, these mistakes do exist, and they are not just reserved for the rookie companies. Many working
