The most successful business owners are always thinking ahead. If you are a new business owner, strategizing about mission statements, corporate culture and business plans are things you would be smart to address early on. More seasoned business owners can benefit from articles on everything from setting client expectations to creating a niche for your small business
One of the most common pieces of advice I pass on to aspiring business owners is to never get stuck on any one thing. I often sum it up in the phrase, “don’t let ‘perfect’ be the enemy of ‘done’,” or some version thereof. Because almost every business how-to book/website/article stresses the importance of creating a mission statement for your company, this is one area where … [Read more...]
Small business owners each take their own path to develop the mission of the company. For some it’s centered around making a positive impact on society, or advancing progress in their industry. For others, the motivation is simpler and closer to home. Whatever your reasons are, there’s value in formalizing a mission statement for your small business. Business owners often … [Read more...]
According to the U.S. Bureau of Labor Statistics, over 50% of start-up businesses fail within five years. This is a staggering statistic and one that should bring concern to anyone seeking to start a new business venture. An alternative to starting a new business is to purchase an existing establishment. This option, if all goes right, can significantly decrease the risk … [Read more...]
Having a unique product or idea is not the only key to creating a successful startup. It is almost impossible to create a viable business by yourself, so you need to build a team with the right types of professionals. You should find people who will supplement your own skills and knowledge to create a perfectly well-rounded team of professionals. If you are in the beginning … [Read more...]
A large, demographic shift is occurring. The baby boomer generation is now experiencing significant wealth accumulation and its inevitable distribution. Many business owners from the "boomer" generation are now in the position to turn over the reins of their businesses to the next generation or to the highest bidder. However, what if the business owner wants to see his or her … [Read more...]
Apple is a company like no other. Love ‘em or hate ‘em, Apple has made a permanent impact on society, technology, and business. Nothing can change that. And perhaps their biggest contribution has been how those three sectors merge and interact with one another. After all, we don’t use computers, listen to music, or make a phone call like we used to, and Apple has very much to … [Read more...]
Let’s say you have built a successful business over the years and you’re starting to think it’s time to exit. It may seem straightforward – sell the business and enjoy the fruits of your labor! You may be thinking about selling the business yourself. After all, you undoubtedly understand the management and cash flow of your business, and have learned a lot about the legal and … [Read more...]
Human resource (HR) tasks ranging from recruiting and hiring new employees to handling payroll, benefits, and training for current staff can take a huge chunk out of a small business’ bottom line. In fact, PricewaterhouseCoopers (PwC) reports that, typically, “direct HR costs account for 28% of overall operating expenses.” According to the United States Census Bureau, the … [Read more...]
You have a strong business idea and are ready to get your new company off the ground. Knowing where to go from there can be difficult for a beginning entrepreneur. New business owners are often excited to be realizing their dream yet neglect to take care of important details that are essential to turning your plan into a thriving company. Here are some ideas to help get your … [Read more...]
It’s not easy stepping back from a business you’ve spent your whole life building. Not only is the company a source of income, for many entrepreneurs, it’s how they define themselves: innovator, leader, employer. Even a sale to a family member can be emotionally charged. Over the years, I’ve seen many situations where the business owner managed to keep his or her feelings in … [Read more...]
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