Strategizing

Small Business Strategy and Planning

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

Buying a Business: Forget Trust – Understand Due Diligence

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...]

4 Professionals Who are Critical to Startup Success

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...]

Understanding ESOPs and How They Can Benefit Small Business Owners

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...]

Human Resources: Is It Better to Outsource or Hire In?

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...]

When Selling a Business, Mind Your Emotions

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...]