Archives

Your Spouse Is CRITICAL To Successful Business Planning

August 10th, 2018 by

While you are working on the succession and strategy planning for your business, including your spouse is critical to the planning process, even if they don’t work in the business. Most business owners understand the importance of this, but 10% or 20% object to this idea and don’t understand. First of all, objectivity, if your

Buy-Sell Agreements

August 6th, 2018 by

There’s no such thing as a simple buy-sell agreement. This is because they require you to be thinking about what could happen in a year, or five years, or 10 years, or even 25 years down the road, when you consider how the next generation may be affected. Discussing buy-sell agreements is actually a clever

Avoid Complacency

August 2nd, 2018 by

One of the things about most small businesses, especially successful ones, is they get complacent over time. In a company, people work really hard for 10 or 20 or 30 years, and they finally achieve lift off, and they grow from being a marginal, barely profitable, sort of subsistence family business, at say five million

Taking Time Off

July 30th, 2018 by

Many of us, as business owners, don’t really know how to take time off from work. We say, “I’m going to the beach,” but first thing every morning we check our emails, call the office, etc., and that’s not really a day off. If you’re working at all, no matter where you may be, it’s

Something to Think About

July 25th, 2018 by

A business is like an orchestra. Most businesses start out as a soloist. There is someone who is very good, who then surrounds themselves with a few others like them and creates a small ensemble. This ensemble is made up of several stars that agree to play together with some loose direction. But to really

Building Credit

July 20th, 2018 by

Here is some very powerful insight from the credit industry about how we should position our organizations for rough times. Many small businesses just do not understand the importance of a strong credit relationship. We need to have a very deep relationship with our banker and vendor partners so we have some breathing room to

Disaster Planning

July 16th, 2018 by

Every business owner should make sure to prepare their personal disaster recovery plan. This plan should say what happens to their business when something happens to them. No one wants to think through the things that can happen. Death is the obvious one, but what about an extended illness, even a short term illness, or,

When Things Don’t Go As Planned

July 10th, 2018 by

What should our reaction be when a vendor has an issue? Some people would say we should react strongly, move on to another vendor, get angry, etc – lots of reactions out there when any vendor has an issue. While we can’t just pretend it didn’t happen, we can respond appropriately and act as a

5 Laws to Improve Your Life

July 3rd, 2018 by

The Law of Value: “Your true worth is determined by how much more you give in value than you take in payment.” That is not the normal wisdom of the world. Life is about giving without any concern to what we will get in return. The Law of Compensation: “Your income is determined by how

Going Through a Financial Rough Path?

June 28th, 2018 by

What do we need to do if you’re struggling financially? Adapt and change. Here are a few thoughts for consideration. 1. We need to evaluate how our cash leaves and enters our company. Can we cut some outgo or speed up some inflow? We need to watch cash because those who have it will win.