Business
Many business owners buy accounting software and, even if the installation goes well, eventually grow frustrated when they don’t get the return on investment they’d expected. There’s a simple reason for this: things change. Technological improvements are occurring at a breakneck speed. So yesterday’s cutting-edge system can quickly become today’s sluggishly performing albatross. And this…
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Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. If your company defines itself as such, it’s important to optimize your operating cycle to anticipate and minimize shortfalls. A high-growth example Consider a manufacturer and distributor of lawn-and-garden products such as…
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Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down. There are a wide variety of ways you can decrease insurance costs. Two examples are…
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When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. You’ll have to communicate clearly, show some patience and have a clear idea of what you want to accomplish before stepping down. Here are some tips on putting your successor…
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Every company has at least one owner. And in many cases, leadership exists down through the organizational chart. But not every business has strong governance. In a nutshell, governance is the set of rules, practices and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal risks and,…
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Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable. You probably had to automate some tasks before others; your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. What’s worse, lack of…
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Concentration risks are a threat to your supply chain. These occur when a company relies on a customer or supplier for 10% or more of its revenue or materials, or on several customers or suppliers located in the same geographic region. If a key customer or supplier experiences turmoil, the repercussions travel up or down…
Read MorePicking someone to lead your company after you step down is probably among the hardest aspects of retiring (or otherwise moving on). Sure, there are some business owners who have a ready-made successor waiting in the wings at a moment’s notice. But many have a few viable candidates to consider — others have too few.…
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Providing a strong package of benefits is a competitive imperative in today’s business world. Like many employers, you’ve probably worked hard to put together a solid menu of offerings to your staff. Unfortunately, many employees don’t perceive the full value of the benefits they receive. Why is this important? An underwhelming perception of value could…
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Just about every business intends to provide world-class client service. Though many claim their client service is exceptional, very few can back up that assertion. After all, once a company has established a baseline level of success in interacting with clients, it’s not easy to get to that next level of truly great service. But…
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