Business

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…

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…

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…

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…

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…

Today’s businesses operate in an era of hyper-connectedness and, unfortunately, a burgeoning global cybercrime industry. You can’t afford to hope you’ll luck out and avoid a cyberattack. It’s essential to establish policies and procedures to minimize risk. One specific area on which to focus is your employees. Know the threats There are a variety of…

It’s easy to think of lenders as doing your company a favor. But business financing relationships are just that: relationships. Yes, a lender has the working capital you need to grow. But a stable, successful business represents an enormously beneficial opportunity for the lender as well. So you should be just as picky with your…

In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies — particularly start-ups and small businesses — one major threat is the sudden loss of an owner or hard-to-replace employee. To safeguard against this risk, insurers offer key person insurance. Under a key person…