In the coming months, we will cover some of the most common myths that business owners have when they think about listing their business for sale. This month, we want to talk about the “do-it-yourself” myth. Continue reading “Myths About Selling Your Business: I Can Sell it Myself!”
The reason for keeping hush hush in a business sale
This week’s blog features a question I often get when I’m meeting with hopeful business buyers and entrepreneurs: Continue reading “Why Be Confidential?”
Today, I’m going to ask you two questions that, at first, may not seem business related, but you’ll soon see that they are very appropriate for growing your company.
Buying (and selling) a business is different from most other purchases as the transaction is discrete, hidden away from the general public. The process can be compared to an elaborate courtship, where secrecy is part of the game.
“FOR SALE” Doesn’t mean your business is closed.
When we sold our house five years ago, it took seven weeks! That’s a long time to keep our house extremely neat and tidy, ready for a showing at any time.
Almost everyone I know dreams of “being their own boss” and running a business. Some are even brave enough to start their own business. Before you do though, here are the key issues you need to consider:
Strategic planning is important for all firms, but especially for growing businesses. Thirty per cent of new businesses with 4 or fewer employees don’t survive beyond their first year. By year 3, more than half are gone. Ten per cent of medium-sized businesses (5-99 employees) don’t survive the first year. By year 6, half are gone. Continue reading “The Strategy of Business Plan Success”
Entrepreneurs and business owners think they have great customer service, but often customers have another side of the story to tell. If they are motivated enough they will contact management or post a review on an industry website or on social media. Continue reading “The Importance of Measuring Customer Service”
Operating a family business presents additional obstacles (along with additional opportunities) to entrepreneurs.
Relationships are put at risk on a professional and a personal level as work/life boundaries become blurred. Often family members know the right buttons to push and disagreements can easily escalate. Additionally, financial risk may be intensified in a family business if both family incomes are from the same pot.
Cost control can be the hardest part of managing a business, especially when your costs are tied to employees. It is important to take a look at your costs every so often to ensure you are getting the best possible bang for your buck. We’ve compiled 7 suggestions to reduce overhead costs. Continue reading “7 Ways to Control Your Costs”