'Hostage Crisis' #2: The Inability to Train Effectively
A lack of proper supervision can be disastrous. Don't let this happen to your business!
Your potential successor should get a job with a business outside of your control.
A compilation of knowledge, skills, and sweat equity that a successor should possess before you determine if he or she is worthy of succession.
Down on the 'print farm,' instilling a nose-to-the-grindstone work ethic is the first step in transitioning the family business.
Are you a 'Reluctant Selling Owner?'
Organization is the first step in internal transition.
Did you tell Uncle Sam it's an expense?
YTD works for budgeting but not for sales because you lose cash faster in a down month than you earn in an up month.
When is it time to hang it up? Assuming we are mentally prepared and know what we need to retire, the question of how much the business is worth comes into play, as that is a major part of the assets of most business owners -- for many of us have little...
When is it time to hang it up?
Retiring may not be the answer you're looking for.
Have someone offer to buy your business, and then try to focus on running the business.
What one couple has accomplished in a changing printing industry: $300K+ per year.
Don't cut hours, then drive up in a new Lexus.
When does it become helpful to purchase equipment for depreciation write-offs?
Business owners are salespeople first. Regardless of whether we own a business, what we do is to sell our product/service first. Owning is passive. Selling is active.
We all have property insurance and for most businesses we have, or should have, coverage on our accounts receivable as part of the overall policy. But often I find it’s not enough.
Business transitions, or lack of them, can cause some unusual issues in a business. Red Lily Printing is an example of how this can create a standoff in which owners aren’t paid for performance; rather they are paid for hours worked. The result is the...
The owner has to be involved in the selling process and be in command of the accounts. Otherwise, the owner ends up working for the salesperson in some form or fashion.
Every print owner should have two budgets: a sales budget and a financial budget. Here's an explanation of what they are, how to use them, and how to plan them.
Pricing outsourced work can be tricky. Don't cheat yourself out of a reasonable profit.
Small business owners must be proactive about sales. The cause of sales problems - and their solutions - haven't changed much over the years.