It seems that everywhere you look, a new startup is trying to make it big with a game-changing idea. But, it’s only the ones that can turn that idea into reality that reach business success. Too many startups fail to make the transition from idea to execution or encounter major setbacks along the way. In the midst of developing your …
Spring has officially sprung and that means it’s spring cleaning time. Shake out the rugs, clean out the cupboards, and get your legal and financial affairs in order. For plenty of folks, it’s easy to know what to do when it comes to home organization, but the idea of legal and financial ordering can be complex and confusing. This article …
Keeping good business records relieves stress and makes running your company easier and more enjoyable. But it may not look like what you think if you’ve run your business by saving receipts all year long and then trying to handle your bookkeeping all at once at tax time. First and foremost, don’t handle your bookkeeping yourself. Your focus should be on …
A large part of being a successful company owner is knowing how to make deals and mitigate business conflict when it arises. When in a dispute over a deal or an agreement that has been made, the potential costs are endless. The potential cost of litigation, the potential cost of loss of reputation, the potential cost of the energetic drain …
In part 1, we discussed the importance of knowing how to negotiate business deals and mitigate conflict whenever possible. Besides being a financial drain, business disputes can also create conflicts that require precious time and energy to resolve. Setting clear boundaries and realistic expectations when making professional agreements is essential in setting yourself up for positive outcomes. Although avoiding conflict is preferred …
Those new to the business world often lack the first-hand experience of initiating and building healthy business relationships. But protecting these vital relationships with carefully crafted business agreements—such as those for co-owners, suppliers and clients—is essential to growing a new business without risk of being taken advantage of or of burning valuable bridges. To decrease the risk of liability in …
Opening a new business location is an exciting venture. It also comes with inherent risks. A new site can increase profits and brand exposure, but it also opens up possibilities for failure. Rushing into expansion and opening a new location can do more harm than good if proper preparations are not made. Increase your chances of success by following these …
You’ve put in the time to get your business off the ground and now you’re up and running. You have a product or service that’s selling well, team support to keep everyone happy, and a proven income model. Congratulations! You’ve overcome the biggest obstacle to business sustainability. Surviving the startup phase is often the toughest obstacle. If you’ve made it …
When growth and funding are top priorities, it is wise to not let legal soundness fall to the wayside. Not surprisingly, 1 in 10 startups fails due to overlooked legal issues. Without a lawyer looking out for your best interests, it’s easy to miss common legal mishaps that pose a threat to any startup. Mistake #1 Many startups rely on …
Many small businesses are family owned. While family owned businesses enjoy the benefit of familial solidarity, their strength is often threatened when it’s time for leadership or ownership to be passed down. Succession plans help ensure the transition from owner to owner is an easy one, but many small and family-owned businesses do not have such a plan in place. …
