Planning a successful business succession takes years. According to experts, transitions can take up to five years to complete and, in the case of a family business, as many as 10, depending on the firm’s size and complexity. A recent survey of 2,500 entrepreneurs found that five out of six entrepreneurs surveyed estimate that the process will […]
Succession planning: Secrets of a smooth transition in a family business
You started your business 30 years ago with a few family members and now you have a 100-employee company and your adult children are actively involved. Mentoring, trust and a deep knowledge of the business have been the keys to a smooth transition from one generation to the next. One of the benefits of your […]
5 ways to recession-proof your business
Diversification and financial management are key strategies The recession of 2008-09 may have occurred nearly a decade ago, but it’s still a painful memory for many entrepreneurs. More recently, the decline in oil prices has caused a slowdown in producing regions that have hurt business owners. Unfortunately, economic downturns are a fact of life when […]
7 mistakes to avoid when borrowing money for your business
Borrowing too little or too late can jeopardize your business Getting a business loan can be the fuel your company needs to reach the next level of success. But you have to prepare yourself and your company to get the money and make sure the loan is right for you. 1. Borrowing too late You may be […]
How to prepare a winning business loan application
Preparing an effective, well-documented commercial loan proposal is the first step toward getting the money your business needs from a bank. Your small business loan proposal will often be the first contact a banker has with your company. So you need to craft a document that presents your business in the best possible light. The goal is to persuade […]
A step-by-step, no-nonsense marketing plan
Every marketing plan should include these five elements Doing business without a marketing plan is like driving without a map. You may get to your destination—eventually—but you risk making time-consuming and costly errors along the way. You might be assuming there’s a demand for your product when there isn’t, for example. Your services might be priced too low. Or […]