If you know who is going to buy your business, you have already dealt with the significant core perception necessary for business strategic planning: that inevitably, voluntarily or involuntarily, you will transfer your business interest. The reality check for the owner-manager of a business is the perception of and planning for the inevitable transfer of the business interest. The owner and the business will separate, the principal unknown factor is when.
The estate planner waits for the client to say “When I die” instead of “If I die.” Similarly, business strategy cannot be effective if there is a denial about the inevitability of the transfer of the business. Once the inevitable transfer is acknowledged, even though the time may be impossible to know, the probable buyer and the terms of the transfer, may be envisioned. Business strategy should have a primary goal of formulating the transfer of the business to known and probable buyers for the highest possible price. This is the essence of being able to realize maximum value for the business interest of the owners of the business.
The reality for many small business owners is that they were forced into starting something of their own. Perhaps they were retrenched, fired or unable to find a job.
What this means is that often small business owners really haven’t even had time to obtain some training in basic small business practices such as finance, human resources management and marketing.
The other real danger is that the small business owner works so hard in the business, trying to push for more sales, handling negotiations with suppliers, making month-end payroll and trying to get big customers to pay on time that they don’t catch major problems in their business before they become a threat to their businesses survival.
When crafting a business partnership, it’s important to take a number of things into consideration, especially if a partnership is expected to stand the test of time. Business partnerships are established for many reasons, but of course when going into business with someone, it’s important to trust them. Trust can be a hard thing to develop, but a partnership isn’t much of a partnership without a degree of trust.
When forming a partnership, both parties should spell out exactly what their expectations are and what they’re contributing, and more importantly get all of that in writing on a legally binding partnership agreement. This way if either party steps out of line, they can hold each other accountable. Continue reading →
Having a great idea and the motivation to strike-out on your own is a good first step in pursing the feasibility of a business. However, it takes more than motivation and a great idea to get things started. This article will reveal some of the simplest considerations that most would-be business-owners overlook.
The very first thing that should not fall under consideration is venturing out on your own without the proper tools beyond the scope of a great idea. According to statistics provided by the Small Business Administration, over 90% of small businesses fail due to a lack of planning. How many times have you heard or witnessed individuals that sat up over a weekend and wrote a stellar business plan then headed out on Monday morning to seek funding or investors? ImpaBrantience is the second thing that needs management. So often “I am tired of working for someone else” is the premise for people to start a business. This frame of mind will almost ensure failure because this approach to business involves looking backwards at getting out of a bad situation.
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Is the fact that you would like to keep your business resolutions but just don’t know how making your life difficult, maybe even miserable?
Does it seem like you’ve tried everything in your power to figure it out, and yet, despite your best intentions, you’re still plagued with:
• Not knowing how to even get started
• Not understandingthe Mentality of Being Organized
• Not knowing how to get into successful networking Continue reading →