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Why Business Succession Planning Is Important… and Getting an Early Start Is Critical
Most owners of small and mid-sized firms have worked hard their entire lives to build successful enterprises. Given this, it’s surprising how little time and attention many have devoted to their eventual exit from the business one day in the future. The most effective business succession plans are prepared well in advance, leaving plenty of time for adjustments. This post outlines three key priorities owners should think about when creating a business succession plan.
Cyber Liability: Why You Need This Kind of Insurance
It seems like hardly a week goes by without news of another data breach at a major U.S. corporation or retailer. But if you thought cyber security was only an issue for large companies, think again. Cyber criminals are targeting all types and sizes of businesses in their quest to steal any and every kind of corporate information that could be profitable to them. In fact, many are shifting their focus to small and mid-sized firms as large businesses beef up their cyber security efforts. This post details the potential cyber liabilities faced by many businesses and the types of cyber liability coverage available out there.
Why Profits and Cash Flow Are Both Critical to Your Business’ Success
Profitability is critical to running a successful business. After all, why own a business if your goal isn’t to make money? However, there is another business success factor that is just as important as profitability, if not more so: ensuring strong cash flow. Poor cash flow is one of the leading causes of business failure — because while companies can often ride out short-term periods of unprofitability, it’s much harder to stay in business when you run out of cash. This post outlines the difference between profits and cash flow, as well as tips to improve your cash flow.
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