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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.
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.
Going Global: Tips for Expanding Your Business Internationally
As you think about ways to grow and diversify your company in the New Year, one growth opportunity you shouldn’t overlook is overseas expansion. Many small business owners mistakenly think they aren’t big enough to export their products overseas, but according to the International Trade Administration (ITA), 98 percent of all U.S. exporters are small and medium-sized enterprises (or SMEs). However, only about one percent of all SMEs are actively involved in exporting, according to the U.S. Commerce Department. This means there is plenty of room for exporting growth among U.S. small and mid-sized firms.
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