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| Lower your costs of doing business |
| Wednesday, July 23, 2008 |
Success in cost reduction is largely about managing costs proactively and keeping a strategic view of cost drivers. It has been proven that business owners who take an active, leading role to manage costs are twice as successful as those who undertake cost reduction systems in reaction to market pressures. But when the economy changes, there are also several ways in which you can quickly and (usually) easily make changes that result in significant savings. |
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| 10 steps to building a liquidity cushion |
| Wednesday, April 30, 2008 |
| In business, cash is king, particularly during tough economic times or when the markets are turbulent. Without cash, your company cannot pay its bills nor carry out growth plans, and it may find it difficult to get credit or take advantage of business opportunities that may arise. A liquidity crunch can send your company into a downward spiral and make it ripe for a takeover, as Bear Stearns recently discovered. One of the most important aspects of running a successful business is to maintain a solid liquidity position. Click through for ten ways to improve your company's cash supply, as well as come up with contingency plans to help get through difficult times.
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| The ABCs of cost reduction |
| Wednesday, April 30, 2008 |
| There are a number of ways individuals and companies can easily cut costs without adversely affecting your lifestyle or your business. In fact, there are several areas where simple one-time changes may boost your bottom line and your overall profitability, now and in the future. When was the last time you compared your credit card processing fees? Have you considered making charitable donations? Even in a slow economy, there are opportunities for cash flow enhancement and expense reduction. Click through for a complete A through Z listing of cost saving opportunities for both businesses and individuals.
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| Don't let bad debt clients happen to you |
| Wednesday, April 30, 2008 |
| Anyone involved in business has unfortunately encountered circumstances of bad debt and deadbeat clients. The inability to collect monies owed significantly impacts your company's cash flow. Bad debtors should not come as a surprise, however. There are warning signs and precautions you can take. The longer it takes to collect a debt, the less likely that you will be paid. Cut bad debts off at the pass by recognizing the warning signs and avoid bad debts in the future by implementing credit policies for existing and new clients.
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| Effective marketing strategies on a shoestring budget |
| Wednesday, April 30, 2008 |
| When cutting overall expenses, it may be tempting to stop all marketing and advertising activities. But that can negatively affect your stream of incoming (and sometimes your existing) business. Marketing is critical to the continued success of any company. But what is marketing, really? Marketing is essentially everything you do to attract and retain your clients. There are unlimited strategies and variables involved in marketing - the more creative you are, the more opportunities you have for marketing success. How do you determine which marketing methods are the best match for your company and your budget? Click through for marketing DOs and DON'Ts that will help you market effectively on any budget. Avoid overspending while maximizing your results.
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| Ten ways to assemble top talent |
| Thursday, March 20, 2008 |
| Do not underestimate the importance of the employees comprising your workforce. If anything, the need for top-notch workers is accentuated due to ever-increasing competition in the job market. Employees should be embraced as contributors to the business. In some cases, they may also be empowered to make decisions that traditionally have been left exclusively to the upper echelon. Building an effective staff takes commitment and creativity. Click through for ten practical ideas to create a better workforce.
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| Ten steps to prepare a successful succession plan |
| Thursday, June 21, 2007 |
| Many companies operate as "family-owned businesses." Typically, what may have started off as a small one- or two-person operation, has evolved over time into a thriving business with dozens of employees. Sooner or later, however, the founder or the dynamic individual who spurred the growth must prepare to hand over the reins to a member of the younger generation. In order to ensure the continued success of a family-owned business, it is vital to create a succession plan that paves the way for sustained growth. Even if the successor will be an outsider, prepare an exit strategy that will leave the business in good hands. Consider these 10 practical suggestions... click through for details.
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| Get your company's ducks in a row with a proactive buy-sell agreement |
| Friday, April 20, 2007 |
| The death of one of the main shareholders of a business can shake the entire foundation of the company. The remaining shareholders may opt to buy back the shares of the deceased shareholders, continue conducting business with the decedent's heirs, or sell their shares to an outsider. Any of these occurrences could result in numerous problems and concerns for all the involved parties, including the family of the deceased shareholder. It can be particularly troublesome if there is no ready market for the shares. In any event, placing a value on the shareholder's interest is critical to the continued operation of the business, or the sale or other disposition. A buy-sell agreement is a proven mechanism for dealing with these issues. Click through for details and more information.
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