Most businesses are unable to financially support a disabled owner or key employee, even for a short period of time. Thus, your business strategy should include the development of a disability income plan for the benefit of yourself and your business. In doing so, you will help protect your personal and business interests for the long term.
Many companies operate under the assumption that there is no limit to growth, as long as sales continue to increase. However, growth can easily exceed a company’s financial resources and jeopardize the overall health of the business. The key is to determine an affordable growth rate.
Having a buy-sell agreement assures the departing owner (or the family) that there is a guaranteed buyer who will buy the business at a fair price. The buying shareholders benefit because the agreement enables them to continue the business without having to negotiate with outside parties.
In an increasingly rare example of bipartisan cooperation, President Donald Trump on Aug. 13 signed a defense bill into law that included a popular provision that allows the Small Business Administration to straightforwardly loan money to employee-owned businesses that wish to buy out retiring small business owners.
Going green is good for your employees, your customers, and your community. With these small changes, you can have a “big picture” impact. According to the U.S. Environmental Protection Agency (2012), if every home office purchased Energy Star qualified products this year, more than 900 million kWh of electricity would be saved. Now that’s good business!
Boosting profits and competitiveness by making continuous improvements in production costs, product quality, customer service, and delivery are the goals of the lean model. Companies that apply lean production or management techniques strive to create a culture of waste reduction, ongoing improvement, and worker empowerment.
A business succession plan is a comprehensive look at the estate planning picture that can include everything from shareholder buy-sell agreements to management plans, and any other documentation that will help ensure the smooth operation of the business. While traditional estate plans are designed with tax minimization in mind, business succession planning, in addition to such considerations, is aimed at maintaining the future health of the business.
Many businesses often require financing for short- and long-term needs. Borrowing responsibly and managing debt effectively can help your company minimize the cost of debt you need to take on.
It can seem like there’s never enough time – not enough for sleep and not enough for play, not enough for cooking and not enough for exercise.
The chance to be your own boss and experience the payoff of your own hard work can make entrepreneurship an exciting adventure.
