There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be … [Read more...]
Build a solid frame for your performance management system
Most organizations reach a point where they could substantially benefit from formalizing their performance management system. Doing so typically isn’t easy, of course. Many employers prop up an old system involving an employee manual, perhaps various … [Read more...]
How profitable are your customers?
“We love our customers!” Every business owner says it. But all customers aren’t created equal, and it’s in your strategic interest to know which customers are really strengthening your bottom line and by how much. Sorting out the data If your … [Read more...]
Make New Year’s resolutions to improve profitability
Many people scoff at New Year’s resolutions. It’s no mystery why — these self-directed promises to visit the gym regularly or read a book a month tend to quickly fade once the unavoidable busyness of life sets in. But, for business owners, the … [Read more...]
Promoting from within can be a recipe for management success
Effective leadership is critical to any organization. When trying to fill leadership roles — that is, management positions — you likely look for candidates with experience in your industry or sector. Ideally, of course, you’d probably love to find … [Read more...]
Valuation often affects succession plans in hard-to-see ways
Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your … [Read more...]
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