In continuation of our series on the Value Builder System, we’ll discuss the importance of your business’ financial performance. The buying and selling of businesses comes down to a common bottom line: will this transaction make me money? By organizing and legitimizing your books before the sale, you are helping all parties have peace of ...
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Running your own business is a challenge, but it can also be very exciting. It presents opportunities and obstacles that you can’t plan for. Every journey in business ownership is different, but one frustration seems to resonate universally: no matter how long or hard you work, sometimes it feels like your efforts aren’t paying off. ...
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When it comes time to sell your business, you’ll receive a check. This check is the icing on the cake of all the blood, sweat, and tears that you poured into your business during your time as the owner. The buyer, on the other hand, is going to be writing two checks: the one that ...
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What happens when your reliable supplier becomes less reliable? When your supply chain experiences natural disaster, economic issues, or political strife, you’re stuck with no stock and a horde of customers expecting their products to come in. Supply chain diversification reduces the risk of your company suffering along with your supplier.
It’s not just a ...
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Every small business owner worth their salt knows that keeping a constant eye on their cash flow is an important part of keeping their business running… What they may not know is that striking the balance between growth and sustainability is the key to business longevity.
Defining Negative and Positive Cash Flow
Cash flow in a ...
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Ever heard the phrase “don’t put all your eggs in one basket?” In the business world, we adhere to this through a process called customer diversification. In short, it involves making less than 15% of your total sales with one client, spreading your metaphorical “eggs” into several different “baskets.”
Relying on a single, huge sale on ...
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Referrals are a critical part of running a small business. Word-of-mouth, online reviews, and casual recommendations add value to your company. In a world where scamming and conning run rampant, humans have developed the natural inclination to seek the opinion of trusted friends, family, and reliable online sources when making a decision.
Knowing where you ...
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In the small business world, even a temporary cash flow shortage can result in major problems. With razor-thin margins and the constant financial demand of running a business, it should come as no surprise that 29% of small businesses close due to running out of cash. A whopping 60% say that cash flow contributed in ...
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We all know the Golden Rule: “Do unto others as you would have them do unto you.” While this adage may seem like something cliche we learn in elementary school, it’s really a great place to start when crafting your customer experience strategy. If you were purchasing your product or service, how would you want ...
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Adaptation in the Amazon age can seem to be a behemoth of a task. With Amazon pulling in $1 billion in sales on its best day last year, for a whopping $141.92 billion in total sales in 2018, brick and mortar stores are left shaking in their boots. Even giants like Wal-Mart are struggling to ...
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