Exiting a business can be likened to a game of chess. Each move is strategic, and taxes are the formidable opponent you must outmaneuver.
In the ever-dynamic world of business, change is an inevitable constant. From shifts in market trends and consumer behavior to rapid technological advancements, companies must constantly adapt and pivot to stay competitive and relevant.
Advisory boards are a critical component of many successful organizations. These collections of experienced professionals offer a wealth of knowledge, provide guidance on critical issues, and generate strategic insights to drive a company forward. However, creating an advisory board is just the beginning – to truly unlock its potential, effective management of the advisory board is necessary. Like a well-oiled
Compensation is significant in attracting, retaining, and motivating top-tier talent for advisory boards. Determining fair and adequate compensation is a delicate balancing act.
Effective communication is crucial for success in any business venture, but it’s especially important for advisory boards. When communication breaks down, it can lead to misunderstandings, missed opportunities, and ultimately, failure. Unfortunately, poor communication is a common problem on many advisory boards. By identifying communication challenges and implementing strategies to overcome them, board members can work together more effectively and achieve their goals.
Are you, business owner, feeling stuck at the same revenue level? Are you ready to quit your business because you just know you can’t take it to the next level –whatever level that is? Well, there are things that you can do to grow your business, whether it is a 25% increase in revenues or to 10x it! Here are some “we-have-proven-they-work” tips from Grant Cardone in his 10X Business Challenge, along with my common sense ones.
Unless you are a lifestyle business, you want to scale – a little or exponentially. Many business owners do not know they need to put systems in place to have repetitive sales, retention of employees and tracking their billing. Why do you need to have a system, and not just any system, but a process-driven one? A step-by-step system allows
In 2009, my business partner and I wrote our book because we were on the speaking circuit as successful business owners. We got asked the same questions all the time, and frankly, it became boring as our responses became canned. It was an Uh Ah moment for us. Many business owners were becoming authors for this reason – it’s a
An operating agreement is a key document used by LLCs because it outlines the business’ financial and functional decisions including rules, regulations, and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners. + If a company is a multi-member LLC, the operating
Sales skills consistently rank among the essential skills small business owners should cultivate. Many of us entrepreneurs started our companies because we were the ones with the expertise, not because we knew how to run a business. Most of us did not come from a sales background, even though we worked in corporations, so we don’t realize the amount of