Succession planning should be an organised, ongoing process involving several people gathering, researching and evaluating information. The planning process should begin as soon as possible and involves several steps. Consultation All family members need to be made aware of the importance of this matter and be consulted. This will enable you to take into consideration
Sales is the mechanism for a business to make a living. In uncertain times it is important to remember that sales and the strategies to increase them are imperative for survival. Here are some strategies to consider for your business. Cultivate Your Inner Sales Guru. You may be worried about the economy, but you can’t
Cash flow is the lifeblood of a business. Without it you will be out of business …. and quickly! Here are some ways to improve that vital flow of dollars. It’s aimed mainly at people who currently extend credit. Use the credit card system for customer payment. that’s assuming you have enough profit margin in
Business Systems – The 10 Important Pillars to Help Grow Your Business
Business Systems – the 10 important pillars You may have heard that most small businesses fail within 3 years of starting. Well this can be avoided if you have the following in place in your business. “What are they?” you ask…… Have a look and see if these 10 important aspects of your business are
Do you ever feel that you are stuck with your business? Nor know what to do next or even what to do now? These questions arise mainly because you as the business owner get involved in the day to day tasks of your business. “But” you say “I need to be in control of everything
5 Vital steps to take before appointing a broker to handle the sale
To appoint a business broker, or not …. that is the question! here are some vital steps to take and crucial realizations to face in preparing for this all-important transaction. Resolve current problems as soon in a thoroughly as possible. If the business is a partnership, both parties should agree about the major decisions to
How to get the best deal when you sell your business Place a reasonable price on your business. An inflated figure either turns off or slows down potential buyers, rely on your business broker to help you arrive at the best ‘’win-win” price. Carry on 'business as usual'. Don't become so obsessed with the transaction
Retaining and nurturing customers are important for long-term growth
In order to grow your business, you need to retain more customers to keep coming back to buy more of your services or products. A nurturing program should be instituted where each customer is shown that you take their concerns and wants seriously. With the trust that is built, not only will they return but
Fear of doing new things keep us from expanding our horizons. With some assistance and breaking your normal routines, you too can break out and create a new way of doing things better. If you are struggling to change things in your business, then call Tibor Mackor at Better Business Strategies for more assistance in
Business leadership helps grow strong businesses with a vision of what the future looks like.
Business leaders have an important role in clarifying their vision for the business and engaging staff to live up to it. The result is happier customers who will be more inclined to purchase more from your business going forward. If you have none of these in place, then call Tibor Mackor at Better Business Strategies
Have you created a business plan to include business succession?.
Business succession planning involving family members can be tricky, especially when some family members can feel “left out”. What strategies do you have in place to overcome these and what level of learning do the “successors” need to be successful once they have taken over? If you have none of these in place, then call
Get your business ready for sale. You never know when you wish or need to sell
Business Freedom is achieved by improving profitability and increasing productivity. Have you achieved the correct combination in your business? When you get these combinations right, your business may be ready to sell. The value you obtain relates directly to the planning you put in. If you would like to take trips across the globe and
Get more from your business from business coaching
Business Freedom is achieved by improving profitability and increasing productivity. Have you achieved the correct combination in your business? If you would like to take trips across the globe and come back to your successful business even though your were not there, then call Tibor Mackor at Better Business Strategies.
A discussion for business owners about business coaching for those wanting more enjoyment and freedom in their business. This discussion will enlighten you as the business owner that it does not need to be hard. There are simple measures you can put in place to change your circumstances. Give Tibor a call for more information.
"Why Do Some Businesses Grow" Part 5 Last time I continued with our series of articles on the 5 factors that impact on a businesses growth. In particular I talked about the importance of capital requirements within a business which is no. 4 on the list below. How did your spend your $2 million? Improving