Attracting customers and finding suitable suppliers takes a lot of effort. So many companies lose these contacts through misunderstandings over the terms of their relationship. To keep them, you need to ensure hat you maintain good communication by creating contracts...
Business Consulting & Advice
Avoid the “I have to do everything myself” pitfall
If you're the head of a business, it can be tough to delegate responsibility to others and let go. You may feel like you need to be in control of everything to ensure that your business runs smoothly. But if you don't delegate, you'll quickly become overworked and...
Business owners: Now is the time to start planning for 2023
If you own a business, you’re probably gearing up for everything that the end of the year brings from the holiday rush to holiday vacation schedules for your employees. It’s a lot of work. Nobody is denying that. However, if you want to have a successful operation in...
Weathering the ups and downs of running a small company
There has been a lot of debate recently about whether or not the US is entering an economic recession. No matter your opinion on the matter, it is important to be prepared for whatever happens if you are a new business owner. What are some of the ups and downs you can...
Increasing your flexibility when you have cash flow problems
Cash flow problems can be very detrimental for a business. That could become even more important in the future, as the country heads toward a potential recession. It is important to plan ahead and try to anticipate these needs, which may allow you to budget for them...
Should your business switch your contracts from “at-will” to long-term?
Many businesses choose to operate on an at-will basis, which is suitable in many situations. As the economy of the country changes, some companies are choosing to move to long-term contracts. There are many benefits to this, especially if you’re trying to make sure...
Tactics for improving your business’s accounts receivable
Operating a successful business requires constant adjustments to how it operates. During times when an economic downturn seems likely, appropriate changes to company operations can help the business whether the upcoming financial storm. Accounts receivable or unpaid...
Invest in your business by investing in your relationships
Your business wouldn’t run without the support from your customers, employees, investors, vendors and outside advisors. As the economy gets rough, many of your valued relationships may be struggling. This may be the perfect time to reach out and see if you can lend a...
When is it appropriate to renegotiate terms with long-term vendors?
As you’ve established your business over the years, you’ve made several useful contacts. You’ve been dealing with the same vendor for some time now and think it’s time to negotiate a new deal. Business negotiations are rarely easy, and both sides may not have the...
Tips for business divorce and restructuring
Companies sometimes cease operations to do some restructuring. This can occur for various reasons, particularly if partners go their separate ways instead of continuing the partnership or when one larger company splits into smaller companies. Both situations are...