I would be willing to bet the answer is no. You might think you know what your business is worth. You might even have done a formal valuation to find out what your business is worth. Knowing what your business is worth is both complicated and easy at the same time.
I’ll admit that I’m not a big fan of goal setting. I don’t like to do it and I don’t like to monitor them. At the same time I know that if I don’t set goals I’ll just chase my tail and get nothing useful done.
Does this sound familiar to you? You know you should set goals, you’ve been taught that without goals you don’t know where you’re going, and yet, you just never seem to get around to setting them.
Someday you might want to retire. If you’re like most people you probably haven’t saved enough. If you own a business I can almost guarantee you haven’t. That’s because you think your business will provide more money than it really will.
If you work as an employee for someone you might not have done a plan that allows you to see how much you should save. I’m hoping that you’re under 35 years old and reading this post. If you are, it’ll be easy for you to save. If you’re not it gets much more difficult.
One of the largest costs you have in your company is workers' compensation. It’s also one of the more arcane insurances that you buy.
Managing workers' compensation can save you thousands if not tens of thousands of dollars per year. Knowing a few tricks can help you manage this cost.
I was recently at a meeting where it was opened with a picture of a person who had been instrumental in the success of the company. The CEO of the company started singing the praises of this person. Unfortunately, the person the CEO was talking about was dead. He never got a chance to hear how important he was to the company.
I’ve heard it all. I want to make sure the buyer takes care of my employees, my customers, my suppliers, and my community. I agree you should care about that. Then you should ask yourself this question, “When someone buys my business why should they care about what I want?”
Know why you’re selling your business.
I know that you think it’s OK to take a chance. We even have been taught that we’re supposed to take chances. Then, you get the opportunity and for whatever reason you decide to pass. It might be you think it’s just too risky or you might not want to look foolish.
I know that you don’t want to be foolish and sometimes the chance you’re thinking of taking is just too risky, or is it?
I don’t know about you, but I hate to think about the really scary things that can happen in life. At the same time I know it’s the responsible thing to do. I love my family and I want to make sure that if something happens to me they’ll be taken care of.
There are two sides of disaster planning: One is scenario planning and the other is risk management. This post is for those of us who need some reminders about risk management.