I worked for a businessman that said, “The devil you know is better than the devil you don’t know.” Although there may be truth to that, this witticism allows people to delay making decisions. The status quo is always easier than forging a new path or admitting that you had made a mistake. The smart…
I recently attended a Crain’s Chicago Business Small Business Breakfast. The panel consisted of 4 CEOs of dynamic companies – the Boka Restaurant Group, Athletico, Career Builder and Hickory Farms. There was wide-ranging conversation about their work history, what inspired them, and how their companies have grown. During one part of the panel conversation, there…
As a business owner, you face Business Risk on a daily basis. Here are three business risks that you must address. If you don’t manage them ahead of time, you will have to chase solutions later. It’s painful, but much easier to plan for these before they strike. Employee Risk Risk of Change Succession Risk…
“The 500 Hats of Bartholomew Cubbins” by Dr. Seuss was one of my favorite books as a youngster. It’s the story of a boy that tries to take off his hat when the king comes by, but another one just pops up in its place. He gets into trouble, as he keeps taking the hats…
Everyone wears glasses. I mean the figurative kind. The kind that color the world that we see around us. We all know people that have a pleasant, upbeat attitude, and we all know people that are grumpy all the time. Then there’s the people that feel that the world is always against them, and those…
If you’re an entrepreneur that wants to pass your company down to the next generation, you want to do everything that you can to make sure that your successor does well. Beyond knowledge of the services and products that your company sells, knowing how your company operates, especially in the areas of administration and finance,…
Nobody goes into business because they know how to read a financial statement. And yet, knowing what those statements tell you is critical to taking your company to the next level. What are the kind of questions that you’re asking that could be answered by your own CFO? Larry Chester, president of CFO Simplified explains…
Every large company has a CFO that provides their management with financial insights. That is the information that allows them to decide what changes should be made to improve company performance and their bottom line. Why should they have the exclusive benefit of that kind of senior financial advice? View this video because that insightful…
How do family businesses prepare the next generation to take over? Early in my career, I worked at a publicly held gas pipeline company. Management identified newly hired “stars,” and they would be put on a fast track, spending each of the next 4 years switching from one department to another, allowing them to learn…
In many companies, people are concerned about the pecking order. Who has the most power, the most pay, the most responsibility? Over the years, I’ve become less concerned about those ratings. My interest is always in who has the most information. Because the old cliché is true – Information is Power. But for the context…