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 Employee Risk There are really two issues involved here. The first is Retention, and the second is Engagement. There is a certain amount of churn among employees in any industry. As unemployment rates drop, there are fewer skilled employees to select your next employee from.
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We’ve all seen the headlines touting the companies that have found an untapped niche in the market and have taken off like rockets.  Their outlook was extraordinarily promising in terms of a captivating vision – so many of them the darlings of Wall Street. On paper, everything with these companies seemed almost perfect; leaders with excellent credentials, top notch education, the perfect product, the best pitch, meaningful purpose, etc… It seemed that they could do no wrong and people started believing everything they said was the holy grail…. Until it wasn’t Ultimately taking a look underneath the hood, often there
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“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 off, and new ones appear on his head. Each one was grander than the one before, until the final one, which was the most glorious hat of all. Bartholomew is a bit like every entrepreneur I know. As you start a business, you’ll be wearing
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With the unemployment rate shrinking, it has become increasingly difficult for employers to find the right people for their companies and retain their most valuable employees. To stay competitive, companies need to offer great employee benefits that incorporate a retirement savings plan. Many companies believe they can’t afford to have a retirement plan. The truth is that some plans cost very little to set up and maintain. The employer can further reduce their net costs because nearly all plans offer tax deductions for employer contributions. You can reduce your tax liability and attract and retain great employees all at the
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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, will help them continue to grow your business. In our last article, we talked about the basic functions of a CFO – Accounting and Finance. But there are other key areas of business operation that usually fall under the purview of the CFO as well
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