We’re quickly approaching budget season, which for many business leaders means weeks spent number crunching and forecasting for 2020. While many businesses do simple growth calculations to project their revenues and expenses for the coming year, the more successful businesses apply a more strategic process to budgeting that not only informs their business plan for the year, but also helps them to potentially innovate and outmaneuver the competition.
For many small and mid-sized companies, the issue of confidentiality and trade secrets is often an afterthought. Sure, you might have a confidentiality clause in your employment contracts, or an NDA template you use when hiring contractors, but does your company have official policies regarding the handling of confidential information?
What does it take to become a successful entrepreneur in today’s economy? If we were to follow the Silicon Valley formula, it would be: pitch, fund, scale, sell. But this view of entrepreneurship is not healthy for business owners or for society. Luckily, the tide is starting to change.
As a financial advisory firm specializing in creative businesses, we are often asked what defines a “creative business.” For many, the first thought that comes to mind are arts-based businesses, however, new technologies are forcing us to rethink this definition.
Mature employees are one of the fastest growing segments of the labor market, but many firms have not yet adapted their recruiting, training, and employee engagement strategies to capitalize on this influx of older workers.
In growing companies, business owners will often need to hire early-career applicants, typically employees that are fresh out of school with little work experience.
Businesses that embrace the idea of purpose and profit being “inextricably linked” are those that will drive the innovations of the future and see long-term profitability.
Tucked into the 2017 tax bill was a bipartisan provision for Opportunity Zones, a new tax incentive designed to channel unrealized capital gains held by investors into long-term investments in parts of America struggling with high poverty and slow job growth.
The buzzwords that have led the news this decade, in particular AI, blockchain, AR/VR, and IoT (Internet of Things), are no longer newfangled ideas and hype, but have all evolved into useful technologies that are driving new innovations in the market.
At the close of the year, small business owners must take on a complex balancing act with their finances to ensure that they’re well-positioned for the coming new year.
When it comes to strategic planning, every business will come across the need to institute a major organizational change, whether it’s implementing a new technology, establishing different operational processes, restructuring staff, or changing employee culture.
Entrepreneurs often build their careers and businesses on a strong sense of intuition. But what happens when the data and numbers contradict your instincts? Learn where to apply intuition and where to apply logic within your business processes to avoid these types of pitfalls.
Businesses that are active in local business organizations often benefit from the network of local business leaders, as well as the advocacy of their interests to the local government.
As a small business owner, when it comes to effecting change in your community, there’s strength in numbers. That’s why small business alliances can be a powerful way to influence local government and protect the interests of small businesses and the local neighborhood.
Working with local community colleges is a great way for small businesses to build and refine the recruiting pipeline for future employees.
In business, stories are powerful tools for connection, persuasion, and motivation. They can help to attract investors, market your product or brand, and align your team around a shared purpose or goal.
One of the most important operational projects at any company is goal setting, a process that identifies upcoming objectives, lays out key initiatives, and defines the metrics by which to measure success.
In a business culture dominated by the mantra “Fail fast, fail often,” we spend a lot of time extolling the virtues of companies for doing things fast—for being fastest to market, quickest to respond, most agile to pivot—but we often don’t sing the praises of businesses that know how to take things slow.
In the world of business, good strategy is as much about what you don’t do as it is about what you do, and good leadership is knowing when to say “no” as much as knowing when to say “yes.”
The new tax law signed into effect at the end of December 2017 has created a scramble among business owners and professionals over how to take advantage of the new provisions. If you’re thinking about restructuring your business, here’s some basics that you need to take into consideration.