If you ask them whether or not they do strategic business planning, most business owners and CEOs will say, “Yes, of course!” But then if you ask them to describe their strategic planning process to you, the majority will probably stammer for a few seconds and then say something...
In recent years, more mid-sized businesses have begun to outsource some of their functions to consultants, freelancers and third-party service providers instead of handling the work in-house. There are many potential benefits to outsourcing some functions instead of having current employees perform them or hiring new employees to do...
When seeking to borrow money, raise equity capital, make an acquisition or enter into a joint venture, owners of small and mid-sized businesses often face unexpected hurdles due to the fact that they haven’t kept their business and financial house in order. I have encountered a number of situations...
In a recent article, we discussed the fact that it’s now essential that the finance function apply digital technology in order to properly serve the constituents of any organization. The current reality is that the operating model of the modern finance department will continue to evolve by automating non-value...
One of the primary responsibilities of a CFO or controller is to build a stable, high-performing finance staff. Finance is playing an increasingly important role in the strategic direction of many companies, which makes the successful construction and composition of the finance staff critical, not only to the success...
You face many risks as the owner of a closely held business. These include market risks, like changing customer preferences and tastes that could affect demand for your products or services; competitive risks, such as the entry of new competitors into your market area or industry; and regulatory risks,...
We’ve all heard the saying, “Don’t put all your eggs in one basket.” It is often quoted when discussing the importance of diversifying an investment portfolio so it isn’t vulnerable to wild price fluctuations by just one or a handful of stocks. This saying is also appropriate when it...
Buying another business is one way to grow your company. Growth by acquisition can lead to the realization of synergies between the merged businesses as well as rapid, exponential growth that could take years to achieve organically. One of the biggest keys to a successful business acquisition is performing...
Pricing is one of the most critical tasks that any successful business has to get right. Price your products and services too low and you won’t earn a high enough margin to meet your expenses and earn a profit. Price them too high and you might not sell enough...
As difficult as it might be to envision someone else at the helm of your business, the fact is nobody can run a business forever. Eventually there will come a day when it’s time for you to exit your company. This may be because you’re ready to retire,...