16 Feb

Solving Your Labor Issues Doesn’t take Rocket Science

Let’s are honest, the lack of labor is hurting many businesses.  Work is being done more expensively; huge unsupportable pay increases are being used to attract workers and yet, some of them still ghost you, leave you or simply cannot do the work at the quality level you and your customers demand.  This issue is harming your business growth AND the sustainability of your business.  You feel like you’ve tried everything and frustration is everywhere.  Your Cost of Goods Sold is increasing primarily due to excessive overtime and increasing wages to compete with your competitors who are doing the same.  What more can you do?

There is a solution.

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09 Feb

I Don’t Want to Plan My Exit From My Business

If you don’t want to plan your exit from your business then don’t.  It’s that simple.  However, that doesn’t mean you shouldn’t work on your business.  Work on your business to make it more productive, more efficient or as I like to say, help make it recession proof.  Being prepared is part of being successful at business.

With Baby Boomers owning most US Businesses it is understandable that the focus of many business consultants is to focus on helping them transition their businesses to others.  Why wouldn’t they, with roughly 10 trillion dollars of business involved it only makes sense.   But Baby Boomers don’t own everything, and not all Baby Boomers are thinking of retirement.  We are living longer than our parents and Grandparents so staying in the business longer also makes sense.  The youngest Baby Boomers are about 53.  They could have another 20 or 30 years of working life left if they choose.  Their businesses need to do things too.

If you don’t want to plan your exit, what should you do?

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02 Feb

Successful Life After Work Means Planning

My continuing education about business, work, and the workplace recently shared an interesting piece of data with me.  That data was only 20% of businesses that go on the market are sold.  Further, of those business owners who sold their business, 72% did not know or did not think the sale of the business will impact their lifestyle.

Think about those two points.  The average business owner has 80-90% of their personal wealth tied up in their business.  About 20% of them can take physical possession of that wealth through a sale while 80% will have to find another way.  What should each of these business owners do to improve those outcomes?  What can they do to become part of the 20% and equally important, what can be done for the remaining 80%?

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12 Jan

Have You Given Your Business a Checkup?

Good health is important.  It is important to our bodies, and it is important to our business.  When you care about the health of your business, you are demonstrating an interest in more than just the money that flows through it.  You are showing that you fully understand the different parts of your business that contribute to its success – its good health.  Just like we visit our Doctors once a year for a checkup, we take our cars to a mechanic for a tune-up, or we visit the Dentist for a cleaning, we should also conduct a checkup on our business at least once a year.  Some suggest conducting a checkup twice a tear.  Whichever you choose, you may be wondering – What exactly is a Business Checkup?

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05 Jan

Business Income or Business Value – More of the Story

If you are an owner of a small to mid-size business, the odds are that your business is what is sometimes called a “Life Style” business.  In other words, the business is there for an income with which you support yourself and family.  The more income you have, the better your lifestyle.

According to the Exit Planning Institute (EPI), most business owners have between 80 and 90 percent of their personal wealth tied up in their businesses.  Further:

  • About 63% of businesses are owned by Baby Boomers, and inevitably all of them will one day leave their business.
  • Of these, 83% have no plan for their future or the future of their business.
  • Half of these owners will need the business to be profitable after they exit.

Personal wealth does not come from revenue alone; it comes from the value of the business.  Value is linked to revenue.  You have to focus on BOTH to have the financial security to maintain your lifestyle.  So how do you do that?  (Business value also affects business loan eligibility and amount – that’s another story.)

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