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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26 Jan

What Happens Next With Your Business

It’s a conversation most business owners and their families don’t want to have.  The conversation about what happens next with the business.  Next as in when the current business owner is no longer working in the business.  Next, as in how do we effectively manage that transition to ensure that the investment made in the business provides the best possible return for the business owner.

So what happens next?

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22 Sep

Our Workforce Is Our Greatest Asset

“Our Workforce is our greatest asset.”  I think most of us have heard those words, or similar, spoken by the leaders of most businesses.  It is important that they truly believe that.  However, how many of them truly take the necessary steps, both tactically and strategically, to make those words a reality.  To put it another way, how many businesses truly walk the talk?  Is your workforce truly your greatest asset?

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08 Sep

I Think It’s Time We Had The Talk

Not that talk.  The talk about you and the business you own.  Like it or not, one day you will leave your business.  Planning for it is something many are uncomfortable with.  Some never do, and that can not only cost them a great deal of money, but it can also cause a great deal of pain for their survivors.  Yes, your survivors; I know a business this happened to, a 50-something business owner who one day simply fell over and died.  When everything regarding his estate was completed, the family also lost the business.  This was all because there was no plan for what happened when the owner no longer worked in the business.  That may seem like an extreme, but it happened.  I knew the family personally, and the idea of transition planning was something they didn’t want to discuss.  They should have.

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21 Jul

Workforce Planning for Business Success

The current worker shortage has caused havoc for many businesses.  Work is being declined, and that is both stopping business growth and causing revenues to decrease.  So what is a business to do?  The answer, not without concerted effort and skill, is simple just the same.  Workforce Planning for your business can in fact not only address the shortage but also make your company more productive and profitable.

The bigger challenge is having the Knowledge, Skills, and Abilities (KSA) within your organization to go through the process.  Workforce Planning can be complex, but it doesn’t have to be.  In fact, the OPM has a simple 5-step process you can follow that can get you started.  What does that OPM 5-step process look like?

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