CUSTOMERS DRIVING THEIR BUSINESS FORWARD

Around 20% of all small businesses in the U.S. are family-owned businesses, according to the Small Business Administration. A family-owned business is one that is operated by at least two members of the same family and one where the family has the majority of ownership control of the company. Just as things can get a …

As the owner of a business, you might already know all too well the expense involved in adding new members to your team. You might also be familiar with the cost of bringing on the wrong hire. Some estimate that bringing on a bad hire can cost companies hundreds of thousands of dollars. When money …

As the end of the year approaches, there are some things your business needs to do to ensure its success in the coming year, whether this has been your first year in business, your 10th, or your 50th. There are many loose ends to tie up before the clock strikes midnight on December 31. Working …

At this point, it might be an understatement to say that 2020 has been a challenging year. Businesses were forced to make many tough decisions, from laying off key employees to deciding where to focus their energy and attention. Some companies had to press pause on plans to expand and grow while others were forced …

Improving Profit Margins One way to measure the financial health of your business is to look at its profit margin. The profit margin shows how your company makes money. It’s a ratio that’s usually calculated by dividing business income by revenue. The most commonly referenced profit margin is the net profit margin, which shows how …

What does your business need to succeed? You might be surprised to learn that it’s not the best product or the most innovative service. It’s not offering the lowest price, nor is it breaking certain records. Your business’ continued health and longevity depend in large part on the health of its relationships. Those relationships might …

Life and business both have their ups and downs. As the COVID-19 pandemic continues to keep many businesses shuttered and continues to wreak havoc on the economy, many business owners are finding themselves up against previously unforeseen challenges. Your emotional resilience influences how you respond to those challenges, both on a personal and professional level. …

At this point, it is an understatement to say that the COVID-19 pandemic has rattled businesses to the core. Many are trying to find ways to stay afloat after prolonged closures and many are trying to find ways to win back customers who might be trepidatious about going out and about or spending money on …

Your company’s sales can drop for a number of reasons. You might own a seasonal business that sees lots of activities during certain times of the year and a significant decrease in sales for the rest of the time. The state of the economy could be keeping customers away. Whatever the cause of slow sales, …

As a general rule, the more cash your company can keep on hand, the better. The phrase “cash is king” takes on new meaning in the middle of a recession or downturn, when your sales might have dipped and your revenues have fallen. There are many things you can do to help your business survive …

After being closed for several months or having your business activities dramatically restricted as a result of stay home orders, your county has finally given your business the green light to reopen, provided you take certain precautions. You might be ready to get back to business and establish a new normal, but are your customers? …

After several months of stay-home requirements and business shutdowns, companies across the U.S. are beginning to make plans for what comes next. For many companies, that means reopening and attempting to get back to normal as much as is possible. As your company prepares to reopen, your employees might be concerned about what going back …