According to recent research, a staggering two thirds of US millionaire-owned businesses are operating without a succession plan—and even fewer small business owners around the globe are prepared for their CEO’s eventual exit. Recent stats from PWC Global show that family owned businesses are no more prepared: 43% don’t have a succession plan in place, and only 12% survive to the third generation. No matter whether your company has one… Read more
Many remarkable entrepreneurs, including Warren Buffet, Sheryl Sandberg, and Richard Branson, have credited their success, in part, to the advice of their mentors. An advisory board is an informal group of mentors whose collective business expertise—and objectivity—can help you make better, more informed decisions, thereby accelerating growth. Unlike business consultants (whose fees may well exceed your budget), advisory board members may agree to provide advice pro bono, for a small… Read more
When it comes to professional advice, everyone is different. Some want confirmation on the decisions they’ve already made. Or they may want a professional mentor who can help them with every financial decision. In the same way as you might go and see a doctor when you are unwell, you may consider going to see a professional for advice if you have financial issues that you may need to address.… Read more
For small businesses, working with independent contractors can be a life saver. You can hand over tasks you don’t have time for – at a fraction of the cost of an employee. Unlike staff, you won’t owe a contractor payroll taxes, unemployment insurance, health insurance, or other employee benefits. Because contractors aren’t employees, however, they do need to be managed differently. They’re accustomed to being their own bosses, for one… Read more
Very few business owners have the means to operate without borrowing at start up, or later on when it’s time to invest in growth. Borrowing, however, is only a temporary solution to a lack of funds. Without a repayment plan debt can grow into an unmanageable problem that costs much more than the initial loan. These strategies will help you re-pay your debt faster, so you can invest the cash… Read more
For business owners who want financial security now and freedom in retirement, having a financial planner on the team is a must. A financial planner will create a customized, strategic action plan to help you achieve your personal financial goals. Getting to know you and your business inside out is the first step a financial planner will take to understand where you are now, where you want to go, and… Read more
People, clients buy WHY you do things and it is critical to attract clients who believe in the same things as what you do. By understanding who your business services and the results that your business generates for your clients, allows you to truly understand your WHY and WHY your business exists. It creates the culture in your business that motivates your clients and employees to stay by your side… Read more
It’s impossible for anyone to solve a puzzle if they are missing pieces. The road to prosperity is littered with the corpses of businesses who simply were not aware of or armed with the necessary tools to achieve success. The road to success can be achieved, when businesses clearly understand and identify all of the elements needed to complete the puzzle and effectively execute the grand plan. Clearly understanding your… Read more
Many people feel as if they’re adrift in the world. They work hard, but they don’t seem to get anywhere worthwhile. Before wealth and assets can be managed and protected, they must be created. Too much of financial planning focuses on the investment and management of funds yet fails to build and manage the long-term viability of the very strategies needed to create the assets. We’ve all seen fortunes come… Read more