Business planning often revolves around the idea of “What’s in it for me?” Business owners usually want the kinds of planning that let them run, grow, and eventually leave their business on their terms. But rare is the business that can run, grow, and allow its owner to leave on their terms without support from key employees. To gather that …

No matter how you define business success, one thing is constant: When everyone is rowing in the same direction, it’s much easier to reach the destination. As you grow your business, you’ll likely find that the stronger your internal people and processes are, the more options you have to achieve success.  Today, we’ll examine some of the potentially positive consequences …

Owning a successful business is a constant exercise in planning. Many successful business owners have already committed to personal financial planning, including investing and providing financial security for themselves and their families.  However, fewer business owners have created a business continuity plan. A business continuity plan includes strategies and action items regarding what happens to the business if or when …

As your successful business grows larger and matures, you should always be on the lookout for forces that can diminish its value. New companies and competitors constantly aim at the top dog by identifying and exploiting weaknesses. To mitigate this constant threat, you should do two things. Identify what makes your company valuable. Protect those assets as much as possible. …

One of the most important skill sets that successful business owners have is the ability to be ready for just about anything. The key to doing this is being agile. Let’s look at what an agile framework looks like, why it matters, and the differences between waiting for perfection and being agile in your business planning. The Agile Framework You …

Retaining your company’s key employees is one of the most important steps toward your business’ success. Key employees can reduce your workload, noticeably improve company performance and operations, and act as the backbone of a successful business sale in the future. So, how can you keep these employees on board and engaged as you work toward a successful future? Let’s …

When you die, how much money do you want to have to pay lawyers to wrangle the complications of your estate? How about the IRS—how much of your life’s work would you like to hand over to them? And if given the choice, would you prefer a smooth and responsible transfer of wealth to your family, or a difficult, bloody-knuckle …

When you set your business up for future success, you can set yourself, your family, and your personal interests up for similar success. But a common problem owners overlook is how to address Deal Killers, which can prevent you and your company from achieving the success you want. Today, we’ll examine eight common Deal Killers and show you a five-step …

Preparing your business for a successful future often goes hand in hand with preparing your business for a successful sale. No matter whom you sell to—and even if you believe you’ll never sell your business—you should focus on catching Deal Killers. Deal Killers are things that can affect your business’ value and future. Let’s look at an example of the …

Setting goals is a catalyst for success, especially if you’re planning for the future of your ownership and the success of your business. The strongest goals tend to have five aspects that help you guide the process for achieving them. In other words, when you set goals, you want to set SMART goals: Specific Measurable Accurate Realistic Time-limited  Let’s look …