Running your own business is tons of work even when everything is running smoothly. What about when problems arise? It's important to know what can go wrong and how to handle it in an efficient and timely manner. Here are a handful of crisis-level situations that might cause problems for your business and some ways to approach each situation. Poor Teamwork … [Read more...] about How to Handle Crisis in Your Business
Is a bad winter about to set upon the business community of America? This winter does not refer to severe weather or bad road conditions, but more so, the “winter of finance”, also known as a recession. Some financial experts say that a recession is something to keep an eye on as 2020 approaches. Hedge fund manager Ray Dalio stated that he believes the U.S. is heading for the … [Read more...] about How Can Entrepreneurs Prepare for a Possible Debt Crisis in 2020?
In 2018, natural disaster alone cost the US $91 billion. It isn't always possible to predict when disaster will strike. It's important that you and your business are prepared for when the worst does happen. But creating a business disaster recovery plan can seem like a daunting task. Don't worry, it's simple! Read on for our guide that will help you get started on … [Read more...] about Don’t Get Caught Off Guard: How to Create a Business Disaster Recovery Plan
It can be disheartening, as a small business, to look at the current business landscape and think about the prospect of competing with a billion (or in the case of Amazon, trillion) dollar company. “How can I compete with multi-million dollar marketing budgets, teams of savvy millennials running expert social media accounts, and ruthless executives and CEOs doing whatever it … [Read more...] about Can Small Businesses Compete with the Big Boys?
Despite your big dreams of entrepreneurship - despite all you did to raise the capital, to attract the talent, to increase visibility and to build a strong and successful business - it looks like your business is failing. Like it or not, it’s probably your fault. Though sometimes businesses fail due to genuinely chaotic market forces, more often, businesses fail because … [Read more...] about Your Business Isn’t Failing; You’re Failing Your Business
Starting your own business is always risky. You could copy step-for-step the actions of a successful enterprise and still fail to make it to your second year. If you have suffered an entrepreneurial disappointment, it might help to remember that over 50 percent of small businesses go under before their fifth anniversary. Not every business idea is a home run — or even a base … [Read more...] about First Business Fouls Make Second Business Successes
A few years ago, I had the pleasure of listening to Victor Cheng speak about how to recession-proof your business. Victor is a well-regarded author and dynamic speaker who has appeared on Fox Business Channel and MSNBC, and been featured in the Wall Street Journal, U.S. News and World Report, SmartMoney magazine, Inc. magazine and TheStreet.com. Victor's advice is centered … [Read more...] about How to Recession-Proof Your Retail Business
No business owner wants to think about facing disaster, but each should be prepared for one. With the right planning, catastrophes from fires to floods can be reduced to substantial challenges on the long road of ownership. Follow these tips to be prepared. Prepare an Evacuation Box Purchase a lockable “evacuation box” to hold important documents such as prior year tax … [Read more...] about Checklist for Disaster Preparedness and Recovery
There comes a point in the life of any business owner when it seems like you are staring at a wall. Maybe sales have slowed to a crawl, maybe the work has become monotonous, or perhaps a few setbacks have happened recently. Whatever the cause, there may be a day when you are tempted to just forget the whole thing. Here are a few simple ways to overcome business setbacks and get … [Read more...] about Setbacks? How to Push Yourself Out of the Slump
When you're a small business owner there's no "Golden Parachute", no massive severance package or stock options to cash in on and there are definitely no bailouts. The success or failure of your small business is all on your shoulders! Here's are 5 things to do if you want your business to fail when the economy is weak: Don't do anything Don't do enough Don't … [Read more...] about How to Avoid Business Failure & Increase Sales in a Lagging Economy