Do you feel as if you are slogging along instead of buzzing? It is business as usual but things are just not clicking? Sales are okay but not great. If this scenario resonates with you, then it is time to tap your strategic reserves. You need to drill deep, though, if you seek to isolate [...]
The New Year always gives us a sense of renewal and focus. It provides us with a time, albeit frenzied, to reflect on what happened last year and what we can do to improve upon our performance, our systems, and our “working on our businesses” as opposed to “working in them.” Many times, when we [...]
My good friend and fellow Certified Business Exit Consultant Kevin Kennedy has a great way to describe exit and succession planning: "Succession Planning is replacing yourself." "Exit Planning is replacing your income." Think about it! You, as a business owner can do one, both or neither. Please consider the consequences of having no exit and/or [...]
“Business, more than any other occupation, is a continual dealing with the future; it is a continual calculation, an instinctive exercise in foresight” – Henry R. Luce Steve Jobs death is certainly an incredible loss at many levels. However, there are important questions and lessons for founders and leaders of closely held businesses. Most [...]
Our days are numbered. One of the primary goals in our lives should be to prepare for our last day. ~ Billy Graham What makes greatness is starting something that lives after you. ~ Leonard Bernstein The Reverend Graham’s quotation no doubt refers to larger issues than business management. However, baby boomer business owners would be wise [...]
1. Focus on increasing cash flow 2. Develop operating systems that improve sustainability of cash flows 3. Improve facility appearance 4. Pay down debt 5. Document sustainability or earnings 6. Implement a strategy to grow the company 7. Build a strong management team and groom a successor
During a recent monthly business review meeting with an executive team of a privately held company we were working through a number of important issues, one of which was succession planning for the firm, a topic people had been deferring for sometime, thinking it was important but not urgent. One of the partners looked around the [...]
In my work with Jim Horan, founder and chief architect of The One Page Business Plan (tm), I have become enamored with his question, "Who does the best thinking in your organization?" This question not only makes leaders think, but often act very differently. Good leaders recognize that if they are the best thinkers then [...]
Can you hear the clock ticking? By the time you finish reading this sentence, a baby boomer business owner will have turned 65. By the time you finish reading this column, five more will have reached the traditional age of retirement. Those business owners probably have big dreams for retirement, such as moving to a [...]
The mess our politicians are making of our economy through their inability to lead together is a great reminder for business leaders. "Leader" is more than a title, it is a massive responsibility to those who you expect to follow you. Good leaders are "servant leaders." Great leaders... Have a clear and actionable vision Communicate [...]