Developing a comprehensive succession strategy is often an overlooked and dreaded task of senior management. As a result, research shows that without a robust succession plan, many businesses will not survive. In the case of family businesses, only 30% survive into the second generation, 12% survive into the third generation and only 3% survive into the fourth and beyond generations. Succession planning considers: 1) Key leadership positions within the company → Carol Phelps Associates
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What’s Your Business Strategy?
Developing a comprehensive succession strategy is often an overlooked and dreaded task of senior management. As a result, research shows that without a robust succession plan, many businesses will not survive. In the case of family businesses, only 30% survive into the second generation, 12% survive into the third generation and only 3% survive into the fourth and beyond generations. Succession planning considers: 1) Key leadership positions within the company → What Are You Doing to Immunize Your Business?
Given the recent development of vaccines to combat COVID-19, business owners are investigating the best ways to obtain vaccines not only for themselves and their families but also for their employees. Industry leaders and healthcare professionals are bullish regarding the significant impact the vaccines will have to return the global community back to a sense of normalcy. Schools will reopen, restaurants will allow in-door dining, people will travel again, factory → PPP Round 2:Are You Ready?
On December 27, 2020, Congress passed a new round of the Paycheck Protection Program (PPP) funding which allocated $285.B to assist businesses impacted by the coronavirus. Loans are available through March 31, 2021 or until the allocated funds are exhausted. As a further incentive, the US Small Business Administration (SBA) opened the window to small businesses, disadvantaged businesses, and new borrowers to start applying on January 11, 2021- a few → Resilency
Resiliency can be defined as 1) capacity to recover quickly from difficulties; 2) toughness and 3) elasticity. For a current business owner that means responding to challenges while maintaining stable business operations: assets, brand, profit, and people. A key to positive elasticity is understanding the strong and weak links in your organization. Data indicates 40% of small and medium businesses fail after a natural or man-made disaster. And for those → Business Financial Scan
Do a financial scan of your business to help diagnose the financial strength of your business. Before performing a scan ask yourself: 1. What information will the test give you? 2. How will the results guide your next steps to treat any found problems? 3. What are the risks and benefits of the treatment? Now, determine if your revenues are tied to industries which have suffered major decline due to → What the Coronavirus Pandemic is Teaching the Financial Community
The coronavirus has proved to be a disrupter of not only the global healthcare system but also the worldwide economic system. Uncertainty about the short and long terms effects of the pandemic permeates discussions across communities from Asia to South Africa. The interdependence of health systems and the financial systems have never been more apparent than during this time. The realities of the pandemic are especially crushing to the → What’s Your Business Blind Spot
The old adage that “what you don’t know won’t hurt you” does not apply to business success. Many business owners are uncertain about some key drivers of their business’s successes and failures. Common blind spots: 1. Key customers not only means you are able to list your top customers but more importantly do you know which customers are your most profitable? The answer to this question will enable you → Go Broke and Ignore Customer Feedback
What comes to mind when someone mentions “startups”? The archetypal image of two guys in a garage cranking out a tech-based, soon to be VC-backed startup in Silicon Valley is one of the many myths of the entrepreneurship world that drive away a lot of potential entrepreneurs. It is apt that the theme of this past Sunday’s 11th annual Entrepreneurship Conference focused on rethinking entrepreneurship and breaking the myths →