A business plan and budget is a road map to succeeding in business. If you know where you want to go but you don’t know how you are going to get there, you may still reach your destination, but it will probably take you longer than if you had planned out the journey. Including your team in this process is vital to the success of your plan.
Read MoreTopics: Business Planning
We’ve been writing down tasks, completing some of them, and adding more to lists for thousands of years. It seems like a rational way to accomplish the things one must accomplish – and it probably was, beginning from when humans made their first mark on cave walls.
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Think of financial forecasts as your financial road map, they are very important tools in the tough economic conditions we are facing. Using a financial forecasts allows you to construct a model of how your business might perform financially if certain strategies, events and plans are carried out.
Read MoreTopics: Business Planning
The concept of lifestyle design has certainly gained a lot of traction in the global community of entrepreneurs in recent years. Notable industry influencers including Tim Ferris, author of the 4-Hour Work Week, have pointedly made the assertion that owning a business needs to mean more than just balance sheets and bank accounts.
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There are many benefits to being a small business owner such as being your own boss, leading a team and the ability to give back to your community. A well-funded retirement account, though, is not one of these many benefits. Most of us believe that, when the time is right, we will sell our business and easily transition into retirement on the earnings generated from the sale. It’s certainly an appealing scenario. To pull it off, however, takes years of preparation and careful planning. This succession planning can be broken down into three categories – people, systems and finances.
Read MoreTopics: Business Improvement, Retirement Planning, Business Planning
