Minimize Business Growing Pains
As a small to medium-sized business owner, you may be in a challenging position: do you keep your business where it is, or invest carefully to take it to the
Branding Never Stops
Whether you are just starting a new business, restructuring a struggling established company, or strengthening a highly successful business, branding is an investment you can’t afford to skip. Your brand
Don’t Just Survive — Thrive!
Why do some small businesses fail, others barely survive, and yet others thrive through recessions and downturns? The difference isn’t luck, and it’s rarely about having the best product or
How to Recession-Proof Your Business
The next recession isn’t a question of ‘if’—it’s ‘when.’ Companies that gain ground during downturns have one thing in common: they are already preparing. On average, the U.S. experiences a
What Could Possibly Go Wrong?
A Rough Patch Eventually, every business, no matter how well run, hits a rough patch. While large businesses are used to hiring consultants, and have people and processes in place
Preparing for a Business Loan
Is Bank Financing Right for You? Unfortunately, there is no simple answer to this question. Here are a few things bankers look for when they consider a business loan application.
Focus On … Something
If everything is a priority, then nothing is a priority, and nothing will get done. This is a tough lesson, but all successful business owners eventually learn it. Many startups
Sell Your Business For More
At some point, every business owner has to leave the business. While simply shutting down is always an option, it is almost never the best option. Also, what’s the point
Business Planning for Success
Canned Solutions Only Go So Far We all want a packaged solution that will solve our problems quickly, painlessly and at low cost. Need to get somewhere faster? Buy a
Why Restaurants Fail
Walk around your city and you’ll probably see at least a few “for lease” signs in empty restaurant windows. According to a study by two economists using United States Bureau
How International Conditions Can Affect Your Business
Most business owners read their local newspaper and keep up, at least to some extent, with national and international affairs through magazines, radio, television and the Internet. They see military
Food Manufacturing Growth Stages
While some food manufacturing businesses start out as well-funded spinoffs by giant companies such as Kraft or Nestle, many others start out as tiny startups with a simple idea and
Should You Scale Your Business?
OK. So you started your own business, grew it to the point where you are now making a modest income, and you finally went on a vacation for the first
Business Plan as a Living Document
The jumping off point for most entrepreneurs is writing a business plan. This is usually done to secure financing, but it is also requested by business advisers, vendors, partners and
Bright Shiny Object Syndrome
Con artists long ago mastered the art of distracting their “marks” with bright shiny objects. Once they get the victim’s attention, they exploit his or her weaknesses to get what
Before You Hire a Consultant
Before you hire a business consultant, ask yourself a few questions. First of all, why are you considering hiring a consultant? Did someone else suggest this to you? That’s fine,
What Goes Into a Restaurant Feasibility Study
While restaurants may not have the highest failure rate of any industry, they are certainly up there. Depending on timing — before, during or after a major economic downturn —
Factors Affecting Feasibility Study Pricing
Large consulting firms prefer to work with Fortune 1000 companies with tens of thousands of employees, multi-billion dollar revenues, and multi-million dollar consulting budgets. Their clients — large multi-national corporations
Strategic Planning in For-Profit and Non-Profit Organizations
Every organization has a mission. The mission of a typical for-profit company is to grow the business and make money. The mission of a nonprofit organization is to take care
Avoid These Costly Strategic Planning Mistakes
There is no such thing as a perfect strategy, or a perfect strategic planning process. No matter what you do or how you do it, it can probably be improved.
Strategic Planning During Uncertainty
Times Have Changed Decades ago a business could plan five, or even ten years into the future. They could set goals for sales and profits, and often they would reach
Business Plan Pricing
Before any consultant can estimate the fee for completing your business plan, he or she needs to understand your individual situation. This generally requires a brief conversation about your goals,
Make Better Decisions
How to Make Better Decisions Every business owner has to make tough decisions with uncertain outcomes. That is the nature of the job, and it is as true today as
Why Business Partners Need a Formal Agreement
Sometimes, one partner just wants out. Here’s why it’s smart to have a formal agreement sooner rather than later. Starting a business is probably easier today than it has ever
Take Advantage of Your Strengths
I recently read an excellent article on the advantages of small businesses over big businesses, notably customer service, communications, speed, and flexibility. To understand why small businesses are stronger in
Driving Business Value
Most business owners eventually plan to either sell their business, transfer it to others, or go public. No matter which path they choose, they usually want to maximize the value
Before You Open Your Restaurant
While appearing in a TV commercial for American Express in 2003, Chef Rocco DiSpirito said that 90% of restaurants fail within the first year. It turns out not to be
Do You Have an Exit Strategy?
This article is intended for small business owners who may be considering an exit within the next 3-10 years. Although there are many variations, there are really only a few
Should You Bring In A Consultant To Help Develop Your Business Plan?
You’ve decided you need a business plan, but you’ve been struggling so much with it that you’re ready to drop the whole thing. Now may be the time to ask
Due Diligence Checklist for Business Buyers and Investors
You’ve decided you want to either invest in or buy a privately held company. You’ve researched the company, the market, the management team, and their products. You’ve decided to make
Twenty Questions to Ask Your Customers
[This article focuses on “business to business” (B2B), but most of the questions and suggestions apply to “business to consumer” (B2C) organizations with minor modification.] Feedback from your customers can
Common Feasibility Study Mistakes and How to Avoid Them
A small startup that requires minimal capital is one thing, but any venture that involves large investments, multiple stakeholders or a long term commitment, requires a feasibility study. Not doing one in those circumstances could be considered malpractice.