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What’s the Right Device Policy for Your Company?
Device policies pertaining to smartphones and other technology tools continue to frustrate business owners as they try to balance their needs for security and functionality against employees’ rights to privacy and freedom. At some companies, loose “bring your own device” (BYOD) policies are giving way to stricter “choose your own device” (CYOD) or “corporate-owned, personally…
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Stretch Your Marketing Dollars Further with Smart Strategies
If your marketing budget is limited, there may be ways to make that money go further. Smart strategies abound for small to midsize businesses. Let’s look at a few ideas for stretching your marketing dollars a bit further. Check out the big guys Look to larger companies for ideas on how to improve and amp…
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5 Ways to Strengthen Your Business for the New Year
The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both: 1. Compare…
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Cost Management: A Budget’s Best Friend
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions such as: Are we operating…
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Bridging the Gap Between Budget & Risk Management
At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to research, assess and incorporate into adjustments to next year’s budget:…
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Look In the Mirror and Identify Your Company Culture
“Company culture” is a buzzword that’s been around for a while, but your culture may never have mattered as much as it does in today’s transparency-driven business arena. Customers, potential partners and investors, and job candidates are paying more attention to company culture when deciding whether to buy from a business or otherwise involve themselves…
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What Lenders Look for in a Succession Plan
Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after you’ve stepped down,…
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Deciding Whether a Merger or Acquisition is the Right Move
Merging with, or acquiring, another company is one of the best ways to grow rapidly. You might be able to significantly boost revenue, literally overnight, by acquiring another business. In contrast, achieving a comparable rate of growth organically — by increasing sales of existing products and services or adding new product and service lines —…
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At The Very Least, Update the Financials in Your Business Plan
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would comprehensively update each section every year. But if the size, shape and objectives of your…
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A Shadow Board Could Shed Light on Your Company’s Best Future
In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational…
