The Inventory Trap

The Inventory Trap

I recently spoke to a business owner who was in a real bind – an inventory bind. He had gotten caught in the inventory trap. A very influential customer had called and said they were considering placing a big order. The customer asked if they would be able to handle...

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How Much Cash Does Your Business Generate?

How Much Cash Does Your Business Generate?

I recently met with a business owner and I asked my standard first meeting question, “So what information do you use to run your business?” After almost ten years of asking that question to business owners, I continue to be amazed at the responses I get. “Well, I know...

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Systems and software

Systems and software

Technology simplifies our lives—most of the time. Good technology can also drastically improve the efficiency of your small business. It takes time and money to get the right systems and software in place, but the right technology is worth the investment. Software and...

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Retaining great employees

Retaining great employees

When you own a small business, every employee is integral to your success, so you want to hire the best. You want people who are reliable, capable, and committed to your company. How do you attract and retain the right talent? Competitive pay certainly helps, as does...

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The market for your small business

The market for your small business

As a business owner, you are focused on your customers, your operations, and all of the day-to-day challenge that you face. But how often do you take the time to really look at the big picture? How well do you know your market and where it’s headed? The business...

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Advisors and boards for small businesses

Advisors and boards for small businesses

As a business owner, you feel like you do it all and that no one else understands your business like you do. Although this may be true, to be successful, you need to be able to see your business from an outside perspective. Every business owner can benefit from the...

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Buy-sell agreements

Buy-sell agreements

When you go into business with another person or persons, even family members, you are creating a whole new relationship. It’s a marriage of sorts; you are sharing rights, responsibilities and risks. Hopefully, you will have a happy marriage, but even relationships...

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Capital structure

Capital structure

Capital is the fuel that starts the engine of your business and keeps it running. Do you have enough fuel, and are you using the right kind? In other words, is your business adequately and properly capitalized? Your capital structure is the percentage of capital in...

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