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Concerned About the Future of Your Business?
So what concerns do you have for the future of your business and how can you address them? Recently, The National Federation of Independent Business (NFIB) published their small business optimism index and showed that for the sixth straight month, the reading on the index slipped below the 48 year average of 98 down to 89.5%. Small business owners expectations for the next six months have fallen by seven points to a net negative 61%. Top reasons for their concern: Inflation:
Has COVID Caused a Rethinking of your Business Exit?
How do you sell a business in the midst of ongoing COVID? There are many steps involved, but two important ones I would emphasize are business valuation and retirement liquidity. Contrary to popular belief, business owners rarely know the sale value of their businesses, so the rest of their plan can be based on a false assumption. Start by valuing the business. Relatedly, there is the issue of whether your exit plan will have a “liquidity event.” If you sell the business, tha
Tug of War between Efficiency and Productivity
Productivity and efficiency are related, but they do not mean the same. Productivity is the amount of work done in a specified time, considering inputs. Efficiency means how well you use resources and effort to produce quality results. So, which one do you want to improve in your company – or is it both? Of Course, Both! Doing more with less effort is efficient. You achieve true productivity when you get more done (quantity) with less effort (efficiency), making the most of
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