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How you'll handle a business transfer is a critical component of your succession and legacy planning. Without a clear and detailed strategy, you jeopardize your company's future and leave your successor vulnerable to substantial tax hits.
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Running a business shouldn't be a one-person operation. Having the right advisors at your side can help you make the correct decisions across your company. However, how do you find these advisors and be sure they're the right fit?
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While your business may be growing, you may have not yet reached a point where you have a dedicated human resources department. But, you need to take on additional employees. What hiring tips can you follow to help your company grow?
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Using legacy equipment presents a number of risks and challenges, including the potential for work stoppages or injury. Staying ahead of breakdowns by keeping detailed notes can not only help your business keep running — it may help you form a business case for funding replacements.
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While partnering with your competitors may seem counterintuitive, "coopetition" may have its benefits. From creating new products and services to offloading excess space, working together can lead to fruitful partnerships between rivals.
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While the effects of a trade war can be hard to predict, business owners managing their cash flow do have options. Working with trusted financial partners while watching what competitors do may provide a path for successfully navigating tariffs.
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In a bygone era, technology may not have been a top priority for small businesses. That's certainly not the case today. In the manufacturing sector, in particular, the rush to embrace and embed new manufacturing technology to break down the barriers between the physical and digital world, known as "Industry 4.0," is the latest example of how organizations are increasingly becoming more sophisticated in order to compete.
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Manufacturing has been ahead of the curve with automation — at least in terms of production. But when it comes to business process automation, the industry has been slower to adapt.
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Despite a strong economy the past few years, a construction labor shortage has left construction companies in a peculiar position. Even with the unemployment rate hovering at the lowest level in 18 years, it's becoming increasingly hard to find workers.
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One of the toughest issues facing growing firms in a fiercely competitive market is the importance of company culture.
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