Every small business goes through rough patches where business growth sometimes must take a back seat to “just getting by”. Maybe you lost a key employee, maybe family concerns have eroded your laser focus on your business, or maybe the economy is going through an uncertain time. But growth may be possible even in tough or uncertain times. Actually, down times can also be the perfect time for making positive shifts that will benefit your business later. These 10 tips can help you position your business for future success.
Nobody likes to admit when they’ve made a mistake and risk the embarrassment, reputation-sullying, or potential wrath from the person who was wronged. This is especially true of Millennials, who were raised with participation trophies and parents with a propensity for telling them they were perfect no matter how big a flub they made.
Last year our startup went through a serious downtime. We had a large deal signed that fell through with only 7% of its original commitment. During this time, we went through what every entrepreneur fears – no money. We had already started the wheels turning for future growth plans, and yet we didn’t have the cash to do so.
Are you putting together a business plan? Well, good luck with that. I’ve seen lots of business plans over the past few decades that have been prepared by many well-meaning business owners for themselves, their bankers and their investors. Just about all of them have been useless.
It’s becoming harder than ever to stay calm and relaxed in the workplace–especially when you’re the boss. Part of the reason that so many people are feeling so angst-ridden about their work is because they have never learned any methods to alleviate their stress.
You don’t have to wait for Veterans Day to honor a veteran. Your business can help honor veterans by hiring one. It’s a good diversity practice with benefits that go all around – to your business, the veterans you hire and the community at large.
Entrepreneurs are a tough breed. It’s a necessity of the start-up life, in which:
“If repetition is the mother of mastery, then belief must be the mother of achievement,” Gary Oneil says. “Like most things in life, we won’t take action in anything if we don’t believe in it. So the million-dollar question becomes how do we strengthen our belief system – the rules that our brains play by to get us to move and do?”
If you start a business and don’t form an entity, the income and expense goes on Schedule C to your personal tax return. Schedule C, it turns out, is the single most likely type of tax return to be audited by the IRS. Ouch. That in itself can be a reason to form an entity. Other reasons include liability protection and allowing for multiple owners.
For those who’ve beaten the odds to create a successful business, congratulations. But your challenges are only beginning. This is the phase where millions of viable businesses will now trip on their long term planning to take their business to the next level or will miss the factors that could be bringing greater profitability from current operations their way.