Welcome to a brand-new year! As you rang in 2023, what resolutions did you make? For most well-intentioned Americans, the typical resolutions to lose weight or exercise are, sadly, discarded by spring. What about your business? Are you setting aspirational goals for your business that have the same chance of success as Uncle Ernie’s annual resolution to lose 30 pounds?

As Christmas approaches and we gather loved ones near, it’s a good time to reflect on some of the larger things in life. Holidays bring out the desire to be a better person, help others, and be appreciative of blessings that aren’t packaged in bright paper or festive bows. Sometimes the best gifts are hard-won lessons, a changed outlook, or a spark of insight about how to approach a given situation.

November Newsletter November 22, 2022 The word “courage” is thrown around loosely these days, but have you ever thought about what it means to you and your business? Before you even opened your doors to customers, you demonstrated courage as a business owner. And that courage is tested regularly — while weathering bad markets, considering expansion, or hiring new employees.

There are huge opportunities to continue to improve efficiency in the way your business operates. Yet business owners are often unable to see past the way they’ve “always done things.”

Where are your important documents when you need them? One good rule of business (and life) is to expect the unexpected. Through the normal life of a company, there will be times when you must have important documents close at hand due to something unexpected.

Every community has worthy nonprofit organizations that can benefit immensely from the time and talents of teams. Giving back to the community is a meaningful and fun way to build camaraderie in your workplace, while furthering your company’s local and regional visibility.

Market cycles make headlines, no matter which way things are going. While it’s useful to understand past cycles and be aware of market changes, that awareness won’t be of use unless your business is also prepared.

Most owners understand a valuation as an appraisal of sorts, and valuations do determine the value of the business based on the valuation’s intended purpose. However, there’s a lot more to it. A business valuation is an involved process — or at least it should be.

Summer is in full swing, and the sunny weather brings thoughts of vacation adventures and quality time with family. Some like to fly by the seat of their pants and not plan anything ahead of time, while others put in serious research and map out every meal and bathroom break in order to get the most out of their time away.

The management of cashflow is an all-too-common stressor on business owners, yet the problem can be mostly resolved with time invested in planning. We hear from business owners who often find themselves “behind the eight ball,” who feel fortunate each time that a needed (but not necessarily expected) check arrives just in time to ward off multiple issues. If this is how you operate, it is time to make a change to provide you with confidence and comfort.

The topic of most concern to our clients over the last few months has been finding and retaining labor. After one such conversation with a client, we went to a sandwich shop for lunch and noticed a full staff bustling about the food preparation area. And yet, another sandwich chain across the street had a HELP WANTED sign out front.

With the current business environment and lack of quality labor, the level to which your employees feel engaged is paramount to the success and growth of your business. How do you show appreciation to your staff?

The terms “merger” and “acquisition” each refer to the joining of two companies, but there are key differences between the two.

When was the last time you improved a business relationship by making a referral? When was the last time you leveraged a business relationship and asked for a referral? We feel making referrals is vital in a world so reliant on customer reviews and feedback. We further explore the topic in this month’s Navigator.

When we begin working with a business owner, our first step is determining the “de-risking” measures needed to solidify the company’s foundation. We initiate this challenging conversation by asking important questions that tie into a group of challenges we call “The Five D’s”: Disagreement, Divorce, Disability, Distress and Death.