As a small business owner, keeping your business financially healthy is critical. The COVID-19 pandemic showed many businesses just how little can stand between huge success and major financial trouble. While there might not be another crisis for many years, planning ahead can help make sure that the financial...
When your business has numerous target audiences, business segmentation can be the most effective path forward. Because the average customer bears witness to so many advertisements over the course of a single day, the ones that are most effective are often highly targeted. When you have multiple business lines...
Particularly if you are a sole proprietor or just starting out, it’s tempting to keep your personal and business accounts together. After all, when you’re regularly moving cash from one to the other, it’s most convenient to do that within the same bank account instead of across two accounts....
In all things, especially in business strategy, balance is crucial. As an entrepreneur, finding a distinct balance between your long-term business strategy and short-term business needs is one of the most significant challenges you will face—too many wind up sacrificing one for the other. But you need not sacrifice...
Starting a business opens the doors to loss and liability. In today’s uncertain climate, the potential for risk is higher than ever. It is critical to protect your business by developing a business strategy focused on risk avoidance. What is Risk Avoidance? Risk avoidance strategies are steps businesses can...
Strategic planning is the secret weapon of many enduring and prosperous businesses. Before explaining how a strategic plan can benefit your business, let’s take a quick look at the concept itself. What is a Strategic Plan? Strategic plans are documents designed to help businesses achieve short- and long-term objectives....
If you are looking to do business in the U.S., you will have numerous opportunities to succeed, but there are also some pitfalls for which you should keep a lookout. You should understand what to expect, how to be prepared, and the best approaches to take so you can...
Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because they’re unable to fully reach the various goals necessary to get there. If this scenario sounds all too...
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year is the perfect time...
Every business experiences occasional cash shortages. When this happens, owners often assume they should go out and sell more. But this strategy can sometimes compound money troubles over the short run. Why? The answer lies in a concept known as the “Cash Gap.” Understanding this concept can help your...
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