A business owner wears many hats. The old adage “chief cook and bottle washer” applies in many small businesses. The conventional thinking is that your business is your vision, and the only way to see it carried out is to do it all yourself. Another line of thinking is that because you enjoy handling any given aspect of the job, there is no need for someone else to do it.
Without help, you will only be able to do so many tasks. The tasks that need immediate attention will get done first, because they are the ones that are needed to keep the business running. The short, medium, and long range tasks will seldom, if ever, be completed. This is true if you are a freelance consultant, restaurant owner, manufacturer, or service provider. Most business owners are very good at hiring from the bottom up, but the breakout moment for a small business owner is when they hire or contract for upper management or senior level positions. One of these positions is a Chief Financial Officer (CFO).
I’d like to introduce you to two "financial advisors" named Louie and Hannah.
Louie is our Border Collie that never stops herding his siblings, and Hannah is our adorable (yet neurotic) Great Dane. They are quite cute.
Are you confused as to how they are qualified to give financial advice? You should be.
For most people, hiring a non-qualified person to handle your precious savings is just as silly as trusting your assets to your dog.
In some cases, buying a franchise can be a great alternative to starting your own business, particularly if you have limited experience running a business. The franchisor provides you with a developed way of doing business, trains you to run the business and provides ongoing guidance and assistance with operations, management and marketing matters.
However, buying a franchise does not guarantee success. You will still need to work hard, apply good management skills and serve your customers well.
Learn how others do it. Download our guide to growth.
Nearly everyone knows about the famous 1970s television series ”The Brady Bunch:” two parents, six children, a housekeeper, and a dog all under one roof. In fact the house shown as the exterior on the show just sold for 3.5 million dollars.
Now, in 2018, another bunch is looking to sweep across America and grab ahold of the American taxpayer: the bunching of charitable donations, deductions, and contributions on one tax return for maximum effectiveness.
Workplace conflict can often cause feelings of concern or anxiety, especially for supervisors who have to manage these situations. The term workplace conflict may conjure up images of non-professional behavior, raised voices or heightened tension between employees. While it makes sense that most leaders would try to avoid conflict, some conflict can be constructive when managed successfully.
When handled properly, disagreements can provide employees the opportunity to express differing viewpoints without fear of ridicule or embarrassment, and may even foster and promote employee engagement and team morale. Here are some tips that leaders can use to effectively manage these situations:
This article is the fourth and final part of a series on the technological challenges business owners face in 2018. In past articles, we’ve looked at cybersecurity measures, getting ahead of the technology skills shortage, and building agility into processes. Today we’ll look at how businesses can incorporate smart processes with technological solutions, or to put it simply: digital transformation.
The general perception is that it is expensive to work with an attorney. In an effort to save money, entrepreneurs try to handle legal matters and draft documents themselves. Often times, business owners wait until they are faced with a serious legal problem before hiring an attorney.
But legal services are a cost of doing business that may save your company money and help your business in the long run. Experienced counsel can help a small business spot and avoid legal issues before they develop into expensive problems.
Here are some examples of issues that could have been prevented by consulting a business attorney.
As the thermometer hits triple digits, it is hard to believe there is anything hotter than the Texas weather. This may be true, with one exception: the Texas economy.
Although the entire nation has benefitted from low unemployment, much of the economic growth and job creation has originated in the Lone Star State.