27Apr 2018 by Fred Crooks
Business Exit Planning

Business Exit Planning

Business Advisory, Fundamentals, Small Business
Business Exit Planning - Planning with the End in Mind There comes a time for every small business owner to exit their business. Properly positioning your business to be sold can be one of the most rewarding aspects of being a business owner, but also one of the most challenging. Failing to plan for the sale or succession can lead to a disappointing, and sometimes catastrophic, ending to what has been an otherwise successful and fulfilling business career. When it comes to developing a business exit plan, those who have worked with some kind of business or strategic plan in the past are at an advantage. Regardless, putting together a workable exit plan is not an impossible task. Start with a self-evaluation of your personal and business needs, goals and…
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22Feb 2018 by Fred Crooks No Comments
How to judge your business success

How to judge your business success

Business Advisory, Fundamentals, Small Business
Once you’ve checked your business vitals (see our previous post, Why You Need to Regularly Check Your Business Vitals ) the next step in assessing the health and performance of your organization is to begin comparing your key business metrics with your competitors.Now, every industry has its own challenges, and its own means of measuring success, but there are a few universal standards that can be relied upon when making such comparisons.In particular, you should look at gross profit and break-even analysis.Gross profit is rather simple - it’s your sales minus the cost of goods sold (the direct cost of the production of goods sold or service provided).The break-even analysis, however, is a little more complex. It is designed to help you analyze the various aspects of your business to…
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14Dec 2017 by Fred Crooks No Comments
Is your business ill?

Is your business ill?

Business Advisory, Small Business
When a doctor first examines a patient, they’ll typically check their vital signs. This includes the pulse or heart rate, body temperature, respiration rate, and blood pressure. Taken together, these help indicate the state of the patient’s essential body functions. If any - or all - offer some cause for concern, the doctor can start diagnosing the patient more thoroughly, before suggesting a course of action... And now we’ve arrived at the part where you’re wondering why we’re discussing basic medical practice. Well, this idea of ‘vital signs’ is something that can be comfortably extended to your business. Your company’s financial health should be examined regularly to make sure there are no underlying maladies that will only grow worse if left untreated. Knowing What to Look For These financial ‘vital…
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