Whatever your business strategy was on January 1, 2020, you can bet that it was out the window by April 1. Our world has been turned upside down and inside out. While your head may be spinning as you work to figure out your options, now is the right time to start working on your […]
Risk
CoronaVirus and Small Business: A Discussion About Economics
The CoronaVirus (Covid-19) will potentially cause some real economic disruptions in the US. Specifically, it will have an adverse affect on small and medium-sized businesses. Here are some tips to consider. Advice to managers, entrepreneurs With a multitude of caveats, it might be worthwhile to heed the following advice: Anticipate the worst, prepare for it, […]
3 Critical Questions to Ask Yourself Before Starting a Business
Starting a business? Thinking about starting a business? Here are my suggestions for three quick questions you should ask yourself first: What are the chances that the business I want to start will be able to launch and grow? That’s a matter of market, product, product-market fit, need, demand, fulfillment and delivery. What resources are […]
Risk, Insanity, and the 50% Startup Rule
Fifty percent of all businesses formed fail within the first two years. There are many variations of this number since there are a number of ways to measure failure. But the number is a startling reminder that creating a business is not easy, nor is it any assurance of success. How to define “success” for […]
Reduce Risk by Segregating Assets in a New Entity
The Problem: Often business owners want to segregate valuable assets from potential adverse liabilities generated in the operation of a business. For example, a bakery will likely own: (1) equipment used in its operations; (2) the factory building; and (3) a fleet of delivery trucks and vehicles. If all of these are owned by the […]
7 New Initiatives to Fearlessly Grow Your Business
Growth has always been fundamental to business success, but it’s never been more critical than it is now, nor more difficult. Every opportunity is global, but so is the competition. Evolving customer expectations and technology are the norm, forcing every company, from startups to large enterprises, to innovate quickly, despite their fear of change, uncertainty, […]
Risk and Return
I was lucky to be able to be a jump judge recently at the Red Hills Horse Trials in Tallahassee. The horse trials consist of many difficult jumps that horse and rider have to make over without any errors like refusing to jump or stopping before jumping. My job in the afternoon was to sit […]
How to Protect Businesses When It Won’t Stop Raining
With the copious amounts of rain hitting much of the U.S. this year already, we know it is going to be a wet one. Especially if your business is in California, you know that the state has received torrential rainfall after years of drought. Talk about a 180-degree change! There is much you can do […]
How to Reduce Startup Risk Using Existing Technology
It may not be as sexy, but starting a new business which builds on an existing technology or business model is usually less risky than introducing that ultimate new disruptive technology. There are many levels of innovation that go beyond copying someone else’s idea, but stop short of pushing the leading edge (bleeding edge). Many […]
