Planning for succession in a small business can be a difficult situation. This whitepaper is a high-level guide on how to implement a succession plan and how to get your business in the best shape possible before the transition. Ideally, you want to end up with a thorough plan, in writing, with which all involved parties agree.
Economic forces pressure businesses to adapt in order to survive. The result is an economy built on businesses that have made themselves immune to downturns. For the lumber, building materials, and hardware industry, the outcome has been a movement toward technological progress. LBMH businesses that have seized market share following shifts in the economy have shared common evolutionary advantages.
The relationship between a company’s profitability and its cash flow isn’t always fully understood. Many businesses tend to manage operations from the bottom line, believing that if sales are increasing, the business is profitable and success is guaranteed. The problem with this thinking is that businesses don’t pay their vendors from the bottom line, they pay from positive cash flow. Read more about improving cash flow with effective Accounts Receivable.
It’s no secret that Big Box retailers have emerged in almost every sector, including lumber and hardware. Big Box stores offer an assortment of products and, due to the volume, lower prices. The advent of the Big Box retailer has put independent establishments of all types out of business and forever changed American communities. However, many independents have survived by competing intelligently. Having a plan for competition can only help your chances for success.
There remains a great deal of uncertainty among business owners about whether moving to a cloud-based solution is right for their businesses. Let’s examine the myths holding businesses back from moving to the cloud.
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