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.
Find the answers to the most commonly asked questions regarding pipe reline and rehabilitation in this informative eBook.
The best business management software provides real-time data and insights—helping leaders reduce costs and make strategic decisions. Consider these eight questions for your lumber and building materials business. Can your current system support your growth goals?
Business Intelligence (BI) refers to a range of software applications that are used to analyze raw data and support the important function of business analytics. Today’s business management systems come equipped with powerful analytics tools that can enable insights into your organization and positively impact growth.
With better data, your lumber and building materials (LBM) business can reduce costs, identify new opportunities, develop targeted strategies, and improve decision making.
There’s a shortage of labor in the lumber and building materials (LBM) industry. If you’re an LBM dealer or distributor not affected by the labor shortage, chances are your customers—or your peers—are. It has created opportunities for businesses to find creative ways to do more with less. Technology is proving to be a valuable asset, and is helping dealers and distributors position themselves as the manufacturers and suppliers of choice for their customers. In this eBook see how this labor shortage came about and look at the impact it’s had on the industry.
Discover strategies and tools used by top LBM dealers and distributors to capitalize on periods of growth to become more efficient, more profitable, and better positioned competitively. If your business isn’t growing faster than your competitors’ business, you’re losing market share. And it’s relative growth that counts - because relative growth impacts your purchasing power, customer perception, and competitive positioning.