Check Out These Blogs If You Want To Know More About Business

Starting a business is a challenging adventure. Having experienced business owners and entrepreneurs to navigate the business world provides a valuable resource. Subscribing to various blogs is an easy means of gaining worthy advice. However, as millions of blogs are published daily, locating beneficial sites may become overwhelming. But, there are some highly recommended sites available that are worthy of a look.

Bplans

The site provides help for individuals starting a business. However, many articles found here are also valuable for the growth of any business. Some of the numerous topics covered include creating business plans, working from home, and how to hire the best personnel. Visitors may sign up to receive a newsletter via email on a weekly basis.

Wistia Blog

The site specializes in multimedia marketing, which is a helpful tool for marketers and business owners alike. Videos enable businesses to introduce products and services or provide a bit of education. The blogs offered by the website include marketing tips and tricks. Learn how to create a video, stream live, or host a webinar. Discover the techniques needed to develop and grow a business for the long-term.

Hubstaff

The blogs are devoted to inspiring small and medium-sized business owners to plan and grow to achieve success. In addition to various helpful articles, visitors have the opportunity to download a time tracking app that enables business owners and their teams to track the time spent on accomplishing various tasks on a variety of apps and operating systems. The software is also helpful for developing invoices, paying employees, monitor reports, and more.

Shopify

The blog contains articles on a wide selection of business-related topics from business ideas and writing business plans to marketing. Learn how to write product descriptions that gain attention. Discover what it takes to set up an online business. Explore how to increase profit margins. Take the free training course to learn the steps needed to grow a business.

Duct Tape Marketing

The site was designed to help the small business owner. The articles available are written by seasoned experts from many fields in the business world. Thus, there are topics of interest that prove valuable for a wide range of businesses. The site additionally features a library filled with insightful ebooks, which are available at no cost.

This article was originally published on AdamMarquardt.co

Planning For Owner Succession In A Small Business

A succession plan is as valuable an asset (albeit intangible asset) as any other asset of a business. A viable succession plan can be a hedge against the devaluation of the other business assets or a reduction in morale or productivity. When interested parties know the intention of the owner, there is a feeling of stability and continuity.

Ideally, the business owner would like the luxury of knowing that the business will be passed along to a beloved family member. Perhaps a child, spouse, sibling, or close personal friend has expressed both a desire to continue operating the business and has demonstrated the necessary business acumen for continuing successful business operations. Other options include the sale of the business to employees, business partners, competitors, vendors, customers, and even total strangers.

A necessary step in the succession process is an accurate assessment of the business, including the current situation and expected future outcomes.

The relevant financial data including the value of company assets (as reflected on the balance sheet), and company income and expense information should be prepared in a transparent manner. Also, an honest appraisal of the future profitability and stability of the company must be presented to everyone.

The succession plan should be reviewed on a regular basis, at least annually, or at times of change. The longer the time of the planned exit, the more often the plan should be reviewed. There are numerous reasons that a plan may not be useful as time passes, and the business owner does not want a lot of “unforeseen circumstances”. For example, the original successor decides he or she does not want to continue in the business. The original owner may fall ill and need to leave the business sooner than anticipated. Certainly “what if” scenarios should be part of the plan.

There are many reasons why business owners refuse to prepare or delay preparing a feasible succession plan. The idea of a changing lifestyle, relinquishing control, or even consideration of one’s own mortality are reasons to not confront the inevitable life changes. However, if the business owner views the succession plan as a positive step that can benefit many people, the plan (and transition) can be a great experience.

This article was originally published on AdamMarquardt.co