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Most Recent Questions in Grow Your Business

How do you know when it is time to sell, retire or refuel?

"I don't think I can get what I need if I sell it" is a very powerful statement. Fully analyze that guess. Talk to some business brokers. Investigate standard formulas for valuing your... (more)

Does it make sense to accept services in exchange for hours I've worked?

I don't blame you for worrying about this--it seems questionable. I'm not against this kind of trade in all cases--and this is just my opinion, which is all I can offer here--but I am against... (more)

How do I determine a price for buying out an equal partner?

This is mostly a matter of negotiation. There are no firm guidelines. You can get some idea, if you're lucky (and are in a relatively common type of business) by looking at some of the links... (more)

What's the best way to lay out a plan for long-term growth?

That's called a business plan. I can't help but recommend my free online book Hurdle: the Book on Business Planning, which is intended to take you step by step through the process. Also, (more)

How do we set up a royalty agreement with a manufacturer?

Put simply, yes, you should accept your situation and work with them to secure a deal. That said, there are some preparation points you should take care of prior to going in. Talk about your... (more)

How can I get my staff to give me more support?

Ask for it. (One employee at a time.) Your promotion is reality. You can expose your concerns about the situation and let them know that you need their help to make this work. It's better to... (more)

My business is growing into larger projects, should I stop doing the small ones?

This is a good occasion for doing some planning. Sketch out a sales forecast with two scenarios--one with and the other without the smaller projects. Then sketch out an expense budget, including... (more)

How do I create different small businesses under one mother company?

I currently have a business and want to add on to it with other businesses that are totally different. (more)

How do I know if moving our business from home to a retail location is a good idea?

There are pros and cons to both options, as you already know. The best way to decide if the timing is right for you is to make 2 lists: one for all the reasons why you should do it and one focused... (more)

How do I get my employees to step up and take on more responsibilities without having to tell them what to do each step of the way?

Your question deals with balance--one of the key factors to successful management and successful leadership. Are your employees competent? Are they qualified to make these decisions? If... (more)

How can I prevent theft among employees?

It really depends on the types of theft that are taking place, money or product. Installing security cameras is a great idea to prevent both as well as doing daily inventory of product and... (more)

What are the pros and cons of for-profit and non-profit businesses?

Given your mission to help provide job training for military members, you really could go either way with a for-profit or not-for-profit business. The significant differences between the two... (more)

How do I recover financially and emotionally from a business failure?

Seek the aid of wise advisors. Your situation has taken a toll on all areas of your life, so you will be re-building in all areas of your life. Start by seeking the counsel of a person... (more)

What is the best way to break off a partnership in a small business if I want to keep the clients that I have worked so hard to obtain?

First, talk to an attorney you can trust. The legal aspects around this kind of a thing are dangerous waters. For other readers of this answer, that's why you're supposed to have a buy-sell... (more)

Our business's service is becoming obsolete--where do we go from here?

Great question and one that allows you so much freedom. To take the next step in a new direction, take a moment to think about the following: 1. Can you sell the existing clients you have or... (more)

Should you compare one employee to another?

The boss's remark was dumb. But, we all say dumb things sometimes. Often we don't realize how our remarks affect others. I believe that s/he was trying to give you some guidance, but it was not... (more)

How do you handle a talented employee who sulks, whines and threatens when she doesn't get her way?

Your employee has learned that she can get her way by sulking, whining, and threatening. You cannot change her, but you can teach her that she cannot manipulate you using these tactics. There... (more)

What kind of strategy should I lay out to continue growing?

Yes, this is a common problem, with no set answers. There's that feeling that you want to grow but you're not sure whether you can afford to take on the risks. This is a good time for some... (more)

I want to sell our business, but my partner doesn't--what should I do?

Prepare. Make some notes about the situation and your feelings. Write about where you are, where you want to be, and how you might get there. Call a meeting. Let your partner k (more)

Some members don't put in as much effort into the family business as others and this creates tension. What should I do?

It's time to have a difficult but critical conversation. Without this conversation, some family members will grow to be resentful and this resentment can destroy the bonds that connect all of... (more)
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