Organizing Your Disaster Recovery

Every business faces the risk that a natural or man-made disaster could disrupt normal operations and ultimately threaten the viability of the enterprise. Fires, floods, earthquakes, thefts and terrorism are all potential threats to a business. Having a disaster recovery plan to deal with such threats is critical. You may want to organize the preparation … Continue reading “Organizing Your Disaster Recovery”

Evaluating a Franchise Opportunity

Owning and running a business through a franchise arrangement has become a popular way to fulfill dreams of entrepreneurship. Franchise businesses include everything from restaurants to retail stores to auto service centers. When you buy a franchise, you are often able to sell goods and services that already have name recognition. The franchiser typically provides … Continue reading “Evaluating a Franchise Opportunity”

Evaluating Your Employees

Employee performance evaluations are an important part of managing your business. While few managers and probably even fewer employees look forward to these reviews, they can be very useful tools. The performance evaluation process can force managers to objectively look at the employee’s capabilities, and provide guidance to help the employee improve. Reviews can be … Continue reading “Evaluating Your Employees”

Monitoring Your Competitors

In business, competitors should be viewed as more than the “enemy.” They are critical people to know and understand and can: Help you better understand your current and future markets Be the source of additional business Be the source of growth through acquisition Potentially provide an exit strategy for you Understanding your markets What is … Continue reading “Monitoring Your Competitors”

Keeping Customers Loyal

There are few things more important to the long-term success of a business than the loyalty of existing customers. Consider the following: It can be more expensive to win a new customer than to retain an existing one. The costs and risks associated with existing customers are known. Those associated with new customers are more … Continue reading “Keeping Customers Loyal”