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The word “risks” can strike fear into the hearts of anyone, especially small business owners who have a lot on the line in their small business enterprise. But in business, as in life, taking prudent risks can be beneficial, even energizing. The reality, as many business leaders have offered, is that taking risks is a key, even inescapable part of business. There are indeed various risks including financial risks for small businesses. Importantly, as Mark Zuckerberg has stated, “The biggest risk…

Every business is created not merely to exist but to reach some goals that are established by its owners. Those goals can include survival for a newly established business or during a time of crisis, growing sales, growing market share, and growing profits. All these take planning, skill, and effort but as American economist, Benjamin Graham stated, “The worth of a business is measured not by what has been put into it, but by what can be taken out of it.”…

According to SCORE, about 75 percent of small business owners participate in charitable giving. They reportedly donate about 6 percent of their profits each year to charities. They contribute in support of youth organizations, donate to first responders, support local service organizations like the Rotary, for example, and they donate food and service time to places like soup kitchens and food banks. Clearly, charitable giving is valuable, but it must be approached wisely.  The Benefits of Charitable Giving  The benefits of charitable giving include:  First,…

Every small business owner must focus on their business dreams, goals, and the essential struggle to secure an average small business profit. As Jason Fried, Founder and CEO of Basecamp stated, “A business without a path to profit isn’t a business, it’s a hobby.” And speaking even more bluntly, Hendrith Vanlon Smith, Jr., CEO of Mayflower-Plymouth said, “In business, profitability is a non-negotiable. If a business isn’t profitable, it’s worthless.”   Why is A Small Business Profit So Important?  Earning a profit is vital because profitability…

A new year is upon us. As any good football, basketball, or soccer coach would advise, “start strong.” So, prepare your small business for success in another year by starting strong.    Why Start Strong?  By starting strong, you get a surge of momentum that helps you not fall behind on your goals as the year progresses. Starting strong can help employees be more motivated and energized. A strong beginning means refreshing goals, recharging, or even redirecting the organization. It…