There has never been a better time than today to start, run, and grow a business. While there are still challenges, various resources for entrepreneurs and business leaders abound, with most accessible via a single click or touch. From private and public sector programs to communities, websites, podcasts, and DIY videos, entrepreneurs have access to a robust support ecosystem that’s exploded to an unprecedented scale. Technology also performs…
When you own a business, the simple act of acquiring another small business is often one of the smartest investments you can make. Not only does it provide an opportunity for an additional stream of revenue, but it can also yield advantages in areas like taxes, accounting, and resource maximization. But business acquisitions are rarely easy or straightforward. Things can get messy, and it’s important to do your…
Many entrepreneurs start their businesses because they genuinely like what they’re doing. But even if that’s the case, eventually, you’ll need to think about retirement. You can’t keep working forever; at some point, you’ll want to take things easy (and hopefully have enough money to live comfortably). With Social Security running out of money, and no higher-up employer to provide you with retirement benefits directly, it’s all on…
Over the past 20 years, corporate innovation has evolved from a powerful differentiator into a vague buzzword. Companies that claim to offer innovative solutions may or may not keep their word, and truly innovative companies have to struggle to prove their uniqueness. Sometimes, businesses get ambitious and go too far in their quests to innovate. Google Glass famously crashed and burned. Juicero somehow raised more than $120 million…
As a CEO, you’re at least partially responsible for directing, inspiring, and leading a team of employees. Most people take this as a cue to be as professional and distant as possible, setting a firm standard of stoic, duty-focused professionalism for others to follow. An impression of strength removes vulnerabilities and allows others to trust you, right? However, it’s often even more valuable to break down those walls…
When you have an employee who needs to go, you might feel tempted to leave a resignation letter template lying on the copier. While that might work in some cases, passive-aggressive strategies rarely leave employees feeling good about their departures. Just like ending a business partnership, ending an employment agreement can be painful. No one enjoys firing an employee who genuinely wants to do well. Letting people go…
If you run a small business, your 2018 taxes were probably far higher than expected. The reason: The 2017 Tax Cut and Jobs Act significantly modified the tax code. These changes didn’t become evident until Americans filed their 2018 taxes. At their heart, the changes aimed to lower taxes for corporations. While this mostly means bigger companies, forming or modifying an LLC can help reduce your tax burden.…
Every business partnership has ups and downs. Usually, the lowlands and peaks balance each other out. When the valleys become the status quo, however, it may be time to dissolve the partnership. The good news for partners in this predicament is that there are always other entrepreneurial fish in the sea; you can even use a dating app to find them. In the meantime, though, you have to…
When your co-worker underperforms, you have the option of looking the other way. But when you’re the team leader, you’re in a different position. As a manager, you’re expected to deal effectively with underperformers — either by letting them go or helping them improve. Easier said than done, right? However, with the proper mix of patience, guidance, and tact, you can manage your direct reports to success and…
Are good business leaders born or made in the trenches? Early work experience forges how a person will lead. For many successful CEOs, starting out on the company’s bottom rung has been an invaluable opportunity for learning. For example, David Cote started out at General Electric as an hourly employee when he was 21. By age 33, he’d worked his way up to a midlevel financial planner role…