Creating a succession plan now can help align family interests, manage family member expectations, reduce or eliminate estate and inheritance taxes, and ensure a successful transition to the next generation. Follow these five steps to a successful succession plan: Establish
When it comes to financial planning, few things are more important to a nonprofit than the creation of the budget. It’s how the board of directors and staff plan for income and expenses. Approval of the annual budget is a
Does your company have a business succession plan in place? As a business owner, having a plan in place that identifies and trains next-generation leaders helps ensure that your company will remain a viable entity well into the future. Succession
When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic
Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs
As vaccination levels rise and major U.S. population centers fully reopen, business owners may find themselves pondering an intriguing thought: Should we have a company retreat this year? Although there are still health risks to consider, your employees may love
Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well. Performance factors A SWOT analysis starts by spotlighting
Businesses have had to grapple with unprecedented changes over the last couple years. Think of all the steps you’ve had to take to safeguard your employees from COVID-19, comply with government mandates and adjust to the economic impact of the