You donâ€™t need to be a car enthusiast to acknowledge that what you drive says a great deal about you. Small-business owners who want to succeed need to reflect that desired success in the clothes they wear and the car they drive. This is about assuring existing and potential clients that they are doing business with someone successful.
The Internet is as risky as it is necessary to your business. Global e-commerce revenues surpassed $1 trillion last year; 144 billion emails are sent each day; more than 1 billion people are actively engaged on Facebook, and the majority of data collected for business purposes is relayed over the Internet.
Over time businesses can acquire a significant number of valuable assets: manufacturing equipment, transportation equipment, vehicles, office buildings, industrial real estate, retail storesâ€”the list goes on. Even a business with less than $10 million in revenues could easily amass $5 million or more in assets.
No one lives forever, and eventually you decide it’s time to retire. To make this life-changing plan a reality, you need a viable exit strategy. Many business owners are under the impression that when they’re ready to sell, there will be plenty of cash-rich buyers knocking on the door.
As a business owner and father of three children, my imagination takes hold of me from time to time and I think about when my children will be old enough to work at my company. Besides welcoming the assistance of three trustworthy employees, it will provide me the opportunity to teach them what Iâ€™ve learned about achieving success.
How far would you go to save your business? If youâ€™ve spent any time thinking about this question, youâ€™ve likely formulated an answer along the lines of â€œIâ€™d go as far up to the line as possible, but I wouldnâ€™t cross it.â€
One of the scariest types of correspondence that a small-business owner can receive is a request from the IRS for more information. In many cases, this could lead to an audit which requires payment of back taxes, interest and penalties.