If you run a family business with no heir apparent, a succession plan might be your best option — handing the reins to a trusted employee, competitor, or outside buyer instead of a relative. But turning over control isn’t without risk. Before you commit to a succession plan, here’s what you need to know about its biggest advantages and its most common pitfalls.
They say the first hire is always the hardest, and for good reason — you’re trusting a total stranger with your company’s reputation based on little more than a sheet of paper. Hiring pros spend just seven seconds scanning a resume, so knowing what to look for matters. Here’s how to catch the red flags that reveal more than an applicant ever intended.
Not every employee is thrilled about heading back to the office, and some are getting pretty creative with their excuses. It’s frustrating, especially when replacing a trusted team member costs far more than convincing them to return. Before you resort to ultimatums, here are a few smarter ways to win back your reluctant staff.
Ask entrepreneurs what their biggest enemy is and you’ll hear about self-doubt, lack of capital, or too little focus. But surprisingly, one of the most counterproductive traits is an unshakeable belief that they can make any relationship work — even the ones that clearly aren’t. Sometimes ending a bad business relationship is exactly what opens the door to a healthier one. Here’s how to know when it’s time to let go.
Zoom fatigue is real, and if you’ve been feeling drained after back-to-back video calls, you’re far from alone. Between eye strain, watching yourself on camera, and the mental effort of reading body language through a screen, videoconferencing takes a toll most people don’t expect. Here are three simple ways to fight back against the burnout.
Collecting on unpaid invoices is one of the most unpleasant parts of running a business, but ignoring them isn’t an option — that money represents real time and effort already spent. Between customers who stonewall, partially pay, or vanish altogether, getting paid can feel like a losing battle, especially during uncertain economic times. Here are a few proven strategies to get your accounts receivable back on track.
Plenty of business owners and entrepreneurs have weathered a rough stretch this past year, and free time has become an increasingly rare commodity. The problem often isn’t a lack of free time so much as an unwillingness to actually use it. Here are three practical ways to reclaim your schedule and actually enjoy the time you get back.
You’ve just discovered one of your best employees has been talking about your company on social media, and now you’re not sure what to do. The right response depends entirely on whether the comments were negative or constructive. Here’s how to handle both situations without losing a valued team member or your company’s reputation.
Do businesses actually have a credit score? Yes — and it’s calculated a lot like your personal credit, though most owners know surprisingly little about it. Understanding how your business’s creditworthiness is measured, and by whom, can make a real difference the next time you need financing. Here’s what you need to know, plus a few ways to keep your score in good shape.
The prisoner’s dilemma explains a frustrating paradox: when people are competing toward the same goal, they often make selfish choices instead of working together, breeding jealousy, infighting, and low morale. If that sounds like your sales team or any group of employees you manage, you’re not imagining it. Here are a few effective strategies to turn unhealthy competition into genuine teamwork.