Preparing for a Business Loan

  Is Bank Financing Right for You? Unfortunately, there is no simple answer to this question. Here are a few things bankers look for when they consider a business loan application. Note that, for the most part, this article applies to start-ups with no revenue, or to businesses with up to a few hundred thousand […]

Focus On … Something

If everything is a top priority, then nothing is a priority, and nothing will get done. This is a tough lesson, but all successful business owners eventually learn it. Many startups are particularly susceptible to the idea that they can serve this market, and that market, and those people over there, and these groups over […]

Sell Your Business For More

At some point, every business owner has to leave the business. While closing down is always an option, it is almost never the best one. Also, what’s the point of simply shutting down when a nest egg or funding for the next opportunity is available? The most common exit option is a business sale. However, […]

Business Planning for Success

We all want a packaged solution that will solve our problems quickly, painlessly and at low cost. Need to get somewhere faster? Buy a new car. Need to lose weight? Sign up for a diet service. Need to boost business revenues? Call a consultant. I wish I could always solve my clients’ problems quickly and easily. […]

Why Restaurants Fail

Walk around your city and you’ll probably see at least a few “for lease” signs in empty restaurant windows. According to a recent study by two economists using United States Bureau of Labor Statistics data, only 17% of restaurants fail within their first year – far less than the 90% restaurant failure rate claimed by some […]

Selecting the Right Firm, or What Could Possibly Go Wrong?

Eventually, every business, no matter how well run, hits a rough patch. While large businesses are used to hiring consultants, and have people and processes in place to get the most out of such consulting engagements, most small business owners do not. Consider the following – fictitious, but unfortunately all too common − story about […]

Food Manufacturing Growth Stages

While some food manufacturing businesses start out as well-funded spinoffs by giant companies such as Kraft or Nestle, many others start out as tiny startups with a simple idea and very little funding. The tiny startups often struggle for years, but sometimes they grow so big so quickly they actually threaten the giants. Beyond Meat, […]

Should You Scale Your Business?

OK. So you started your own business, grew it to the point where you are now making a modest income, and you finally went on a vacation for the first time in five years. Revenue has increased for the past few years, the business is generating a small profit, and you have several employees. Are […]

Business Plan as a Living Document

The jumping off point for most entrepreneurs is writing a business plan. This is usually done to secure financing, but it is also requested by business advisers, vendors, partners and others. There are hundreds of free templates available, all of which are very similar and relatively straightforward. Keep in mind that your business is unique […]

Bright Shiny Object Syndrome

Con artists long ago mastered the art of distracting their “marks” with bright shiny objects. Once they get the victim’s attention, they exploit his or her weaknesses to get what they want —- a suitcase, a wallet, a watch, or a purse. Con artists distract intentionally and purposefully, and they are extremely good at it. […]