Legacy in Business All good things must come to an end – including your reign as a small business owner! Eventually you will have to make some choices about the future of your company.
Lancaster County has always been known for it’s traditional Amish community and rich history dating back to the Penn’s Wood Charter of William Penn back in 1681.
Running a business is hard work. Maybe that’s why only one-third of small businesses stay open over ten years, according to the Small Business Administration (SBA.) For the one-third that do last their first decade, they learn to overcome even the most burdensome challenges.
The most essential part of any organization is it’s people. After all, no matter how great a ship’s captain is, the ship isn’t going to set sail with out a skilled crew. So if you want to make your business’s voyage a success, you certainly don’t want those valued people “jumping ship.” People are your brand’s key to success. That’s why human resources are a crucial element for your company.
Some business owners seem to think that the only reason you should get a business valuation is so you can sell or pass your business off to a successor.
When it comes to running a successful small or medium-sized business, entrepreneurs are always in search of some magic formula to securing a greater cash flow, getting their team motivated and for having overall smooth sails. Unfortunately, each business is different and there’s no standard rules to guarantee success on such a broad level. However, there are some general rules that successful business owners swear by.