When starting a business, there are several marketing tactics that should be done first to help attract and retain customers. Here are some of the most important ones: Define your target audience: Before you start any marketing tactics, you need to define your target audience. This will help you understand who your customers are, […]
Business Management Tips
Why do only 10% of Family Businesses Sell?
In the 1980’s, the Family Firm Institute did a study showing that about 30% of all family-owned businesses survived into the second generation; about 12% made it to the third generation; and only 3% survived through the fourth generation and beyond.
What are some potential IRA audit triggers for small businesses?
If a business consistently reports losses on its tax returns year after year, this could trigger an audit. See #2 above…..you have a multi million dollar house on the water yet your business shows a loss. True story of a childhood friend I knew and their business….never made money but had nice houses.
How can small business be impacted by AI (artificial intelligence)?
Competitive Advantage: AI can provide small businesses with a competitive advantage by helping them to analyze market trends, identify opportunities, and make data-driven decisions. This can help small businesses to stay ahead of their competitors and grow their business.
Can Your Business Be Franchised?
To determine whether your business is ready to be franchised, you should consider the following: A Proven Business Model: Your business model should be proven and successful. You need to demonstrate that your business can be replicated in different locations and that it generates consistent revenue and profit. Documented Processes: You should have documented procedures […]