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TruOptions Business Consultants LLC, North Carolina
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* Click on the headings to read full article.
WANT YOUR BUSINESS TO SUCCEED? RUN IT LIKE A BUSINESS
Some of the most unneccessary problems that family owned companies get into result from failure to run their businesses as businesses.
But a family business is an altogether different enterprise. The stakes are higher, and organizing work, allocating resources, and assigning accepting responsibility are more serious. For many families, the business constitutes most, if not all, of the assets, income stream and hope for a secure future. So running the business deserves very serious attention.
It also deserves management guidelines that will keep the business going and growing and minimize conflicts that can damage both the company and the family.
A Business Consultant can help you recognize and address the many challenges, problems and issues that trouble you concerning running your business, and provide options to help you resolve issues.
Consultant an Attorney to help you with legal advice and a CPA for tax advice. Their fees are well worth the investment.
C Bruce Matthews, CTEP, CWM
TruOptions Business Consultants, LLC
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A STRATEGIC PLAN AND MISSION STATEMENT
Some smaller family companies reject the idea of a "mission statement" as too high-brow" for them. "We build homes, "said one business owner. "What kind of mission can you make out of that?"
A mission statement not only describes what the business does, it also describes how it does business and for what purpose. A mission statement reminds everyone how it does business and for what purpose. A mission statement reminds everyone why the family is in this business, what its standard of quality is, and what goals it hopes to achieve. If the company slips off track at some point, reference to mission statement can help bring it back.
A good strategic plan also keeps the company and the family focused on the business' concrete goals for performance growth and financial success, and the choices and actions necessary to achieve them. Carrying out the plan requires everyone in the company to stick with the program and keep up the pace. If targets aren´t being met, the plan makes it easier to locate the slowdown points.
This is one way you can protect your business and run it like a business.
A Business Consultant can help you recognize and address the many challenges, problems and issues that trouble you concerning running your business, and provide options to help you resolve issues.
Consultant an Attorney to help you with legal advice and a CPA for tax advice. Their fees are well worth the investment.
C Bruce Matthews, CTEP, CWM
TruOptions Business Consultants, LLC
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A POLICIES AND PROCEDURES MANUAL
Family members working together many hours a week to run a five or six person business might feel they have no time for putting together a policies and procedures manual.
But what they really have time for is an endless series of disputes and disagreements over compensation, benefits, work schedules, holidays and vacations, incurring debt, hiring and firing offspring and other family members, sharing ownership, and other vitial issues. In most cases, a few nights and weekends devoted to ironing out such details and developing written company policies and procedures that everyone can refer to will save untold hours, dollars and heartaches later on.
This is one way you can protect your business and run it like a business.
A Business Consultant can help you recognize and address the many challenges, problems and issues that trouble you concerning running your business, and provide options to help you resolve issues.
Consultant an Attorney to help you with legal advice and a CPA for tax advice. Their fees are well worth the investment.
C Bruce Matthews, CTEP, CWM
TruOptions Business Consultants, LLC
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TRANSITION PLANNING
Even the struggling startup company or the very small business is owned by somebody. If that includes family members or other co-owners of closely held shares, it's never too early to negotiate a buy-sell agreement to define how ownership changes will be handled.
No family company is immune to the difficulties that can be caused by death, divorce or hard-headedness within the family. Before such things appear, they should be covered by a buy-sell agreement that has been worked out under relaxed conditions with competent professional advice. The time to plan for bad times is during good times.
Think it through, reach agreements and put the agreements in writing. It's a business-like was of doing business.
Other issues that should be addressed are employee retention and the cost to the company of losing a key employee. There are ways to help prevent that from happening. Protect your company from an employee leaving and starting their own company and targeting your customers.
This is one way you can protect your business and run it like a business.
A Business Consultant can help you recognize and address the many challenges, problems and issues that trouble you concerning running your business, and provide options to help you resolve issues.
Consultant an Attorney to help you with legal advice and a CPA for tax advice. Their fees are well worth the investment.
C Bruce Matthews, CTEP, CWM
TruOptions Business Consultants, LLC
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COMMERCIAL INSURANCE MATTERS
Commercial Insurance enables a business to transfer the financial consequences of a loss to an insurance company. The insurance company, in turn, pays the policyholder for covered losses.
Commercial insurance is one of several techniques used in risk management, which is the process of identifying, analyzing and managing loss exposures so that an organization can meet it objectives. These techniques can be used as part of an overall process to help your business succeed.
It is important to work with a professional to evaluate adequate coverage and review cost annually.
Consultant an Attorney to help you with legal advice and a CPA for tax advice. Their fees are well worth the investment.
C Bruce Matthews, CTEP, CWM
TruOptions Business Consultants, LLC
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