In this series we’re discussing seven keys to successful business startups. The fourth key is counting the cost. As a commercial lender, very few budding entrepreneurs came to me with an actual budget for their new business idea. Yet, one of the most common reasons for business failure is being undercapitalized and overextended. Most entrepreneurs are overly optimistic about how ...
Recently, my wife, Kathy, came home frustrated that her hairdresser had increased his price by over 50%! It reminded me of an inflation factor that I think often gets overlooked – the inflation lag. Large businesses constantly monitor product pricing so they are quick to increase prices. Small business owners, however, do not take increasing prices lightly. Frequently, their ...
California’s Governor Newsom recently signed a bill that has the potential of forcing business owners, against their will, to increase their employee wages from $15 to $22 per hour! In addition, this bill will give the commission the right to speak into employee hours and working conditions, without shouldering any of the financial risk that will fall on business ...
When we host events, we hope to host a large audience and to make a difference in our guest’s lives. Yet, we can get so wrapped up in the event that we lose sight of quantifying our desired results. That’s when I love hearing someone ask the simple question, “What would success look like?” The simplest questions are often ...
CNN hired 700 people and invested $100 million to launch their CNN+ subscription service. Three weeks later their new leadership terminated CNN+. It didn’t take a lot of math to realize this venture was likely doomed to fail. CNN’s new leadership made a wise, but difficult decision to take their losses and terminate CNN+. Many failed ventures linger too ...
During the pandemic, the US Government offered tax credits to help small businesses weather the troubling times. The government, however, seems to have forgotten to plan and fund the additional support the IRS needs to distribute the funds. Many businesses filed for these credits early in 2021 and have yet to receive any monies. In business, it’s easy to ...
Even if you agree with the merits of doubling the minimum wage to $15 per hour, in my opinion, the timing of this mandate should be seriously considered. The industry that uses the most minimum wage labor is the leisure and hospitality industry. The most devastated industry by the pandemic is also the leisure and hospitality industry. If we dramatically ...
Equipping Others to Do Work Differently
