You might think that among people the most diligent in personal financial planning you would find the majority of business owners. But you would think wrong. Why? Here’s the reason: Some 90%s of business owners expect that the sale of their business will one day fund their retirement. Yet less than 5% know how much their business is worth. Those whom we might think are the experts at financial analysis, forecasting, planning for contingencies, etc.,
Though we live in a time of shortages caused by supply chain disruptions, there is no shortage of advice in the business press about the tremendous advantages of retaining an executive coach or trusted advisor, as a quick Google search will show. Does that mean that if you as a business owner do not have such support then you are seriously neglecting a key to your success? Not necessarily. Perhaps you do not need one.
Like most business-oriented newsletters, this one tends to avoid political issues and broader economic and social questions. At some point, however, it is appropriate to address the general background in which we all operate, since it can affect our businesses and employees profoundly. The U.S. is going through a very confusing and tough time. Only about 13% of the populace believe that the country is going in the right direction, according to polls. Inflation, violent
Mid-March is about the time a lot of New Year’s resolutions have begun to wane and guilt to set in. This article aims to relieve you of some of that guilt. Since the publication a few decades ago of In Search of Excellence by Robert Waterman and Tom Peters, a national obsession has emerged of being outstanding in all that we do. The relentless competition of self-glorification on social media has contributed to this trend. You can
It is easy to lose perspective when you feel inundated by a torrent of daily, discouraging news reports. With a loss of perspective can come an erosion of hope and vision, which presents a danger to all enterprise. “Where there is no vison, the people perish.” (Proverbs 29:18) This article is about some truly positive and remarkable developments which may have escaped your notice. If it does not translate into immediate, actionable plans, it may
First there was the ransomware attack on Continental Pipeline a month ago, making much of their computer system inaccessible. This shut off 85% of the oil to the East Coast, until a ransom of about $5 million was paid to regain access to data and hardware. A few weeks later, JBS, an international meatpacking company underwent a similar attack, causing the closing of meat plants that are among the largest in the U.S. Now we
The news these days is full of discussions of proposed corporate tax increases, something business leaders want passionately to avoid, except for a few multi-billionaires. Yet there is another activity that rivals paying taxes for the sense it evokes of doing the utterly thankless and truly distasteful—performance appraisals. How draining, demoralizing, and unproductive they usually seem to be! Consequently, most companies take one of three approaches to this annual ritual of self-punishment: Conduct performance appraisals
The deep divisions present in our country at this time seem to constitute a leadership crisis. Some Americans are beginning to question the viability of democracy itself. I share the view expressed in the famous quotation attributed to Churchill that “democracy is the worst form of government, except for all the others.” Lincoln’s view that American democracy is an “experiment” is also a view I share—there is no guarantee that it will work out in
Tired of reading about Zoom fatigue and the need to resign yourself to the “new normal?” If so, this article may provide the relief you crave. It is time to plan take advantage of the opportunities that the end of the Covid-19 crisis will bring. Consider the estimate of third quarter GDP growth by the Federal Reserve Bank of Atlanta: 36.2%! (https://www.frbatlanta.org/cqer/research/gdpnow) While not a forecast, this “GDP Now” number is considered indicative of what
By Tony Mulkern Peter Drucker, the founder of modern management theory, published in the 1980s his Managing in Turbulent Times. Though much respected and still worth reading, the book was given a redundant title. Every epoch or era has been turbulent. In our own recent history since the year 2000, we have had the attacks of 9/11; the war in Afghanistan, which continues; the second war in Iraq; constant economic theft from China; threats from