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A very successful business owner and mentor of mine used to say, “The path of least resistance is what makes men and rivers crooked.” In your business, the path of least resistance is using a credit card or some other form of borrowing. Before you know it, the amount of debt has piled up, the interest you pay on the debt is significant, sometimes 18-24 percent, and you begin to question whether borrowing the money was a good idea or not.
Sometime ago I read an article about Pete Maravich, former LSU and NBA basketball player and what made him so successful. When asked that question by the sportswriter, he answered “before I take the shot, I can’t see myself missing.” While it would be easy to interpret that comment as arrogant, the article stated that what he meant was he pictured the shot “in his mind’s eye” as going in before he took the shot. Pete Maravich had a vision of the shot going in.
If you're like me, you're reflecting on 2015 and setting the table for 2016. What are you going to start doing, stop doing and keep doing? One of the ways of determining this is to look at the key metrics of your business to determine if you're on the right track for success or what changes need to be made to get back on track. The key metrics that you're using to make changes can become key performance indicators (KPI's) that you and your team want to track regularly. Here are the three things you must know about KPI's.
You're busy running your business and all of a sudden you get a phone call from a potential suitor that is interested in buying your business. You're flattered, intrigued, you might even consider selling.  But what's the value of your business? How do you structure the sale? What's going to be your tax liability? What's the number you walk away with?  Are you and the business ready to sell?
The baby boomer generation is retiring and those who are business owners are selling their businesses. So, where do you start? How much do you pay for the business? What's it worth? How do I get if financed? Depending on your situation, you may only buy and sell one business in your lifetime, so you want to do it right.
Fundamentally, there are four ways to increase profitability (without merging with another company).  There are no quick fixes. Gradual progress will get you there, but you must focus your strategy and execution on one or two to be successful.
Trying to grow your business and having a hard time?  Join the club!  Growing your business can be one of the most challenging things you do. If you're having a hard time, here are 5 of the most common barriers to growing your business.
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