A midyear review should go beyond financials

Now’s the perfect time for business owners to stop, take a breather and engage in a midyear review. Naturally, this will involve looking at your financials. But go beyond those numbers and look at areas such as: 1) HR, specifically, how’s employee turnover trending compared with last year? 2) Sales and marketing, for example, are…

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Use the proper tools to fix a broken trust

A trust that works fine when it’s established may no longer achieve its original goals if your family circumstances or tax laws change. Or a drafting mistake may produce an undesirable result. One option is to modify the trust. This remedy may be available, through court proceedings, if unanticipated circumstances require changes in order to…

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Preserve wealth for yourself and your heirs using asset protection strategies

If you wish to protect your assets while retaining some control over them, consider an irrevocable trust. Transferring assets to such a trust generally places them beyond your creditors’ reach. And by including a “spendthrift” provision, you can also protect the assets against claims by your beneficiaries’ creditors. A spendthrift provision prohibits your beneficiaries from…

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Cost control takes a total team effort

They say you’ve got to spend money to make money. But that doesn’t mean business owners should accept high operational costs. Cost control is a formal management technique through which you evaluate operations and isolate activities with excessive expenses. It forces you to ask tough questions about the efficiency of your business, how much you’re…

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Making the right choice about your office space

Many companies must eventually decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. Buying commercial property is a big step. It offers prestige, control and tax advantages, but also comes with high costs, maintenance obligations and the daunting prospect of selling if things don’t work out.…

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Say, just how competitive is your business anyway?

To be successful, a business must be competitive. Is yours? Here are some ways to assess this: First, examine your operating environment. Anything from severe weather to a sudden change in buying trends could affect competitiveness. Next, identify important tangible and intangible resources. Technological obsolescence, for example, could change everything. Then look at the strength…

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Manage health benefits costs with a multipronged approach

For business owners, it may seem impossible to control health care benefits costs. The trick is taking a multipronged approach. For example, don’t rely on vendor-provided communications: Actively interact with employees. Use metrics to analyze benefits utilization and identify utilization gaps where you may be losing money. Engage an outside expert to conduct an ROI…

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