Today, anyone (including me) can figure out how to use ChatGPT (Open AI) to create content. It can produce blogs, marketing materials, video scripts, and more. This generative AI tool is free and can be helpful. But there are some serious issues to note. Here’s my take on how I’ve been using it and what […]
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It’s a well-known fact that most business owners pour their heart and soul into their business ventures. When the time comes to retire, closing down the business may seem like the easiest way out. However, shuttering your business might not be the most profitable decision that you can make. Selling your business is a probably better option. Here’s how to prepare for a successful business sale when you feel it’s time to move on. Should You Close Your Business? Before delving into the details of selling a business, there’s a fundamental question: should you close your business? The answer is […]
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Are we going to have a recession or not? Ask 3 economists and you get 3 different answers. The best course of action is to prepare and if we don’t have a recession, the business is in a better position anyway. One way to prepare is to deploy generative artificial intelligence (AI). It’s been reported that over half of businesses have already experimented with AI. If you haven’t tried, you may well do so soon. Here’s what using AI can mean to you and how it can help you if a recession occurs. Generative AI Generative AI is defined as a […]
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You may need money for your business, but interest rates are high right now. It’s been reported that small businesses are paying the most for loans in 16 years, with the average rate on a short-term loan at 9.2% Still, you may need money to renovate your facilities, hire additional employees, invest in technology or expand to another location. If you need capital to make your vision a reality and you don’t have cash on hand, borrowing may be your only option. Here are 10 places to look for loans, and the upside and downside of each type of borrowing: 10 […]
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The pandemic taught a valuable lesson—the need to adapt and diversify. Those that did—restaurants that launched take-out orders and outdoor dining, bricks-and-mortar stores that began online selling—were the ones that survived that crisis. If and when a recession hits, diversifying your business now can cushion you and help you survive. Even if there’s no recession, diversifying can certainly increase your revenue. Here are some ways to diversify. They’re not new ideas, but may be new to your business plan. 5 Ways to Diversify Your Business 1. Expand your product line Whether you provide goods or services, you can add to […]
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For many businesses, summer is a slow time. Customers and clients may be on vacation, and you may have time on your hands. Don’t waste this time. As Miles Davis said: “Time isn’t the main thing, it’s the only thing.” Here are 10 things—in no particular order—that you can do now to save you money, improve operations, and position you for growth in the future. 1. Take stock of your business. With half the year over, look at your numbers year-to-date. Have you been as profitable as you anticipated? What problems did you have and how did you solve them? […]
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Can you believe that half of 2023 is over? The first half of the year has been a rocky one economically speaking. There were several interest rate hikes from the Federal Reserve, inflation moderated somewhat, and the debt ceiling crisis was averted. But according to the NFIB Survey for May 2023, optimism among small business owners continues to be well below the historic average. There are still supply chain disruptions and labor shortages. Where does your business stand? In order to do any tax planning, you need to assess your business performance for the first half of the year. Tax […]
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It’s common knowledge that having a business plan is helpful, if not essential, in running a successful business. But savvy business owners know that having backup plans to address anticipated or unexpected contingencies is just as important. Understand how contingency planning operates and what matters you should address so that you’ll be prepared to handle a recession if it should happen. How plans B and C work The concept of contingency planning is nicely illustrated by HUD’s approach to winter planning back when COVID-19 was a serious issue. Plan A covered the usual or normal projected needs of communities for the […]
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Father’s Day is a few days away and this day reminds me of the business lessons I learned from my dad at the dinner table each day while I was growing up. He was a co-owner of a machine shop—a small business—that made parts for such items as telephone equipment, helicopters, and the Minuteman missile. Needless to say, his lessons—spoken and unspoken—had a profound impact on me. This is a blog I’ve run before but wanted to honor my dad by re-running it now…with some modifications. Lesson 1: Running a small business is 24/7. My dad talked about the routine […]
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Published annually by Benjamin Franklin from 1732 to 1758, Poor Richard’s Almanack was a compendium of weather predictions, advice, poems and stories, jokes, proverbs, and more. It was a best seller in its day. A number of the famous bits of advice, which arguably were “borrowed” from other sources, are still helpful today for small business owners. The following is some advice that holds true now and what I think it can mean for you. “Well done is better than well said.” Poor Richard’s Almanack, 1737 As a business owner, you need to walk the talk. This is true in […]
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