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Delegation of Authority: The Business Owner’s Secret to Empowering Employees and Finding More Time in the Day

The business and affairs of a corporation are managed by or under the supervision of a board of directors or, in the case of a limited liability company, by the LLC members or a board of managers. A “board” may consist of a single director or manager, as is frequently the case with a small business in its early stages where the founder might be the sole board member and…

Navigating Business Risks: Are Your Eyes Wide Open?

Risks are inherent in every business. Your goal as a business owner isn’t to eliminate every risk your company faces. Let’s be real. Business owners are risk-takers, almost by definition, so complete risk avoidance just isn’t in the cards. Instead, understand the greatest risks to your business, assess the potential consequences, identify options for dealing with them, and implement the risk management tools that make the most sense. As a…

Unread Contracts Get Revenge Without an Effective Contract Administration Process

Contract administration or contract management refers to the processes and procedures businesses need to manage the negotiation, execution and ongoing management of their contracts with customers, vendors, contractors and consultants. An effective contract administration or contract management process is a “must have” for every business, regardless of size.  We’ve touched before on the desire for contracts to be balanced in their terms and reasonable and clear when describing the parties’…

Pre-Sale Due Diligence Assessments Are Valuable Records Management Tools

If you’re a business owner looking to sell your business in the near future, you may be discouraged to hear that many sale transactions fall apart during the due diligence phase. You can reduce this risk by focusing on records management now and getting your company’s business records in order well before you put your business on the market.  Think of it like getting your personal house in tip-top shape…

Teamwork and Positive Company Culture Are Paramount to Sustainable Success

“Great things in business are never done by one person. They’re done by a team of people.” Steve Jobs made this statement nearly 20 years ago while sharing that his model for business was The Beatles, who he described as four guys who balanced each other out and created a total that was greater than the sum of the parts. Steve Jobs knew what he was talking about, and his…
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