Over the past decade, we’ve heard a lot about corporate social responsibility (CSR). Take Starbucks for example. Their initiative to donate unsold food to those in need aims to combat hunger and food waste. Toms one-for-one campaign is another example of social responsibility in action — for every pair of shoes you buy, a pair is donated to a child in a developing country.
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Many business owners struggle to explain their accounts and numbers (we’ve all seen this on Dragon’s Den). However, unless you understand the story your numbers are telling you, you are likely to be running your business on luck alone.
If you are thinking about getting a business valuation, you’re most likely weighing up the pros and cons of it. Getting a business valuation takes time, effort, and resources. So if you don’t need one, why would you go through it?
You may think that the benefits of having, creating and running a blog for your business may not be worth all the effort. However, in the world of Google and online rankings, a blog could really transform your website and business. A blog can allow you to build an image of your business and giving any potential clients a view into what your business is all about. The most important benefit of having a blog is that it increases the traffic to your website which could transform into paying clients.
As a business owner you should have an exit strategy in place for your small business. It can vary from selling, to retiring, to moving onto another business idea, to even passing your business down to your children. You can keep your options open when it comes to deciding what you want to do with your business in the long term, however it is highly advisable to have an exit strategy in place. This can help you prepare for the future of your business ensuring that you choose the most beneficial and profitable option for you.
There are many reasons as to why you have decided to sell your franchise, from a retirement to wanting to invest in another business opportunity. Selling and buying an existing franchise is also known as a ‘re-sale’. You have to prepare for your re-sale from the very beginning of your franchise career if it is possible. These simple steps will help you get organised and prepared for the re-sale.
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