A Few Lessons from Hurricane Sandy
Hurricane Sandy was one of the most damaging hurricanes recorded in U.S. history. The hurricane caught many by surprise and unfortunately many were not prepared to handle the challenges that came with it. Businesses throughout the northeast had to deal with power outages, lost revenue, layoffs, and more.
Although it is impossible to escape all challenges that can come with a natural disaster, many risks can be mitigated if a plan is put in place. A well thought out risk management plan may make the difference between a business that closes and a business that stays open after an emergency.
Below are some lessons learned from hurricane sandy that will better prepare you for potential emergencies in the future:
Successful Business Management: Leverage the Key Tenets of Project Management
As a Project Management Professional (PMP)® and business consultant, I appreciate the benefit of applying tested project management principles to (you guessed it) effectively manage projects. Did you also know that these same principles may be leveraged to manage your small business activities? The principles of project management can give you new ways to think about old problems.
There are nine project management principles (commonly called “knowledge areas”) defined by the Project Management Institute. I’ve outlined these nine knowledge areas below focusing on their relevance to methodically managing your businesses many facets:
Preparing for Tax Season
For the general public, the date January 1 signifies a long-awaited opportunity to relax from the hype and hubbub of the previous holiday season. People begin to relax knowing that they have at least 10 months before they must pick the perfect turkey again, and that New Year’s resolutions are optional.
For the business owner, however, the January 1 date signals beginning of what may be the most stressful season of all – tax season.
New Year’s Resolution: Review Insurance Coverage
At the start of a new year, it’s important for small business owners to review their business and financial plans. Part of reviewing these plans includes making sure the business’ current insurance still fits the business’ current needs and risks.
How Much Financing Do You Want?
It happens at least once a week: I’ll ask a business owner applying for a loan how much money he or she needs and I will get an answer like, “as much as you can get me.”
Do You Want to Take Your Small Business to the Next Level?
I’ve recently been working with a business in Northern Manhattan that has been operating for over two decades, has recurring customers, and a great reputation in the community. Nevertheless, the business isn’t growing.
Like many successful businesses, this one got “stuck.” The owner is having trouble moving the business beyond its current stage.
If you find yourself in this position, what do you do? How do you expand your business?
Why Your Credit Score Is Important
Regardless of how long your business has been open, as a small business owner, your personal credit rating will be linked to your business.
Generally, the first question a lender asks during the intake and assessment phase of the application process is: “How is your personal credit?”
Ok, we all know that we are in a difficult economic climate right now but is that the only reason that your business is not doing so well? Let’s be honest, there are still a handful of businesses out there that are still doing very well.
I know you’re going to say, “Paul, it’s my product or service. It does not do well in a down market.” Ok, I get that
Have you ever searched for something online and wondered why certain websites appear on the first page and others on the tenth?
Have you ever wondered how you can get your website to appear on the first page when a customer searches online?
In my July Cash is King post, I briefly mentioned lines of credit as providing one possible solution for a small business facing cash flow problems. With the holidays right around the corner, businesses stocking up on inventory, and potential customers opening up their wallets, I thought it would be helpful to revisit lines of credit and explain how a business can best take advantage of one.