So you are now a bonafide small business owner?
When it comes to being a small business owner, there are no shortages of areas to focus.
Whether you’re a brand new entrepreneur, or a small biz veteran, updating your business best practices can help you stay current, and competitive.
According to Massachusetts Mutual Life Insurance Company (MassMutual), these five tips can help today’s small business owners:
1. Connect with experts. Surround yourself with trusted advisors who have expertise and experience in succeeding the way you define success. Surprisingly, nearly 3 out of 5 (58 percent) small business owners in MassMutuals research turn to their spouse as their trusted advisor for financial and business advice. While this is a positive sign, business owners should look to expand their pool of trusted resources beyond their spouse for diversity of expertise and experience.
2. Succession Plan. Know who your successor is - and prepare accordingly. This includes telling them! The good news is that 2 out of 3 (64 percent) business owners have a succession plan in place for their business- however, 1 out of 4 (25 percent) in line to take over a small business aren’t aware they are the chosen successor. Furthermore, nearly 3 out of 5 (58 percent) family-owned business owners intend to divide business assets up equally among all their children regardless of a child’s involvement in the business. This opens the door to a potentially difficult yet necessary conversation.
3. Understand your value. Know the true value of your business. Nearly two out of three (63 percent) say they’ve had their businesses valued in the last three years. However, 1 out of 4 (25 percent) valued their businesses themselves, which may lead to unsubstantiated valuations.
4. Diversify. Do not put all of your eggs in one basket. While nearly two out of three (64 percent) say their business is their largest asset, this doesn’t mean it should be their "everything." MassMutuals research found that 1 out of 3 small business owners have no assets for retirement outside of the business - and 1 out of 4 (25 percent) said they would have to liquidate assets (business or personal) to meet any tax or fee obligations in the settlement of their estates.
5. Personnel management. Take care of your key employees. Employee loyalty spiked as top of mind for more than half (54 percent) of the business owners in MassMutuals research. Health care, flexible work arrangements and generous salaries topped the list of benefits offered to all employees. However, 1 out of 3 (30 percent) do not offer any special benefits to those they consider key to the success of the business.
Jason Grace is AZ Social Realty's content editor. Email him your real estate news ideas at firstname.lastname@example.org.
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