Answer these 4 questions to help your business manage risks and succeed financiallyAs a business owner, you know that your company’s financial success is closely linked to your own. Any risks faced by your company could pose risks to your personal financial livelihood.
Planning for your departure is crucial because you may not otherwise have a viable exit strategy, which could compromise the long-term value of your business. The most common exit strategies include selling the business to a third party; an internal transition of ownership ; and passive ownership . Each strategy carries special considerations and potential advantages or drawbacks.
Your succession plan will help ensure that the new leaders can step in and perform, which greatly reduces the odds that the business will go through financial turmoil due to your absence.Businesses often rely on a key group of executives or top performers who drive revenue, maintain customer relationships and perform other duties that are critical to the mission of the organization. If one or more key employees leave or get recruited away, it could be highly disruptive and very expensive.
A well-designed compensation and benefits program will motivate key employees to continue delivering exceptional results and incentivize them to stay long term.Just because your business generates cash flow today doesn’t guarantee it always will. Recessions and other economic factors cause businesses to lose money — and sometimes shut down for good — all the time.
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Source: SFBusinessTimes - 🏆 78. / 68 Read more »
Source: SFBusinessTimes - 🏆 78. / 68 Read more »