Anyone who has started a business knows that it takes planning, money, motivation and passion. While getting a company off the ground is both exciting and challenging, it also takes a great deal of effort to keep the doors open.
A recent article in Valuation magazine, 9 Signs Your Business Has Stopped Growing, addressed what issues might indicate that a company is sliding. But just because there’s been a slowdown doesn’t necessarily mean the troubles are irreversible.
1. Be in it to win it
Appraisers can take several key steps to help ensure their business thrives including analyzing competition, staying focused and preparing to make sacrifices. Running a successful business takes more than just a good idea and solid professional skills.
2. Follow the law
In addition to managing the day-to-day operations, appraisers and other business owners also need to be aware of importantlegal issues such as protecting personal assets and putting agreements in writing. Being aware of potential legal pitfalls, no matter how small they might seem, can help keep business owners out of trouble. [Read more…]