Strategic thinking is a reflective state of mind focusing on the performance of the business to gain insights on impacts made. Simply stated, choosing what not to do in the coming year. Yes, I said it, “what not to do”. Let’s practice strategic thinking by stepping into the executive zone and asking some tough questions that will offer business insights.
It is often the entrepreneur’s advanced juggling and multi-tasking abilities that were the greatest asset in surviving the start-up phase that become the greatest liability in successfully navigating the growth phase.
Owners wishing to sell their businesses often look to key employees as a way to transition the business to someone who knows and understands the business and often has a similar vision for the business.
Many of us know stories of small businesses succumbing to fraud committed by employees and third parties whether that is employees embezzling funds or third parties scamming business owners out of the company’s cash flow. In either event, individuals can be quite clever in disguising fraud or passing off a scam as legitimate. Business owners should be prepared to spot signs of fraud and have tools in place to prevent fraud in the business.