Business Tips by Chris Reich
Tips from growing a business to dealing with disputes
Failure Is an Option
I often am called to work at companies teetering on the brink of failure. There are times when I tell the owners that they haven’t failed. They gave it a great go but they didn’t catch any breaks. An unforeseen market shift, a series of mechanical breakdowns or the financial collapse of a big customer can bring a fragile business down fast.
Partners And Taxes
As people wear down, they see inequalities with their partner. I often hear things like, “I work more hours than she does” and “I bring all the new ideas to the business”. These are huge danger signs.
Going Into a Cannabis Business?
The cannabis industry has a lot of handicaps. In Oregon, though legal to sell for both medical and recreational purposes there are still very significant state regulations imposed on the industry.
Keep Your Mouth Shut
I work with lots of partnership problems. The hardest part of my job is dealing with “loose lips”. There was an expression during the time of WW2 that “Loose lips sink ships”.
Clean Up Your Computer
No, your computer won’t slow down as you save stuff. It’s not like adding weight to the trunk of your car. However, if your computer is approaching ‘full’, it could slow down and it could increase the likelihood of crash.
Be Careful Out There
Business going well? Everything on track? Sure? It's time for a reminder. That next big crisis is right around the corner. We won't see it coming because it won't look like the last one. It will be new and unexpected. Kaboom. You're in it. Are you prepared? How can...
Uncertainty
Daily I see overconfidence in business. I see too much faith placed in forecasts. I see big bets placed on anticipated market growth. I see investment in businesses that are near bankruptcy. I see these things because people tend toward certainty. They start with a belief and then look for all evidence supporting that belief while ignoring anything that contradicts that belief.
Do Not Enter a New Year With a Dispute
If you and your business partner are not getting along, get it fixed now. Remember, once the lawyers step in, the cost goes way up and few businesses survive the process.
Partnership Dispute Resolution
There are many things that can go wrong in a partnership. The consequences of a failed business partnership is often more severe than a divorce. Most states are now “no fault” divorce states. That means you don’t fight out anything in court.
Do It Faster and It Will Take Longer and Cost More
Time is money! Haste makes waste! Early bird gets the worm! Fools rush in... Which is it? Certainly time can be equated with money but the calculation is tricky. Be careful. I recently completed a project with an insanely tight deadline. Imagine having 3 days of work...
Stupid Negotiations
I have seen some incredibly stupid moves in negotiations recently. People have walked away from being within a few dollars of a huge win to face the prospect of getting nothing or potentially having to pay a huge sum. Crazy.
Stupid Moves in Negotiations
I have been involved in a lot of negotiating this year. From small companies with internal problems to very large companies unable to close deals. The subject of negotiating is a big topic and not everything can be covered in a single post. But I want to help you with an important, maybe the most important piece in negotiation.
Got Conflict?
Few business partnerships succeed. Tension arises when the business isn’t doing well and when the business thrives. Beware of this…
A Plan Is Not This…
I work with too many people who think they can make a plan in an hour by just “deciding things”. That’s not a plan. That is a recipe for problems. Hasty decisions lead to problems and waste.
Too Late for a Business Plan?
If your business has been running a while, even a few years, should you bother to make a plan? You bet. I can guarantee you are wasting money and losing opportunities if you have no plan. But a plan for a business that is already running is different from a business plan at launch.
Time to Think
You put in a crazy day of 10-12 hours and look back realizing you didn’t get a lot accomplished. Ever add something to your “To Do” list that you already did just so you could cross it off? The amount of time we spend working has no direct correlation to the amount of work we get done.
Partnership Conflict
If you are in a business partnership and there is tension with your partner, get it resolved or get out of the partnership before the end of the year.
Support Labor
It is commonly said that anyone can succeed in this country through hard work. That’s getting harder but it is still possible.