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.
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”.
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.
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…
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.
How to Tell a Good Story
You’ve heard by now how important it is to add stories to your speeches, meetings, presentations and sales pitches. It’s easy to tell interesting stories, right? No, not so easy?
Key to Higher Return on Business Investment
This is seldom understood though very important to profitability. If your business has inventory, please read this important tip.
Starting a Business? Pay Attention to This Tip!
To carry on with my theme of starting fires in the snow, I have another important tip for new and young businesses. First, let me explain the background for these stories. My office is in the country. It's in the woods and the area has experienced a severe...
Starting a Fire in the Snow
The drought conditions in California took a toll on the forests. It's important to clean the dead trees to reduce ground fuel and eliminate habitat for destructive bugs. And it's fun to get outside and work in the woods giving me a good dose of exercise. Does...
Where Is the Leak?
A leak in a tire isn’t a good thing. A leak in your water heater isn’t good. A leak in your business could drain away the last of your reserves.
Work – Life Balance Matters NOW
There's a lot of talk about the importance of balancing work time with personal time. That may be a huge problem at your company as it is at many. If you care, you can make the effort to help your employees have better work-life balance at least through the rest...