The most important part of making a profitable return on your real estate investment is finding good tenants. It’s also the hardest part. Your rental may be in perfect condition in a renter-friendly area, but if you fill it with irresponsible tenants, your margin will erode. Continue reading “How to Find and Keep Great Tenants in Your Multi-Family Home”
Working with members of your family can be a rewarding experience, but it can also present some challenges. If a family member fails to contribute properly, the managers/owner may not be quick to correct the behavior. After all, how can one be harsh with family?
If you find yourself in a position where one family member isn’t pulling their weight, use these six steps to improve the health of your business. Continue reading “Family-Owned Business Challenge: A Family Member Isn’t Pulling Their Weight”
As a business owner, you’ve seen people come and go. Everyone is different, but you’ve noticed that each age group has similarities.
Millennials are entering the workforce now, challenging businesses with new ideas and forcing their managers to adapt to their peculiar lifestyles. Integrating the new generation with the Baby Boomer culture is challenging, but not without advantages.
The biggest benefit of hiring millennials is their self-confidence. It’s no secret that kids these days have been lauded with attention and validation. For many, that grows into a strong sense of drive and a desire to achieve. That’s something you have to foster in older employees, but you just have to point younger ones in the right direction.
So how do you assimilate Millennials into your business without disrupting your flow?
Sales are great. Customers keep coming back. Your cash flow is positive.
Congratulations! It sounds like your small business has successfully capitalized on a great idea. It might be time to expand.
At Litchfield Bancorp we know that small businesses are the workhorses that drive the U.S. economy. We love seeing them grow and prosper.
We applaud the entrepreneurial spirit of those who take the plunge to start their own business. Whether you will be cleverly filling a retail niche or hanging a professional shingle, there are “must do’s” that apply to virtually all start-ups.
A key takeaway is that even if you are striking out on your own as a solo practitioner, you really do have to build a team to be effective and successful. Most of our tips involve making sure you have the right folks in place to support your nascent enterprise.