Technology – it makes us faster, more efficient and at times can drive us crazy! When it comes to your team and work culture, technology has enabled us to grow remotely. We’re no longer tied to a particular location or a specific device. We can work from anywhere, at any time, in any way that lets us meet our job requirements. If you’re an employer, have you considered having a remote workforce? Continue reading “Moving Beyond Bricks and Mortar — How to Attract and Retain a Virtual Workforce”
The modern workplace is changing, and it’s to the benefit of everyone. Employers know their competitive advantage is driven most by the quality of their employees, so they want to attract and keep top talent. In addition to changes in culture and flexible working arrangements the actual footprints of offices are beginning to change – the open floor plan and communal think tank environments. Is it the end of the cubicle? Continue reading “The End of the Cubicle?”
Most businesses know they need a digital presence to promote their brand, and many have extended that brand strategy into the social media space. Applications such as Facebook, Twitter, Instagram, Pinterest, SnapChat, Yelp, and LinkedIn are growing in popularity.
But are you maximizing those spaces or do you just have a “spot”? Continue reading “Easy Ways to Increase Your Brand Awareness Using Social Media”
As a seasoned business owner, you know how tough it is to grow your business. Some years you work your tail off just to squeak out another percent. But growth can come easier if you adjust your model to one with high scalability.
Your ability to scale depends mostly on what you do. If your business depends on your skillset, scaling will be difficult. There are only a certain number of hours in a day you can Continue reading “Is Your Business Scalable? 6 Tips to Grow”
Conflicts are a normal part of every business, but family-owned businesses present a unique set of challenges. It’s quite common for business issues to spill to the family realm and vice versa, infecting both types of relationships.
Dealing with these complex relationship issues should be a fundamental part of your business plan. The problems are inevitable, so plan for them in advance. Continue reading “Handling Conflict in Your Family Owned Business”
For a family business, the transition from one generation to the next is perhaps the largest (and most overlooked) challenge it will ever face. The transition doesn’t just cause stress, controversy, and bruised relationships. Only 30% ever survive the second generation, regardless of industry, location, or the current economic landscape.
The transition from one generation to another is an issue of relationships and expectations of the family members and non-family numbers. The health and success of the business depend on careful transition planning and healthy communication. This means it’s wise to develop a Succession Plan as a fundamental part of your overall Business Plan. Continue reading “How to Transition a Family Business to the Next Generation”
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”
The outlook for the commercial real estate market in 2016 is considered to be very good with a few minor areas of concern. Overall growth has been particularly strong over the past year. According to Real Capital Analytics there was a total of $533 billion in commercial real estate sales in 2015 representing a 23% gain over 2014. Last year also saw the second highest level of investment ever, trailing only 2007. Plus, the Moody’s/RCA Commercial Property Price Indices are predicting price increases of 12% this year over 2015. Nationally, steadily growing demand and declining vacancy rates are seen as signs that this upward trend will persist. Continue reading “The Un-Mixed Blessings of Commercial Real Estate”
Municipal infrastructure & equipment upkeep is expensive. City/Town councils or commissions have to make hard decisions every day on how to finance capital projects – the big question is to borrow money or save over time and pay with cash. Sounds much like a personal budget dilemma – and in fact, it is.
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.