GSS Insight - Family Business Articles
Succession planning seriously lacking at small businesses
What would happen to your family business if the owner decided to retire, became incapacitated, or unexpectedly passed away? Do you have a plan in place that would ensure the continuity of your business? Many businesses - in particular small businesses - don't, according to a new study.
Is it time to do some marketing research?
Market research is about getting into the minds of your customers and potential customers, hearing what they have to say, and tracking actual behaviors. It can take many forms and can be fairly simple to very complex. Here are the pros and cons of the primary forms of market research.
Should your business have a family council?
A family council is a forum in which family members can discuss their expectations for the business and for one another. A family council can help the family improve effective communication and make important decisions.
Hiring your children: Doing it the right way
It isn't unusual for business owners to hire their children. But care should be taken so it is a positive experience for everyone concerned - the parent, the child and the other employees in your company. Hiring anyone should be a deliberate process, but hiring adult children takes more care.
Sandwich generation helping children more than parents
As the sluggish economic recovery continues, nearly three-fourths of adults in their 40s and 50s with a grown child provided some financial support to the child during the past year. And half of those provided full support. On the other hand, only one-third provided support to an aging parent.
Health insurance: What to know before you enroll
Health reform is changing the insurance landscape, but certain caveats still apply. It is important to choose a plan that fits the healthcare needs of you and your family, as well as your lifestyle. And those needs can change from year to year.
Paperwork reduced for claiming home office
If you have an office in your home, you know how complicated the IRS rules can be when it comes to keeping records for your tax deductions. Good news. The IRS has announced a new option of deducting your office based on square footage.
How to make sense of financial reports
Your financial report may look like a foreign language to you. But, at some point, almost everyone in the business world will need to read and understand a set of financial statements. With a few pointers and a little practice, almost everyone can make sense of all the numbers.
Big health questions face businesses soon
How Americans purchase health insurance will change dramatically in 2014. The individual mandate goes into effect, and employers with 50 or more full-time employees must offer affordable health insurance or pay a penalty. How will this change affect your business?
Five ways to improve your management skills
Managing people is a learnable skill. That means you can get better at it by working diligently on improving. And you'll find that being a better manager will provide an improved return on investment for your company. Here are five suggestions that could help you to become a better manager.
Why planning is harder for family businesses
Family businesses face more challenges when it comes to planning than other businesses. The reason is that family business owners are balancing business demands with family concerns. The balance can only be achieved through total family business planning.
Is your strategic plan in place for 2013?
Many companies have great visions but aren't able to convert them into growth and profits. If you want to grow your company, you need a strategic plan. But where and how do you begin? Creating a plan involves hard work, but the process can actually be quite straightforward.