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I often get asked, “What is operational excellence?” The Business Dictionary defines operational excellence, also known as lean or continuous improvement, as “A philosophy of the workplace where problem-solving, teamwork, and leadership results in the ongoing improvement in an organization. The process involves focusing on the customers’ needs, keeping the employees positive and empowered, and...

Virtually all taxpayers will be affected by the new tax reform law, introduced as the Tax Cuts and Jobs Act (TCJA), that recently passed in November of 2017. The TCJA is primarily designed to provide tax cuts for businesses of all types, and it delivers on that goal. Businesses structured as a PTE— sole proprietorships,...

In today’s modern market, it’s important for business owners to maximize their potential and make wise financial choices in order to achieve growth. For many businesses, this may depend on equipment—updating, replacing, or simply obtaining it in the first place. Whether it be machining tools, bindery and printing presses, or the latest technology systems, some...

As a small business owner, it’s prudent to assess the possibility of internal fraud and consider it in your approach to protecting your business. Recent statistics indicate that a disproportionate number of fraud cases occur in small businesses with fewer than 100 employees1. But when those small businesses are victims of fraud, they lose the...

Owning multi-family real estate has historically proven to be a sound investment, and it continues to be, even with the changing economic environments. However, buying and holding multi-family real estate as an investment is a business—in order to be successful, you need to approach it as you would any other business venture. You should have...

Why do so many people get into business ownership in the first place? For many of us, it’s to live life on our terms and it’s for financial freedom. It’s not about rules; it’s about bringing our vision to life. However, something happens along that journey of opportunities—instead of running the business, the business starts...

The noble goal of most business owners is to build an enterprise of enduring and transferable value. One of the most important components to achieving this goal is retaining and inspiring your key employees. You no doubt have many important employees and it would hurt to lose any of them, but there are likely a...