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Ensuring a Peaceful Succession with a Buy-sell Agreement
A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner's business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of events occurs. It also establishes the method for determining the price of the interest.
This may sound cut and dried.…Read More -
4 Tough Questions to Ask Before Expanding to a New Location
Is business going so well that you're thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and ask yourself some tough questions about whether a new location will grow your company -- or stretch it too thin. Here are four to get you started:
What's driving…Read More -
Got Talent? Is Your Accounting Staff Delivering What They Should?
As a business owner or senior leader, have you calibrated your expectations with your accounting staff and have you stepped back and thought about the efficacy of your accounting team?
When you are evaluating your accounting team's performance, make sure they are delivering these key results and competencies:
RESULTS:
Produces timely, basic financial reports on a monthly basis – balance sheet,…Read More -
Fine-tuning Your Company’s Compensation Strategy
As a business evolves, so must its compensation strategy. Hopefully, your company is growing -- perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your compensation strategy as well, such as economic changes or the rise of an intense competitor. A goal for many businesses is to…Read More -
Looking Forward: Key Principles for Budgeting and Planning
Budgeting and planning for the upcoming year (or quarter or month) is a valuable opportunity for a business to identify goals, and excite and align employees. Unfortunately, most planning processes elicit eye rolls and cringes from the C-level down. Here’s why… It’s hard. Running an effective planning process takes a unique set of skills. Large companies have a team of…Read More -
Fahrenheit Sponsors CED Event featuring Lighthouse Labs and Cofounder Capital
The Fahrenheit Group is proud to sponsor CED's next Member Meet-up & Pitch Event from 5-8 p.m. Nov. 7th at the Mayton Inn, 301 S. Academy St., Cary, NC. Cofounders Capital and Lighthouse Labs will be there for live company pitches and high-value networking. From 5-6 pm selected companies from Lighthouse Labs accelerator programs will pitch to a group of local VC's…Read More -
Listening to your Customers by Tracking Lost Sales
"Sorry, we don't carry that item." Or perhaps, "No, that's not part of our service package." How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if you don't know it, you could be losing out on profit potential. Although you have to focus on your strengths and not…Read More -
Fahrenheit featured in Richmond Times-Dispatch article
By JOHN REID BLACKWELL Richmond Times-Dispatch Etched on the walls of The Fahrenheit Group’s new office in Scott’s Addition are the names of about 400 businesses, nonprofits and government agencies. The rows read like a Who’s Who of Richmond-area organizations. At some point in the past seven years, all of them have been clients of The Fahrenheit Group, a consulting…Read More -
How to Build and Maintain a Culture of Continuous Improvement
Have you ever worked for an organization where change was not embraced and the status quo was expected? How did you feel about that experience? I have, and personally I found it to be disengaging to the point that I sought to leave that organization quickly. Employees want to be engaged and valued; they want to learn and grow and…Read More -
Are Your Employees a Cybersecurity Threat?
Today’s businesses operate in an era of hyper-connectedness and, unfortunately, a burgeoning global cybercrime industry. You can’t afford to hope you’ll luck out and avoid a cyberattack. It’s essential to establish policies and procedures focused on employees to minimize risk.
Know the Threats
There are a variety of cyber crimes you need to guard against. For instance, thieves may steal…Read More -
Why Cash is Still King
We have all heard the phrase “Cash is King,” it’s a mantra that successful businesses follow and the most important rule for early start-ups. The challenge is knowing when to be as frugal as possible and when to spend/invest so that your business will grow. Investing is always a bit of a gamble and while it’s impossible to be absolutely…Read More -
Put Your Bits & Bytes Together, Create a Strategic IT Plan!
Many companies take an ad hoc approach to technology. If you're among them, it's understandable; you probably had to automate some tasks before others, your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. What's worse, lack of integration can leave you more…Read More