Making the right choice about your office space

Many companies must eventually decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. Buying commercial property is a big step. It offers prestige, control and tax advantages, but also comes with high costs, maintenance obligations and the daunting prospect of selling if things don’t work out.…

Say, just how competitive is your business anyway?

To be successful, a business must be competitive. Is yours? Here are some ways to assess this: First, examine your operating environment. Anything from severe weather to a sudden change in buying trends could affect competitiveness. Next, identify important tangible and intangible resources. Technological obsolescence, for example, could change everything. Then look at the strength…

Manage health benefits costs with a multipronged approach

For business owners, it may seem impossible to control health care benefits costs. The trick is taking a multipronged approach. For example, don’t rely on vendor-provided communications: Actively interact with employees. Use metrics to analyze benefits utilization and identify utilization gaps where you may be losing money. Engage an outside expert to conduct an ROI…

Use benchmarking to swim with the big fish

Benchmarking can help your company swim with the big fish without getting gobbled up. It’s the practice of comparing your performance to that of similar businesses to identify strengths and weaknesses. Quantitative benchmarking uses key performance indicators (formulas or ratios) to calculate comparisons. Meanwhile, qualitative benchmarking compares operating practices (such as production techniques, quality indicators…