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Forbes
4 hours ago
- Business
- Forbes
The 20-Step Guide To Starting A Business Today
By Dominique Harroch and Richard D. Harroch Starting a business today requires more than just passion or a good idea. It demands careful planning, strategic execution, and the flexibility to evolve as markets shift and customers grow. This 20-step guide walks you through every major milestone—from setting your vision to managing finances, scaling operations, and protecting your brand. Whether you're launching a product, offering a service, or building a tech startup, these steps are your modern playbook for success. Every successful business starts with a clear purpose. Before anything else, define what your business stands for, what problem it solves, and why it exists. Your vision serves as your North Star—guiding decisions, attracting talent, and inspiring customers. But it's not just about inspiration. You must also assess your commitment. Are you ready for the uncertainty, risk, and time it takes to build something from scratch? Clarifying your purpose ensures that when challenges arise, you're not just chasing profits—you're working toward something meaningful. 👉 Do You Have a Clear Business Vision? Find Out Why Your Success Depends on It Before you invest time, money, or energy, confirm that there's a real need for your product or service. Validation means researching your audience, testing the concept, and collecting feedback. Build a prototype, set up a landing page, or talk to potential customers. Are they willing to pay for it? Are you solving a pain point or just offering a nice-to-have? The earlier you validate, the fewer resources you'll waste chasing an idea that doesn't resonate. 👉 How to Test a Business Idea: 11 Strategies Market research helps you understand your competitive landscape and customer behavior. Study market size, trends, pricing models, and your competitors' strengths and weaknesses. Dig into what customers complain about and where gaps exist. Use primary methods (interviews, surveys) and secondary sources (industry reports, competitor websites). This research gives you the insight to position your business strategically, tailor your messaging, and avoid launching blindly. 👉 11 Simple Tips for More Effective Market Research Your business name is more than just a label—it's the foundation of your brand. Choose a name that reflects your identity, is easy to pronounce and spell, and can scale with your growth. Then check domain name availability and register the .com version if possible. Run a trademark search to avoid future legal issues, and secure matching social media handles. A name that's legally clear and digitally available saves time, money, and headaches later. 👉 5 Steps for Naming Your Business 👉 7 ChatGPT Prompts to Help You Name Your Startup Choosing a legal entity is a foundational decision. A sole proprietorship is simple but leaves you personally liable. An LLC offers protection and flexibility. Corporations allow for scalable ownership and outside investment. Your choice affects your taxes, your liability, your legal obligations, and your funding options. Don't guess—consult a legal or tax advisor to get it right from the beginning. 👉 Everything You Need to Know About Business Entity Types With your entity chosen, it's time to make your business official. File your Articles of Incorporation or Organization with your state, apply for an EIN (Employer Identification Number) from the IRS, and obtain local licenses and permits. These steps vary by industry and location, so check with your local Small Business Administration office or state website. Legal compliance isn't just paperwork—it's your license to operate. 👉 How to Register Your Business in 5 Steps 👉 Legal Requirements for Starting a Small Business: 10 Things to Know A business plan doesn't need to be a 50-page binder—it just needs to answer the right questions. Who is your customer? What problem are you solving? How will you make money? What will it cost? Your plan should also include marketing strategies, sales forecasts, and operational logistics. A lean plan keeps you focused and ready to respond to opportunities or setbacks. It also helps when seeking funding or bringing on partners. 👉 Guide to Creating Your Business Plan 👉 Business Plan Basics: Objectives, Mission Statements Even if you're not raising money, you'll need to pitch your business idea often—to customers, collaborators, and future team members. Craft a short elevator pitch for casual conversations and a full investor deck with key details: market problem, your solution, target market, competitive advantage, business model, team, and financial projections. Practice until you can pitch confidently in any setting. 👉 A Guide to Investor Pitch Decks 👉 Tips for Practicing Your Investor Pitch Ahead of the Big Meeting Open a dedicated business bank account to separate personal and business finances. Set up accounting software or hire a bookkeeper to track expenses, income, and taxes. Monitor cash flow weekly and keep detailed records for compliance and clarity. Understanding your financials helps you make smart decisions and demonstrates reliability to investors, lenders, and partners. Do you need capital now, or can you bootstrap for a while? If you need outside funding, explore small business loans, grants, angel investors, or crowdfunding. Each option has different expectations—loans must be repaid, equity reduces your ownership, and grants require time to apply. Choose based on your business stage, risk tolerance, and speed of growth. 👉Seed Financing Explanation From contracts to intellectual property, legal protection is critical. Use written agreements for services, employment, or partnerships. Consider business insurance policies like general liability, professional indemnity, and cyber insurance. Consult a legal advisor to protect your brand, assets, and reputation. Legal trouble can be devastating—prevention is cheaper than litigation. 👉 Business Forms and Agreements Center Don't wait until everything's perfect. Launch a basic version of your product or service that solves your customer's core problem. Then use feedback to improve. This agile approach helps you iterate quickly, validate assumptions, and prevent wasted effort building features nobody wants. 👉 How to Test a Business Idea: 11 Strategies Your brand is how people remember and trust you. It's made up of your logo, colors, tone of voice, website, and every customer interaction. Define your brand values and make sure they show up everywhere—from your packaging to your social media captions. A consistent and authentic brand creates emotional connections that turn customers into fans. 👉 Branding a Startup Company: 3 Essential Elements You need to be found online—period. Build a mobile-responsive website with fast load times, clear messaging, and optimized SEO. Claim your Google Business Profile, set up business pages on social media, and collect reviews. An online presence legitimizes your business and opens the door to organic discovery and digital advertising. 👉17 Key Tips for Entrepreneurs Marketing brings your idea to life in the minds of customers. Define your marketing goals—brand awareness, lead generation, conversions—and pick the right channels: SEO, content marketing, social media, paid ads, email, or PR. Track what works, refine your messaging, and double down on your best-performing efforts. Marketing isn't just getting attention—it's converting attention into action. 👉 Steps to Create a Successful Small Business Marketing Strategy 👉 How to Start Marketing a Small Business—And Why Email Is Still So Effective Protecting your data and customer information is non-negotiable. Use strong passwords, encrypted backups, firewalls, and two-factor authentication. Train employees to spot phishing and comply with data regulations like General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA). One breach can destroy customer trust and create costly liabilities. Secure your systems now before it's too late. Technology allows small teams to do big things. Automate invoicing, email follow-ups, social media scheduling, and customer support using modern tools. Invest in scalable systems early so your operations can grow without breaking. Automation reduces error, saves time, and helps you focus on high-value work. You can't build an empire alone. Start by hiring freelancers or agencies for specialized work. As you grow, add part-time or full-time team members aligned with your mission. Create clear roles, expectations, and processes. A strong team doesn't just get work done—they carry your culture and help scale your impact. Track your business health through data. Monitor monthly revenue, profit margin, burn rate, customer acquisition cost, and customer lifetime value. Use dashboards and analytics to see what's working and what's not. Data empowers you to adapt quickly and stay focused on sustainable growth. The market will change. Customers will evolve. You'll need to adapt. Build regular feedback loops, run experiments, and stay close to your data. At the same time, plan for growth by identifying new markets, expanding your offerings, or improving infrastructure. Flexibility plus forward-thinking is the formula for long-term success. Conclusion on Starting a Business Starting a business today is more accessible than ever, but it also requires clarity, commitment, and adaptability. From crafting a clear vision to choosing the right legal structure, building a brand, and establishing financial discipline, each step you take lays the groundwork for long-term success. Modern entrepreneurs must be willing to test ideas early, listen to their customers, and constantly refine both their product and their approach. The combination of strategic planning and real-world validation separates the businesses that grow from those that stall. But success isn't just about the checklist—it's about persistence, adaptability, and learning quickly. As you implement the steps outlined in this guide, remember that no business journey is linear. Mistakes will happen, markets will shift, and growth will come with new challenges. Stay focused on your purpose, surround yourself with the right people, use data to guide your decisions, and remain open to change. With consistency and grit, your vision can become a thriving, resilient business. More from AllBusiness: Copyright © by Richard D. Harroch. All rights reserved.
Forbes
12-06-2025
- Business
- Forbes
The Ultimate Guide To Side Hustles
By Dominique Harroch Side hustles can be your path to financial freedom and the life you actually want. We all could use some extra cash, right? Whether you're drowning in student loans, dreaming of that vacation to Bali, or just want some breathing room in your budget, side hustles are your ticket to financial freedom. And the best part? You don't need to quit your day job to start making serious money on the side. A side hustle is basically any gig you do outside your main job to bring in extra income. But here's where it gets exciting–today's side hustles can be incredibly flexible, creative, and surprisingly profitable. We're talking about making money from your couch, turning your hobbies into cash machines, and maybe even building the foundation for your future empire. Extra income: Let's talk money–because that's probably why you're here. We're not talking pocket change here. Many side hustlers are pulling in an extra $500 to $5,000 or more every month. That's mortgage payment money, vacation fund money, or "goodbye credit card debt" money. You're not putting all your eggs in one basket: Here's what's even better than the money itself. Is your boss having a bad day? Company downsizing? No problem. You've got multiple income streams flowing, which means you're less stressed about any financial curveballs life might throw at you. Freedom and flexibility: These are game-changers that affect everything about how you work. You decide when to work, what projects to take, and how much to charge. No more asking permission to leave early or begging for time off. Your side hustle works around YOUR life, not the other way around. Skill-building goldmine: Don't forget this massive advantage that keeps paying dividends. Every side hustle teaches you something new–marketing, customer service, time management, or whatever specialty you choose. These skills don't just make you more money; they make you more valuable everywhere. Many people have turned their side hustle skills into promotions at their day jobs or completely new career paths. Creative outlet: This aspect is huge for people stuck in boring day jobs. Tired of mind-numbing spreadsheets all day? Your side hustle can be your creative playground where you actually enjoy what you're doing while making money. It's like getting paid for your hobbies–because sometimes you literally are. Ready to dive in? Let's make this happen without overwhelming yourself. Start by getting real about your available time. Don't go crazy planning 40-hour weeks–most successful side hustlers start with just 5-10 hours per week. You can always scale up once you're making money and feeling the groove. Pick something you actually enjoy or are naturally good at. Life's too short to hate your side hustle too. If you love dogs, consider pet services. Good with words? Writing might be your goldmine. Tech-savvy? Virtual services are calling your name. Do a little homework before jumping in. Check out what others are charging, see what customers are complaining about (hello, opportunity!), and figure out how to do it better. A quick scan of Facebook groups, Reddit threads, or Google searches can save you months of trial and error. Set some goals that actually excite you. "I want to make $1,000 extra this month" hits different than "I want some extra money." Get specific about what that money will do for you–pay off your car, fund your wedding, or let you finally take that trip you've been dreaming about. Keep it simple at first. Don't worry about business licenses, fancy websites, or complicated accounting systems right out the gate. Test your idea, make some money, then worry about the fancy stuff once you know it's working. Here's the thing–having a good idea for a side hustle is just the beginning. To really make money, you need to treat it like a real business. That means showing up consistently, delivering quality work, and always looking for ways to improve and grow. Get online and stay visible. Social media isn't optional anymore–it's where your customers are hanging out. Post regularly, engage with people, and show off your work. You don't need to be everywhere, but pick 1-2 platforms and post to them consistently. Network like your bank account depends on it. Join Facebook groups, post on Instagram, attend local business events, tell everyone what you're doing. Most side hustle success comes from word-of-mouth and referrals, so make sure people know how to find you. Always be improving your game. Raise your prices as you get better, streamline your processes to work faster, and look for ways to make more money from the same effort. The difference between someone making $500 a month and $5,000 a month often comes down to these optimizations. Scale smart when you're ready. Once you're consistently booked and making good money, think about hiring help, raising prices, or expanding your services. The goal is to make more money without working yourself to death. Time management will make or break you. Start small and build up gradually. Use calendars, time-blocking, and whatever tools keep you organized. The last thing you want is to burn out or mess up your day job. Don't undervalue yourself. Seriously, charge what you're worth. If you're too cheap, people will think you're not good. If you're delivering value, price accordingly. You can always start lower and increase as you prove yourself. Inconsistent income is part of the game, especially at first. Keep some money in the bank for slower months, and don't quit your day job until your side hustle is reliably bringing in serious money. Avoid shiny object syndrome. Pick one thing and get good at it before jumping to the next opportunity. The grass isn't always greener–sometimes you just need to water your own lawn better and focus on nurturing your side hustle. Side hustles can be your path to financial freedom and the life you actually want. In a world where job security is uncertain and bills keep getting higher, having multiple income streams isn't just smart; it's essential. The opportunities we've laid out here are real ways to make real money by leveraging skills you probably already have or can easily learn. The best part? You don't need permission from anyone to start. No boss to convince, no investor to pitch to, no committee to approve your idea. Just you, your hustle, and the decision to take control of your financial future. Start with one idea that excites you, commit to it for at least 3 months (and ideally longer), and watch what happens. Your future self–the one with more money, more options, and more freedom–is waiting for you to make the move. So what are you waiting for? Get going on that side hustle! More Advice: Copyright © by All Rights Reserved.
Forbes
19-05-2025
- Health
- Forbes
The Best Diet And Exercise Apps To Help You Reach Your Goals
By Dominique A. Harroch and Richard D. Harroch Diet and fitness apps allow you to see patterns and stay consistent with your goals. Living a healthy lifestyle is easier said than done. We love sourdough bread, hamburgers, and french fries. With so many food choices, fitness routines, and conflicting advice out there, staying on track can feel overwhelming. That's where diet and exercise apps can come in. These tools help you track what you eat, monitor your workouts, and stay accountable—because let's be honest, we sometimes think we ate healthier than we actually did. It may seem like a hassle and feel time-consuming at first, but tracking actually takes very little time and provides invaluable feedback that helps you reach your health and fitness goals. Your health is worth the time! Tracking eliminates guesswork, allowing you to see patterns, make adjustments, and stay consistent with your goals. Many of these apps also offer insights into your nutrition, exercise habits, and overall wellness, helping you make data-driven decisions. Whether you want to lose weight, gain muscle, or just improve overall wellness, the right app can be a health game-changer. To help you find the best options, we developed this article with research assistance and insights from AI, ensuring a well-rounded, data-driven approach to evaluating these health and fitness tools. Many of us underestimate how much we eat and overestimate how much we move (these authors fall into that category!). Apps remove the guesswork, providing a clear picture of our habits. When you track your food intake and daily exercise: Tracking isn't just about numbers; it's about awareness. When you keep tabs on your food intake and exercise, you're more likely to stay on track, make healthier choices, and achieve long-term success. Many of us snack mindlessly and wonder why we are gaining weight. This approach leaves no room for mystery. Below are some of the best diet and exercise apps, with evaluations into how they work and why they can help you achieve results. What it does: Noom goes beyond just counting calories. It takes a psychology-driven approach to help you build better habits for long-term weight loss. Key features: Why it's effective: Many people struggle with yo-yo dieting because they focus only on calories, not behavior change. Noom helps reframe your relationship with food, so you can make sustainable choices rather than falling into restrictive cycles. Downsides: Some users find the daily lessons repetitive over time, and the personal coaching can feel generic rather than truly personalized. Additionally, Noom requires a subscription, which can be pricey compared to free alternatives. What it does: MyFitnessPal is one of the most popular calorie and macro-tracking apps. It provides an extensive food database and lets you log meals, track exercise, and monitor progress. Key features: Downsides: The free version has limited features, and the app has frequent ads unless you upgrade to premium. Some users also report that the barcode scanner and food database occasionally have inaccuracies, which can lead to incorrect logging. What it does: Fitbit tracks steps, heart rate, sleep, and workouts, helping you stay active and mindful of your movement throughout the day. Key features: Downsides: Fitbit devices can be expensive, and some features require a Fitbit Premium subscription. Battery life varies between models, and syncing issues between the app and devices are a common complaint. What it does: Strong is designed for people who love lifting weights. It tracks your workouts, sets, reps, and progress, making it easy to build and adjust strength-training routines. Key features: Downsides: The free version is very limited, and many advanced features require a paid upgrade. Some users also feel the exercise library is not as extensive as other strength training apps. What it does: Strava is a social fitness app that tracks runs, bike rides, and other cardio activities, providing detailed insights into performance and endurance. Key features: Downsides: Strava's best features, including segment leaderboards and route planning, are behind a paywall. Some users also report GPS tracking inaccuracies, which can affect workout tracking. What it does: Cronometer goes beyond just tracking calories and macros—it also helps you track essential vitamins and minerals to ensure optimal nutrition. Key features: Downsides: The interface can feel overwhelming for beginners, and manual food entry can be time-consuming. The free version lacks some important features like recipe creation and meal planning. What it does: JEFIT is useful for people who want structured workout plans with detailed instructions for strength training. Key features: Downsides: The app contains ads in the free version, and some users find the interface cluttered. The workout plans may feel too rigid for those who prefer more flexibility in their training. What it does: Lose It! makes calorie tracking simple and effective, with an easy-to-use interface and goal-setting features. Key features: Downsides: The free version includes ads, and some users have experienced syncing issues with other fitness devices. Additionally, some users find the interface outdated compared to newer tracking apps. While apps are a fantastic way to track your health, wearable technology like the Apple Watch takes it to the next level. With built-in fitness tracking capabilities, the Apple Watch provides real-time data that can enhance your diet and exercise regimen. Key features: Why it's effective: The Apple Watch acts as a personal fitness coach, encouraging movement, alerting you when you've been inactive for too long, and tracking progress in real-time. By pairing it with a diet and exercise app, you can ensure that your activity levels align with your nutrition and health goals. Many of us have had that moment when we look in the mirror and feel like we need to lose a few pounds, or perhaps our doctors have advised us to lose weight for health reasons. Maintaining a healthy diet is essential not only for weight management but also for overall well-being. A balanced diet can reduce the risk of chronic illnesses such as heart disease, diabetes, and high blood pressure while also improving energy levels, mood, and sleep quality. However, making healthier food choices and sticking to them consistently can be challenging. This is where diet and exercise apps come in. These apps act as digital accountability partners, helping you track your food intake, monitor your activity levels, and set realistic health goals. By providing insights into your eating habits, nutrient intake, and exercise progress, they help you make more informed decisions about your health. With the right tools and consistency, achieving a healthier lifestyle is within reach. Whether you are looking to lose weight, build muscle, or simply develop better eating habits, these apps can be an invaluable resource in helping you stay on track and maintain long-term success. More from AllBusiness: Copyright (c) by Richard D. Harroch. All Rights Reserved.
Forbes
19-05-2025
- Business
- Forbes
The Ultimate Guide To Re-Entering The Workforce
By Dominique Harroch When you return to work, highlight not just the skills you've maintained but also the broader ... More perspective you bring. Have you been out of the workforce for a while? Maybe you've spent the last several years raising your children, caregiving for a loved one, or managing a household. You may be wondering if you still have the skills to compete in today's job market or if anyone will value your experiences after such a long break. Let me assure you—you are not alone, and you are incredibly valuable. U.S. Census Bureau's 2023 data shows that 3.6 million parents, primarily mothers, left the workforce in 2022-2023 to care for children. Women ages 25-44 were most impacted, facing an estimated lifetime earnings loss of $200,000 to $400,000 per parent. These numbers highlight the prevalence and economic consequences of stepping away from traditional employment, but they also underscore the wealth of skills gained during these periods. Additionally, AARP reported in late 2023 that 48 million Americans provide unpaid care to an adult, and 61% of these caregivers are women. The economic impact of lost wages and benefits averages $304,000 per caregiver. Your time away from the workforce wasn't just about managing tasks or keeping schedules. It was also a period of immense personal growth and reflection. Wisdom and perspective are some of the most underrated qualities you bring back to the professional world. Whether you've navigated the challenges of caregiving, balanced competing priorities, or simply had the space to think deeply about your values and priorities, you've cultivated a richer understanding of yourself and the world. These experiences enable you to approach problems with a level of insight and empathy that few can match. Employers increasingly value these traits because they contribute to stronger leadership, better teamwork, and more thoughtful decision-making. When you return to work, highlight not just the practical skills you've maintained but also the broader perspective you bring. Your ability to see the bigger picture, remain calm under pressure, and empathize with others can set you apart in any workplace. It's time to focus on yourself, your passions, and your successes. For years, many of us have prioritized the achievements of our children or the needs of our families, often putting our own goals on hold. Now is the moment to recalibrate. Reflect on what excites you, what you're passionate about, and the many ways you've grown over the years. This is your opportunity to celebrate your accomplishments and channel your energy into pursuing the career path that brings you fulfillment. It's easy to underestimate the value of the skills you've developed outside traditional employment. Caregiving alone requires multitasking, time management, problem-solving, and emotional intelligence. Whether you've been coordinating schedules, budgeting for a household, or advocating for a loved one's needs, you've been cultivating abilities that transfer seamlessly into professional settings. Employers are increasingly recognizing the importance of diverse experiences. They're looking for people who can think critically, work under pressure, and bring fresh perspectives. Your time outside the workforce has not diminished your value; it has enhanced it. Now is the time to reframe your narrative and highlight these skills confidently as you explore new opportunities. One of the most significant changes in today's professional world is the widespread acceptance of remote work and flexible schedules. Many organizations have embraced hybrid models, allowing employees to contribute without adhering to a strict 9-to-5 schedule. This shift can be a game-changer for professionals who need flexibility or prefer working from home. With the rise of remote opportunities, you can explore roles in a variety of fields, from project management to customer service to creative industries. The key is identifying positions that align with your strengths and preferences. Whether you're seeking full-time, part-time, or freelance opportunities, the modern workforce offers options that cater to diverse needs and lifestyles. Re-entering the workforce after a long absence can feel intimidating, but every obstacle is an opportunity for growth. Here are a few common concerns and strategies to address them: Some industries are particularly welcoming to individuals re-entering the workforce. Think first about what interests you and what sounds rewarding to you. Once you have figured those out, here are a few sectors that may offer promising opportunities (and don't forget you can also start your own business): A stay-at-home parent operates as the chief executive officer of their household enterprise, managing multiple departments with adaptability. Like a chief financial officer, they oversee the family budget, tracking expenses and making strategic decisions about resource allocation. Their human resources role involves mediating conflicts between siblings and other family members, providing performance feedback on chores and homework, and maintaining high household morale. As the operations manager, they coordinate the complex logistics of school schedules, extracurricular activities, and medical appointments while ensuring smooth daily functions. The parent serves as facilities manager, overseeing household maintenance and cleanliness standards, while simultaneously acting as head of food services, planning and executing meals that meet diverse dietary needs and preferences. Their marketing and communications position requires them to maintain relationships with teachers, other parents, and community members, while their risk management role involves childproofing, emergency preparedness, and ensuring family safety protocols are followed. For your resume, include a section that highlights 'Relevant Experience' and list the transferable skills you gained during your time away. For example, if you led a PTA committee, you've demonstrated project management, budget management, event planning and teamwork. If you organized community fundraisers, you have experience in marketing, volunteer coordination and financial oversight. Your cover letter is an opportunity to expand on this narrative. Explain why you took a career break and how it has prepared you for the role you're applying for. Acknowledge that not every employer may see the value in your journey—but the right ones will. These are the organizations that will appreciate your perspective, resilience, and adaptability, and they are the places where you'll thrive. By owning your unique story and presenting it with confidence, you'll connect with employers who value what you bring to the table. As you navigate your return to the workforce, consider these books for guidance and inspiration: Returning to the workforce requires a thoughtful and proactive approach. To summarize, here are some steps to get started: By stepping back into the professional world, you're not just helping yourself—you are also becoming a role model for your children and others who have been out of the workforce. Your courage and determination demonstrate that it's never too late to pursue your goals and make a meaningful impact. Returning to the workforce is an opportunity to rediscover your strengths, contribute in a meaningful way, and set an example for others who may be considering a similar journey. Welcome back to the workforce. I encourage you to jump in with both feet. Your skills, perspectives, and determination are needed now more than ever. Embrace the opportunity, and take pride in your journey. The future is bright, and you are ready to shine. Related Articles: Copyright (c) by All Rights Reserved.
Forbes
16-05-2025
- Business
- Forbes
Why A Sense Of Urgency Matters In Business Deals
By Richard D. Harroch and Dominique A. Harroch As a longtime M&A attorney, entrepreneur, and venture capitalist with over 200 major deals under my belt, I have learned a lot of important lessons. One important business lesson is that time is one of the most critical factors in determining the success of any deal or transaction. The saying "time is the enemy of all deals" highlights a fundamental truth in business: the longer it takes to negotiate, the more likely it is that the deal will fall apart. Prolonged negotiations can lead to various complications, including new offers, deal fatigue, or miscommunication, all of which can derail a business agreement that seemed promising at the start. It's essential to recognize that speed and decisiveness are often key factors in successfully closing deals. A sense of urgency doesn't mean rushing haphazardly into decisions, but it does mean understanding the importance of acting quickly and efficiently. Deals that drag on are at risk of losing their value and relevance, and often, they never materialize. By establishing clear timelines and making timely decisions, businesses can ensure that they don't miss valuable opportunities, even as they remain flexible and thorough in their negotiations. This article, which uses research assistance and insights from AI, will explore why urgency is crucial in business and why a delay in closing deals can lead to missed opportunities and failed negotiations. These lessons particularly apply to mergers and acquisitions, major financings, and joint ventures. Time is often one of the most significant factors in a deal. When negotiations drag on too long, there's always a risk that a better deal may arise. Competitors may come in with more attractive offers, or external market conditions might shift, rendering the deal less appealing. In business, the longer you wait, the more likely another opportunity or competitor may catch the attention of the other party involved in the deal. Key Insights: As deals drag on, deal fatigue is a real risk. This can happen when one or both parties grow tired of the negotiation process, especially if it involves long discussions, legal hurdles, or repeated revisions. When deal fatigue sets in, both sides may begin to lose interest or enthusiasm, and even the most promising deal can fall apart due to frustration. This is why a sense of urgency is important—to keep everyone focused and ensure that the deal doesn't lose its momentum. Key Insights: Long negotiations can sometimes be a red flag. If the process is taking too long, it may signal that one party is difficult to deal with and that complexity could carry on post-deal. A lengthy negotiation process often raises questions about a partner's flexibility, willingness to compromise, and ability to meet deadlines. Such behavior might indicate that the relationship will be challenging after the deal is completed, making the agreement less desirable for the other side. Key Insights: As negotiations stretch out, the financial cost of legal fees, consultants, and other resources involved in drafting and reviewing agreements increases. While initial costs may seem manageable, the longer the deal takes, the higher the overall expenses become. Over time, these growing costs can make the deal feel less worthwhile. The expenses can become so significant that both parties may ultimately decide that the deal is no longer financially feasible. Key Insights: In many business negotiations, key decision-makers may change roles, departments, or even companies during the negotiation period. This personnel turnover can significantly disrupt the process, causing delays or even halting the deal. The loss of a crucial decision-maker can leave the deal in limbo, especially if the new decision-maker doesn't prioritize the deal or has a different approach. A sense of urgency helps ensure that the people who initiated the deal are the ones who finalize it. Key Insights: Long delays in negotiations can lead one party to conclude that the process is more trouble than it's worth. When negotiations drag on without resolution, a sense of frustration builds, and it's possible that one party will decide that the deal isn't worth pursuing anymore. Dealmakers may look at the slow pace of negotiations as a sign of indecision or lack of urgency on the other party's part, and as a result, they may walk away from the table. In these cases, the deal is often abandoned, and both parties miss out on potential value. To help close a deal quickly and efficiently, consider these actionable tips: The ability to close deals swiftly is an essential skill in business, and the longer a deal takes, the greater the risks. Prolonged negotiations lead to missed opportunities, rising costs, deal fatigue, and sometimes even the total abandonment of an agreement. A sense of urgency keeps everyone focused, minimizes unnecessary delays, and increases the likelihood of closing deals successfully. Speed doesn't mean rushing— it's about maintaining momentum, keeping everyone engaged, and finalizing the deal while the opportunity is still valuable. Ultimately, urgency is key to a successful business deal. By setting clear timelines, staying engaged, and moving quickly to address issues, businesses can minimize the negative impacts of delays. Whether you're negotiating a sale, a partnership, or a merger, time is a crucial factor in securing the deal and achieving the desired outcome. Related Articles: Copyright (c) by Richard D. Harroch. All Rights Reserved.
