May 2016 Archives

Achieving success with a local business

There are many people in Chicago who hope to start a local business and keep it thriving for many years. To maintain a new company's success over a long period of time, a business owner has to think about the launch as well as long-term goals. That's why one of the most important parts of a successful business is a solid business plan.

Spring cleaning for business finances

Owners of Illinois small businesses may be dusting behind their desks and clearing unneeded items from their drawers in honor of 'spring cleaning." While clearing away physical clutter is important, the time can also be used to reorganize business finances. Evaluating cash flow, business expenses and the business plan are a few of the ways a small business owner can give the company a financial spring cleaning.

Complexity and uncertainty in business planning

Illinois entrepreneurs who are creating a business plan for a start-up venture should make sure to distinguish between complexity and uncertainty. The two may look the same, but they are very different. Complexity means that the situation may be difficult to understand, but with enough information, it can be figured out. Uncertainty means that the amount of information is irrelevant. The situation can be simple or complex, but it is essentially unpredictable.

Questions entrepreneurs should ask themselves

People in Illinois who want to start a business should ask themselves some important questions. One is whether they are psychologically ready to run their own business. Doing so can take long hours of work, and most new businesses fail. In fact, four out of five startups fail within the first year and a half after launching.

City of Chicago approves Vista Tower construction

The mayor of Chicago revealed on May 2 that the developers of the high-rise Vista Tower will begin construction in the summer. The structure will be built in Lakeshore East over a four-year period and be the third-highest building in the city at almost 1,200 feet tall. The project is expected to create more than than 2,000 construction jobs as well as several hundred that are permanent.

Common business plan mistakes

A new Chicago start-up company usually won't succeed unless the founders write a detailed business plan. Such a document can be used as a road map to keep an operation on course, and it can also be used to attract investors, partners and key hires. While a strong business plan can be very helpful for a new company, a poorly written one can end up hurting a venture.

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