In order for any business to function properly, many high-level skills are required. What skills? Think financial management, people management, legal issues, strategic planning and information technology, to name just a few. It is the rare entrepreneur who has them all. Fortunately, during the startup phase when funds are an issue, high-level skills are not usually needed full time.

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Big ethical problems and some of the big corporate frauds that have hit the headlines in recent years are pretty obvious to us all. But what about the smaller issues, those little ethical dilemmas that crop up during the regular course of doing business every day?

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Continuing to run a business without a sound operational foundation is rather like running a sports car stuck in first gear. It looks sexy, but that car isn't going anywhere fast and it's hard on the engine.

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When disaster strikes a business and forces it to close, even temporarily, the impact is enormous. It affects all parties involved -- the business owner, whose livelihood is lost for a time, employees who can't work to support their families, customers who can't get critical goods, suppliers who don't get new orders, and the business entity itself, which may or may not be able to recover.  So what should a business owner do when disaster strikes?

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Financial statements tell the story of a business. It can be a story of stellar success or a warning of looming crisis. The numbers are not just financial details, but form actual shapes that offer information to help an owner keep his/her business on track.

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There is a saying that those who ignore history are doomed to repeat it. In business, those who refuse to learn from mistakes are likely to repeat them, too.  Read the contract, consult advisers, negotiate, and remember profit - not revenue - is what counts.

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A long time ago, a client asked, "How do you run a business?" We replied, "Running a business is just like sailing to Maui."

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Even when done with the greatest care, a hiring decision can head south fast. If not dealt with promptly, the resulting problems can spread like a cancer, negatively impacting the rest of your team.

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