Reach out to biz owner clients

Optimism among Canada’s small- and medium-size businesses declined in November, says the CFIB, with the monthly business barometer falling from 5.6 to 62.9.

“Small business confidence took a step backward last month, but it’s still above the levels we observed in the June-through-September period” says Ted Mallett, CFIB’s chief economist and vice-president.

Read: Uptick in small business confidence (October)

He adds, “Much of the decline in the overall average can be explained by unusually low confidence in natural resources, manufacturing and business services. The consumer-facing side of the small business sector, however, looks relatively upbeat, with retail, hospitality and personal services all showing above-average confidence.”

An index level above 50 means owners expecting their businesses’ performance to be stronger in the next year outnumbers those expecting weaker performance.

Besides modest economic growth, biz owners are also facing the challenge of locking down solid succession plans. Studies over the last year have found that many are not only holding onto their businesses too long, but that they’re also lagging on planning.

Read: Entrepreneurs working longer without plan

This is major oversight, since owners are aging and situations can always arise that may require a successor to take over for a past owner.

Take Groupon: Financial Times says it’s CEO and founder is being pressured to leave after the company’s stock price took a dive. Yet, he’s arguing he should stay.

If they don’t have proper plans and agreements in the place, the already struggling company will encounter further problems and financial stress.

Read: Lack of leadership stunts business growth

In the recent article, it asked an investor, executive and academic how owners might know when it’s the right time to step down.

Read:

How to choose your successor

Passing down patents

How I dealt with a growing practice

When giving away the farm makes sense

4 ways to help small biz clients

How to advise business owners