Business growth is the yardstick most businesses use to measure their success. But, it's more than just beating last year's numbers. Or some arbitrary targets. It has to be well thought out, with a solid rationale and plan.
Managing a small business, especially its growth, is never an easy task. But, for entrepreneurs, it's when facing adversity that your ability to lead your company and your team, is most challenged. Assisted by Lego's experience, 6 lessons to apply
Every small business needs an operating plan to guide it. It's like the GPS for your business. Here are 5 ways to develop a workable operating plan that helps your business get from here to there, whether for the next 30 days or the next 3 years.
You're not going to go undefeated in your business. All entrepreneurs suffer defeats, failures, setbacks. It's how you rebound, learn and grow from them that makes the difference in small business success. Here are six action steps that can help .
Every small business, no matter the size, generates data. If and how you track and manage that data can be the difference between whether your small business succeeds or not. Here are 4 key points to consider to make your data the basis for your success..
Most entrepreneurs have a vision for what they want their company to become.Few understand how to execute on that vision, focusing on the destination, when it’s really about the journey. 5 critical ways to successfully lead your team on that journey
Most entrepreneurs have a plan for growth, but few have a plan for how they reap the rewards of that growth in the future. Most begin to consider it either when someone comes to them with an offer or they have a health scare.
Recent issues with companies like Wells Fargo constantly remind me of the importance of business culture and how it is so frequently misunderstood. No matter what you say, your culture is driven by what you do!
The term “silver bullet” has been around for many years, where tradition has it, a bullet made of silver was supposedly the magical method to kill werewolves. We've come a long way, but we're still looking for the simple solutions to c
Over the years, I've written a lot about business plans, especially for early-stage companies trying to raise capital. But, the mistake many entrepreneurs make is that the rationale for its existence is ONLY to raise money.
In this time of great technological innovation, no matter how cool or dazzling a new product might be, at the end of the day, if ain't solving a customer problem or addressing a customer need, nobody is buying it!
Equity and percentage ownership has always been a lightning rod for discussion and controversy with startups and entrepreneurs. It is also less understood than it should be, with dilution and control issues being major points of concern.
Phenomenal growth and market leadership always attracts a lot of attention and provides some great lessons for entrepreneurs. More so, when that growth turns south and leadership turns into "also-ran."
Tradition, while it tries to emphasize the past, often suppresses the future. Entrepreneurs are faced with issues of tradition that can impact their business at almost any stage of its evolution. Far too often, tradition can be a new innovation killer!
Too many small businesses, don't realize that change is inevitable if a company wants to grow. And that change, often, involves making hard business decisions that, just as often, impact customers. But how that change is communicated to them is critical.
Malcolm Gladwell published a book that should be required reading for all entrepreneurs - "David and Goliath: Underdogs, Misfits, and the Art of Battling Giants." In it are critical lessons for how you can leverage your size to achieve your own success.
Every entrepreneur believes deeply in their business concept. Most have a deep passion for what they do, the market they serve and are willing to put in the hard work to launch the business. But, that's not enough. Without a vision, there is no success!
That sounds like professional investors don't want risk. There's nothing further from the truth. They invest in high risk ventures in hopes of generating significant returns. However, there's a difference between "prudent risk" and a "lottery ticket!"
Building a business is not just about numbers. It's about how you make those numbers happen. Forecasts and budgets are simply objectives, your end results. But success is not about focusing on the results, but on the process to get those results.
Virtually, every business plan that's ever been presented to the investor community, invariably, has that fabled "hockey stick growth" period where suddenly revenue jumps exponentially. Growth is not a destination, but a journey that needs preparation.
"Buzz-words" are the stock in trade of big corporations not entrepreneurial endeavors. Lofty words or phrases that, often, become words to hide behind; to put under your pillow to help you sleep better, but don't help you gain the success you seek.
Staying on top of your market, the target customers you serve and the way in which you deliver (or they expect) your product or service is critical to your success. That requires you to constantly be assessing that market.
Success is often a two-edged sword. With it comes the fruits of your labors. But also, with it comes the necessity to deliver on that success. Every entrepreneur dreams of success. But few truly plan for it.
All entrepreneurs have an opportunity to create something that didn't exist before. For many entrepreneurs that isn't enough. They want to leave a legacy behind. Products or services that people buy because the buying experience is memorable.
One of the key benefits of being a small business is the agility that being small enables. But using agility and the ability to "pivot" when a strategy is not working, can also result in constantly changing and having a "strategy du jour" mindset.
My avocation is baseball, where I coached at every conceivable level for nearly thirty years. My prime focus was teaching hitting. Now, hitting a baseball, especially at a high level of competition, is, perhaps, one of the single most difficult things...
Many entrepreneurs are most defensive about the fact that their company is small, or worse, intimidated by the fact that their competitors are large. When, if truth be told, their size can be their biggest asset.