If you’ve been acting more like a worker and less like a leader, these 5 activities can put you firmly back in the driver’s seat of your small business.
As a serial entrepreneur, I know running a small business is hard work, but there are lots of things you can do to make your life a little easier and increase your chances of success. Here are eight that have helped me, and will help you, too.
When you decided to start a business, it probably wasn’t the fun of keeping up with the latest employment regulations, tax issues, and OSHA requirements that lit your fire. Nevertheless, if you have even a single employee, you’re stuck with all that and more. You’re not alone and fortunately, where there is opportunity there are generally entrepreneurs with a solution. Enter the world of professional … [ Read more ]
People often live by the saying: if you want to get something done right, you need to do it yourself. While I have heard people toss this phrase around like a badge of honor, there is no philosophy more toxic for an organization, especially small businesses. Businesses of any size are complex and it is unrealistic to think that a small number of individuals will … [ Read more ]
I’ve found that it is helpful to break the planning process down into separate topics, and then look at how they fit together in the overall business plan. It’s also a good idea to think of yourself as an investor in your business and review what you come up with from that point of view. Here are the business planning topics that I believe are … [ Read more ]
It’s a good idea for small business owners to put agreements in writing. Here are three agreements that you should definitely consider getting in writing.
Business planning advocates will tell you that every business needs a full-fledged business plan, which is certainly true if you’re going to seek outside investors or a small business loan. While it’s beneficial to have one even if you don’t seek outside funding, the reality is that many successful businesses launch and grow without a full, formal business plan. However, few businesses succeed without any … [ Read more ]
There are a lot of numbers in a small business. Most entrepreneurs do a lousy job of reviewing their financial statements while simultaneously trying to manage with the production, sales and delivery of their product. However, numbers are a very powerful tool in business. Without knowing how a business has performed financially, it is impossible to predict where it should go. If as a small … [ Read more ]
Your financial statements may not make the bestseller list, but they do tell an intriguing story—at least to a banker. Unfortunately, the tale they tell may be misleading. Since finance is no place for fiction, you need to make sure your statements tell the truth, the whole truth, and nothing but the truth.
To do that, the first thing you need to know is that … [ Read more ]
An entrepreneur’s guide to offering trade credit, crafting a credit application, and evaluating a customer’s credit-worthiness.
The basic spreadsheet and accounting programs you’ve relied on ’til now won’t help your growing business eliminate decision-making bottlenecks, reduce IT costs, increase productivity, or improve the customer experience. To do all that requires an enterprise-wide, integrated software system. Learn how an integrated system can help take your business to the next level, and how to ensure you get the right system for you. … [ Read more ]
Existing strategy frameworks are designed for bigger firms with plentiful resources. They should not be liberally borrowed and advanced as solutions for SMEs, who face resource constraint. This very lack of resources impacts the competitive strategies that are feasible to SMEs. What’s more, the current literature in SME strategy fails to take into consideration potential competitive reactions from market incumbents in prescribing competitive strategies for … [ Read more ]
Too much money is worse than too little for most organizations. Until that day comes, the key to success for most organizations is bootstrapping. The term bootstrapping comes from the German legend of Baron von Munchhausen pulling himself out of the sea by pulling on his own bootstraps. That’s essentially what you’ll have to do, too.
Guy Kawasaki provides a list of ten things that every small business owner should do in the new year, though you will likely find the list applies to larger businesses as well.
You probably lend your customers more money than you realize. Have you checked lately?
Leasing new space is an event that can have major implications for any business. If a company leases space that ultimately turns out to be unsuitable for all its operations, or if the lease does not allow for expansion, the growth of the company can be unduly hindered. If too much space is leased, the company will end up wasting limited cash resources. … [ Read more ]
Jay Abraham offers 21 principles to help businesses jump-start their sales and profits.
To many guerrilla marketers, technology is to be lauded because it has put them online — giving them access to the speed of email, the power of fresh information, the warmth of closely connected people, and the marketing muscle of the World Wide Web. To others, technology is the hero because it allows them to flourish in a home-based business. This article examines 25 areas … [ Read more ]
Strategy formulation and implementation are critical elements of the small firm’s process of adapting to a changing world. The CEO who hopes to adapt his/her small firm to a changing environment must focus on strategy formulation and implementation. This paper presents theories, concepts, and models that can be used to improve the process of formulating strategies, to determine the content of specific strategies and, to … [ Read more ]
Every business has a magic number. By employing his, our columnist didn’t overstaff this year.