Your industry is about to change. Best reinvent it before someone else does it for you. And as you reinvent it, ask your team what business will you be in? Which one should you be in?
While technology and the Internet allow you to act and react more quickly than ever before, you need more than ever to consider decisions reflectively before making them. In addition to solving problems the right way, make sure you are solving the right problems.
During the first couple of years in business, you will constantly be challenged with the bicycle pedals of motivation and discipline. When motivation wanes, discipline must kick in to keep the bicycle moving. Some of the best leaders and managers in business don't achieve peak results because they simply don't execute the plan.
As a small business owner, it's easy to get caught up in the excitement of an average day. Especially when work piles up in and around the office, entrepreneurs don't always take the time to consider the long term impact of what they're doing. Here are a few things to keep in mind that will help you promote the long term success of your business when the going gets tough.
A critical element of initiating a successful change initiative is communicating that change is a normal and positive function of doing business—it is a key factor in a company's ability to remain relevant and differentiate from competitors and grow year over year.
Lean has huge traction in about every part of organizations except for sales and marketing. But if you really understand Lean, it becomes compelling for sales and marketing, purely because of the clarity, focus, and simplicity it drives.
As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager. However, one of the biggest mistakes a young owner will make is not quickly clarifying their role within the organization.
The definition of a bottleneck in your business is one that constricts the flow of work from one area to another in the flow of product or service through your organization. A bottleneck in your organization's flow can happen, shift, or disappear quickly.
If you have a small business that can be easily replicated, then franchising may be one of the best ways to expand it at a fast pace. And if you tackle it the right way, you can certainly pump up your profitability.
My biggest adjustment when I started my business was that no matter the issue, all paths led to me! Finding new clients, setting the business strategy, agreeing the needed partnership, preparing the materials for the meeting, or managing the vendor registration? Yes, all me. The diversity and volume of topics on my “to do” list was overwhelming at times.