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Item Upon - Do You Have a Destination in Mind for Your Business?
The key to business success is really quite simple. It is your ability to offer a product or service that people will pay for at a price sufficiently above your costs to produce. Ideally you need to price your product or service at three to five times your cost, thereby giving you a profit that enables you to buy and offer more products and services.Before you can sell a product or service for a profit you must find one. You must find a product or service that fills a need or solves a problem for people. It must be product or service that provides a result for people that makes their life better in some way.You ma
Businesses cannot stand still. The individual wants and needs of the owners can rarely be satisfied unless someone (the business leader) is willing to deal with the issues. If he or she is unwilling, then the company needs to appoint a new leader who is willing.
How about in your business? Do you have a clear destination in mind? Have you taken time to prepare a five-year plan. If not, your business is not unlike a piece of seaweed being tossed around by an angry sea. The business leader must lead or the business will rarely realize its full potential. The f
For many years I felt that if you scratched any American you were scratching an entrepreneur. This is the country where entrepreneurial activity is most possible and seemingly every citizen has an idea with commercial potential. Sadly, over time, I realized I was wrong. If you scratch most Americans you are most likely scratching a dreamer.The difference between a dreamer and a doer is profound. Successful entrepreneurs might have initially dreamt of success, but they will not stop there. The drive to accomplish necessary tasks to insure successful outcomes separates them from the dreamy class, which includes most people
An old business friend recently called for my help. Although I have worked closely with several members of his family spanning three generations, our paths have not crossed over the last few years. It was a pleasant experience getting caught up on both his company and his family.
Their business community is still supported by a relatively small population base, so sales have not increased substantially over the past several years. Their product mix has not changed much either.
The family is divided over the direction the business should take. The father, the oldest and most conservative family member, is content to continue doing the same things he has been doing most of his working life. He is the first one to arrive at the business at around 6:30 a.m. His duties include waiting on customers and doing most of the buying. He enjoys getting home by 5 p.m. to do some fishing on a five-acre lake located no more than 50 yards behind his house.
His two sons see things quite differently. The older son is relatively ambitious. He wants to expand the business by opening a new store in a community thirty-five miles away that is larger and growing much faster. He questions the wisdom of sticking so close to home. While life is simple and stress is low in their home county, he doesn't believe they are earning a satisfactory return on the equity that they have accumulated in the business. The company is currently debt free.
The younger son doesn't really enjoy working in the business, but it does provide a good living for his family and supports his interest in antique cars. As a part-owner, he likes the privilege of being free to come and go as he pleases. He says his vote would be to sell out and live on the income from his investments. His lifestyle is modest and his economic values are quite low.
The three family members have been discussing these issues off and on for years, but no conclusions have been reached. Both the father and the youngest son are extremely passive and don't deal well with conflict. The older son is different in this regard, too. He is hot tempered and every time they get into a serious conversation about the future, he ends up getting frustrated and saying things he later regrets. The last time he became angry, he told them that he wasn't sure he wanted to continue working with two partners who were so content with the status quo.
The problem: the family members have never been willing to sit down and develop a business strategy that will give each of them what they want both personally and professionally. They are currently at an impasse.
Solution: In this particular case, an outsider will probably need to be brought in to facilitate a family conference. Several years ago, an outside professional may have been unnecessary, but too much water has flowed over the dam. When family members can no longer sit down and talk rationally, not only the business, but the family is in trouble. Perhaps a family retreat is an ideal prescription.
Businesses cannot stand still. The individual wants and needs of the owners can rarely be satisfied unless someone (the business leader) is willing to deal with the issues. If he or she is unwilling, then the company needs to appoint a new leader who is willing.
How about in your business? Do you have a clear destination in mind? Have you taken time to prepare a five-year plan. If not, your business is not unlike a piece of seaweed being tossed around by an angry sea. The business leader must lead or the business will rarely realize its full potential. The fo
The key to business success is really quite simple. It is your ability to offer a product or service that people will pay for at a price sufficiently above your costs to produce. Ideally you need to price your product or service at three to five times your cost, thereby giving you a profit that enables you to buy and offer more products and services.Before you can sell a product or service for a profit you must find one. You must find a product or service that fills a need or solves a problem for people. It must be product or service that provides a result for people that makes their life better in some way.You ma
The family is divided over the direction the business should take. The father, the oldest and most conservative family member, is content to continue doing the same things he has been doing most of his working life. He is the first one to arrive at the business at around 6:30 a.m. His duties include waiting on customers and doing most of the buying. He enjoys getting home by 5 p.m. to do some fishing on a five-acre lake located no more than 50 yards behind his house.
His two sons see things quite differently. The older son is relatively ambitious. He wants to expand the business by opening a new store in a community thirty-five miles away that is larger and growing much faster. He questions the wisdom of sticking so close to home. While life is simple and stress is low in their home county, he doesn't believe they are earning a satisfactory return on the equity that they have accumulated in the business. The company is currently debt free.
The younger son doesn't really enjoy working in the business, but it does provide a good living for his family and supports his interest in antique cars. As a part-owner, he likes the privilege of being free to come and go as he pleases. He says his vote would be to sell out and live on the income from his investments. His lifestyle is modest and his economic values are quite low.
The three family members have been discussing these issues off and on for years, but no conclusions have been reached. Both the father and the youngest son are extremely passive and don't deal well with conflict. The older son is different in this regard, too. He is hot tempered and every time they get into a serious conversation about the future, he ends up getting frustrated and saying things he later regrets. The last time he became angry, he told them that he wasn't sure he wanted to continue working with two partners who were so content with the status quo.
The problem: the family members have never been willing to sit down and develop a business strategy that will give each of them what they want both personally and professionally. They are currently at an impasse.
Solution: In this particular case, an outsider will probably need to be brought in to facilitate a family conference. Several years ago, an outside professional may have been unnecessary, but too much water has flowed over the dam. When family members can no longer sit down and talk rationally, not only the business, but the family is in trouble. Perhaps a family retreat is an ideal prescription.
Businesses cannot stand still. The individual wants and needs of the owners can rarely be satisfied unless someone (the business leader) is willing to deal with the issues. If he or she is unwilling, then the company needs to appoint a new leader who is willing.
How about in your business? Do you have a clear destination in mind? Have you taken time to prepare a five-year plan. If not, your business is not unlike a piece of seaweed being tossed around by an angry sea. The business leader must lead or the business will rarely realize its full potential. The f
Electronic mail has revolutionised business communication, while computerisation in general has defined a new era in the management of information.With the electronic mail revolution and with computerisation in general, business communications have undergone massive changes in recent years. Traditional corporate communication methods such as mail, couriers, faxes, and even telephones have been downgraded in terms of importance for day-to-day business communications.But with the changes have come some fresh challenges. Two in particular are at the top of the list of headaches for most organisations. Firstly, the pr
The younger son doesn't really enjoy working in the business, but it does provide a good living for his family and supports his interest in antique cars. As a part-owner, he likes the privilege of being free to come and go as he pleases. He says his vote would be to sell out and live on the income from his investments. His lifestyle is modest and his economic values are quite low.
The three family members have been discussing these issues off and on for years, but no conclusions have been reached. Both the father and the youngest son are extremely passive and don't deal well with conflict. The older son is different in this regard, too. He is hot tempered and every time they get into a serious conversation about the future, he ends up getting frustrated and saying things he later regrets. The last time he became angry, he told them that he wasn't sure he wanted to continue working with two partners who were so content with the status quo.
The problem: the family members have never been willing to sit down and develop a business strategy that will give each of them what they want both personally and professionally. They are currently at an impasse.
Solution: In this particular case, an outsider will probably need to be brought in to facilitate a family conference. Several years ago, an outside professional may have been unnecessary, but too much water has flowed over the dam. When family members can no longer sit down and talk rationally, not only the business, but the family is in trouble. Perhaps a family retreat is an ideal prescription.
Businesses cannot stand still. The individual wants and needs of the owners can rarely be satisfied unless someone (the business leader) is willing to deal with the issues. If he or she is unwilling, then the company needs to appoint a new leader who is willing.
How about in your business? Do you have a clear destination in mind? Have you taken time to prepare a five-year plan. If not, your business is not unlike a piece of seaweed being tossed around by an angry sea. The business leader must lead or the business will rarely realize its full potential. The f
A new year means a new beginning, and it's a good time to think over your ideas and tactics for 2006.The plans you have for your business in 2006 will depend on where your business is in the business cycle. You'll have different tactics if it's your first year in business, to someone whose business has matured and who has passed the five-years-in- business mark.If your business is new, recognize that more businesses fail in the first year than at any other time. The failure can be due any number of reasons, including: a lack of preparation, a lack of understanding, and a lack of financial support.
The problem: the family members have never been willing to sit down and develop a business strategy that will give each of them what they want both personally and professionally. They are currently at an impasse.
Solution: In this particular case, an outsider will probably need to be brought in to facilitate a family conference. Several years ago, an outside professional may have been unnecessary, but too much water has flowed over the dam. When family members can no longer sit down and talk rationally, not only the business, but the family is in trouble. Perhaps a family retreat is an ideal prescription.
Businesses cannot stand still. The individual wants and needs of the owners can rarely be satisfied unless someone (the business leader) is willing to deal with the issues. If he or she is unwilling, then the company needs to appoint a new leader who is willing.
How about in your business? Do you have a clear destination in mind? Have you taken time to prepare a five-year plan. If not, your business is not unlike a piece of seaweed being tossed around by an angry sea. The business leader must lead or the business will rarely realize its full potential. The f
If you're serious about finding a job you MUST avoid these fundamental flaws that can sabotage your job search campaign.1. Writing a resume no one wants to read! Your resume can NOT focus on YOU and your past! It must show employers how you can make a difference to them going forward.They could care less about your career goals and job objectives. Or your work history, for that matter. UNLESS you can show them how it affects their bottom line. And remember, employers are buying YOU . . . not your resume!2. Wasting your time on published job openings. If you want a long and painful job search campaign, keep
Businesses cannot stand still. The individual wants and needs of the owners can rarely be satisfied unless someone (the business leader) is willing to deal with the issues. If he or she is unwilling, then the company needs to appoint a new leader who is willing.
How about in your business? Do you have a clear destination in mind? Have you taken time to prepare a five-year plan. If not, your business is not unlike a piece of seaweed being tossed around by an angry sea. The business leader must lead or the business will rarely realize its full potential. The following are several strategic questions about your business to help you get started on a strategic plan:
1. How fast would you like to see your business grow over the next five years; that is, at what compounded growth rate? When you determine your rate of growth, so many other questions are automatically answered.
2. Do you have the resources to achieve this compounded growth goal? List each of the resources you believe you will need that you don’t currently have.
3. What is your definition of the “next level” for your business?
4. What obstacles do you believe you face in taking your business to the “next level?”
5. What markets might you be operating in down the road that you are not operating in today?
6. How will your customer base change as you take your business to the “next level?”
7. What competitive factors will you have to deal with over the next five years that you do not have to deal with today? If you want to see your business not only survive, but thrive and prosper, invest the time necessary to do some serious strategic thinking. Your bottom line will be the beneficiary.
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