Archive For: Strategy

3 Questions You Must Answer to Successfully Exit Your Business

3 Questions You Must Answer to Successfully Exit Your Business

I attend a lot of meetings and seminars focused on exit planning.  But, most fall short because they only focus on the transactional portion of the process. In fact, if you follow the advice that I’ve been posting for more than 2 ½ years now, you’ll get there!  Then all that transactional stuff will be ... Read More
 
3 Steps to Get Your Business Growing Again

3 Steps to Get Your Business Growing Again

All the small business economic trends according to the National Federation of Independent Businesses (NFIB) seem to be pointing to the fact that the economy is picking up.  And, businesses are beginning to focus on growing again. Have you built your growth plan?  Or, have you begun to work through the mechanics to put that ... Read More
 
Business Scalability and Self-Sustainability

Business Scalability and Self-Sustainability

2 Entrepreneurial Competencies Leading to Business Growth Several weeks back I wrote a post titled Entrepreneurs Build an Asset NOT Just a Job . In it I began to present the difference between small business owners and entrepreneurs. While there are many differences and similarities two entrepreneurial competencies, mastering business scalability and understanding the concept ... Read More
 
Predicting Business Success – Success Step 5

Predicting Business Success – Success Step 5

Monitoring the Right Things for Your Business Plans down always work out exactly as you thought.  The more rapidly that you can make adjustments the faster you’ll get to your objective.  That means monitoring regularly. Many small business owners think regular meetings are a waste of time.  I hear them say things like, I know ... Read More
 
Maximizing Your Resources Speeds Business Success

Maximizing Your Resources Speeds Business Success

So now you have found your passion  and have set a business vision to consciously use your company as a vehicle to realize success.  Many people begin scrambling to make things happen.  This is a mistake! Like anyone else, you only have limited resources with which to work.  So you better maximize the return you ... Read More
 

Success Step 2 – Create Your Business Vision

In Success Step 1 – Define You Passion, you got a better idea of what success really looks like to you – both personally and professionally.   Now you need to apply this new found understanding to your business.  You do this by creating a business vision. Creating a Business Vision You create a business vision ... Read More
 
How to Become an Entrepreneur

How to Become an Entrepreneur

Answer One Question to Change Your Mindset The statistics are shocking as to how few small business owners really think about transition planning, or more traditionally referred to as exit planning. That’s why they are small business owners.  They don’t know how to become an entrepreneur! As I looked at the statistics, my recent post Entrepreneurs ... Read More
 
Build an Asset NOT Just a Job – Entrepreneurship

Build an Asset NOT Just a Job – Entrepreneurship

Do you work your business like a job for a paycheck or do you build an asset which will generate wealth like an on-going annuity for you and your family? This is what keeps small business ownership from true entrepreneurship. I picked entrepreneurship as the topic because I am up to my neck in interviews this week.  A ... Read More
 
2 Things Can Kill Your Profits

2 Things Can Kill Your Profits

If your profits are not where you want them there is only 2 things that can be wrong – either you don’t have enough revenue and/or your expenses are too high!  Sorry to make it so simple, but it is!  Too frequently entrepreneurs overcomplicate the situation and avoid the real reason for profitability problems. How ... Read More
 
Growing a Small Business – 3 Things Make It Happen Faster

Growing a Small Business – 3 Things Make It Happen Faster

Growing a small business is actually a simple process.  There is a defined and predictable formula to small business growth.  The problem is most small business owners don’t take the time to learn the formula! While the formula is simple it is not easy.  That’s because there are so many dynamic to a business which ... Read More
 
#1 Reason Exit Planning Is So Critical When Starting Your Business

#1 Reason Exit Planning Is So Critical When Starting Your Business

One of the first questions I ask clients when I start working with them is “what is your strategy to exit your business?”  Most of them say “I don’t know” or more frequently “I am just getting started, why would I think about how I will exit my business now?”  A fair question but there ... Read More
 
3 Ways Clear Vision Contributes to Your Business Growth

3 Ways Clear Vision Contributes to Your Business Growth

Vision is passion documented.  And passion is a powerful motivator.  In a previous post titled Why So Many Small Business Owners are Unhappy, I discussed how many entrepreneurs get distracted by the day-to-day operation of the business and lose the passion that drove them in the beginning.  The reason this happens is because they have ... Read More
 
Using Strategic Partners to Expand and Grow

Using Strategic Partners to Expand and Grow

How many of you think you don’t have enough business?  Guess what, there are others among you that have said they have too much business!  These two predicaments are an excellent starting point to show the power of strategic partnering. A strategic partnership is a formal agreement between entities to share or exchange resources.  Notice ... Read More
 
Business Planning Simplified

Business Planning Simplified

Have you ever heard the quote, “If you don’t know where you’re going any road will get you there..?” If business planning is not part of routine you’re living this quote every day. That being said, it amazes me how many business owners don’t do any business planning. For many that have a business plan it is because they ... Read More
 
Is Your Startup Focused on the Right Objectives?

Is Your Startup Focused on the Right Objectives?

Lately I have been involved with a number of startup businesses, including a couple of my own.  One observation I have made is that many small business startup owners tend to focus later stages objectives rather than the early stage growth cycle objectives they should.  The result of their focus on the “wrong” objectives is ... Read More
 
No Man’s Land – Stuck Between Small Business Survival and Success

No Man’s Land – Stuck Between Small Business Survival and Success

A great family and friends, beautiful home, nice cars, regular vacations, all the material things you could ever want.  Your life is a dream.  Sound familiar or like what you want for your life? I meet small business owners all the time that live this lifestyle.  The problem frequently is they don’t realize how close ... Read More
 
Nowhere Land – Stuck Between Small Business Survival and Success

Nowhere Land – Stuck Between Small Business Survival and Success

A great family and friends, beautiful home, nice cars, regular vacations, all the material things you could ever want.  Your life is a dream.  Sound familiar or like what you want for your life? I meet small business owners all the time that live this lifestyle.  The problem frequently is they don’t realize how close ... Read More
 
Knowing Your Operational Capacity

Knowing Your Operational Capacity

Avoid Blowing Your Revenue Engine – Visiting Your Operational Capacity Do you know exactly how much money your current operation can produce?  Over a 90 day period in 2009  I presented our “Tuning Your Revenue Engine” seminar to more than 100 business owners and professionals.  Less than a handful actual knew the maximum capacity of ... Read More
 
What is Your Small Business Growth Stage?

What is Your Small Business Growth Stage?

See larger image Where Is Your Business? Kindle Edition: Check Amazon for Pricing Digital Only As introduced in my previous posting, The Search for Growth Continues, I concluded that a 5 business growth stage model was best.  It seems to be the most common approach and statistical research supported it too.  The following 5 business ... Read More
 
The Search for Small Business Growth Continues

The Search for Small Business Growth Continues

In a previous post, So You Want to Grow Your Business?, I shared some of my general findings in recent research I have conducted in small business growth models.  While many of the models and writings came in many different shapes and sizes, they all had certain very similar characteristics.  This is very good, as ... Read More