Category: Business Best Practices

Outsource; More Bang for Your Buck

Outsource What You Don’t Know As a small business owner, you want the best people managing the necessary tasks for your business. Because technology has advanced, enabling jobs to be completed from anywhere, outsourcing private contractors can be more practicable and cost saving than hiring regular employees. During the 2007-09 economic downturn, thousands of professionals… Read more »

How Belonging to a Trade Organization Adds Value with Benchmarks

  The Beauty of Benchmarks If you are in a business that has a strong trade organization that provides industry benchmarks, it is certainly worth joining.  If the trade organizations are national, in many cases they will be structured so that they will only have one member in each competing market.  That way you can… Read more »

Find a Mentor; Become a Mentor

Being Mentored and Mentoring I must admit this is one piece of advice that I wish someone had given to me thirty years ago.  As I interview people who have had varying degrees of personal success, very few of the most successful go very long without mentioning what an important part a mentor played in… Read more »

Financial Planning – Are you looking at all options?

“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”   Robert Kiyosake on Financial Planning (c) Can Stock Photo / robwilson39 Am I Protecting My Financial Future? Retirement and tax planning are both very important as you… Read more »

Focus…Focus…Focus

Are you a hedgehog or a fox? In his famous essay “The Hedgehog and the Fox,” Isaiah Berlin divided the world into hedgehogs and foxes, based upon an ancient Greek parable: “The fox knows many things, but the hedgehog knows one big thing.” Good to Great, by Jim Collins, New York: Harper Collins Publishers, 2001… Read more »

Do You Rely Too Heavily on a Few Customers?

  Be Prepared for the Unexpected  One danger that many small businesses flirt with, is the over-reliance on one or two large customers.  Especially if those customers are currently sending enough business to keep things busy.  The obvious risk is that the customer might suddenly disappear.  As unlikely as it may seem at the time,… Read more »

Sick Business? The Prescription May Be With Subscriptions

How Can You Find Recurring Revenue? How can you simultaneously make your forecasting easier and improve the salability of your company? Figure out ways to turn as much of your revenue as possible into recurring revenue.  This may be with the use of renewable subscriptions or service contracts.  A few examples of models you can… Read more »