There is an old saying, “Ignorance is Bliss?” But is it really? I often see key managers in organizations operating with little or no knowledge of the company’s financial situation. While this may allow them to go about their duties …
Are you busy or bored at work? It’s a question worth asking and the answer can probably give you insights into your company’s financial position even if you’ve never seen an income statement or balance sheet. If you’re busy (and …
There is a question that often gets asked, particularly of small business owners. That is: Are you working “on” the business or working “in” the business? While the distinction may sound small, it is critically important. Too many small business …
Some time ago, I worked with a formula called the sustainable growth rate model. Generally, it takes a company’s profit margins, the amount it wishes to retain for growth (as opposed to pay out as compensation to management or dividends …
How do you differentiate your product or service? Even better, how do your customers perceive the differentiation between you and your competitors? These are important questions. And you should answer the first before you attempt to answer the second. It …
If you don’t set the agenda, one will be set for you. Guaranteed. Even if you do take the initiative and set an agenda, there is some chance that the boss will overrule you on some or even all of …
I am all for action. Frankly, my bias is toward digging in and starting work rather than developing a detailed action plan of what needs to be done. That being said, in solving any problem you need a general direction …
One of the trickier problems for smaller businesses is accountability of “the boss.” Whether it is a sole proprietor, family owned business, or one that is majority controlled with “silent” minority partners, accountability is often a real issue. I’ve found …
Believe it or not, one of the first things that I look for when I walk into an office is whether anyone waters the plants? While I care about the health and welfare of the plants, what I am really …
Everyone makes mistakes. I used to work with someone who said: “Show me a man who doesn’t make mistakes and I’ll show you a man who’s not doing anything.” While, true, this is no reason not to strive for perfection. …
