Do you feel as if you are slogging along instead of buzzing? It is business as usual but things are just not clicking? Sales are okay but not great. If this scenario resonates with you, then it is time to tap your strategic reserves. You need to drill deep, though, if you seek to isolate [...]
The great divide among the sexes is one of the biggest enigmas in business. No, I am not referring to the disproportionately high number of males in the executive ranks. I am speaking of the higher number of successful female entrepreneurs versus male entrepreneurs. Successful companies have 7.1 percent female executives versus 3.1 percent at [...]
In past columns I have asked, “Who does the best thinking in your organization?” The purpose of these questions is to focus on two different and yet important types of thinking: Creative thinking that generates new ideas that can be exploited for the growth and prosperity of the business, and analytic or critical thinking to [...]
"My main job was developing talent. I was a gardener providing water and other nourishment to our top 750 people. Of course, I had to pull out some weeds, too." – Jack Welch "If you don’t invest the time to do it correctly today, you will spend more time and money in repairing mistakes tomorrow." [...]
The Family Business Center at the University of New Hampshire has put together “Nine Helpful Steps Toward Succession in a Family Owned Business:” You will notice that all of the steps' major components are “human capital” issues. These steps are valid for family owned business but most are also valid for any closely held business. [...]
The New Year always gives us a sense of renewal and focus. It provides us with a time, albeit frenzied, to reflect on what happened last year and what we can do to improve upon our performance, our systems, and our “working on our businesses” as opposed to “working in them.” Many times, when we [...]
My good friend and fellow Certified Business Exit Consultant Kevin Kennedy has a great way to describe exit and succession planning: "Succession Planning is replacing yourself." "Exit Planning is replacing your income." Think about it! You, as a business owner can do one, both or neither. Please consider the consequences of having no exit and/or [...]
We recently discussed ways in which your organization could tap into its creative resources. I mentioned a few resources and strategic plans that could be put into action to achieve the creative results that any Fortune 500 company would be proud to obtain. Today, we're going to talk a little more about getting creativity from your [...]
As one of the 22 million business owners in the United States, you are likely over 50 years old. According to a 2005 PriceWaterhouseCoopers survey of companies in the $5 million to $150 million of value range, there's a two in three chance that you plan to leave your company in the next 10 years. [...]
1. Focus on increasing cash flow 2. Develop operating systems that improve sustainability of cash flows 3. Improve facility appearance 4. Pay down debt 5. Document sustainability or earnings 6. Implement a strategy to grow the company 7. Build a strong management team and groom a successor