Business Owners Must Track Their Data to Succeed

“How’s business?” When I ask that question, I must admit: I have an ulterior motive. What I really want to know is, How well do you know your business? “Business is good, Marvin. Sales are up.” When I get that answer — and I often get that answer — I suspect they don’t know their business very well. If you’re not tracking data, and most small-business owners that I know…

Business Owners Must Keep Pace with Technology to Succeed

You’ve heard it: “If it ain’t broke, don’t fix it.” It sounds like ancient wisdom, but it isn’t. A government official, T. Bert Lance, is credited with popularizing it in 1977. As a small-business owner, if you want to stay ahead of the competition — or even keep pace — you must find ways to operate more effectively and more efficiently. Technology helps do both. Brian Moran, a small-business expert,…

talent planning

Is Yours a Winning Team?

“The best team wins. We all know this. We also know this doesn’t happen by accident. Having a plan and structure for selecting and developing the right talent … will set your team apart from the competition.” You’re competing with rival businesses, some large and some small, for the same customers and the same dollars. Are you giving your business what it needs to succeed? Are you doing all you…

Realizing-Potential-Marvin-Carolina

The Importance of Realizing Potential

The dictionary defines potential this way: “existing in possibility, capable of development into actuality.” Here’s how I define it: you’re not doing it now. Whatever the task, you may be able to do it … until you actually do it, you only have the potential to do it. People see your potential, meaning they think you have the skill to perform a task or the skills to perform a job.…

Above All Things: Know Thy Competitors

Business is a competition. No matter what product or service you sell, you have several—perhaps dozens of—competitors. You may be happy with your market share: you have loyal customers, and business is good. Why worry? There’s enough business for everyone, right? Business is good for you today, but it may not be tomorrow. Your competitors are scheming to increase their share of the market. By decreasing your share. Here are…