Businesses that can’t adapt are destined to fail eventually. Why not anticipate change so your business keeps ahead of it? Always think of ways to improve.
More general economic news does affect your business. It’s important to understand and track indicators beyond your sector. Here are a few worth following.
Diversity includes demographics, but that’s not all. Different ways of thinking are crucial, especially for business owners.
Your car needs regular service to run its best — and your business checkup is no different. Chances are, everything isn’t OK, even if it seems so on the surface. Every quarter, take care of business — your business.
If you’re like the vast majority of small-business owners, you’re in business to make money. Nothing wrong with that. I’ve found, though, that lots of small-business owners — who claim they want to make money — don’t understand how to make money. So let’s talk revenue, profit and profit margin. Revenue is income received from making a sale. While it gives an indication of how much business you’re doing, I…
You should think highly of your business, but realize there are always areas and processes you can improve. More importantly, what really matters is not what you think: What matters is what your customers think.
To succeed in business, you need to ensure your skills are suited for your industry. I have talked to lots of small-business owners across the country, and these are the most-common reasons the owners I talked to opened their businesses.
When sales are strong and business is doing well, you may give little thought to retirement. When you do think about it, you may tell yourself that when you are ready to sell, you will get a good price and live comfortably off the proceeds. Perhaps. But what if you cannot get a good price for your business? Or worse: What if no one wants to buy your business.
Stop working nights and weekends. It’s easy to forgo sleep when you’re running a business because you’re doing everything. Balancing the ledger. Creating advertisements. Making sales pitches. Talking to customers. And in the meantime, you’re producing your product or providing your service. With so much to do, you fall into bed around midnight and roll out at 6 a.m. You start each day the way you ended the previous one:…
“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…