Gambling on a Calculated Risk Roll the dice...and trust that the odds will be in your favor and if they aren't "May the odds be ever in your favor" (sorry I couldn't help myself), you have to be willing to do what it takes to turn the tables. Sometimes you just have to go for it. The one thing all entrepreneurs have in common...they took a risk. If they hadn't, they … [Read more...]
Don’t Worry, Be Happy, Be Productive: Lessons From My Dad
Don't Worry Be Happy and Be Productive A simple phrase, or lyrics as it may be. My father uttered these words to me on a regular basis as a child, and occasionally still does today. I remember listening to that song in my dad’s old den, and not really getting it. I lived with my dad, and to his credit I think he raised a me to be a pretty awesome woman with a strong sense … [Read more...]
Running Lean and Mean: Do the Research before You Buy
Guest post by Jennifer Ulrich, Project Manager of Source One Management Services (learn more about Jennifer at the end of this post) In a recovering economy, businesses can’t afford to lose labor resources, but need to continue to trim their budgets. There is a goldmine of cost savings potential hidden in the very things companies buy to run their business. One of the key … [Read more...]
JC Penney: The Aftermath
When JC Penney introduced their new pricing plan, I had reservations about the long-term success. Apparently I was right on target with everyone else, so as the retail giant gears up to revise the strategy here is what fellow entrepreneurs can learn. A confusing strategy is a bad strategy Anything that requires multiple explanations should be … [Read more...]
Raising Capital Through Angel Investors
Is your business in need of capital? If so this article is for you! If you are like most people the answer is a loud, YES! There are critical times in a business where access to capital is essential for the company to grow, take advantage of opportunities and become the success it is capable of becoming. The last thing a business wants to do is turn away a revenue … [Read more...]
A Pay for Performance Twist
In a conversation with a trusted advisor this morning, I had a rather revolutionary suggestion thrown at me. We were complaining about employee motivation and work quality solutions and how none of them actually seemed to address the motivation and reward head on. My advisor threw out the suggestion "what if people were only paid for the kind of work they completed? It would … [Read more...]
Lessons from J.C. Penney
Earlier this week, J.C. Penney announced that it was going to undergo a major overhaul in the way it does business and communicates with its customers. As we watch this change unfold and wait for customer reactions, here are some of the more positive things business owners can pull from the strategy. Simplify, Simplify Simplify This is the best part of the strategy, even … [Read more...]
Sales For All Seasons
As we all rush out to do some holiday shopping and retailers put their best foot forward, as a small business owner you want to be sure that your sales don’t cripple your business. Attracting new customers is great, but what you want is repeat business and customer loyalty. Stick with these tips and build a relationship, not a sale. Listen to your customers While it is … [Read more...]
The Capable Employee
As a modern business owner, I’ve caught the fever to rely on gadgets and depend on electronic communication in lieu of actually picking up the phone; but I wonder, have I done my company a disservice? As I visit client sites and assess the challenges they face, it becomes clear that sometimes the culprit is not the employee, it’s the technology. Excessive reliance on … [Read more...]
Hey Boss, Your Policy is Stupid!
As business owners we often set policies and procedures from a reactive point of view. Something happened that brought the situation to our attention and then we put things in place to ensure they don’t happen again. But is this the best way to create policies? Can your staff weigh in on their effectiveness and when they do, do their opinions matter? If you have a sense that … [Read more...]