Always Think Strategically
As a business owner in a sluggish economy, you may be facing a decline in sales, poor cash flow, aging accounts receivables, and dwindling profit margins. Tight financial times are causing most businesses some degree of pain, but this burden can play havoc on a small company. In adverse situations, there is a tendency to […]
When to Exit? A Small Business Owner’s Biggest Dilemma
There are only a few certainties in life; death, taxes, and one thing few successful small business owners realize or want to realize, the day they will be faced with perhaps their biggest dilemma, “How do I exit and when?” In this regard, it is not unusual that few successful small business owners understand the […]
Business Survival in Tough Times
Being successful in business is tough–always. However, when the economy slumps and stays down for a period of time, many business owners’ thoughts turn from being successful to merely surviving. The successful owners do more than just think about it…they act! Businesses that were founded in the early 1990s cruised along for ten years or […]
This Business is Ruining My Date Night: The Dynamics of a Mom & Pop Shop
As a small business owner, wife, and mother, I must admit it’s difficult balancing all of my responsibilities. My husband and I have been partners in a construction business for ten years. In order to keep my sanity, every Wednesday is “date night” for my husband and me. We started this so called “tradition” after […]
A Manager’s Self-Portrait
Do your employees (a) trust management, (b) enjoy their colleagues, and (c) take pride in their work? Is there a team atmosphere in your business or is each employee looking out only for themselves? How do you as the employer or manager build a staff into a team that does the best possible job for […]
Tools for the Toolbox: Hire Right the First Time
Small business owners are usually good at technical operations but often have trouble hiring employees. Some simple tools will help you find the right person to fill the job the first time. First, write a job description. Describe the essential job functions in order of importance. Include occasional as well as regular day-to-day tasks. Be […]
Organization and Structure: Aids to Productivity for Small Business Owners
A small business owner recently complained about long hours and a hectic work schedule. “Nothing gets done without a decision from me,” he said in a manner that clearly indicated his frustration. The situation was, indeed, unmanageable. In a very brief time, the threat of loss of control emerged as numerous facets of operations awaited […]
Turnaround Management Everyday
The management practices that cure troubled companies can keep them healthy. I recently completed a self study course, “The Insider Secrets to Saving Your Business: The Stepby-Step Turnaround Guide” by Kevin Muir, founder of Turnaround Central, a highly successful turnaround company. The company has completed over 70 successful turnarounds and has a staff of “C” […]