Posts Tagged ‘business management’
WHY DO YOU PAY MINIMUM WAGE?
Why do you pay minimum wage? This question is NOT a political statement and NOT even an economic one. By “minimum wage,” I refer to the compensation (e.g., hourly rate, salary, benefits, etc.) you pay to new employees. Minimum wage is a business strategy defined by your company, not just a reaction to regulation or…Read More
LESSONS FROM A TV SHOW
I enjoy watching the genre of reality TV programs where an expert helps owners fix their business. One show, “Restaurant: Impossible,” features an expert who helps a business owner turn around their restaurant with a budget of $10,000 and only 48 hours. Many aspects of the fix are glossed over in a one-hour show, but…Read More
WHAT ARE YOU DOING THAT IS NEW?
We just sold our house. It is a great house, and we enjoyed raising our family in it, but now my wife and I are empty nesters, so it is no longer a great fit. We are moving on to something new. Your personal life changes, and so do your needs. The same is true…Read More
ARE YOU READY FOR THE “GREAT RESIGNATION”?
As the economy continues to grow, experts are forecasting that as many as 30% of employees will voluntarily quit their jobs in 2021 (over 45 million people)! The phenomenon is called “The Great Resignation.” At first, I was skeptical about the projections, but the U.S. Bureau of Labor Statistics reported record job quits (almost 4…Read More
I’M SEEKING 10 BUSINESS OWNERS WHO ARE TIRED OF PRETENDING THINGS ARE “FINE.”
I’m seeking 10 business owners who are tired of pretending things are “fine.” It is a common situation. More than one might think. Not always from the same cause, but for the same reason. For example: • The company is successful, but you are frustrated at the slowness or lack of growth. • The company…Read More
THE REAL REASON COMPANIES DON’T GROW
After years of monthly conversations with dozens of business leaders and owners, unsurprisingly, one of the most common topics is about growth and how to grow. From these discussions, the single, most common reason many companies don’t grow has become evident. They don’t want to. Now those are not the exact words they use. Instead,…Read More
TELECOMMUTING IS NOT SIMPLE
There is a lot of talk about telecommuting and how business owners must adapt for the good of their companies and their employees. It feels like it is becoming an obligation for employers, not a choice, which is not usually a good thing. One reason is telecommuting is not appropriate for every job. Industries particularly…Read More
THE MOST IMPORTANT THING TO KNOW IN THIS ECONOMY
The most important thing to know in this economy is two-fold, “Who is my customer?” and “Why do they buy from me?” I know these are fundamental questions in any business, but the key is, things have changed. The pat answers that were true in March 2020 are now likely to have changed. And the…Read More
5 THINGS A SUCCESSFUL PIVOT CAN IMPROVE (AND 3 IT CAN’T)
A pivot is a shift from a fixed point to gain an advantage. Essentially, a pivot is a change in strategy to focus the company on an existing internal strength or a gap in the market, it is equipped to meet. Here are 5 things a successful pivot can improve for your business. Target the…Read More
GOOD TO GREAT REDUX
Small business owners are struggling with a lot these days, COVID-19 health fears, correctly applying for and spending stimulus funds, regulatory limits on business, erratic supply chains, and protecting employees (and customers) in the workplace. Stacked upon that is the need to reinvent or pivot their businesses for the future economy. With all the pressure…Read More