ARE YOU PREPARED FOR WHEN YOU NO LONGER OWN YOUR BUSINESS?
To be prepared for when you no longer own your business, you need clear answers to two questions. What will I DO when I step away from the business? What will I NEED when I step away from the business? The question of DO is the most important. DO has to do with fulfilling your…Read More
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
HERE’S HOW SYLVIA STARTED SIX SUCCESSFUL BUSINESSES!
I recently had the blessing of speaking with Sylvia McNiel, a Mary Kay business owner. In our discussion, I was touched by the experience and wisdom of her words. Due to a series of moves around the U.S., Sylvia has successfully started six different businesses from scratch. Three times Sylvia’s business was successful enough to…Read More
THE DISCIPLINE OF MARKET LEADERS
Successful businesses know precisely who their customers are, what they need, and how they want to receive their product or service. They also need to choose the correct strategy to maximize their value to the market. In The Discipline of Market Leaders, authors Michael Treacy and Fred Wiersema suggest that “No company can succeed today…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
A MORE EFFECTIVE ELEVATOR SPEECH
We are all taught that an elevator speech is a crucial sales practice. A well-crafted elevator speech will concisely communicate (1) who you are, (2) what you are looking for, (3) the benefit you provide, and (4) do it within 30 seconds. The two biggest challenges I have with this old approach are that it…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
HERE’S HOW TO LEAD WITH OPTIMISM
As leaders, we truly earn our positions and paychecks when things are not going well – even touching on failure. In these times, it is essential to be a role model for the business. People want to follow a leader who keeps going and keeps them going and motivated. It is distressing and depressing for…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
TRUE ENTREPRENEURS POSSESS AN AMAZING SUPERPOWER
True entrepreneurs possess an amazing superpower – a peculiar type of myopia that makes everything seem possible. The entrepreneur sees a gap, an inefficiency, an opportunity, and their passion fulfills the need better. Money is never their top priority. The entrepreneur sees the goal so vividly all the problems and obstacles fade into the background. …Read More