Before rushing to blame inadequate employees or faulty technology, you may want to take a closer look at the business processes behind your operations. When the same problems occur over and over, it is likely that your processes need improvement. Unless they are addressed, inefficiencies can sabotage a company’s ability to remain profitable over the long term.
Very few small businesses hire a tenant representative to help them find the right office, retail or industrial space. Often a small-business owner doesn’t want to delegate the job. Or, they may feel the modest scale of their needs precludes them from representation. But the truth is tenant reps are equipped and eager to help virtually all businesses — often free of charge. And by handing off the process to a pro, small-business owners in particular end up saving many hours on a search process that can last anywhere from two weeks to six months. Those are opportunity costs that can quickly add up, and keep owners from daily duties related to their core business and competencies.
The human tendency is to only do things that come naturally and to engage in ‘magical thinking’ about everything else – - to think if you ignore something it will (magically) get done or cease to matter. Don’t believe in magical thinking, particularly around something as critical as building your customer base. You must find a way to do it all.
Imaginative thinking requires discipline. Creativity is just as important as analyzing daily sales numbers, reviewing a quarterly budget or preparing for a client presentation.
People will generally support what they help to create.
Is franchising perfect? It is not. However, the statistics do support the notion that franchising is a safer way to open a business than to go it alone.
What could be easier than transferring a family-owned business to its natural successor? Answers range from peace in the Middle East to bipartisanship in Congress
Most consultants are not affecting outcomes as dramatic as life or death, but they do have the ability to seriously cripple an organization with bloated bills, bad advice, and self-serving policies that only serve the health of the consultant’s bottom line.
It may be time to look outside the box. One of the smart growth strategies we have seen is buying the competition.
Cost-containment involves controlling increases in costs before they occur. It’s a way of limiting future risk
What is it that you enjoy that will enhance the bottom line? Focus on what you love and where you add value.
Consider forming alliances with other non-competing businesses that offer complementary products and services to yours or have the same target market customer.
When business owners are negotiating a partnership, merger or sale of their business, all of that knowledge and assertiveness could hurt them.