Let’s face it, employees will screw up. But how we manage the situation can have greater importance and do more damage to your business than the actual mistake.

It has been my experience that most mistakes occur because the information or directions issued were not clear or detailed enough yet as managers we assumed they understood.

Too Little Information

In many situations, we’re so busy or stressed that we’ve issued just enough instructions to get the item delegated without considering whether they have ever done the task before or are clear about the end result.… Read More

There really isn’t a better testament for your business than having repeat customer sales. It tells you you’re doing something right because your customers are coming back for more. But the true magic of repeat business is understanding the frequency a customer buys, what they buy and the value of their purchases.

In Small Business Minute #21, I discussed how profitability increases when you deal with existing customers, but now I want you to leverage this information so you can enhance a customer’s lifetime value to your organization.… Read More

 

As entrepreneurs we are use to doing everything because in the beginning there wasn’t anyone else. As they say, old habits are hard to break so when a staff member gets sick or overwhelmed, we’re usually the first ones to jump in and cover the situation. But who covers for you when you get sick? Who’s got your back?

We’re Only Human

I know we think we’re superhuman, and sometimes we really are, but most of the time we’re just frail human beings just like everyone else and we need to seriously consider a contingency plan.… Read More

 

Have you ever taken the time to actually inventory your achievements? Every once in a while we should stop and look back over our shoulder to appreciate really how far we’ve come since we stepped into the abyss of self-employment

Success has many definitions. To some it’s a state of mind, to others it’s a financial achievement or the accumulation of possessions.… Read More

I regularly work with small business owners who are so focused on growing their customer base that they ignore their existing customers.

Existing Customers Are More Profitable

What most don’t realize is that existing customers are far more profitable than new customers. In fact, it can cost you 5 to 10 times more to get a new customer than it does to service an existing customer.… Read More

Prior to starting my own business, I literally devoured everything I could about owning and running a company. One thing that I could never understand was how a perfectly good business ended up going bankrupt because of cash flow problems. It wasn’t until I started my own first enterprise that I quickly learned that regardless of how profitable you were, it didn’t matter until that money was in the bank- Cash flow ruled!… Read More

 

As a business owner, do you even know what you’re trying to achieve? Waking up and hoping that today will be better than yesterday is not much of a strategic initiative (TWEET THIS) and will do nothing to advance your dream. Alternatively, simple statements like I want to be wealthy or sell the company someday and retire just don’t cut it, they are just too vague.… Read More

 

Entrepreneurs are notorious for not delegating duties and responsibilities within their organizations. A common reason for this that they figure it’s just easier and quicker to do it themselves than to take the extra time required to train someone. So instead, they just figure they’ll work a little harder. (TWEET THIS)

Delegating Is Freedom

For those lucky few who do find enlightenment, they quickly realize how learning to delegate can be a revelation in freedom that, over time will allow to become a better manager and allow you to focus on the long range plan of your organization, instead of being stuck in the moment.… Read More

 

Trying to increase the profitability of our business is always at the forefront of our thoughts and that usually revolves around looking for the next big idea, product or service that we can offer our customers.

Many times this makes perfect sense, especially if we’re confident we have maximized the opportunities within our current clients, products and operations. Unfortunately, more often than not, we have done neither and are simply looking for something new to play with, something to get us excited simply because we may be a little bored with the status quo.… Read More

 

One of the key skills successful entrepreneurs share is their ability to use the selling process as a research vehicle.

Being a great designer, mechanic or programmer matters little if you can’t convince someone to buy your goods or services. Alternatively, hoping “to be discovered” may leave you waiting a long time. (TWEET THIS)

Sales Generate Revenue

With the exception of sales, all other activities that you do are costs to the business.… Read More