Merriam-Webster defines risk as “someone or something that creates or suggests a hazard”. For small business owners, Risk is the Name of the Game. Every decision revolves around risk. It’s exciting and not for the faint of heart. Small business owners need to make “risk” decisions daily. How much risk are they willing to accept to achieve their goals? Continue reading
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Many managers avoid dealing with tough business issues because they don’t want to endure the period between starting to implement the solution and getting the results. Of course, procrastinating only makes it worse. Avoiding to deal with a problem employee/client because you don’t deal with confrontation well is only negatively affecting your bottom line. I’ve seen coaches, business owners and parents avoid dealing with serious issues because confrontation makes them uncomfortable.
Several weeks ago, I received a letter from a young man, Sam, who was set to leave the military. He introduced himself and asked if I could meet with him. His goal was to learn more about potentially starting his own business and get connected in the community. I scheduled the appointment thinking I could talk to him about the pros and cons of starting your own small business.
Increasing profitability is usually the top priority for a small business. When identifying revenue barriers, a good place to start is measuring the strength of your talent pool. This area is often ignored especially by business owners who employ family and friends. Corporate companies track revenue per employee and use industry benchmarks to build healthy organizations. Small businesses do not. This simple ratio (gross revenue divided by number of employees) can quickly identify a revenue opportunity.
The term “Getting Ahead” seems to have become synonymous with the term “WINNING-AT-ALL-COSTS”. This attitude leaves Leadership in the dust. How many true leaders are leading countries, Fortune 100 companies, non-profits, entertainment media, sports organizations and government entities?