Your company is losing money but you can't figure out what's wrong. Here's how to properly use your metrics and goals at your company. One of the most difficult challenges business owners and managers face is processing conflicting information. Some business metrics simultaneously show that a company is doing well while others raise red flags. These diverging signals could be caused by faulty metrics, poor tracking, unclear goals or perhaps all of the above. But how is an executive supposed to … [Read more...]
3 Lessons From Gordon Ramsay’s Kitchen Nightmares
Gordon Ramsay is one of the world's most renowned chefs, but also a prolific entrepreneur. Here's what he can teach us. I don’t watch much television, but from time to time, there are programs that manage to capture my attention and keep it. Gordon Ramsay’s Kitchen Nightmares is one such show, and it’s one I enthusiastically recommend to small business owners. Ramsay is one of the world’s most renowned chefs, having earned a total of 13 Michelin stars—an extraordinary feat. While he is mainly … [Read more...]
Profiting From Your Competitor makes a mistake
If your company tends to make good decisions, then you should be prepared to act when a key competitor makes a mistake. Capitalizing on a competitor’s mistakes can seem a bit awkward for many small business owners. Some feel badly profiting from someone else’s misery but in reality there is no reason to feel this way. Our economy grows stronger as companies that make the right decisions expand while those that tend to make poor decisions grow weaker and shrink until they close. Resources … [Read more...]
The Online-Only freelance Workforce Is Ready For Your Business
An online-only freelance workforce is quickly becoming a permanent part of the economy. Should you consider taking part? Our economy is going through transformative changes and many of the principles that held true for decades about work are no longer valid. One of the most recent changes taking place is the rise of the online-only freelancer. These are people that work independently as contractors and who obtain their clients mainly or exclusively through online channels. More importantly, … [Read more...]
Are U.S. Banks Getting Healthier?
Banks need to bounce back so that small businesses to thrive. But is the banking sector really on the road to recovery? Are U.S. Banks Getting Healthier? The fate of virtually every small business in the United States is tied to the health of the banking sector. Banks are the institutions that circulate and multiply money throughout our economy. Think of them as financial funnels; when the funnels are in working order, money from depositors enters the narrow stem, multiplies and exits the wide … [Read more...]
Economic Update: Positive Signals Finally Emerging
Positive Signals Finally Emerging: A closer look at three important economic indicators that are turning positive. Updating readers on the state of the economy has been a painful task over the past several years. It has been many decades since we've had such a convergence of negative results across virtually all major indicators used to measure our economic performance. While it will still be some time until we return to consistent and sustainable growth that can support the creation of … [Read more...]
Why You Should Take Advantage Of The New Free Trade Agreements
The US government recently enacted several new free trade agreements that had been stalled for years. Take advantage now. Small businesses need to take advantage of every opportunity to increase sales. In a rare display of bipartisanship, the President and the United States Congress worked together to enact several free trade agreements that had been stalled for years. These agreements will be implemented over the next few months and will give U.S. businesses direct access to markets—in South … [Read more...]
Want Exposure? Moderate A Panel Discussion
Don't just spend your time on professional members. If you want Want Exposure, Get out there and really spread your message--by moderating a panel. As a business owner, odds are you belong to one or more professional organizations. If you are like most business owners, you don't really have time to go to all of the events, webinars, workshops and conferences to which you are invited. Unless you stay active within the organization it’s likely that after a few years you won't renew your … [Read more...]
What You Can Learn From Borders’ Bankruptcy
A tragedy for one business can translate into an opportunity for another. What came out of the collapse of Borders' Bankruptcy? According to the Small Business Administration, over 50,000 companies across the country go out of business each month. Given current economic conditions, that number has probably been much higher in recent months. What is a tragedy for one business person translates into an opportunity for competitors that have cash and are interested in purchasing the assets of … [Read more...]
The Impending Death Of The Light Bulb And Why You Should Care
Don't wait for new energy regulations to require you to phase out the light bulb. Here's why you should do it now. For over a century, the standard, inefficient incandescent light bulb has been the main source of indoor light for buildings around the world. This invention revolutionized illumination—something as simple as having light in your home at night without risking a fire was now possible. But, like all inventions that were once considered revolutionary and are subsequently discarded, … [Read more...]
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