1. Get perspective: Get in touch with the reasons you set out on this course. Are you still on the path?
2. Break it down: If the goals (of the business plan) are simply too big, break in...
Running a business
There are many tools and techniques for strategic thinking about a business: Porter's 5 forces, 7 S, etc. Just Google them.
But the best strategic thinking methods are simple:
&nbs...
Running a business
You can't do everything yourself.
That's why you brought in the experts. Now give work to them.
Empower them to make decisions, and back them up when they need.
&n...
Running a business
The salary bill is every business's top cost. No people, no business. Unless you are a one-person army clicking away on the computer in a basement.
The best way to keep anyone happy i...
Running a business
The things to look for in candidates when you are interviewing is to see:
1. If their skills and work experience fit the job description you have in mind (remember, job descriptions in st...
Running a business
A good business works on maximizing profits first, minimizing tax outflows second. Although many business in the tech, pharma and financial sector do both very well at the same time.
A bu...
Running a business
You start to make (or lose money) not when you are selling to customers but when you are buying from suppliers. Look for trusted suppliers.
Ask around in the industry.
The be...
Running a business
Business sense says you must find customers who bring you more business and discourage those who make you less profit (but involve the same amount of overheads and time).
Go after bigger ...
Running a business
Even companies, whose products are selling like anything, run out of cash.
Reason is simple: They are spending a lot in getting the product out to market (staff, inventory, manufacturing,...
Running a business
The small print written on bottom of invoices of invoices, for example.
But they are more than that. They help you set up profitable and sustainable deals with your customers - you get pa...