I just had lunch with a banker I used to work with. He always impressed me with his preparation for our meetings……industry data, future-looking financial forecasts for our business, great questions to get me thinking about our company’s future. He wasn’t just my banker. He was a valued advisor to the president and part-owner of…
Spring is a wonderful time of year. It’s a time of rebirth and renewal. It’s the perfect time for you to work on your strategic/long-term plan as an organization. It’s been roughly six months since you completed your annual fall-planning exercise if you are on a calendar year fiscal year, and you won’t be doing…
I asked a client this question recently. They had a couple of businesses and had thoughts for more but weren’t making much money. They responded with a puzzled look. When I explained that, as with an automobile’s engine, a business’ financial engine drives the business forward, they got it. It pays the bills. It generates…
A client of mine was considering a new product line but faced 2 roadblocks to moving quickly on the idea, a $15,000 investment on equipment that was unproven, and a lead time of several weeks. They had customers clambering for this new product. What should they do? We came up with a $500 alternative delivering…
A better way of saying this might be, “Once you’ve gotten your business to a breakeven point, you are now positioned to start making money as you continue increasing sales and decreasing expenses”. I have worked with many new product lines and business units. Invariably, timelines take longer than anticipated and costs come in higher…
Getting the right people on your bus and in the correct seat is vital. Every bit as important is getting the wrong people off the bus. I don’t know about you, but I have at times tolerated poor performance for too long. It is much better to address poor performers quickly….and fairly. Why is this? An…
How can you demonstrate sound judgement? Here’s a good start to the list: There are many times I have wanted to share a piece of my mind with someone. A great tool to use for diffusing the situation is to write an email to that person but to never send it. It allows you to…
Building a successful client relationship is a painstaking process that takes deliberate efforts to create, nurture, and grow. It is a trusting relationship where both parties are viewed as partners. Except when it isn’t. What do you do when the client relationship is one-way, conflicts with the values of your organization, and is anything but…
“Meetings are a waste of time. I could get so much more done if I wasn’t always tied up in meetings.” These comments are wrong and right at the same time. Yes, they would be able to get more done as an individual without any meetings on their schedule. But would they be working on…
If you’re an entrepreneur, your “strategic plan” is crystal clear……. pursue the vision for your product or service far enough so that you can pay your current bills and fund future growth. It’s that simple. The focus must be on surviving before we can focus on thriving. A client of mine said “This talk about strategic…