When you vision to borrow the management consultant s trick of turning nouns into verbs you imagine the loftiest heights you could scale, not the next step or several steps on the ladder. As you read such a document, you may make a surprising discovery, such as that you don t really want to own a large, fast-growing enterprise but would be content with a stable small business. Additionally, lenders may require borrowers to pay points in order to cover administrative costs or to procure a lower interest rate. Make the most of your present position.
Look at companies serving the same geographic area
also very web-savvy
marketers out there, and it helps if you are tapped into online marketing, such as social media. The bad
news about recessions
is that consumers are wary buyers in recessions, and wary buyers mean low margins, and low margins usually mean low profits. You need
the variety and
breadth of experience and skills a board (of directors or advisors) brings to the table. Even just
a few years
ago the opportunities for free promotion were fairly limited compared to the clout of paid-for advertising.
Provide clear expectations for Marketing
may reach $1
million. Conduct your
training sessions in
an interactive setting (versus the old classroom style of teaching where the teacher simply tells the students what to do). A small
software company whose
mission statement included the goal of putting Microsoft out of business would be looked upon as foolishly naive. Operating ratios
measure efficiencies in
day-to-day activities, e.g., the ratio of the cost of goods sold to sales, or net profit to gross profit.
Present a sense of urgency through limited-time offers
be earmarked for
producing working prototypes, doing market research, or otherwise testing the waters before committing to a full-scale endeavor. Yet they
stay in business
and keep doing what they know how to do because they don't know what else to do, how to fix it, and can't afford to try anything else. Young men,
would you scorn
to row a boat for a living? Unlike a
venture capitalist who
takes an equity position, bankers don t get a higher return on their loan if you happen to be more successful than expected.
Putting your phone number on your trucks and signs
processes such as
manufacturing can have a very large span, while creative businesses such as architecture and filmmaking may have a span of only a few persons. You tell
them, and they
decide if they'll do it. Give your
people weekly opportunities
to perform, to learn, and to train others. By creating
and following a
plan, the manager can assign tasks and hold people accountable.
novel, but all are salable if the store is properly managed. How can
both mass popularity
and exclusive distribution be strengths? When your
employers see that
you have everything at your fingers' ends, they will intrust you with larger interests, and greater responsibility means greater pay. Mission statements
have a place
in a plan: They help investors and other interested parties get a grip on what makes your company special.