Increasing Profitability When you increase your business’s profitability, you increase the viability of your business and its ultimate value. Increases to profits leads to improvements in the flow of money to you, the owners, … the ultimate reason for a business’s existence. Some business people don’t like building profits as this increases tax liability; generally,…
To be a business that is, a commercial, profitable enterprise that works without you — your business must give a good return on investment plus a full wage for every hour you spend working in your business. You can then pay someone to do your job and the business profits are not affected. The quote…
As a Business Coach, often business owners ask if it’s true that 80% of new business may fail within the first 5 years. And what of those that still exist after the first 5 years? What is the main reason for these failures? Most importantly, what is the secret of a successful business? It’s not…
Breakeven analysis is a tool used to determine when a business will be able to cover all its expenses and begin to make a profit. For the startup business it is extremely important to know your startup costs, which provide you with the information you need to generate enough sales revenue to pay the ongoing…
Technology in sport today has become increasingly sophisticated and enables monitoring of individual and team performance to levels unheard of even 10 years ago. Basic scorekeeping is taken for granted and we now see an instant array of data available for immediate analysis and magic eyes to challenge the decisions of human scorekeepers, umpires and…
Thinking “outside the box” is a popular idea in the business world today. People and organizations are told to think outside the box to stimulate creativity when they need to solve problems, streamline production, establish a new product, or develop a new process. And it’s true that unconventional thinking often sparks creativity and innovation. But…
Leadership involves introducing change, but what is a leader to do when faced with ubiquitous resistance? Resistance to change manifests itself in many ways, from foot-dragging and inertia to petty sabotage to outright rebellions. The best tool for leaders of change is an understanding of the predictable, universal sources of resistance. Once the source has…
Riding Dead Horses: A Common Pastime The tribal wisdom of the Dakota people, passed on from generation to generation, states that when you discover you’re riding a dead horse, the best thing you can do is dismount. However, in modern corporate North America, a vast range of far more advanced strategies are generally encouraged: Buy…