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Added for You - Five Ways to Improve Your Bottom Line
What would it take to make your business fail? What conditions could precipitate and sustain “the spiral of death”? What would complete financial collapse really look like? If your primary competitor acquired the firm, where would they strip out expenses, and what assets would they covet? These are grisly questions to consider, but sometimes we need to envision complete breakdown and failure to understand how to prevent it, and find the next level of success.Envisioning the failure of your organization is not a pleasant exercise, in fact it can be downright scary. In life, and in business, none of us like to think about potential failure, let alone describe it in gory detail and wallow in it. Yet, in a controlled environment, it w
3. Hire Superior Employees Who Share Your Company Culture
If your business is large enough to require employees, be careful who you choose. In my experience, it’s better to pay more for top-notch employees who won’t require daily baby-sitting, than to nickel and dime it with job-hoppers who are perpetually unmotivated, late to work, or enmeshed in personal prob
Many high ticket systems and complex telecommunications services contain mega prices and limited customer support for their services. It is wise to choose a system that fits the needs of the wallet as well as the features needed for maximum effectiveness.When considering purchasing an online conference system, it will pay to explore several different ones, learning all about the different features and advantages before making that final purchase. Online conference room systems have been an important part of effective communication online tools for quite some time. Recently, there seems to be an upsurge of even more voip systems surfacing than ever before.The reasons for this rise in popularity of these meeting rooms lie
1. Review and Update Your Business Goals
Many people are adept at staying very busy while accomplishing nothing of value. Don’t fall into this trap—and, if you do--dig out as quickly as possible.
In order to succeed, you must set clear goals. If you have employees, those goals also need to be communicated to them. While there are many good and noble goals you can set for your business, one of the most profitable that I often ask myself is “what can I do that will make the most money the fastest?”
This doesn’t mean that other goals such as contributing to good causes or providing excellent customer service aren’t important. If you don’t provide excellent customer service you won’t be in business very long anyway. But goals can often be clarified by setting them in order, and determining which will bring the quickest, most long-lasting financial results to your business is a great place to start.
2. Find your Niche and Develop a Competitive Edge
While it’s hard to compete with the “big boys”, there is plenty of room for small businesses to find their competitive niche. My competitive niche happens to be log furniture. While there is competition in that niche, I don’t have to compete with the “big boys” such as Walmart when it comes to selling log furniture. Tracking down Amish suppliers on lonely country roads, developing relationships with those suppliers, picking up, packing and shipping log furniture just isn’t part of their business plan. And it probably never will be.
Your niche will probably be something different than shipping log beds, but you can be sure that there is a niche open to you. The key is to find the profitable activity that your business does best, and focus on that.
3. Hire Superior Employees Who Share Your Company Culture
If your business is large enough to require employees, be careful who you choose. In my experience, it’s better to pay more for top-notch employees who won’t require daily baby-sitting, than to nickel and dime it with job-hoppers who are perpetually unmotivated, late to work, or enmeshed in personal probl
Why is there a business cycle? Someone once noted that people could tolerate any condition except the possibility of one. This one condition is prolong periods of prosperity. Incredible as it seems, this observation contains more than just a kernel of truth, and helps to explain where we are in our current business cycle.When the economy starts to recover from a stiff downturn, people are understandably doubtful about the tenacity of the young expansion. They hold back on their discretionary spending and their use of debt. As the upswing continues to gather force, people tend to become less risk averse. You might say that the greed factor becomes more prevalent.As the upturn ages, people become more confident and thi
In order to succeed, you must set clear goals. If you have employees, those goals also need to be communicated to them. While there are many good and noble goals you can set for your business, one of the most profitable that I often ask myself is “what can I do that will make the most money the fastest?”
This doesn’t mean that other goals such as contributing to good causes or providing excellent customer service aren’t important. If you don’t provide excellent customer service you won’t be in business very long anyway. But goals can often be clarified by setting them in order, and determining which will bring the quickest, most long-lasting financial results to your business is a great place to start.
2. Find your Niche and Develop a Competitive Edge
While it’s hard to compete with the “big boys”, there is plenty of room for small businesses to find their competitive niche. My competitive niche happens to be log furniture. While there is competition in that niche, I don’t have to compete with the “big boys” such as Walmart when it comes to selling log furniture. Tracking down Amish suppliers on lonely country roads, developing relationships with those suppliers, picking up, packing and shipping log furniture just isn’t part of their business plan. And it probably never will be.
Your niche will probably be something different than shipping log beds, but you can be sure that there is a niche open to you. The key is to find the profitable activity that your business does best, and focus on that.
3. Hire Superior Employees Who Share Your Company Culture
If your business is large enough to require employees, be careful who you choose. In my experience, it’s better to pay more for top-notch employees who won’t require daily baby-sitting, than to nickel and dime it with job-hoppers who are perpetually unmotivated, late to work, or enmeshed in personal prob
Imagine a river. Then visualize all that the river carries with it. Apart from the water and fish, there are other elements which form the river. Processes are very much like a river. They flow in a natural direction and carry information with them from one point to another. The process of Value Stream Mapping is a by product of the Lean Manufacturing process pioneered by Toyota and the core fundamental is to identify the areas of waste which can be avoided within a manufacturing or office process. Apart from identification, Value Steam Mapping also helps streamline the process for higher productivity. Developing the Value Stream Mapping for any organization is a very scientific process. If you plan to implement the Lean Manufacturing qu
2. Find your Niche and Develop a Competitive Edge
While it’s hard to compete with the “big boys”, there is plenty of room for small businesses to find their competitive niche. My competitive niche happens to be log furniture. While there is competition in that niche, I don’t have to compete with the “big boys” such as Walmart when it comes to selling log furniture. Tracking down Amish suppliers on lonely country roads, developing relationships with those suppliers, picking up, packing and shipping log furniture just isn’t part of their business plan. And it probably never will be.
Your niche will probably be something different than shipping log beds, but you can be sure that there is a niche open to you. The key is to find the profitable activity that your business does best, and focus on that.
3. Hire Superior Employees Who Share Your Company Culture
If your business is large enough to require employees, be careful who you choose. In my experience, it’s better to pay more for top-notch employees who won’t require daily baby-sitting, than to nickel and dime it with job-hoppers who are perpetually unmotivated, late to work, or enmeshed in personal prob
Estimating a residential construction job is very different from a commercial job. Often the contractor is frustrated with collecting data to create an estimate that is low enough for them to win the bid and high enough for them to make a profit.before a contractor even begins the project it is a good idea for him or her to look at the area that will be built upon to make sure that there are no environmental hazards, or that there are no structures that may have to be taken down. These factors not only cause delays, they can cost additional money.when a contractor is creating an estimate he or she must take into consideration create a quote for all aspects for the estimate.A residential estimate is comprised of many
Your niche will probably be something different than shipping log beds, but you can be sure that there is a niche open to you. The key is to find the profitable activity that your business does best, and focus on that.
3. Hire Superior Employees Who Share Your Company Culture
If your business is large enough to require employees, be careful who you choose. In my experience, it’s better to pay more for top-notch employees who won’t require daily baby-sitting, than to nickel and dime it with job-hoppers who are perpetually unmotivated, late to work, or enmeshed in personal prob
No matter how you earn a living, one occupational skill you would do well to cultivate is the knack for getting along with the boss; that dispenser of raises and promotions is probably the key person in your working life. In most facilities, it's your boss’s opinion of you that determines your future in the company. A staff person in constant conflict with his/her supervisor, even if he or she is a virtuoso performer on the job can find his/her prospects considerably dimmed. Short of marrying his or her daughter, what can you do to get into the boss’s good graces and stay there? Fortunately, most bosses aren't monsters, so they respond to efforts to improve relationships with their staff members.Here are some suggestions for mak
3. Hire Superior Employees Who Share Your Company Culture
If your business is large enough to require employees, be careful who you choose. In my experience, it’s better to pay more for top-notch employees who won’t require daily baby-sitting, than to nickel and dime it with job-hoppers who are perpetually unmotivated, late to work, or enmeshed in personal problems so deep that they can’t perform their job.
Everybody goes through difficult times in their life, and you need to be sensitive to that. Your company will be miles ahead, however, if you can find employees with the emotional energy to buy into your vision and get excited about their jobs.
You can find, develop and keep that kind of employee by investing significant amounts of time to recruiting and training. Make sure your compensation package is attractive, and, if at all possible, offer health insurance. Incentive compensation or profit-sharing plans can also be quite helpful in motivating employees to previously unheard of heights of achievement.
4. Standandize and Simplify your Procedures
It’s amazing how much time developing a simple form can save a company. The more people involved in your business, the more important it is that you have a set of standard procedures to follow. This will reduce training time when employee turnover occurs, lower the chance of errors, and increase efficiency in all aspects of your business.
5. Measure the Results of Your Efforts
Company and personal goals need to be quantified to determine if the desired results are being achieved. Key areas of measurement include the cost, quality, quantity and timeliness of work to be done. Each of these areas can have a profound impact on the bottom line of a business.
Cost: It goes without saying that if two Amish furniture suppliers offer similar quality, furniture design and delivery timing—but one is substantially lower in cost than the other, I go with the lower cost supplier. There are a few exceptions to this rule, but not many.
Quality: Quality is everything in most businesses, and log furniture is no exception. I’m not the least bit interested in shipping defective furniture from Michigan to California and back again, all because a customer wasn’t happy. That is a total waste of money, and hits t
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