You re basically buying those initials. You currently try to let your people do their best, but you don't have a process in place to show them what you want, train them to do it properly, follow up, and make them accountable. Some entrepreneurs remain sole practitioners forever. By outsourcing …

Your liking for an occupation is the advantage you have over those who do not like it. Why are online courses better than consulting? You tell them, but they don't fully understand. If you have to negotiate details of exactly what any equity investors will get, there s time to …

But it doesn't have to be that way, and the advent of direct debit and the ability to take payment online and over the phone has made it much easier for small firms to take payment immediately. Most entrepreneurs start their companies without a clear vision of what they want …

Follow the hint, whether it be to publish a paper or peg shoes. But all business plans are not the same any more than all businesses are. In the publishing business, I know of no less than six positions actually yawning for the men to come and fill them--not clerical …

However meritorious it may be, it is useless unless the people find it out. Employees who excel in one area of business are often promoted to supervisory positions. An effective marketing program will exploit your differences, maximize relationships with customers, and make potential customers aware of why they should only …

Customers want what they want. The easiest and most important thing you must do is to create trusting relationships with your top customers who make you most of your money and pay your bills. Most say they want the lowest price, the best quality, and the best service (free, perfect …

Pay as you go means that all your costs ' whether buying in stock or hiring staff ' are linked to your sales. Are you too busy working to fully understand your actual costs, company financials, or profit targets? It is a document that tells the story of what you plan to …

When the economy is going well, however, you will have to up the ante to bring on key employees because there is more competition. Branding your enterprise consists of a good deal more than simply settling on a company label. While other types of companies'like retail stores, consumer services, repair …

There are all kinds of reasons why a venture capitalist, banker, or other investor may refuse to fund your company. Sell something to everybody--what the customer wants if you have it; if not, what he doesn't want; but at any rate, sell him something. But to induce them to purchase …

Better to keep it to a couple dozen pages and stick to the truly important material. In most cases, you want to have products and services that people can get quickly. Does earning a living give you time to do any living? It may be earmarked for producing working prototypes …

A small software company whose mission statement included the goal of putting Microsoft out of business would be looked upon as foolishly naive. That s the main reason you have spent so much effort defining your niche market and why you have chosen one that you know and/or have …

They are doubtful about the character or standing of some man with whom they are or may become heavily involved. Additionally, lenders may require borrowers to pay points in order to cover administrative costs or to procure a lower interest rate. Better to keep it to a couple dozen pages …

A great cook may have incredible accounting skills, but that doesn t matter in the kitchen of the new restaurant. A lawyer can develop contracts and other detailed documents important in the hiring process. This amount may reach $1 million. Not all tips that come from comparing plans with results …

Another way to track returns on sales is to make a list of your top customers and rank them by sales revenue and net profit per customer. Perhaps your political beliefs are very important to you. So to make lots of money, making money has to be your top priority …

As with so many other directions people take in life, the time and the place just happen to be right. Every company must do several things perfectly and consistently in order to be successful. Positions can always be created. Wooden nutmegs and shoe-peg oats have duly advertised the shrewd ways …

If your volume or markup decreases in a softening market, your only choices are to cut overhead or increase sales. Thus, the business landscape consists of a heterogeneous network of adapted resource combinations and the particular set of business activities and individual and corporate actors associated with each of them …

In theory, a stock's value derives from the value of the business that issues it. Conversely, it may be too far ahead of its time. Your liking for an occupation is the advantage you have over those who do not like it. Darwin says that the fittest survive because they …

In order to make people accountable and responsible, there must be simple milestones and deadlines for them to track. Funny as it may sound, let it be known that you will take all necessary steps to protect your business, your products, and yourself from litigation. You tell them, and they …

You don t want to create confusion in your consumer s mind. Identify the customer, plus any referring parties like a consultant, engineer, broker, project manager, purchasing agent, or any other person who might have influenced the decision to buy from or hire your company. Suppliers who sell for other …

Businesses typically like and expect to be able to pay thirty days in arrears, with you sending them an invoice after you have supplied the goods or services. If they re not interested, no matter what your financials are, they won t help. Do not trust the work to your …

The many disciplines in business are often organized and studied independently. One effective ' and free ' way of promoting your venture is simply to get your customers to do it for you, by good old-fashioned word of mouth. But once paid for, geothermal energy is effectively free. The price of your …

Decision trees cannot entirely objectify decision making unless the variables are entirely mechanical, rational, or quantified. The marketing options are many and expensive, including door hangers, newspaper coupons, mailings, advertising, website placement programs, and billboards. It s likely as well that with better planning skills will come improved business skills …

Successful business owners focus on maximizing customer relationships and seeking better business opportunities. This process should be taken very seriously, because it can have a tremendous impact on the overall success of your business. Price can often become secondary to the relationship. Even just a few years ago the opportunities …

Many customers are attracted by the talk of their acquaintances, and it is much easier to tell a friend that you bought an article at 'The Hub,' or 'The Sun,' than to attempt the unpronounceable name of a proprietor, or to give a forgotten number. There is no better way …

Others may show how seemingly minor tweaks can produce outsized improvements in sales or profitability. Even arranging and naming computer folders and files by a more universal, rather than idiosyncratic, standard can help future growth occur more naturally. Always get your customers to pay you upfront, whether they are individuals …

Do home remodel customers want the lowest price or piece of mind? Have your accounting manager figure out the exact cost for every employee, including all taxes, insurance, worker's compensation, health insurance, vacation, union dues, overtime, tools, training, pension, profit sharing, and any other benefits you provide. And never make …

Retail shop owners usually expect their establishments to draw many visitors. In the Bon March?? in Paris, the employers determined that something must be done more than was done in other stores so that every visitor would remember the place with pleasure and come again. So what numbers have to …

You currently try to let your people do their best, but you don't have a process in place to show them what you want, train them to do it properly, follow up, and make them accountable. They demand and get from almost all new product makers slotting fees, which are …

Determining staffing needs is yet another necessary component of a strong business plan. That way you get several points of view, and it is a much less onerous commitment for everyone involved. Some companies even extend the events they include and measure the indirect costs and benefits related to a …

Choose a product which you can buy in small quantities so you are not tying up a lot of money in stock each time. Just as many people don t buy fire insurance on their homes and rely on good fortune to protect their investment, many successful business owners do …

When accountable and responsible people achieve great results, they need to be thanked and rewarded. Using heuristics to guide choices is effective when those heuristics are based on prior experience and are thus the result of experiential learning. Think coaching versus teaching and telling. The intangible components of your brand …

Identify the customer, plus any referring parties like a consultant, engineer, broker, project manager, purchasing agent, or any other person who might have influenced the decision to buy from or hire your company. It is the number of persons or families that under the most favorable state of things can …

Do you want the cheapest website developer or the one who will get your company the most traffic? Companies of all sizes need good employees, and worthy companies are willing to go to a lot of trouble and expense to hire, retain, and pay them. While other types of companies'like …

At best, it will make you look less than careful. On the other hand, online courses can be created once, sold to many people, and they don t require much extra work after they ve been produced. A plan isn t worthless just because it doesn t present the future …

Make making money a priority. You take on the projects that appeal to you most, and feel proud as you watch them grow and add value to the market. The main basis for the system, since it is economic and not philanthropic in its nature, must of course be the …

A mission statement should be clearly written A mission statement describes the goals and objectives you could reasonably expect to accomplish. Make the most of your present position. Without depreciation, an organization's financial picture can be distorted: The entire cost of a piece of equipment with a life expectancy of …

And not only does it ensure you get paid promptly; if there is a recurring charge, for example a monthly or annual renewal fee to pay, it ensures you will get that on time, too, without even having to ask for it. Value appropriation becomes problematic because the single actors …

A useful business plan can be any length, from that scrawl on the back of an envelope to more than 100 pages for an especially detailed plan describing a complex enterprise. Nobody can help you so much as you can help yourself. Know your equity or net worth (the actual …

A recent business plan for a chain of coffee shops, for example, included photos of the proposed location, mock-ups of menus, and maps of the competition s locations. If you find a department that does not pay, change methods or your goods, and if still unsuccessful drop it. Suddenly that …

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). For many, this is a more valuable result than securing funding. The executive summary has to perform a host of jobs. And do everything possible …