Small Business: 3 Signs You Need a New Strategy

Uncertainty of the Future Whether you own an established business or a startup, the day-to-day hustle of running a business can send your intentions to oblivion. With fires to put out in every corner, you are drawn into a reactive state of mind that you carry with you into the next day, week and year. With a coherent strategy, your company will have identifiable business objectives and a specific set of tasks to fulfill them, putting control back into your hands. Objectives are used to develop short to long-term growth and productivity plans, essential for the sustained success of your organization.   Lack of Accountability Every single problem is dumped onto your desk. From front line employees to middle management, they identify the problems and expect you to come up with the solutions. Yet they argue about why your solutions will not work. Business strategy creates an environment and culture where people are empowered to think for themselves, develop their own solutions and work together to implement them, owning and accepting accountability for their implementation. Also, leaders invested in a strategic planning have greater internal focus and are less likely to let outside factors and influences negatively weigh them down. With their strong belief that outcomes are not outside their control, leaders take responsibility for their actions and people are more willing to support and follow.   Lack of Time How many times a day do you say, “I don’t have time” or “I don’t have enough time”? Lack of time is a common problem that plagues small business owners. A business plan and strategy will allow you to...
3 Major Reasons to Forecast Your Future Performance

3 Major Reasons to Forecast Your Future Performance

Financial Projections Definition: Estimates of the future financial performance of a business . Planning out and working on your company’s financial projections each year could be one of the most important things you do for your business. The results–the formal projections–are often less important than the process...

How Should a Business Prepare for Next Year?

How Should a Business Prepare for Next Year? Just as you’d be foolish to take a long car trip without mapping out your drive in advance, operating your business without a plan doesn’t make sense if you want to arrive successfully at increased profits. Creating an annual plan requires a mix of strategic and tactical planning based on a review of your past performance and projections for the...

Don’t Let Debt Crush Your Financial Dreams

Don’t Let Debt Crush Your Financial Dreams Somewhere in the neighborhood of half of American households are in over their heads when it comes to debt. That single four-letter word will probably keep half of you from realizing any kind of financial security or independence in your lifetimes. I might be off by 5 or 10 percentage points, but it’s definitely a big, scary...

10 Mistakes Intelligent People Never Make Twice

10 Mistakes Intelligent People Never Make Twice Everybody makes mistakes-that’s a given-but not everyone learns from them. Some people make the same mistakes over and over again, fail to make any real progress, and can’t figure out why. “Mistakes are always forgivable, if one has the courage to admit...