There are numerous ways to enable business growth. Still, most companies focus solely on conventional ways such as sales, new markets, mergers & acquisitions etc. Few (and very successful) companies seem to value the power of knowledge sharing. Business leaders are constantly challenged by change management. Since no one has answers to all of the numerous questions created by the 21st century’s global market, we…

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Continuous innovation and staying fresh in approach to work is a great way of thinking…sounds like an entrepreneur. Someone who has grown their business and is on the verge of getting bored with it? Have ideas, but are stuck with the daily grind?  Or maybe, you are a solopreneur who recognizes that they have to remain unique in the marketplace and continue to provide fresh ideas to…

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Can a local, homegrown startup take on the international powerhouse? Could small-town warriors compete with multinational corporations?

As a business owner, how many times during the day do you simply want your staff to “get it done?” Do you find yourself getting frustrated, sitting down (or getting up) and doing the task yourself? What kinds of feelings does this incompetence engender in your line of thinking? Where does it go?

According to Talech’s Retail Technology Report, 87 percent of consumers said they enjoy participating in customer loyalty programs, but only 11 percent of current non-participating retailers actually plan to adopt one. Maybe your business has adopted a rewards program designed to keep current customers happy, while enticing new ones to walk through your doors. But are you offering rewards your customers actually want? Today, it’s…

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So…we all know of that guy or that woman who is really good at what he does, who is IMPOSSIBLE to work with. He or she seems to be everything to the Company, whether it is bringing in more business, getting more sales, managing operations or HR or some other function; whenever you see these difficult people coming, your first instinct is to run away….

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Where do you see your company in the next ten years? At the same place? Larger? Perhaps in more markets? If you are like most business owners, you have some vision for where you would like to take your company. The thing is: growth doesn’t happen by accident, and staying in business doesn’t happen by staying the same. Whatever your vision, you will need to…

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Running a company can be very personal. Often the business you start and run is an extension of yourself, to the degree that the business might literally live and die with you. While we often discuss topics such as business development, marketing, products, finances, innovation and the like, we rarely talk about depression and other mental illnesses. As a matter of fact, I don’t think…

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As a business leader of a large company, there’s no shortage of responsibilities on your shoulders. This is the way you prefer it — you can maintain oversight to ensure everything is running smoothly. But when it comes to maintaining client relationships, you know you have to let your employees take the lead so every client gets the specialized attention they need to keep their…

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Innovation generally means creating more effective processes and products. For a business, it can mean the implementation of new ideas, creating dynamic products and improving current services and products. If handled correctly, innovation is a potential catalyst for business growth and success. It can also help your business adapt to and ultimately dominate a new market.

Question 8: Which customer organizations should we target first? We started the market assessment series to take a deeper look into the best ways to analyze a new market when entering it. From market size and segmentation to competition and profit margins we discussed many crucial aspects of market assessment. In this 8th and final part, we’ll discuss the importance of understanding your ideal customer.

Small and medium-sized businesses are often tempted into thinking that they don’t need to market their products or services. This complacency usually arises when the business has a loyal set of customers and growing revenues and profits. The company owner thinks that when the firm already has more customers than it can handle, it would be a waste to spend on business development.

According to an article in the Harvard Business Review, truly great companies don’t scramble to adapt to the future but instead adapt and work to create the future. This includes anticipating, adapting and reacting to new technologies and integrating one’s business model. The article also points to the case of Microsoft, where the CEO dismissed the iPhone and claimed it would never gain significant market share;…

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Question 7: What sort of margins are expected in the new market and how do these compare to the overall margins in our company? In the previous article we discussed the matter of sizing up competitors in the new market. In this seventh part of our market assessment series, we’ll look into another crucial aspect – profit margins.

Recommended Reading: How Small Business Owners Are Leading the Country in Innovation If you have been in business for a while, you and your staff probably have had some great ideas about how to improve your business. The interesting thing is, you are not alone. As a matter of fact, according to Patricia Greene, Professor of Entrepreneurship, Babson College in her article, “How Small Business…

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Every small business needs an easy to use and reliable accounting software that tracks the company’s finances accurately. Entrepreneurs cannot afford to spend a great deal of time on monitoring their firm’s accounting records. What they require is a robust software package that is capable of providing the reports and data needed to run the business efficiently. Fortunately, there are a number of high-quality small…

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