Investing

image_pdfimage_print

4 Common Mistakes Entrepreneurs Make and How to Avoid Them | Extraordinary Business

Starting your own small business that stands out from the crowd is a huge challenge – but armed with the knowledge to avoid the most common faux pas made by your peers, it’s entirely possible for you and your business to emerge from the five-years of hard work with positive financial prospects. To discover the major mistakes that many entrepreneurs make – and how you can avoid them – keep reading!
 [···]

Read More

Invest or Die | Extraordinary Business

Strategic Investing Imagine if you purchased a brand new car.  A car, by itself, is a significant investment.  This car, however, is the one that you’ve always wanted.  Therefore, it means so much more to you.  You might consider it your ‘baby,’ and if you are anything like my brother-in-law, you will name it, wash it almost daily, wipe down the dashboard and upholstery at any sign of dust and keep anyone under the age of 12 out of it unless they are directly related.  But they must be clean and come wrapped in plastic.

Now that you’ve gotten your car – would you refuse to invest any more into it?  Would you refuse to put gas in it because, well, we all know that after a while, the gas will run out?  Would you refuse to do oil changes.  I mean, heck!  It’s just going to need another one in 3,000 – 5,000 miles, right?

 [···]

Read More

Investing in Greatness

“If you plant apple seeds, you’ll get an apple tree.  If you plant weeds, you’ll get weeds.  Lots of them.”

These are very basic ideas that can apply to nearly any area of your life.  Think about seeds in terms of being things that you begin doing in some aspect of your life.  For example, habits: If you act a certain way, think a certain way, dress a certain way, etc., there will be “fruits” of those habits.  Image consultants such as Cathy Hankinson of 10 Second Impact has built her business around the fact that people will take the seed you’ve planted – their first impression of you – and create a mental map, mental picture or a set of beliefs about you and/or your business.Apple seeds grow Apple Trees

It seems like the need to purchase something for the business never goes away.  Many times, we operate from the belief that we can only purchase the minimum that LOOKS like it will get a particular job done.  We’ll purchase $10 parts from retailers that catch fire or stop working after a couple of week.  We’ll look for free services to use with our clients that work most of the time.  We undercut people to get the best “value,” just because the price is lower, without taking into consideration what the ramifications will be. 

Now this doesn’t mean that we over-purchase, we purchase without planning, or could without reservation.  It means that if we need a Heavy Duty truck, scraping the bottom of the barrel may get us a truck, but it may end of being a truck that may require extensive maintenance and repairs to keep going/  After a while, the thing looks like it costs us as much as it would have to purchase a newer model.  Not to mention, the black cloud of soot we leave at every customers’ homes or businesses is never appealing.

Think long-term with your purchases.

“You’ll always reap what you sow; more than you sow, later than you sow.” – Dr. Charles Stanley

Think about your purchases in terms of being investments in your company.  When you purchase a computer for your company, Investments you are expecting a certain amount of increased productivity out of it.  You aren’t expecting bottom-of-the-barrel productivity, and you certainly aren’t looking for something that is going to break down on you after running steadily for about a year.

Know, factually, that you cannot do it all yourself.  There are things your business needs that will actually cost you less to hire someone to do than to do it yourself.  Websites come to mind.  Not everyone in the world has the ability to create a compelling, dynamic website that will actually generate sales for them.  However, your website is often how people begin to gain perception of your business.  Your website needs to match your business and will be, at times, the difference between your getting the sale versus one of your competitors.

Business leader – yes there will be deals.  There will be once in a lifetime opportunities.  There will be miracles that simply fall into your lap.  Regardless, you still need to do your due diligence in order to make sure you are getting the best price without sacrificing quality, dependability and functionality.  You should feel confident that one day, you will be able to look back at the things that you’ve purchased and say, “this purchase enabled us to…and here are the fruits of the investment.”

If you want an extraordinary business, you’ve got to plant extraordinary seeds.  Grow extraordinary.

Aepiphanni Business Consulting: The Business Strategy People is an Operations Management and Business Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders. We specialize in helping leaders create extraordinary businesses. 

We welcome clients in the personal and professional services industries, including Creative and Design Services, Software & IT Services, Professional Services and Specialty Consumer Services.  As always, we welcome your comments, thoughts, questions and suggestions. 

If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].


AddThis Social Bookmark Button

Read More

The Right Tools for the Job | Extraordinary Business

As restaurant chef said to me once, “it’s a poor chef that blames his failure on his tools.”  While this may be true, I suspect that the better the tools, the more they could get done with a greater likelihood of consistency.

As a business leader, in any industry, I am certain that you can create custom tools for every client you have.  Perhaps you feel that this is your niche, and thus, you charge appropriately.  Even a baker, however, who bakes every cake from scratch and makes each cake a unique masterpiece has pans, measuring cups, mixers, spoons, etc. That she uses every day to complete her masterpieces.

And you have a computer…

The point is that as a business leader, it is essential that your team has the tools they need to do the job, whatever it is.  The company’s productivity is dependant on it. 

Many business owners and self-employed people tend to purchase the cheapest tools on the market and are surprised at the poor results they receive.  Other business owners get paralyzed researching the product or service, not realizing the amount of money they are losing in the process.  Others, still, will get the first thing that comes across their desk, only to find that it doesn’t quite fit the needs.

When we research for our clients, we use a rubric or a matrix to help us out.  The first thing we do is decide what need we are trying to fill.  Then, we prioritize those items – the most essential items getting the ‘a’s’ and the “nice to have” items getting the “c’s.”  Don’t forget how much you are BUDGETING for the tool.

Then we begin researching different tools.  It’s always tempting to add criteria when we see something really cool.  Of course, you will see essentials that you hadn’t considered.  It is important, of course, to make sure that you are clear about needs and prioritize the new items, appropriately, if you feel that they MUST be included. Don’t get stuck majoring in the minors, though.  Make sure you give yourself a timeframe in which to research the tool, and a few extra pair of eyes to evaluate.

Taking the time necessary to get the proper resources or tools is essential to maintaining your ability to stay on top in your marketplace.  Your business is reliant on speed, quality, consistency and dependability.  With the right tools, you can do it that much better.

Be extraordinary.  Take the time to find extraordinary tools and resources.

Aepiphanni Business Consulting: The Business Strategy People is a Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders and executives. We specialize in helping leaders create extraordinary businesses.  We welcome clients in the personal and professional services industries, including Creative and Design Services, Software & IT Services, Professional Services and Healthcare Services.  As always, we welcome your comments, thoughts, questions and suggestions.  If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].


AddThis Social Bookmark Button

Technorati Tags: Resources,Tools,Ability,extraordinary,productivity,production,matrix,choosing the right resources,rubric,purchasing
Read More

The Right Tools for the Job | Extraordinary Business

As restaurant chef said to me once, “it’s a poor chef that blames his failure on his tools.”  While this may be true, I suspect that the better the tools, the more they could get done with a greater likelihood of consistency.

As a business leader, in any industry, I am certain that you can create custom tools for every client you have.  Perhaps you feel that this is your niche, and thus, you charge appropriately.  Even a baker, however, who bakes every cake from scratch and makes each cake a unique masterpiece has pans, measuring cups, mixers, spoons, etc. That she uses every day to complete her masterpieces.

And you have a computer…

The point is that as a business leader, it is essential that your team has the tools they need to do the job, whatever it is.  The company’s productivity is dependant on it. 

Many business owners and self-employed people tend to purchase the cheapest tools on the market and are surprised at the poor results they receive.  Other business owners get paralyzed researching the product or service, not realizing the amount of money they are losing in the process.  Others, still, will get the first thing that comes across their desk, only to find that it doesn’t quite fit the needs.

When we research for our clients, we use a rubric or a matrix to help us out.  The first thing we do is decide what need we are trying to fill.  Then, we prioritize those items – the most essential items getting the ‘a’s’ and the “nice to have” items getting the “c’s.”  Don’t forget how much you are BUDGETING for the tool.

Then we begin researching different tools.  It’s always tempting to add criteria when we see something really cool.  Of course, you will see essentials that you hadn’t considered.  It is important, of course, to make sure that you are clear about needs and prioritize the new items, appropriately, if you feel that they MUST be included. Don’t get stuck majoring in the minors, though.  Make sure you give yourself a timeframe in which to research the tool, and a few extra pair of eyes to evaluate.

Taking the time necessary to get the proper resources or tools is essential to maintaining your ability to stay on top in your marketplace.  Your business is reliant on speed, quality, consistency and dependability.  With the right tools, you can do it that much better.

Be extraordinary.  Take the time to find extraordinary tools and resources.

Aepiphanni Business Consulting: The Business Strategy People is a Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders and executives. We specialize in helping leaders create extraordinary businesses.  We welcome clients in the personal and professional services industries, including Creative and Design Services, Software & IT Services, Professional Services and Healthcare Services.  As always, we welcome your comments, thoughts, questions and suggestions.  If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].


AddThis Social Bookmark Button

Technorati Tags: Resources,Tools,Ability,extraordinary,productivity,production,matrix,choosing the right resources,rubric,purchasing
Read More

Cash is a Tool… | Extraordinary Investing

As a business leader, one of the decisions that you will continually have in front of you is how to make the best use of the cash resources you have.  If your business is one where there is a lot of business going into and out of the business, such as in a restaurant or manufacturing, your goal is probably to get the best price on the components of your goods.  If you are in a service-based industry, you are probably focused on ways to develop your business more.

In either case, the fact is that it takes money to make money.  No Aepiphanni, there.

 [···]

Read More