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Using Business Goal Management to Ensure Team Performance

By Cindy HawthorneJune 13, 2019Comments Disabled

An organization’s performance is governed by the performance of the people and how well they communicate with each other within internal teams. It is more effective in smaller organizations and contradictorily, as the team size increases, its ability to effectively communicate becomes much difficult. However, the organizational leaders’ ability to define the goals helps to cut through this complexity of team structure.

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What’s Next??

Management and Leadership, Strategy

What’s Next??

By Rick MeekinsApril 11, 2017Comments Disabled

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?
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Is Your Business Ready for the Next Downturn? | Extraordinary Business

Blog, Financial Management

Blog Financial Management

Is Your Business Ready for the Next Downturn? | Extraordinary Business

By Ravinder KapurOctober 25, 2016Comments Disabled

A successful business often tends to add costs indiscriminately. Business owners get blinded by the fact that their company is rapidly growing its revenues while maintaining a healthy bottom line. This lax attitude percolates down to employees who start incurring expenditure that does not provide any real benefit to the organization.

In many instances, company staff do not even provide customers with a basic level of service. They are so caught up with their daily activities and with managing increasing revenues that customer complaints and feedback get ignored.
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New Steps for New Year: Prioritizing Steps for Growth in 2016

Management and Leadership, Strategy

Management and Leadership Strategy

New Steps for New Year: Prioritizing Steps for Growth in 2016

By Ian EricksonDecember 22, 2015Comments Disabled

Over the past few years, you have committed a great deal of time and money to developing your small business. By reinvesting your business’s profits back into the company and keeping a close eye on the often unstable US economy, you have made strides in creating a profitable enterprise.

However, as a seasoned entrepreneur you are also aware that the only way to persevere is to continue to grow. The question is not whether you will grow; it is how to grow without overextending your investments or making other costly mistakes. Having a clear understanding of the landscape in which you intend to increase your business will clear the path for successful growth in 2016.

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Management and Leadership

When Things go Wrong | Extraordinary Business

By Rick MeekinsJuly 15, 2014Comments Disabled

How to plan for and manage unexpected challenges you face in business

You have probably been to a restaurant when it is extremely business, with people waiting out the door, slow service and very busy servers. You’ve probably been stuck in traffic at rush hour or when a big event is coming to town. You may have waited in long lines for a movie or for a ride at an amusement park or some of their place where you probably thought or said to yourself that they probably need more people or could use more space.
While you might understand or be patient if it happens once or twice, you will probably find alternatives – be it alternative locations if they are available, or available times if the issue seems to be a timing issue. In either case, you are thinking about the cost to switch or select a different option. If it is a restaurant, it may be fairly easy to find another restaurant or movie theatre, making the switching cost low. If it is an amusement park or a road, the switching cost might be higher – you may have to travel a great distance (cost) to avoid the lines or to get on open roads.
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When Things go Wrong

Management and Leadership

When Things go Wrong

By Rick MeekinsJuly 15, 2014Comments Disabled

How to plan for and manage unexpected challenges you face in business

While you might understand or be patient if it happens once or twice, you will probably find alternatives – be it alternative locations if they are available, or available times if the issue seems to be a timing issue. In either case, you are thinking about the cost to switch or select a different option. If it is a restaurant, it may be fairly easy to find another restaurant or movie theatre, making the switching cost low. If it is an amusement park or a road, the switching cost might be higher – you may have to travel a great distance (cost) to avoid the lines or to get on open roads.

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Your “Tipping Point” Will Make or Break Your Company

Management and Leadership

Your “Tipping Point” Will Make or Break Your Company

By Rick MeekinsJuly 08, 2014Comments Disabled

What is a tipping point and how does it apply to business growth?

Malcolm Gladwell, in his book, “The Tipping Point: How Little Things Can Make a Big Difference,” describes the tipping point as “the moment of critical mass, the threshold, the boiling point.” Gladwell describes examples of this such as, “Ideas and products and messages and behaviors spread like viruses do.”

In the same way, business growth stages can occur, wherein a business reaches a point at which it moves from one stage to the next – over the tipping point. As he goes on to describe, going over a tipping point requires extra effort than normal operating procedures. If you think about it like reaching boiling point, at 211 degrees, water is starting to show some activity, while at 212 – one extra degree, water goes from still to boiling.

For example, your company might experience a tipping point when you hire additional staff to take on the work you expect to have at some point in the future. It is difficult because the amount of resources exceeds the amount of income or work while we push to increase productivity. Once over the “Tipping Point”, we will be back to a normal situation where the amount of work is equal to the number of resources and paying them properly. [···]

Management and Leadership

How’s Your Plan? | Extraordinary Business

By Rick MeekinsMay 29, 2014Comments Disabled

How planning can and will impact the success of your company

Apple bought Beats by Dre…AT&T bought Dish Network…Facebook is after WhatsApp. Which question is more important – the what, as in what did they buy or the why?
Well, more than likely, these were part of their plan to perhaps gain more market share, expand their capabilities or offerings, purchase some new technology or knowledge or some other strategic initiative to increase shareholder value. In the case of these businesses, they have their board of directors and stockholders that are holding them accountable for achieving or exceeding the company’s strategic goals. No acquisition is done in a corner or without some type of planning.
As small business owners, while we aren’t beholding to our stockholders, at least to the extent of larger companies, we should have some type of accountability to ensure that we are creating and following through with the strategic initiatives that the company requires. This could be – should be – people who would be willing to have a stake in the success of your business and will be committed to making sure you don’t drop the ball.
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How’s Your Plan?

Management and Leadership

How’s Your Plan?

By Rick MeekinsMay 29, 2014Comments Disabled

How planning can and will impact the success of your company

Apple bought Beats by Dre…AT&T bought Dish Network…Facebook is after WhatsApp. Which question is more important – the what, as in what did they buy or the why?

Well, more than likely, these were part of their plan to perhaps gain more market share, expand their capabilities or offerings, purchase some new technology or knowledge or some other strategic initiative to increase shareholder value. In the case of these businesses, they have their board of directors and stockholders that are holding them accountable for achieving or exceeding the company’s strategic goals. No acquisition is done in a corner or without some type of planning.

As small business owners, while we aren’t beholding to our stockholders, at least to the extent of larger companies, we should have some type of accountability to ensure that we are creating and following through with the strategic initiatives that the company requires. This could be – should be – people who would be willing to have a stake in the success of your business and will be committed to making sure you don’t drop the ball.

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