Some small business owners dream of creating a “family business,” that is having one or more other family members actively engaged in running the business. It’s a romantic notion and very compelling to some . . . Mom keeps the books, Sis and Little Johnny do a variety of chores around the place, and Dad
“You can’t manage what you can’t measure.”
“You can’t manage what you can’t measure.” “What gets measured, gets done.” Those are two complimentary management axioms, and they both happen to be true. Take the first, “You can’t manage what you can’t measure.” It’s pretty hard to argue with that. For instance, how could we manage our receivables without a measurement of some
“Goals produce results, not activities.”
Our last posting talked about consistency. We talked about identifying “critical success factors” . . . operating principles that, when applied consistently, are at the core of a company’s success. But operating principles are only half the equation. They are the front end, the input side of things. They are the consistent activities that produce
“We are what we repeatedly do. Excellence, therefore, is not an act, but a habit.”
In his outstanding book, Great by Choice, Jim Collins relates the story of Howard Putnam, a former CEO of Southwest Airlines. Putnam institutionalized the Southwest Airlines’ “recipe” for success. His “recipe” was not a strategic plan or a vision or a mission statement, but a carefully thought-out list of operating principles. That list included: Utilize
“A ship in port is safe, but that’s not what ships are built for.”
Many companies that survive an economic downturn do it by cutting everything that doesn’t keep the lights on and the doors open. In that condition, they are treading water. They may avoid catastrophe, but they’re not going anywhere. The company is set on “idle.” Allowing the company to idle until the trouble passes might be
Marketing 101e
So far in this series on marketing, we’ve discussed three fundamental marketing questions: – What product or service do we want to sell? – What “competitive advantage” separates us from our competitors? – Who is uniquely suited to buy from us (who is our “prime prospect”)? Now, to conclude this series on marketing, let’s talk
Marketing 101d
This is the fourth installment in a series of basic marketing concepts. First we described what marketing is, and what it is not. Then we talked about the problem your service or product will solve, the need it will fill, or the want it will satisfy. Next we talked about a competitive advantage and why
Marketing 101c
Maybe you remember the old Jim Croce song that goes, “You don’t spit into the wind, you don’t tug on Superman’s cape . . . “ etc. The idea is that there are some things in life you just don’t do. Case in point. Last time I wrote (Marketing 101b), I talked about problems, needs,
Marketing 101b
This is the second installment of a series on marketing. The first installment set the groundwork by defining what marketing is . . . and what it is not. Now we’ll dig a little deeper into some of the major components of marketing. The foundational question for marketing is, “What product or service do we
Marketing 101a
This begins a series on marketing. I’ll dispense with the quotes I usually use because I couldn’t find any that I thought were appropriate for this discussion. If you consider yourself to be a pretty savvy marketer, this may be too elementary for you, but for everyone else, please read on. Many small business people
