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Home Archive for category "Best Practices"

“Ideas are cheap. Ideas are easy. Ideas are common. Everybody has ideas. Ideas are highly, highly overvalued. Execution is all that matters.”

We were recently at a meeting where several of the people there started talking about a book they had read, “The 4 Disciplines of Execution” written by three top executives of the FranklinCovey Company . . . Chris McChesney, Jim Huling, and Sean Covey (son of Stephen Covey, who was a founder of the FranklinCovey

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Don’t produce a budget. Map out a Profit Plan. (Part Two)

We have been talking about an annual planning process.  It began two postings ago when we talked about laying out three to five strategic initiatives aimed at moving the company forward.  Then with our last posting, we began a 2-part discussion on what some call a “budget,” but what we prefer to call a “profit

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Don’t produce a budget.  Map out a Profit Plan. (Part 1)

The blog below is a repeat, as was the previous posting (October 17, 2018), and as will be the next posting (November 21, 2018).  Combined, the three postings offer a template for developing a 2019  Plan.  We are re-publishing these now because developing an Annual Plan is a critically important activity for any small business

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“The nicest thing about not planning is that failure always comes as a complete surprise and is not preceded by a period of worry and desperation.”

The blog below is a repeat.  It was first published a year ago, along with two companion pieces that will also be re-published in the two postings following this one.  Combined, the three postings offer a template for developing a 2019  Plan.  We are re-publishing these now because developing an Annual Plan is a critically

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“Give up trying to grow the bottom line. Grow your people and your people will grow the bottom line.”

Simon Sinek is an author and lecturer . . . he’s a favorite of ours and we refer to him often.  He is a self-described idealist who “imagines a world in which the vast majority of people wake up every single morning inspired to go to work and return home at the end of the

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“Strive for continuous improvement, instead of perfection.”

Our previous post talked about Continuous Improvement, but it’s an important topic that deserves to be thoroughly explored, so please consider this a continuation of the discussion we began with our last post. No matter how good we are, we can always be better.  No matter how proficient we are, we can always be more

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“When was the last time you did something for the first time?”

George Romney once said, “There is nothing more vulnerable than entrenched success.”  In other words, we get a little success under our belt and there’s a risk that we become fat, dumb, and happy . . . in short, complacent.  Hubris sets in and some rigor leaves.  We take our foot off the gas a

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“Success seems largely to be a matter of hanging on after the others let go.”

Let’s talk about Bill Gross, the serial entrepreneur.  As it turns out, there’s also Bill Gross the billionaire investor, but that’s not who we want to talk about.  We want to talk about the other guy.  The entrepreneur.  This Bill Gross has personally started over 100 companies, and more than 40 of those have either

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Psssst. Hey buddy! Wanna sell your company?

If your company has successfully navigated the challenges of “startup” and “early stage development,” and if it has arrived at a place where it is relatively stable and has market recognition, you can expect would-be buyers to start sniffing around, trying to determine if you’re interested in selling.  Some entrepreneurs will start and sell many

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Turnover can be good or bad. When we’re talking about inventory, turnover is very good. But when we’re talking about employees, turnover is bad. Very, very bad.

Employee turnover is a serious matter. And it’s a very expensive matter.  It affects everything -profitability, productivity, customer service, quality control, and more.  Yet too many of us treat turnover as an unavoidable annoyance.  It’s true that some turnover is a good thing.  From time to time, we need to weed out the people who

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