In the life of every successful small business, there comes what the mathematicians would call an “inflection point” . . . it’s the point on a curve where the curve changes direction. In a business, it’s that point where an owner must decide whether to keep the business at a relatively small size, or pull
What’s your New Year’s BHAG?
At the start of the year, everybody ought to have a BHAG. For the uninitiated, that’s a Big, Hairy, Audacious Goal or bee-hag. And why does everyone need a BHAG? Well, if you’re one of those rare businesses that blew the doors off last year and all you want to do is let the good
“Time kills deals.”
“The longer it takes to close a deal, the less likely it is to happen; time kills deals.” – Marisa Pensa During the “Great Recession,” a lot of merger and acquisition work came to a screeching halt, particularly where small businesses were concerned. In an uncertain business climate, buyers stopped buying, and sellers, fearful that
“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
“Progress always involves risk, but you can’t steal second base and keep a foot on first.”
“Change with the world – or it will change without you.” There is always risk with change, and in general, the greater the change, the greater the risk. But you know what? There’s also risk in not changing . . . arguably even greater risk. Changes in the business world are coming at us faster
“If your horse dies, get off.”
Inertia can be a terrible thing. It can keep us rooted in decisions and activities that may no longer be productive. It can keep us astride ol’ Trigger long after it has become obvious that Trig isn’t going anywhere. For example, let’s say we launch a new product or service, but the new offering isn’t
