Recently, a friend came to me for advice on how to tell her 25-year-old daughter about the importance of saving money. The daughter had just gotten her first career-focused job, but felt she wasn't making enough money to save, especially for retirement. My friend knows how important saving is - and saves as much as she can herself - however, she didn't have enough information to have a substantive discussion with her daughter.
On Feb. 13, President George W. Bush signed a bill designed to put money into the pockets of millions of consumers, provide tax breaks to businesses, and alleviate some of the problems in the home mortgage industry. But the real goal of the ''Economic Stimulus Plan of 2008'' is to jump-start the ailing economy.
Heads up, America: the stereotypical image of the business CEO is changing — and fast. The rise of women and minorities in the business sector over the last two decades has occurred at nearly exponential rates in dominant industries from technology and hospitality to marketing and media.
This is one emergency exit you don't want to take…
Eric was a gifted acoustic engineer. He could make things work when no one else could. Feeling stifled by his employer, he left to start his own business. He capitalized on a niche market and built a successful company along with a national reputation in his field. Along the way, he hired a key employee, Andy, who was to be his ultimate successor. Eric promised Andy 25% of the company as an incentive to stay with him. At the time, Eric wasn't concerned about giving part of the company away since it was easy to give away 25% of the company when the company was worth nothing. As the company grew, Eric enjoyed the financial fruits of his labors. When he over spent his salary, he just took what he needed from the company account. After all, it was his company and his money. After a while, he was spending more money than he or the company had and became very accustomed to a high standard of living. Everything was fine until two things happened: Andy wanted the 25% of the company Eric promised to him, and Eric wanted to retire.
The start of a new year is the time for resolutions. Instead of resolving to lose five pounds, eat healthier, or start a new hobby, make a commitment to conduct a profitability audit of your company, business unit, or division. This progress review is designed to help you make sure you're on the road to sustained, profitable growth, rather than on the path to trouble. At least once a year (ideally, every quarter), you should ask yourself some soul-searching questions. The profitability audit is all about creating continuous improvement, getting better every day, every week, every month, and every year. Instead of a snapshot of your company, business unit, or division at a specific moment in time, this audit is a constantly evolving work in progress.
Ninety-one percent of businesses fail in the first two years. Ninety-five percent fail in the first five. Slow sales, poor location, a bad idea or investment — these are the usual excuses. Yet, in my work I tend to find another more intriguing issue — branding.
It was an auspicious start. I was 23 years old with a resume comprised of a degree in hockey and religion from a small liberal arts college in New England and nine years of work in my father’s fish plant. I did my best to sell myself to the polished corporate bank and textile interviewers. Everybody loved me, but nobody hired me. There were ''a dozen others just like me'' who had pursued internships and ''real'' summer jobs to choose from. So now what?
The Amazon Shorts Small Business Made Simple Series is designed to provide easy to understand, prescriptive advice for anyone who is contemplating or running a small business. Regardless of the business you want to own or currently own, Small Business Made Simple has the helpful nuggets which will help you start up and run a more effective business.
Operating a profitable and lucrative business requires four processes: sales, marketing, financial, and corporeal. Each requires requisite qualities. Business owners must focus on these four aspects to create success. Equally important is to understand the importance of each of these as they are interwoven into the mission, vision, and pragmatism of the company.
Business-to-business owners can use a process to increase sales and profitability by attracting must-have customers. These are customers who are purchasing products or services similar to the ones you sell, but they're buying them from your competition. Your job is to identify your must-haves and to turn them into loyal core customers.
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