I was slowed down when my computer crashed and I had no data, no address book and not even my passwords to get back online. I didn't think I was doing anything remarkable by bouncing back to productivity even with this handicap for a week. But from the feedback I've had from more than a few people, it seems paralysis would have been the acceptable common option. Yes, I got slowed down, but nothing critical was lost and no appointments missed....more
When we read about business growth in the top business periodicals, they always refer to the multi-national corporations. I'm not a large corporation. I'm not even incorporated. But for the purpose of this discussion, think of your business as a corporation. You hold the office of president of this corporation, and you're responsible for its success or failure. You and the members of your team are stockholders in your corporation, and it's your...more
Finding and keeping the right team is one of the toughest and most important tasks you take on as a business owner or entrepreneur. Yet it doesn't always get all the attention it warrants. Business owners focus on the work. In contrast, when investors (Venture Capital groups or Angels) look at a business they are likely to focus more on the team than the business. Why? As Jim Collins substantiated with his Fortune 500 research for his bestseller From Good to Great, it's the team that creates and sustains success. So when you're thinking about the team you want with you, as you build or grow your vision of the business, here are some constructive tips to do it right from the start: 1. THINK FIRST - It's tough for small businesses to think past the next electric bill. But before you hire, think through: What skills and experience do I need now in that position, to accomplish what, by when? When we're successful (3, 6, 9 months) what skills and experience will I need in that position? What don't I do well and need somebody else to do better? What are the characteristics of people who've done well working for me? Done poorly? This is not about titles, organization charts or job...more
Last week I talked about how to take a vacation when you're the leader of the band. This week I want to talk about summer sales. Many sales people and just as many business owners bemoan their annual summer sales slump. Their numbers are down and they just can't understand it. It's as if their whole business is paralyzed because sales dry up or...more
Your car is one of the most expensive purchases you will ever make. Probably the only thing you will buy that costs more than your car is your house. You wouldn't just accept the first mortgage you came across, and likewise you shouldn't just accept the first vehicle financing option that comes your way. You will have a lot of options in how to...more
Many people let their finances get a little out of hand at some stage. It's just a fact of life that today, with all the credit that lenders throw at us, and the amount of temptation out there to consume and buy more, that we end up spending more than we have. Indeed, with lenders advancing more and more credit to all types of applicants, no matter what they're situation, credit problems are one of the fastest growing causes of stress in the country. Part of the problem is over spending habits, part of the problem is irresponsible lending, and the rest is just bad luck or bad timing. But like it or not, almost all of us are going to let our credit get a bit away from us at some point. RepaymentsSo what do you do if it starts to get more and more difficult to meet repayments? Well you have a number of options. The first, as always, is to do nothing. Just ignore the problem and hope it goes away. The main problem with this option is the problem never really goes away. Unless your willing to go through months, and perhaps years of notices, threats, debt collectors and worse, simply ignoring the problem will not be an option. Consolidation of DebtsAnother option is debt consolidation....more
One of the most fundamental details that all banks will look for in all loan applicants is a steady, dependable income. The amount of this income will decide how much the applicant will be granted. If there were no dependable income, then on the face...more
About this time every year, the personal finance magazines will perform an annual ritual: Looking at how mutual funds have performed over the past year—and then using that information to suggest which mutual funds you should pick for the coming...more
Quicken provides powerful investment record-keeping tools for individual investors. Unfortunately, once you step beyond investments like stocks, bonds, and mutual funds, the mechanics can get a little tricky. Here are some tips for handling common...more
Small businesses, home-based businesses, and self-employed individuals have been turning to internet telephone service (also called broadband phone or VOIP) in droves. What is the attraction? As a self-employed, telecommuting, small-business-owning...more
I'm an alumni of Boston University Graduate School of Business, so I receive the Alumni magazine Bostonia. To be honest, that doesn't mean I read it faithfully at all. But this issue was different. George Labovitz, a professor in organizational...more
These ten commandments of human relations aren't original to me, and I don't know the source. At the same time, they don't go out of style or out of date if you are in business. Everyone in your business must imbue their efforts with these...more