It’s never too early to think about your business succession plan. Many entrepreneurs set out to build a business that provides financial security for their family, not only for the present members, but for future generations as well. As you scale your business and begin to develop a workforce to execute your plans, think about
Opportunity management is a system for evaluating, choosing and prioritizing various business choices that you can make to keep a business moving forward. You may be investigating a new revenue stream, choosing a better CRM platform, or joining a strategic partnership, as examples. Selecting the right opportunities can be a major struggle for entrepreneurs and
Planning for business success allows you to create a focus and build motivation. Without a business plan, your day can easily be hijacked by everyone else’s interruptions. Time is such an important commodity that you should guard against it being wasted. As long as you are going to work on and with your business, you
There comes a time when every entrepreneur faces a decision about whether it’s time to pivot and change business directions in mid-stream. As an entrepreneur, your business was the tangible result of an idea that you believed held promise. So, you set out to design an action plan that would take your business from where
How much focus should leaders devote to crafting a business strategy? Leaders can get caught spending too much of their efforts planning business strategy. However, when reviewing how time is spent in your business, you will find that most of the time is spent in executing the strategy. Obviously, leaders need to create strategy, but
Whether you are entering the market as a new business or thinking of expanding an existing business, your business decision-making is greatly enhanced by using the technique of brainstorming. Through brainstorming, business professionals generate new ideas. While many associate brainstorming with generating new product ideas and communication strategies, the technique also is useful in improving
Using the After-Action Review process is a great way to make informed decisions to move your business forward. Before you decide on your overarching goal for a new quarter of your fiscal year or craft your annual goals for the start of a new fiscal year, it is well worth the time to complete an
An emotionally stimulating purpose statement is a compelling driver to boost positive employee performance. Articulating a clear business purpose creates a strong advantage to compete in the transforming economic landscape, with tangible bottom line benefits. The organizational purpose is a business’s core reason for being and it communicates the benefit it provides those it serves.
As a leader, decision making is one of your most important responsibilities. Staff members, clients, and your business community rely on your answers. Moving a company forward to reach goals and build prosperity depends on a leader decision-making process. Leader decision making is a blend of art and science and includes a heavy dose of
As a business leader, how much thought do you give to setting business priorities? To craft priorities that propel your business forward, consider (1) the purpose you are trying to achieve—why you are initiating the goal, (2) the resources –financial and human capital—you have available, and (3) the time sequence that needs to be followed.
