Speed of change is the new norm in building a business. Agility is critical to growth and even more critical to value-building, sustainable growth. If you are not strategically building your business based on this fact, you are already falling behind. Your company's ability to scale is contingent on four critical success factors. Effectively aligning and leveraging its Intelligence Quotient (IQ), Emotional Quotient (EQ) and Velocity Quotient (VQ) will directly impact your ability to realize a...
Part II of II - In last month's column, I shared some common missteps businesses make that may be the reason behind poor cash flow, in spite of having plentiful sales. The real question is, what can be done when you still have employees and vendors to pay, orders to fill, and your sanity to maintain? Many business owners become further frustrated by a polite, but disappointing, "No" from their bank when seeking a loan. Even though it may feel as though you have nowhere to turn, you do have...
Part II of II - Last month, I shared insights on how Wishful Thinking can stagnate business progress. While Wishful Thinking is often openly expressed in a somewhat exasperated state of mind, Fearful Thinking is often not shared or spoken, but lies within one's subconscious, impeding decision making or effective action through an undermining whisper. Are any of these Fearful Thinking mindsets impacting your business? 1. Fear of Losing Control: If you or someone within your company have been...
The New Year always brings a new resolve for how business is going to get done. For many, it is also the impetus that results in the decision to finally start a business. Starting a business is hard work, there is no doubt about it. Where newbies misstep the most is in how they don’t build their business before it officially opens.Too often, the focus is on the basic operational set-up before and then surface-level promotion after the business is open. They ignore what should and could be...
I am continuously amazed how often I witness opportunities being missed, time being wasted or resources not being effectively leveraged due to a lack of initiative. While you would think this is something that is not an issue with an entrepreneur, it is more often than you think because of beliefs about what initiative is and isn't. People in general don't take the initiative they ultimately could and then wonder why they are not realizing success or progress as they had hoped. Could you or...