In the Digital Age, Misinformation Can Rapidly Erode Trust, Posing a Significant Challenge for People and Brands to Maintain Credibility. Explore Strategies to Navigate the Complexities of Fast-Spreading Information to Protect Reputational Integrity.
How To Strengthen Fragile Business Trust by Navigating Misinformation Read More »
Don’t Let Supply Chain Pitfalls Jeopardize Your Business Success. Explore Why You Need to Protect Your Company From Disruptions and Unforeseen Challenges.
Your Supply Chain Assumptions Are a Ticking Time Bomb Read More »
Discover The Challenges of Dealing with Infuriating Business Transactions from Both Consumer and Business Owner Perspectives. Explore The Critical Decisions Faced When Conflicts Arise and How They Can Impact Future Business Prospects. Learn The Importance of Letting Go and Reducing Customer Anger to Protect Your Business Reputation and Avoid Costly Battles. Find Solace in The Long-Term Success That Comes from Overcoming Short-Term Challenges in The Dynamic World of Business.
How To Survive Public Customer Outbursts and Manage Your Reputation Read More »
Discover The Importance of Timing and Positioning in Business Success. Dive Into the Concept of Markets and Their Unpredictable Nature. Learn From the Cautionary Tale of Denver’s Ocean Journey Aquarium, Which Failed Due to Exceeding the Market Size. Avoid The Pitfalls of Aggressive Expansion and Understand the Criticality of Assessing Market Size Based on Sales Experience. Stay Attuned to The Market’s Ever-Changing Dynamics to Prevent a Fatal Drought for Your Small Business.
How To Avoid Business Droughts: Understanding the Rain Dance of Timing and Location Read More »
There is a very disturbing historical correlation between the causes that contributed to the 2007-2008 Financial Crisis and the current state of digital advertising. If your business is monetized by ad revenue, or your business uses digital ads to drive traffic to it, you should take into account the unstable nature of advertising and not get blindsided when the bubble bursts.
You Need to Prepare for A Digital Marketing Meltdown Read More »
As A Business Grows, Its Capabilities and Sales Do Not Increase in A Linear Manner. This Is Known as The Step Dynamic. Business Growth Therefore Needs to Follow A Process.
How To Apply The Step Dynamic To Business Growth Read More »
The Planning Fallacy States That People Often Overestimate the Amount of Time They Have to Complete A Task and Underestimate the Amount of Time It Will Take to Do So.
Why You Need to Beware of The Planning Fallacy Read More »
A risk matrix is a tool that is used during risk assessment to define the level of risk by considering the probability or likelihood that an event against the severity of the consequence to the business if it were to occur. A risk matrix is a visibility representation of risks to assist a business in decision making and mitigation.
How to Develop a Risk Assessment Matrix For Business Success Read More »
When a crisis occurs, it disproportionately hurts some industries while lifting up other ones. This is why you need to study risk and not try to manage it.
Antifragile – Why You Need to Study Risk and Not Manage It Read More »
It Is Always A Good Idea To Review Your Risk Exposure From Time To Time And Develop A Plan To Deal With Things Before You Are Forced To Deal With Them During A Crisis.
How to Determine Your Business Risk Read More »
How a crisis like the COVID-19 pandemic evolves will change from crisis to crisis, however, the five crisis stages of Resolve, Resilience, Return, Reimagination, and Reform will provide business owners a clearer path to navigate to the next normal.
How to Survive a Crisis Read More »
Hiring an employee can often be a daunting task. The risk of making a bad hire can cost a business both time and money.
What You Need to Know Before Hiring an Employee Read More »
A job description can help make sound hiring and operation decisions. Having the right people with the right knowledge, skills, abilities, and attitude at the right time are critical to the future success of any business.
Why You Need to Have a Job Description Read More »
Many small businesses do not have an employee handbook, yet an employee handbook is one of the most important documents that a small business can have to prevent exposure to wrongful termination lawsuits, and a vital tool to set proper expectations with new employees.
Why Your Business Absolutely Needs an Employee Handbook Read More »
What Would Happen If A Disaster Struck Your Business Tomorrow? Would You Know What to Do? If You Had A Small Business Continuity Plan You Would.
How to Develop a Small Business Continuity Plan Read More »
Keeping things secure from criminals or opportunists should be a priority for a small business owner. However, many small business owners fail to implement proper security strategies to protect a small business, since they have the mistaken belief that only larger business with more valuable assets are targeted by criminals.
3 Things You Need to Protect a Small Business Read More »
What kind of small business insurance is right for your business? While there are many different kinds of small business insurance, here is a list of the most common types of insurance that a small business may want to consider.
10 Of the Most Common Forms of Business Insurance Read More »
It Is Always A Good Idea To Review Your Risk Exposure From Time To Time And Develop A Plan To Deal With Things Before You Are Forced To Deal With Them During A Crisis.
How to Determine Your Financial and Governmental Business Risk Read More »
It Is Always A Good Idea To Review Your Risk Exposure From Time To Time And Develop A Plan To Deal With Things Before You Are Forced To Deal With Them In Real Time During A Crisis. Here Is A List Of Some Operational Business Risks Your Business May Face So You Can Consider Ways That Mitigate The Effects If Things Go Wrong.
How to Determine Your Operational Business Risk Read More »
Business owners can use a PESTEL analysis to assess which macro-environmental elements could potentially impact the success of their business. Each of the six elements of the PESTEL analysis can either impede a company’s growth potential or serve as a strategic opportunity.
How to Improve Your Odds of Success by Conducting a PESTEL Analysis Read More »
Economists looked at why different industries are more profitable than others and defined a model to explain why some have low-profit margins such as airlines and cafes, and why other industries have high-profit margins such as soft drinks and drug manufacturers.
How to Improve Profit Margins with Porter’s Five Forces Read More »
Have you ever discovered something new and thought “What a great idea for a new business?” Often the signals you observed are only part of a short-lived fad.
How Responding to Popular Fads will Destroy a Business Read More »
Cyber-attacks are something that, like accidents, only happen to other people right, until they happen to you and then you realize just how vulnerable we all are to malicious attackers.
My Apology for Being Off-Line Read More »
I certainly spend more time shopping online these days than in the mall and I don’t think I’m alone. The internet allowed for “online shopping” that in turn created online-retailers like Amazon and Overstock, but they were the only businesses visible on the front line. While malls suffered from this shift in buying behavior, other
A Major Shakeup Is Looming – Are You in Jeopardy of Missing the Boat? Read More »
In the Agrarian Age, there was no mechanization; farm businesses were limited by the number of unskilled labors (slaves) they could employ and by the length of the growing season. The stronger and faster the worker was, the more valuable he was to the business. However, as the tractor and other farm equipment were developed,
How Amazon’s Alexa is the Flint that Will Spark a Business Revolution Read More »
Many clients I speak to are looking for a home run or flagship clients. Their logic is since it takes the effort to sign up a new customer, why not sign up a few large customers vs. many small customers? However, this is a misguided goal of building a healthy business. Ideally, you would like
Too Much of a Good Thing Read More »
A telescope is a valuable tool. Used properly, it makes distant objects appear closer. However, used improperly it, in fact, makes the problem of seeing distant objects worse. The first word I often hear from tech start-ups involves how to protect their idea with a patent. While I have never been a big fan of
Looking Through The Wrong End Of The Telescope – Protect/Share Your Idea Read More »
The US dollar continues to rise in value in relation to the Euro. A strong dollar makes products manufactured overseas cheaper to buy. While it may make buying a Mercedes cheaper and may make your international travel budget go further, these savings come at the expense of business revenue. On the flipside, goods and services
Most people I talk to about investments believe in having a diversified portfolio vs. consolidating all their assets in one company as a way to mitigate their risk. However, these same people go all-in on much more risky small business ideas with no partners. Entrepreneurs understand the value of shared risk and reward programs. As
Diversify your Small Business Risk Read More »
In business, many of the most promising and productive individuals have fragile egos. As the owner of a company, you need to be able to recognize and reward behaviors from employees that move the business forward or risk creating a Benedict Arnold in your own ranks.
Recognition Or Doom – Failing To Recognize Outstanding Performance Is A Colossal Mistake Read More »
I was reading an article the week after Christmas that referenced “Boomerang Thursday”. I was aware of Black Friday and Cyber Monday, but not Boomerang Thursday. It turns out that this is the day that people return unwanted Christmas presents. Doing further research, I discovered several important business lessons related to Boomerang Thursday. First, the
Boomerang Thursday Read More »
Investments made in your own business or in the stock market have investment risks that can be broken down into seven distinct types of risk.
The Seven Types of Macro-Environmental Risk Read More »
New disruptive inventions don’t only affect manufacturers like our button manufacturer in yesterday’s post. Sometimes technology affects service businesses as well. Let’s consider the safety razor and the impact it had on the barber industry. While Jean-Jacques Perret invented the safety razor in France during the latter part of the 18th century, the invention reached
How Disruptive Technology Can Affect Your Business Read More »
Several years ago I attended a presentation by Daniel Burris, the author of the book “Techno-Trends.” The opening line of a presentation that still resonates in my head to this day is “The future is already invented”. After a long pause to allow the line to sink in, Mr. Burris began talking about technology life
Is Your Business On A Path To Extinction? Read More »
