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 »
