The millennial generation is the largest population group in the United States. In the last U.S. Census, 18 to 32-year-olds outnumbered even the baby boomers. As their buying power increases, entrepreneurs looking to market to them must understand how they expect to be treated – as individuals. Continue reading
Charlie Brock wrote an article for the Tennessean recently about pitching your startup business to investors. There is good information in his article for anyone who has the opportunity to pitch their business, whether to investors or others. My summary of Charlie’s article follows. Continue reading
I find business owners have a hard time keeping the gross profit margins on their product or service in mind when establishing pricing. To be able to maintain your gross profit margin, you need to know what your costs are. Continue reading
“If you sold your business today what would it be worth?“.
Chances are the number you have in your head and the number a buyer is willing to pay for your business are not the same. The means to bringing those two numbers closer together isn’t magic…it’s in long-term planning. Continue reading
Lean is a problem-solving approach for continuous improvement. Most organizations are under pressure to reduce costs while improving service and minimizing errors. Implementing Lean principles and using Lean tools can lead to an immediate positive impact. These benefits include improved quality, increased operational flexibility, reduced cycle time within processes, more efficient use of space, consistent service delivery, reduced lead times and reduced operating costs. Continue reading
When I meet with clients about their business I ask what their business strategy will be. Some say “I’ll charge less than my competition.” Wrong answer!
Let me ask you a question. What do these companies have in common?
Rolex, Mercedes, Gucci, Starbucks Continue reading
Crowdfunding data changes as quickly as you look it up. As of Monday May 26th 2014 at 6:30pm, the numbers across all categories of Kickstarter showed:
$1,131,653,455 total $’s pledged 62,426 successfully funded projects
6,246,534 total backers 1,858,760 repeat backers
15,390,660 total pledges Overall: 43.47% success rate of campaigns
Kickstarter is not the only option for crowdfunding. There are many choices for some of the categories, some better than others. Regardless of the platform you are considering there are a number of factors involved in a successful campaign. Continue reading
INC magazine compiled a list of questions across management thinkers, blogs and business books. Here are 35 of those questions. There are 65 more questions available on the Inc.com website.
Questions ignite imagination, avert catastrophes and reveal unexpected paths to growth. Pose these questions to yourself and your team members. The right questions require reflection followed by action. Continue reading
I found this article from Doug and Polly White to be right on target.
Moving from a home office, where occupancy costs are effectively zero, to rented space is a big decision.
Obviously, monthly expenses will increase. You’ll have to pay rent. If it’s not included in the rent, you’ll have to cover utility costs. In some circumstances, there may be other monthly fees for services such as cleaning and grounds maintenance. There will also be one-time costs. You may need to hire movers or purchase furniture, office equipment, or phone systems. Continue reading
When you talk about your business with someone that might have an interest in loaning you money, or joining you as a partner, or buying the business, they will want to see the Cash Flow Statement. Continue reading