Insights, Ideas, Results
“You cannot improve something that you don’t measure.” This is the mantra many leadership coaches have preached for number of years, and for the right reason. If you do not know how your business is performing you are practically driving the car without a dashboard. Anything can go wrong along the way and you wouldn’t come to know about it before it’s too late. That is why performance monitoring should be integral to running a business for any leader.
When it comes to starting small business location is everything. Where you locate your business can eventually decide whether the business will survive in the long run or will encounter headwinds forcing you to shut it down or relocate it. This is especially true of retail businesses that largely rely on customer foot traffic. I have seen number of promising business that had to close down because they chose the wrong location.
Large retail businesses have dedicated real estate departments whose job it is to scout locations for expansion. Now, small businesses cannot afford to have a department to focus on real estate, but that doesn’t diminish the attention you have to give in choosing a location for your business.
Whether you’re a small business owner, aspiring entrepreneur or hard-working professional, the battle to constantly produce good work is ongoing. Maybe it’s the monotony of workloads or effort we put forth to get better, but seasons of high productivity seem to come and go. If you’re stuck in a slump, you’re not alone. Millions of professionals struggle to meet expectations every day. Luckily, the parade of employees and entrepreneurs hoping to boost their output has led to helpful tools and strategies.
Every business undergoes a lull at some point. Even the most trailblazing, rip-roaring successes either see a period of plateau in the sales figures, a drop off in engagement online, an unexpected downtime or a hush in the office.
But don’t panic.
Quite periods can be caused by a variety of factors – seasonality, block holiday periods, geo-political changes, strikes, illness, market uncertainty, recessions – you name it.
The fact is – it happens; it’s part of the cycle.
It can be incredibly frustrating, primed as you are with all that energy ready to channel into your business, only to be denied when you try and side-step the inevitable.
But, knowing their inevitability, you can prepare for these periods with a strategy of how to use them productively and constructively.
Here are some little nuggets to think about when that next low wave rolls in.
By now, most in the business community have heard about the ouster of Ron Johnson as CEO of JC Penney after only 17 months on the job. This was a stunning reversal of fortune for Ron Johnson who was regarded as retail Guru based on his accomplishments in transforming Target to “Cheap Chick” retailer and hugely successful launch of Apple Stores. When he was hired at JC Penney he was viewed as a savior who would rescue JC Penney from the downfall it was experiencing for several years.
However, things have not turned out to be that way. In 17 months JC Penney has been in complete turmoil. Sales in 2012 declined 25% compared to prior year representing a staggering $4.3 Billion in lost sales. In 2012 it recorded loss of $1 Billion. No other company has seen such a precipitous loss of value in this short time. So, what went wrong and what lessons can small business owner learn from this?
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Most entrepreneurs think that adequate finance is the key to success in business. But that’s not true! It is actually the business owner who is the key because it is she or he who decides how to ensure adequate finance for proper functioning of the operations. In order to ensure this sufficiency, it is vital to keep the financial records up-to-date as well as organized so that it becomes easy to track. So, here are some tips for you to follow on a weekly basis so that you can better understand the financial status of your business and maintain it smartly.
Blockbuster, the ubiquitous video rental chain of the bygone era, announced recently that they will close 300 stores in U.S. and lay off 3,000 employees. This is after they have already closed hundreds of stores over the years. The latest round of closing will leave them with only 500 stores, down from 9,100 at the peak of their business. This is one of the blockbuster failures in the American business history! To be fair, they are not alone. Recent times have seen number of successful retail businesses wipe out from the landscape – Borders, Circuit City, the list goes on.
Blockbuster was one of the great success stories in how to build an empire by putting number of small rivals out of business throughout the country. Starting with a humble beginning they went on to consolidate the video rental industry to be the eight hundred pound gorilla. And yet, they were not immune to the law of natural business cycle when new competitors came along. There are important lessons to be learned from Blockbuster to ensure your small business does not meet the same fate.
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In recent years, increase in house prices has ushered in a new age of inexperienced landlords trying to cash in on the boom – if you’re reading this you may even be one yourself. It is worth considering your options, then, especially if you are inexperienced, and asking yourself the question, should I lease my property through an agency?
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Get your salon equipment right, and the rest will follow. Of course, all stylists are looking to strike a balance between low cost salon equipment and high end products, but there doesn’t necessarily need to be a trade-off between the two.
You can save money and retain your favourite supplies – it’s possible! But it’s also possible to get creative with your boutique’s budget. Read on for more information on how to revitalise your salon for next-to-nothing.
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We’ve all dreamt about standing up in front of a packed courtroom and shouting the words, “You can’t handle the truth!” But when it comes time to protecting our small businesses and our personal assets, reenacting A Few Good Men won’t get us very far.
There are several legal myths that small business owners commonly believe in. These myths aren’t only dangerous to our companies, but they can be dangerous to our personal livelihoods. Take a look at the five legal myths below to make sure your company isn’t sinking into hot water.
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