Corrective Action Why is corrective or disciplinary action necessary? I think anyone having worked with others in an organization, regardless of its size or number of employees, the consideration of corrective action is always on the back of your mind. Unless you grew up in a commune, or a cave. Not sure where this quote […]
Compensation Have you ever asked yourself as a business owner, “What is the best way to pay our employees?” I have seen some pretty unusual compensation schemes, and the ones that are pay based on a formula or structure where you must consider a little from column A + B + C + D, well, […]
Is Our Company Morale Low? (…and Do We Need to Care?) Let’s say, continuing from the title, that we do care. I’ve always thought that happy employees are productive employees. So, it brings up another critical thought process, a.) How do you determine that the morale is high, low or somewhere in between, and B.) […]
Can Politics Affect Your Business? Before you think that I am about to touch the third rail, be assured that I will not be taking any political stance. How you vote is fine by me, and I will vote the way that I see fit. Also, know that your business or commerce in general, are […]
Sunk Cost I was watching a bad movie the other day, but because I had already invested more than an hour into watching this epic failure, I stuck it out until the very end, for no other reason than to give it a thumbs down rating. What a waste of time that was and I […]
Are You Unique Enough? You have heard us say that businesses are not unique from industry to industry. But when we say that we are referring to “the business of being in business”. And indeed, when a business violates any one of the simple “laws of business” they are flirting with failure. Today, however, we […]
10 Things You Need to Know as a Business Owner We often talk about different topics in some depth that are of interest to, and challenges for, Business Owners. Today we have complied a list of topics that every Business Owner should be adept at or have staff members that are experts at. There are […]
Buying a Business We have talked about selling your business, and we’ve talked about starting a business, but I don’t think we’ve talked about buying a business. Starting a business from scratch is a long and time-consuming project. And most businesses take 1-3 years before they are profitable (or salable). If you add to the […]
Are You Overwhelmed? Both in your personal life as well as your business life it is easy to become overwhelmed. Being a business owner can compound those feelings of inundation dramatically. When you have too many things on your to-do list, when you are being pulled in multiple directions it is easy to lose you […]
20 – 60 – 20 If you’ve read any of our previous blogs you have surely heard of the Pareto Principal. In brief, the Pareto Principle, or the 80/20 rule, states that for many phenomena 80% of the result comes from 20% of the effort. The principle has been named after Vilfredo Pareto—an Italian economist. We’ve […]
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