Tom shares three steps to restore profits in the new economy.
There are two kinds of top achievers. There are the ones that can focus on the ultimate goal and everything falls into place behind it. Picture the star football player that sets his sight on The Super Bowl. Everyday he reminds himself what all the effort is for, knowing that the pain will lead to the goal. Then there is the rest of us that want to do something better everyday knowing that the amalgamation of continual effort will deliver the desired results. In an athlete, this is the football player that puts all his energy into fundamental techniques knowing that only a master will make it to the big game. Both approaches work. Both require continual technical improvement with unrelenting effort. 99.9% of us can’t pull it off because we are not superhuman. We need structure, training, and small successes. I like to call it, Improving the Odds. I am a fairly average martial artist. Over the past dozen years or so I have overcome my fears, physical limitations, and intense competition to survive class, tournaments, and sparring sessions with really good practitioners. I’ll never be great, but I have survived because I work on improving my odds of […]
I would say that most of my conversations with owners about their businesses will circle back to the need for growth. More revenue, more profit, more customers, more market share, more products, more services… And what is almost sure to follow is plea for growth that doesn’t involve, well…growing. As in, “Our goal is to grow this year, but not in October because we are already busy that month…” The simple truth is that in order to grow, you have to do more business than before. You will have to stress the system one way or another. There are no shortcuts, no tricks to soften the impact. You can’t just call it “organic” growth and slip it past the team. Real, permanent growth requires preparation, marketing, management, and celebration. And stress. There will be surprises. You’ll work late. You’ll spend money you did not plan on. You might give up, but you will still suffer the unexpected ups and downs. Sometimes, companies do grow without forethought, but these are the same companies that shrink unexpectedly, so let’s not embrace that paradigm. You do have an alternative. It’s called Intentional Growth. It involves identifying the steps that will lead to more […]
If the topic of revenue growth comes up in every management meeting, sales meeting, or board meeting – then you need to keep reading. Nine out of ten owners I speak with have companies that are functionally stagnant. That is, whatever growth they do have does not exceed the economic growth of their industry, market, or region. A company with an average revenue growth over time of 5% is barely keeping up with the economy in some sectors and is falling behind in many. Business Owners tell me all the time how important growth is to their future, but when I ask what they are doing about it – I hear crickets. It’s as if setting a goal was the same as achieving it. I want to share with you the five keys to growing intentionally. These keys will provide you both clarity and context in support of the commitment to grow your business. Entrepreneurial Bandwidth In order to grow, small companies need to reserve some “Entrepreneurial Bandwidth” in order for the owner to stay focused on new ideas, new products, and new markets. The best tool for that is a strong management team that responds well to the phrase, […]
Tom shares seven things that you need to do to allow yourself the privilege of working on your business.
Do your actions match your strategies? Tom identifies ways to help your strategies create the intended outcomes.
Tom examines how developing a shared language allows you to think strategically and develop action items that have a clear purpose.
It just struck me as funny the other day when I saw a “Going Out of Business – Everything Must Go” sign on a store that sells used CD’s/DVDs. Shouldn’t they have announced that their inventory was for sale sooner? Everything Must Go Boxes Overstock Inventory Store Closing SaleThe only marketing or advertising I have ever seen for the little shop is this fresh Going Out of Business sign. What they really needed was a “Now Open – Everything Must Go!” sign. I am sorry when any company is forced to shut down. (Assuming they are. There is a furniture store near me that has has been closing for three years.) I suspect that the used media business is on its way out and I have to believe that the store owners are more than aware of this. However, I have to wonder what they could have done differently. I am a big fan of reality business shows (no big surprise there). Anything with a restaurant or bar makeover is fun for me. I also enjoy Shark Tank because there is are financial valuations and strategic thinking taking place in real time. However, the best of this genre is The […]