When JC Penney introduced their new pricing plan, I had reservations about the long-term success. Apparently I was right on target with everyone else, so as the retail giant gears up to revise the strategy here is what fellow entrepreneurs can learn. A confusing strategy is a bad strategy Anything that requires multiple explanations should be … [Read more...]
Raising Capital Through Angel Investors
Is your business in need of capital? If so this article is for you! If you are like most people the answer is a loud, YES! There are critical times in a business where access to capital is essential for the company to grow, take advantage of opportunities and become the success it is capable of becoming. The last thing a business wants to do is turn away a revenue … [Read more...]
A Pay for Performance Twist
In a conversation with a trusted advisor this morning, I had a rather revolutionary suggestion thrown at me. We were complaining about employee motivation and work quality solutions and how none of them actually seemed to address the motivation and reward head on. My advisor threw out the suggestion "what if people were only paid for the kind of work they completed? It would … [Read more...]
Lessons from J.C. Penney
Earlier this week, J.C. Penney announced that it was going to undergo a major overhaul in the way it does business and communicates with its customers. As we watch this change unfold and wait for customer reactions, here are some of the more positive things business owners can pull from the strategy. Simplify, Simplify Simplify This is the best part of the strategy, even … [Read more...]
Sales For All Seasons
As we all rush out to do some holiday shopping and retailers put their best foot forward, as a small business owner you want to be sure that your sales don’t cripple your business. Attracting new customers is great, but what you want is repeat business and customer loyalty. Stick with these tips and build a relationship, not a sale. Listen to your customers While it is … [Read more...]
The Capable Employee
As a modern business owner, I’ve caught the fever to rely on gadgets and depend on electronic communication in lieu of actually picking up the phone; but I wonder, have I done my company a disservice? As I visit client sites and assess the challenges they face, it becomes clear that sometimes the culprit is not the employee, it’s the technology. Excessive reliance on … [Read more...]
Hey Boss, Your Policy is Stupid!
As business owners we often set policies and procedures from a reactive point of view. Something happened that brought the situation to our attention and then we put things in place to ensure they don’t happen again. But is this the best way to create policies? Can your staff weigh in on their effectiveness and when they do, do their opinions matter? If you have a sense that … [Read more...]
The Inside Scoop on Recruiting
Once you strike out on your own, your relationships with recruiters change. When you were looking for a full-time job, they represented a way to get your foot in the door at a company. As an entrepreneur, their roles shift slightly. They still help you get a foot in the door, but now they also bring the ability to provide new projects. The one thing that continually frustrates … [Read more...]
Grab the Money!
It’s no secret that you need capital to operate and grow, but then comes the question how do you get it? For some of the lucky ones they have the personal cash to use or they are able to tap well heeled friends and family for the money. For the unlucky ones, you need money to operate and grow, but where do you get it? Tap your community bank. An often overlooked … [Read more...]
Are They Contractors or Staff?
One of the more complicated tasks for a business owner is being able to correctly classify the people working for you. As a one man shop it it’s fairly easy, when you pull someone in it is a temporary arrangement. As a larger operation, it gets a bit tougher. The Department of Labor and the IRS have just made this issue more complicated. The Department of Labor and the IRS … [Read more...]