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Opportunity Cost

Opportunity cost does not show up in your financial statements, but it is something that all businesses should monitor “I can’t afford to hire anyone” – most likely, the reality is you cannot afford NOT to hire someone How much profit does a customer...

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Customer Acquisition

Do you know the “real” acquisition cost of getting a customer? How much money will that customer generate? Is it worthwhile spending the money/resources to acquire the customer? Be sure to include the full cost – if using sales people or owner, be sure to...

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Not All Business is Good Business

Many businesses operate by the “marginal” principle - If margin is positive, then it is good business - Not necessarily. It depends. (Gross Margin is calculated - Revenue less Cost of Goods Sold.  Net Contribution is Gross Margin less other costs related...

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Climbing Mount Everest

How do you climb Mount Everest? The old adage, “One step at a time”, is the only way. The steps are not just the physical steps:        Dream/Set Goals, Plan, Execute Dream/Goals Do really want to do this? Passion to achieve?...

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How to Grow Your Business

Create a business plan Define your Mission Statement; Core Values Strategic Analysis (Strengths, Weaknesses, Opportunities and Threats) Create Budgets and Forecasts Document specific actions needed to achieve budget Execute the plan Be Accountable –...

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Prioritize and Focus

You have a great plan, but your business is still under performing: Identify the SINGLE most important thing that will make all other things easier or unnecessary  Focus on that SINGLE THING and execute  Repeat process  Identify the SINGLE most important...

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Recruitment and Retention of Employees

Don’t Settle – find the best people who will be able to execute your mission with your core values – attitude and integrity is at least as important as the skill set Consider all resources when recruiting – do it yourself, staffing firms, head hunters...

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How to make your business scalable

All businesses are scalable, even those that are a “one-man operation” Identify limitations to growth of the business e.g. such as everyone deals with me e.g. not enough money  Develop strategy to address those limitations e.g. “clone” yourself by...

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