You can’t apply what you don’t understand. And since many leaders are looking at OKR and KPI to apply to their strategies, we decided to write a post on their differences. No, OKR vs KPI isn’t an upcoming boxing fight between two YouTubers (though we understand your confusion). It’s equally interesting business jargon (interesting, really?)…

Here is a fun fact about strategy: The word “strategy” comes from the Greek word “στρατηγική,” which is a compound word that stems from the words στρατός=army and άγω=lead (I’ll spare you the 2-hour linguistics lecture behind it). So, literally, the word “strategy” means “leading an army.” This doesn’t really help people agree on a…

Businesses, somewhat similar to humans, go through different life cycles. Regardless of location, industry, organizational formation, or the number of owners, businesses move from one phase to the next phase in a rather predictable and sequential manner. It is important to understand the various stages in the business life cycle and be adaptable to changes…

If you ask 100 business owners, coaches, or consultants, you will probably get 100 different answers. But the answer is in the name. Strategic Planning = Strategy + Planning Bur, unfortunately, I find that most strategic planning is heavy on planning, but light on strategy. So that begs a second question: What is strategy? Without…

You have a business that is doing well, but at some point, you as the owner have to leave it or pass it on.  You can just assume everything will go as planned but unfortunately, there are lots of factors that could make that outcome radically different than you had envisioned if you do not…

Many small business owners say they have an entrepreneurial business and many entrepreneurial owners say they have a small business. If this sounds a bit confusing, it can be since the phrase small business owner and entrepreneurial business owner are frequently used interchangeably. There is a difference, however, that should be noted. A small business is… A…

What can change in an instant? Answer: any business. It can take literally years for a business to build a solid reputation, however, that reputation can be changed in an instant. Business reputations are built on integrity and credibility. Integrity is the quality of being honest, fair, and having strong moral principles. A similar trait,…

Do you know why 52% of projects fail? Because the company lacks strategic alignment. If you have a misaligned strategy, your employees feel like we did while watching the movie, Tenet—confused, frustrated, and unsure of what direction things are moving. Strategic alignment is how an organization coordinates its project objectives, decisions, and actions to support the overall corporate strategic…

An ongoing dilemma with small businesses is figuring out how to successfully raise prices without alienating customers resulting in an eventual loss of business. A business might want to raise prices (1) to compensate for higher operating and inventory costs or (2) based on improved products or services.  Why Raise Prices? When inflation and vendor…

“By launching the strategy, you mean to send out the PowerPoint slides, right?” “It was a solid plan, but we struggled to get traction.” “Can someone send me the PowerPoint with the strategy from back in January? I need to update my goals in the HR system.” If you’ve ever said any of these words,…

There are many different types of budgets that can be used and are certainly beneficial for a small business. Therefore, there are many questions to be asked and answered. Should a static or fixed budget, a rolling budget, or a flexible budget be used? Should separate departmental or divisional budgets be prepared that will eventually…

Strong internal controls are a must for any size or type of business as they help a business achieve overall objectives by doing the following: •    Minimize errors•    Safeguard assets•    Promote operational efficiency leading to higher profits•    Produce more reliable financial data Adherence to Procedures Although internal controls require (rather than requesting or asking) employees…