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…

It’s the quality of a company’s products and services, marketing, sales, customer service, etc. combined with the talent of employees that drives the success of a business. Without qualified, motivated, and loyal employees, a business cannot move forward. Although it is recognized and understood that employees are a company’s greatest assets, too often little time…

The process of strategy evaluation is often overlooked in the overall strategic management process. After the flurry of activity in the initial planning stages, followed by the reality check of executing your strategy alongside business-as-usual, strategy evaluation is often neglected. When this occurs, strategies quickly become outdated and out-of-sync with the changing face of the…

Although anyone with a small amount of capital and little or no experience can start a business, this does not mean that success will follow. Globally, small businesses and SMEs fail miserably. To counteract the staggering failure rates, a small business or SME owner needs an abundance of knowledge to be successful over the long…

Is it a headache to make important decisions in your business? We know how you feel. The average business leader spends close to 40% of their time on business decisions—and most of that time is wasted.  Thankfully, we’ve got something that can flip the script for any business leader. You can stop pulling out your hair and…

Business Owner: We have a goal of 20% EBITDA. Me: How did you come up with that goal? Owner: We want to double our EBITDA in 5 years. Me: Do you realize that the best-in-class EBITDA for your industry is 14%? You’re saying you want profitability to be almost 50% better than the best performing…

Budgets…exciting? Not particularly, but extremely important for any small business. Budgets are additional tools needed for goal setting and performance analysis. Detailed objectives are necessary for any business to operate profitably and grow into a long-term successful venture. When management does not know, however, whether the business has met predetermined objectives, operations become a “hit…

Most operations strategies fail. Why is that? Is it because they aren’t correctly implemented? Or is it because they are built to fail from day one? The answer: both. Your people have their hands full. Without a clear roadmap for decision-making and competitive priorities, each team is like a ship without a rudder. People need…