Calculated risk-taking is a strategy that small businesses use to identify and pursue opportunities that can bring in higher profits while minimizing the potential for losses or failure. It involves testing different solutions (assessing the risks) associated with a particular decision, weighing those risks against the potential rewards, and then making an informed decision based…

Scaling up a small business is a challenging but rewarding process. The expression is used frequently, but what does it mean? Scaling up involves taking a business from its current state and expanding it to reach new heights. It is an important concept involving: ·       Understanding the needs of the market ·       Careful strategic planning…

What is the problem? (Mission) How do we behave as a company? (Values and Behaviors) What do we want to accomplish? (Organizational Priorities) What does the future look like? (Vision) How do we measure it? (Organizational Results) Where do we compete? (External Analysis) What does our organization look like? (Internal Analysis) How do we win?…

From restricted cash flow to poor employee morale, small businesses and SMEs can experience various issues or problems that ultimately affect net profit. The ramifications, such as a loss in productivity and sales, can be immediate. At the same time, other situations can smolder over a long period before igniting a firestorm, ultimately ruining a…

A small business turnaround is a process of reviving a struggling business. It involves creating a plan to identify and address the root causes of the business’s decline and then executing a plan to return the business to profitability. A successful small business turnaround requires an understanding of the underlying issues and an effective strategy…

Underserved markets are those segments of the population (business or individual consumers) that existing businesses have not adequately served. These markets can be identified by looking at areas lacking competition or where existing businesses do not offer the products or services that customers need. By understanding and targeting these underserved markets, businesses can expand their…

Good leadership is incredibly important for any business, regardless of size. Whether an individual is an owner, executive, director, manager, or supervisor, business success is a by-product of good leadership. Business leadership inspires employees to achieve common goals. Successful leaders do not demand but motivate employees to pursue paths of action that align with the…

Financial statements…every business produces them…or should. In most small businesses or SMEs, they are most likely prepared monthly or quarterly and certainly should be prepared more often than only annually. Of course, the more frequently financial statements are prepared, the better. During the current financial crisis caused by the global pandemic, financial statements can help…

Owners and managers of small businesses like to dream big. Of course, this is good. If they didn’t dream big, they would probably never be in management in the first place. Dreaming by owners and managers, or more realistically what should be goal-setting, helps their small businesses grow, prosper, and become long-term sustainable entities. Goals…

January brings all kinds of new thoughts, resolutions, and ideas. It is a fresh start. The slate has been wiped clean, and the canvas is ready to be repainted. For individuals, there are new dreams and aspirations to be achieved. For business, it’s the same. While individuals might travel down the same paths without much…

SCAMPER is an acronym used in creativity and Lateral Thinking to stimulate creative thought.  You can use the mnemonic SCAMPER not only for idea generation but to trigger different methods of improving processes. 1. Substitute – is there a customer who can also use the output of the process? Can we substitute one type of…

Although many small businesses can be quite large as defined by the number of employees (usually 500 or less in the U.S.) or by a combination of employees and gross sales in other countries, they may still be owned and operated by one individual or perhaps, a family or a few owners. And, of course,…