Tool Kit – How to Avoid Becoming a Failure Statistic – NYTimes.com:
The link above takes you to the New York Times, and one in a growing number of cautionary articles online and offline directed to Entrepreneurs and Small Business Owners – just like Small Business Central!
Another similarity among that ballooning number of commentaries is one particular piece of advice: as Karyn Greenstreet (a self-employment expert and small-business coach) is quoted here as saying, “Test every new idea against your business plan and mission statement Continue reading »
written by Nancy Chorpenning
\\ tags: business planning, mission statement, strategic business plan
Crisis Advice from GE’s Immelt – Harvard Business Online’s HBR Editors’ Blog:
“Keep your company safe but keep building the future”
Terrific brief article from GE’s CEO Immelt about Leadership and Change he teaches his management teams. While he acknowledges that adjustment is necessary in light of current economic troubles, it doesn’t mean turning from growth.
Immelt had some final advice for leaders, which struck me as especially valuable in tough times:
Be decisive: Make decisions, including some occasions when you don’t have perfect information.
Continue reading »
written by Nancy Chorpenning
\\ tags: Change Management, growth, Leadership
Have you heard the quote by our 34th President, Dwight Eisenhower while he was Supreme Allied Commander? Good advice for soldiers as well as business owners.
“The plan is useless, but planning is essential.”
And there couldn’t be a better time than right now. During a recession, pragmatic business planning is vital. Strategic plans are important but tactical operating plans might be your most valuable management tool during this recession. Here’s the perfect opportunity to focus in on Continue reading »
written by Nancy Chorpenning
\\ tags: business planning, recession
It’s tempting, to be sure. First, stop listening to the news hourly – it will only depress you and not offer any information useful to your business. Unless you’re an investment banker or needing credit to stay afloat, the economic situation oughtn’t to affect your business directly. And Wall Street’s woes don’t mean that you suspend your business. On the contrary! Now is not the time to allow the marketplace to forget you. Stay on track with those ad campaigns and initiatives. You’ll be glad you did.
written by Nancy Chorpenning
\\ tags: Economy, Marketing
The Crisis Facing Business: Succumbing to the Madness of the Crowd | The Corner Office | BNET
This excellent article by Stanford B School Org Behavior prof, Jeffrey Pfeffer, is a breath of fresh air in an otherwise dismal and gloomy business media environment.
Pfeffer confirms what I have long believed: “the evidence on the effects of downsizing is remarkably consistent: According to peer-reviewed published studies, downsizing does not increase productivity, profits, stock price, or innovation.”
He goes on to describe what kinds of companies are not subject to the vicissitudes of market fluctuations. Does your company fit into that profile?
written by Nancy Chorpenning
\\ tags: Finance, Financial, Financial Accounting
How To Hire A Lawyer – Forbes.com
by Robert Bovarnick
Legal fees are a cost of doing business. This very practical article (Click to Open Link) covers such things as how to identify potential attorneys and then selecting the right firm. Don’t miss this!
written by Nancy Chorpenning
\\ tags: Business Law, Legal
How Angel Investing Works – BusinessWeek (click to open link)
While VCs make much larger investments, angel groups give from around $25,000 to $50,000—and tend to want real involvement with the company
Here is a good brief by Tom Taulli that explains the difference between Angel Investors and Venture Capitalists. He also references some websites you can explore to locate a good fit angel group.
“Is your company looking for an equity investment under a few million dollars? You might first Continue reading »
written by Nancy Chorpenning
\\ tags: Angel Investor, capital, funding, Investors
Unless you’ve been in a cave for the past month, you know we are in the midst of a credit crisis.
And if you’ve been watching TV, listening to the radio, reading the newspaper, or looking at the Web, you realize that the credit crisis has hit small business owners particularly hard.
So what can small business owners do to cope with the crisis? Scott Shane offers a few suggestions in this article (link will open new page):
1. Extend less credit to your customers.
2. Borrow from different sources.
3. Bootstrap, or raise equity.
4. Cut your costs.
5. Sell Assets.
written by Nancy Chorpenning
Making the Most of a Trade Show
One of the largest expenses you will find in any marketing budget is the line for trade shows. Often these are critical interludes to meet face-to-face with your customers and vendors. But do you prepare and plan to maximize the investment? Are you “too busy” to send invitations to their exhibit? Is your schedule “too full” upon returning to the office to follow up promptly? (And finally is it “too late,” so you never follow up at all – that’s an actual experience related by a client!)
Let’s see, what did it cost you to go to that last conference? Airfare, hotel, meals, taxis…if Continue reading »
written by Nancy Chorpenning
Small Businesses Feeling the Chill | NYTimes.com
Did you see this article in the New York Times? Most entrepreneurs don’t need the newspaper to tell them that something has happened in the credit markets and it isn’t good.
Despite the media predictions, there are some banks that are lending to small businesses. Look for lenders who didn’t get in deep with subprime mortgages. Yours must be a basically healthy and growing concern, and your business plan needs to be current. Continue reading »
written by Nancy Chorpenning
