1% Success Rate: Perpetuating Failed Models
Each time I hear the statistic quoted that only one percent of the start-up businesses advised by government small business programs succeed (99% of them fail), I cringe. No other “industry” would be allowed to continue with a “success rate” that abysmal. The truth of the matter lies in the “business model” of government in business, in which businesses are...
Read MoreCustomer-Focused Innovation
As researchers, scientists and inventors, we are often caught up in ideas and their potential. As researchers, scientists and inventors, we are often caught up in ideas and their potential. We think about concepts we are interested in and how they can be practically applied. We think about the changes we can make, and see opportunities in the fields of research that excite us. We think we have...
Read MoreBudgets, Cash Management and Cost Avoidance
Saving on the Wrong Things Can Cost You As individuals and businesses, during times of economic downturns and tight cash flows, we naturally fall into patterns of managing our pennies and dollars. We look to cut costs. We analyze our processes to avoid spending on “unnecessary” items and we put off doing things that can wait, are “nice to do” not “need to do,”...
Read MoreCustomer Service and Revenue Growth
The connection between customer service (the relationship between your business and your customers) and the sustainability of revenues cannot be overemphasized. No matter how good the economy is, and especially when economic times are tough, your business is dependent upon the relationships you have with your customers. If you can’t make and maintain a relationship in which a customer...
Read MoreWrong Client
The profitability of a company is significantly impacted by its ability to identify both the core client characteristics that make for a good client as well as those that do not fit with your business expertise or require more support from key resources than can be supported by the revenues they generate. For example, last year a company was referred to me and I accepted the engagement. This...
Read MoreToday’s Unemployed Tomorrow’s Entrepreneurs
Every day we read the news about higher unemployment rates, lack of job creation, and projections that the outlook is unlikely to change in the near term. The U.S. Bureau of Labor Statistics recognizes that the majority of new jobs come from small businesses, and the reality is that the way out for many of the unemployed will be starting a business. Independent Contractor, Consultant or Business...
Read MoreThe Accounting Cycle and Business Decisions
When we think of a business, we must think in terms of activities that produce resources and those that use resources. Everyone and everything in the organization is engaged in creating or consuming resources, or in some instances both. People who are paid for their services are a use of resources, but these same people may engage in activities and create processes that will either generate...
Read MoreTake Seven: The Mark of Success and Prosperity
The universe and the world and every creation seem to have a rhythm. Things just seem to follow a natural order. For many of us, that order we believe comes from God; others believe differently. Whatever your belief, when you look at life and can provide structure, order and perspective on how things are happening, then those things are easier to handle, change and direct. A common belief is that...
Read MoreSo What If You Fail? It is Part of Succeeding
“How can you do that?” It is a frequent question. “You do so much; aren’t you afraid to fail?” Yes, everyone is afraid to fail to some degree, but it gets less as time goes on and you get use to it. Everyone fails at something, usually every day. You fail to lose weight. You fail to get to work on time. You fail to get the promotion. You fail to get up on time. You failed to...
Read MoreRobots: The Future, or Running from Humanity?
It sounds like science fiction: robots begin replacing humans not only in environments like manufacturing lines, coal mines, and other hazardous places, but also in the classroom. The days when the “robot” in front of your classroom isn’t dry, boring, and monotone voice of a very human professor but an actual machine may not be as far away as you think: Researchers at La Trobe and Kyoto...
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