Skip to main content

Category: Small business management advice

The Hiring Decision – Costs, Risks and Growth Plans

How do you determine whether it makes financial sense to hire a new employee? Let’s look at an example: Cost of investment: The main cost of the new hire will be the monthly wage costs times the number of months it will take the new hire productive.  If you pay someone $4,000 a month and it take them 6 months to become productive, the base inv... Continue reading

Business Meeting Tip

Why do some business owners hold up a meeting waiting for the latecomers? When you think about it, you are punishing those who arrived on time and rewarding the ones who come late. My suggestion is: Don’t wait for those who are late. Implementation of this philosophy makes for more efficient meetings, increases the respect of those that arri... Continue reading

Improving Communications in a Small Business

As a business advisor, I have noted time and again that effective employee communications in a small business can increase efficiency and create value within the employee-employer relationship. Let’s start with a short story:  Two co-workers are discussing an issue. Each one is confident their point of view is 'right'.  In order to resolve ... Continue reading

Is Your Business Stuck in a Rut?

If you have had the ‘stuck in the rut’ feelings - I have stood in your mud boots. There have been many days when I have felt like I was stuck in a rut. Responsibilities, to do lists, and conflicting priorities have left me feeling overwhelmed. Then, there are also those days when things just fall into place and everything clicks. The ene... Continue reading

Working Smarter – Rent Some Brains

To be successful in business you need to be smart in many skills pertaining to different professions. A little tax knowledge, some legal skills, website design and auto mechanics are just a few. The saying is “jack of all trades, master of none”. To learn enough about a particular skill you can invest a lot of time – often inefficient ... Continue reading

A Tip for Small Business Growth

A bird's eye view can be a huge help for business problems As a business advisor, one of my functions is to observe and listen. It amazes me what I am capable of observing in other people that they don't see themselves. It is also true that just by observing with an outside perspective and the intention to help improve business activities, I... Continue reading

Improve Profits by Monitoring Your Business Activities

Let's compare managing your business to coaching a hockey team. The income statement for the business is like the scoreboard for the hockey game. Both give you 'results'. If you run your business using the income statement it’s like coaching a hockey game by looking at the scoreboard. The results are a trailing indicator. Do this inste... Continue reading