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Tag Archives: business strategic plan

1 Tip – Managing Your Interest Rate Risk in Business

Depending on how much debt your business carries, your exposure to changes in the interest rate could be high or low. The best advice I can give about the future of interest rates: Don’t believe the fortune tellers! If your banker says, “ We don’t see interest rates rising for a couple years."  - Don’t believe him. If the media makes... Continue reading

Understanding Your Customer Segments

A business growth strategy that is focused on a particular customer segment is the opposite of the 'one size fits all' strategy. One size fits all is the same as trying to be 'all things to all customers'. When we want to think strategically about the needs and wants of a particular segment, it is important to know how to define each segment. ... Continue reading

What Type of Startup are You?

There are two radically different types of startups. One type tends to have the following attributes: -          The type of business and business model exists and the startup is looking to implement it. Opening a retail store or a restaurant is an example. Buying a dump truck and a backhoe and finding customers to hire them out to is ano... Continue reading

Shareholders Agreement – Advice

A good shareholders agreement is one you hope you never have to use. Any corporation with more than one shareholder should have one in place, but not many actually do. The corporate law firm should prepare the final document, but there are 4 major issues the shareholders can iron out themselves before they start paying lawyers fees: Disability –... Continue reading

Reducing the Dependence on the Business Owner – Succession Planning

There are a lot of small businesses in the marketplace that are doing just fine. If they are a first generation business, the founder owners are still the driving force in the business. When the business owner starts looking to the future from the position of current stability and prosperity, some common scenarios appear. Here are the common issue... Continue reading

The Importance of Aligning Your Business and Personal Goals

As a business owner, do you ever feel like you are sitting in the back seat and your business is driving your life from the front seat? This happens a lot. We call this an alignment problem. It is usually because your personal goals aren’t aligned with your business goals. Then the business goals take priority. One of the symptoms of this is lo... Continue reading

Business Strategy – Hope or Hypothesis

Do you use the ‘hope’ strategy in your business? It goes something like this: Let’s try something new and HOPE it works! The hypothesis strategy is a more scientific approach. When performing a scientific experiment you must define your hypothesis first and then perform the experiment. The experiment is designed in a way that you can test i... Continue reading

Implementing a Change in Your Business

We all want to implement positive changes in our businesses but making it actually happen is not easy. Even when the boss gets fired up and energized to do something, the program can lose energy quickly.  Two problems often occur: 1)      The boss loses his energy and slips back into the old routine. 2)      The team doesn’t 'buy-in'... Continue reading

Happy Anniversary to Us!

The Business Therapist Inc. has reached another big milestone. April 21, 2012 is the one year anniversary of the launch of our website and blog! This is a great time to reflect and revisit our purpose in the digital world. We focus on two main objectives with our content – One is about 'business' and the second is about 'therapist'. 1)  ... Continue reading

The Lean Startup – Pivot or Persevere

I just finished reading one of the best books I have read in a long time (and I read a lot of books). It’s called The Lean Startup by Eric Ries. Eric provides a scientific and proven approach to creative and innovative product developments. Although the context is for a startup business, it is just as relevant for an established business that w... Continue reading