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Tag Archives: Improving small business profitability

Less Products Could Mean More Profits

I just read about an interesting experiment where less products produced more sales. It was in Dan Pink’s great book, To Sell is Human. The experiment was done by Sheena Iyengar (Columbia University) and Mark Leppar (Stanford) . They first set up a booth selling 24 different types of jam and tracked how many people stopped to consider a purchase... Continue reading

Reality Distortion Field Needed for Small Business Success

Steve Jobs was known to possess and use what was described as a ‘reality distortion field’.  It was a magical and charismatic power he had to take the current impossible situation of his development team and distort reality so it would become possible. While it seemed magical due to the quantum of the accomplishments at Apple, our research at... Continue reading

Economic Gardening – Needs More Water!

If you haven’t heard the term 'Economic Gardening', a quick Google search will provide some background. It was an economic development professional in Littleton, Colorado name Chris Gibbons who first used the term in the late 1980’s. The concept is as follows: Focus the support of economic development on the existing businesses in your region... Continue reading

Billing by the Hour

This blog is to poke a little fun at the traditional concept of billing by the hour. I apologize in advance for grief it may cause for hard-working professionals. Is the productivity of every hour the same? Is the 8 hours of work the day before a two week vacation the same as 8 hours of work the day after a great Super Bowl party? Are the first ... Continue reading

The Basics Still Grow Your Business

Sometimes in our search for the latest and greatest new idea to help businesses grow for freedom and cash, we can stop focusing on some basic growth strategies - so let’s review some business basics: 1)    Referrals from your good customers -          Do you actually ask them for referral business? This may sound too simple, but doe... Continue reading

The Importance of Small Businesses

Saturday, October 20th 2012, Canada celebrates entrepreneurs and small business with the first Canada’s Small Business Saturday, an initiative by the CFIB (Canadian Federation of Independent Business) and Interac. Why is important to ‘fish in our own pond’? Doesn’t our livelihood come from our own community? Why would we take our local e... 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

Turn Customer Service Problems into Profits

Idea #1 - When a customer service problem comes to your attention, stop and ask a couple questions before reacting to it:  Is this customer service issue an exception?  Is this customer service problem an isolated incident? An example is a furniture company that made 98 timely deliveries to happy customers and two ‘could have been prevented... 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

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