In our changing world, many cash-starved businesses are considering new business opportunities. There is a distinct difference between a pivot in your business and a shift in your mission. In the pursuit of cash, many will be tempted by a new product line or even a different business model. Although survival is critical, it’s just as important to be aware ...
2020 has been a year like none other. Business shutdowns, stay-at-home orders and race riots are just a few of the chaotic events that small business leaders have had to navigate. Disruption brings anxiety and uncertainty to our staff and to the leadership team of any organization. It’s during these unexpected times that people look to leadership for comfort, confidence ...
One of the hardest decisions an employer makes is eliminating a position or job. As a country, our small business leaders have made many hard decisions. The question is, “Did we learn anything?” This is a time to reflect on questions such as, “Did I wait too long and why?” “Did I make the decision in a vacuum or did ...
In this series, we’re discussing five steps to move from struggling to thriving in business. The final step is to Focus on Customers. Since the pandemic, several restaurants I’ve visited have taken their customer service to a whole new level. They realize their survival is hinged upon retaining and growing happy customers. When a business is struggling for survival, there ...
In my banking and consulting career, I helped many struggling companies become profitable. Many businesses have folded recently, and many more are doing all they can to survive. In this series, I will highlight five steps that can help your business get financially stable and move towards thriving. The first step is to Know the Condition of Your Flocks. You ...
According to the Census bureau, 5.2% of workers worked from home prior to the pandemic. Global Workplace Analytics believes that by the end of 2021, 25-30% of the workforce will be working multiple days remotely. This can be good for business. A recent survey by digital.com discovered that 70% of remote workers feel more productive working from home. An unforeseen ...
In this series, we are looking at what we can learn from entrepreneurs about restarting our businesses post-lockdown. Sadly, many of us don’t know whether our businesses can survive this restart. That is why many startups use bottoms-up financial models to quickly test new scenarios and whether they have enough cash to survive. They make decisions to increase cash, reduce burn ...
In this series, we are looking at what we can learn from entrepreneurs about restarting our businesses post-lockdown. Many startups have adopted Design Thinking. The shortest definition of design thinking is to focus on the needs of the people you serve. Jesus reminded us in Matthew 22:39 to “love your neighbor as yourself.” Some startups use a process called Customer Discovery. This requires ...
In this series, we are looking at what we can learn from entrepreneurs about restarting our businesses post-lockdown. A business model is “a representation of how an organization makes money." Startups focus on business models because they need to find a way to be profitable. The business model your company established long ago may now no longer work. A business ...
In this series we are examining what we can learn from entrepreneurs about restarting our businesses post-lockdown. Yesterday, we learned that startups test hypotheses and adapt as necessary. But, what does that look like? Some entrepreneurs identify their most critical hypothesis and design a low-cost experiment to test it. They iterate through a “build-measure-learn” loop as rapidly as possible, zeroing ...
Equipping Others to Do Work Differently
