This is a self-serving myth that is put about by institutions promoting MBAs and courses on business management. It is perpetuated by people with qualifications who run businesses. It’s almost like they want you to join their exclusive club. Read more…
In just about every business book that you read, teamwork is touted as the magical ingredient for success.
Many consulting businesses have been built on the concept that teamwork is essential for business success. They have been very successful in creating the enduring myth of teamwork and feeding their bank accounts.
Unfortunately, the consultants and the business school professors fail to understand that when you put your team to work on the assignment, no one is responsible or accountable. Read more…
This is one of the greatest business myths of all time. We have all heard it repeated many times. It is perpetuated by business gurus, advertising salespeople, business school professors and other so-called “experts” who have never run a business. Read more…
Business owners often say that they have a financial plan. The chances are that it is either in their head or gathering dust in a file somewhere.
One of the secrets of running a business is to have a strong flexible plan for making profits. Running your business month to month, or week to week means that you will always be playing catch-up to fund expenses. Read more…
If you are already running a business then you probably already qualify as an expert. I’m going to give you five easy steps that will help you to market yourself as an expert and raise your credibility above the competition. Being recognized as an expert will certainly help your sales and most of all it will drive referrals to your business. This is important because is the cheapest and most effective form of marketing. Read more…
The dumbest practice in business is “discounting.” I personally believe that the word “discount” should be erased from the English-language. It should be the number one principle, “Don’t Discount!” Every time you discount you are taking your profit and giving it away. Read more…
It is very difficult to know what’s going on in the minds of your potential customers when you run a business. The only way to find out is to ask them and hope that they tell you the truth. We know the truth of their response as shown by their behaviour when they turn down our offer of goods or services and say that the price is too expensive. Read more…
If you are in the situation where you want to grow your business, there are several strategies to use. When you grow your business there are quite a few pitfalls that can stop your growth in its tracks and cost a lot of your hard earned money. These are not always intuitively obvious and it is best to keep them in mind well before you embark on a process of growth. Read more…
You can increase your business profits in three ways.
Why would you want to discount when there are opportunities to improve your profit line? The truth is your customers will pay more. You don’t have to discount prices in order to win business, in fact you can put prices up but most business people are afraid to ask their customers to pay more. The problem is that fear not logic is the reason why business leaders won’t put up their prices. Read more…