We all have lots of things to be thankful for, even in this crazy pandemic COVID year of 2020! Part of the beauty about this time of year is we get the chance to reflect on the year that was as we pull together our plans for the year to come. So our question tonight has to do with how you show your thankfulness to people. Because it’s good to be thankful, but it’s even better to show your thankfulness.
Nothing like burying the answer in the headline! Yes, keep it simple. The best way to get things done is to get started! Get started in pulling together your plan. We have found too many people who are stuck in neutral. This has been exacerbated during this year of the COVID pandemic.
Are you more comfortable asking for permission or forgiveness? Not sure? Do you tend to just do what you think is right and deal with the consequences or do you try to get everyone else on board before doing stuff?
We usually get a deer in the headlights response from our clients when they first hear us talk about how boring business can get when it’s running well. That deer in headlights look comes because most folks can’t relate to being bored with their business. Usually they have more colorful (and painful) words to describe how they feel about their business. Things like frustrated, excited, overwhelmed, exhausted. It’s rare that you meet a business owner who describes themselves as being bored.
It might sound insane or counterintuitive if you run a company, but there is likely a chance you will get bored or distracted at some point. So what should you do to avoid this boredom? What kinds of troubles could this boredom cause in your business?
Few things are more strategic when it comes to the success of your company than setting your selling price. Yet we find that most small business owners take an overly simplistic approach to their selling price. It might sound something like, “What’s the competition charge?” Or “What will the market bear?”. While these might be good starting points when you first launch your business, chances are you will be leaving profit on the table, or worse losing money on some of your products or services.
I don’t care how long you’re in business, it never gets easy to let someone go. Especially if that person is in a more senior position and you’ve just recently hired them. So how do you know it’s time to let someone go?
One of the most common questions we hear from business has to do with paying their people. More specifically with how to pay their people. What most owners are really asking here is how do I structure a compensation plan that is going to properly incentivize my team to maximize profits for our business.
Believe it or not, we’re almost six months into this COVID-19 pandemic. Needless to say, we’ve all absorbed a lot of changes over that time and more changes and adjustments are coming. Hopefully one of the nice side benefits of this current pandemic is that it’s making you more comfortable with making changes and trying new things.
At some point during your business life cycle, either you or someone else will ask you this question, “What’s my business worth?” The quick answer is it depends! It depends on a lot of factors. Some of these factors are things you can control while others are out of your control. For instance, you have some control over how you set your selling prices and control your costs, but you can’t control the overall industry growth or how your competitors act.