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.
In This Episode With the spike in the unemployment rate early on in this COVID-19 pandemic many business owners were […]
We are already more than halfway into the year. So how’s your Profit Plan looking? Chances are, it’s time for an update. Especially this year! We know most small businesses don’t have an annual Profit Plan. Hopefully all the struggles we’ve all experienced with COVID-19 will change people’s minds on planning.
How come nobody understands me? Didn’t I already tell you that? How many times do I have to tell you not to do it that way? We hear these questions and many more from business owners who are frustrated that they are having trouble communicating with folks.
With so many things changing over these past 3 months, it’s good to know that some things stay the same no matter what. When it comes to business, one thing that endures is MVP’s 7 Keys to Success. These guiding principles for how to run your business successfully continue to be tested in all sorts of areas including a global pandemic.