Practical Business Information for Owners & Entrepreneurs
2009 Will Be an Economic Engine for Change Interesting article from HBR Online, predicting the coming year will be “an economic engine for change.” Author Jeff Stibel offers some historical examples supporting his point that economic upheavals create the greatest opportunities. I rather like his analogy with forest fires as a necessary part of nature’s […]
Angel Investing Down Check out this article in Inc.com. Maybe not a huge surprise but economic uncertainty is impacting the private equity world. But there are some recession-resistent markets for startups that may disprove the rule: green technologies, renewable energy, and health care, to name but a few.
Effective Communication for Managing Virtual Office Employees – Entrepreneur.com
If you are thinking about letting some of your team work from home, or adding some staff that will work remotely, this article in Entrepreneur.com may shed some light on your decision.
The author, David Javitch, presents a nice overview that rings true to me. I managed a team of 19 in NYC from Atlanta for over 3 years and learned many of these lessons the hard way!
Some questions to ask yourself might include:
Eight Insurance Coverage Areas to Review Annually
A once-a-year checkup can save you big bucks in the year ahead!
Year end is always busy, but it’s also the perfect time to review your insurance coverage as you look ahead to the beginning of a new year. Even if you don’t do it all at once, you need to review each of these areas at some point during the year. Your insurance agent should be able to advise what is appropriate for your business (or steer you towards other agents who handle them!), and there may even be other insurance types depending upon your industry (e.g., Errors & Omissions for professional services).
Here are some areas you might want to check out:
Don’t Skimp On Ad Budgets – Forbes.com:
So you read or heard the news the other day (and I use the term “news” loosely) – the US is in a recession and has been since December of ’07. I’m so glad there’s a group of academics poised to tell us such things!
More helpful is the advice from Knowledge@Wharton via Forbes.com: Now is not the time to slash your ad budget! This harkens back to what I’ve preached for some time (see my Oct 15 post) but it is very hard for most small business owners to buy into. It takes particular intestinal fortitude this season, but this is precisely when it has the potential to pay off the
It is well established that concentrated attention and focused thought are more productive than the start-and-stop too many of our days are like. That working in dribs and drabs is also a common symptom of business owners who work IN their business more than they work ON their business, then wonder why they never make progress.
Try setting aside time regularly as you plan each day – or each week, minimally – when you
Tool Kit – How to Avoid Becoming a Failure Statistic – NYTimes.com:
The link above takes you to the New York Times, and one in a growing number of cautionary articles online and offline directed to Entrepreneurs and Small Business Owners – just like Small Business Central!
Another similarity among that ballooning number of commentaries is one particular piece of advice: as Karyn Greenstreet (a self-employment expert and small-business coach) is quoted here as saying, “Test every new idea against your business plan and mission statement
Crisis Advice from GE’s Immelt – Harvard Business Online’s HBR Editors’ Blog:
“Keep your company safe but keep building the future”
Terrific brief article from GE’s CEO Immelt about Leadership and Change he teaches his management teams. While he acknowledges that adjustment is necessary in light of current economic troubles, it doesn’t mean turning from growth.
Immelt had some final advice for leaders, which struck me as especially valuable in tough times:
Be decisive: Make decisions, including some occasions when you don’t have perfect information.
Have you heard the quote by our 34th President, Dwight Eisenhower while he was Supreme Allied Commander? Good advice for soldiers as well as business owners.
“The plan is useless, but planning is essential.”
And there couldn’t be a better time than right now. During a recession, pragmatic business planning is vital. Strategic plans are important but tactical operating plans might be your most valuable management tool during this recession. Here’s the perfect opportunity to focus in on
It’s tempting, to be sure. First, stop listening to the news hourly – it will only depress you and not offer any information useful to your business. Unless you’re an investment banker or needing credit to stay afloat, the economic situation oughtn’t to affect your business directly. And Wall Street’s woes don’t mean that you […]