Business Management:

It can be difficult for some entrepreneurs to delegate functions to others - who but themselves knows how to fulfill these responsibilities correctly. However, as I have outlined in my books, The Entrepreneurial Journey , The Business Builder and The 8 Best Practices of High-Performing Salespeople , learning to delegate to people and technology can be one of the most challenging, but rewarding, tasks you achieve as a manager and entrepreneur. When the...

Competition is a fact of life for entrepreneurs . There will almost certainly be another company that appears to be offering a better version of your signature product, or that has a more efficient service delivery model. In order to stand apart from other organizations in your sector, you have to strive to add value for your clients at every opportunity. Doing so will not only help you build client capital with existing partners, but also enable you to...

In past blog posts, I have discussed creating a dynamic business plan that provides an overview of your business activities and that you regularly update in response to internal and external changes. As I explain in The Entrepreneurial Journey , operational strategies comprise one of the four main parts of a business plan. These will include ideas about sales, service activities, marketing, resourcing and major projects that you may take on. It is important...

Among entrepreneurs , slow seasons can be more painful than a trip to the dentist. What do you do to ensure your business is as productive during the months when clients are scarce? How do you sustain growth when it seems that new revenue streams are nowhere to be found? The weeks or months throughout the year when you detect a lull in operations represent an excellent time to work ON your business rather than in it. Capitalize upon these periods and make the...

Strategy can seem like a foreign word for entrepreneurs that are just getting their businesses off the ground. However, if you neglect to create a plan as your organization matures, you may find your ability to sustain growth is stymied by a lack of direction and clear goals. More companies are realizing the importance of strategy to their survival, and are creating an internal role that seeks to ensure the function receives the resources it needs. I ...

In recent blog posts, I've given attention to the various aspects of a business plan and have worked to explain how to create objectives and assess your current financial and operational standing. I would also like to discuss a more subjective aspect of business planning that is equally important to the longevity of your organization. Google celebrated its 14th anniversary at the end of September. Since its founding, the company has grown from a small tech...

Every entrepreneur has to develop a tolerance for a certain amount of risk. However, this does not mean they have to be vulnerable. By taking steps to assess and mitigate operational risks, business owners can have greater assurance that they will be prepared for the surprises that can arise in an uncertain and constantly shifting economy. Have you ever performed an operational risk stress test for your organization? Are you aware of any business continuity...

As a business builder , it is not enough to decide what kind of client you wish to serve and how much revenue you want to generate. You must also determine whether your company will specialize in a niche industry or have a more general focus. How will it compare to others in that sector? Is your aim to dominate the market and lead your competitors, or to carve out a comfortable space for your organization and strive to meet internal goals? Dictating the place...

Your business plan is probably one of the most important documents you will create for your company. It is valuable because it is not just a few pages that you keep in a forgotten binder on a shelf. Rather, it is a dynamic, ever-evolving strategy that will serve as a resource while you build your business. I would advise working with your business plan on a regular basis as you update your one-, five- and 10-year goals and projections. Whenever you pause to lay...

Although the News of the World phone-hacking scandal came to a head more than one year ago, the story continues to serve as a prime example of what can go wrong when a business' operations become too far removed from its core values. The incident also sparked debates about internal and external governance, media ethics and corporate responsibility. A lack of oversight and a failure to drill the importance of ethical behavior into every executive, manager and...

When first launching their businesses, entrepreneurs start small, gradually expanding their client base and product or service offerings as they grow. However, they sometimes forget to assess that growth. As you build your company, make sure you are questioning how new services or products will impact your existing operations. Will they fit in with the rest of your product menu? Are you adding options that suit your area of expertise? Did you simply allocate time...

Type "write a business plan" into a search engine and you will get millions of results. If you merely base one of the foundational documents for your business on a few models pulled from the internet, however, you may neglect to include a few key components. Executive statements and financial projections are basic elements of a strong business plan, but as I explain in The Entrepreneurial Journey , it is essential that your document also addresses...

The next time you go to answer a relatively low-priority email instead of return a phone call to one of your clients, consider your motivation for doing so. Weigh the importance of each task, and reflect on why your instinct is to tackle the easy email first, rather than follow up on voicemail messages. Track how many times you have acted similarly in other situations and identify any trends in how you manage your daily responsibilities. Chances are, you are...

Many companies are planning to ramp up their investment in social media marketing this year, as the channel continues to prove itself as an easy, cost-effective way to reach both customers and prospects. Indeed, more than half (53 percent) of the approximately 375 advertising and marketing executives who took part in a recent survey by The Creative Group said they expect enterprises of all sizes to channel more marketing funds toward Facebook in 2012. Just 4...

The Covenant Group's financial advisor training programs demonstrate the importance of building your business. Not only in regards to growing your client list and revenue, but also professional growth - adding more products to your value offerings, developing expertise and constantly increasing the value you present to your clients.  In my book The Business Builder , I talk about the importance of expansion and how you must define your company before...

Have you organized your staff in a way that allows them to work independently on projects and tasks while still delivering results that meet your expectations? Or do they regularly have to check back with their boss for more direction or assistance? We've discussed the concept of "Commander's Intent" on this blog before, a military theory that also has applications in the corporate environment. Essentially, it means that everyone on a team - from the...

Think of recruiting much as you do marketing. Both have an extended life cycle that can span months or even years. There are prospects at various stages of readiness in the pipeline. For instance, a potential client who may not fit the ideal criteria or who is not yet ready to buy could be a perfect fit for your company in a few months' or years' time. The same is true for future hires. An advisor, salesperson or other job applicant may not yet have the skills...

Financial Services is a relationship business. The bond between a financial advisor and a client is very personal. The challenge for financial advisors is to extend that relationship of trust and personal connection to include the other people in the firm who work with clients. Dave Richmond is the head of a financial advisory firm in Jackson, Michigan. His vision is to build a multi-million dollar financial advisory firm. For Dave, the thing that gets his juices...

Your Business Plan starts with Defining Your Business. The four components of Defining Your Business are: Vision, Mission, Values and Business Opportunity. Your Business Plan is the articulation of your Strategy for growing your business. Strategy is the systematic output of what you want to achieve, the resources and capabilities available to you and the opportunities and challenges the environment provides. Your Vision Statement describes the systematic output of...

When I give a presentation, I often start out by asking the audience the following question: “ If you had to choose one word that is critical to the success of a business, what would that word be ?” Typically, people will respond with words such as “motivation”, “planning” or “innovation”. Obviously, all of these words are important elements in the success of a business. However, if I had to choose just one word, it...