Here was my first lesson in small business finance – cash is your rarest resource and only use it to (1) buy an appreciating asset (building) or (2) something that generates revenue (new equipment). Otherwise do you need it? If the answer is yes, look at your financing options.
So what’s the difference between Lowe’s and your business when it comes to optimization? They have the staff with the training and responsibility for building these systems. You’re running lean and mean. There’s a lot of software on the market that claims to make it easy. But you probably don’t have the time to tackle this yourself and your staff isn’t qualified. When considering the best way to take your business to the next level, instead of looking for do-it-yourself software consider a partnership. Find the right consultants who can lead employees from each department through a process of getting best practices from everyone and loading it into a system.
Stay in the black by drilling down on some essential management disciplines for profitability.
The focus on Growing Managers is hiring from within; growing your own. The same issues addressed in Articles 1 and 2 apply to hiring if you have no internal alternatives. As we move forward, view the following attributes and skills serving a dual purpose – how to identify internal candidates or screen the externals.
One outcome from our research on fast job creation was the determination of four characteristics that separate the elite 5 percent from the herd. The following represents the data with an understanding that each organization pursued these four characteristics in ways unique to them.