Saturday, October 29, 2016

Business Management

Time Saving Tips for Entrepreneurs

It has often been stated that Time is the scarcest resource a business has and if not well managed the business will not optimize results.
Here are a few tips that may be worth spending your precious time to read.

1. Plan Ahead
At the end of a day, plan time segments for the next day for specific activity so you can start the next day with a prepared schedule. If the activity is important for your success, set aside the time to work on that issue.

2. Focus
Plan to spend at least 50% of your time on strategy and activity that produce most of your results. Try to ignore distractions such as checking email or chatting with associates. These activities break your concentration, interfere with your priorities and are rarely urgent or productive.

3. Don’t Stress over Trivial Matters
If an issue does not have significant impact on the business, don’t get stressed over it. Perfection can be a big time waster.

4. Limit Meetings
Meetings can be essential, but they can also turn into time wasters if they go on too long or happen too frequently. Accept and schedule meetings only for agendas that are meaningful.

5. Say No
Don’t take on tasks just because someone asks you to. If you don’t have the time and it won’t help your business, don’t do it.

These are but a few ideas to help manage one of the most important resource we use – TIME. I hope they help. Let me know

Saturday, October 15, 2016

Business Management

Maximize Your Competitive Edge

Long-term business success involves creating, managing and exploiting assets and skills that competitors find difficult to match or counter. Developing this advantage is a continuing process, not a fixed event. Here are tips to help you develop competitive advantage and build barriers to entry.

1. Leadership
The top management team leading your company must develop a vision for the organization; obtain employee commitment to achieving that vision; and build effective relationships with key stakeholders (e.g., partners, customers and suppliers). At the same time, management must be a catalyst for change.

2. Leverage Core Competencies:  
One key to sustaining a competitive advantage is to develop a core set of competencies that customers want and that are difficult for others to imitate. These competencies can be exploited and leveraged to develop new products or to go after new markets. The ability to leverage core competencies across geographic and product business units helps firms to achieve economies of scale and scope.

3. Develop Customer Loyalty: 
Every business seeks satisfied customers who return again and again because they trust a company’s product or service. Their repeat business comes at a much lower cost to you than that of a customer who must be constantly enticed to continue buying or a new customer that takes time to cultivate and switch from a competitor.

4. Attract and Retain Key Staff
Companies must start by investing appropriately to recruit and select top-quality employees. Then they must invest in training and development to continuously build employee skills and develop a corporate culture that promotes loyalty, commitment and cohesion. Finally, employees must be rewarded for skill development. Staff turnover can be more expensive than rewarding existing key employees.

5. Protect Intellectual Property:
Products, technologies, business methods, patents, trademarks, copyrights and other forms of intellectual property can significantly enhance a company's ability to secure and defend sources of marketplace advantage, even in times of rapid technological change. Intellectual property is a means of creating a proprietary, defensible market advantage.

6. Stay Flexible: 
Sustaining competitive advantage requires a continuous rethinking of current strategic actions, organization structure, communication systems, corporate culture, and asset deployment. In short, every aspect of a firm's operations must be examined frequently in order to maximize their long-term health. Strategic flexibility gives any firm the ability to respond quickly to changing conditions and thereby develop and/or maintain a significant competitive advantage.

I hope these ideas help maintain that competitive edge that is key to continued growth of the business. Please share your thoughts: