27 Mar

Hiring From the Outside Takes Effort for Success

It is a proven fact that those hired from outside of an organization fail at a much higher rate than those who are promoted from within.  To add further to this dilemma consider that external hires usually cost more than home grown talent.  In fact, their annual salary is 18% to 20% more than an internal promotion.  This changes dramatically after 2 years when they become more productive than their peers who they joined when hired by the organization.   They get promoted faster too.  All of this courtesy of the Center for Creative Leadership and the Wharton School of Business. 

So what is the secret hiding here?  Is it to never hire from outside the company?  Is it to only promote from within?  Is it something else entirely? 

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20 Mar

Beware The Sales Trap

 

As someone who helps businesses grow, I often times see very questionable actions taken on the part of business owners or those presented to them.   Sometimes they are rather innocuous or expensive.  Sometimes a play on words without substance attracts a business owner.  Thousands of dollars in worthless marketing goes out the window, thousands of dollars for new gadgets go out the window, thousands of dollars in advertising go out the window.  I say out the window because those spending the money cannot describe or identify an accurate return on those dollars.  The business owner just threw their money at something, out the window, and hoped the sales would follow. 

In the last few months, I have been on the receiving end of a unique solicitation, perhaps you have too.  These people know nothing of my business, they don’t know anything about what I do.  Yet, they send me an e-mail, with the Subject Line, “Lead Generation and Appointment Setting Program”, worded something like this: 

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13 Mar

Is Your Pricing Correct

When you started your business one of the first questions you should have asked, besides “Now what do I do?” should have been something like, “Can I produce a profit or a service at a profit?” 

Most business people think about profit in terms of a percentage of a price.  We often look at our competitors and assume their price is what we should charge.  Doing that means we are accepting that their product or services are exactly like ours and they have the exact same overhead as we do.  This type of price thinking is very wrong for your business.  

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08 Mar

Why You need a Business Diagnosis

 

Do you have a clear and provable method of measuring the different processes you use to manage and lead your business?  Do you know how much your small business is worth?    Do you know for a fact where you need to put your money and efforts to grow your business; or are you deciding on instinct or gut?  One of the best ways to answer those questions, and then actually do something with the information to improve your small business, is to obtain a Business Diagnostic and Valuation Report.

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