March 2007 Archives

Concentrations kill companies

Have you ever noticed how many small businesses simply drop off the face of the earth? One day they’re open and successful, and the next day they’re gone. Every year a silent killer takes out thousands of businesses. This silent killer is called a “concentration.”

What Is a Concentration?

A good description of a concentration is any major component of your business that is sold to or provided by one person, company, or vendor. For example, if you sell 50% of your product to one company or to a specific industry, it’s a concentration.

Posted by Laddie Blaskowski on Mar 21, 2007

Ships without rudders never get to port

Try to imagine being adrift on the ocean in a sailboat with a broken rudder. You can’t steer the boat and have no control over which direction the winds and currents are taking you. One thing is certain—you’re never going to make it to port without that rudder.

The same is true of business when it comes to goal setting.

Goals provide a “rudder” for your business—a means of sending you in the right direction. Although one of the easiest business tools to use, goal setting is also one of the least used methods of making a business successful. But studies have shown that the simple act of setting goals helps accomplish more than if no goals are set at all.

Posted by Laddie Blaskowski on Mar 21, 2007

Are you getting good advice? (Part 2)

Last time, we discussed characteristics that you should look for when choosing advisors. In this article, we’re going to discuss how to find these types of people.

Again, we’re not talking about friends you turn to for advice. Business advisors are a different group entirely and should actually be qualified to advise you concerning your business. A friend can be a good business advisor, so long as he or she is qualified to fill that roll.

Posted by Laddie Blaskowski on Mar 21, 2007

Are you getting good advice? (Part 1)

As you well know, advice is usually not hard to get. I suppose it’s human nature to want to express an opinion, but it’s amazing how quickly some people jump in to offer advice about how other people should run their businesses. The laughable thing is that most of these folks really know nothing about those businesses or what will constitute success.

Almost none of the problems you will face in your business are new, although they may be new to you. You can benefit greatly from others’ advice, but the trick is to find people who have actually experienced the same or similar problems and have already found solutions. Or people who are knowledgeable about business and the types of matters that concern you. In other words, good advisors.

Posted by Laddie Blaskowski on Mar 21, 2007

Taking Risks in Business

If you’re like most small business owners, you had to put everything you had on the line, based on a belief that your efforts would lead to success. Once the risk of starting up was over, other risks (with the potential of even greater opportunity) may have continued to tempt you.

When an opportunity comes along, you need to ask yourself, “Is the risk is worth the possible reward?”

Although there is no foolproof way to answer this question, making a decision becomes easier when several other questions are answered honestly:

Posted by Laddie Blaskowski on Mar 21, 2007