Developing a Successful Business Model
Business models are perhaps the most discussed and least understood aspect of the web. There is so much talk about how the web changes traditional business models. But there is little clear-cut evidence of exactly what this means. In the most basic sense, a business model is the method of doing business by which a company can sustain itself — that is, generate revenue. The business model...
Read MoreHow to Focus on Improving your Systems
We all have things that we want to achieve in our lives — getting into the better shape, building a successful business, raising a wonderful family, writing a best-selling book, winning a championship, and so on. And for most of us, the path to those things starts by setting a specific and actionable goal. At least, this is how I approached my life until recently. I would set goals for...
Read More6 Steps To A Better Business Budget
Why Budgeting Is Important Estimating and matching expenses to revenue (real or anticipated) is important because it helps small business owners to determine whether they have enough money to fund operations, expand the business and generate income for themselves. Without a budget or a plan, a business runs the risk of spending more money than it is taking in or, conversely, not spending enough...
Read MoreDifferentiation is the Essence of Strategy
Differentiation is the essence of strategy, the prime source of competitive advantage. You earn money not just by performing a valuable task but by being different from your competitors in a manner that lets you serve your core customers better and more profitably. The sharper your differentiation, the greater your advantage. Consider Tetra Pak, a company that in 2010 sold more than 150 billion...
Read MoreStrategic Business Planning 101
How to use systematic planning and goal-setting to see real results Q: What do successful companies have in common? A: They identify what works, find opportunities for growth and then strategically decide the best path to achieve their goals, which includes developing a written action plan to implement strategies. These top companies take time to develop and update their strategic business plan...
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