Doug and Polly White
Principals, Whitestone Partners Inc., a management-consulting firm
Doug and Polly White own
Whitestone Partners Inc., a management-consulting firm that specializes in helping small businesses grow profitably. They are also co-authors of Let Go to GROW, a bestselling book on why some businesses thrive and others fail to reach their potential.
And a the failure to differentiate your product is a key reason for that lack of revenue.
Incentive-compensation systems are powerful motivators. However, make sure you design yours right so you have no regrets.
Getting to "profitable" takes longer than you think. First, you have to suffer a little pain.
First impressions: They're why it's so important to spend time planning your new employee's first day.
If your product's unique aspects aren't defensible against a competitor's copy, it's time to fold your tent and go home.
Buying a Business
Avoid industries, for example, being overtaken by new technologies. Think: CDs.
The four things your managers can do to improve your company culture.
So many PowerPoint presentations don't deliver. Here's how to turn that around.
When people start businesses, they don't always think about the ancillary tasks that keep those businesses going. Accounting, for a start.
Here's something you might not know: Fridays are a great time to post a help wanted ad.
The important term you'll have to deal with here is 'book value.'
If you have the stomach for it, you can usually find ways to cut overhead without cutting efficiency.
You have a great business idea. But a lack of funding isn't your issue; it's a symptom.
Ready To Launch
The only way to grow your business is to stay focused on your priorities.
Remember: You can't buy beer with profit; you can only buy beer with cash.
Copyright © 2016 Entrepreneur Media, Inc. All rights reserved.
© 2016 Entrepreneur Media, Inc.