CEOs and other C-level executives are faced with difficult decisions every day that affect every part of the company. With "The Decisive Moment" series, BNET aims to shed light on the thinking and the drama behind some of the biggest and gutsiest decisions in recent business history. Read more »
When you work with family, the boundaries between professional and personal are sure to overlap. Where does one role begin and the other leave off? Life at family-run businesses may be challenging, yet they are thriving. Family firms make up more than 80% of all business enterprises in North America. Among family business CEOs age 61 or older who will retire over the next several years, more than half (55%) haven't selected a replacement, according to a 2003 American Family Business Survey. So if your kids aren't cutting it or Uncle Harry thinks he's office manager or your niece is marketing in all the wrong places, there are five rules that will get everyone headed in the right direction. Read more »
There are many sophisticated concepts of strategy formulation offered in the strategy literature. However, the large majority hold little promise for small firms. The research reported in this paper is devoted to exploring the concept of strategy in small business. In particular, this research intends to, first suggest a model of strategy formulation in small entrepreneurial firms, second discuss different strategic directions relevant to small business that has been described in the strategy literature and finally offer some guidelines on how to develop a strategy for the small business. Read more »
Small Business Owners need more than an online presence to gain a competitive edge in the marketplace, they need Web capabilities that allow them to boost their business and bottom line. By developing robust online capabilities for their businesses, not only do they have a better chance of standing out among the crowd, they also are better-equipped to compete with midsized and large businesses and their dedicated IT staffs. Read more »
The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later. This business plan is a generic model suitable for all types of businesses. However, you should modify it to suit your particular circumstances. Before you begin, review the section titled Refining the Plan, found at the end. Read more »
Managing near-disasters is part of the job. Heres how three determined team leaders saved projects that had gone off the rails. Read more »
You can demystify and defang the dreaded business planning process - and save yourself thousands of dollars in consultants' fees - by understanding the common-sense principles and processes that underpin solid, old-fashioned marketing planning. Once you've examined your own business, customer base and planning needs in that light - and who better than you to do that? - You'll be in a position to decide whether to proceed with internal planning on your own, or whether outside help is actually warranted. Read more »
Do you know where your company is headed? Have you established a five-year growth plan? If not, write a strategic plan to set clear goals. A strategic plan can help to steer a company to operational success over a short or long period of time. If an enterprise pokes along without a sense of direction, it may end up going nowhere. That is why you need to write a strategic plan to guide your organization through good times and bad. Many companies form strategic planning committees, with members from all major departments. Every area should be represented so that no employee feels left out or disenfranchised. Employee representation is vital for staff buy-in and implementation. Read more »