Category Archives: Business Management

How will I know when I get there?

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Yes, the key points to your success are vision, mission, and goals- as long as you implement. Too many people nowadays expect that thinking will make it so. Unfortunately, there’s a fair amount of work required to make our dreams a reality. And, it’s not just following a plan- we need to insure that our plans are still valid and reflect the world as it is- not how we wish it would be. Maybe this is a good time to remind you that a business plan need not be a 200 page document with graphs, tables, and appendices. Don’t confuse your planning with these formal documents one sees for enterprises hoping to get venture or government funding. Your document has to be clear in its goals and its definition of your environment (customers/clients, competition, and your company- the 3 C’s). If we have been lucky (and, occasionally, prescient) to have our plan scenarios be totally in concert with reality- then, we are golden. But, that rarely occurs. With our weekly dashboard meetings (monitoring four key areas, with “traffic signal” measurements- on target, not on target, and Where are you on the health platform?warning- green/red/yellow), we can determine if and where we need to change our efforts and plans to insure our (continued) success. At a minimum, your plan must contain the following:

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The 3P Answer to Time Management (and delegation)

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Time management for entrepreneurs and managers is a continual issue, because we tend to effect our management in a reactive fashion.  One needs to develop systems to insure that crises don’t develop or are minimized.  If you have a staff, this training is critical to insure that every issue is not something that requires a decision from you.  One of the best ways to do  this (either with your staff or for yourself)  is to assume chaos and the unexpected will occur and do that planning with the 3P (sometimes called the PDR) process.Preview, Perform, Process Continue reading The 3P Answer to Time Management (and delegation)

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We ARE in this together!

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To most of you, it’s April Fools’ Day.  I never really got into that.  But, today is a special day for me.  It’s Opening Day at Citizen’s Bank Park.  My beloved Phillies have their first home game today. And, yes, as I will do umpteen times this year, I will drive from Virginia to Philly to root for my team.  (I will also root for my team every time they come to DC to whup the Nationals!).

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Innovation is the key. Risk is unavoidable.

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We need to innovate to grow our companies.  And, as I have always believed and averred, businesses, governments, and non-profits need to be creative and innovate on a regular, almost continuous, basis.   It’s what I have tried to do when I have been a division head, a “skunks works” leader, or CEO/COO of an enterprise.But, not all companies (or governments or non-profits, to be sure) understand this.  One of my first employments involved a “discussion” of the assignment of patents to my employer.  I refused to agree to provide a blanket patent assignment to the company.  The CEO felt I was being unreasonable.  When I asked him how many products (patents) he expected from his good technologists, his reply was 1 to 2 every few years.  (Trust me, that number was probably higher than his expectation, but I did not argue with the number.)  My position was if I were to develop one new product a year- that should be the company’s.  But, any developments beyond that should involve special compensation to me.  And, the company would get to choose which one it wanted each year.  He eventually agreed (only after there were multiple products in the pipeline and no patent assignation on file from me)- and we parted company soon, thereafter.

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What a grandchild teaches us about financial management

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This past weekend, I had the opportunity to share my grandson’s special day- his second birthday party. He was amazing. (What? You expected a grandfather to say something different?) He was happy, he was generous, he was patient, and he was verbal. He would run around the house (one of his favorite past-times), announcing “I am running around”. He announced what he was going to do next- play with his fire truck, play with his plastic dog, or dance. He made sure everyone knew what he planned to do.

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What’s My Company Worth?

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I have been participating in a discussion with other LinkedIn members about the valuation of new entities over the past week or so.  Clearly, there is no hard and fast rule to this process- and, that’s mostly because we have no hard and fast ability to determine who is going to succeed in the long term. It’s a little easier to evaluate a going business, as long as we don’t try to discern how much the future will impact the value of the company right now.

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Truth or Internet? Why are they often mutually exclusive?

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If you’ve been reading my blog for a while, you will recognize that I provide primary sources for any facts that are not developed directly by me.  And, you will recall I have discussed “fake” news on at least two occasions.

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