Tag: cashflow
Financial Facts About Women-Owned Business
The 5 Challenges of Being a Female Business Owner
Can women business owners expect to generate the same or higher profit as male owners? How has COVID impacted business outcomes?
Let’s take a look at some facts about why female business owners face unique challenges, along with practical ways to offer support.
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Doing a Post-Flight Check of Your Business
The pilot skillfully descends, hits the tarmac smoothly, and taxis to the hangar. What happens after the plane lands?
Rest & relaxation would be nice, but pilots always do a post-flight inspection of their aircraft. Not only do they make sure that everything is in working order, they also inspect every system for signs of possible malfunctions that could affect the next flight.
Business owners can avoid potential loss or harm by conducting both a Pre-Flight Check of events or projects yet to occur, as well as a Post-Flight Check. Let’s take a look at what you can do once a project ends.
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Completing a Pre-Flight Check of Your Business
An airplane pilot has the responsibility to conduct safety inspections—both before they take off and after they land. Diligent maintenance checks can help to avoid things going wrong: equipment failure, accident, injury, or a catastrophic crash.
Before launching a project or initiative, risk intelligent business owners can identify potential vulnerabilities by conducting a Pre-Flight Check. This evaluation can reveal valuable information that is both quantitative (numbers) and qualitative (experiences and sensations).
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24 Ideas for Multiple Income Streams That Will Boost Your Profit Margins
Whether you sell service, products, or both, it’s likely that are missing several income opportunities for your business to generate even more money.
In this article, I share 24 different sources of revenue that can augment your profit margins.
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Weathering the COVID-19 Storm as a Business Owner
As the novel Coronavirus (COVID-19) continues to impact more communities across the US and other countries, business owners are especially concerned about how they will continue to operate with a sudden decrease in sales, personnel, materials, or all three.
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6 Versions of the 3 P’s as seen on CNBC’s “The Profit” with Marcus Lemonis
One of my favorite TV shows is “The Profit,” a CNBC production starring multi-millionaire entrepreneur Marcus Lemonis.
In each episode, Marcus evaluates a small business and decides whether to invest in its growth. The main tool he uses to make business decisions is called the “3 P’s of Business Success”: People, Process, and Product.
I was curious about who first developed this concept. Was it Mr. Lemonis?
It turns out this concept has its origins in Lean (a systematic processing method used to eliminate waste). After doing some research, I discovered 5 additional versions that can add depth to your understanding of how to run a successful business.
In this post, you will see each of the six examples and illustrations, along with ideas on how to increase your level of business risk intelligence.
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7 Reasons MLMs are So Attractive to Established Business Owners [Video]
Why would a business owner who is already established want to join a Multi-Level Marketing opportunity?
In this video, I answer some questions about why this is such a compelling offer and why joining an MLM can be so dangerous.
Check it out, or read a transcript (with links and other juicy details) by scrolling down.
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The Ultimate Strategic Planning Framework Tool: Introduction
My great-grandmother, like most women in the early 1900s, had two sets of dishes. One was a plain set for everyday family meals, and the other was a very fancy set that she only brought out on special occasions. Each plate, cup, and saucer was decorated with a design of delicate pink roses, curled ivy, and a beautiful gold inlay that encircled the scalloped edges.
She left the set to my grandmother, who then passed it on to my mother, who quickly discovered that fine china with gold detail is no match for the power of a modern dishwasher. The inconvenience of hand-washing every single item (and the risk of chipping or breaking the dishes) was too great. So those heirloom dinner dishes were hidden away in a china cabinet and only emerged on rare occasions.
As a strategic risk expert, I believe many leaders treat their strategic plan like a set of fine china. They know their plan is important; they invest time and money to create it. The final plan is detailed, logical, and beautiful.
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