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Casual Articles - The Great Business Myths That Dominate Our Lives
In the previous topic I suggested that six to eight appointments is likely enough for a week. This is true if you are meeting your clients face-to-face. Sometimes this is not possible and your meetings may be scheduled over the phone. I still like face-to-face meetings but if my client is in another city across the continent, then I am willing to work by telephone. When you schedule your meetings, you should look at only six face-to-face as the maximum and use telecommunications for the others. Phone calls definitely take a lot less time out of your day.The first time you meet with a potential customer, it should be face-to-face (if they are within a reasonable distance). This type
The only thing that does not change in this world is change. The business world is no exception. At Wall Street, stocks and bonds rise and fall due to hostile takeovers. Multi-billion dollar mergers are a daily thing. Executive decisions are made with the goal of saving a corporation's bottom line, not jobs. In the blink of an eye, seemingly unlimited amounts of money can be zapped from Wall Street to Main Street. In today's every-changing business world, people and corporations trade information at lightning-fast speed. What better way to reflect such exciting, dramatic, and no-nonsense times than through the office furniture? Contemporary bar stools can be as sleek as an iron-clad contr
The ones that seem to influence us the most are directed towards our personal lives. But, there are business myths that have a profound impact on our decisions. The problem arises when some of these myths are believed to be true when in actuality they maybe false or only partly true. The goal of this article is to explore some of these business myths and their accuracy.
Let’s start with a business myth that is the outgrowth of the information society. That is--- INFORMATION IS POWER. If this is true, then the more information you acquire the more powerful you will be. While it maybe popular to subscribe to this myth, the fact is the myth is not true. Information, especially as you acquire more is not power but can easily lead to confusion. The power comes from knowledge and understanding how the acquired information can benefit you both on a personal and professional level. Knowledge and understanding can be obtained from seminars, reading, etc. I would venture to guess, though, that seventy-five percent of your practical business knowledge comes from personal experience—the old fashioned trial-and-error method. Knowledge is the filter that sifts the information into its useful
Global supply chain management has emerged as a major topic in the age of globalization and now it is sitting at the heart of the whole system. But you might be asking yourself, so what exactly is supply chain management and how can it affect my company?Let’s understand what it is first.From the production house the product starts it journey and travels through to the supplier, distributor, retailer and ends at the hands of the consumer. This whole journey is a well managed mechanism and controlled by supply chain management. When it goes global and the journey of the product covers multiple countries, then it is called global supply chain management.With globaliza
Let’s start with a business myth that is the outgrowth of the information society. That is--- INFORMATION IS POWER. If this is true, then the more information you acquire the more powerful you will be. While it maybe popular to subscribe to this myth, the fact is the myth is not true. Information, especially as you acquire more is not power but can easily lead to confusion. The power comes from knowledge and understanding how the acquired information can benefit you both on a personal and professional level. Knowledge and understanding can be obtained from seminars, reading, etc. I would venture to guess, though, that seventy-five percent of your practical business knowledge comes from personal experience—the old fashioned trial-and-error method. Knowledge is the filter that sifts the information into its useful
Determining the value of a business you are considering purchasing is a tricky subject. Most owners think their businesses are worth far more than they are. And in the end the true value of anything is determined by what a willing seller is willing to sell it for and a willing buyer is willing to buy it for.Step one would be to acquire the use of West’s Business Brokerage Handbook and skim through the rules of thumb sections. If you are looking, for instance, at a dry cleaning business Tom West, the author, describes the nationwide average values of dry cleaning businesses using either the gross sales percentage method—usually from .75 to 1.5 times the annual gross sales; or th
Choose invoice factoring business funding to expand your company at all stages: profit and thrive. Each stage of your business comes with unique benefits and challenges. No matter the stage, though, working with a quality receivables factoring firm can support business growth. In this article, we will share the benefits of invoice factoring when you are poised to expand your business, but face cash flow management issues. We'll also discuss how working with a factoring firm can help with start up businesses.First, see if you identify with these challenges often faced by established business owners who want to expand their company:Cash Flow Management
You may be thinking that your business is just too small for BIG Project Management techniques, but that is simply not the case. Don’t let all of the fancy terms like Network diagram, Gantt chart, and Work Breakdown Structure scare you. And don’t worry if you don’t know how to use Microsoft Project or Primavera or any other PM software application out there…you don’t need it.Project Management is about organizing your data for a specific project and updating it as the project progresses. You can use a Word document or an Excel spreadsheet if you like, as long as you have something documented for your project, you are contributing to the success of that project.Let’s review t
Let’s examine a few other business myths that may significantly influence how we perceive our economic climate.
With the last economic expansion lasting for over nine years some people now have the feeling that the business cycle can be eliminated and recessions are things of the past.
This myth is true--- if you can remove humans from the face of the planet. Outside of this, the business cycle is part of human behavior.
Why is there a business cycle? Someone once noted that people can tolerate any condition except the possibility of one. This condition is prolong periods of prosperity. Incredulous as it sounds; this observation contains more than just a kernel of truth.
When the economy starts to recover from a stiff downturn, people are understandably doubtful about the young expansion. They hold back on their discretionary spending and their use of debt. As the upswing continues, people tend to become less risk averse or slightly more greedy.
As the upturn ages, people become more confident and thi
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