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Here are five big issues you should consider if you want your company to be able to evolve and grow to the next stage of development.
The author, Jana Matthews, asserts that without policies and procedures, business growth becomes much harder to achieve. If you want to grow, you (the entrepreneur) have to stop doing everything yourself.
When it comes to compensation, the issue is not what you can pay, but what you can offer to the people you need to grow.
After leaping into "Lean," Southern Vinyl Manufacturing gained efficiencies in nearly every area of its operations. Specifically, entrepreneur Rod Matthews explains the challenges and rewards of involving employees in finding and eliminating waste using the "Five Why" process. As a result of "getting lean," the company resolves manufacturing problems by digging deeply to identify root causes instead of just treating symptoms.
Obtaining financing to commercialize intellectual property is tricky, because intangible assets may have value independently of the business built upon them. In a dot-com world where knowledge is currency, cost and revenue are no longer adequate measures of value. Inventor David Martin's business is soaring on the wings of software that factors new elements into the equation for putting a price on intellectual property.
An old friend used to write on his easel the words "Innovate, Emigrate or Evaporate." It was his shorthand way of saying that to compete in a globalized market, Innovation was essential.
This serial entrepreneur shares the story of how she came to understand the importance of recruiting experienced entrepreneurs to her board of directors. In one instance a new director advised her to hold off accepting an offer for her company, enabling the company to grow and gain value for potential sale later.
Understanding your industry, competitors, and customers is necessary for any entrepreneur. Primary research helps gather specific data, but secondary market research is also helpful. This article outlines fundamental, secondary research resources, which are either accessible online or at your local library.
Operating under a mandate to prepare for the worst in order to achieve the best, the author, an African-American woman entrepreneur in the male-dominated metals industry, writes that preparation has been critical to facing the challenges presented by the economic difficulties and post-terrorist environment of this difficult year 2001.
In the depths of the credit crunch, community lenders become a popular financing source for Main Street. But small-business owners may need to work harder to get support from local banks these days.
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