Operations
Fluff or Facts: The Role of Data Analytics in Business Decision-Making
When you make business decisions using subjective reasoning that’s based on hunches and gut-feelings, your outcomes are bound to disappoint. Like baking a cake without knowing and measuring the ingredients, it’s more likely to turn out poorly than positively. But say you do happen to end up with a positive outcome: well, it won’t be…
Read More5 Strategies For Successfully Navigating Change
In business, change can appear in the form of new competition, disruptive market forces, and economic shifts. Our adaptability has always ensured the survival of our companies. These days, though, with the acceleration of technology, the speed of change has increased exponentially. If businesses aren’t ready to adapt — and adapt quickly — they can…
Read MoreWhy Your Business Needs A Second Growth Engine
Because, “What got you here won’t get you there.” If I had a nickel for every time I’ve heard that phrase during my tenure in business, I could retire early. But the old adage is more relevant today than ever. With new technologies undercutting businesses and disrupting industries at every turn, CEOs have their head…
Read MoreThere Will be People Waiting for You
I was strapped to a gurney with my head and neck embolized. As the EMTs gently pulled me out of the helicopter and rolled me across the roof of the Mayo St. Mary’s Hospital, one of them leaned over and quietly said “There will be people waiting for you in the ER.” Earlier that day…
Read MoreFree Up the Bottleneck in Your Mind
In business, as in life, I have found that my progress is often determined in great part by my willingness and ability to change. As a less experienced manager/leader, not knowing what I didn’t know, I was open to the voices of those around me who had experience, wisdom, and perspectives I was often lacking.…
Read MoreThere’s Power in Ratios
Ratios are used in art, science, finance, sports – the list goes on and on. Whether it’s to create a visually-appealing aesthetic, assess a gambler’s risk, or provide a metric for business performance, a ratio informs proportions to attract the focus to important detail. Ratios allow people to quickly identify patterns and patterns predict future…
Read MoreCan You Weather the Labor Storm?
This tight labor market combined with economic pressures is creating a “perfect storm”, affecting companies across all industries as they struggle to fill seats with the right people. In April 2022, the Bureau of Labor Statistics reported job openings outnumber job seekers by nearly 2 to 1. Labor is expected to be a continuing issue…
Read MoreThe Downside of Being a “One-Stop Shop”
Before Jeff Bezos & Co. blew up traditional distribution channels, there was some value in being the local guy or gal who was willing to go above and beyond to meet every single customer demand. Being the local product retailer was a good business and being a regional distributor of a popular line could make…
Read MoreHow is Improving Your Business Like Having Surgery?
In my last blog, Taking My Own Medicine, I wrote about implementing the Entrepreneurial Operating System (EOS) into one of my wife’s and my businesses. When a business owner takes on the challenge of tearing down and re-building an entire business operating system, they do so with optimism. They foresee the changes will have an…
Read MoreHow to Turn Repeat Customers into Subscribers
Many people mix up re-occurring and recurring revenue, but one is much more valuable than the other. Re-occurring Revenue Re-occurring revenue comes from customers that have a re-occurring need for whatever you sell and buy from you on an unpredictable yet regular basis. Imagine a health food store. Customers come in to replenish their supply…
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