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Actual for You - Your Business Mission - What the Heck Do You Do, Anyway?
Do you sometimes wonder what's the point of setting intentions? Some solo-preneurs set goals and intentions with joy; but others sabotage their business success by subconsciously waiting for their intentions to bomb. Which is it for you?I've spent a lot of time creating vision boards, journaling, writing success recipes-you name it. I would do it all with gusto and secretly wonder, does this really matter? I mean, I've done it for 30 days and, well, where's my millions?Until this past weekend.This past weekend I had the yearly w
Unfortunately, most business owners can't answer that question. They did not define their core product or service and target market when they started, and end up doing a little bit of everything, and nothing well.
Or, they focus most of their time on a product or service line that they like, without knowing whether it actually i
A contractor knows that creating an estimate is the first step in securing a job. The client will look at all of the estimates and choose the one that best suites his or her needs. Estimating a small home is pretty basic. An experienced estimator can look at the square footage of the home to be built and have a good idea of what it will cost to complete the project. He or she also knows that there is a chance of delays and ever changing prices of materials.The Power Of Estimating - Cuts Costs In The Long RunWhether it is because they
One of the key attributes of successful businesses is that they clearly know what they do. Defining the goal or the "mission" of your business can be the key to your success.
A good mission statement does three things:
" States what business you are in. " Defines your target market. " Provides inspiration for your business.
One of the best examples of a mission statement comes from Levi Strauss & Co. http://www.levistrauss.com/Company/ValuesAndVision.aspx
"We will market and distribute the most appealing and widely worn apparel brands. Our products define quality, style and function. We will clothe the world."
Clothing the world is a pretty lofty goal, but Levi Strauss has the ability to do this for one reason--- Their founder, Levi Strauss, started the business with a mission and focus.
Levi started his wholesale dry goods business in San Francisco February, 1853. Rather than hoping to make his fortune in the Gold Rush, he created a fortune by wholesaling clothing and fabric to the small stores supplying the thousands of miners and later, families of the West.
In 1872, he was contacted by Jacob Davis, a tailor who had developed a method to rivet the stress points of the pants he made from fabric he bought from-you guessed it---Levi Strauss. Jacob did not have the funds to patent the process, so he teamed up with Levi Strauss to patent the original blue jean in 1873. The rest is history.
Now, if Levi Strauss was your typical small business, he would have probably have spun off in ten different directions in their early years, but the company remained focused on supplying quality clothing and fabrics to the working men and women of the West, and later the world. Rather than focusing on their core market, they would have fallen into the AFAB method...Anything for a Buck.
Most small businesses suffer from this lack of focus.
When we work with struggling business owners, the first thing we ask them is "What is your bread and butter?" What one product or service provides you with the majority of your business profit?
Unfortunately, most business owners can't answer that question. They did not define their core product or service and target market when they started, and end up doing a little bit of everything, and nothing well.
Or, they focus most of their time on a product or service line that they like, without knowing whether it actually is
"Bodacious" means to be bold, outstanding, and remarkable. Take those attributes to work and you're on your way to building a fulfilling, bodacious career. Does having a bodacious career sound exciting to you? It is! After starting as an $8 an hour customer service rep, I rose through the ranks of AOL, accepting four promotions and surviving over six layoffs to become the head of corporate training for 12,000 employees. Along the way I learned I needed to be bodacious to achieve the career I wanted. Out of that experience I created my "cheat s
"We will market and distribute the most appealing and widely worn apparel brands. Our products define quality, style and function. We will clothe the world."
Clothing the world is a pretty lofty goal, but Levi Strauss has the ability to do this for one reason--- Their founder, Levi Strauss, started the business with a mission and focus.
Levi started his wholesale dry goods business in San Francisco February, 1853. Rather than hoping to make his fortune in the Gold Rush, he created a fortune by wholesaling clothing and fabric to the small stores supplying the thousands of miners and later, families of the West.
In 1872, he was contacted by Jacob Davis, a tailor who had developed a method to rivet the stress points of the pants he made from fabric he bought from-you guessed it---Levi Strauss. Jacob did not have the funds to patent the process, so he teamed up with Levi Strauss to patent the original blue jean in 1873. The rest is history.
Now, if Levi Strauss was your typical small business, he would have probably have spun off in ten different directions in their early years, but the company remained focused on supplying quality clothing and fabrics to the working men and women of the West, and later the world. Rather than focusing on their core market, they would have fallen into the AFAB method...Anything for a Buck.
Most small businesses suffer from this lack of focus.
When we work with struggling business owners, the first thing we ask them is "What is your bread and butter?" What one product or service provides you with the majority of your business profit?
Unfortunately, most business owners can't answer that question. They did not define their core product or service and target market when they started, and end up doing a little bit of everything, and nothing well.
Or, they focus most of their time on a product or service line that they like, without knowing whether it actually i
The world rotates around money, we all know that. We all want to find affordable ways of starting or improving our businesses, but money always seem to be an issue. So then, why don’t we direct our attention towards business grants? Think about it: we are talking about advantageous financial offers coming from the government – tempting, right? But before you make any decision, you might want to ask yourself: “How do I find the right business grants?” Should I Opt for a Small Business Grant? Few of you know that the loans for small businesses are bei
In 1872, he was contacted by Jacob Davis, a tailor who had developed a method to rivet the stress points of the pants he made from fabric he bought from-you guessed it---Levi Strauss. Jacob did not have the funds to patent the process, so he teamed up with Levi Strauss to patent the original blue jean in 1873. The rest is history.
Now, if Levi Strauss was your typical small business, he would have probably have spun off in ten different directions in their early years, but the company remained focused on supplying quality clothing and fabrics to the working men and women of the West, and later the world. Rather than focusing on their core market, they would have fallen into the AFAB method...Anything for a Buck.
Most small businesses suffer from this lack of focus.
When we work with struggling business owners, the first thing we ask them is "What is your bread and butter?" What one product or service provides you with the majority of your business profit?
Unfortunately, most business owners can't answer that question. They did not define their core product or service and target market when they started, and end up doing a little bit of everything, and nothing well.
Or, they focus most of their time on a product or service line that they like, without knowing whether it actually i
There are many fundraising companies that are out there today, and one of the most well-known and successful of all is the Ready Fundraising Company. They are a fundraising company which began in the year 1909 as the manufacturer of Ready Jell, and this firm is one which supplies and sells fundraising programs to youth groups throughout the United States.Owned and operated by the same family for over four generations during a 90 year history, the Ready Fundraising Company has always been a wholesale distributor to the fundraising industry. the original blue jean in 1873. The rest is history.
Now, if Levi Strauss was your typical small business, he would have probably have spun off in ten different directions in their early years, but the company remained focused on supplying quality clothing and fabrics to the working men and women of the West, and later the world. Rather than focusing on their core market, they would have fallen into the AFAB method...Anything for a Buck.
Most small businesses suffer from this lack of focus.
When we work with struggling business owners, the first thing we ask them is "What is your bread and butter?" What one product or service provides you with the majority of your business profit?
Unfortunately, most business owners can't answer that question. They did not define their core product or service and target market when they started, and end up doing a little bit of everything, and nothing well.
Or, they focus most of their time on a product or service line that they like, without knowing whether it actually i
Is it possible to perform a free background check on an individual, using the Web?The information sought might include any previous employment, any criminal history, and an individual’s credit rating.As is becoming well-known, some online businesses have recently come into being in the US which purchase public record data, and then resell it. The service offered is often intended to help people locate lost friends or relatives, but often background checks, using the same public data, are offered as well. This might cover things like
Unfortunately, most business owners can't answer that question. They did not define their core product or service and target market when they started, and end up doing a little bit of everything, and nothing well.
Or, they focus most of their time on a product or service line that they like, without knowing whether it actually is their most profitable.
Fortunately, there is an easy fix for this problem.
You have to determine your gross profit margin from each of your product lines or services. Get together with your accountant, and figure out what you need to do to separate your revenue and expenses by the major product lines of your business. Then, you can find out your gross profit margin, or the percentage of gross profit you receive from each activity.
The product or service with the highest gross profit margin is your core business activity. It is the bread and butter of your business, and the key to your company profits.
Now, you must focus as much of your company resources as possible on this core activity. Market it, systemize it, and turn your business into a machine for duplicating this product or service over and over again.
What happens?
Well, rather than running around like a chicken with your head cut off, putting out fires all over your business, you suddenly have the focus to know where to spend your time and energy. You know your core, and you can work to make a good thing even better.
This focus will transform your business and your life.
Remember the term "Jack of All Trades, but Master of None"? You cannot become really good at something without focus, and focusing on your most profitable core product or service will make your business even more efficient.
Does this mean that you should never expand beyond your core? Of course not, but you must make sure you are really good at your core product or service before you venture into different directions. Creating a strong bread and butter business will give you the base necessary to expand.
Your core product or service is the foundation for your business. Build it well.
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