Archive for the ‘Business Strategy’ Category
Purpose: Are you making this strategic website mistake?
by Editor on Thursday, July 29th, 2010Why do you have a webiste?
Is it because everyone else has one, so you thought you should have one too?
Anecdotal research tells us that 80% of websites don’t have a clearly defined purpose. So, if you’ve made the classic mistake of building a website and are now wondering what to do with it, or even, whether it works, then read on…
How Much Does a Visitor Cost Your Digital Business?
by Editor on Wednesday, July 7th, 2010Do you know how much a digital visitor costs?
Well, if you are working for the UK Government, you will now know how much a single visitor to your website costs – and it can vary by a factor of 48,900%.
Yes, that’s right, the cost of visiting www.number10.gov.uk cost just 2p per visitor – compared to the cost of visiting www.UKTradeInvest.gov.uk which cost £9.78 per visitor.
3 Digital Start-up Business Mistakes to Avoid
by Editor on Wednesday, June 23rd, 2010Digital business (previously called internet businesses) are still all the rage and therefore the majority of new start-up business plans are digital businesses.
But we keep seeing the same mistakes. So here are 3 errors that we keep seeing – and you should avoid…
Point 2: Rapid Product and Service Innovation
by Editor on Monday, June 21st, 2010In this 2nd of the 7 point plan for growing your business in 2010, Lewis talks about the importance of rapid product and service innovation and the three key factors …
How digital marketing allows us to beat the jobs freeze
by Editor on Thursday, June 10th, 2010Recruitment freezes have spread from the private sector to the public sector across Europe and the US – they are now everywhere!
So, when one of your team leave, you are left short handed and without key skills, how do keep growing your business, make more sales and deliver better returns with less budget and a smaller team?
How to Achieve More with Less Cash
by Editor on Thursday, May 27th, 2010Okay, we know the answer lies with outsourcing – but how much can you outsource and how do you do it safely?
Here are our 7 key tips…
How Successful Enterpreneurs will Survive the Treacle Years – 5 Key Tips
by Editor on Monday, May 24th, 2010What shall we call this period – between the first recession and whatever is to come in the form of substantial public sector cuts and reductions in government spending?
Shall we call them the treacle years? The years of trudging along with heavy boots – just about keeping the forward momentum of your business but demanding constant and focused effort?
Point 1: Accept New Business Reality
by Editor on Saturday, May 22nd, 2010In this first video of the 7 point plan, Lewis deals with three key points
1.) Tough credit terms will continue
2.) Most markets are shrinking fast
3.) There is good news – less competition
How to Grow your Successful Enterprise – Get Agile
by Editor on Thursday, May 20th, 2010I recently got sent a link to the report that Ernst & Young launched at Davos earlier this year and it has some important lessons and advice for successful entrepreneurs – you’ve got to become agile.
So, how do you do that? Let’s find out…
7 Point Plan – How to Grow Your Business in 2010
by Editor on Thursday, April 29th, 2010How do we grow our businesses in 2010?
We have less cash than before, and borrowing is either impossible or way too expensive.
We’ve made cuts already to our business and so have a smaller team and less staff than before.
We know government cuts to public spending are coming and will impact on at least some of our customers if not our businesses directly.
So what do we do?
Wake up and Smell the Greek Coffee
by Editor on Wednesday, April 28th, 2010The riots on Greek streets and the IMF inspired bailout tell us that a major fiscal storm is coming to the UK very soon – unless deep cuts are made to public spending.
And, for businesses to be prepared to handle that impact, we need to plan and implement right now.
Successful Entrepreneurs Ditch the “Sell Your Business for Zillions Goal”
by Editor on Monday, April 19th, 2010Guys – it is time to ditch the old ‘build a business and sell it for zillions’ goal!
Just as easy credit has passed into history so too have the dreams of becoming instant dot.com millionaires as a result of a few lucky breaks and some unknown buyer waving cheque books.
As most successful entrepreneurs know, it doesn’t really happen like that – unless you are incredibly lucky.
But, it is a common battle cry from entrepreneurs that they want to sell their business for £5m in 3 years time – or some similar sort of goal.
7 Point Plan on How to Grow your Business in 2010
by Editor on Wednesday, April 14th, 2010The credit crunch is hardly over, but at least we can now focus on how to grow our way out of the problems we are in – rather than worrying if everything was going to collapse.
So, in this new credit chastened environment, how do you, the successful entrepreneur, grow your business in 2010?
To help, here at Rags to Wreckages, we’ve put together a 7 point plan on how to move ahead and start to grow again this year.
UK’s ‘Recovery budget’ offers modest boost to entrepreneurs
sarah on Friday, March 26th, 2010On the face of it, the UK Chancellor’s budget speech on Wednesday offered a reasonable boost to small businesses and entrepreneurs.
The budget, the last before the general election, has therefore been largely welcomed by the business community although some claim it still does not go far enough in its support for entrepreneurial and fast-growing businesses.
Fire Old Guard says successful entrepreneur
by Editor on Monday, March 22nd, 2010Luke Johnson, a successful entrepreneur, wrote in the FT last week that it is important to fire your existing management team if you want your business to discover reinvention. He says that gradual revolution is not enough and that when systems are broken small steps won’t work.
Whole swathes of businesses no longer work the way they used to. Book publishing and local newspapers are at the top of the list, but other business such as estate agencies, state education, financial services are all looking for new ways to do things.
We are not looking at a gradual revolution here – we are looking at business models that no longer work.
Business goal setting – another of my great mistakes
by Editor on Monday, March 15th, 2010Goal Setting is powerful. And I’m a big fan of setting goals… but…
… goal setting can have plenty of unintended consequences.
Like the back of bottle containing powerful chemicals – perhaps for clearing a blocked drain – they should contain the warning ‘use with caution’ and ‘discard when passed the use by date’.
A classic goal for first-time entrepreneurs – who are building their first business – is to sell the business for a set amount – say £5million – in 3 year time.
Can you become a successful entrepreneur by making more mistakes?
by Editor on Wednesday, March 10th, 2010Warren Buffett, still one of the world’s most successful investors, is good at owning up to mistakes.
He has declared on many occasions that holding onto his textile company in the 1970s was an error and that he accepts full responsibility for not listening to the advice telling him to exit the business.
Even in his latest letter to shareholders he warns that “we will make plenty of mistakes”.
How Successful Entrepreneurs Dump the Big But Dumb Business – and Why Yahoo is Behind Google
by Editor on Monday, March 8th, 2010Which is the better business Google or Yahoo?
Well, you probably are going to choose Google – and you’d be right.
But do you know why they are a better business? Again, you might say better products etc… and again, I’m sure you’d be right.
But how would you measure the difference?
Are you Building a Big But Dumb Business?
by Editor on Tuesday, March 2nd, 2010Tom Farmer, the entrepreneur who made his money with Quick Fit, a tyres and exhausts retailer and fitter, says that the bigger you are – the dumber you are.
In Mr Farmer’s view ‘the reason governments are dumb is because they are so big’.
So size is a real problem for both businesses and institutions.
Therefore, Tom Farmer is an advocate of the low employee business, which grows by outsourcing all the other services.
Why Successful Entrepreneurs Do Give Up…
by Editor on Friday, February 26th, 2010Do great entrepreneurs never give up?
Is a top entrepreneur like a dog with a bone, and just won’t let go?
True or false?
Well, true but only to a point. A smart entrepreneur will “try, try and try again – and then give up. No point in being a damn fool about it”. (WC Fields).
The Best Single Business Idea – “One Customer Beats Every Business Plan”
by Editor on Friday, February 19th, 2010Is this the best single business idea that you will ever come across? We reckon it is pretty much up there with the best.
One working prototype and one paying, happy customer ==> testimonial + request for second product from second customer. The two happy customers and testimonials then create a third customer and so forth.
The Economist Gets Behind Freelance Working
by Editor on Thursday, January 14th, 2010strong>Even The Economist´s Schumpeter column is reporting and marginally supporting the idea of freelancing, especially for interim CEOs who are normally very expensive to get rid of (and most of whom don’t work out).
The article points out that the hiring process for CEOs is ‘hopelessly inefficient’ yet ends with the old adage that
The most successful companies, [...]
The Big Secret – Recruitment Interviews Don’t Work
by Editor on Thursday, January 7th, 2010We have a recruitment interview Breakdown – 86% of interviews fail to pick the right person for the job.
According to a Michigan State University study on predictors of performance,
Some 90 per cent of hiring decisions are made as the result of the interview, but interviewing is only 14 per cent accurate…
Successful Entrepreneurs – Take no Debt – Follow the 3B Rule Instead
by Editor on Monday, December 14th, 2009I’ve been asked to advise Liverpool John Moores University entrepreneur students on getting finance for their new businesses.
Controversially, my view on finance for young entrepreneurs would be, don’t.
Here’s what I would recommend:
a) avoid finance if at all possible and always for as long as possible – learn to beg, borrow and barter
b) focus on the ability to [...]
Dear Successful Entreprenuers – A warning…
by Editor on Thursday, December 3rd, 2009Dear successful entrepreneurs,
Here is my warning…
Just remember if you do employ traditionally (and ignore the freelance model), here is what you will be paying for sooner or later…
Freelancing – the Future Looks Like This… Part I
by Editor on Friday, November 27th, 2009“The glue that holds the company together is trust” said Dr James Bellini, a forecaster of employment trends, and therefore not employment.
This statement stands in direct conflict with some of the comments expressed in response to my article ‘Entrepreneurs – never employ anyone’.
Objection to Hiring Freelancers – “I Want to Hire the Best”
by Editor on Friday, November 20th, 2009
Okay, we’ve started the ball rolling on this website with the controversial claim that entrepreneurs should only hire freelancers…
…that you have to hire the best. … and hiring the best means you have to offer the full time employment – the best package – a full time employment contract and for CEO’s golden handshakes to welcome them and golden parachutes should they fail, share options if they don’t etc.
Entrepreneurs – Never Employ Anyone Ever Again
by Editor on Monday, November 16th, 2009Okay – here is a radical business strategy for entrepreneurs that some of you won’t like – and that is that you should not employ anyone. Please, if you disagree, please don’t switch off but take a moment to think about the argument… you can always respond below…
Work with people on a freelance and contractual basis – yes, absolutely, you simply must. You can even have an office or a factory if you must, but never sign a standard UK or European employment contract.
Like Football – Like Business
by Editor on Wednesday, November 4th, 2009Arsene Wenger, the Arsenal coach and ‘Warren Buffett of football’ was quoted this August as saying:
“The common denominator of successful teams is that the players are intelligent. That does not always mean educated. They can analyse a problem and find a solution.
“The common denominator of a top-level person is that they can objectively assess their performance.
“You [...]
How Can Parables Help us Understand Business?
by Editor on Wednesday, October 21st, 2009If a picture is worth a thousand words – how much is a story worth? Especially a story that paints pictures in the mind?
I am using parables – or stories – to express the ideas about business which will form the basis for this blog and the subsequent book Rags to Wreckages … to Riches.
Lots [...]
Rags to Wreckages to Riches to Publication – due in 2010
by Editor on Thursday, October 1st, 2009Real Life Business Strategy and Parables for Entrepreneurs:
Why Many Great Sounding Businesses Ideas Don’t Make Money – and – The Rock that Wouldn’t Budge
Why Brittle Businesses Break – and – How Glass was Cursed with Brittleness
Goldilocks and the three Shareholders
They Know What Needs to Be Done But They Don’t Do it – and – The Bug [...]
