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Surviving a Competitive Price War: 5 Best Practices

In the business world, the prices of commodities often change. This usually stems from the unstable market forces as a result of the recent recession slump. The increasing pressure to keep sales high forces business owners to slash their prices in an effort to recoup their losses. This is what instigates price wars.

Price wars generally start as firms are fighting for a larger market share in a declining market. Some firms become so desperate that they initiate aggressive growth strategies. These firms believe that by driving their competitors out of business, they will be able to assert themselves in a dominant position in the market and dictate the prices. In theory, this is one way to get a larger piece of the market pie however, more often than not, they forget to think about how their competitors will respond. There are generally two actions you can take: to respond or to ignore it. The best way to survive a price war is to avoid it; however, there are times when you have to take certain measures to defend your business. So how exactly can you do this? Read More…

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Small Business Cash: 3 Ways to Serve the King

For entrepreneurs starting a new business and seasoned veterans alike, sales feed the business, but sales without cash flow is like bread without water.  Sooner or later the business will dry out and die.  It’s cash that feeds the internal organs of the business that make it go.  Managing your business finances is one of the most important aspects of running a business.  It may be why you spend a boatload of time keeping track of your cash flow, balance, and income statements.  When managing your business finances, cash flow is a paramount metric, especially for start-ups.  Managing your finances will never be easy, but you may be able to make it easier on yourself. Read More…

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Roadblocks to Organizational Change: Are You Guilty?

As a business owner or company big cheese how many times have you tried to make an important change within your company just to see nothing happen any differently then before you started?  You communicated effectively, telling the rank and file just what they needed to know to implement the new initiative, right?  Or did you.   Are you guilty of creating roadblocks to change in your company? Read More…

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Tebow Time for Small Business: Coming Through in the Crunch

Tim Tebow, Broncos, DenverThe craze sweeping the nation this winter comes from the National Football League.  Of course I’m referring to Tebowing, originated by Denver Broncos quarterback Tim Tebow, and you either love him or hate him.  Removing religious beliefs from the equation, Tim Tebow along with the Broncos have strung together a series of remarkable comebacks before recently bowing to the superior Brady Bunch and the New England Patriots.  Denver was left for dead on multiple occasions through three quarters plus in games, only to rise like Lazarus to overcome the football Reaper and stand in victory.

Is there a leadership lesson in this over-hyped story for small business owners, entrepreneurs and corporate execs? Read More…

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Grease the Signs: 3 Ways to Prevent Your Company From Being Ripped Off

Small Business can take a lesson from grass roots political operatives in 2012 and take steps to limit the risk that competitors will be eating their lunch by mid-year by literally stealing their lunch.  So how do you stop competitors from copying your good practices and ideas or co-opting them for their own, engaging in corporate theft?  You need to grease the signs. Read More…

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Don’t Kill with Kindness: 4 Leadership Best Practices for Bosses

When directing and disciplining employees on the job, what approach is correct to get the best long-term performance?  Are you better off being a friend or a tyrant?  Shoot for respected and we’ll call it a day.  Read on to learn why on the job it can be cruel to be kind, and four best practices to get what you want from employees. Read More…

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Situational Behaviors, Eternal Values: 5 Questions for Business Owners

In business and in life, it’s an unfortunate fact that behaviors tend to change with circumstance.  This shows itself most frequently as need or lack of something changes decisions, behaviors, and all too often, values.  So the real question is, do you compromise your business values based upon dire circumstances? Read More…

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The Limited Life Cycle Business

limited life cycle business, business life cycle, life cycle productWe’ve all heard the terms life cycle product and business life cycle before, used to describe the natural, measurable and recognizable stages that a business goes through.  As business owners we all want our products and services to last, to ride that pony until her knees buckle.  Many times, we don’t know how long that is, so we hope for the best.   An increasing number of entrepreneurs today are designing entire business units around trends in the marketplace that have a limited life-span—and they know it in advance!  Keep reading to learn to see if you have the talents, resources and stomach to build your own limited life cycle business again and again and again. Read More…

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Poll Results: White Collar Business Leaders Get Advice by Self-Education

Curious as to how your peers get their business advice and keep their personal saws sharpened?  I ran an unscientific poll on LinkedIn asking that question.  The results definitely painted the picture of the self-educated professional, getting business advice from articles, blogs, webinars and other self-initiated means. Read More…

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Current Nightmares of Small Business Owners and Entrepeneurs: Poll Results

small business poll, entrepreneur poll, top problems of small business, small business nightmaresI took a poll of viewers of this blog, LinkedIn and Twitter users, and others during the month of August to find out what was the number one thing keeping them up at night as small business owners and entrepreneurs.  What were their top challenges?  The results may surprise you. Read More…

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