"Business Management" Posts

One of the most perplexing issues that every business owner must face is how much to charge for a product or service. This question is far more complex than it appears on its face. Let’s look at the potential issues associated with charging either too much or too little.

Assuming it appears extremely difficult to produce a profit in a company at any given point in time, the first reaction many entrepreneurs have is to raise the price. However, the negative to raising prices is the possibility of declining sales. As everyone understands, declining sales means that fixed expenses, as …

As every small business owner knows, spring is the season of decision. The reason is that business owners are far along enough into the year to modify issues that exist within the business. They are open to being crippled for, at a minimum, the majority of the year.

What are the critical variables in a business that must be under control in order for the business to be successful? The most critical variable in any business is control. Control is the ability to determine what areas of concern exist within any business and then take immediate action to modify these …

CONSTRUCTION COMPANIES: Invest in proper insurance to limit your business’ liabilities and protect personal assets.

Most small- and medium-size construction companies are inadequately insured. It’s easy to understand why, as most never consider their liability and exposure, and besides, no one likes paying for insurance. Owners would rather invest in more workers, bigger trucks, faster computers and other income-generating activities. Further, when budgets are tight, insurance seems like the best place to cut corners.

In today’s litigious society, a few dollars saved could cost owners their entire company, as well as all accumulated personal assets. Learn what your companys’ …

What separates a GREAT company from all the others? A positive customer experience.

Q. How is a positive customer experience different from quality?

A. Quality is a word that is exhaustively used in describing the mission of practically every business. Every business strives to provide quality products, quality services, quality talent and quality client service. But the word quality has no real meaning because everyone uses it to differentiate themselves from competitors.

The quality of a product or service is certainly important to the success or failure of a business, but it is the quality of the customer experience that …

How to ensure your company runs efficiently and profitably

Every business leader’s goal is to produce a profit and provide a standard of living that is acceptable to the business owner. Whether you are an aluminum die casting manufacturer or a service provider, there are standard tenets of business that all companies must abide by to succeed, according to Gregg Steinberg.

What are the keys to building a successful business?

In order to build a successful business, it is necessary for the management, ownership and employees at all levels to be able to measure and monitor daily activity and performance …

A surprising number of business executives do not recognize that business is a science. Many do not comprehend the importance of scientific standards because too many do not understand the definition. Therefore, a good place to begin would be to describe the interface between business and physical sciences while defining the basic requirements associated with scientific measurement.

First, it is important to understand that science is not scientific without standards from which measurement is calibrated. Standards are a dependent constituent required to calibrate accuracy regardless of what is being measured; temperature is a good example of this. Reading a temperature …

The American Dream means many different things to many different people. For small and medium-size business owners, it has always been about the capability of controlling one’s own destiny. In other words, the accumulation of enough positive net worth in a liquid state to make determinations based on your family and your own best interest.

For all the blood, sweat and tears that an entrepreneur puts into his business, it is only reasonable to assume that the business should begin to pay back the owner for all of the hard work, dedication, loyalty and skill sets. Very few American business …