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7 key ingredients often forgotten
Every entrepreneur aims to grow their business. With more customers and more sales, profitability should also increase. But that is not always the case, and many entrepreneurs find the hard way that more sales do not automatically translate into a bigger bottom line. Healthy growth is great. Hopeful growth is dangerous.
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The 5 W’s of professional journalism
I learned early in my first career as a Business Reporter the five W’s for asking questions .. when, what, where, who, and why. An additional “H” for how complements the W’s ... and are the fundamentals for honest and professional journalism. The 5 W’s are used for gathering information, conducting research, and digging out the facts. The “how” helps interpret the event/story. “How this happened or why this happened” represents the opinion of the author, journalist, or reporter.
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Seven critical questions
Entrepreneurs start, organize, operate, and assume the financial risks of starting a new business. They are innovators who identify opportunities, generate solutions, and drive economic growth by launching products and services. Some entrepreneurs are satisfied with the early success and chose to focus on a steady business while others aim to grow the business.
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Part 3 ... Stuck in the weeds ...
In part 1 and 2 of this series of articles on the “invisible hand theory” of Adam Smith, I covered in part 1, the immense contribution of SME’s to Canada’s economy, and in part 2, the urgent need of government and private business to work together. In part 3, I am covering the need for strategic planning and a united team under strong leadership.
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Part 2 - Private vs Public
In part 1 of this article on the “invisible hand theory” of Adam Smith, I covered the incredible contribution of SME’s (Small and Medium-sized Enterprise) to the Canadian economy and the urgent need of Canada to help Canadians work, invest, build, innovate, and export.
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Part 1... SME’s contribution
The “invisible hand” is a metaphor inspired by the Scottish economist Adam Smith that describes the incentives which free markets create when entrepreneurs and business owners unintentionally act in the public interest, even when this was not their intention. This happens when entrepreneurs coordinate economic activity and allocate resources efficiently.
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During December’s Christmas, Hanukkah and “New Year” celebrations, it is customary to exchange gifts, send good wishes, visit with family and friends and in the business world host an annual dinner for employees and associates. It is not surprising that over the years, Christmas and Hanukkah celebrations have been transformed into secular holidays centered on consumerism. What is surprising to me is diluting the core message of Christmas and Hanukkah to end-up losing the fundamental reason for the celebration!
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People decisions regarding leadership are never easy ones. When results are lacking and you are disappointed with a leader performance, do you apply the phrase “ three chances and you’re out ”? Difficult leadership decisions apply to sport teams, businesses, non-profit organizations, and countries. “Doing the same thing and thinking or expecting to get a different result,” called the insanity quote, frequently misattributed to Albert Einstein, has become a popular way to describe a flawed or illogical approach. Change is needed OK ... but where do you start? Change the leader or the team? Or both?
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Start with a simple question ...
Canada Post (CP) is again on strike. Recently, the Prime Minister stated that “the Crown Corporation is hemorrhaging money, but plans have been put forward to reduce losses.” Earlier this year, he provided a $ 1B injection. CP lost $ 407M in just Q2. Surprise? CP has consistently lost money and in greater amounts. Over $ 2B losses, last 4 years and on track this year for $ 1.5B loss. I read that the reasons for the disastrous results are declining use of mail, outdated restrictions, market dynamic changes, and stalled labour relations. So what should Canada do?
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As the Labor Day long weekend approaches, it unofficially tells us that end of summer will soon be here. Many gather for a fun weekend with family and friends, others prepare for schools begin or use the three-day weekend for a last minute catch-up on work and/or personal things “to do’s” before the season concludes.