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Business Stages eLuminaries entrepreneurs Entrepreneurship Ideas Innovation Planning Start Up
This is the forum for entrepreneurs to exchange ideas and get actionable advice to help grow their businesses. Post specific strategies that can inform and educate fellow entrepreneurs. This is not the place to recycle snippets of news or rehash commonly known business phrases.
You are an entrepreneur (or aspire to be one) and you require meaningful dialogue about which techniques work and which ones do not. Chime-in and share a solid piece of advice that you wish you knew when you were first starting your business or a strategy that through first-hand knowledge you know works.
By Sharon R. Brown
Re-evaluate Strategic Objectives
Re-evaluate strategic objectives to avoid recycling old strategies and tactics that will have little to no impact of moving the business forward in the new year. For example, a shift in market conditions may no longer make pursuit of certain customer segments worthwhile. A small-business owner can end up “spinning their wheels” chasing a strategy that does not make sense given changes in the business climate.
Eliminate Waste
Review key processes to eliminate waste. Though businesses can have multiple processes, there are mission-critical and/or customer-facing processes that should be reviewed to uncover inefficiencies and waste. Small-business owners should ask, “What are my top one or two processes?” and “How efficient is each process?” They can then evaluate the performance of each process in terms the target metrics (e.g., speed, reliability, or other key metrics).
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