Small businesses should perform research to help guide in critical decision making. Research should be performed before launching new products or services. Research should be performed before laying out a growth plan, marketing plan or making major operational changes. Below are some areas of research that the small business owner should consider. CURRENT CUSTOMERS Current customers are one of the ...

Large companies use statistical techniques and predictive modeling that utilize regression analysis, weighted averages, exponential smoothing, etc.  They have access to pools of data and operate in relatively stable environments. Generally, small businesses don’t have access to such complex forecasting models or pools of data.  They often operate in environments where one small change in the market or industry can ...

Tulsa Business Plans Do I Do Business Plans? I am often asked if I help businesses in the Tulsa, Oklahoma area develop business plans. My answer is yes if you believe business planning helps in decision making, reducing risk, increasing the odds of success and is frequently required to satisfy the business loan application process. Often, business plans are only ...

Recently, we had the opportunity to help kids get ready to go back to school through an event held at New Heights church in Owasso, OK. It was an all-day event and here are the results. 353 families were served 1220 kids received school supplies 1177 kids received a backpack 998 kids received a new pair of shoes 97 kids ...

Cash is the lifeblood of business.  That is why cash flow management and forecasting is so important to small business owners.  Change blindness is a psychological term.  It is a phenomenon in visual perception in which very large changes in full view of a visual scene are not noticed. Perhaps you have seen the example of change blindness where 2 ...

I recently had the privilege of creating a podcast with Brad Post, President & CEO of Create the Movement, an internet marketing firm. Brad, along with his extensive team, are experts in the areas of website design, SEO (Search Engine Optimization), SEM (Search Engine Marketing), branding, social media, video production and much more. One of their core principles that should ...

You may have heard statements like “cash is king” and “cash is the lifeblood of business”.  These statements are true, especially for small businesses.  Small businesses don’t seem to have access to capital (cash) from lenders and investors like large businesses.  Below are some reasons why a healthy cash balance can be beneficial. Bridge Through Slow Times The economy and ...

Income statements measure and can be used to forecast profitability. Cash flow statements measure and can be used for forecast cash levels. These two financial statements need to be understood by the small business owner. It is possible for a company to show a great profit, yet struggle due to poor cash flow and management. Below are some major differences ...

I recently attended the Oklahoma Engineering Conference.  I had the privilege of presenting two subjects.  One subject was Art meets Science:  A System of Innovation.  The other was Business Planning:  Bringing a New Product or Service to Market. I also had the opportunity to attend presentations on other subjects.  Below are a few subjects that could be useful to all ...

A business viewpoint article, authored by Greg Conder, was recently published in the Tulsa World.  For the full article, please click here Below are some practical ideas to diversifying your customer base. Review two or three years of shipments, service orders or invoices.  Are all of the customers truly in the same industry segment?  Were there some small orders in ...