Growth and Planning

Often, engineers and other technical professionals struggle with understanding marketing. One of the main reasons is that, in the world of marketing, there are no equations with predictable outcomes like we are used to in our world of sciences. There are no guarantees; only generalizations, probabilities and possibilities. This lack of predictability can cause angst…

Growth by acquisition or buying another business is a possible strategy for small businesses.  In this case, Pure Stroke Golf, a formerly Florida-based maker of putting training aids, was purchased by C&C Machine, Inc., an Oklahoma-based machine shop. Why C&C Machine Chose to Grow by Acquisition Like many Oklahoma machine shops and fabricators, C&C Machine’s…

Many Oklahoma small businesses would like to grow.  Below, we discuss four strategies for you to consider. Increase Marketing and Promotional Efforts This strategy could mean anything from updating your website, social media, old fashioned direct mail campaigns, networking, contacting customers that you haven’t heard from in a while and more.  We have found this…

Theodore Roosevelt’s, “The Man in the Arena”, is an excerpt from the speech “Citizenship in a Republic” delivered in Paris on April 23, 1910.  I have modified the excerpt to be non-gender specific.  Is the small business owner in “The Arena”?   The Person in the Arena It is not the critic that counts; not…

The Experience Economy was written by B. Joseph Pine and James Gilmore.  I read the 2011 revised edition.  Their basic theme is that relying on the production of goods and the delivery of services are no longer enough to foster economic growth, create new jobs, grow businesses and maintain economic prosperity.  They say we live…

Jim Collins’ book Good to Great is another excellent business book that discusses concepts from large business points of view. As I have noted before, I am interested in how these large company concepts can be applied to your small business to help you survive, grow and meet your goals. There were many great points…

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…

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…

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.…