MBA Pundit: MBA News, Views and Notes
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What are you waiting for?
It was 70-degrees and the sun was shining brightly on Super Bowl Sunday in January 1999. I was putting on green # 8 of Orange Park Country Club in Orange Park, Florida—a suburb of Jacksonville—with my son Tommie, then the assistant golf professional, and two of his member buddies. “This is great, Tom. It’s in…
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Turning Customers into Clients: Acquisition v. Retention
Are you spending more on acquisition or retention? If you said ‘acquisition,’ you’re wasting time and money. Estimates that 20 percent of customers account for 80 percent of total revenues in most businesses is useful news. Consider it a wake-up call! Finding a new business is expensive and often unrewarding, So why spend time and…
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Succession Planning for Family Businesses
Perhaps the toughest decision confronting most business owners–family-owned, or otherwise–is the need to plan for the succession of their success! All companies face the challenges of continuity, succession, and profitability, but those issues generally create unique planning and management problems–as well as opportunities–for family-owned businesses. When relatives go into business together, their individual aims, goals,…
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The 10 Simple Rules of Business
Business is a practical affair. Most SBOs (small business owners) don’t have much patience or time for theoretical stuff. What follows isn’t theory. The ten principles are hard-and-fast success rules, lessons I’ve learned over the years about running a business The purpose of a business is to make money. It’s fine to have a social…
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The Ethics of Success
Honesty pays. It’s as simple as that. Unless you’re in business to make a one-shot killing and then plan to take the money and run, honesty will always be the best policy. Business owners who fail to play straight – – – Whether it is with their employees, their suppliers or their customers — eventually…