The Theory of Constraints is a methodology for identifying the most important limiting factor (i.e. constraint) that stands in the way of achieving a goal and then systematically improving that constraint until it is no longer the limiting factor. A successful Theory of Constraints implementation will have the following benefits: Increased profit (the primary goal […]
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Real passion in an entrepreneur is vital but knowing the numbers is what helps you pay the bills. While understanding a profit-and-loss statement and being able to apply for a bank loan is essential, lt is also vital being a business owner to understand the 80-20 rule, also known as the Pareto Principle. The Pareto
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Much like a marriage, a business partnership is nothing to enter into lightly. Here are the top 7 traits that I have found make up a desirable business partner: Accountable: The most important trait in any partner is accountability. You want a partner who is accountable for his conduct, for his ideas, for his communications
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There are a lot of ways that an organization can experience and practice change. Due to the unforeseen circumstances, we’re going through, it has become imperative to bring a change in the system of working for any entrepreneur. Resistance to change is as much an organizational and group issue as it is an individual issue.
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Cross-promotion is the practice of building strategic partnerships with other brands to increase awareness and drive sales while reducing advertising costs. This strategy helps you link arms with other businesses and ”cross-promote” each other’s products and services. By partnering with other brands, you can widely reduce marketing costs and improve your strategy. The right cross-promotion
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All of us want to maximize success for ourselves in life. Sometimes, it’s essential for us to know what not to do and use the method of elimination for growth. If your business is not growing, there are probably things that you can do to change it and get your company moving in the right
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In a recent interview, Jeff Bezos shares a simple, brutal truth that so many people never learn to make his case that Amazon actually lives up to this ideal. The five words were “CREATE MORE THAN YOU CONSUME”. If you want to be successful in business (in life, actually), you have to create more than
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1. Workshops may seem like something only a professional trainer needs to worry about. However, the ability to run an effective workshop is a major asset to senior leaders. 2. The problem is that long presentations tend to suck the oxygen out of a room. 3. A good workshop can leave people energized and excited,
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1. Business failure is a fear of every business owner. Failures can be because of deviation, uncertainty, experimental behavior, burnouts, etc 2. This article summarises the causes of business failure, low sales, and also how business failure can bring success. Here’s a link to the article to know more:https://www.allbusiness.com/lessons-learned-business-failures-14953-1.html
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Build Complementary (different skill sets) team but who share the same vision Delegate Effectively Define roles – everyone know his own personal Trait – where buck get stuck Define KRA & KPI – weekly review meeting – Measure it – recognize those achievements Identify current skills of person & which skill to develop Train them
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