Several friends have sent me a picture of an EBITDAC coffee mug this week. As it states, EBITDAC stands for Earnings Before Interest, Taxes, Depreciation, Amortization and Coronavirus. Will this be the new measure of cash flow for valuing your … Continue reading →

The post EBITDAC : What is Your Business Worth Now? appeared first on Awake at 2 o'clock?.

Almost since time began, the nimble small business has been axiomatic. Large corporations are like big ships, the common knowledge goes. They take a long time to change direction.

The post The Nimble Small Business appeared first on Awake at 2 o'clock?.

In any negotiation, you can assume a win-win solution or a zero sum outcome. “Win-win” is defined as when both parties come out ahead or achieve what they seek. “Zero sum” is when the premise behind negotiation is that whatever one … Continue reading →

The post Business isn’t Zero Sum appeared first on Awake at 2 o'clock?.

Why would anyone advise business owners to stop managing? Management is a proven science. From the time and motion studies of Frederick Winslow Taylor in the late 1800s, to Matthew Kelly and Patrick Lencione’s Dream Manager, we are constantly in … Continue reading →

The post Stop Managing appeared first on Awake at 2 o'clock?.

How much does that (fill in your preferred number here) pound gorilla weigh? I always refer to an 800 pound gorilla, but I’ve heard others use everything from a 400 pound gorilla (which is pretty close to their real size) to … Continue reading →

The post How Much Does that Gorilla Weigh? appeared first on Awake at 2 o'clock?.

Every owner wants to maximize resources. The whole concept of profitability is based on doing the most with the least, but we often are trapped in the prevailing thought pattern about how things “should” be done. When taking a car … Continue reading →

The post Maximize Resources – Use What You Have appeared first on Awake at 2 o'clock?.

When can good customers be bad? What could be wrong with a customer who buys a lot, pays promptly, and never has a service problem? They might be buying too much.

The post Good Customers Can Be Bad appeared first on Awake at 2 o'clock?.

Small businesses provide much of the initial employee experience. We take younger folks and teach them decent work habits like showing up every day, being on time, and working to deadlines. As owners, our personal skills may not be sufficient.

The post Employee Experience: Is Bigger Better? appeared first on Awake at 2 o'clock?.

The other day, a client asked me to review some questions from an MBA student studying business ownership. One of the questions was “Are you doing everything possible to maximize profits?” I’ve seen the same question asked in a number … Continue reading →

The post Choosing Not to Maximize Profits appeared first on Awake at 2 o'clock?.

Ever since we started using computers in virtually every business, we’ve been putting data into them. Unfortunately, the issue has been getting information back out. In the middle 1980’s I ran a manufacturing company together with a couple of Australians.

The post The New Information Direction: Push Over Pull appeared first on Awake at 2 o'clock?.

I hear it all too often. “A customer just called us for a quote. They have always done business with our competitor.

The post Help Your Friends, Not Your Competitors’ appeared first on Awake at 2 o'clock?.

Last week the British government announced that it was naming their new scientific research ship the RSS Sir David Attenborough, acting counter to the  people’s selection of “Boaty McBoatface,” despite that name being an overwhelming 3:1 favorite over the next closest choice. … Continue reading →

The post Extreme Democracy appeared first on Awake at 2 o'clock?.

As an evangelist for small business, I am the consumer equivalent of the locally-grown food movement. I spend as much of my discretionary income as possible with the owned-and-operated businesses in my area. As a consultant and coach to owners, I also … Continue reading →

The post Small Businesses Fantasies: Service appeared first on Awake at 2 o'clock?.

In my two decades of managing over a dozen peer groups, I frequently had the opportunity to sit in meetings with a business owner who competed with a member of another Board. I occasionally had to bite my tongue as someone vilified … Continue reading →

The post Talk to Your Competitors appeared first on Awake at 2 o'clock?.

Of all the misconceptions by business owners, the ones surrounding their company’s value are both the most common and often wildly inaccurate. I’ve been working for the last couple of months on the training videos for advisors in our new product, The ExitMap®. … Continue reading →

The post What is the Right Price? appeared first on Awake at 2 o'clock?.

This is one of those posts that more or less insists on being written. Last week I started talking about the pronouns that help to define leadership styles. I felt that clearly I needed to bring in Daniel Goleman’s work … Continue reading →

The post What’s in Your Leadership Golf Bag? appeared first on Awake at 2 o'clock?.

The sentence that titles this post could be defined as the epitome of mixed emotions for a business owner. You won the business, but only because you are willing to work for less than everyone else. Perhaps you deliberately cut … Continue reading →

The post “Congratulations — You are the Low Bidder!” appeared first on Awake at 2 o'clock?.

Recurring revenue is the current Holy Grail of business. Barriers to Entry, a traditional way of assessing your differentiation against competition, have been replaced by Barriers to Exit, how to make it at least inconvenient or at most excruciatingly painful for … Continue reading →

The post The Quest for Recurring Revenue appeared first on Awake at 2 o'clock?.

There is nothing that quite matches the excitement of landing your first really big customer. It often brings with it the confidence that comes with knowing, really knowing, that you can compete in the big leagues. There could be the added security of … Continue reading →

The post When a Customer Outgrows You appeared first on Awake at 2 o'clock?.

“The employees respect what the boss inspects.” Since Frederick Winslow Taylor published The Principles of Scientific Management in 1911, breaking down tasks into measurable pieces had been the cornerstone for employee training and tracking performance. Why then, do many large organizations with … Continue reading →

The post Measurement is Not Management appeared first on Awake at 2 o'clock?.

The majority of business owners prefer linking pay to employee performance. The sales role in most businesses is the easiest and most obvious place to begin. Yet owners struggle with compensating salespeople in a manner that is affordable while still driving sustained performance.

The post Never Fire a Salesperson appeared first on Awake at 2 o'clock?.

Logically, no one would enter into a business relationship where anything that is better for one party is worse for the other. Such a zero-sum arrangement would quickly grow tiresome. Either one party is consistently losing in every transaction, or … Continue reading →

The post Structural Tension: Is It Good or Bad for Your Business? appeared first on Awake at 2 o'clock?.

In the words of the late, great Father Guido Sarducci of Saturday Night Live fame; “I canna teach you everything you need to know about business inna fiva minutes. You buya something, and thena you sell it for more.” A … Continue reading →

The post Invisible Discounts appeared first on Awake at 2 o'clock?.

Why are car dealer commercials so crappy? I’m not talking about the manufacturers’ ads. Those cost millions and have big-name professional spokespeople.

The post Marketing for Trust appeared first on Awake at 2 o'clock?.

True story: A fortune 500 company implements a new wellness plan for employees. It’s designed by consultants who use the Affordable Care Act (Obamacare) as a template.

The post Regulation: Between a Rock and a Hard Place appeared first on Awake at 2 o'clock?.

Not too long ago, I was leading a group of business owners in a discussion. These were not my peer board members, but rather owners at a breakfast, none of whom I’d met before. To start the conversation, I asked … Continue reading →

The post “Everyone has Gotten So Rude!” appeared first on Awake at 2 o'clock?.

A recent episode of “Downton Abbey” included a new servant tasked with passing out canapés at a dinner party. “Try one of these,” he quietly suggested to a guest. “I’m told they are quite good.

The post Why Do We Hate Salespeople? appeared first on Awake at 2 o'clock?.

The owner of an IT services company recently presented his new reporting system to his peer board. They had provided substantial input as to what they, as customers, would want to see from their technology provider. Per their advice, he provided … Continue reading →

The post What a Customer Needs May Not Be What He Wants appeared first on Awake at 2 o'clock?.

“We have a great reputation in our industry.” In thousands of hours of coaching and facilitating I’ve never heard a business owner say “We have a lousy reputation.” The myopia of working hard to deliver a product or service leads … Continue reading →

The post Reputations are Sticky appeared first on Awake at 2 o'clock?.

Robert Morris is the number one reviewer of business books for Amazon.com. A few weeks ago he posted a great review of Hunting in a Farmer’s World, and asked if he could interview me.

The post My Interview with Robert Morris: Part I appeared first on Awake at 2 o'clock?.

When the Yellow Pages were a primary source of advertising for small businesses, they had a nifty sales technique. If an advertiser was doubtful about the value of an ad, their sales rep would offer a special telephone number to track how much business … Continue reading →

The post Google, SEO and the Yellow Pages Game appeared first on Awake at 2 o'clock?.

Last week I was having lunch with a client who owns a substantial construction firm. His phone pinged during our conversation. He apologized for looking at it, but he was waiting to hear on a couple of large bids.

The post You are Never too Busy to Make Money appeared first on Awake at 2 o'clock?.

A business owner decides to beef up his company’s sales talent. He forks out a hefty salary for a “proven performer” from another industry; then…nothing. The salesman (or woman) is glib, professional and hard working.

The post When a Salesman isn’t a Salesman appeared first on Awake at 2 o'clock?.

“The customer is always right,” or at least that’s what most business owners profess to their employees. We post it for all to see. “Customer satisfaction is job one.

The post The Tyranny of The Bad Customer appeared first on Awake at 2 o'clock?.

Why do employees have to “rest” after accomplishing a goal? When most human accomplishment required manual labor, taking time to recuperate after a final push, whether it was harvesting a crop or completing a building, was a natural way to physically recharge before starting another project. Today, most … Continue reading →

The post After the Goal appeared first on Awake at 2 o'clock?.

When you start a company, it’s like shopping at the supermarket when you are very hungry. Everything looks good. Any suspect might be a prospect.

The post Can You Outgrow Customers? appeared first on Awake at 2 o'clock?.

We are 30 years into the computer revolution, which I am arbitrarily marking as beginning in the mid-1980’s, when Apple II and IBM compatible (286) computers began to show up on the desks of people who weren’t in the “computer room.” … Continue reading →

The post Who Owns the Portal? appeared first on Awake at 2 o'clock?.

The head of a rep firm approaches the owner of a small manufacturing company for whom they sell. One of his salespeople has an opportunity for a huge order with a multinational company, but the purchasing manager has indicated that the … Continue reading →

The post Wrestling with Ethics appeared first on Awake at 2 o'clock?.

When asked what differentiates their businesses from giant competitors, most owners will describe their relationship with customers. “We give better service.” “Our employees know our customers by name.

The post Customer Service Starts with “Hello.” appeared first on Awake at 2 o'clock?.

A small manufacturer hires a local web development firm, and spends six months reworking his website. He agonizes over every word of the copy. He writes up product descriptions, detailing materials and tolerances.

The post Size Means Nothing on the Web appeared first on Awake at 2 o'clock?.

A few days ago a discussion on LinkedIn’s “Small Business Accelerator” group asked “What are the three things a small business owner should focus on?” As challenging as any business is, the basics remain the same for everyone. We provide goods or services, … Continue reading →

The post Three Rules for Small Business appeared first on Awake at 2 o'clock?.

Last week’s column generated lots of comments, and probably requires some follow up. First, the army of social media fanatics that go ballistic at any hint that SM isn’t the be-all, end-all and answer-from-above for every marketing need on the planet … Continue reading →

The post Small Business and Social Media II appeared first on Awake at 2 o'clock?.

I order a package of vacuum cleaner bags online. The site cheerfully requests “Like us on Facebook!” Kobe Bryant announces that in order to help the Lakers, he won’t tweet during playoff games.

The post Should Small Business Owners Embrace Social Media? appeared first on Awake at 2 o'clock?.

A small computer service company wants to sell Microsoft software licenses to its customers. They send an employee to become certified in licensing. (Microsoft offers some 600 variants.

The post Does Technology Help or Threaten Small Businesses? appeared first on Awake at 2 o'clock?.

It’s been said so many times that (at least I hope) it is a business axiom on the same level as “cash is king.” Promoting your best salesman to sales manager is guaranteed to cost you a great salesman and … Continue reading →

The post Why Great Salespeople Make Lousy Sales Managers appeared first on Awake at 2 o'clock?.

We all appreciate getting referrals. There is a feeling of gratification in knowing that someone thinks enough of your work to send a friend or associate your way. Referrals are usually the life’s blood of most small businesses.

The post Giving Referrals: Fire and Forget? appeared first on Awake at 2 o'clock?.

Whether you have customers or clients is more than a matter of semantics. Some businesses use the term “clients” in an attempt to class up their image. Attorneys usually have clients.

The post Sales: Do You Have Customers or Clients? appeared first on Awake at 2 o'clock?.

Sometimes a topic rises to the top of my long list of candidates because it seems to come up repeatedly. It may be a coincidence (probably is), but a single business ownership issue is raised in multiple coaching sessions or … Continue reading →

The post Proactive, Preventative Sales appeared first on Awake at 2 o'clock?.

Anyone who has shopped for a live Christmas tree knows the drill. They have some on display, but none look exactly like what you want. You start looking through the trees that are still bundled up.

The post Trimming the Customer Tree appeared first on Awake at 2 o'clock?.

Most businesses need salespeople. Most salespeople need to know what they are selling. This leaves many owners on the proverbial horns of a dilemma.

The post The Man (or Woman) Who Knew Too Much appeared first on Awake at 2 o'clock?.