Principles Of Small Business Success | Up And To The Right | Episode 041

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What are the foundational things that small businesses need to pay attention to in order to succeed? In this episode, Stephen Krausse explains the business principles that are universally applicable to all small businesses. By homing in to the exact definition of the word “principle,” Stephen came up with the six major principles of small business success: vision, planning, communication, value, cash, and profit. Each of these principles is fundamental to the creation of a viable business and needs to be given due attention by every entrepreneur. Learn how these principles create the foundation for business success and what you can do to optimize each for your small business. — Listen to the podcast here:  Principles Of Small Business Success | Up And To The Right | Episode 041 In the production of every issue of the show, I talk about proven business principles and something feels right about that for me when I say it. I was asked lately by a colleague what a proven business principle was. I’m embarrassed to say I was uncomfortably tongue-tied by the question. — This whole idea came to me when I was talking to someone and they asked me what is an example of a business principle, and I didn’t have a good answer for them. As I said in the beginning, it makes sense to me. The question was perfectly reasonable but the whole idea of not being able to answer it was uncomfortable for me. I looked at that scenario. What does that mean in terms of business for a small business owner? Part of this was a self-exploration, how do I articulate the value that Beyond 50 Percent brings to customers in a way that’s meaningful? I felt like that was something that I needed to be able to say. What is a business principle? How do we figure out what those are and how they apply to our business? What did I do? The first thing I did was I started searching what is a business principle? If you type in business principle in a search engine, I got 368 million hits. Even the top page of results from that search were enlightening in a lot of ways. Most of them didn’t strike me as what a principle was. I felt like it was something I know it if I see it, but I don’t know how to define it. I went to the definition of a principle. A principle, according to Merriam Webster, is a comprehensive and fundamental law doctrine or assumption. That helped me. I said, “This thing, whatever it is, it has to be fundamental and universal.” It has to be something that creates a foundation, but it also has to be something that applies across a spectrum. It needed to be something that was applying to all business and fundamental to those businesses. You need to be able to do these things in order to move on. This is why you might be […]

Plan It Like It’s Software | Up And To The Right | Episode 040

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  What does it take to run a small business? Don’t let the word “small” fool you – running a business, any business, regardless of product or service, needs a lot of business planning. If you are just starting, you may not be worrying yet about things such as the legal framework, accounting structure, finance, HR, and many more, but you will have to take these into account eventually. How can you attend to all the things you need to do for your business without getting swamped? Stephen Krausse introduces a method of planning your business like it’s software, using the same numbering system as you would in organizing different iterations in software development. Learn how this allows you to categorize the things you need to do, put them in their proper places within the business development timeline, and focus your energy on items that add the most value at any moment. — Listen to the podcast here: Plan It Like It’s Software | Up And To The Right | Episode 040 What does it take to start and run a small business? How do you organize all of that work and all those tasks without falling into some mind-numbing detail that takes more work to manage than it would take to do the work in the first place? How do you know you’re even doing the right work that will move your business forward at this point in time? — This is episode 40, Plan it Like it’s Software. The principles that we’re going to talk about are planning and preparedness. It is something we’ve been talking about for a while as well as prioritization when it comes to what’s important in our business at this moment. That’s the basis of what we’re going to talk about. What does it take to start and run a business? It takes a lot. When you think about it, we say, “I have this great gardening product that I want to introduce to the marketplace.” We tend to get focused on the product and the application, but there’s a whole mountain of things that we need to do to support, grow and operate a business, no matter what product you’re talking about. We’re talking about the legal framework, accounting structure, capital and finance, banking, licensing, and registration, depending on where you live and what your product market is. We haven’t even talked about the product in terms of that structure yet. You have product development, marketing, advertising, and material logistics. When we talk about material logistics, how do you get raw material in? How do you do production? How do you deliver that raw material or that finished product to your customer? What are your sales channels? It goes on and on depending on your business. As a business owner, we have to be familiar with all of those things. We don’t have to know exactly how manufacturing is done if that’s not the principal value that our business adds to the […]

Wow… That Was Lucky! | Up And To The Right | Episode 039

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  What does luck mean in business? For many business owners, luck is some external, amorphous force that is outside our control. Is luck something that we should take into consideration in our business? Should we even use the word “luck” at all? In this episode, Stephen Krausse demystifies the concept of luck in business and emphasizes the need for conscious planning, preparedness, and risk mitigation. Instead of being at the mercy of “luck,” we can start looking at these external factors and prepare for their potential impact on our businesses. Successful businesses are not lucky; they are simply well-prepared. Take note of the contemporary examples Stephen gives and learn why. — Listen to the podcast here: Wow… That Was Lucky! | Up And To The Right | Episode 039 I want to talk a little bit about the concept of luck in business. We have an interesting relationship with luck. When something goes well, we use it almost as a self-effacing way of distancing ourselves. We say something like we have a lucky break. When things go badly, we use it to distance ourselves from that event like its bad luck. When we’re pushing outside norms or breaking through those, we say we’re pushing our luck. According to Webster, the definition of luck is, “A force that brings good fortune or adversity.” How do we deal with the force of luck in business? Why do I only use covered bottles in the studio? It isn’t lucky that I didn’t spill water all over. Is it because I did spill water all over everything or is it because at some point, I realized that it is possible in the environment that I work in that I might spill coffee, water or something all over the electronic equipment that I have, whether it’s my laptop or my camera equipment? I want to talk about how we incorporate that luck into business and hopefully stop using the term luck at all. This is episode 39, Wow…That Was Lucky! We are going to talk about concepts related to planning, preparedness and ownership. Instead of releasing something to the power of what, we want to own it and bring it back. It’s not so that it’s necessarily under our control. There’s a false sense of security there. There’s a lot in the environment and economics of business that is outside of our personal control. We need to also own how we respond to that. “What a lucky break. Beginner’s luck. You’re in luck. The luck of the draw, as luck would have it. You’re pushing your luck. Better luck next time. It’s just my luck. Tough luck. No such luck.” We have a lot of phrases that we use surrounding this idea of luck. If you look in popular culture, luck is not a factor. A part of a quote from the director of the Abyss is like, “Luck is not a factor, hope is not a strategy and fear is not an option.” […]