Stephen Covey once said, “Strength lies in differences, not in similarities.” Growth company CEOs should pay attention to this maxim. Mid-February is a perfect time to reflect on where your company stands in this regard, paying special attention to diversity within your board and among your senior executives and partners.
Building a distinctive company brand that resonates with the market is important for any business. Middle market companies often aren’t able to afford the services of a brand consultant to help them think through an intricate brand strategy—or a marketing team to “police” internal brand practices. How do entrepreneurs you admire go about defining their brand(s), communicating it to their organization and using it in a meaningful, positive way in the market?
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Among the biggest business risks is having your sales concentrated in only a few customers. Lenders, investors and prospective buyers of your company are sure to look hard at this issue. How have you seen well run companies take steps to diversify their customer base?
Sure. . . You want profitable growth. Who doesn’t? But have you heeded the admonition to “get the right people in the right seats on the bus?” What is this bus everyone is talking about? What if your company can’t even afford a bus?
Changing a company's culture is a lot like losing 50 pounds. There are lots of books to read, seminars to attend, and processes to follow. Yet, the vast majority of efforts fail.
Every entrepreneur looking for investors would like to find backers who have ample cash to invest and who also bring industry knowledge, savvy and contacts. But most entrepreneurs would prefer that their investors be relatively hands off, not inclined to interfere unduly in their business management process. How realistic is it to find such investors?