How can business owners leverage data that is already being collected to help them become more proactive decision makers? Find out with our most recent blog post!
We, as humans, have needs that change as we grow. Abraham Maslow named and organized these needs in his 1943 paper “A Theory of Human Motivation.” He arranged them in pyramid form with the most fundamental needs at the bottom. He understood the human brain to be a complicated organ which could shift in between needs as they became available and unavailable. For instance, one would not worry about esteem if they are starving since physiological needs were more fundamental to well-being than esteem. However, once one need became well fed, they were ready to ascend the pyramid.
Just like human needs change, as a business grows, matures, and becomes more sophisticated their needs also change. Therefore, I would like to propose a few thoughts on the hierarchy of business needs. As listed in the illustration in this blog post, I have arranged each need for business management with the most fundamental at the bottom of the pyramid.
A business' activities need to be in line with their goal in all three areas: sales, operations, and administration. When the activities don't match the company goal, and move the company forward we call this ineffectiveness. If your business is transacting activities in line with your company goals but could do so in a more practical fashion, then we call this inefficiency. Don't confuse the two, treating ineffectiveness as inefficiency will destroy your business.
Improvement in your business is an investment you make. And just like any other investment you make, it should be based on empirical information, carefully thought out, and timely. One way to achieve each of these dynamics of improvement is by practicing continuous improvement within your enterprise.
Disruption is a buzz word these days in the business world as business owners and those around them try to predict what is going to impact their businesses and where those disruptions are going to come from in the near future. Generally, you wouldn’t expect that disruption to come from an accounting standard, but I believe the new leasing standard, formally known as ASC 842, may create a serious impact on businesses who borrow money and those lending the money.
he IRS has a new due date requirement of 1/31/17 for employers to provide W2s & certain 1099s to employees & contractors. Traditionally, 1099s were allotted more time to be delivered. This has changed for 2017 (tax year 2016). Here are some more popular forms that must be released by 1/31 from the IRS website:
Where there is no vision, the people will perish….Proverbs 29:18
Are you a vision driven company? Do you know and have documented your company’s values? Do you have a stated purpose? Have you drawn the clear picture of where your company is going? Have you shared it with your employees? Or are you bound to perish?
"If I had asked people what they wanted they would have said faster horses."
- Henry Ford.
I have observed four methods to planning a business.
By planning a business, I'm not referring to a business plan you'd put together for a banker nor an operating plan you might publish for managers and controllers to judge the efficiency of the business. I'm referring to how a company decides what services/products to offer and how the operations team performs/produces them.