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In: Small Business Performance

Performance Measurement Defined for Small Businesses Performance Measurement in Small Businesses The role of performance measurement in small businesses is primarily one of learning; providing the small business owner with the required information to navigate towards desired end results, as reflected in a small business’s strategy. Similar to the principle used by ants, who leave pheromone trails to assist each other in navigating towards the food source. Performance measurement results should travel through the small business, facilitating communication, providing a base for analysis, synthesis, and ultimately decision making across all levels of the small business. If you as a small business owner don’t measure …Read More →

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In: Small Business Performance, Strategic Planning

Where Performance Measurement Fits into a Small Business Integrated Performance Measurement? Performance measurement starts before your small business is in business. As indicated in the diagram below, it’s an integral part of the strategic, tactical, and operational planning processes. Goals, objectives, and operational targets are all measures of performance within small businesses. Measuring business performance to evaluate and control the achievement of these goals, objectives, and targets are critical for small business success. The challenge facing small businesses is how to match and align performance measurement with business strategy and culture. Furthermore, the type and number of measures to use and the balance between theRead More →

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In: Owner Development & Wellbeing

The 6 Key Leadership Behaviors of Successful Small Business Owners What is Leadership Behavior? Leadership Behaviors are the way that you act or conduct yourself as a small business owner. Effective leadership behaviors are the actions you take to develop, motivate, empower, and assign meaningful work to your employees that causes them to work willingly towards achieving your business’ goals. Your leadership behaviors directly impact the social-emotional reactions of your employees and are the difference between the success and failure of your small business. By developing strong positive leadership behaviors, you will build proactive management and operative teams that are trusting, flexible, accountable, and passionateRead More →

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In: Business Failure

Small Business Failure Checklist You need to use our Small Business Failure Checklist, since: • 20% of new small businesses fail within the first year of operation, • Half of all small businesses fail within the first 5 years, and • Only one-third survive longer than 10 years. Business failure is almost always attributable to the entrepreneur that started the small business. As a small business owner, you must be aware of challenges you are facing; why small businesses fail; and when to get help to prevent it. Business failure does not only mean going out of business. It can also mean your business failsRead More →