Helping small businesses on the Sunshine Coast to fulfill their true potential
By BMN
Why would a gambler keep playing, even after losing a lot of money? Economists call it the sunk cost fallacy, a phenomenon which drives us to make bad decisions. Don’t throw good money after bad!
http://www.bbc.com/capital/story/20180914-the-trick-to-learning-when-to-cut-your-losses
This article was suggested by our mentor Julien Cahn
By BMN
The best form of legal structure in which to place your business is something you should get legal advice on, without doubt. BUT, it is important that you think about what you want from your structure.
Even the best legal people can only really create something that suits you if you can tell them what you want.
The discussion outlines a series of points to consider when setting up a business structure.
https://www.profitsavvy.org/knowledgebase/68-landing-pages/241-wealth-protection
This article suggested by our mentor Scott W
By BMN
In an organisation of any size that has been around for a while, your Management Organisation Chart will most likely have a bad case of bloat.
This can be for all sorts of reasons including:
Adding more staff to support weak staff in place rather than replacing them.
Not letting “nice people” go – perhaps to (allegedly) maintain morale.
Takeovers and mergers not accompanied by staff adjustments…
To resolve business bloat, we look at “Span of Control”, which refers to the number of direct reports a manager should have.
https://mailchi.mp/01147c2bb848/wtips-140519
This article suggested by our mentor Scott W
By BMN
Lean Startup Theory is a great learning tool for young businesses. Watch this 15 minute video suggested by past mentee SueP for an introduction.
https://www.youtube.com/watch?v=8jIgng-ViPU&feature=youtu.be
By BMN
The Boston Consulting Group (BCG) Growth/Share Matrix is a quick way to visualise what activities are going to be the most productive and which are Dogs, best to get rid of.
It can be easily used to measure such things as: Growth Products, Staff Productivity and New Business Opportunities.
https://mailchi.mp/cfc2c3501c08/wtips-070519
This article suggested by our mentor Scott W