Running out of cash is the biggest risk a growing business faces. There are three instances when the risk is much higher.
We’ve been in business for over 16 years. I’ve been studying what makes businesses successful (or not) for much of that time. These are the lessons I’ve picked up.
You have a much better chance of survival if you can anticipate problems with your business strategy, planning, and operations. Unfortunately, many business owners rely on very simple projections and assumptions when planning. […]
I always find it sad to hear about an entrepreneur on the verge of losing their business.
I’ve been there. When you’ve put years into something, the feeling of loss can be devastating.
A nearby engineering firm used to employ close to 10 people. Last time we talked to them, they were down to two clients and two employees; part-time. They don’t even have a website. When times were good, they sold on the strength of their network and referrals. Now the owner was willing to spend some money […]
The US election is finally (sort of) over.
After one of the most bitterly fought primaries and general elections, the only thing I can predict with some certainty is that volatility is going to continue politically and we are going to feel the impact on business here in Alberta.
What I am seeing are some trends around branding, media, communications and marketing that we should all find disturbing. They play to our natural instincts and are therefore dangerous to critical thinking. They manipulate […]
The Truth is Out There
This month’s theme (Oilfield Pulse) is about conspiracy theories. This theme immediately got me reminiscing about the X-Files television series. It is possible, that somewhere behind all the woes we are facing as a province and industry, there is cigarette smoking man who is somehow in on it.
Or, maybe the truth is more mundane.
It could be that we still don’t have those pipelines because people don’t want them in their backyard for an abstract benefit […]
Like many people, I’ve been following the U.S. election. It has become nasty and full of hate. The Internet, the media, and social media are amplifying the effect. A year ago, we watched the Conservative Party try a few...
What are you doing to innovate how you market and sell your products and services? If you are trying to survive and even thrive at today’s oil prices, these two functions are the key to competing and staying profitable.
If you are unprepared or desperate, entering a new market can kill your business. Deep pockets won’t always save you either.
Remember Target expanding into Canada back in 2013? They had deep pockets and resources. Then after a series of missteps, they pulled out roughly two years later, incurring financial losses in the billions.
Target Canada made a lot of mistakes starting with an overly enthusiastic management team who didn’t believe it could fail. […]
You don’t have to be a Sith Lord to misuse the power of fear in your marketing. But you must embrace ownership of the consequences.
“Impressive. Most impressive. Obi-Wan has taught you well. You have controlled your fear. Now, release your anger. Only your hatred can destroy me.” ~ Darth Vader
Marketers have been peddling fear for years. Politicians and their campaigns have become adept at marketing and selling fear.
One problem with attracting people […]
Earlier today I was reading the Calgary Metro (Monday, June 6, 2016). The story “Albertans see it half-empty” quoted the results of a poll of Albertans that stated:
- 47% think things are going to get worse before they get better, and
- Only 38% believe we’ve hit bottom, and things are going to start recovering.
Is it going to rain on August 15th?
The trend is for a warm, dry summer. August is usually pretty decent in Alberta. I […]
Great leaders and businesses have a story to tell. The best understand who the hero should be.
Many men have lost their place in the bigger story. We bought into one narrative that has not worked out and are now struggling to find a new one as the world rapidly shifts underneath us. Some are looking for a hero, and some are seeking to become one again. We […]