Run Your Business Like A Fortune 100
By Karen L. Paiyo
Dream of your small business becoming a Fortune 100 business? Well there is no reason why you can't run your business like one today and the bonus is that running your business like a Fortune 100 enterprise can make your business more profitable.
Adopting the best practices, policies, processes and procedures of your much larger corporate counterparts is often discarded by small businesses because they are afraid that doing so will bury the business in additional costs and layers of bureaucracy.
Entrepreneurs also believe they will lose some of their flexibility and agility, two of the key reasons why many left the corporate world to start their own business in the first place.
But Rosalie Lober, in her book, Run Your Business Like a Fortune 100 - 7 Principles Boosting Profits, points out that by adopting the best practices of big enterprise you can benefit from the many trials, the endless testing and multiple revisions made without the investment of time and money already made by the big business you 'borrowed' the best practice from.
Learning from the mistakes of others makes sense. You don't want to invest in re-creating the wheel. By using the best practices of others you are less likely to be doomed to repeating their mistakes with the added benefit of achieving your vision that much faster with less wasted resources.
Additionally, embedding big business principles that drive profitability into your business does not usually add to the cost of doing business. Embedding profitability principles is usually more about creating a culture of how your business embraces the reality before it and positions itself for the future.
Teaching your business the same business principles that drive the profitability in a Fortune 100 organisation may take time but the investment will be worth it as your small business is rewarded with bigger and bigger profits.
I don't usually advocate 'stealing' but 'borrowing' the best practices and profitability principles of big business could be the best thing you and your business ever did.
Karen L. Paiyo is an Australian Small Business Counsellor, supporting and nurturing the spirit of entrepreneurship in the Asia Pacific Region. Karen empowers small business owners by transferring to them the skills and expertise needed to help them take their business ideas from creative concept to profitable reality, faster and with less risk.
Article Source: http://EzineArticles.com/6994900
By Karen L. Paiyo
Dream of your small business becoming a Fortune 100 business? Well there is no reason why you can't run your business like one today and the bonus is that running your business like a Fortune 100 enterprise can make your business more profitable.
Adopting the best practices, policies, processes and procedures of your much larger corporate counterparts is often discarded by small businesses because they are afraid that doing so will bury the business in additional costs and layers of bureaucracy.
Entrepreneurs also believe they will lose some of their flexibility and agility, two of the key reasons why many left the corporate world to start their own business in the first place.
But Rosalie Lober, in her book, Run Your Business Like a Fortune 100 - 7 Principles Boosting Profits, points out that by adopting the best practices of big enterprise you can benefit from the many trials, the endless testing and multiple revisions made without the investment of time and money already made by the big business you 'borrowed' the best practice from.
Learning from the mistakes of others makes sense. You don't want to invest in re-creating the wheel. By using the best practices of others you are less likely to be doomed to repeating their mistakes with the added benefit of achieving your vision that much faster with less wasted resources.
Additionally, embedding big business principles that drive profitability into your business does not usually add to the cost of doing business. Embedding profitability principles is usually more about creating a culture of how your business embraces the reality before it and positions itself for the future.
Teaching your business the same business principles that drive the profitability in a Fortune 100 organisation may take time but the investment will be worth it as your small business is rewarded with bigger and bigger profits.
I don't usually advocate 'stealing' but 'borrowing' the best practices and profitability principles of big business could be the best thing you and your business ever did.
Karen L. Paiyo is an Australian Small Business Counsellor, supporting and nurturing the spirit of entrepreneurship in the Asia Pacific Region. Karen empowers small business owners by transferring to them the skills and expertise needed to help them take their business ideas from creative concept to profitable reality, faster and with less risk.
Article Source: http://EzineArticles.com/6994900
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