About this time last year, the Bureau of Labor and Statistics released a study showing how likely a small business is to succeed over time. Only a quarter of businesses are still operational 15 years after they open. This article gives a few reasons, from ineffective business plans to lack of financing and trying to …
In business, there are all kinds of assets on the road to success. Cash flow is just one of them. One of the most misunderstood and undervalued resources is relationship capital, or mutual trust built over time. Just like “good will,” relationship capital is an intangible asset that doesn’t always show upon the balance sheet. …
I recently read an interesting article from the Wall Street Journal on feedback response, or the anxiety and sometimes visceral response some experience during performance reviews. It seems several major companies are considering changes in this process in the hopes of making the experience more constructive, retaining talent in the process. Some chose to rebrand …
This week, I was in Philadelphia participating in a small peer group of general contractors from the east coast to west coast. We are similar firms, but with our distant geographical locations, we are non-competing. We meet twice a year, with the idea that everyone contributes their best practices, and we’re all better for it. …
Perspective has a big role in how one views leadership. For me, it can be defined a couple of ways. The first is keeping a steady rudder in choppy waters. Equally important is understanding and inspiring those around you to reach whatever potential they wish to achieve, then raising the bar a bit higher. It …
There are many layers to being successful, and some things come easier than others. In the construction business, we may not have daily interaction with our customers, but we do have a lot of visibility with the public. Most of the people who walk or drive past one of our construction sites have no idea …
Warren Buffett claims the secret to his success is that he sits in his office and reads all day. Can it really be that simple? I found an interesting article this week arguing that while the knowledge Buffett references is an important piece of the puzzle, there’s more. I have to agree. Sometimes the best …
Recently, I was visiting with a friend who has a promising business concept in the works but is lacking cash. As many in the business world know, a startup usually takes twice as much cash and twice as long to get to a profit than the initial forecast. Most people won’t go broke because they …
This week, I had lunch with a couple of longtime acquaintances. One is a banker with a Fortune 100 company, and the other is a successful multifamily developer. Our conversation drifted to hiring great talent in this tight market, and what we look for in new team members. Having the necessary background and experience is …
We’ve all been on the receiving end of written communication that can be interpreted as condescending, making us feel disrespected. Often, the communication intensifies the original problem, the opposite of the desired effect. Perhaps the sender’s attempts at being direct and straightforward were misinterpreted, or maybe they were in a hurry and didn’t consider the …
Our garden is as old as our building, and we’ve learned a few things over the 15 years we’ve been growing. We began with tomatoes, and we seem to expand and refine our processes a little each year. We start our vegetables from seeds under grow lights out in the barn. We’ve worked flowers into …
This week, I was a guest of the 2023 National Scout Jamboree, a flagship event that’s held every four years. It spans 10 days, and several thousand Scouts and leaders gather at the high adventure location. This was my sixth time to attend, and I recall it being held in different spots over the years, …