jerryking + professionalization   9

The Choices That Led Small Business Owners to Wealth - The New York Times
FEB. 12, 2016 | NYT | By PAUL SULLIVAN

have to make decisions to professionalize the business, put systems in place and have a plan that allows them to do longer-term planning. Those decisions can make the difference between being a small-business owner and a business executive with significant wealth....“There is no bright-line test when a company gets to a certain size or age to do these things,” said Kevin M. Harris, head of the family business group at Northern Trust. “It is based on where the company wants to go.”

Determining which decisions were the ones that made the difference is sometimes not an easy task, and the stories that are retold are often the ones that turned out well. Yet it is worth considering what can go wrong.

Entrepreneurs who failed to find success were often resistant to change
small_business  wealth_creation  decision_making  entrepreneur  risk-taking  mindsets  JCK  thinking_tragically  Northern_Trust  owners  private_banking  choices  internal_systems  professionalization  high_net_worth 
february 2016 by jerryking
Trust in police is at a low ebb. Here’s one way to fix it - The Globe and Mail
The Globe and Mail
Published Friday, May. 22 2015

The erosion of trust is a crisis. Modern policing in Canada is an outgrowth of the Peelian Principles, a set of guidelines developed by Sir Robert Peel, the British home secretary who established London’s first professional police force in 1829. Chief among them is the idea that the public is policed by consent, not by the authority of the state. The ability of police officers to do their job is dependent on the public’s approval of their existence, actions and behaviour. We need the police, and the police need us.

If that approval is missing, then police can’t function with any democratic legitimacy. Absent that, the only power they have derives from the inertia of their existence – they’re not going anywhere, and you can’t live without them, so what are you going to do if they misbehave?
policing  Toronto  carding  community_policing  street_justice  police_brutality  professionalization  public_approval  trustworthiness  legitimacy 
may 2015 by jerryking
Introducing Creating Value - NYTimes.com
September 13, 2012, 7:00 am3 Comments
Introducing Creating Value
By JOSH PATRICK

Most owners know more about running their businesses than anyone else in the organization. When it comes time to sell or transfer the business, prospective buyers aren’t interested in the skills of the buyer; they’re interested in cash flow. Buyers want to see regular growth and profit margins and a business that has systems that work without the owner.

I’ve been trying to understand how businesses build value for more than 35 years. One of the things I’ve learned – from the businesses I’ve owned, from reading a book a week for 35 years, from developing seminars for others and attending several educational sessions a year – is that value is in the eye of the beholder.
running_a_business  value_creation  blogs  entrepreneur  owners  cash_flows  internal_systems  professionalization 
september 2012 by jerryking
Build a Practice Niche by Assisting Clients with Business Planning
Dec 1991 | The Practical Accountant | by Mark Scally and Mark C. Smitt.
Smaller companies tend not to have any formal business plans, and those that do often fail to implement them properly. Accountants ran assist their clients wlth the business planning process. The process must be tallored for each company's unique characteristics, and every consultant uses a slightly different process. The following process has been adapted from the traditional model to fit the typical closely held business: 1. Analyze internal and external factors. 2. Develop a mlssion statement. 3. Set goals. 4. Develop a marketing and sales strategy. 5. Perform financial projections. 6. Draft action plans. 7. lmplement the plan. 8. Put the proper organizational structure and management team in place. 9. Implement the necessary information systems. The planning process gives closely held companies a comprehensive approach for responding to uncertain economic times.
business_planning  management_consulting  niches  small_business  privately_held_companies  JCK  uncertainty  action_plans  mission_statements  goal-setting  implementation  organizational_structure  formalization  professionalization 
august 2012 by jerryking
Opportunities for Entrepreneurs_Consolidating Fragmented Service Industries
Spring 1986 | New Management Vol. 3. Iss, 4; pg. 23. 5 pgs | Krauss, Carol Gibbons.

There are many opportunities for aspiring entrepreneurs to establish a successful business in the fragmented service industries. Reasons for fragmentation include: 1. the need for personal selling or delivery of a highly customized product, 2‘ local variations in environment or demand. and 3. inability to achieve economies of scale. Several possible strategies to overcome these fragmenting factors exist 1. Introduce a higher level of professionalism 2. Transform a service from a specialty into a commodity‘ 3. Separate portions of a mixed service and specialize in one aspect. 4. Change the delivery system by replacing some personal interaction with either automation or more customer participation To take advantage of these business opportunities. one must have a creative mind that is open to new organizational designs. The goal is to create a flexible formula that can be replicated
consolidation  entrepreneur  fragmentation  opportunities  personal_selling  small_business  start_ups  strategic_planning  economies_of_scale  fragmented_markets  roll_ups  professionalization 
july 2012 by jerryking
Ways to make excellence pay
October 17, 2007 | FT | By Alicia Clegg.

Bruce Hodgson, founder of Artichoke, a company that designs and makes bespoke fitted furniture for the very rich, has little ambition to be the biggest brand in his sector – but he would like to be the best. The same can be said of perfumer Linda Pilkington, creator of Ormonde Jayne, and Sean Dixon and Richard James, co-founders of Richard James, a Savile Row tailoring business whose turnover (something in “excess of £7m [$14.2m, €10m]”) is less stellar than its reputation and celebrity-gilded client base might suggest.

Serving the super-wealthy has never been the preserve of brands with super-sized sales. Quite the reverse. What the super-rich long for are not luxury labels but one-off, superbly crafted goods. Serving such customers allows talented artisans to work at the pinnacle of their craft. With this opportunity, however, comes a challenge: finding a business model that rewards exceptional skill.....The business model emboldening Mr Hodgson to raise his commercial sights grew from a partnership, in 1998, with the late David Telling, founder of the entrepreneurial business services company Mitie Group. Invited to pitch for a contract to make a boardroom table, Mr Hodgson produced a quote that Mr Telling dismissed as "too expensive". Something must have impressed him, however, as he personally invested £70,000 in Artichoke, donated land for a bigger workshop and became chairman.

Under Mr Telling'sstringent tutelage, Mr Hodgson swapped hand-to-mouth bookkeeping for management accounting. Artichoke learnt to break down the cost of complex projects and value work in pro-gress to a far higher degree of accuracy than most artisan businesses. Once certain of the numbers, Mr Hodgson developed a "contractually rigid approach" to payment. This gave him the confidence to tackle complicated proj-ects, in which deviations from the customer's original specifications can leave small contractors facing big losses.
artisan_hobbies_&_crafts  bespoke  brands  business_models  craftsmanship  furniture  high_net_worth  Savile_Row  mens'_clothing  fragrances  luxury  management_accounting  hand-to-mouth  one-of-a-kind  professionalization 
may 2012 by jerryking

related tags

action_plans  artisan_hobbies_&_crafts  asset_management  bespoke  blogs  brands  builders  business_models  business_planning  Canada  carding  cash_flows  choices  community_policing  concentration_risk  consolidation  content  convenience  craftsmanship  decision_making  digitalization  digital_archives  digital_life  diversification  documentation  economies_of_scale  entrepreneur  family_office  formalization  founders  fragility  fragmentation  fragmented_markets  fragrances  furniture  generational_wealth  goal-setting  Golden_Horseshoe  Greenbelt  hand-to-mouth  high_net_worth  homes  home_ownership  howto  impermanence  implementation  income_inequality  internal_systems  JCK  Jevons_paradoz  legitimacy  luxury  management_accounting  management_consulting  mens'_clothing  mindsets  mission_statements  moguls  Myspace  nature  niches  Northern_Trust  Oak_Ridges_Moraine  one-of-a-kind  opportunities  organizational_culture  organizational_structure  owners  personal_data  personal_selling  Peter_Gilgan  philanthropy  police_brutality  policing  privately_held_companies  private_banking  procedures  professionalization  property_development  public_approval  risk-taking  roll_ups  running_a_business  Savile_Row  self-made  small_business  start_ups  strategic_planning  street_justice  suburban  thinking_tragically  Toronto  tradeoffs  trustworthiness  uncertainty  value_creation  wealth_creation  writing 

Copy this bookmark:



description:


tags: