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Since humans are capable of abstract thought and sophisticated language, our behavior often blurs the lines between black and white into what is known as “the gray area.” Consequently, the desire for order in the marketplace promotes 1) the establishment of ethical standards to encourage acceptable personal behavior; 2) contracts to establish legal behavior; 3) courts to sort things out when a final authority is required.

When it comes to ethics, the so-called professionals have lots of help. Attorneys, CPAs, doctors, architects, investment professionals, etc., have established and published very specific ethical and professional standards, plus monitoring entities with sanctioning authority. Indeed, their education includes, and sustained certification requires, knowledge of that profession’s ethical standards and practices.

But when small business owners find themselves in the gray area with a customer or other business relationship, there is no rule book we can call on for guidance. We’re on our own because The Universal Code of Small Business Professional Conduct and Ethical Standards doesn’t exist. Yet.[Continue Reading]

Whether you’re dreaming of being a business owner or are actually working on that dream right now, one thing is the same: You don’t want your dream to become a nightmare. And one of the best ways to accomplish this is to learn as much as you can about how this dream will play out.

Of the many motivations that would cause someone to have a business-owner dream, allow me to introduce four that are common to all of us. And just below each one, I’m including a counter-balancing reality following a quote from a popular movie. In “The Karate Kid,” reluctant sensei, Mr. Miyagi, imparted the following broken-English wisdom to his protégé, “Daniel-san,” when he said: “Ev’ryting not always as seem.”[Continue Reading]

When the jury was still out on your business’ survival, you probably didn’t want to enter into a long-term location commitment. But if you think you’re going to make it, now might be a good time to take a serious look at where you want to establish your business.

Long-term business real estate planning means either direct ownership or long-term lease. I’ve covered the direct ownership issues and advantages quite a bit, but let me remind you of a few key reasons I consider it to be the stealth benefit of business ownership.[Continue Reading]

Among the people I admire are those who have the courage to make bold statements based on their beliefs and experiences. Early in his book, The Road Less Traveled, the late M. Scott Peck endeared himself to me when he declared that the people he saw in his counseling practice essentially fell into two categories: neurotics and those with character disorders.

Peck wrote, “Neurotics are easy to work with in psychotherapy because they assume responsibility.” He went on to say, “Those with character disorders are difficult, if not impossible, to work with, because they never see themselves as any part of the problem.” Thus missing the invaluable opportunity for self-examination.

Contemplating Dr. Peck’s declaration was a true watershed moment, helping me better understand why some people – including me – behave as we do. Both types of Peck’s patients sought his help because they were experiencing difficulties in life. But if we’re honest, we don’t have to be dysfunctional to realize that each of us falls on one side or the other of this behavior coin. It’s an either/or default circumstance, where we’re either more likely to take responsibility for what happens in our life, or we aren’t.

How you would respond to these business scenarios. [Continue Reading]

This article was first published in The Small Business Advocate NEWSLETTER, Volume II, Issue 45, September 17, 2001, the first edition following the terrorist attacks of 9-11.

The NEWSLETTER is different this week from past editions. This week is different from past weeks. 

For days now, I’ve wanted to talk with you. I considered a mid-week edition. Uncharacteristically, I just couldn’t get the words down.

Only once before did my normal prosaic method fail me. Not being a poet – not wishing to be a poet – at first I didn’t understand that my thoughts would only come out in verse. But the return key proved stronger than the word wrap. At last I gave in to the meter, and a poem was born.

This week, again, the prose came with difficulty. But this time I recognized the pull of the return key and another poem was written with less struggle.

I have no small business thoughts for you this week. Nor do I claim to have inspiration for you. I don’t feel inspired. I feel numb. I feel angry. I feel frustrated. I can only tell you about my feelings. Perhaps you will recognize them. [Continue Reading]

Here’s an ancient marketplace maxim: Selling is a numbers game.

A maxim is a generally accepted truth and this is one because of two realities:

1. There are hundreds – if not thousands – of things that can cause a fully qualified prospect to not complete a transaction, at least not on your time parameters.

2. Regardless of how many bumps you encounter on the path to a signed contract, it’s still your job to produce enough gross profit from sales revenue to stay in business.

Enter the sales pipeline: a planning concept that helps managers and salespeople forecast sales for any given period – week, month, quarter, or year. Think of your sales pipeline as overhead plumbing with faucets positioned at the time intervals your operation requires. And from these faucets, you draw the mother’s milk of any business – sales revenue.

But there’s one pesky thing about sales pipeline faucets: they all come with screens that only allow sales from qualified prospects to pass through, while poorly developed prospects are blocked. So, if you’re counting on revenue pouring out of a faucet when you turn the handle on the day you need sales, you must load only qualified prospects into your pipeline to begin with. [Continue Reading]