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Steve Marr Blog

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Category >> Strategic Planning
Apr 26
2017

Unpredictable Success or Failure

Posted by Steve Marr in Untagged 

I have written before about how much of business results from unpredictable and random events.  This is why following King Solomon’s advice is wise, “Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land. (Ecclesiastes 11:2, NIV)

For example in the 1800’s if the railroad went through an area, prosperity typically followed. Unless someone had inside information, you would not know what path the railroad would take. While you could research likely routes, you couldn’t confirm the final route. A business located at the right time and the right place would prosper.  During the gold rush in California, businesses in places where prospectors gathered prospered greatly. Clearly they did not have advance knowledge about a gold strike that would create a boom.

Consider television programs. TV networks works spend millions of dollars in research to produce new shows.  Many of them still fail to get viewership and are canceled.  Sometimes these new shows make you wonder what the networks were thinking in the first place.  However, many of the hits followed unpredictable paths that led to their success. It is true that careful research and effort go into planning these shows. However, the same effort goes into the shows that fail. My point is that one cannot predict accurately which shows will be successful and which will fail.  If one had the skill to accurately predict a foolproof formula, they would earn millions of dollars each year in directing the efforts of each network.

Feb 10
2017

Specialized Help Saves Money

Posted by Steve Marr in Untagged 

I recently encountered a computer glitch which I struggled to work through. Rather than continue to frustrate myself and waste time, I hired somebody for $60 to fix the problem. The money was well spent.  

In your business it is important to know when to hire a specialist to do tasks you cannot do or could accomplish more effectively with their help. When you do, you allow yourself and others to concentrate on higher value work.         

Jan 11
2017

Start-up Capital

Posted by Steve Marr in Untagged 

Frequently business personnel come to me looking for assistance to raise start-up funds for business. My answer is fairly simple; however, the implementation may not be as easy. There are four ways to obtain capital for starting a business.

1.      Start by investing your own accumulated funds. 

Frequently an entrepreneur will not have enough funds to properly launch a business venture. In these instances the owner will need to invest more time than money. While this may take longer to get a business off the ground, you will not need to look elsewhere for funds.

May 26
2016

How to Grow

Posted by Steve Marr in Untagged 

“Martha” and “Bill” owned a bakery that was marginally profitable. The question they had for me was how to open a second location that would grow their business and provide additional cash-flow and profitability. They struggled with two issues. First, Martha and Bill felt that they needed to be in the bakery most of the time when it was open. They were concerned that if they opened a new location, they would not find the right manager to protect their baking and customer service standards. The second issue was that they were not certain what location would work well.

May 16
2016

Changing Directions

Posted by Steve Marr in Untagged 

You may believe you have a clear direction you should take in your business. However, sometimes your best ideas may not be the path God directs.
“Norman” owned a dry cleaning business that was doing very well in most of the six locations he managed. One challenge Norman faced was that one location had lost 50% in business over the last five years. The key issue was that the neighborhood had changed rapidly and most of his customers were moving out without new customers moving in.