A longstanding credo for successful business planning is make specific goals. However, there is such a thing as being overly specific in your goals to the detriment of other things that matter to you. Let’s look at how adding fuzziness to specific goals can make your business planning strategies more fulfilling.
Analytics vs. Eye Test
In the world of sports, there’s often great debate between the value of analytics versus the eye test. Analytics often provide hard, quantitative evidence of performance, while the eye test relies on intuitive, qualitative evidence about performance.
Business planning is similar. For example, the analytics might tell you to send your top salesperson to close an important deal because she has good closing numbers. But the eye test—your raw observations and intuition—might tell you to send a junior salesperson because she has demonstrated a special rapport with the customer’s decision makers.
Focusing solely on either analyt
Running a successful business is complex per se. Adding the element of “family” to a business often creates more complexities, especially as the business grows. Lifelong family bonds and expectations can run headlong into business realities and needs. Today, we’ll share some ideas about how to keep the family business running and the business family happy.
First, a definition
Let’s briefly define the difference between a family business and a business family. Family business: A business based on family relationships and involvement, closely connected to the family and its persona. Business family: A business (and a family) driven by performance and profitability rather than the family’s personality or reputation, in which the people and the business are focused on achieving business goals, and the fact that some are family members is secondary.
As a successful business owner, you can see how the subtle difference between these definitions can have mon
Dallas Romanowski is the managing partner of Cornerstone Business Advisors, Inc.; a general partner at Seahawk Innovation Fund, LLC; and the executive fund director for the IMAF Cape Fear Angel Fund.
He has played a critical role in the success of many businesses ranging from the Fortune 100 to scores of small companies. Cornerstone helps companies achieve their goals with strategic planning, peer advisory boards, executive coaching and private equity placements.
The Alternative Board (TAB) provides an opportunity to meet with other business owners on a regular basis to discuss solutions for your business challenges / opportunities It s a mastermind group for owners of privately held companies.
Dallas serves on NewBridge Bank’s Advisory Board as well as a Board Director for the Wilmington Chamber of Commerce.
Specialties: Management Consulting for both privately held businesses and public corporations; Strategic Planning; Marketing; Human Resources Management; Financial Analysi
Running a successful business is complex per se. Adding the element of “family” to a business often creates more complexities, especially as the business grows. Lifelong family bonds and expectations can run headlong into business realities and needs. Today, we’ll share some ideas about how to keep the family business running and the business family happy.
First, a definition
Let’s briefly define the difference between a family business and a business family. Family business: A business based on family relationships and involvement, closely connected to the family and its persona. Business family: A business (and a family) driven by performance and profitability rather than the family’s personality or reputation, in which the people and the business are focused on achieving business goals, and the fact that some are family members is secondary.
As a successful business owner, you can see how the subtle difference between these definitions can have mon