3 STEPS FOR A MORE PROFITABLE BUSINESS IN 2017

Some months ago, I shared an inspiring post by Mike Kostis, an entrepreneur who successfully led his third-generation family business through the worst of Michigan’s economic downturn. He is a fellow Certified EOS® Implementer and a contributor to the Entrepreneur Operating System (EOS) Blog.

He has launched 2017 with an article about the importance of identifying and documenting your business’ core processes.  These are excerpts from his advice:

1. Identify Your Company’s Core Processes

Your core processes are your WAY of doing business. Every organization has a handful of core processes that make the business run.

2. Document Each Core Process

Document your core processes using a 20/80 approach: just document the essential 20% that will give you 80% of the results. This isn’t a detailed training manual—think high-level Cliff’s Notes. Each process should be between 1-10 pages (think checklists or bullet points).

3. Make Your Processes Followed By All

Everyone in your organization needs to understand your core processes, and they all need to be following them.

Read his article to learn how to successfully implement these steps. And good luck for a successful 2017!

10 BOOKS EVERY ENTREPRENEUR SHOULD READ IN 2017

Polina Marinova, the deputy editor of Fortune Venture, was inspired by Bill Gates’ release of his favorite books of 2016 to compile a list of some of the best-selling business books of the year. She recommends these “10 must-reads that we think have the potential to transform your business and take it to the next level.”

Shoe Dog by Phil Knight

A Bill Gates favorite, Shoe Dog offers an inside look at Phil Knight’s entrepreneurial journey and how he built his startup Nike into the global brand it is today.

Tools of Titans by Tim Ferriss

In his latest book, entrepreneur and strategist Tim Ferriss shares the productivity secrets of the more than 200 “world-class performers” he has interviewed on his podcast.

The Power of Broke by Daymond John

Shark Tank star and Fubu founder Daymond John explains that starting a business with limited resources is a competitive advantage, not a liability.

The Code of the Extraordinary Mind by Vishen Lakhiani

What if everything you thought about love, work, and life is wrong? Vishen Lakhiani, founder of MindValley, challenges your most entrenched beliefs in an effort to help you redefine the meaning of personal success.

Disrupted by Dan Lyons

This is a messy, tell-all account of what happens when a seasoned journalist from an established news magazine takes a job at a software marketing startup. He chronicles his time at Hubspot where he encountered “devilish angel investors, fad-chasing venture capitalists, entrepreneurs and ‘wantrapreneurs.’”

Originals by Adam Grant

Author and professor Adam Grant examines how people can reject conformity and improve the status quo by generative creative, original ideas.

Hustle by Neil Patel, Patrick Vlaskovits, and Jonas Koffler

This New York Times bestseller guides readers through the process of “breaking free from the drudgery” in their daily lives and turning potential into opportunity.

Grit by Angela Duckworth

Psychologist Angela Duckworth claims that success is the result of passion and persistence, not talent and luck.

Building the Internet of Things by Maciej Kranz

This is a practical handbook for entrepreneurs who are focused on the business implications of the Internet of Things.

Thinking, Fast and Slow by Daniel Kahneman

Renowned psychologist Daniel Kahneman does a deep dive analysis of the two cognitive systems that shape the judgments and decisions we make in our everyday lives.

Check out her other stories at Fortune Venture. (“I Know How to Hustle’: The Jeezy Guide to Business Success”, is a stand-out.)

CHECKLIST FOR NEGOTIATING A BUSINESS DEAL

Negotiating is an integral aspect of business operations. Anita Campbell, the founder, CEO and publisher of Small Business Trends, has extensive experience in the practice. Her checklist for negotiating a business deal includes this step. It is one worth emphasizing:

Weed Out Tire Kickers

“We’ve all encountered them at one time or another — the tire kickers. These are people comparing prices or “seeing what’s out there.” They will pump you for information but have no intention of buying from you.

Don’t waste your time trying to negotiate with anyone not serious.

To separate tire kickers from serious parties, ask how soon they plan to purchase, what specific needs they have, and other probing questions. Try to get them to do something that takes a bit of effort, such as setting up a face-to-face meeting, or filling out a short questionnaire, or confirming your notes from an initial phone discussion. Tire kickers usually melt away if called on to get specific or commit to anything.”

Read her full article here. And bookmark her organization’s site, Small Business Trends. It is full of free, helpful guides for entrepreneurs.

SMALL BUSINESS RESOLUTIONS TO KEEP IN 2017

Good business advice is important to help entrepreneurs stay focused and thrive. Carbonite's Norman Guadagno recently shared six New Year's resolutions that will help your business stay strong, relevant and competitive in 2017.

These three especially resonate:

Fight ransomware by backing up your data

A recent Ponemon Institute survey of 618 IT workers at small businesses revealed that about half had been hit with ransomware, and half of those victims were forced to pay the ransom — many times because they didn’t have a clean backup copy of their relevant customer data or business files. This year, resolve to invest in a cloud backup solution because that’s the only way to be certain you’ll get your data back if the business falls victim to ransomware or any other type of disaster.

Three words: Specialize, specialize, specialize

Face it: There’s a lot of competition out there — a lot of noise in the marketplace. A great way to stand out from the pack is to stop trying to serve everyone’s needs and instead focus on the key areas where your business truly shines.

Get on top of your financial situation and stay there

Resolve to spend more time digging into the minutia of your business’s finances because you may be surprised at how many opportunities you find to slash costs, increase efficiency and grow profit margins. Choose one area to focus on each month and you’ll be very happy with the results.

Read his full article here and follow him on Twitter @ThinkTone.