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A recent study conducted by Dunn & Bradstreet found that 90% of all business failures can be traced to poor management resulting from lack of knowledge … the inability of management to critically think about their business.

Critical thinking isn’t an abstract, transferable skill … its “domain specific”. In other words, critical thinking is intimately tied to knowledge of the subject. First, you must possess information to think about it & the way you think about information in one field (like business) is almost entirely different from how you think about it in another field (like chemistry). To avoid these common traps and mistakes, it is absolutely imperative that you acquire business knowledge and apply it.

Critically thinking about your business requires knowledge in four key business areas: planning; accounting; marketing/sales; and Human Resources. Improve your domain specific business knowledge: subscribe to free weekly Small Business Thoughts posts; view the free Micro-Thought videos; sign up for a free personalized business mentoring session and be sure to download your copy of “Small Business Thoughts Real-Time Strategic Planning“. Start planning your business success!

Sample “Thoughts Library” Posts

  • Business Scaling Strategy During Recession
    Every startup wants to scale, and a lot of them start scaling, but then they realize that as their top line is growing, their bottom line is shrinking. At the same time, in today’s inflationary environment, many businesses are seeing increased costs and are forced to turn to cost-cutting strategies like bulk-buying and automation while […]
  • Market Strategy Implementation Requires Supporting Tactics
    Over the past years, the economy has taken a major digital shift that has impacted the way businesses connect and interact online with their customers. All company communication, sales demos, & business meetings have turned mostly virtual with remote and hybrid work environments. This digital shift has also shaped the consumer expectations of all businesses. […]
  • First, Define A Target Market
    When I ask small business owners and aspiring entrepreneurs, “Who is your target market?”, many answer with one word…“everyone”. While many may think everyone could benefit from their product/service offering, they soon begin to realize that everyone is not their customer. Initially, it is critical that entrepreneurs identify a big market that has underserved customers.This […]
  • How To Establish Pricing For Your Offering
    I am often asked how to establish a product/service price. Here are some background thoughts: Even with these thoughts in mind, determining the price to set for a product or service can be challenging if some historical price and demand data is not available. So be sure to considered the following questions when setting a […]
  • Business Model Canvas
    A business model framework is a way to visually describe how an organization creates, delivers and captures value. The Business Model Canvas (BMC) usually consists of nine building blocks, each represented by a rectangle. The right side of the BMC focuses on the customer (external), while, the left side of the canvas focuses on the […]

Featured Micro-Thought Video

How To Research Your Business Model Concept

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