This week's Indie Business Radio Show features Dr. Rosalie Lober, CEO of PROFITS Principles. Rosalie is the author of Run Your Business Like A Fortune 100: 7 Principles For Boosting Profits. Here's a video review of the show.
(If you are reading this post via email or an RSS reader and can’t see this video, then click here). Written details follow for those without access to the video at this time.
During the show, Dr. Lober helped small and independent business owners understand that Fortune 100 and small companies have a lot more in common than you might think. She said that, at the core of success for any company are 7 principles for boosting P-R-O-F-I-T-S:
- P-osition Only For Growth. Don't take on new projects that won't have a positive long term outcome. If something new sounds wonderful, but will not add value to your business and contribute to its growth, let someone else do it.
- R-eality. Conduct frequent and honest reality checks so you can know whether your business plan is backed up by cold, hard facts.
- O-btain Vital Information. Do your due diligence and research the market and everything you want to do in it before taking the plunge.
- F-lexibility. Small and independent companies have an edge here, according to Dr. Lober. Use the fact that you are small to maneuver quickly in and out of situations that lead you to achieving your business goals.
- I-ntegration. Make sure that everything you do fits logically into your overall plan. Dr. Lober stresses that no particular part of your business should stick out like a sore thumb. Even though there are separate parts, they should all flow as a logical and cohesive whole. (I so needed to hear that!)
- T-est and Revise. Be sure to test and revise (and then re-revise) your plans and strategies as you move forward. It's rare that things work out beautifully on the first go-round. Massage and edit the process until it works, and then revise it some more as marketing conditions change and your business expands.
- S-teer the Company. This may seem obvious, but Dr. Lober says not everyone trains to do it well. Don't just run your business. Lead your business. The guidance and direction you provide will either carry you into the next decade or leave you stranded with nothing to show for your hard work.
Listen to the Show
You can enjoy my interview with Dr. Lober in the place most convenient for you. You can download it on iTunes. You can also stream it or download it at my radio show website. Finally, if you like where you are right now at my blog, simply click on the link below to listen right now!
Question: Which of Dr. Lober's principles work best for you as you lead your small business? Are there any others you wish to add?