Business Growth

In Business You Must Keep Learning

For a company to survive be sure to understand that in business you must keep learning. There is no two ways about it; change is continuous and what worked yesterday or even today will likely not work in a few years or even a few months. Read the rest of this entry »

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Financial Literacy for Business Owners

If you are a business owner you may already be financially literate, but just how strong is that literacy? Even if you are there are likely some things your CFO, Controller, or in-house accountant can do to improve your understanding of your financial situation. On the other hand if you aren’t financially literate then these same people should be helping you to become so. Read the rest of this entry »

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Accounting is More Than Theory

Some business owners think accounting is boring and they may be right, but then again maybe not. What does that mean? Read the rest of this entry »

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The Latest is Not Always the Greatest

We live in a time of constant change. As a result of this and effective marketing, some companies get people to buy things they don’t really need. What do I mean by that? Read the rest of this entry »

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Financial Details Can Mask the Big Picture

Do you sometimes find yourself bogged down in the financial details of your business? If so you may be missing some important insights. By insights I mean seeing and comprehending the true essence of something. When it comes to the financial aspects of your business the financial details can mask the big picture if you get caught up in them. Read the rest of this entry »

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The Risk of Constant Change

Change is sometimes unavoidable and necessary yet not always the best thing. While it can be good, the risk of constant change is something to consider. Read the rest of this entry »

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What Will You Change in the New Year?

If you are like me you don’t go for the idea of New Year’s Resolutions. From what I’ve read about them not many people are successful with this process. The classic example is people who join a gym at the beginning of the year and within a month or two are no longer attending. But, resolutions are not the same as asking what will you change in the new year and there are real differences. Read the rest of this entry »

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Be Willing to Start Again

How often do we just throw up our hands and surrender, feeling defeated. Does this mean we’re done trying? Maybe all that is needed is a brief break. We must be willing to use past failure to build on to eventually succeed. To do that, we must be willing to start again. Just like Read the rest of this entry »

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When Is It Time to Give Up?

The question of when is it time to give up is one that we are all faced with at some point. Perhaps the real question is what do we mean by giving up? In my last post How Do You Define Failure? I discussed the importance of persevering and not letting our failures stop us too soon. Each apparent failure can really be a learning experience and a vital step on the way to success. But, what do you do when it seems as if success is going to permanently elude you?

Take a Time Out

Sometimes the best thing to do is to take a time out from what we are attempting. We need to be willing to allow ourselves the luxury of diverting our attention temporarily to something else that may even be unrelated. This is a little like the idea of sleeping on something for a few nights and just letting our mind subconsciously work on a problem. It is fairly common to suddenly have an answer pop into our head when we were not deliberately thinking about finding a solution. A temporary diversion is often one of the most productive things we can do. However, that diversion does not necessarily need to be play time or what seems like wasted time. We could move on to working on some other seemingly unrelated issues. Occasionally one of the other issues will prompt an answer to our original problem. So, while it may look like we have given up, what we are really doing is allowing our mind to work on its own.

Reframe the Problem

Perhaps we are so caught up in what we thought we were trying to accomplish that we miss the obvious. Consider the development of post-it notes at 3M. The scientist who developed the adhesive used on them was actually trying to develop a super strong adhesive. He continue to promote his adhesive for other possible uses, but it went unused for nearly six years until another individual had the idea to use the low-strength adhesive in the manner we now see with post-it notes. So, “when is it time to give up?” Well in this case it was not as soon as something did not work as hoped. Sometimes people just need to think and reframe the problem. With the development of this adhesive the solution came before the problem. All it took was someone to use their imagination to consider possibilities.

dreamer

Put It in the Idea Bank

How often do you have an idea and then just let it go without ever acting on it? If you don’t already do this, consider keeping a file where you record random ideas. Keep it handy and periodically review it. If you are working on an idea for which there seems to be no solution then the question of “when is it time to give up?” can become rhetorical if you put this issue aside by recording it in your idea file. Later something else you are working on may well jog your memory of the original idea filed away, while at the same time providing you with a solution.

Artists sometimes have several pictures they are working on. They may be struggling with one picture and divert their attention to it (kind of like taking a time out). Then when they return to it later they then see how to proceed and get the results they want. It is not unusual to occasionally let an idea for a painting sit for an extended time, almost like the idea bank concept. Later, after their mind has subconsciously worked on the idea they suddenly find they are ready to paint it. An author can do the same thing when writing a book. They may get stuck on where to go with a story line and take a diversion to another task. When they resume writing the story line has now developed in their mind.

So before you give up reframe the idea of what it means to give up. Yes, sometimes it may be that you never finalize something, but other times you will find that a temporary diversion helps or that an idea you put aside in your idea bank is now one that makes complete sense.

If you want to know more, contact AimCFO – Contact

As always, your comments are welcomed.

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How Do You Define Failure?

The question of how do you define failure is an important one. The way you think of failure strongly impacts the results you get. Consider this quote of Winston Churchill, “Success is not final, failure is not fatal: it is the courage to continue that counts.” In other words, Read the rest of this entry »

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