How to start, maintain and run a profitable business

  We all want a business to grow and be successful. However, the company's life is cyclical and has ups and downs. Many factors can affect your business. Recently we all witnessed how pandemics slaughtered a lot of industries. Even unpredictable road repairs or bicycle lanes can prevent your customers from exceeding your business. Right in front of our eyes, our company starts to slide into the abyss. We all have emotions and react differently. Some people try therapy; some people give up and begin to cloud reality with substances. Although, some try to save a business. It is hard when a situation is dire. Some evil forces seem to be against us and want us to fail. My business isn't an exception, and I have been in a tough spot many times. I remember how devastating it felt when your biggest customer called and informed you about contract cancellation. Your first reaction is that you've lost a bottom, and fear starts to overpower your mind. Your brain starts to bring you ho...

 We live in the after-pandemic era. Covid has changed not only our way of life forever but also has changed our way of doing business. Some industries were almost gone, and some industries flourished. Also, business owners had to adjust their business models and the method of doing business. People were afraid to go shopping. Unfortunately, many become unemployed. The biggest problem for business owners was how to survive during those times. Industries started to offer home deliveries for their customers. Home deliveries have become a significant source of income for many businesses. The only question remained how to build a new business model and accommodate the customers. It was a difficult task to do because home deliveries are almost unthinkable in some industries. First, it was costly and unaffordable for many moms and pop enterprises. You had to hire a software developer and extra help to complete customers' orders and deliver them to the customers. Another problem for many w...

  Many people, when turning 50, start to evaluate their lives, achievements, mistakes, and so on. It is the so-called middle of the life analysis. I would say that 50 is the highest point in life. A person customarily received an education, gained experience in life and career, and achieved so-called wisdom. Some people can be retired and live happy lives full of positive emotions, exciting hobbies, vacations, and trips. They are the lucky ones. The vast majority still struggle to understand their purpose in life and find a suitable career that would excite them and give them financial rewards. How to find a purpose in life and career? It is million dollar question. On the Internet, you can find many blogs regarding this challenging subject. Some bloggers advise meditating and finding an answer in the subconscious mind. Other bloggers recommend making a list of your hobbies and favorite classes in college. Some even recommend going to college and receiving an education. It can work...

  I have been a professional manager all my life, and it is a very demanding and stressful job. You are between a rock and a hard place every day. From one side, you need to run a business efficiently and smoothly. On the other hand, you must deal with employees' personalities and personal problems. Originally I am from the old Soviet Union, and in my home country manager should be demanding and always in control. When a manager compromises on something with his subordinates, this signifies the weakness of an authoritarian management style. It mirrors how authorities run the whole country. Many years ago, I found a job at Dunkin Donuts. It was my first job in America, and I worked hard. In about a year or so, I became a store manager. Of course, I knew only one style of management. I became a control freak and confronted my subordinates about anything I considered a violation of Dunkin Donuts standards. Plus, I tried to purge a system of thievery in my store. I started to suspect s...

  Water can be our best friend. It relieves our thirst and helps us in gardens. Also, water can be our enemy and bring destruction and damage. Emotions can be like water and flow freely without resistance. Our minds and emotions are connected when we feel angry, upset, happy, or satisfied. Do you always control your mind and emotions when starting a business venture? Do you always calculate all risks and obstacles or make feelings-based decisions? For example, you are looking for a location for your business. You like an architectural style of a particular building and some attractions nearby. Suddenly, you forget about the benefits of your company being in this area. You want the idea of your company being here. Another example is you come to a client's office to sign a service agreement. You like the interior, and everybody is so friendly and nice. Sometimes they even order excellent catering just for you. Your mind starts to get foggy, but emotions run wild. You forget about you...

A business enterprise needs to forecast the demand for its products or services. What can businesses do to predict the future sale or order of supplies? You can build statistical models or use your judgment. For the majority of business owners, a daily routine is quite complicated. A business owner sometimes doesn't have time to build a statistical model. A business mustn't run out of supplies or be understaffed. You can't let your clients or customers down. Big corporations can afford to hire consulting firms to do forecasting for them. Although, even the most sophisticated forecasting models don't give any assurances. So, what is the solution then? Any forecast has some flows. Political, economic, or weather problems can affect it. I think small business owners have an advantage in forecasting. Why? A small business owner is involved with business regularly. That gives an advantage in comparison with big corporations. A daily sales volume gives an idea about stuffing...

  We all know that a company's success is based on two components: operational and marketing. One can't function without another. There are many examples when great innovative companies that have been destroyed without effective marketing.  Many companies don't have an effective marketing strategy, because companies think that their invention will be sold by itself. In fact, marketing strategy is very important and should be based on careful research and analysis. How can a company conduct R&D? What information can be used for marketing segmentation?  The most popular approach is to find demographics and geographic data. We can add also firmographics (information about industry and company), and psychographics( information about customers' motives to buy). Data on demographics, geographic, and firmographics aren't that difficult to find in the Internet Era. Although, psychographics are the most important. According to Thomas V. Bonoma and Benson P. Shapiro's...