The Entrepreneur’s Corner
Questions for your business
Patrick Henry said, “I have but one lamp by which my feet are guided, and that is the lamp of experience. I know of no way of judging of the future but by the past. A few years later, Einstein said, “Doing the same thing and expecting different results is insanity.”
These two bits of wisdom have guided me for decades. In the last few years, they have proved insufficient. Our world has changed. Cheap energy and currency exchange rates have allowed people on the other side of the world to effectively compete for our next door neighbor’s business.
Businesspeople are constantly on the lookout for ways to systematize our processes so we can achieve maximum efficiency, thereby lower our costs of operation to either offer our services at lower rates or better yet, increase our margins.
We determine our processes by agreeing to sets of assumptions. Assumptions we agree to after thorough examination of our competencies and market opportunities.
Once we establish these efficient processes we loathe changing them. It’s at this point that our agreed upon assumptions become “givens”. They become our culture. They become “the way we do things around here.”
Once solidified into the concrete of unconscious habit, we no longer regularly check to see if our assumptions are still valid. We all know the old adage that when we assume we make an ass of you and me. This truism relates to the unstated assumption. The conscious, shared assumption on the other hand is a powerful tool.
So, if you’re doing what you’ve always done and not getting the results you’ve gotten in the past, let me encourage you to reexamine your assumptions.
Bring then out in the open and ask yourself,
1. “What’s our business?”
2. “What do we do?”
3. “Who are our customers?”
4. “Do these people give us money?”
5. “For what?’
7. “What do they value?”
8. “Are we delivering value they want?”
I’ve a bunch more questions, but having your team candidly revisit the assumptions upon which you’ve based your business to see if they’re still relevant is a great way to come to grips with your current reality. Because in today’s business climate the definition of insanity may be doing the same thing and expecting the same results.
Henrico County Recreation and Parks will present “Red, White, and Lights” at Meadow Farm Museum/Crump Park July 4.
Henrico County has hosted a Fourth of July celebration annually since 1981, but this year’s event will offer a later start time and expanded hours and be highlighted by new entertainment.
The free event will begin at 4:30 p.m. and will feature the Richmond Symphony, a laser-light show, patriotic performances, and family activities. > Read more.
The Tuckahoe Family YMCA and ReEstablish Richmond will host the third-annual Refugee Community Resource Fair Saturday, June 18, from 10 a.m. to noon at the YMCA, 9211 Patterson Avenue in Henrico. The event is designed to provide refugees in the region information about jobs, local businesses, housing, health care, education and more.
As part of its strategic plan, the YMCA of Greater Richmond works to identify, address and eliminate economic, geographic and cultural barriers. > Read more.
For our Top 10 calendar events this weekend, click here! > Read more.
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CalendarHenrico County Recreation and Parks will present “Red, White, and Lights” at Meadow Farm Museum/Crump Park. The free event begins at 4:30 p.m. and will feature the Richmond Symphony, a… Full text