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For many business owners phrases like “business strategy” and “competitive strategy” are dirty words dreamed up by business consultants only to baffle clients and justify fees. But understanding strategy is very important for all businesses, large and small.

Here’s an exercise to help you focus on what really matters to your business. Simply invite your customers to pay you whatever they believe your product is worth! 

A good friend used to say that time is like a snowflake – it disappears while you’re trying to decide what to do with it. How true it is? There never seems to be enough time to get the business up and running, never mind to drive it forward. But how can this be? There is an enormous selection of online seminars, DVDs and books available offering techniques, tips and advice for improving time management. Why is time management still a problem for so many business owners?

I heard Eddie O’Sullivan, Manager of the Irish rugby team, speak at a sports conference early in 2005. Among other things, he spoke about the difference between “result” goals and “performance” goals and how they were used in the Irish team’s 2004 Triple Crown winning performance.

Why is it that many incentive schemes that are intended to encourage staff to work harder, longer and smarter never have the desired effect? Victor Vroom’s Expectancy Theory of Motivation is a really straightforward idea but it provides many clues as to why incentive schemes sometimes break down and it provides some useful guidelines for making incentive schemes more effective.

This 30 second story could change your approach to your business!

The American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked.

Inside the small boat were several large yellow fin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.

The Mexican replied, "Only a little while."

The American then asked, "Why didn't you stay out longer and catch more fish?"

Years ago, miners used a simple but effective safety device. They brought a canary in a cage into the mines with them. When the canary fell over, it meant that the air was toxic and it was time to get out. It was a poor miner who didn’t pay attention to the canary in the cage.

Business owners today also need a Canary in a Cage, some means of indicating that the health of the business is at risk, so that steps can be taken before it is too late.

When things have gotten on top of you, when 24 hours in a day are not enough, remember the jam jar...and the beer.