Genchi Genbutsu is one of the principles of management which is employed by Toyota. In English, Genchi Genbutsu means, go see for yourself. Normally in big companies, managers rely on data to make their decisions, but in Toyota everything must be verified by the human eye. Though the car maker is a big company, the principle can be applied to micro and small enterprises owners by understanding what it takes to go and see for yourself. Continue reading
I always get heart stopping moments when I see my cash going our faster than sales coming in. It gives me the dreaded thought of closing shop, and do I spend sleepless nights thinking how to increase it and where to get more. The last one happened several years ago when what I have left in the bank could no longer pay for the month end expenses. That time I realized the cash is king and that I always need to have plenty of it in the bank. I don’t want you to go through sleepless nights so I am writing this article that will talk about growing your cash (I also use the techniques in my business). Continue reading
For a new entrepreneur, starting a business can be a mystery. You just do not know where to start because there are so many things to do and so many risks you want to avoid. Generally, there are two ways to begin. Some start by doing a business plan, while others just start selling with only a product in hand and market in mind. I like to call the latter Quick Set Up. Both paths can be a good way to initiate the business. The business plan is effective if you plan to bring in investors early on in the business. On the other hand, Quick Set Up is a good way to get the ball rolling fast and find out if your are assumptions are correct or not. For this article I will not focus on starting a business by creating a formal business plan. Instead, I will zero in on the entrepreneur’s way of starting a business. Continue reading
The economy of the Philippines is booming and everyone’s spending mood is high. This current state makes it a good time to start a business. My readers always ask me what businesses they can get into. So I ask them what they want to do. Most of them tell me they want to start something easy to do and will not take much of their time. After several interactions with readers, I have noticed a trend in the business ideas I normally advice them to do. Continue reading
OK, so I have been thinking lately, how do you start a business with almost nothing? I want to make an article on this because I do always get this question from my readers. My short answer to this inquiry is, yes you can. Starting with very little happens all the time and has happened to today’s richest people like Gokongwei, Henry Sy and Nanay Coring Ramos of National bookstore. Here, I will show you the different ways on how to raise resources to get your business going. Continue reading
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