Small Business Advisor

The February issue of the Oklahoman Lifestyle Magazine was devoted to “Food on the Move” by writer Dave Cathey and others. We all remember when it seemed like every corner had a food truck – from 2008-2015. Yet recently you may have noticed that there are many fewer trucks around. 1) What happened? a. The article notes that most food trucks now have a permanent location, and the actual food trucks are “incubators” of the restaurant concept. b. Owners/Operators - practical difficulties of running the truck c. Customers – “we noticed there were a finite number of people who would come to an event (grouping of food trucks)” 2) New option for restaurant concepts – food halls. Three examples: OKC “The Collective”; Edmond “The Railyard”; Tulsa “Mother Road Market” -these food halls help to overcome many of the difficulties.

Having taught a course on starting a business for 12 years, one of the greatest changes has been the decline in business plans. Why are people afraid of them? Why have they fallen out of favor? The business plan itself became a goal - like writing a term paper - rather than a process. People are afraid of what their research might mean for the business (maybe they are not ready, maybe the market now well defined). By acknowledging these factors, we can come up with a useful - and usable document to help your business. #small_business_advisor #entrepreneur

There are hundreds, even thousands of books on Leadership. The US Marine Corp devotes countless hours to developing leadership. Everyone acknowledges the importance…yet, it continues to befuddle. If there is a system you like and has worked – use it. But if not, here is a simple system for developing next generation of leaders in your organization #leadership #smallbusinessadvisor 1) Find good talent (What process do you use to find people with talent? 2) Ensure they have skills to do what you need (how do you develop skills in your employees?) 3) Give them (small) opportunities 4) If success, increase the responsibility 5) Repeat

As we end a year of turmoil in the economy - both bad and good - we might look back and review some of the accepted wisdom about business. The Economist Magazine's Schumpeter column back in December 2016 listed four basic themes or theories about business...so using that framework, Bill and I discuss some lessons we may draw from this year.

Most of us have participated in some sort of weekly staff meeting. How many people look forward to it? (Why do they persist?) (How to make more effective?) Reference to the Japanese business custom of “Chorai” – staff meeting. #entrepreneur #management

Setting aside the sociological problems of grouping people into 20-year generations - business managers may be overthinking the effect of Millenials in the workforce. Most of the changes are due to 1. being young 2. technological changes 3. weakening of social convention 'musts' Recognizing this will help as you grow your organization