Business Acumen

Today’s article touches on business acumen in a one man show, or small business of perhaps 2 or 3 business partners or employees. The objective is to pinpoint the importance of different areas of activity, in order to make a business successful. The last thing you won’t to be in business is a schlepper!

Proud of his success in business!

A small business cannot be compared to a medium to large size enterprise which has more human resources. However, there needs to be a common objective which should be to make the business productive whilst profitable. The quicker you can hit these objectives then the more likely you are to survive the long haul. Every moment counts as you and your team work together to make the overall operation hit its target.

Time is money as some people like to say, and more so in business which needs to be effective and efficient. I don’t believe in paying bills at the last minute. Payments in dribs and drabs are a sign of desperate circumstances. Operational efficiency and effective management have to be implemented to survive. I'd rather save time and resources by getting things done and out of the way, to dedicate more effort to productive matters.

The key difference is that effectiveness means doing the right things to achieve goals, while efficiency means doing things right with the least number of resources. Effective actions produce the desired results, whereas efficient actions produce those results quickly and without wasting time, money, or effort. See what I mean?

Marketing and sales are another important element of a thriving business. Moreover, the income achieved from a solid foundation will keep the business afloat, and consequently encourage longevity.

Timing is essential in every stage of each cycle. Do your homework and preparation to make a winning strategy work.

Take care!

Prof. Carl Boniface

Vocabulary builder:

Acumen (n) = shrewdness, insight, penetration, wisdom, judgement

The word "schlepper" has multiple meanings, primarily from Yiddish and German. It can refer to an awkward, foolish, or incompetent person, someone who carries things or acts as a servant, or a person who wanders aimlessly. It can also refer to a tugboat in German. 

Long haul (n) = ordeal, marathon, trial, struggle, endurance test, uphill battle, trek, hike, schlep, distance  

Target (n) = mark, objective, goal, aim, focus, bull’s eye, end

Dribs and drabs (idiom) = Bits and pieces, negligible amounts, as in There's not much left, just some dribs and drabs of samples. The noun drib is thought to be a shortening of driblet, for “drop” or “tiny quantity,” dating from the early 1700s, whereas drab meaning “a small sum of money” dates from the early 1800s.

Thriving (adj) = flourishing, prosperous, booming, blossoming, successful, (ant) failing

Afloat (adj) = buoyant, on top of the water, succeeding, (ant) submerged, under water