Blog Posts by Chris Myers

Signed In Blood

It’s no secret that every business, small or large, needs funding in order to operate. Unfortunately it’s getting tougher and tougher for the average small business owner to secure a bank loan. In fact, 43% of small business owners were denied funding at least once over the last four years. Worse yet, one in three businesses had their existing credit lines slashed and one in ten had loans called in early.

Given the economic uncertainties faced by small businesses, it’s likely that bank financing will remain scarce. Nevertheless, it is still possible to get a bank loan...you might just need to work harder.

Banks, credit unions, and investors are looking for the same thing – a return of capital and a return on capital. The only difference is that lending organizations have limited upside (only the return of capital plus pre-defined interest) whereas investors can participate in the upside (return on capital is theoretically unlimited). Both carry the downside risk of not being paid

Looking for Knowledge

Sometimes, ignorance truly is bliss – like when you are enjoying your favorite cheesecake and have no idea how many calories you have ingested. But in business, feigning like an ostrich and putting your head in the sand generally does not work out too well. That is why it is essential to stay on top of the trends in your business, no matter how difficult they may be to hear and accept. Knowing information is the first step in solving emerging problems.

Don’t get me wrong; life should not be spent dwelling on negatives. In fact, positive individuals are 30% more likely to be successful than their pessimistic brethren. But, the most successful leaders inspire confidence through positively addressing challenges and winning through them rather than being positive without knowledge.

How can you identify developing issues in your business?

1) Seek out non-confirming information. We are all hard-wired to find evidence that supports our thesis and ideals. By actively pursuing facts counter

Growing Broke

When you ask a small business advisor what you need to do to create value, the three most often-cited strategies are….grow, grow and grow some more.  Typically, advisors are only referring to your top-line sales because where the top-line goes, your cash flow follows!  While this advice might prove true, it certainly is not the rule.  Let me provide a new phrase for you to consider – Don’t Grow Broke!

What does this mean?  In a nutshell, not all growth is good and many companies take a good thing (responsible growth) to the extreme and create massive havoc pursuing even more growth and sometimes kill their business.  We have all heard the stories about the restaurant owner that had a phenomenally successful location that was throwing off a ton of cash flow.  The owner was happy, not too over-worked and was making a very good living for herself and her family.  She was lured to expand rapidly  to other locations to take advantage of her company’s success and “not let the best locations

It seems as though you can’t turn on the television or pick up a magazine without coming across a politician or pundit extolling the virtues of small business and the role it plays in the U.S. economy. It’s easy to see why small business is such a popular topic of conversation. As of today there are about 27 million small businesses in the U.S., 6 million of which actually have employees. These businesses account for over 50% of total U.S. GDP and 75% of the net new jobs in the U.S.

Golden Egg

It’s clearly a big deal, but I for one, think that this renewed focus on small business is only the beginning. There is strong evidence to suggest that we’re witnessing the beginning of a major social and economic shift. As a result, I’ve become convinced that while the 20th century was dominated by the Fortune 500, the 21st century belongs to the Fortune 5 Million.

There are three key drivers of this shift.

1. Structural changes in the economy
2. Increasing interest in niche products
3. Ever lowering