When answering your own questions about business development issues, it can be challenging to remain unbiased. If you want to learn more about your business, here are some questions to ask not only yourself, but your clients and staff. Just be sure you want to hear the truth, and commit to using the results in a positive manner to better your business, not to berate yourself over any less-than-encouraging responses.
Ask your clients:
· What do you think are the elements of excellent customer service?
· When you experience exceptional customer service from us, what is it you are experiencing?
· Have you witnessed obstacles to us providing better customer service? How can we overcome them?
· What are the specific benefits of doing business with us?
· What two services could we provide that we don’t currently offer?
· What have we done to show you appreciation for being our customer? Did this expression of appreciation hold value for you?
· Do you refer us to your network? Why/why not?
Ask your Employees:
· What do you think are the elements of excellent customer service?
· When we demonstrate experience exceptional customer service, what is it that our clients experience?
· What are the obstacles to providing better customer service? How can we overcome them?
· What do our clients see as the specific benefits of doing business with us?
· What two services could we provide that we don’t currently offer?
· What could we do to show you appreciation for being our customer that would be meaningful to them?
· Are there new initiatives we could implement that could lead to more referrals from clients?
Cross reference the answers from clients and staff for an insightful 180 degree perspective. Add in a competitive SWOT analysis to make it a 360 approach to propelling your business forward.
Friday, October 28, 2011
Monday, October 17, 2011
Best Start-Up Advice
I had the pleasure today of appearing on Rogers TV In Business, hosted by David Wojcik, to talk about small business month (October, Canada-wide) and small business in general. After an engaging half-hour, the host’s final question was, “What is your best small business start-up piece of advice?” I went blank! Not because I could think of none, but because rush of them came to mind, and on the spot I didn’t know which one to chose. I went with something like this:
“When doing your pro-forma financials, double your estimated costs, slash your estimated sales in half, and then give a good second look at profit potential.”
Here are some of the others that crossed my mind in that split second:
· Open a business in an industry you love – your passion is what will get you through the tough times
· Open a business in an industry you know – your experience will mean you don’t have nearly as many rough operational spots to deal with
· If there is more than one owner, sign a partnership agreement
· Choose a name that tells your customer something about who you are or what you do
· Make sure there is a problem (need/want) in the marketplace that your company can solve
· Figure out your competitive advantage – without one, you won’t be able to lure any customers away from competitors and towards you
· Don’t make low price your competitive advantage
· Choose a niche – you can’t be a big box store in a boutique-sized space (this tip is not just for retailers)
· Don’t conduct market research for your business through friends and family
· You will have to be your company’s best sales person – so take a sales course if you don’t have sales experience
· You can never spend too much on marketing…but you can spend it on the wrong tactics
· Ensure you have a crystal clear picture of who your primary and secondary target markets are
· Provide a customer experience that builds your great reputation from your very first customer
· For the first few years, you are the business’s brand
· Don’t make your spouse keep the books – unless he/she is a bookkeeper
· Address the risks in your business and develop contingency plans before launching
We had already spent a portion of the show talking about the importance of preparing a business plan in advance, so many related ideas had already been covered, but in case you don’t catch the show, here they are:
· Write a business plan, even if you’re self-financing
· Research, research, research
· Write the plan yourself, so the business model is based on your vision, experience, skills, education and passion
· Don’t make any major investments (inventory, lease, employees) until your plan is complete
· Use your plan not just to launch, but as a management tool once you’re operating
And, of course, as my quick-witted counterpart said, visit your local Small Business Enterprise Centre for support!
“When doing your pro-forma financials, double your estimated costs, slash your estimated sales in half, and then give a good second look at profit potential.”
Here are some of the others that crossed my mind in that split second:
· Open a business in an industry you love – your passion is what will get you through the tough times
· Open a business in an industry you know – your experience will mean you don’t have nearly as many rough operational spots to deal with
· If there is more than one owner, sign a partnership agreement
· Choose a name that tells your customer something about who you are or what you do
· Make sure there is a problem (need/want) in the marketplace that your company can solve
· Figure out your competitive advantage – without one, you won’t be able to lure any customers away from competitors and towards you
· Don’t make low price your competitive advantage
· Choose a niche – you can’t be a big box store in a boutique-sized space (this tip is not just for retailers)
· Don’t conduct market research for your business through friends and family
· You will have to be your company’s best sales person – so take a sales course if you don’t have sales experience
· You can never spend too much on marketing…but you can spend it on the wrong tactics
· Ensure you have a crystal clear picture of who your primary and secondary target markets are
· Provide a customer experience that builds your great reputation from your very first customer
· For the first few years, you are the business’s brand
· Don’t make your spouse keep the books – unless he/she is a bookkeeper
· Address the risks in your business and develop contingency plans before launching
We had already spent a portion of the show talking about the importance of preparing a business plan in advance, so many related ideas had already been covered, but in case you don’t catch the show, here they are:
· Write a business plan, even if you’re self-financing
· Research, research, research
· Write the plan yourself, so the business model is based on your vision, experience, skills, education and passion
· Don’t make any major investments (inventory, lease, employees) until your plan is complete
· Use your plan not just to launch, but as a management tool once you’re operating
And, of course, as my quick-witted counterpart said, visit your local Small Business Enterprise Centre for support!
Thursday, July 21, 2011
All This Stuff
Recently I was visiting my parents who live out-of-province. Because I see them only once or twice a year, I have the opportunity to look at things from a fresh perspective each time. What really struck me this visit was All The Stuff they have. They told me that they have been downsizing all year, a sensible task to take on in your 70s, if not at a younger stage of life. So when the house of my childhood looked pretty much identical this summer as when I was a youngster, I had to question just how much downsizing they actually did.
Turns out they indeed worked pretty hard at it; while the amount of furniture hasn’t changed, there are a lot fewer dishes, books, office supplies, toiletries, linens and All That Stuff hidden away in every drawer, closet and shelf of most houses. I, of course, have filled up my own house with all the same items. It’s the sustainability of it all that worries me.
Consumers certainly need some products, and want many, many more. Businesses are only too happy to produce and sell them to those who can pay. Employees of these organizations are happy to have a job, so that a paycheque allows them to purchase the things they want. It would seem this cycle is self-sustaining. But as a society, we have begun to ask important questions about where our resources will come from in the future. And as a daughter, I have started asking important questions about where all my parents’ stuff is going to go in the future.
Some of it will wear out and go to landfill. Some of it will end up in my house. I’d like to think I could give most of it away – but people don’t want other people’s old stuff – they want their own, new stuff and the satisfaction of purchasing. My social conscience struggles with this; how can we continue to just keep buying more and more? But how will businesses prosper, and provide jobs, if consumers stop purchasing? Ultimately, I feel that we’re stripping the earth of its resources, we’re putting ourselves into debt, and we’re pretending to make ourselves happier by owning more. I think there is a massive paradigm shift that we need to make both as consumers and entrepreneurs, and that maybe the recent recession has finally prompted us all to think about some of these big issues.
I think I’ll start by redesigning the “Reduce ->Reuse ->Recycle” poster to be “Reduce->Reduce->Reduce->Reuse->Reuse->Recycle”.
Turns out they indeed worked pretty hard at it; while the amount of furniture hasn’t changed, there are a lot fewer dishes, books, office supplies, toiletries, linens and All That Stuff hidden away in every drawer, closet and shelf of most houses. I, of course, have filled up my own house with all the same items. It’s the sustainability of it all that worries me.
Consumers certainly need some products, and want many, many more. Businesses are only too happy to produce and sell them to those who can pay. Employees of these organizations are happy to have a job, so that a paycheque allows them to purchase the things they want. It would seem this cycle is self-sustaining. But as a society, we have begun to ask important questions about where our resources will come from in the future. And as a daughter, I have started asking important questions about where all my parents’ stuff is going to go in the future.
Some of it will wear out and go to landfill. Some of it will end up in my house. I’d like to think I could give most of it away – but people don’t want other people’s old stuff – they want their own, new stuff and the satisfaction of purchasing. My social conscience struggles with this; how can we continue to just keep buying more and more? But how will businesses prosper, and provide jobs, if consumers stop purchasing? Ultimately, I feel that we’re stripping the earth of its resources, we’re putting ourselves into debt, and we’re pretending to make ourselves happier by owning more. I think there is a massive paradigm shift that we need to make both as consumers and entrepreneurs, and that maybe the recent recession has finally prompted us all to think about some of these big issues.
I think I’ll start by redesigning the “Reduce ->Reuse ->Recycle” poster to be “Reduce->Reduce->Reduce->Reuse->Reuse->Recycle”.
B.E.N. Will Help You Plan for Emergencies
Participate in the Business Emergency Network – a low cost, low demand, high results program that will prepare your business for continuous service during emergencies
The Business Emergency Network (B.E.N.) is a program that was created with the goal of increasing the ability of small and medium-sized enterprises (SME) in Brampton to survive through business disruptions. Businesses can do this by implementing business continuity plans into their organization. Business continuity planning involves identifying the key elements of the organization by understanding the vital functions and processes that are required to keep service and production going should a business disruption occur.
The B.E.N. was developed as a solution to the findings of a study that was conducted by the Brampton Emergency Measures Office, which surveyed whether or not SMEs had business continuity plans in place. The research revealed that over 95% of SMEs have no business continuity plans in place for the following reasons:
a) No money to devote to business continuity planning;
b) No time to devote to business continuity planning; and
c) No clear understanding of the subject matter.
Sound familiar? This is where the B.E.N. program is helpful. To lessen the above pressures, the B.E.N. can provide businesses with a Student Consultant for no cost. Emergency management and business continuity students volunteer along with business continuity professionals to partner with a SME and conduct an assessment of the hazards and risks to which the SME is exposed. Once this is complete, the Student Consultant will then develop a unique business continuity plan for the SME he/she is consulting. Therefore, the B.E.N. reduces the pressure of ‘no money’ by providing the consulting service at no charge; and reduces the pressure of ‘no time’ and ‘no understanding,’ because the Student Consultant, with their knowledge and experience, will be conducting all the planning. After the business continuity plans are complete, the SME will be stronger and better prepared in the event of a business disruption.
Overall, the B.E.N. is a low cost, low demand, and high results program. The City of Brampton Emergency Measures Office encourages you to become involved to strengthen your business!
For more information, including how to participate, please contact Amanda Maula at the City of Brampton Emergency Measures Office: amanda.maula@brampton.ca 905.874.3979
The Business Emergency Network (B.E.N.) is a program that was created with the goal of increasing the ability of small and medium-sized enterprises (SME) in Brampton to survive through business disruptions. Businesses can do this by implementing business continuity plans into their organization. Business continuity planning involves identifying the key elements of the organization by understanding the vital functions and processes that are required to keep service and production going should a business disruption occur.
The B.E.N. was developed as a solution to the findings of a study that was conducted by the Brampton Emergency Measures Office, which surveyed whether or not SMEs had business continuity plans in place. The research revealed that over 95% of SMEs have no business continuity plans in place for the following reasons:
a) No money to devote to business continuity planning;
b) No time to devote to business continuity planning; and
c) No clear understanding of the subject matter.
Sound familiar? This is where the B.E.N. program is helpful. To lessen the above pressures, the B.E.N. can provide businesses with a Student Consultant for no cost. Emergency management and business continuity students volunteer along with business continuity professionals to partner with a SME and conduct an assessment of the hazards and risks to which the SME is exposed. Once this is complete, the Student Consultant will then develop a unique business continuity plan for the SME he/she is consulting. Therefore, the B.E.N. reduces the pressure of ‘no money’ by providing the consulting service at no charge; and reduces the pressure of ‘no time’ and ‘no understanding,’ because the Student Consultant, with their knowledge and experience, will be conducting all the planning. After the business continuity plans are complete, the SME will be stronger and better prepared in the event of a business disruption.
Overall, the B.E.N. is a low cost, low demand, and high results program. The City of Brampton Emergency Measures Office encourages you to become involved to strengthen your business!
For more information, including how to participate, please contact Amanda Maula at the City of Brampton Emergency Measures Office: amanda.maula@brampton.ca 905.874.3979
Monday, July 4, 2011
Summer Company 2011
The Summer Company Program is well underway and we are pleased to introduce 12 ambitious students who have decided to run their own business this summer. Rather than a traditional summer job, these students have taken on the monumental task of getting a business up and running and profitable within a few short months. In order to be approved for the program these students:
- submitted a comprehensive business plan which included a start-up budget and cash flow forecast. Based on their start-up budget most students have received $1500 to contribute to their start-up costs.
- were interviewed and signed a contract with the Provincial Government stating that they will dedicate a minimum of 35 hours/week to running the business, attend regular mentor meeting and training sessions, complete an online journal and report all of their income and expenses. At the end of the summer these students may be eligible for another $1500 award.
The success of the students will be determined by the accuracy of their planning and dedication to the business. Success is not solely based on profit margin. It can also be measured by the personal growth and confidence. How exciting to consider that these students will register their first business name, open a business bank account, make their first cold call, negotiate price, create business cards and websites and maybe even write their own media release!
These students are not on their own. Consultants from our Small Business Centre are available to guide the students throughout the summer. We also have tremendous support from members of the business mentoring group who volunteer their time and expertise to assist these young entrepreneurs.
- Jeff Bowman of The Marketing Pad delivered a 1.5 hour presentation on sales strategies to our students last week.
- Surita Dey, Youth Services Coordinator at The Brampton Library and Linh Hang, Small Business Advisor with TD Canada Trust will be available all summer should the students require their assistance.
- Amos Findlayter will deliver training on bookkeeping in the coming weeks.
Thank you to all of our volunteers. The success of the program depends on your involvement.
The Summer Company Class of 2011:
Candi’s Coils offers natural, organic and vegan products for your hair and body. All formulations are made using quality oils, butters and waxes by Marisa Blair. As a naturally crafty girl, it only came naturally for Marisa to soon end up mixing up a storm in her kitchen creating various products from hair conditioners to vegan lip-balms.
Titus Personal Training is owned and operated by Cherise Titus, a Certified Personal Training Specialist through Canada’s largest fitness certification program Can-Fit-Pro. Titus Personal Training is 100% committed to helping everyone achieve their fitness goals and takes pride in providing the best services possible that cater to your wants and needs.
Head Start Robotics founded by Michael Lim is a fun and exciting workshop that allows children to develop interest and skills related to engineering technologies. Through their weekly program, children will design and build a robot to complete a complex obstacle course and engage in design activities. Head Start Robotics aims to equip children with the critical thinking, design and team work skills to give them a Head Start to Success!
Connect with Fitness is a Mobile Personal Training Company that caters to Brampton, Mississauga and surrounding cities - and mobile means that they come to you! No gym membership, no driving, and no babysitter required for these dynamic and fun training sessions. Vanessa Fox will meet you at your home, prepared with a workout tailored to your specific goals. Learn to use the space and objects around you (such as chairs and stairs) to push, pump and tone your body. OR - let Vanessa bring some portable equipment to help enhance your exercises. Lose those bulky, limiting machines that you find in the gym, and get ready for a fitter, healthier and happier you!
Swim with Gavin is a registered business situated in Caledon, Ontario operated by Gavin Fior a certified partner of Red Cross Canada, certified lifeguard and Red Cross instructor for any level of swimming. Swim at OUR pool or I will come to you! Our pool has a change room and shower facilities
NDB Studios is owned and operated by Nathaneal Thomas and provides graphics design services such as; Adobe Photoshop and Adobe Illustrator skills, Website Design, Logo Creation, Business Card Design, Wedding Invitations, Flash banner Advertisements, Video Editing and more.
Chic Expression was founded by Mishka Cooke, a business student and entrepreneur. Mishka has been designing and making jewellery for 11 years. It has always been a passion of hers to open her own custom-made jewellery store.
Band Splash founded by Adam Currie is a website for unsigned bands looking for exposure in today’s music scene. The site provides bands with a basic service including a profile page and limited storage space for music, pictures and video. For an extra fee bands would receive a premium service which includes profile page, extended storage space, site advertising, competitions, exclusive play on website radio, and media downloads.
You Only Live Once Collective was founded by Ryan Roy and is a collection of skateboarding and art. The focus of YoLoCo is to provide high quality fashionable clothing gear, accessories and skateboarding equipment that gives the consumer access to the latest designs in fashion and the skateboarding industry. YoLoCo retail's t-shirts, hats, sweatshirts, and sunglasses made up of contributions from their skate team, close friends, fellow skateboarders, photographers and individuals that are full of passion and love for skateboarding, clothing and life.
Heaven’s Eleven Soccer Club is operated by Michael Buabeng and provides a place for kids to learn about the techniques and skills of soccer while acquiring valuable life skills. The participants will be exposed to positive individuals from their own communities, empowering them to realize that they can succeed irrespective of their socio-economic or ethnic background. For more information contact Michael at 647-966-4784
Curb Appeal Painters specializes in exterior residential painting throughout Brampton. Owner Jaten Patterson-Reid strives to provide clients with professional, first-class quality service and convenient scheduling. Services include painting of doors, garage doors, columns, railings, and sealant (asphalt, cement, concrete). For more information contact Jaten at 416-992-8170
A.Y.S Mobile Mechanics provides a mobile mechanic service to the Brampton and surrounding areas. Owner Krishna Singh will travel to the clients home to service their vehicles for a fraction of the cost that regular mechanics shop or dealership would charge. Krishna is a registered apprentice mechanic and has lots of experience working with cars on various small problems. For more information contact Krishna at 416-917-7245
We hope you will support these dynamic youth this summer!
Monday, May 16, 2011
Does your Plan Contain the Top 7 Components?
As a business start-up consultant, I have spent more than a decade evaluating business plans. As you can imagine, they come in an endless variety of formats, lengths and styles. No matter what the industry or business type, however, at my initial review, I look for these three critical components in every plan:
• A clear description of the target customer, because it’s the customers, not a business consultant, who really decide if a business idea is a good one
• A clever competitive advantage: done well, it demonstrates knowledge of company and personal strengths, an understanding of customer psychographics, and completion of thorough competitive research
• Profit potential: you would be surprised how many aspiring business owners don’t appear to be interested in making profit, which begs the question, Why bother?
Without these three components clearly defined, and woven together with compelling rationale, the hundreds of other essential details in a business plan instantly become unimportant; it’s time to rethink the business model.
When target customer, competitive advantage and profit potential are in place, the next four I look for are:
• Owner investment: there is no investor who will finance 100% of a start-up; the owner’s passion and perseverance is what will get the company through the demanding start-up period as well as every other roadblock in the years ahead; personal investment in the business is how this passion and perseverance is demonstrated
• Realistic sales targets: the fine line between over-zealous optimism and targeting at least the minimum revenue to keep cash flow in a healthy state
• Investment in marketing: the vast majority of start-up and early-growth businesses underestimate the challenge of advertising, in terms of creativity, cost and time, and therefore don’t budget for the variety and relentlessness that makes for a successful marketing campaign
• Healthy cash flow: businesses can fail because of a shortage of cash even while profitable, so profit potential mentioned above is not enough
Once these Top 7 are in place, then I can look at my secondary checklist - the other fifty or so critical components that allow me to determine feasibility of the concept. And this is where the real fun begins!
• A clear description of the target customer, because it’s the customers, not a business consultant, who really decide if a business idea is a good one
• A clever competitive advantage: done well, it demonstrates knowledge of company and personal strengths, an understanding of customer psychographics, and completion of thorough competitive research
• Profit potential: you would be surprised how many aspiring business owners don’t appear to be interested in making profit, which begs the question, Why bother?
Without these three components clearly defined, and woven together with compelling rationale, the hundreds of other essential details in a business plan instantly become unimportant; it’s time to rethink the business model.
When target customer, competitive advantage and profit potential are in place, the next four I look for are:
• Owner investment: there is no investor who will finance 100% of a start-up; the owner’s passion and perseverance is what will get the company through the demanding start-up period as well as every other roadblock in the years ahead; personal investment in the business is how this passion and perseverance is demonstrated
• Realistic sales targets: the fine line between over-zealous optimism and targeting at least the minimum revenue to keep cash flow in a healthy state
• Investment in marketing: the vast majority of start-up and early-growth businesses underestimate the challenge of advertising, in terms of creativity, cost and time, and therefore don’t budget for the variety and relentlessness that makes for a successful marketing campaign
• Healthy cash flow: businesses can fail because of a shortage of cash even while profitable, so profit potential mentioned above is not enough
Once these Top 7 are in place, then I can look at my secondary checklist - the other fifty or so critical components that allow me to determine feasibility of the concept. And this is where the real fun begins!
Monday, May 2, 2011
Selling your Expertise
If you’re in the business of selling your expertise or ideas, getting past the launch period and moving into a stage of sustainable growth comes with unique challenges. When your primary product is knowledge, that is, your personal brainpower (comprised of education, industry experience, intelligence, gut instinct) your customers are hiring you. You can’t hire and train people to do what you do, because your service offering is not a trainable or transferable skill. That means that traditional business growth strategies such as refining processes and implementing systems may not work for your business.
So exactly how do you grow a knowledge-based business, such as a consulting firm? Your company needs to be something that can run without you personally doing all of the consulting with clients. You need to switch from being the front-facing client contact, to being the visionary and marketer. You will be responsible for branding the business, developing the staff, and implementing the strategic plan.
Consultant or Owner of a Consulting Business?
So, do you want to be a self-employed consultant, or do you want to own a consulting business? If you want a business, you need to hire talent who can do the consulting; and you’ll need to sell your firm’s expertise – not yours – to your clients. The downside to this is that you probably chose this business specifically because you are passionate about working directly with your clients, and you won’t get to do a lot of that anymore. The upside is that you’ll have a true business that can run itself if you decide to spend a morning on the golf course or – just imagine – take a vacation. You’ll also have a scalable business that potentially can be sold, further securing your future.
Being a self-employed consultant is an honourable profession; just be clear that it is a very different thing from being a business owner.
So exactly how do you grow a knowledge-based business, such as a consulting firm? Your company needs to be something that can run without you personally doing all of the consulting with clients. You need to switch from being the front-facing client contact, to being the visionary and marketer. You will be responsible for branding the business, developing the staff, and implementing the strategic plan.
Consultant or Owner of a Consulting Business?
So, do you want to be a self-employed consultant, or do you want to own a consulting business? If you want a business, you need to hire talent who can do the consulting; and you’ll need to sell your firm’s expertise – not yours – to your clients. The downside to this is that you probably chose this business specifically because you are passionate about working directly with your clients, and you won’t get to do a lot of that anymore. The upside is that you’ll have a true business that can run itself if you decide to spend a morning on the golf course or – just imagine – take a vacation. You’ll also have a scalable business that potentially can be sold, further securing your future.
Being a self-employed consultant is an honourable profession; just be clear that it is a very different thing from being a business owner.
Small Business Month State-side
May is Small Business Month in America. Here are 31 small business success stories, one for every day of the month:
http://www.inc.com/31-stories-of-small-business-success/index.html?partner=newsletter_Success
http://www.inc.com/31-stories-of-small-business-success/index.html?partner=newsletter_Success
Royal Loot Bags
I wouldn’t call myself a fan or follower of the British Royals, but I have been, let’s say, curious over the years. In fact, the marriage of Charles and Diana in 1981 might be one of the first world events in which I remember exactly where I was and what I was doing when it happened. So, while I certainly didn’t get up at 5am on April 29th to see the spectacle of William and Kate’s wedding, I tuned into the repeat broadcast later that evening, and various TV specials over the weekend.
Until now, I didn’t know anything about the Middleton family, except that they were “commoners”, so when I heard via Biography channel that Kate’s parents had started their own business which has had great success, I was both delighted and perhaps not surprised at all. While most micro businesses provide a modest living for their founders, there are a few gems that propel the proprietors into a socio-economic state fit for a king (or in this case, future queen.) The Middleton family business was described as an Internet-based business, and that made even more sense as a type of business that could grow very quickly. Still, I was curious about exactly what type of products and services the Middletons sold. I continued to catch bits and pieces of various shows over the weekend, and finally my persistence paid off.
Kate’s mother, Carole, frustrated by the time-consuming task of preparing loot bags for her daughters’ birthday parties, recognized this task as bothersome, and came up with an online solution for other mothers struggling with the same chore. Loot bags! A simple concept, with lots of complicated details. (The Brampton Enterprise has had a number of aspiring loot bag sellers over the years, and operational planning was always more complex than the fun idea would suggest.)
But there it is – the foundation of launching a business – just the same half way around the world as in Canada: fulfill a gap in the marketplace.
• Step 1: identify the problem;
• Step 2: come up with a solution;
• Step 3: conduct market research to ensure there are prospective customers who share the same issue and are willing to pay for a fix;
• Step 4: creating a vision: Carole wanted other young mothers to be able to create birthday parties for their children that would be fun, magical and memorable.
So, to all my clients and future clients who have a seed of an idea for a business, keep plugging away at it! While there are no promises of a fairy tale ending, this is proof that sometimes it does happen.
A few articles with a brief mentions on the Middleton’s enterprise:
http://www.partypieces.co.uk/
http://www2.macleans.ca/2010/11/22/an-uncommon-princess/
http://news.yahoo.com/s/ac/20110215/en_ac/7860484_kate_middletons_family_business_party_pieces
http://www.telegraph.co.uk/news/uknews/royal-wedding/8474828/Middleton-familys-website-plugs-street-party-essentials-days-ahead-of-royal-wedding.html
Until now, I didn’t know anything about the Middleton family, except that they were “commoners”, so when I heard via Biography channel that Kate’s parents had started their own business which has had great success, I was both delighted and perhaps not surprised at all. While most micro businesses provide a modest living for their founders, there are a few gems that propel the proprietors into a socio-economic state fit for a king (or in this case, future queen.) The Middleton family business was described as an Internet-based business, and that made even more sense as a type of business that could grow very quickly. Still, I was curious about exactly what type of products and services the Middletons sold. I continued to catch bits and pieces of various shows over the weekend, and finally my persistence paid off.
Kate’s mother, Carole, frustrated by the time-consuming task of preparing loot bags for her daughters’ birthday parties, recognized this task as bothersome, and came up with an online solution for other mothers struggling with the same chore. Loot bags! A simple concept, with lots of complicated details. (The Brampton Enterprise has had a number of aspiring loot bag sellers over the years, and operational planning was always more complex than the fun idea would suggest.)
But there it is – the foundation of launching a business – just the same half way around the world as in Canada: fulfill a gap in the marketplace.
• Step 1: identify the problem;
• Step 2: come up with a solution;
• Step 3: conduct market research to ensure there are prospective customers who share the same issue and are willing to pay for a fix;
• Step 4: creating a vision: Carole wanted other young mothers to be able to create birthday parties for their children that would be fun, magical and memorable.
So, to all my clients and future clients who have a seed of an idea for a business, keep plugging away at it! While there are no promises of a fairy tale ending, this is proof that sometimes it does happen.
A few articles with a brief mentions on the Middleton’s enterprise:
http://www.partypieces.co.uk/
http://www2.macleans.ca/2010/11/22/an-uncommon-princess/
http://news.yahoo.com/s/ac/20110215/en_ac/7860484_kate_middletons_family_business_party_pieces
http://www.telegraph.co.uk/news/uknews/royal-wedding/8474828/Middleton-familys-website-plugs-street-party-essentials-days-ahead-of-royal-wedding.html
Monday, March 14, 2011
Doing Charitable Giving Right
In times of economic prosperity, I have encountered so many good-hearted, generous people in this business community. Countless times, I have had clients come to the Small Business Enterprise Centre asking how to open a non-for-profit or charitable organization. Additionally, I have had many established business owners meet with me to discuss events and promotions for their business with a fundraising purpose, and even to discuss the creation of a foundation that would be linked to their business.
Without wanting to discourage any of this generosity, my usual response to my small business clients is to focus on the success of their business. Initially, that sounds terribly selfish and capitalistic, but my end goal is altruistic. The more successful the business, the more profits they will then have to make generous donations to causes of their choice.
Running your own foundation of course would give you the chance to do something very meaningful and perhaps personal, but to do it right could be just as demanding as starting a new business. Indeed, it’s “venture creation”, requiring not just an idea, but a full business (project) plan, with a clearly defined purpose, product/service offering, target audience, competitive analysis, marketing plan, the works. And, it needs financial and human resources to envision, launch and sustain it. Leave these large foundations to Canada’s largest businesses.
Instead of a full-scale foundation, I absolutely encourage you to run small promotions with proceeds going to a charity of your choice. Just make sure that the charity is not only something you’re personally interested in supporting, but something that also has a connection to your business. Here are a few examples of good business – charity matching:
• Catering company – local food bank
• Sporting goods wholesaler – Canadian Olympic Team
• Bathroom Renovations contractor – colon cancer
• Landscaping firm – Nature Conservancy of Canada
• Business consultant – World Vision’s Micro Finance Program
Because there are so many great ways to give back to your community, it’s easy to think a big event with big proceeds is the only way to go. Not so; start with modest goals, and build the event over seasons or years. Many years of sustainable or growing donations are more valuable to a charitable organization than a one-time contribution. Linking business and charity makes sense to your customers, and sends a message of consistency and professionalism about your business, which will lead to more uptake from customers with your promotion, and long term business success in general. With over 90% of Canadian businesses being categorized as “small”, there is a big role for them to play as contributors to the charitable sector.
Without wanting to discourage any of this generosity, my usual response to my small business clients is to focus on the success of their business. Initially, that sounds terribly selfish and capitalistic, but my end goal is altruistic. The more successful the business, the more profits they will then have to make generous donations to causes of their choice.
Running your own foundation of course would give you the chance to do something very meaningful and perhaps personal, but to do it right could be just as demanding as starting a new business. Indeed, it’s “venture creation”, requiring not just an idea, but a full business (project) plan, with a clearly defined purpose, product/service offering, target audience, competitive analysis, marketing plan, the works. And, it needs financial and human resources to envision, launch and sustain it. Leave these large foundations to Canada’s largest businesses.
Instead of a full-scale foundation, I absolutely encourage you to run small promotions with proceeds going to a charity of your choice. Just make sure that the charity is not only something you’re personally interested in supporting, but something that also has a connection to your business. Here are a few examples of good business – charity matching:
• Catering company – local food bank
• Sporting goods wholesaler – Canadian Olympic Team
• Bathroom Renovations contractor – colon cancer
• Landscaping firm – Nature Conservancy of Canada
• Business consultant – World Vision’s Micro Finance Program
Because there are so many great ways to give back to your community, it’s easy to think a big event with big proceeds is the only way to go. Not so; start with modest goals, and build the event over seasons or years. Many years of sustainable or growing donations are more valuable to a charitable organization than a one-time contribution. Linking business and charity makes sense to your customers, and sends a message of consistency and professionalism about your business, which will lead to more uptake from customers with your promotion, and long term business success in general. With over 90% of Canadian businesses being categorized as “small”, there is a big role for them to play as contributors to the charitable sector.
Monday, February 14, 2011
Common Sales Mistakes
Last month, this column explored the importance of integrating your business’s marketing and sales plans. Marketing gets customers to your door while Sales provides solutions to the customer problem satisfactorily enough to conclude the transaction (read: revenue.)
There are core steps in the sales process, with variations depending on marketing strategies, industry sector and personal communications style. Talent and ingenuity can happen at every stage, as can mistakes. You’ve spent plenty of money on marketing to attract potential customers, now don’t lose them because of one of these easy-to-fix missteps.
Stage 1: Welcome the Customer – the most common mistake made at this stage is to forget to do it, sincerely. Sales people sometimes jump right to Deliver (stage 5.)
Stage 2: Build Rapport – people buy from people; take the time needed, sometimes just a few moments, to humanize the selling process. You can also use this step to ask a crucial market research question: “How did you hear about us?”
Stage 3: Determine the Problem – the common mistake made at this stage is overly-eager sales people not allowing the customer to be heard.
Stage 4: Determine the Solution – the mistake made at this stage is offering a solution unrelated to the customer’s problem (stage 3). In the customer’s mind, this is not a solution at all.
Stage 5: Deliver the Solution – mistakes here often are of a logistical nature (i.e. stock outs, expensive delivery costs etc.,) or of a quality control nature.
Stage 6: Conclude the Transaction – the most common mistake here is that the transaction is cumbersome. The customer is already in pain from having to part with their money; don’t make the paperwork or payment transaction a hassle.
Stage 7: Follow-up post-sale – the most common mistake made here is that it’s ignored, sacrificing future sales from what could be a loyal customer.
Missteps in the selling process can have serious consequences, depriving your business of revenue and eroding confidence in your company staff as well as potential customers. Take time this month to analyze your company’s sales stages, then take an honest look at mistakes you might be making along the way. You’ll find that many of them have simple solutions which can be implemented at once, with immediate positive impact to your sales success.
There are core steps in the sales process, with variations depending on marketing strategies, industry sector and personal communications style. Talent and ingenuity can happen at every stage, as can mistakes. You’ve spent plenty of money on marketing to attract potential customers, now don’t lose them because of one of these easy-to-fix missteps.
Stage 1: Welcome the Customer – the most common mistake made at this stage is to forget to do it, sincerely. Sales people sometimes jump right to Deliver (stage 5.)
Stage 2: Build Rapport – people buy from people; take the time needed, sometimes just a few moments, to humanize the selling process. You can also use this step to ask a crucial market research question: “How did you hear about us?”
Stage 3: Determine the Problem – the common mistake made at this stage is overly-eager sales people not allowing the customer to be heard.
Stage 4: Determine the Solution – the mistake made at this stage is offering a solution unrelated to the customer’s problem (stage 3). In the customer’s mind, this is not a solution at all.
Stage 5: Deliver the Solution – mistakes here often are of a logistical nature (i.e. stock outs, expensive delivery costs etc.,) or of a quality control nature.
Stage 6: Conclude the Transaction – the most common mistake here is that the transaction is cumbersome. The customer is already in pain from having to part with their money; don’t make the paperwork or payment transaction a hassle.
Stage 7: Follow-up post-sale – the most common mistake made here is that it’s ignored, sacrificing future sales from what could be a loyal customer.
Missteps in the selling process can have serious consequences, depriving your business of revenue and eroding confidence in your company staff as well as potential customers. Take time this month to analyze your company’s sales stages, then take an honest look at mistakes you might be making along the way. You’ll find that many of them have simple solutions which can be implemented at once, with immediate positive impact to your sales success.
Thursday, January 27, 2011
How to Sell More!
An article from Canadian Business you might enjoy:
http://list.canadianbusiness.com/rankings/profit100/2010/how-to-sell-more/article.aspx?id=20100528_161205_13424
http://list.canadianbusiness.com/rankings/profit100/2010/how-to-sell-more/article.aspx?id=20100528_161205_13424
Tuesday, January 25, 2011
31 Days to a Better Business
Check out Inc.Com's article on 31 days to a better business (1 tip for each day of the month)
http://www.inc.com/31-days-to-a-better-business?partner=newsletter_Startup
http://www.inc.com/31-days-to-a-better-business?partner=newsletter_Startup
Monday, January 24, 2011
Integrating Marketing & Sales Plans
It’s Marketing’s job to get potential customers to notice you and take some kind of action that moves towards a purchase. In a retail business, for example, effective marketing tactics get customers into the shop. For your business, perhaps the measure of successful marketing is the volume of incoming phone inquiries or visits to your website. Knowing what you are trying to accomplish with your marketing, and how to measure it, is an important place to start when devising your plan.
It is not Marketing’s job to land the customer. This is the the job of your sales plan. Marketing brings the customers to the sales people, and it is up to Sales to close the transaction and get cash into the till. There are a variety of steps in the sales process, such as welcoming the potential customer, building rapport, determining the customer’s want/need/problem, determining a solution or choice of solutions, delivering that solution, concluding the transaction, and post-sales customer follow-up.
In the early stages of the sales process, customers can step back, and Marketing must once again do its job. Think about how many times you might visit a favourite retail store without making a purchase. It is marketing tactics, such as advertising, promotions and visual merchandising, that send you through the doors again, and on occasion, the product/service offering is right and you make a purchase.
As your business’s key strategist, you must develop marketing and sales plans that work together to generate revenue. Marketing is a waste of money if your business doesn’t have experienced, trained, customer-focused sales people to engage with clients and provide satisfactory solutions. Sales can be a constant struggle, if not downright misery, if every interaction is a cold call. Integrating your marketing and sales strategies will make both plans more successful, decreasing your efforts and costs and increasing your revenues.
At what stage does Marketing stop and Selling begin? How frequently does the customer enter the “welcoming” or “building rapport” sales stages only to back out? Does that customer ever re-enter? Is this normal for your industry, or does it signal a problem somewhere in your process? Despite have distinct duties, there is a reason that Marketing and Sales functions are typically part of the same department: they must be integrated.
It is not Marketing’s job to land the customer. This is the the job of your sales plan. Marketing brings the customers to the sales people, and it is up to Sales to close the transaction and get cash into the till. There are a variety of steps in the sales process, such as welcoming the potential customer, building rapport, determining the customer’s want/need/problem, determining a solution or choice of solutions, delivering that solution, concluding the transaction, and post-sales customer follow-up.
In the early stages of the sales process, customers can step back, and Marketing must once again do its job. Think about how many times you might visit a favourite retail store without making a purchase. It is marketing tactics, such as advertising, promotions and visual merchandising, that send you through the doors again, and on occasion, the product/service offering is right and you make a purchase.
As your business’s key strategist, you must develop marketing and sales plans that work together to generate revenue. Marketing is a waste of money if your business doesn’t have experienced, trained, customer-focused sales people to engage with clients and provide satisfactory solutions. Sales can be a constant struggle, if not downright misery, if every interaction is a cold call. Integrating your marketing and sales strategies will make both plans more successful, decreasing your efforts and costs and increasing your revenues.
At what stage does Marketing stop and Selling begin? How frequently does the customer enter the “welcoming” or “building rapport” sales stages only to back out? Does that customer ever re-enter? Is this normal for your industry, or does it signal a problem somewhere in your process? Despite have distinct duties, there is a reason that Marketing and Sales functions are typically part of the same department: they must be integrated.
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