Charles Darwin said: "It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." Could this be any truer in today’s business world than it was over 150 years ago when Mr. Darwin was speaking of the natural world? We have all witnessed giant companies that seemed impenetrable fail; and we have seen brilliant ideas that should have taken off miss the mark.
And we’ve also watched small businesses or “crazy” ideas that shouldn’t have grown do surprisingly well. At the turn of the millennium, some entrepreneurs could see that the rate of change in their industries was escalating; and they understood that adapting to change was quickly becoming the number one component in ensuring success. Rather than fighting it, they adapted. We know we resist change because it takes us out of our comfort zone, but change can be invigorating, profitable, and frankly, necessary to survival. Most of us now accept that the notion that things never stay the same for long; and we understand that the ability to lead in times of change is vital. That is why Dr. John Kotter’s Eight-Step Model to Implement Change, developed over 30 years of research, is such an important model for business leaders.
Kotter’s Eight-Step Model to Implement Change *
1. Create a Sense of Urgency - help others understand the need for change, now.
2. Enlist a Guiding Team – bring together a small, strong group of champions to steer the change.
3. Develop the Vision and Strategy for the New Reality - clarify how the future will be different from the past and the steps to get there.
4. Communicate Why – others have to understand why to buy in, or they won’t.
5. Empower Others to Act - remove all possible barriers so that those who want to make the vision a reality can do so.
6. Pick Some Low-Hanging Fruit – create some short-term wins as quickly as possible to demonstrate that this change is possible.
7. Don’t Let Up – keep the successes rolling without delay; press change with more change until the ultimate vision is achieved
8. Create a New Culture – reinforce the new ways of behaving to permanently replace old traditions and processes.
Your first challenge in becoming adaptable? You need to stop thinking of yourself as a t-shirt guy or a hair styling gal; you need to be a business guy or gal. And knowing the eight steps to implementing change is what will make you just that.
* http://www.kotterinternational.com/our-principles/changesteps/changesteps
Monday, June 17, 2013
Wednesday, April 17, 2013
12 Tips for Attracting Publicity
In last month’s column, I introduced readers to five steps in attracting publicity: 1. Research your customer and your media options. 2. Determine your unique offering. 3. Ensure you can support the statements you make. 4. Write the press release and 5. Distribute the release. It’s also important to understand the differences between various publicity tools.
Media Release: a brief outline of your captivating, unique, or entertaining situation/event that is newsworthy. Media Advisory: essentially, an invitation to the media to attend your event to take pictures and/or conduct interviews. Photo Release: a post-event re-cap of the situation with a compelling photo of the key people or activity involved. Each has its own purpose, so know your publicity objectives and choose accordingly.
Of course this is a simplified version of something that actually takes a fair amount of skill, experience and savvy; consider outsourcing to a professional if communications isn’t your forte. Since publicity is free, and free tends to be popular, be prepared for it being difficult to have your business message heard amidst competing messages. Here are 12 tips that will make your efforts rise above the rest.
Tips for Attracting Publicity:
• Be knowledgeable and genuinely excited about your offering
• Be creative – it takes ingenuity to come up with new angles on the same products or events
• Note that you may have to craft your message slightly differently for different media
• Keep your contacts list up-to-date; media contacts change often
• Start small by targeting community publications and stations with smaller reach; as your skills and confidence grow, you can add media with bigger reach
• Keep branding in mind at all times and be consistent when delivering your business name, contact information and tag line
• From one opportunity to the next, be consistent without being repetitive
• Be memorable – in a pleasing way.
• Be welcoming and engaging with media; thank them for their interest and prepare well for all interviews. Look for tie-ins with current news stories, seasonal occasions and community issues
• Track results; poll customers to determine if any heard about you because of publicity
• Media and Photo Releases control your messaging; media interviews take more communication skill and experience to ensure they are shaped the way you intend, but can also add dynamic effect and lengthier coverage.
• Be charming, humble and gracious when interviewed.
Media Release: a brief outline of your captivating, unique, or entertaining situation/event that is newsworthy. Media Advisory: essentially, an invitation to the media to attend your event to take pictures and/or conduct interviews. Photo Release: a post-event re-cap of the situation with a compelling photo of the key people or activity involved. Each has its own purpose, so know your publicity objectives and choose accordingly.
Of course this is a simplified version of something that actually takes a fair amount of skill, experience and savvy; consider outsourcing to a professional if communications isn’t your forte. Since publicity is free, and free tends to be popular, be prepared for it being difficult to have your business message heard amidst competing messages. Here are 12 tips that will make your efforts rise above the rest.
Tips for Attracting Publicity:
• Be knowledgeable and genuinely excited about your offering
• Be creative – it takes ingenuity to come up with new angles on the same products or events
• Note that you may have to craft your message slightly differently for different media
• Keep your contacts list up-to-date; media contacts change often
• Start small by targeting community publications and stations with smaller reach; as your skills and confidence grow, you can add media with bigger reach
• Keep branding in mind at all times and be consistent when delivering your business name, contact information and tag line
• From one opportunity to the next, be consistent without being repetitive
• Be memorable – in a pleasing way.
• Be welcoming and engaging with media; thank them for their interest and prepare well for all interviews. Look for tie-ins with current news stories, seasonal occasions and community issues
• Track results; poll customers to determine if any heard about you because of publicity
• Media and Photo Releases control your messaging; media interviews take more communication skill and experience to ensure they are shaped the way you intend, but can also add dynamic effect and lengthier coverage.
• Be charming, humble and gracious when interviewed.
Wednesday, April 3, 2013
Five Steps to Attracting Publicity
Advertising is when you pay to put a message in the paper that you think is interesting to your potential customers. Publicity is distinctly different: it is a reporter believing that you have something special to share, that is, “news”. A reporter’s interest translates to the reader/listener/viewer as an endorsement, which is very valuable. And, publicity is free, so every small business should be considering it as one of their marketing tools. Here are five steps to attracting publicity:
Step 1: Smart business always starts with research! Know your customer demographics and where they like to get their news. Know your media; ensure their audience is your target customer. You can develop your own list of media outlets, or for a fee, use established newswires. Scour the media for editors’ names and contact info. Find out their preferred way of receiving press releases as well as when they go to press. What kinds of stories are they interested in?
Step 2: Determine what you have to offer that is captivating, unique, or entertaining. Think like a journalist and find your story. Shape it to their interests.
Step 3: Ensure your product quality and customer service will support the claims you make and reputation you intend to build.
Step 4: Prepare a press release, or outsource this to a professional writer. Releases should be succinct and clear, with the most important information in the first paragraph. Reprintable quotes make the reporter’s job easier, and maintaining their interest beyond the first paragraph is desirable. Ensure your press release does not read like an advertisement. Finally, your contact information, should they wish more detail, should be clearly stated at the end.
Step 5: Distribute the press release and, after giving plenty of time for the reporter to respond, follow up. After just a few attempts at follow-up, assume the story is not striking the right chord, and go back to Step 2; don’t make a nuisance of yourself.
You’ll need to persevere if you’re adding publicity to your marketing tool box. It's difficult to have your voice heard amidst competing messages. Getting that first response from the media may take many attempts, but when it happens, it can be transformational. Think of publicity as a long-term process and just one of many of your tactics, rather than a replacement for a comprehensive marketing strategy or a short-term solution to a sales slump.
(Check back next month for a follow up on this post: 12 tips to Attracting Publicity.)
Step 1: Smart business always starts with research! Know your customer demographics and where they like to get their news. Know your media; ensure their audience is your target customer. You can develop your own list of media outlets, or for a fee, use established newswires. Scour the media for editors’ names and contact info. Find out their preferred way of receiving press releases as well as when they go to press. What kinds of stories are they interested in?
Step 2: Determine what you have to offer that is captivating, unique, or entertaining. Think like a journalist and find your story. Shape it to their interests.
Step 3: Ensure your product quality and customer service will support the claims you make and reputation you intend to build.
Step 4: Prepare a press release, or outsource this to a professional writer. Releases should be succinct and clear, with the most important information in the first paragraph. Reprintable quotes make the reporter’s job easier, and maintaining their interest beyond the first paragraph is desirable. Ensure your press release does not read like an advertisement. Finally, your contact information, should they wish more detail, should be clearly stated at the end.
Step 5: Distribute the press release and, after giving plenty of time for the reporter to respond, follow up. After just a few attempts at follow-up, assume the story is not striking the right chord, and go back to Step 2; don’t make a nuisance of yourself.
You’ll need to persevere if you’re adding publicity to your marketing tool box. It's difficult to have your voice heard amidst competing messages. Getting that first response from the media may take many attempts, but when it happens, it can be transformational. Think of publicity as a long-term process and just one of many of your tactics, rather than a replacement for a comprehensive marketing strategy or a short-term solution to a sales slump.
(Check back next month for a follow up on this post: 12 tips to Attracting Publicity.)
Wednesday, February 20, 2013
SBEC-IAL People
This posting was authored by Brian Baker, Brampton SBEC's new Small Business Assistant
Thirty years ago the government offered grants to entrepreneurs to help start their business. Unfortunately all it did was give businesses the fish and they only ate for a day. In comes the idea of The Small Business Enterprise Centre, small centres located in towns and cities across Ontario with one purpose… to help others help themselves. They cropped up out of the need for small businesses to gain the knowledge to successfully start, strengthen and succeed. According to Statistics Canada’s 2011 Business Register, small businesses under 50 employees account for 95% of businesses across Ontario.
Each Enterprise Centre is filled with knowledgeable, like-minded individuals who are there for the greater good: to support business creation and job growth in our community. My five years of experience in franchising brings with it a vast knowledge of what to expect when opening and running a small business. The two key questions always on my mind are, “What are going to be possible road blocks?” and “What proactive steps can the entrepreneur take now to avoid them in the future?” Industry Canada states that about 49% of new businesses fail within the first 5 years. Throughout my years I’ve seen what barriers have led to this statistic. Fortunately the Brampton SBEC is working with clients to beat the odds and drop that number.
Located in Brampton City Hall, we are part of the City’s Economic Development Office and have links throughout the City to get you the answers you need or connect you with the right people. We all work together to see that aspiring entrepreneurs and local businesses get every advantage possible to succeed. We offer guidance, consultations, business plan reviews, seminars and a referral service to name a few. Best part is… it’s almost all free. Our jobs are to work with you to provide the resources, answer your questions and overall, just to help with removing the training wheels.
So to openly dispel the myth: No, we do not have bags of money available for people, but yes, we are here to help you. So don’t be afraid to come to us with all the fish you want to catch because we’ll teach you how to eat for life.
~ brian.baker@brampton.ca
Brian works with aspiring entrepreneurs in Brampton to help them understand the full scope of business start-up so that they can prepare for a successful launch and early growth. If you're thinking about launching a business venture, be sure to connect with Brian early in your exploration and planning for a wealth of knowledge and free resources.
Thirty years ago the government offered grants to entrepreneurs to help start their business. Unfortunately all it did was give businesses the fish and they only ate for a day. In comes the idea of The Small Business Enterprise Centre, small centres located in towns and cities across Ontario with one purpose… to help others help themselves. They cropped up out of the need for small businesses to gain the knowledge to successfully start, strengthen and succeed. According to Statistics Canada’s 2011 Business Register, small businesses under 50 employees account for 95% of businesses across Ontario.
Each Enterprise Centre is filled with knowledgeable, like-minded individuals who are there for the greater good: to support business creation and job growth in our community. My five years of experience in franchising brings with it a vast knowledge of what to expect when opening and running a small business. The two key questions always on my mind are, “What are going to be possible road blocks?” and “What proactive steps can the entrepreneur take now to avoid them in the future?” Industry Canada states that about 49% of new businesses fail within the first 5 years. Throughout my years I’ve seen what barriers have led to this statistic. Fortunately the Brampton SBEC is working with clients to beat the odds and drop that number.
Located in Brampton City Hall, we are part of the City’s Economic Development Office and have links throughout the City to get you the answers you need or connect you with the right people. We all work together to see that aspiring entrepreneurs and local businesses get every advantage possible to succeed. We offer guidance, consultations, business plan reviews, seminars and a referral service to name a few. Best part is… it’s almost all free. Our jobs are to work with you to provide the resources, answer your questions and overall, just to help with removing the training wheels.
So to openly dispel the myth: No, we do not have bags of money available for people, but yes, we are here to help you. So don’t be afraid to come to us with all the fish you want to catch because we’ll teach you how to eat for life.
~ brian.baker@brampton.ca
Brian works with aspiring entrepreneurs in Brampton to help them understand the full scope of business start-up so that they can prepare for a successful launch and early growth. If you're thinking about launching a business venture, be sure to connect with Brian early in your exploration and planning for a wealth of knowledge and free resources.
Sunday, November 4, 2012
Small and Steadfast
Rapid growth is often the ultimate goal that businesses aim for, yet, when it arrives the sudden surge can cause a company to struggle or even fail. When a business experiences suddenly success, the entrepreneur is typically operating with limited resources including a lack of capital, lack of management skills, lack of information about what may be propelling the recent growth, poor procedures, lack of a go-forward plan, lack of experience with change management and larger operations, not being able to identify risks, and – nothing new here – lack of time to deal with new issues.
Dramatic increases in sales can also come with dramatic increases in expenditures, bad debt, whittling of profit margin and other distasteful characteristics. Simply put, growth without profit leads to cash shortages and unpaid bills.
To avoid the perils of expansion, your objective should be to find a certain market niche and devise a business plan that propels your business ahead with a healthy and steady growth. Focus on:
• maintaining an appropriate profit margin
• analyzing key performance indicators
• building assets
• controlling debt
• managing cash flow
• standardizing operations
• developing leadership skills
Over-expansion is a leading cause of business failure; be proud of being small for now. Beware repressing growth though, since that means you’re missing opportunities. Establishing high growth as your only measure of success can lead to reckless decisions. Instead, develop a definition of success that includes steadfastness and lifestyle factors. Then, let your success lead you, rather than you forcing it.
Dramatic increases in sales can also come with dramatic increases in expenditures, bad debt, whittling of profit margin and other distasteful characteristics. Simply put, growth without profit leads to cash shortages and unpaid bills.
To avoid the perils of expansion, your objective should be to find a certain market niche and devise a business plan that propels your business ahead with a healthy and steady growth. Focus on:
• maintaining an appropriate profit margin
• analyzing key performance indicators
• building assets
• controlling debt
• managing cash flow
• standardizing operations
• developing leadership skills
Over-expansion is a leading cause of business failure; be proud of being small for now. Beware repressing growth though, since that means you’re missing opportunities. Establishing high growth as your only measure of success can lead to reckless decisions. Instead, develop a definition of success that includes steadfastness and lifestyle factors. Then, let your success lead you, rather than you forcing it.
Thursday, August 16, 2012
Add Sponsorship to your Marketing Toolbox
As a business owner, you understand that advertising is an investment in your business, not simply an expense that must be paid. Advertising budgets, no matter how robust, do need to stretch a long way – over 52 weeks a year, through a variety of tactics and platforms, and perhaps even across multiple target markets. Small businesses in particular are looking for very efficient uses of their marketing dollars. One of the valuable tactics that I see small businesses regularly overlook is sponsorship.
Sponsorship is often associated with charitable donations. Certainly your business can be a good corporate citizen and support worthy causes in sports, arts and the humanities by becoming a sponsor - in this case, the definition of sponsor really being “donor”. Sponsorship is also associated with big business – for example, McDonald’s sponsoring the London 2012 Olympics. It absolutely works for mega-ventures in the international market, but that doesn’t mean it can’t work in a small business context.
There are appropriate opportunities for small business owners to sponsor activities conducted by organizations with like interests and target markets, for mutual benefit. These are opportunities where your business name/logo will be plastered all over event invitations, signage, programmes etc., essentially advertising your business to all of the (potential) attendees. Many sponsorship opportunities allow you to make a personal appearance at the event with a trade show display, two minutes at the microphone, or simply getting face-to-face to network with their (your soon-to-be) clients. Many offer the flexibility to negotiate terms most suitable to you. Given the right organization, event and target participant, you can build a name for yourself as a business that is a leading expert in your field, personally interested in your customers’ satisfaction, and an active leader in your community. We’re talking here about building your brand. Few paid advertisements can accomplish all that!
Think about the demographics and behaviour of your target market(s). Where do they gather? How can you be in that space? Seek out the organizations that already bring customers together and investigate sponsoring their initiatives. Your industry association, your suppliers, your local networking associations (including The Brampton Board of Trade) etc. will likely have formal or even informal sponsorship opportunities. If they are not blatantly published, pitch your own ideas to those organizations you want to partner with!
If sponsorship is new to you, consider sponsoring SBEC’s “Pledge to Prosper” initiative as a gentle introduction; sponsorships start at the small business price of just $75! Visit www.brampton-business.com for all the details and contact me to discuss.
Sponsorship is often associated with charitable donations. Certainly your business can be a good corporate citizen and support worthy causes in sports, arts and the humanities by becoming a sponsor - in this case, the definition of sponsor really being “donor”. Sponsorship is also associated with big business – for example, McDonald’s sponsoring the London 2012 Olympics. It absolutely works for mega-ventures in the international market, but that doesn’t mean it can’t work in a small business context.
There are appropriate opportunities for small business owners to sponsor activities conducted by organizations with like interests and target markets, for mutual benefit. These are opportunities where your business name/logo will be plastered all over event invitations, signage, programmes etc., essentially advertising your business to all of the (potential) attendees. Many sponsorship opportunities allow you to make a personal appearance at the event with a trade show display, two minutes at the microphone, or simply getting face-to-face to network with their (your soon-to-be) clients. Many offer the flexibility to negotiate terms most suitable to you. Given the right organization, event and target participant, you can build a name for yourself as a business that is a leading expert in your field, personally interested in your customers’ satisfaction, and an active leader in your community. We’re talking here about building your brand. Few paid advertisements can accomplish all that!
Think about the demographics and behaviour of your target market(s). Where do they gather? How can you be in that space? Seek out the organizations that already bring customers together and investigate sponsoring their initiatives. Your industry association, your suppliers, your local networking associations (including The Brampton Board of Trade) etc. will likely have formal or even informal sponsorship opportunities. If they are not blatantly published, pitch your own ideas to those organizations you want to partner with!
If sponsorship is new to you, consider sponsoring SBEC’s “Pledge to Prosper” initiative as a gentle introduction; sponsorships start at the small business price of just $75! Visit www.brampton-business.com for all the details and contact me to discuss.
Wednesday, April 25, 2012
Household Spending Stats
The results of the latest Statistics Canada survey of household spending have just been released. Canadian households spent an average of $53,016 on all types of goods and services in 2010. Of this total, shelter accounted for 28.3% of spending, transportation for 20.7%, and food, 14.0%. Spending on clothing represented 6.5% of the total, health care, 4.1%, and communications, 3.3%. This information might be key to understanding your customers’ buying behaviour. If your business doesn’t sell products or services in any of these “necessities”, you’ll be glad to know that, in Ontario, the spending in these categories tallies to just 71.2%, leaving 28.8% for “miscellaneous”, perhaps including the goods and services you offer.
It is important to note that distribution of spending by income group varies greatly. For example, shelter costs for the lowest income group represent 51.8% of spending (total spending is $28,583.) The group with the highest income spent $139,001, with just 29.5% going to food, shelter and clothing – with this group, “just 29%” is still a robust $41,005 though.
Canadian homeowners spent an average of $17,268 on shelter, but Ontario had the highest share at 30.4% of total spending; costs are related to the size of the population centre, so naturally the GTA’s average would be higher than rural and all other metropolitan areas elsewhere in Canada.
Ontario households spent an average of $11,529 on transportation in 2010, and couples with children spent three times what one-person households spend, not surprisingly.
Canadian households reported spending an average of $7,443 on food in 2010. This total consisted of $5,377 on average spent on food from stores and the remaining $2,066 for restaurant meals. Considering lifestyles, it is not surprising to find that seniors spend more on store purchases, while those under 30 years old have the highest share of spending at restaurants.
Consider your customers and their demographics. How might their consumer spending levels/habits impact your business? Study the newest report on Canadian Household Spending, available at http://www.statcan.gc.ca/daily-quotidien/120425/dq120425a-eng.htm and look at detailed spending by income group and province, to learn more about your customers.
Source: The Daily, April 25/12 http://www.statcan.gc.ca/daily-quotidien/120425/dq120425a-eng.htm
It is important to note that distribution of spending by income group varies greatly. For example, shelter costs for the lowest income group represent 51.8% of spending (total spending is $28,583.) The group with the highest income spent $139,001, with just 29.5% going to food, shelter and clothing – with this group, “just 29%” is still a robust $41,005 though.
Canadian homeowners spent an average of $17,268 on shelter, but Ontario had the highest share at 30.4% of total spending; costs are related to the size of the population centre, so naturally the GTA’s average would be higher than rural and all other metropolitan areas elsewhere in Canada.
Ontario households spent an average of $11,529 on transportation in 2010, and couples with children spent three times what one-person households spend, not surprisingly.
Canadian households reported spending an average of $7,443 on food in 2010. This total consisted of $5,377 on average spent on food from stores and the remaining $2,066 for restaurant meals. Considering lifestyles, it is not surprising to find that seniors spend more on store purchases, while those under 30 years old have the highest share of spending at restaurants.
Consider your customers and their demographics. How might their consumer spending levels/habits impact your business? Study the newest report on Canadian Household Spending, available at http://www.statcan.gc.ca/daily-quotidien/120425/dq120425a-eng.htm and look at detailed spending by income group and province, to learn more about your customers.
Source: The Daily, April 25/12 http://www.statcan.gc.ca/daily-quotidien/120425/dq120425a-eng.htm
Thursday, April 19, 2012
Marketing Tips to Rev Up Your Business - Part 2
Make 2012 your year to work smart. In this second part of a two-part column, you’ll find marketing tips that could inject new life into your business despite a stale economy. Pick a few to focus on this year, or try implementing a new one each month.
Start using social media. People are changing the way they want to communicate, so you have to too. Put together a social media plan; start small, adding a new tool every quarter. Consider LinkedIn, Twitter, a blog and YouTube. FaceBook can also be utilized effectively by small business, but separate personal from business.
Leverage traditional media. You are doing ground-breaking things, and are even a hero to some of your customers. Use public relations tools like media advisories, press releases and community TV to get a little free publicity when you have something special taking place.
Review your creative efforts. Do your marketing materials look like you mean business? Spell-checked isn’t enough – they need to look great to command attention. And, your branding needs to be consistent so your messages start to look familiar to potential customers.
Outsource. Marketing is a full-time job essential to your business success. Consider that it might be time to hire a pro and/or another set of hands, particularly for specialty areas like public relations or social media.
Get active in your community. Be a part of your community. Get to know your business neighbours, your customers and local community groups in a personal way. Find volunteer opportunities within scope of the time you have, even just a couple of hours a month.
Corporate Social Responsibility is a serious phrase for something that can be really fun. Join a bowl-a-thon or sponsor a worthy organization. Be smart about it and match your target customers with those of the charity’s. But don’t do it for business, do it out of generosity of spirit.
Take a (refresher) sales workshop. Hone your skills, learn some smart tactics and shortcuts, and set achievable targets. Inspiration needs regular refreshing even for the most motivated sales person.
Consider the impact of your personal branding; in very small businesses, you are your business. The way you dress, walk, shake hands and speak all make a statement. Make sure it’s a positive one for your business.
Use 12-15 marketing tools. Flyers and business cards won’t cut it. You need 12-15 different marketing tools perpetually at work to generate the kind of traffic you need to make a profit.
Boost your budget. Benchmarking says that established businesses need to spend 4-9% of their annual sales target on marketing initiatives. (New businesses: 9-12 %.) When budgets are tight, consider zero-cost tactics like public relations and social media.
Persevere. Perseverance is an absolute must. If you give up too early, you may miss out on the success for which your business was destined.
Start using social media. People are changing the way they want to communicate, so you have to too. Put together a social media plan; start small, adding a new tool every quarter. Consider LinkedIn, Twitter, a blog and YouTube. FaceBook can also be utilized effectively by small business, but separate personal from business.
Leverage traditional media. You are doing ground-breaking things, and are even a hero to some of your customers. Use public relations tools like media advisories, press releases and community TV to get a little free publicity when you have something special taking place.
Review your creative efforts. Do your marketing materials look like you mean business? Spell-checked isn’t enough – they need to look great to command attention. And, your branding needs to be consistent so your messages start to look familiar to potential customers.
Outsource. Marketing is a full-time job essential to your business success. Consider that it might be time to hire a pro and/or another set of hands, particularly for specialty areas like public relations or social media.
Get active in your community. Be a part of your community. Get to know your business neighbours, your customers and local community groups in a personal way. Find volunteer opportunities within scope of the time you have, even just a couple of hours a month.
Corporate Social Responsibility is a serious phrase for something that can be really fun. Join a bowl-a-thon or sponsor a worthy organization. Be smart about it and match your target customers with those of the charity’s. But don’t do it for business, do it out of generosity of spirit.
Take a (refresher) sales workshop. Hone your skills, learn some smart tactics and shortcuts, and set achievable targets. Inspiration needs regular refreshing even for the most motivated sales person.
Consider the impact of your personal branding; in very small businesses, you are your business. The way you dress, walk, shake hands and speak all make a statement. Make sure it’s a positive one for your business.
Use 12-15 marketing tools. Flyers and business cards won’t cut it. You need 12-15 different marketing tools perpetually at work to generate the kind of traffic you need to make a profit.
Boost your budget. Benchmarking says that established businesses need to spend 4-9% of their annual sales target on marketing initiatives. (New businesses: 9-12 %.) When budgets are tight, consider zero-cost tactics like public relations and social media.
Persevere. Perseverance is an absolute must. If you give up too early, you may miss out on the success for which your business was destined.
Sunday, March 25, 2012
Marketing Tips to Rev Up Your Business
You’ve been working hard on your business for a long time. Make 2012 your year to work smart. In this two-part column, you’ll find some marketing tips that could inject new life into your business despite a stale economy. Pick a few to focus on this year, or try implementing a new one each month.
Rethink your product and service line. Is it keeping up with changing client wants? What needs to be added to round out your offering? What will customers want next year? Start working on procuring it now; it will be next year before you know it.
Brainstorm new uses for old products. Develop new target client groups based on new functionality. Are your clients using your products in ways you hadn’t imagined? Use focus groups or online discussion boards to investigate.
Update your industry research. Who are your A and B clients? Have they changed from three years ago? How do they make purchasing decisions and at what time of year? What trends are shaping your industry and are they opportunities or threats?
Ensure your competitive advantage is still competitive. Update your competitive research. Who are the new players in your industry? What are they doing well? Are you losing customers to them? Is what made you special in the past still doing you service? Retool your competitive advantage if needed. Make sure it speaks to customer wants.
Flog your competitive advantage. Whatever it is that makes you great, make sure your customers know about it. Your competitive advantage should be highlighted in all of your marketing tools, not hidden in your marketing strategy document.
Ask customers what they really think. Honest customers will reveal more than a team of consultants, if your skin is thick enough to truly listen.
Measure the effectiveness of the marketing tools you used last year. Repeat what works, eliminate what has been given a fair try without results. Consider dropping what you can’t measure.
Stop measuring website views and hits and measure real changes in revenue. When websites were a new concept, traffic was a reasonable metric to track; but now it’s time to ensure traffic translates to revenue.
Take time to dream. Wake up the creative side of your brain; network with new peers to tap into fresh ideas. Attend events and conferences. Engage in creative pursuits outside of your business.
Part 2 with more tips coming soon!
Wednesday, February 15, 2012
Is Social Media Right for your Business?
Follow along with my University of Waterloo classmates and I as we learn about "Social Media for Business Performance". It's about a lot more than just tweeting company announcements.
Our class blog is located here: http://smbp.uwaterloo.ca/ and contains brief case studies on cutting edge social media strategies by Lush, Xbox and more!
Our class blog is located here: http://smbp.uwaterloo.ca/ and contains brief case studies on cutting edge social media strategies by Lush, Xbox and more!
Thursday, February 2, 2012
Brampton Creative Economy Summit - Panel Presentation
It was my pleasure to participate in the February 2nd Brampton Creative Economy Summit, to be part of a panel called "Inspired Thinking, Inspired Leadership", where I discussed the connection between entrepreneurship, in particular young entrepreneurs, and the creative economy.
Below are my speaking notes - quite a bit longer than my usual posts but I hope worth the read!
~~~
The concept of the creative class emerged out of research done by Dr. Richard Florida which defines labour markets by one of three classes - working, service and creative (and its super-creative core). Creative professionals are knowledge-based workers who draw on their higher levels of education to solve specific problems and include individuals working in healthcare, business and finance, the legal sector, and education. The super-creative core includes a wide range of innovative occupations such as science, engineering, education, computer programming, research, arts, design, and media.
756 Small Businesses in Brampton’s Creative Economy = 9.4%
Entrepreneurship has always come from a place of creativity, so true entrepreneurs might be confused by this “new” idea of the creative class. Small business owners were pioneers in the industrial age and in the information age, and will continue to play that pioneering role as the creative sector becomes a foundation of Canada’s economy. Small business goes out there to fight with a stick. Guerrilla style. So the constantly changing battlefield gives them the advantage.
What the assembly line did for the industrial age, and what the personal computer did for the information age, the Internet and social networking is doing for business in the creative age, with a focus in particular on marketing within consumer-based sectors.
And guess who is at the helm? The facebook class, aka Echo Boomers (this name given by old people) Millennium Generation, iGeneration, Google Generation and Generation@
So, the Facebook Class – Is it Really that Big a Deal? YES!
· Facebook: 800 million users
· Twitter pushes out 200 million tweets per day
· You Tube: 200 billion views per day
Facebook in Canada:
· 20 million users in Canada (as of Oct 2010)
· 9.6 million visitors on a daily basis
· Representing one third of the entire population (34.8%)
Furthermore
· Add all 3 of the major Social Networking tools = 82.7% of all internet users in Canada are utilizing at least one form of social media
· Twitter: 3.268 Million Canadians
· LinkedIn: 2.5 million Canadians
TEXTING:
• Adults 18+ 10 Texts/Day and Boys 14-17 30 Texts/Day
• Girls 14-17 100 Texts/Day
• Texting has surpassed email, phone, and face-to-face as the main communication tool for 12-17 year olds
Whether young or young at heart, members of the Facebook class are social media addicts. And they are building habits at a young age that they will be compelled to carry with them into the future. These young people were born into a world where:
· They don’t know how to use a rotary phone or paper version of the yellow pages
· Have never looked up a library book using sliding drawers filled with recipe cards * unless they learned on Jan 18 when Wikipedia was on blackout
· Don’t understand the phrase “be kind, rewind”
· Carry hundreds of songs in something the size of a match box instead of multiple, stackable milk crates
· Don’t know how to fold up paper maps (ok, maybe we didn’t either!)
When we were kids, we thought our parents didn’t know anything; as we grew up, we discovered how smart and wise they actually were. Our kids still think their parents don’t know anything, but maybe this generation is actually right! If you are a parent of young adults like I am, I am sure you are continually amazed by their breadth and depth of knowledge on world issues, business, politics and of course pop culture.
They have grown up in a world with diverse Internet resources, iPods, MySpace and intense multi-tasking — simultaneously chatting on IM (instant messenger), finishing a problem set, watching television and listening to music. These kids are the kids of the Baby Boomers, heavily immersed in a digital world.
In case I haven’t convinced you yet, here are some more little factoids:
· 48% of people check/update their Facebook and/or Twitter after they go to bed
· 18% of people < 25 yrs old can’t go more than a couple of hours w/out checking in on FB
· 61% of people < 25 have to check in on FB at least once per day (55% > 25 yrs)
· Even 11% of people over 25 can’t go more than a few hours without checking
~~
So now that we have a handle on young and young-at-heart consumers, let’s get back to young entrepreneurs, who also share these traits and habits.
“It’s been done before” – doesn’t calculate with the New Gen of Super-Entrepreneurs. Because it hasn’t, not in the way they are thinking. Internet and Social Networking is creating a whole new paradigm for business. Social media has become essential for all businesses, and small businesses lead the way in exploring its possibilities. The catch is that social media is also very time-consuming, which of course is particularly challenging for companies with fewer employees. But savvy young entrepreneurs know a few key things:
1. their business is about their customers, and how their customers behave as consumers
2. business thrives when its connected to community – and social networking is a new, faster, more efficient way to connect to a variety of communities, the local geographical one not necessarily the most important one
3. That social networking is about an ongoing conversation with customers, not a pushed-out statement. People have changed the way they listen, so organizations much change the way they speak
4. It’s about networks of networks – fast, powerful; many-to-many is replacing one-to-one and one-to-many communication techniques
These young entrepreneurs also have the technical skills and curiosity to use the plethora of digital tools now available. Add to that, the New Generation of Super Entrepreneurs knows that the Internet and Social Networking is more than just Marketing/PR.
It is about two way communications, and also about
· Building client databases
· Conducting Polls and surveys to refine and improve their service offering
· Driving attendance at events
· Hiring staff
· Bulk Purchasing
It’s about competing at a super speed, because the present only lasts a nano-second!
They’re using applications such as …
· Social Networks – LinkedIn, Facebook, Google+, Twitter
· Blogs – Wordpress, BlogSpot (corporate, individual, public – Ulitzer)
· Wikis – product/solution enabling
· Forums – Google groups, open knowledge sharing
· Online Video – YouTube, blip.tv, Vimeo
· File Sharing – Scribd, Slideshare, Instagram, Flickr, (my add: YouSendIt) and
· Bookmarking – Digg, Delicious, Reddit, Stumbleupon
...to further their business effectiveness and success
Leading a movement from:
· Restrictions
· Opaqueness
· Censorship
· Risk
· License
· Structure
· Top-Down
To an environment of
· Freedom
· Transparency
· Expression
· Reward
· Obligation
· Organized Chaos
· Bottom-Up
~~
Let’s get to know a few of these young entrepreneurs:
You’ll find them all at http://www.canadastop40under40.com/
An, awards program for outstanding young Canadians in all fields.
Leonard Jason Brody
President
Clarity Digital (Examiner.com)
Leonard Brody is a two time Emmy nominee and President of Clarity Digital Group. He conceives and drives digital strategy at one of the world’s largest sports, entertainment and media companies. CDG is responsible for overseeing one of the largest online news conglomerates in the world, including Examiner.com and NowPublic. Leonard has authored two bestselling books including Everything I Needed to Know about Business I learned from a Canadian. All proceeds from his books are donated to a variety of charities.
Naman Budhdeo
CEO
FlightNetwork.com
Naman Budhdeo immigrated to Canada from Kenya when he was 4. Today he owns the #2 online travel agency in Canada. FlightNetwork.com generates 2.7M unique visitors and 6M searches a month. 85% of FlightNetwork.com’s customers are Canadian. The company has grown from one part-time person in 2006 to over 180 fulltime employees. Naman takes great pride in his highly diversified work force. An early innovator in the age of Internet advertising, Naman leveraged pay-per-click to attract customers and slash marketing budgets, passing on significant savings to customer and driving profitability up 90% since 2009.
Sean Patrick O’Reilly
Chief Executive Officer
Arcana
Sean’s life-long love of comic books has turned into a company that’s one of the world’s largest publishers of graphic novels. He is founder and CEO of Arcana Studio Inc, an innovative leader in developing content for various media including comics, graphic novels, video games, short-form animation, live-action shorts, toys, merchandise and feature-length films. Arcana has published over 150 original comics and books with sales of over a million units. Arcana now employs 40 people in conjunction with their animation studio Luximation, which is producing The Clockwork Girl, an animated feature film based on a graphic novel he wrote and published. His company’s work can be found in 15 different countries and seven languages around the globe and have worked with Disney, Mattel, HBO, KISS, Harper Collins and many more.
Angela Santiago
Chief Executive Officer
The Little Potato Company Ltd.
It’s the potatoes that are small, not the business. Angela Santiago is the President and CEO of The Little Potato Company, a grower, processor and distributor of specialty potatoes in the under 41mm category. She owns the proprietary rights to several unique little potato varieties, and has created a premium niche product used by foodservice and retail customers across Canada and in the U.S. The company, which she founded with her father, has grown from 5 employees to a diverse and dedicated team of over 100 people from 29 countries on 5 continents, utilizing a Web Information System as a key part of efficient operations. Her website is worth checking out as well.
Keith Bilous
President & CEO
ICUC Moderation Services Inc.
· Social networking experts/consultants
Keith Bilous founded ICUC in Winnipeg in 2002. Its team of specialists manages, moderate and monitor millions of social media conversations, comments, photographs and videos inside some of the largest online communities in the world. It allows users to have direct, real-time conversations with industry brands but can also remove inappropriate commentary or posts. The company has grown from 11 to 150 in three years and uses the concept of the virtual office to manage their growth. It is a world leader with clients ranging from Unilever to Rogers to the Government of Canada.
~~ A pretty impressive bunch! ~~
So just a few key points to wrap up with:
· The newest generations have grown up in a digital world.
· Internet and Social Networking creates a whole new paradigm for business.
· Social media has become essential for all businesses because it builds community, which is a key to business success
· This new generation of super-entrepreneurs might be young but they understand that business success is based on knowing and connecting with your customers and being active in your community
· Finally, you’ll have noticed that small businesses leveraging the power of Internet and Social Media don’t stay small for long
· I hope I’ve been able to offer examples and a little insight today into the power that digital resources and social media can put behind your business to further your success. If you are not currently using social media for your business, a great way to test the waters is to dip your toe in on the personal side – not to be mixed with your business side.
· Research, Research, Research, Plan then execute your Social Media Strategy
Below are my speaking notes - quite a bit longer than my usual posts but I hope worth the read!
~~~
The concept of the creative class emerged out of research done by Dr. Richard Florida which defines labour markets by one of three classes - working, service and creative (and its super-creative core). Creative professionals are knowledge-based workers who draw on their higher levels of education to solve specific problems and include individuals working in healthcare, business and finance, the legal sector, and education. The super-creative core includes a wide range of innovative occupations such as science, engineering, education, computer programming, research, arts, design, and media.
756 Small Businesses in Brampton’s Creative Economy = 9.4%
Entrepreneurship has always come from a place of creativity, so true entrepreneurs might be confused by this “new” idea of the creative class. Small business owners were pioneers in the industrial age and in the information age, and will continue to play that pioneering role as the creative sector becomes a foundation of Canada’s economy. Small business goes out there to fight with a stick. Guerrilla style. So the constantly changing battlefield gives them the advantage.
What the assembly line did for the industrial age, and what the personal computer did for the information age, the Internet and social networking is doing for business in the creative age, with a focus in particular on marketing within consumer-based sectors.
And guess who is at the helm? The facebook class, aka Echo Boomers (this name given by old people) Millennium Generation, iGeneration, Google Generation and Generation@
So, the Facebook Class – Is it Really that Big a Deal? YES!
· Facebook: 800 million users
· Twitter pushes out 200 million tweets per day
· You Tube: 200 billion views per day
Facebook in Canada:
· 20 million users in Canada (as of Oct 2010)
· 9.6 million visitors on a daily basis
· Representing one third of the entire population (34.8%)
Furthermore
· Add all 3 of the major Social Networking tools = 82.7% of all internet users in Canada are utilizing at least one form of social media
· Twitter: 3.268 Million Canadians
· LinkedIn: 2.5 million Canadians
TEXTING:
• Adults 18+ 10 Texts/Day and Boys 14-17 30 Texts/Day
• Girls 14-17 100 Texts/Day
• Texting has surpassed email, phone, and face-to-face as the main communication tool for 12-17 year olds
Whether young or young at heart, members of the Facebook class are social media addicts. And they are building habits at a young age that they will be compelled to carry with them into the future. These young people were born into a world where:
· They don’t know how to use a rotary phone or paper version of the yellow pages
· Have never looked up a library book using sliding drawers filled with recipe cards * unless they learned on Jan 18 when Wikipedia was on blackout
· Don’t understand the phrase “be kind, rewind”
· Carry hundreds of songs in something the size of a match box instead of multiple, stackable milk crates
· Don’t know how to fold up paper maps (ok, maybe we didn’t either!)
When we were kids, we thought our parents didn’t know anything; as we grew up, we discovered how smart and wise they actually were. Our kids still think their parents don’t know anything, but maybe this generation is actually right! If you are a parent of young adults like I am, I am sure you are continually amazed by their breadth and depth of knowledge on world issues, business, politics and of course pop culture.
They have grown up in a world with diverse Internet resources, iPods, MySpace and intense multi-tasking — simultaneously chatting on IM (instant messenger), finishing a problem set, watching television and listening to music. These kids are the kids of the Baby Boomers, heavily immersed in a digital world.
In case I haven’t convinced you yet, here are some more little factoids:
· 48% of people check/update their Facebook and/or Twitter after they go to bed
· 18% of people < 25 yrs old can’t go more than a couple of hours w/out checking in on FB
· 61% of people < 25 have to check in on FB at least once per day (55% > 25 yrs)
· Even 11% of people over 25 can’t go more than a few hours without checking
~~
So now that we have a handle on young and young-at-heart consumers, let’s get back to young entrepreneurs, who also share these traits and habits.
“It’s been done before” – doesn’t calculate with the New Gen of Super-Entrepreneurs. Because it hasn’t, not in the way they are thinking. Internet and Social Networking is creating a whole new paradigm for business. Social media has become essential for all businesses, and small businesses lead the way in exploring its possibilities. The catch is that social media is also very time-consuming, which of course is particularly challenging for companies with fewer employees. But savvy young entrepreneurs know a few key things:
1. their business is about their customers, and how their customers behave as consumers
2. business thrives when its connected to community – and social networking is a new, faster, more efficient way to connect to a variety of communities, the local geographical one not necessarily the most important one
3. That social networking is about an ongoing conversation with customers, not a pushed-out statement. People have changed the way they listen, so organizations much change the way they speak
4. It’s about networks of networks – fast, powerful; many-to-many is replacing one-to-one and one-to-many communication techniques
These young entrepreneurs also have the technical skills and curiosity to use the plethora of digital tools now available. Add to that, the New Generation of Super Entrepreneurs knows that the Internet and Social Networking is more than just Marketing/PR.
It is about two way communications, and also about
· Building client databases
· Conducting Polls and surveys to refine and improve their service offering
· Driving attendance at events
· Hiring staff
· Bulk Purchasing
It’s about competing at a super speed, because the present only lasts a nano-second!
They’re using applications such as …
· Social Networks – LinkedIn, Facebook, Google+, Twitter
· Blogs – Wordpress, BlogSpot (corporate, individual, public – Ulitzer)
· Wikis – product/solution enabling
· Forums – Google groups, open knowledge sharing
· Online Video – YouTube, blip.tv, Vimeo
· File Sharing – Scribd, Slideshare, Instagram, Flickr, (my add: YouSendIt) and
· Bookmarking – Digg, Delicious, Reddit, Stumbleupon
...to further their business effectiveness and success
Leading a movement from:
· Restrictions
· Opaqueness
· Censorship
· Risk
· License
· Structure
· Top-Down
To an environment of
· Freedom
· Transparency
· Expression
· Reward
· Obligation
· Organized Chaos
· Bottom-Up
~~
Let’s get to know a few of these young entrepreneurs:
You’ll find them all at http://www.canadastop40under40.com/
An, awards program for outstanding young Canadians in all fields.
Leonard Jason Brody
President
Clarity Digital (Examiner.com)
Leonard Brody is a two time Emmy nominee and President of Clarity Digital Group. He conceives and drives digital strategy at one of the world’s largest sports, entertainment and media companies. CDG is responsible for overseeing one of the largest online news conglomerates in the world, including Examiner.com and NowPublic. Leonard has authored two bestselling books including Everything I Needed to Know about Business I learned from a Canadian. All proceeds from his books are donated to a variety of charities.
Naman Budhdeo
CEO
FlightNetwork.com
Naman Budhdeo immigrated to Canada from Kenya when he was 4. Today he owns the #2 online travel agency in Canada. FlightNetwork.com generates 2.7M unique visitors and 6M searches a month. 85% of FlightNetwork.com’s customers are Canadian. The company has grown from one part-time person in 2006 to over 180 fulltime employees. Naman takes great pride in his highly diversified work force. An early innovator in the age of Internet advertising, Naman leveraged pay-per-click to attract customers and slash marketing budgets, passing on significant savings to customer and driving profitability up 90% since 2009.
Sean Patrick O’Reilly
Chief Executive Officer
Arcana
Sean’s life-long love of comic books has turned into a company that’s one of the world’s largest publishers of graphic novels. He is founder and CEO of Arcana Studio Inc, an innovative leader in developing content for various media including comics, graphic novels, video games, short-form animation, live-action shorts, toys, merchandise and feature-length films. Arcana has published over 150 original comics and books with sales of over a million units. Arcana now employs 40 people in conjunction with their animation studio Luximation, which is producing The Clockwork Girl, an animated feature film based on a graphic novel he wrote and published. His company’s work can be found in 15 different countries and seven languages around the globe and have worked with Disney, Mattel, HBO, KISS, Harper Collins and many more.
Angela Santiago
Chief Executive Officer
The Little Potato Company Ltd.
It’s the potatoes that are small, not the business. Angela Santiago is the President and CEO of The Little Potato Company, a grower, processor and distributor of specialty potatoes in the under 41mm category. She owns the proprietary rights to several unique little potato varieties, and has created a premium niche product used by foodservice and retail customers across Canada and in the U.S. The company, which she founded with her father, has grown from 5 employees to a diverse and dedicated team of over 100 people from 29 countries on 5 continents, utilizing a Web Information System as a key part of efficient operations. Her website is worth checking out as well.
Keith Bilous
President & CEO
ICUC Moderation Services Inc.
· Social networking experts/consultants
Keith Bilous founded ICUC in Winnipeg in 2002. Its team of specialists manages, moderate and monitor millions of social media conversations, comments, photographs and videos inside some of the largest online communities in the world. It allows users to have direct, real-time conversations with industry brands but can also remove inappropriate commentary or posts. The company has grown from 11 to 150 in three years and uses the concept of the virtual office to manage their growth. It is a world leader with clients ranging from Unilever to Rogers to the Government of Canada.
~~ A pretty impressive bunch! ~~
So just a few key points to wrap up with:
· The newest generations have grown up in a digital world.
· Internet and Social Networking creates a whole new paradigm for business.
· Social media has become essential for all businesses because it builds community, which is a key to business success
· This new generation of super-entrepreneurs might be young but they understand that business success is based on knowing and connecting with your customers and being active in your community
· Finally, you’ll have noticed that small businesses leveraging the power of Internet and Social Media don’t stay small for long
· I hope I’ve been able to offer examples and a little insight today into the power that digital resources and social media can put behind your business to further your success. If you are not currently using social media for your business, a great way to test the waters is to dip your toe in on the personal side – not to be mixed with your business side.
· Research, Research, Research, Plan then execute your Social Media Strategy
Wednesday, January 18, 2012
Canadians Believe in Small Business
A recent study conducted by a chartered bank during national Small Business Month (October 2011) finds that Canadian consumers are willing to go the extra mile to support small business. From coast-to-coast, Canadians believe it’s important to support local business, and are willing to do so by telling others about favourite local businesses (85%), walking or driving further to purchase from a small business (63%), and, despite a dragging recession, even pay more (43%) in order to buy local.
These are powerful statements of consumer loyalty, and small business owners should make a conscious effort to tap into this power. If you don’t already, ask your customers regularly to tell their friends and neighbours about your business. To make it even easier for your customers to become your sales force, create a promotion centered around referrals, and put it in the hands of your most loyal customers to share, with benefits to them, their friends, or both.
This study also gathered accolades for the small business community. Canadian consumers recognize and appreciate that small businesses offer improved access to products and services, create local employment opportunities and provide leadership in their community. How can you leverage consumers’ admiration for entrepreneurial ventures in these areas? Focus on communicating the unique products and services you offer. Inspire employees to be champions for your business, not just when they are at work. Participate in good works in your community with similar objectives as yours, and take on a leadership role.
Finally, this survey also had some suggestions for small business owners from the general public: personalize your service to differentiate yourself from chains and franchises; increase advertising so consumers are aware of your offerings and special promotions; and offer competitive prices (note, they said “competitive” not “low”, so think value-for-money, not price point.) Take some time in the next week to assess your customer service strategy, marketing strategy and pricing strategy, if you haven’t done so in the last year. This is where customers want you to be the best you can be; this is what is meaningful to them.
Tap into the respect consumers have for entrepreneurs and the small business sector, and make sure you are leveraging it to propel your business forward.
These are powerful statements of consumer loyalty, and small business owners should make a conscious effort to tap into this power. If you don’t already, ask your customers regularly to tell their friends and neighbours about your business. To make it even easier for your customers to become your sales force, create a promotion centered around referrals, and put it in the hands of your most loyal customers to share, with benefits to them, their friends, or both.
This study also gathered accolades for the small business community. Canadian consumers recognize and appreciate that small businesses offer improved access to products and services, create local employment opportunities and provide leadership in their community. How can you leverage consumers’ admiration for entrepreneurial ventures in these areas? Focus on communicating the unique products and services you offer. Inspire employees to be champions for your business, not just when they are at work. Participate in good works in your community with similar objectives as yours, and take on a leadership role.
Finally, this survey also had some suggestions for small business owners from the general public: personalize your service to differentiate yourself from chains and franchises; increase advertising so consumers are aware of your offerings and special promotions; and offer competitive prices (note, they said “competitive” not “low”, so think value-for-money, not price point.) Take some time in the next week to assess your customer service strategy, marketing strategy and pricing strategy, if you haven’t done so in the last year. This is where customers want you to be the best you can be; this is what is meaningful to them.
Tap into the respect consumers have for entrepreneurs and the small business sector, and make sure you are leveraging it to propel your business forward.
Preparing your Busines for Harsh Weather
Although Brampton is not in Ontario’s Snow Belt, we will get a few days when bad weather – freezing rain, heavy snowfall, or winds causing power outages – will deter customers, and employees, from coming to your business. Snow storms blow in with safety, logistical and HR challenges for every business owner. A well-thought out “severe weather policy” will balance safety, productivity and customer service issues, and combined with a strong communications plan for both customers and employees, will ensure everyone’s expectations are clear.
Write or update your inclement weather policy to explain what will happen in the event of serious weather emergencies. Are your customers local, so perhaps forgiving of weather interruptions? Does your insurance cover accidents on company property during inclement weather? Will employees struggle to make it in because of long commutes or parenting responsibilities (if schools are closed)? Your policy should include details like who determines the severity of the conditions and how closures (if decided) will be communicated. Are there Employment Standards (Ontario Ministry of Labour) that affect your operations? Address wage payment – is it vacation, lieu time or paid time? The verbiage shouldn’t be so weak that employees take the day off for a few flurries; nor should it risk life and limb.
How do you communicate a decision to close to employees and customers? In small businesses, it might be reasonable to have all employees’ home or mobile phone numbers. Texting, email, tweets or other web-based posts are other options. All employees should know where to look for messaging and must have access. If your business has a retail space or your company deals with clients on a daily basis, you'll want to identify a good way to notify customers that the business is closed. A sign on the door doesn’t help those who have trudged through the snow to get to you. Websites, outgoing phone messaging, tweets, email auto-reply could all help. Prescheduled appointments and deliveries can be contacted – if you take home these lists the night before “in case”.
Of course, working remotely is an option that is becoming more feasible so don’t forget to take home your laptop when severe weather is expected overnight. Tools like Skype and Google Docs can keep everyone connected from their home computers.
A final note - inclement weather is one of those issues that can raise strong feelings; for a small business with just a few employees, a team discussion in advance might be the best approach. Plan now to mitigate the risks and negative effects of harsh weather.
Write or update your inclement weather policy to explain what will happen in the event of serious weather emergencies. Are your customers local, so perhaps forgiving of weather interruptions? Does your insurance cover accidents on company property during inclement weather? Will employees struggle to make it in because of long commutes or parenting responsibilities (if schools are closed)? Your policy should include details like who determines the severity of the conditions and how closures (if decided) will be communicated. Are there Employment Standards (Ontario Ministry of Labour) that affect your operations? Address wage payment – is it vacation, lieu time or paid time? The verbiage shouldn’t be so weak that employees take the day off for a few flurries; nor should it risk life and limb.
How do you communicate a decision to close to employees and customers? In small businesses, it might be reasonable to have all employees’ home or mobile phone numbers. Texting, email, tweets or other web-based posts are other options. All employees should know where to look for messaging and must have access. If your business has a retail space or your company deals with clients on a daily basis, you'll want to identify a good way to notify customers that the business is closed. A sign on the door doesn’t help those who have trudged through the snow to get to you. Websites, outgoing phone messaging, tweets, email auto-reply could all help. Prescheduled appointments and deliveries can be contacted – if you take home these lists the night before “in case”.
Of course, working remotely is an option that is becoming more feasible so don’t forget to take home your laptop when severe weather is expected overnight. Tools like Skype and Google Docs can keep everyone connected from their home computers.
A final note - inclement weather is one of those issues that can raise strong feelings; for a small business with just a few employees, a team discussion in advance might be the best approach. Plan now to mitigate the risks and negative effects of harsh weather.
Friday, October 28, 2011
Tough Questions and Honest Answers to Propel Your Business Forward
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.
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.
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.
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