I wouldn’t call myself a fan or follower of the British Royals, but I have been, let’s say, curious over the years. In fact, the marriage of Charles and Diana in 1981 might be one of the first world events in which I remember exactly where I was and what I was doing when it happened. So, while I certainly didn’t get up at 5am on April 29th to see the spectacle of William and Kate’s wedding, I tuned into the repeat broadcast later that evening, and various TV specials over the weekend.
Until now, I didn’t know anything about the Middleton family, except that they were “commoners”, so when I heard via Biography channel that Kate’s parents had started their own business which has had great success, I was both delighted and perhaps not surprised at all. While most micro businesses provide a modest living for their founders, there are a few gems that propel the proprietors into a socio-economic state fit for a king (or in this case, future queen.) The Middleton family business was described as an Internet-based business, and that made even more sense as a type of business that could grow very quickly. Still, I was curious about exactly what type of products and services the Middletons sold. I continued to catch bits and pieces of various shows over the weekend, and finally my persistence paid off.
Kate’s mother, Carole, frustrated by the time-consuming task of preparing loot bags for her daughters’ birthday parties, recognized this task as bothersome, and came up with an online solution for other mothers struggling with the same chore. Loot bags! A simple concept, with lots of complicated details. (The Brampton Enterprise has had a number of aspiring loot bag sellers over the years, and operational planning was always more complex than the fun idea would suggest.)
But there it is – the foundation of launching a business – just the same half way around the world as in Canada: fulfill a gap in the marketplace.
• Step 1: identify the problem;
• Step 2: come up with a solution;
• Step 3: conduct market research to ensure there are prospective customers who share the same issue and are willing to pay for a fix;
• Step 4: creating a vision: Carole wanted other young mothers to be able to create birthday parties for their children that would be fun, magical and memorable.
So, to all my clients and future clients who have a seed of an idea for a business, keep plugging away at it! While there are no promises of a fairy tale ending, this is proof that sometimes it does happen.
A few articles with a brief mentions on the Middleton’s enterprise:
http://www.partypieces.co.uk/
http://www2.macleans.ca/2010/11/22/an-uncommon-princess/
http://news.yahoo.com/s/ac/20110215/en_ac/7860484_kate_middletons_family_business_party_pieces
http://www.telegraph.co.uk/news/uknews/royal-wedding/8474828/Middleton-familys-website-plugs-street-party-essentials-days-ahead-of-royal-wedding.html
Monday, May 2, 2011
Monday, March 14, 2011
Doing Charitable Giving Right
In times of economic prosperity, I have encountered so many good-hearted, generous people in this business community. Countless times, I have had clients come to the Small Business Enterprise Centre asking how to open a non-for-profit or charitable organization. Additionally, I have had many established business owners meet with me to discuss events and promotions for their business with a fundraising purpose, and even to discuss the creation of a foundation that would be linked to their business.
Without wanting to discourage any of this generosity, my usual response to my small business clients is to focus on the success of their business. Initially, that sounds terribly selfish and capitalistic, but my end goal is altruistic. The more successful the business, the more profits they will then have to make generous donations to causes of their choice.
Running your own foundation of course would give you the chance to do something very meaningful and perhaps personal, but to do it right could be just as demanding as starting a new business. Indeed, it’s “venture creation”, requiring not just an idea, but a full business (project) plan, with a clearly defined purpose, product/service offering, target audience, competitive analysis, marketing plan, the works. And, it needs financial and human resources to envision, launch and sustain it. Leave these large foundations to Canada’s largest businesses.
Instead of a full-scale foundation, I absolutely encourage you to run small promotions with proceeds going to a charity of your choice. Just make sure that the charity is not only something you’re personally interested in supporting, but something that also has a connection to your business. Here are a few examples of good business – charity matching:
• Catering company – local food bank
• Sporting goods wholesaler – Canadian Olympic Team
• Bathroom Renovations contractor – colon cancer
• Landscaping firm – Nature Conservancy of Canada
• Business consultant – World Vision’s Micro Finance Program
Because there are so many great ways to give back to your community, it’s easy to think a big event with big proceeds is the only way to go. Not so; start with modest goals, and build the event over seasons or years. Many years of sustainable or growing donations are more valuable to a charitable organization than a one-time contribution. Linking business and charity makes sense to your customers, and sends a message of consistency and professionalism about your business, which will lead to more uptake from customers with your promotion, and long term business success in general. With over 90% of Canadian businesses being categorized as “small”, there is a big role for them to play as contributors to the charitable sector.
Without wanting to discourage any of this generosity, my usual response to my small business clients is to focus on the success of their business. Initially, that sounds terribly selfish and capitalistic, but my end goal is altruistic. The more successful the business, the more profits they will then have to make generous donations to causes of their choice.
Running your own foundation of course would give you the chance to do something very meaningful and perhaps personal, but to do it right could be just as demanding as starting a new business. Indeed, it’s “venture creation”, requiring not just an idea, but a full business (project) plan, with a clearly defined purpose, product/service offering, target audience, competitive analysis, marketing plan, the works. And, it needs financial and human resources to envision, launch and sustain it. Leave these large foundations to Canada’s largest businesses.
Instead of a full-scale foundation, I absolutely encourage you to run small promotions with proceeds going to a charity of your choice. Just make sure that the charity is not only something you’re personally interested in supporting, but something that also has a connection to your business. Here are a few examples of good business – charity matching:
• Catering company – local food bank
• Sporting goods wholesaler – Canadian Olympic Team
• Bathroom Renovations contractor – colon cancer
• Landscaping firm – Nature Conservancy of Canada
• Business consultant – World Vision’s Micro Finance Program
Because there are so many great ways to give back to your community, it’s easy to think a big event with big proceeds is the only way to go. Not so; start with modest goals, and build the event over seasons or years. Many years of sustainable or growing donations are more valuable to a charitable organization than a one-time contribution. Linking business and charity makes sense to your customers, and sends a message of consistency and professionalism about your business, which will lead to more uptake from customers with your promotion, and long term business success in general. With over 90% of Canadian businesses being categorized as “small”, there is a big role for them to play as contributors to the charitable sector.
Monday, February 14, 2011
Common Sales Mistakes
Last month, this column explored the importance of integrating your business’s marketing and sales plans. Marketing gets customers to your door while Sales provides solutions to the customer problem satisfactorily enough to conclude the transaction (read: revenue.)
There are core steps in the sales process, with variations depending on marketing strategies, industry sector and personal communications style. Talent and ingenuity can happen at every stage, as can mistakes. You’ve spent plenty of money on marketing to attract potential customers, now don’t lose them because of one of these easy-to-fix missteps.
Stage 1: Welcome the Customer – the most common mistake made at this stage is to forget to do it, sincerely. Sales people sometimes jump right to Deliver (stage 5.)
Stage 2: Build Rapport – people buy from people; take the time needed, sometimes just a few moments, to humanize the selling process. You can also use this step to ask a crucial market research question: “How did you hear about us?”
Stage 3: Determine the Problem – the common mistake made at this stage is overly-eager sales people not allowing the customer to be heard.
Stage 4: Determine the Solution – the mistake made at this stage is offering a solution unrelated to the customer’s problem (stage 3). In the customer’s mind, this is not a solution at all.
Stage 5: Deliver the Solution – mistakes here often are of a logistical nature (i.e. stock outs, expensive delivery costs etc.,) or of a quality control nature.
Stage 6: Conclude the Transaction – the most common mistake here is that the transaction is cumbersome. The customer is already in pain from having to part with their money; don’t make the paperwork or payment transaction a hassle.
Stage 7: Follow-up post-sale – the most common mistake made here is that it’s ignored, sacrificing future sales from what could be a loyal customer.
Missteps in the selling process can have serious consequences, depriving your business of revenue and eroding confidence in your company staff as well as potential customers. Take time this month to analyze your company’s sales stages, then take an honest look at mistakes you might be making along the way. You’ll find that many of them have simple solutions which can be implemented at once, with immediate positive impact to your sales success.
There are core steps in the sales process, with variations depending on marketing strategies, industry sector and personal communications style. Talent and ingenuity can happen at every stage, as can mistakes. You’ve spent plenty of money on marketing to attract potential customers, now don’t lose them because of one of these easy-to-fix missteps.
Stage 1: Welcome the Customer – the most common mistake made at this stage is to forget to do it, sincerely. Sales people sometimes jump right to Deliver (stage 5.)
Stage 2: Build Rapport – people buy from people; take the time needed, sometimes just a few moments, to humanize the selling process. You can also use this step to ask a crucial market research question: “How did you hear about us?”
Stage 3: Determine the Problem – the common mistake made at this stage is overly-eager sales people not allowing the customer to be heard.
Stage 4: Determine the Solution – the mistake made at this stage is offering a solution unrelated to the customer’s problem (stage 3). In the customer’s mind, this is not a solution at all.
Stage 5: Deliver the Solution – mistakes here often are of a logistical nature (i.e. stock outs, expensive delivery costs etc.,) or of a quality control nature.
Stage 6: Conclude the Transaction – the most common mistake here is that the transaction is cumbersome. The customer is already in pain from having to part with their money; don’t make the paperwork or payment transaction a hassle.
Stage 7: Follow-up post-sale – the most common mistake made here is that it’s ignored, sacrificing future sales from what could be a loyal customer.
Missteps in the selling process can have serious consequences, depriving your business of revenue and eroding confidence in your company staff as well as potential customers. Take time this month to analyze your company’s sales stages, then take an honest look at mistakes you might be making along the way. You’ll find that many of them have simple solutions which can be implemented at once, with immediate positive impact to your sales success.
Thursday, January 27, 2011
How to Sell More!
An article from Canadian Business you might enjoy:
http://list.canadianbusiness.com/rankings/profit100/2010/how-to-sell-more/article.aspx?id=20100528_161205_13424
http://list.canadianbusiness.com/rankings/profit100/2010/how-to-sell-more/article.aspx?id=20100528_161205_13424
Tuesday, January 25, 2011
31 Days to a Better Business
Check out Inc.Com's article on 31 days to a better business (1 tip for each day of the month)
http://www.inc.com/31-days-to-a-better-business?partner=newsletter_Startup
http://www.inc.com/31-days-to-a-better-business?partner=newsletter_Startup
Monday, January 24, 2011
Integrating Marketing & Sales Plans
It’s Marketing’s job to get potential customers to notice you and take some kind of action that moves towards a purchase. In a retail business, for example, effective marketing tactics get customers into the shop. For your business, perhaps the measure of successful marketing is the volume of incoming phone inquiries or visits to your website. Knowing what you are trying to accomplish with your marketing, and how to measure it, is an important place to start when devising your plan.
It is not Marketing’s job to land the customer. This is the the job of your sales plan. Marketing brings the customers to the sales people, and it is up to Sales to close the transaction and get cash into the till. There are a variety of steps in the sales process, such as welcoming the potential customer, building rapport, determining the customer’s want/need/problem, determining a solution or choice of solutions, delivering that solution, concluding the transaction, and post-sales customer follow-up.
In the early stages of the sales process, customers can step back, and Marketing must once again do its job. Think about how many times you might visit a favourite retail store without making a purchase. It is marketing tactics, such as advertising, promotions and visual merchandising, that send you through the doors again, and on occasion, the product/service offering is right and you make a purchase.
As your business’s key strategist, you must develop marketing and sales plans that work together to generate revenue. Marketing is a waste of money if your business doesn’t have experienced, trained, customer-focused sales people to engage with clients and provide satisfactory solutions. Sales can be a constant struggle, if not downright misery, if every interaction is a cold call. Integrating your marketing and sales strategies will make both plans more successful, decreasing your efforts and costs and increasing your revenues.
At what stage does Marketing stop and Selling begin? How frequently does the customer enter the “welcoming” or “building rapport” sales stages only to back out? Does that customer ever re-enter? Is this normal for your industry, or does it signal a problem somewhere in your process? Despite have distinct duties, there is a reason that Marketing and Sales functions are typically part of the same department: they must be integrated.
It is not Marketing’s job to land the customer. This is the the job of your sales plan. Marketing brings the customers to the sales people, and it is up to Sales to close the transaction and get cash into the till. There are a variety of steps in the sales process, such as welcoming the potential customer, building rapport, determining the customer’s want/need/problem, determining a solution or choice of solutions, delivering that solution, concluding the transaction, and post-sales customer follow-up.
In the early stages of the sales process, customers can step back, and Marketing must once again do its job. Think about how many times you might visit a favourite retail store without making a purchase. It is marketing tactics, such as advertising, promotions and visual merchandising, that send you through the doors again, and on occasion, the product/service offering is right and you make a purchase.
As your business’s key strategist, you must develop marketing and sales plans that work together to generate revenue. Marketing is a waste of money if your business doesn’t have experienced, trained, customer-focused sales people to engage with clients and provide satisfactory solutions. Sales can be a constant struggle, if not downright misery, if every interaction is a cold call. Integrating your marketing and sales strategies will make both plans more successful, decreasing your efforts and costs and increasing your revenues.
At what stage does Marketing stop and Selling begin? How frequently does the customer enter the “welcoming” or “building rapport” sales stages only to back out? Does that customer ever re-enter? Is this normal for your industry, or does it signal a problem somewhere in your process? Despite have distinct duties, there is a reason that Marketing and Sales functions are typically part of the same department: they must be integrated.
Wednesday, December 15, 2010
Best Industries for Starting a Business Right Now
The Brampton Enterprise Centre doesn’t create a list of exactly what business a client should open, although it is a frequent question. Choosing a business that is right for you definitely is impacted by profit potential (financial feasibility and market demand), but also on passion, skills and education, industry and work experience, and of course, access to capital, all of which are unique for each aspiring entrepreneur. Still, there are analysts in the business world who can give us a general idea of which industries are expected to see growth. Below is a sampling from Inc. Magazine’s annual list.
Little Luxuries – For example, candy, a luxury that many people, even during a recession, can afford.
Smart Phone Apps - Apple has processed more than a billion downloads; enough said!
Health Care Technology – Streamlining patient care via digital medical records.
Home Health Care - An increasingly popular alternative to nursing homes, home health-care services tend to offer patients lower costs while affording them the dignity of being able to remain in their homes.
Yoga Products & Services - Doctors and therapists are increasingly recommending yoga to their patients
Fast-Casual Dining – The fast-casual segment, which falls between fast food and full-serve restaurants, continues to shine.
Green Construction - The overall green building market is expected to more than double by 2013, according to a report from McGraw-Hill.
Niche Consulting - Corporate layoffs have spawned a wave of professionals who are trying to repurpose their skills in the consulting realm. While the competition is fierce in this space, the barriers to entry are low.
Education Technology – i.e. whiteboard technology
Government Services – Opportunity to bid on projects that involve transportation, broadband technologies, and clean water, among others.
Accounting Services - Small and independent firms that help companies manage cash flow by keeping on top of accounts receivables are increasingly in demand. No one goes into business just to keep their books (except accountants!)
Repair Services - Companies that provide repair services, ranging from the home-improvement sector to the auto industry, are seeing an uptick in revenue as more people opt to fix their existing possessions, rather than to buy new.
Self Improvement – Billions are spent each year on self-improvement products and services, including motivational-speaker seminars, networking and wealth-building instructional DVDs, and spiritual guidance books.
Energy - These companies run the gamut from dealing in solar energy to alternative fuels. Due to growing consumer demand to save on energy costs, companies that install efficient lighting systems or cut down on heating costs by installing solar panels are well positioned for future growth.
See Inc. com’s full slide show at:
http://www.inc.com/ss/best-industries-for-starting-a-business?partner=newsletter_Success#0
Entrepreneur Magazines’ list:
http://www.entrepreneur.com/article/217508
Profit Magazine’s approach focuses on redefining the buying behaviour of consumers and businesses:
http://www.profitguide.com/article/7749--what-to-sell-in-a-sluggish-economy
What established businesses have enough growth that they need to hire? Looking at it from a different angle, Kelly Employment Services also has a list:
http://www.kellyservices.us/web/us/services/en/pages/careertips_march2010_fastest_growing_industries.html
Whether you’re thinking of starting a business, or considering diversifying your product/service line, there are tips, cautions and inspiration in the resources listing above. Happy Brainstorming!
Little Luxuries – For example, candy, a luxury that many people, even during a recession, can afford.
Smart Phone Apps - Apple has processed more than a billion downloads; enough said!
Health Care Technology – Streamlining patient care via digital medical records.
Home Health Care - An increasingly popular alternative to nursing homes, home health-care services tend to offer patients lower costs while affording them the dignity of being able to remain in their homes.
Yoga Products & Services - Doctors and therapists are increasingly recommending yoga to their patients
Fast-Casual Dining – The fast-casual segment, which falls between fast food and full-serve restaurants, continues to shine.
Green Construction - The overall green building market is expected to more than double by 2013, according to a report from McGraw-Hill.
Niche Consulting - Corporate layoffs have spawned a wave of professionals who are trying to repurpose their skills in the consulting realm. While the competition is fierce in this space, the barriers to entry are low.
Education Technology – i.e. whiteboard technology
Government Services – Opportunity to bid on projects that involve transportation, broadband technologies, and clean water, among others.
Accounting Services - Small and independent firms that help companies manage cash flow by keeping on top of accounts receivables are increasingly in demand. No one goes into business just to keep their books (except accountants!)
Repair Services - Companies that provide repair services, ranging from the home-improvement sector to the auto industry, are seeing an uptick in revenue as more people opt to fix their existing possessions, rather than to buy new.
Self Improvement – Billions are spent each year on self-improvement products and services, including motivational-speaker seminars, networking and wealth-building instructional DVDs, and spiritual guidance books.
Energy - These companies run the gamut from dealing in solar energy to alternative fuels. Due to growing consumer demand to save on energy costs, companies that install efficient lighting systems or cut down on heating costs by installing solar panels are well positioned for future growth.
See Inc. com’s full slide show at:
http://www.inc.com/ss/best-industries-for-starting-a-business?partner=newsletter_Success#0
Entrepreneur Magazines’ list:
http://www.entrepreneur.com/article/217508
Profit Magazine’s approach focuses on redefining the buying behaviour of consumers and businesses:
http://www.profitguide.com/article/7749--what-to-sell-in-a-sluggish-economy
What established businesses have enough growth that they need to hire? Looking at it from a different angle, Kelly Employment Services also has a list:
http://www.kellyservices.us/web/us/services/en/pages/careertips_march2010_fastest_growing_industries.html
Whether you’re thinking of starting a business, or considering diversifying your product/service line, there are tips, cautions and inspiration in the resources listing above. Happy Brainstorming!
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