Sustainability is a word we hear frequently and most often in an environmental context. It’s a concept key to your small business too. Running a business for a few weeks or months can be achieved by many, but any worthwhile venture is going to need sustained effort. Here are some way to maintain your focus and motivation:
1. Remember the original, powerful reasons you decided to go into business for yourself, and this business in particular.
2. Refresh your business mission annually, and write out your objectives. Post them where you can see them.
3. Clarify your vision. Picture your successful business as if it already exists.
4. Action-plan your objectives. Doing something not quite perfectly is better than having a perfect plan you never execute.
5. Measure your progress. You can’t manage it if you don’t measure it.
6. Reward yourself for meeting goals – annually, monthly, why not even weekly?
7. Think of three. Be good to yourself and work on no more than three priorities at a time.
8. Develop a support system. Utilize a business coach, mastermind group, networking group or buddy-system to share helpful resources and encourage positive attitude.
Share with me some of the ways you maintain your focus & motivation. I will post ideas here for others to learn from.
All the best until next time,
CB
Thursday, August 27, 2009
Thursday, July 9, 2009
On-Line Small Business Tools
With summer here, you may find that you have a spare hour here and there to get caught up on your business reading or surfing. While you are browsing the Internet, you may find some great sites that other small business owners would benefit from knowing about.
I would like to hear from you all on what you think are the best on-line small business tools (worksheets, software etc.). If they happen to be free or low-cost, I would love it if you indicate that as well. Here are a few of my favs to get you started:
www.surveymonkey.com >> a great way to do FREE market research with your database of clients; $120 a year gives you a membership with extra analyis tools and even easier distribution.
www.canadabusiness.ca/ipb >> the Interactive Business Plannner is a free template that helps you prepare or update your business plan; do the whole thing or tweak a section. The financials add themselves up and automatically transfer from cash flow to income statement. Run pessimistic/optimistic/realistic scenarios quickly and easily!
www.strategis.ic.gc.ca/steps >> information on competitiveness issues and gaps facing small and medium sized service firms, presented in a modular format. Tackle one step a week for 9 weeks to hone your marketing plan
http://www.ic.gc.ca/eic/site/ic1.nsf/eng/h_00070.html >> NAICS directory - listing of Canadian companies, sortable by keyword, industry sector and more; search for suppliers and competitors
http://www.whatspossible.com/fax/ >> a summary of various fax-to-email services, starting at $19.95/year
Send me yours so I can beef up this list!
Cheers
CB
I would like to hear from you all on what you think are the best on-line small business tools (worksheets, software etc.). If they happen to be free or low-cost, I would love it if you indicate that as well. Here are a few of my favs to get you started:
www.surveymonkey.com >> a great way to do FREE market research with your database of clients; $120 a year gives you a membership with extra analyis tools and even easier distribution.
www.canadabusiness.ca/ipb >> the Interactive Business Plannner is a free template that helps you prepare or update your business plan; do the whole thing or tweak a section. The financials add themselves up and automatically transfer from cash flow to income statement. Run pessimistic/optimistic/realistic scenarios quickly and easily!
www.strategis.ic.gc.ca/steps >> information on competitiveness issues and gaps facing small and medium sized service firms, presented in a modular format. Tackle one step a week for 9 weeks to hone your marketing plan
http://www.ic.gc.ca/eic/site/ic1.nsf/eng/h_00070.html >> NAICS directory - listing of Canadian companies, sortable by keyword, industry sector and more; search for suppliers and competitors
http://www.whatspossible.com/fax/ >> a summary of various fax-to-email services, starting at $19.95/year
Send me yours so I can beef up this list!
Cheers
CB
Friday, June 26, 2009
Building & Maintaining a Positive Business Image
It is uncommon for a micro-business to choose speed, selection or low price as its competitive advantage. One of the great advantages that a small business can offer its customers is the all-important personal contact, genuine customer care, and trusting relationship. What, exactly, does this concept entail? Customer focus, knowledge, effectiveness and follow-up are key.
· You have no business without your customers; always remember that they are your core purpose
· Never indicate that customer questions, change-orders or problems are an inconvenience. Your job is to solve their problems; that’s how you make money
· Be forthright with your customers; be proactive when there is a problem in order to garner their co-operation and patience. Nasty surprises just inflate a bad situation
· Know your industry, competitors, products and customers. Customers expect you to be the expert
· Invest in yourself with professional development; customers are willing to pay for expertise when they know it is legitimate
· Ensure staff has the same knowledge, customer service commitment and authority to satisfy customers as you do. Empowering staff makes them more productive and engaged
· Systemize your operations so that you can confidently and accurately quote prices, processes, delivery dates, warrantees/guarantees etc. Errors and hesitation undermine customer confidence
· Look polished; chaos may go on behind the scenes but your customers should never see it
· The last 1% is important; it’s the details that separate the rookies from the pros
· Show you care about your community, not just your business; donate to local charities or become involved in community events.
A great quality product will only get you part way to a positive image. The way you interact with your clients and your service delivery are the key to your positive image. Your personal integrity becomes the reputation of your company. Follow the tips above ensuring you business builds and maintains a positive image.
· You have no business without your customers; always remember that they are your core purpose
· Never indicate that customer questions, change-orders or problems are an inconvenience. Your job is to solve their problems; that’s how you make money
· Be forthright with your customers; be proactive when there is a problem in order to garner their co-operation and patience. Nasty surprises just inflate a bad situation
· Know your industry, competitors, products and customers. Customers expect you to be the expert
· Invest in yourself with professional development; customers are willing to pay for expertise when they know it is legitimate
· Ensure staff has the same knowledge, customer service commitment and authority to satisfy customers as you do. Empowering staff makes them more productive and engaged
· Systemize your operations so that you can confidently and accurately quote prices, processes, delivery dates, warrantees/guarantees etc. Errors and hesitation undermine customer confidence
· Look polished; chaos may go on behind the scenes but your customers should never see it
· The last 1% is important; it’s the details that separate the rookies from the pros
· Show you care about your community, not just your business; donate to local charities or become involved in community events.
A great quality product will only get you part way to a positive image. The way you interact with your clients and your service delivery are the key to your positive image. Your personal integrity becomes the reputation of your company. Follow the tips above ensuring you business builds and maintains a positive image.
Strategic Allicances Create Early Growth
A “strategic alliance” is an agreement between two or more companies to conduct a certain aspect of business in a mutually beneficial way. Successful strategic alliances can help small businesses to increase the size of their product/service offering, extend their market reach, improve productivity or create that crucial competitive advantage. Ultimately, this means opportunity for faster-paced launch and earlier growth, without a burden of added capital or operating costs.
Like any business model, a strategic alliance needs research and careful planning. A successful alliance needs to fit your own business profile. Here are some key considerations:
· Create a list of desired partner attributes
· Source out potential partners with a compatible vision and similar goals
· Choose a partner who is focused and well-established
· Choose a partner with a compatible brand/reputation
· If competing in the same market, consider the affect on your market position
· Consider future directions and whether they merge or diverge
· Determine the timing – one time project or long-term relationship?
· Create a contract, including precise expectations you have established together and clear terms of payment
· Create a systematic communication method
· Create a clear exit strategy
· Put everything in writing
Finally, not only will you need to seek out a desirable partner, but you need to be a desirable partner to someone else. This has to be “win-win”, not “how can you help me?” Your own business will need to be in tip top shape with an up-to-date business plan, established procedures, a good track record with clients, professional branding and reputation, and a robust marketing strategy. If these foundations are in place, you may find other companies are seeking you out as a strategic partner. The Brampton Enterprise Centre has a plethora of resources to support you as you prepare to develop a strategic alliance.
Like any business model, a strategic alliance needs research and careful planning. A successful alliance needs to fit your own business profile. Here are some key considerations:
· Create a list of desired partner attributes
· Source out potential partners with a compatible vision and similar goals
· Choose a partner who is focused and well-established
· Choose a partner with a compatible brand/reputation
· If competing in the same market, consider the affect on your market position
· Consider future directions and whether they merge or diverge
· Determine the timing – one time project or long-term relationship?
· Create a contract, including precise expectations you have established together and clear terms of payment
· Create a systematic communication method
· Create a clear exit strategy
· Put everything in writing
Finally, not only will you need to seek out a desirable partner, but you need to be a desirable partner to someone else. This has to be “win-win”, not “how can you help me?” Your own business will need to be in tip top shape with an up-to-date business plan, established procedures, a good track record with clients, professional branding and reputation, and a robust marketing strategy. If these foundations are in place, you may find other companies are seeking you out as a strategic partner. The Brampton Enterprise Centre has a plethora of resources to support you as you prepare to develop a strategic alliance.
Monday, June 15, 2009
Time Management Tips & Resources
I was doing some research for a client on time management tips, and thought this would be great to share. I focussed on business tips of course, but there were tons of sites for home/kids/life in general time management, which might also help. (The lines between personal and business cross often when you are a small business owner!)
You DO have time to read them, since I pared them down for you. And there is no better time than the beginning of Canada's short summer to squeak out a few more hours in your week!
http://sbinfocanada.about.com/cs/timemanagement/a/timemgttips.htm
http://www.mindtools.com/pages/main/newMN_HTE.htm
http://www.getmoredone.com/tips.html
http://www.time-management-guide.com/
http://www.time-management-guide.com/time-management-tips.html
http://www.jimestill.com/2009/05/toilet-paper-entrepreneur-and-time.html
http://ineedmoretime.com/time_management.htm
Books:
Time management from the Inside Out, By Julie Morgenstern
The 25 Best Time Management Tools & Techniques, By Pamela Dodd, Doug Sundheim
Hope these resources help!
You DO have time to read them, since I pared them down for you. And there is no better time than the beginning of Canada's short summer to squeak out a few more hours in your week!
http://sbinfocanada.about.com/cs/timemanagement/a/timemgttips.htm
http://www.mindtools.com/pages/main/newMN_HTE.htm
http://www.getmoredone.com/tips.html
http://www.time-management-guide.com/
http://www.time-management-guide.com/time-management-tips.html
http://www.jimestill.com/2009/05/toilet-paper-entrepreneur-and-time.html
http://ineedmoretime.com/time_management.htm
Books:
Time management from the Inside Out, By Julie Morgenstern
The 25 Best Time Management Tools & Techniques, By Pamela Dodd, Doug Sundheim
Hope these resources help!
Tuesday, May 19, 2009
The Most Common Start-Up Mistakes
Recently a social networking site colleague posted the following question and I responded.
What is the biggest mistake entrepreneurs make and how would you suggest they prevent that mistake?
I can think of quite a few!
>> Not preparing a business plan Solution: Take time to research & write
>> Not discovering/creating a competitive advantage Solution: do a thorough SWOT, and have a sound advantage before launching
>> Not understanding that business ownership means being a really good sales person Solution: ensure compatible personality traits, sales experience & training
>> Undercapitalizing Solution: assuming getting a larger loan is not possible, start smaller plus beg, borrow and barter what is needed to launch
>> Overestimating first year revenues Solution: more conservative estimates; realistic, optimistic and pessimistic pro forma income statements
>> Underestimating the time it takes to land those first few clients solution: more realistic understanding of the sales process/cycle and lead to land ratio
>> Not investing in marketing/advertising Solution: robust marketing budget and professional assistance with branding
I can give you more, but these are the ones that came right off the top of my head.
What is the biggest mistake entrepreneurs make and how would you suggest they prevent that mistake?
I can think of quite a few!
>> Not preparing a business plan Solution: Take time to research & write
>> Not discovering/creating a competitive advantage Solution: do a thorough SWOT, and have a sound advantage before launching
>> Not understanding that business ownership means being a really good sales person Solution: ensure compatible personality traits, sales experience & training
>> Undercapitalizing Solution: assuming getting a larger loan is not possible, start smaller plus beg, borrow and barter what is needed to launch
>> Overestimating first year revenues Solution: more conservative estimates; realistic, optimistic and pessimistic pro forma income statements
>> Underestimating the time it takes to land those first few clients solution: more realistic understanding of the sales process/cycle and lead to land ratio
>> Not investing in marketing/advertising Solution: robust marketing budget and professional assistance with branding
I can give you more, but these are the ones that came right off the top of my head.
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