When answering your own questions about business development issues, it can be challenging to remain unbiased. If you want to learn more about your business, here are some questions to ask not only yourself, but your clients and staff. Just be sure you want to hear the truth, and commit to using the results in a positive manner to better your business, not to berate yourself over any less-than-encouraging responses.
Ask your clients:
· What do you think are the elements of excellent customer service?
· When you experience exceptional customer service from us, what is it you are experiencing?
· Have you witnessed obstacles to us providing better customer service? How can we overcome them?
· What are the specific benefits of doing business with us?
· What two services could we provide that we don’t currently offer?
· What have we done to show you appreciation for being our customer? Did this expression of appreciation hold value for you?
· Do you refer us to your network? Why/why not?
Ask your Employees:
· What do you think are the elements of excellent customer service?
· When we demonstrate experience exceptional customer service, what is it that our clients experience?
· What are the obstacles to providing better customer service? How can we overcome them?
· What do our clients see as the specific benefits of doing business with us?
· What two services could we provide that we don’t currently offer?
· What could we do to show you appreciation for being our customer that would be meaningful to them?
· Are there new initiatives we could implement that could lead to more referrals from clients?
Cross reference the answers from clients and staff for an insightful 180 degree perspective. Add in a competitive SWOT analysis to make it a 360 approach to propelling your business forward.
Friday, October 28, 2011
Monday, October 17, 2011
Best Start-Up Advice
I had the pleasure today of appearing on Rogers TV In Business, hosted by David Wojcik, to talk about small business month (October, Canada-wide) and small business in general. After an engaging half-hour, the host’s final question was, “What is your best small business start-up piece of advice?” I went blank! Not because I could think of none, but because rush of them came to mind, and on the spot I didn’t know which one to chose. I went with something like this:
“When doing your pro-forma financials, double your estimated costs, slash your estimated sales in half, and then give a good second look at profit potential.”
Here are some of the others that crossed my mind in that split second:
· Open a business in an industry you love – your passion is what will get you through the tough times
· Open a business in an industry you know – your experience will mean you don’t have nearly as many rough operational spots to deal with
· If there is more than one owner, sign a partnership agreement
· Choose a name that tells your customer something about who you are or what you do
· Make sure there is a problem (need/want) in the marketplace that your company can solve
· Figure out your competitive advantage – without one, you won’t be able to lure any customers away from competitors and towards you
· Don’t make low price your competitive advantage
· Choose a niche – you can’t be a big box store in a boutique-sized space (this tip is not just for retailers)
· Don’t conduct market research for your business through friends and family
· You will have to be your company’s best sales person – so take a sales course if you don’t have sales experience
· You can never spend too much on marketing…but you can spend it on the wrong tactics
· Ensure you have a crystal clear picture of who your primary and secondary target markets are
· Provide a customer experience that builds your great reputation from your very first customer
· For the first few years, you are the business’s brand
· Don’t make your spouse keep the books – unless he/she is a bookkeeper
· Address the risks in your business and develop contingency plans before launching
We had already spent a portion of the show talking about the importance of preparing a business plan in advance, so many related ideas had already been covered, but in case you don’t catch the show, here they are:
· Write a business plan, even if you’re self-financing
· Research, research, research
· Write the plan yourself, so the business model is based on your vision, experience, skills, education and passion
· Don’t make any major investments (inventory, lease, employees) until your plan is complete
· Use your plan not just to launch, but as a management tool once you’re operating
And, of course, as my quick-witted counterpart said, visit your local Small Business Enterprise Centre for support!
“When doing your pro-forma financials, double your estimated costs, slash your estimated sales in half, and then give a good second look at profit potential.”
Here are some of the others that crossed my mind in that split second:
· Open a business in an industry you love – your passion is what will get you through the tough times
· Open a business in an industry you know – your experience will mean you don’t have nearly as many rough operational spots to deal with
· If there is more than one owner, sign a partnership agreement
· Choose a name that tells your customer something about who you are or what you do
· Make sure there is a problem (need/want) in the marketplace that your company can solve
· Figure out your competitive advantage – without one, you won’t be able to lure any customers away from competitors and towards you
· Don’t make low price your competitive advantage
· Choose a niche – you can’t be a big box store in a boutique-sized space (this tip is not just for retailers)
· Don’t conduct market research for your business through friends and family
· You will have to be your company’s best sales person – so take a sales course if you don’t have sales experience
· You can never spend too much on marketing…but you can spend it on the wrong tactics
· Ensure you have a crystal clear picture of who your primary and secondary target markets are
· Provide a customer experience that builds your great reputation from your very first customer
· For the first few years, you are the business’s brand
· Don’t make your spouse keep the books – unless he/she is a bookkeeper
· Address the risks in your business and develop contingency plans before launching
We had already spent a portion of the show talking about the importance of preparing a business plan in advance, so many related ideas had already been covered, but in case you don’t catch the show, here they are:
· Write a business plan, even if you’re self-financing
· Research, research, research
· Write the plan yourself, so the business model is based on your vision, experience, skills, education and passion
· Don’t make any major investments (inventory, lease, employees) until your plan is complete
· Use your plan not just to launch, but as a management tool once you’re operating
And, of course, as my quick-witted counterpart said, visit your local Small Business Enterprise Centre for support!
Thursday, July 21, 2011
All This Stuff
Recently I was visiting my parents who live out-of-province. Because I see them only once or twice a year, I have the opportunity to look at things from a fresh perspective each time. What really struck me this visit was All The Stuff they have. They told me that they have been downsizing all year, a sensible task to take on in your 70s, if not at a younger stage of life. So when the house of my childhood looked pretty much identical this summer as when I was a youngster, I had to question just how much downsizing they actually did.
Turns out they indeed worked pretty hard at it; while the amount of furniture hasn’t changed, there are a lot fewer dishes, books, office supplies, toiletries, linens and All That Stuff hidden away in every drawer, closet and shelf of most houses. I, of course, have filled up my own house with all the same items. It’s the sustainability of it all that worries me.
Consumers certainly need some products, and want many, many more. Businesses are only too happy to produce and sell them to those who can pay. Employees of these organizations are happy to have a job, so that a paycheque allows them to purchase the things they want. It would seem this cycle is self-sustaining. But as a society, we have begun to ask important questions about where our resources will come from in the future. And as a daughter, I have started asking important questions about where all my parents’ stuff is going to go in the future.
Some of it will wear out and go to landfill. Some of it will end up in my house. I’d like to think I could give most of it away – but people don’t want other people’s old stuff – they want their own, new stuff and the satisfaction of purchasing. My social conscience struggles with this; how can we continue to just keep buying more and more? But how will businesses prosper, and provide jobs, if consumers stop purchasing? Ultimately, I feel that we’re stripping the earth of its resources, we’re putting ourselves into debt, and we’re pretending to make ourselves happier by owning more. I think there is a massive paradigm shift that we need to make both as consumers and entrepreneurs, and that maybe the recent recession has finally prompted us all to think about some of these big issues.
I think I’ll start by redesigning the “Reduce ->Reuse ->Recycle” poster to be “Reduce->Reduce->Reduce->Reuse->Reuse->Recycle”.
Turns out they indeed worked pretty hard at it; while the amount of furniture hasn’t changed, there are a lot fewer dishes, books, office supplies, toiletries, linens and All That Stuff hidden away in every drawer, closet and shelf of most houses. I, of course, have filled up my own house with all the same items. It’s the sustainability of it all that worries me.
Consumers certainly need some products, and want many, many more. Businesses are only too happy to produce and sell them to those who can pay. Employees of these organizations are happy to have a job, so that a paycheque allows them to purchase the things they want. It would seem this cycle is self-sustaining. But as a society, we have begun to ask important questions about where our resources will come from in the future. And as a daughter, I have started asking important questions about where all my parents’ stuff is going to go in the future.
Some of it will wear out and go to landfill. Some of it will end up in my house. I’d like to think I could give most of it away – but people don’t want other people’s old stuff – they want their own, new stuff and the satisfaction of purchasing. My social conscience struggles with this; how can we continue to just keep buying more and more? But how will businesses prosper, and provide jobs, if consumers stop purchasing? Ultimately, I feel that we’re stripping the earth of its resources, we’re putting ourselves into debt, and we’re pretending to make ourselves happier by owning more. I think there is a massive paradigm shift that we need to make both as consumers and entrepreneurs, and that maybe the recent recession has finally prompted us all to think about some of these big issues.
I think I’ll start by redesigning the “Reduce ->Reuse ->Recycle” poster to be “Reduce->Reduce->Reduce->Reuse->Reuse->Recycle”.
B.E.N. Will Help You Plan for Emergencies
Participate in the Business Emergency Network – a low cost, low demand, high results program that will prepare your business for continuous service during emergencies
The Business Emergency Network (B.E.N.) is a program that was created with the goal of increasing the ability of small and medium-sized enterprises (SME) in Brampton to survive through business disruptions. Businesses can do this by implementing business continuity plans into their organization. Business continuity planning involves identifying the key elements of the organization by understanding the vital functions and processes that are required to keep service and production going should a business disruption occur.
The B.E.N. was developed as a solution to the findings of a study that was conducted by the Brampton Emergency Measures Office, which surveyed whether or not SMEs had business continuity plans in place. The research revealed that over 95% of SMEs have no business continuity plans in place for the following reasons:
a) No money to devote to business continuity planning;
b) No time to devote to business continuity planning; and
c) No clear understanding of the subject matter.
Sound familiar? This is where the B.E.N. program is helpful. To lessen the above pressures, the B.E.N. can provide businesses with a Student Consultant for no cost. Emergency management and business continuity students volunteer along with business continuity professionals to partner with a SME and conduct an assessment of the hazards and risks to which the SME is exposed. Once this is complete, the Student Consultant will then develop a unique business continuity plan for the SME he/she is consulting. Therefore, the B.E.N. reduces the pressure of ‘no money’ by providing the consulting service at no charge; and reduces the pressure of ‘no time’ and ‘no understanding,’ because the Student Consultant, with their knowledge and experience, will be conducting all the planning. After the business continuity plans are complete, the SME will be stronger and better prepared in the event of a business disruption.
Overall, the B.E.N. is a low cost, low demand, and high results program. The City of Brampton Emergency Measures Office encourages you to become involved to strengthen your business!
For more information, including how to participate, please contact Amanda Maula at the City of Brampton Emergency Measures Office: amanda.maula@brampton.ca 905.874.3979
The Business Emergency Network (B.E.N.) is a program that was created with the goal of increasing the ability of small and medium-sized enterprises (SME) in Brampton to survive through business disruptions. Businesses can do this by implementing business continuity plans into their organization. Business continuity planning involves identifying the key elements of the organization by understanding the vital functions and processes that are required to keep service and production going should a business disruption occur.
The B.E.N. was developed as a solution to the findings of a study that was conducted by the Brampton Emergency Measures Office, which surveyed whether or not SMEs had business continuity plans in place. The research revealed that over 95% of SMEs have no business continuity plans in place for the following reasons:
a) No money to devote to business continuity planning;
b) No time to devote to business continuity planning; and
c) No clear understanding of the subject matter.
Sound familiar? This is where the B.E.N. program is helpful. To lessen the above pressures, the B.E.N. can provide businesses with a Student Consultant for no cost. Emergency management and business continuity students volunteer along with business continuity professionals to partner with a SME and conduct an assessment of the hazards and risks to which the SME is exposed. Once this is complete, the Student Consultant will then develop a unique business continuity plan for the SME he/she is consulting. Therefore, the B.E.N. reduces the pressure of ‘no money’ by providing the consulting service at no charge; and reduces the pressure of ‘no time’ and ‘no understanding,’ because the Student Consultant, with their knowledge and experience, will be conducting all the planning. After the business continuity plans are complete, the SME will be stronger and better prepared in the event of a business disruption.
Overall, the B.E.N. is a low cost, low demand, and high results program. The City of Brampton Emergency Measures Office encourages you to become involved to strengthen your business!
For more information, including how to participate, please contact Amanda Maula at the City of Brampton Emergency Measures Office: amanda.maula@brampton.ca 905.874.3979
Monday, July 4, 2011
Summer Company 2011
The Summer Company Program is well underway and we are pleased to introduce 12 ambitious students who have decided to run their own business this summer. Rather than a traditional summer job, these students have taken on the monumental task of getting a business up and running and profitable within a few short months. In order to be approved for the program these students:
- submitted a comprehensive business plan which included a start-up budget and cash flow forecast. Based on their start-up budget most students have received $1500 to contribute to their start-up costs.
- were interviewed and signed a contract with the Provincial Government stating that they will dedicate a minimum of 35 hours/week to running the business, attend regular mentor meeting and training sessions, complete an online journal and report all of their income and expenses. At the end of the summer these students may be eligible for another $1500 award.
The success of the students will be determined by the accuracy of their planning and dedication to the business. Success is not solely based on profit margin. It can also be measured by the personal growth and confidence. How exciting to consider that these students will register their first business name, open a business bank account, make their first cold call, negotiate price, create business cards and websites and maybe even write their own media release!
These students are not on their own. Consultants from our Small Business Centre are available to guide the students throughout the summer. We also have tremendous support from members of the business mentoring group who volunteer their time and expertise to assist these young entrepreneurs.
- Jeff Bowman of The Marketing Pad delivered a 1.5 hour presentation on sales strategies to our students last week.
- Surita Dey, Youth Services Coordinator at The Brampton Library and Linh Hang, Small Business Advisor with TD Canada Trust will be available all summer should the students require their assistance.
- Amos Findlayter will deliver training on bookkeeping in the coming weeks.
Thank you to all of our volunteers. The success of the program depends on your involvement.
The Summer Company Class of 2011:
Candi’s Coils offers natural, organic and vegan products for your hair and body. All formulations are made using quality oils, butters and waxes by Marisa Blair. As a naturally crafty girl, it only came naturally for Marisa to soon end up mixing up a storm in her kitchen creating various products from hair conditioners to vegan lip-balms.
Titus Personal Training is owned and operated by Cherise Titus, a Certified Personal Training Specialist through Canada’s largest fitness certification program Can-Fit-Pro. Titus Personal Training is 100% committed to helping everyone achieve their fitness goals and takes pride in providing the best services possible that cater to your wants and needs.
Head Start Robotics founded by Michael Lim is a fun and exciting workshop that allows children to develop interest and skills related to engineering technologies. Through their weekly program, children will design and build a robot to complete a complex obstacle course and engage in design activities. Head Start Robotics aims to equip children with the critical thinking, design and team work skills to give them a Head Start to Success!
Connect with Fitness is a Mobile Personal Training Company that caters to Brampton, Mississauga and surrounding cities - and mobile means that they come to you! No gym membership, no driving, and no babysitter required for these dynamic and fun training sessions. Vanessa Fox will meet you at your home, prepared with a workout tailored to your specific goals. Learn to use the space and objects around you (such as chairs and stairs) to push, pump and tone your body. OR - let Vanessa bring some portable equipment to help enhance your exercises. Lose those bulky, limiting machines that you find in the gym, and get ready for a fitter, healthier and happier you!
Swim with Gavin is a registered business situated in Caledon, Ontario operated by Gavin Fior a certified partner of Red Cross Canada, certified lifeguard and Red Cross instructor for any level of swimming. Swim at OUR pool or I will come to you! Our pool has a change room and shower facilities
NDB Studios is owned and operated by Nathaneal Thomas and provides graphics design services such as; Adobe Photoshop and Adobe Illustrator skills, Website Design, Logo Creation, Business Card Design, Wedding Invitations, Flash banner Advertisements, Video Editing and more.
Chic Expression was founded by Mishka Cooke, a business student and entrepreneur. Mishka has been designing and making jewellery for 11 years. It has always been a passion of hers to open her own custom-made jewellery store.
Band Splash founded by Adam Currie is a website for unsigned bands looking for exposure in today’s music scene. The site provides bands with a basic service including a profile page and limited storage space for music, pictures and video. For an extra fee bands would receive a premium service which includes profile page, extended storage space, site advertising, competitions, exclusive play on website radio, and media downloads.
You Only Live Once Collective was founded by Ryan Roy and is a collection of skateboarding and art. The focus of YoLoCo is to provide high quality fashionable clothing gear, accessories and skateboarding equipment that gives the consumer access to the latest designs in fashion and the skateboarding industry. YoLoCo retail's t-shirts, hats, sweatshirts, and sunglasses made up of contributions from their skate team, close friends, fellow skateboarders, photographers and individuals that are full of passion and love for skateboarding, clothing and life.
Heaven’s Eleven Soccer Club is operated by Michael Buabeng and provides a place for kids to learn about the techniques and skills of soccer while acquiring valuable life skills. The participants will be exposed to positive individuals from their own communities, empowering them to realize that they can succeed irrespective of their socio-economic or ethnic background. For more information contact Michael at 647-966-4784
Curb Appeal Painters specializes in exterior residential painting throughout Brampton. Owner Jaten Patterson-Reid strives to provide clients with professional, first-class quality service and convenient scheduling. Services include painting of doors, garage doors, columns, railings, and sealant (asphalt, cement, concrete). For more information contact Jaten at 416-992-8170
A.Y.S Mobile Mechanics provides a mobile mechanic service to the Brampton and surrounding areas. Owner Krishna Singh will travel to the clients home to service their vehicles for a fraction of the cost that regular mechanics shop or dealership would charge. Krishna is a registered apprentice mechanic and has lots of experience working with cars on various small problems. For more information contact Krishna at 416-917-7245
We hope you will support these dynamic youth this summer!
Monday, May 16, 2011
Does your Plan Contain the Top 7 Components?
As a business start-up consultant, I have spent more than a decade evaluating business plans. As you can imagine, they come in an endless variety of formats, lengths and styles. No matter what the industry or business type, however, at my initial review, I look for these three critical components in every plan:
• A clear description of the target customer, because it’s the customers, not a business consultant, who really decide if a business idea is a good one
• A clever competitive advantage: done well, it demonstrates knowledge of company and personal strengths, an understanding of customer psychographics, and completion of thorough competitive research
• Profit potential: you would be surprised how many aspiring business owners don’t appear to be interested in making profit, which begs the question, Why bother?
Without these three components clearly defined, and woven together with compelling rationale, the hundreds of other essential details in a business plan instantly become unimportant; it’s time to rethink the business model.
When target customer, competitive advantage and profit potential are in place, the next four I look for are:
• Owner investment: there is no investor who will finance 100% of a start-up; the owner’s passion and perseverance is what will get the company through the demanding start-up period as well as every other roadblock in the years ahead; personal investment in the business is how this passion and perseverance is demonstrated
• Realistic sales targets: the fine line between over-zealous optimism and targeting at least the minimum revenue to keep cash flow in a healthy state
• Investment in marketing: the vast majority of start-up and early-growth businesses underestimate the challenge of advertising, in terms of creativity, cost and time, and therefore don’t budget for the variety and relentlessness that makes for a successful marketing campaign
• Healthy cash flow: businesses can fail because of a shortage of cash even while profitable, so profit potential mentioned above is not enough
Once these Top 7 are in place, then I can look at my secondary checklist - the other fifty or so critical components that allow me to determine feasibility of the concept. And this is where the real fun begins!
• A clear description of the target customer, because it’s the customers, not a business consultant, who really decide if a business idea is a good one
• A clever competitive advantage: done well, it demonstrates knowledge of company and personal strengths, an understanding of customer psychographics, and completion of thorough competitive research
• Profit potential: you would be surprised how many aspiring business owners don’t appear to be interested in making profit, which begs the question, Why bother?
Without these three components clearly defined, and woven together with compelling rationale, the hundreds of other essential details in a business plan instantly become unimportant; it’s time to rethink the business model.
When target customer, competitive advantage and profit potential are in place, the next four I look for are:
• Owner investment: there is no investor who will finance 100% of a start-up; the owner’s passion and perseverance is what will get the company through the demanding start-up period as well as every other roadblock in the years ahead; personal investment in the business is how this passion and perseverance is demonstrated
• Realistic sales targets: the fine line between over-zealous optimism and targeting at least the minimum revenue to keep cash flow in a healthy state
• Investment in marketing: the vast majority of start-up and early-growth businesses underestimate the challenge of advertising, in terms of creativity, cost and time, and therefore don’t budget for the variety and relentlessness that makes for a successful marketing campaign
• Healthy cash flow: businesses can fail because of a shortage of cash even while profitable, so profit potential mentioned above is not enough
Once these Top 7 are in place, then I can look at my secondary checklist - the other fifty or so critical components that allow me to determine feasibility of the concept. And this is where the real fun begins!
Monday, May 2, 2011
Selling your Expertise
If you’re in the business of selling your expertise or ideas, getting past the launch period and moving into a stage of sustainable growth comes with unique challenges. When your primary product is knowledge, that is, your personal brainpower (comprised of education, industry experience, intelligence, gut instinct) your customers are hiring you. You can’t hire and train people to do what you do, because your service offering is not a trainable or transferable skill. That means that traditional business growth strategies such as refining processes and implementing systems may not work for your business.
So exactly how do you grow a knowledge-based business, such as a consulting firm? Your company needs to be something that can run without you personally doing all of the consulting with clients. You need to switch from being the front-facing client contact, to being the visionary and marketer. You will be responsible for branding the business, developing the staff, and implementing the strategic plan.
Consultant or Owner of a Consulting Business?
So, do you want to be a self-employed consultant, or do you want to own a consulting business? If you want a business, you need to hire talent who can do the consulting; and you’ll need to sell your firm’s expertise – not yours – to your clients. The downside to this is that you probably chose this business specifically because you are passionate about working directly with your clients, and you won’t get to do a lot of that anymore. The upside is that you’ll have a true business that can run itself if you decide to spend a morning on the golf course or – just imagine – take a vacation. You’ll also have a scalable business that potentially can be sold, further securing your future.
Being a self-employed consultant is an honourable profession; just be clear that it is a very different thing from being a business owner.
So exactly how do you grow a knowledge-based business, such as a consulting firm? Your company needs to be something that can run without you personally doing all of the consulting with clients. You need to switch from being the front-facing client contact, to being the visionary and marketer. You will be responsible for branding the business, developing the staff, and implementing the strategic plan.
Consultant or Owner of a Consulting Business?
So, do you want to be a self-employed consultant, or do you want to own a consulting business? If you want a business, you need to hire talent who can do the consulting; and you’ll need to sell your firm’s expertise – not yours – to your clients. The downside to this is that you probably chose this business specifically because you are passionate about working directly with your clients, and you won’t get to do a lot of that anymore. The upside is that you’ll have a true business that can run itself if you decide to spend a morning on the golf course or – just imagine – take a vacation. You’ll also have a scalable business that potentially can be sold, further securing your future.
Being a self-employed consultant is an honourable profession; just be clear that it is a very different thing from being a business owner.
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