Flexibility and The Speed of Small Business

The Speed of Small Business

Leveraging your Small Business's Speed and Flexibility

One of the first things you learn about in business school is how businesses are organized and the advantages and disadvantages of each type of set up.  Large corporations have numerous advantages over their small business counterparts including scope and availability of capital.  However, a strong competitive advantage for small business is speed and flexibility.  In today's competitive and changing marketplace allowing your business the space to change and improve your system is critical to the continued success of your small business.

IBM's study on Business Model Flexibility

IBM released a study on the top 100 automobile manufacturing and supply companies and found that the most profitable companies at their core had business model flexibility.  The study named four key aspects to business model flexibility:

• Responsiveness: anticipating and responding to customer needs as well as market and industry changes;
• Differentiation: translating customer needs into innovative products and services that the customer will desire and competitors imitate;
• Efficiency: common, lean processes and operations for producing products and services at a cost that generates profits and supports growth; and
• Impact: determining the magnitude of desired change in products, services and operations.

See the full article here:  http://www.thebusinessedition.com/business-model-flexibility-as-the-key-to-success-in-automotive-industry-481/

What a great time to be studying the auto industry, back in 2006 the gas crisis had not even hit the US economy yet and we can look back now in hindsight and see what some of the best companies did to gain market share and profitability. 

Have Change Become a Core Value for Your Small Business

As you look to the future of your business, one thing you can be certain of is change.  Some of the best businesses and those I hope to emulate with my company do not view change as some hurdle to overcome, but rather as an opportunity for their business to grow and gain advantage.  I encourage you to bring change into your company culture and to allow your business model the space and flexibility to adapt to the fast dynamic state of today's marketplace.

The Speed of Small Business

One of the biggest advantages small business has is the speed that we can implement ideas and new systems into our business.  I encourage all of you reading this blog to take this to heart and push yourself to continuously bring new innovations and profit centers to your business model and watch as you blow past your competition.

Google+ Aims to Change the Social Network Landscape

Google+ Announces Business Profiles to Come Later this Year

Many of you have already heard about the hyperbole surrounding Google+ and the elite "chosen" who received invites to join the beta.  Having read a recent article on what innovations Google has brought to the game with Google+, I was very pleased to hear that Google will have business profiles play such an important role in the companies continued push into the social network landscape later this year.  Also, Google has not fallen short on bringing new innovations to the social networking arena with strong new features such as: easy grouping of contacts & video conferencing.

What to Look for with Google+ for Business

Googles' empire is built on the foundation of their search platform and integrating this value added service into Google+ is a no brainier.  Google recently had live feeds from twitter included in its real time search which offered businesses the opportunity to post content online instantly through twitter.  The possibility of getting real time content online into google search is very compelling to any small business and is definitely something to look forward to with Google+.

Google has the real opportunity to make rich content driven business pages a possibility when they roll out Google+ for business later this year.  We all have seen the Facebook business pages now for businesses and a glaring need for allowing more rich content could drive Google to offer more options with Google+.

Another way Google could leverage the new Google+ social network would be to allow Google Places to tie into Google+ Business Pages.   So, when a customer looks for small business in their area, they could find your business on Google Places.  Then, by allowing Google+ to tie into Google Places your new potential customer could ask you a question about your business instantly connecting you in real time--now that is what I call innovation! 

Google has proven to be the industry leader for small business and the addition of Google+ for business is going to change the social network landscape forever.  Good times are on the horizon.

Relationship Building in Business

Relationship Building

The Power of Simplicity and Business Relationship Building

Small business is made and broken by the people who support the business and the relationships forged by the owners.  As you read my blog, you will see that I love to simplify things and make them easy.  I'm a big believer in the power of simplicity and nothing about the success or failure of your business is more simple then how important relationship building is to your small business.  If your goal is to have a successful business, then the pursuit of strong relationships for your business is not only important but is also going to require a real effort from you to maintain them.

Networking

Being effective at networking is crucial to your small business and is key to building strong relationships.  There is number of possible ways to get plugged in to the networking scene here in the low country including: The Chamber of Commerce, rotary club and local networking leads groups.  These local events are a great way to meet new business contacts and provide you with plenty of opportunity to work on building some strong business relationships for your small business.  You don't always have to be the life of the party to make some great contacts at these events.  As long as you are willing to put yourself out there and keep your focus on other people, engaging with people at these events couldn't be easier.  It is also very important to be yourself, no one likes to talk to fake people.  Business people value authenticity, and being yourself will attract the kind of people you want to be networking with.

Building Trust

If you have been reading my blog, then you already know how important I think building trust is in business.  One of the best ways to build that trust bridge is to never take advantage of people.  Often times in business we have the opportunity to take advantage of people, focus instead on doing the right thing.  Keeping my integrity is a core value for my business and something I never compromise.  Also, get out of the trap of 'what is in it for me mode' we all can fall into and steer your ship instead toward becoming genuinely interested in others.

Keeping Up

If you don't make a real effort to keep up with people then you will see your contacts fall away.  By not spending time maintaining your business relationship, when it comes time for you to reach out to them--they might not be there.  Find some way to check in with them regularly.  Whether by shooting them a quick e-mail or calling them on the phone, it is very important to stay in touch.  A good way to keep on top of this is to schedule a follow up on your calendar or use some kind of task management tool to remind yourself.

Quality vs. Quantity

One of my best business contacts told me a great piece of advice on networking and meeting new people.  'If you get just one or two good contacts at an event, then you were successful'.  Pretty simple advice, so you know I like it!  I would really try and take it to heart and call yourself successful if you have one good contact from events.  You never know who is going to be a good fit for your small business so go out there and meet as many people as you can to help strengthen your business and build better business relationships.

Become Genuinely Interested In Other People

One of the Best Business Books I have Read

One of the first books I ever read on business and still to this day one of the best was, "How To Win Friends and Influence People" by Dale Carneige.  My entrepreneurship teacher in high school made it mandatory for us to read it.  I remember thinking that the author made the book very easy to read and straight forward.  However, only being a junior in high school I did miss out on most of the real world advice and great business ideas Carnegie laid forth.

Become Genuinely Interested In Other People

It is amazing to me how much we all can get caught up in our own agenda and what we can great out of deals that we forget this basic and fundamental principle of business.  When you take your focus off yourself and put it on the other person, doors begin to open and life gets a whole lot easier. 

Ask Lots of Questions

Some of the best advice I have ever had in business was to ask more open ended questions.  To me, this is the very best indicator if you have taken Carnegie's advice to heart about becoming genuinely interested in others.  The more time you spend on listening and asking well thought out questions to others the further the conversation will lead you and the more success you will have. 

Smile

One of the first things Carnegie tells you to do in his book is smile.  Wow, what a simple concept.  If you are looking for bang for your better business buck...look no further.  I recommend trying to smile in every business interaction you have for the next day and see what happens.  Whether you are talking on the phone or across from a plate of food over lunch, by smiling you will portray a more positive energy and create a warm environment others will naturally be attracted too.

Do They Like You, Do They Trust You & Do They Have Faith In Your Ability?

My first job out of college was working with a private portfolio manager as his investment analyst and assistant.  He had this amazing ability with people when he would meet with them to win them over to his way of thinking and by the end of the presentation they always liked him.  So, one day I asked him the secret to his success and he told me it was real easy.  Do they like you, do they trust you and do they have faith in your ability?  Don't you love it when people make things easy?

If I could tell you the single greatest influence anyone has had on my professional life it would have been those three little questions.  I promise if you look back on those deals that fell through the cracks or when things went wrong for you in business, one of these three things were missing.  If you follow Carnegie's advice on becoming genuinely interested in people you will already get two out of three right off the bat.  So, that leaves faith in your ability which can always be improved upon with learning and experience (or by reading my blog of course).

What Can Graphic Design Do For You?

The Importance of Graphic Design

Speak to any business owner and they will tell you how crucial marketing is to a small business and how important this cornerstone is to the success or failure of a business in today's marketplace.  A cohesive branding strategy for your business is extremely important in today's competitive environment and is crucial in helping to create a polished and professional image that will help you stand out from your competition.  Your company website and online marketing strategy, promotional displays, marketing brochures and flyer's for products and services, distinctive logo's and signs all have one core component that will dictate how successful they are - Graphic Design.

Graphic Designs Proven Success

Graphic design has always been important to marketing and business success.  The information age has caused the explosive growth of the Internet and e-business and incorporating graphic design that is suited to print and web has become absolutely imperative in today's economy. 

The Face of Your Business

Graphic design is the first image that your customers and clients see of your business.  Your company branding and design sends a very clear message to your vendors, customers and business peers and can have real negative or positive results for your business.  Furthermore, graphic design needs to have the ability to transition between all media today including web and print media.

Consistency of branding

All of your marketing material should be consistent with your overall company branding.  A consistent look and feel to your marketing material creates confidence in your company image and brings credibility to your business.  In striving for a clear competitive advantage for your small business, consistency of your branding and developing a strong relationship with a talented graphic designer will cultivate continued success for your business.

Leveraging our Free Business Services Network

LowCountry Welcome partners with the best of the best that the local economy has to offer.  Let our consultants show you how our LowCountry Business Services Network can cut your costs and maximize your success in working with the best of the best graphic designers.

The E-Myth Revisited

My favorite commercial right now is the Verizon small business spot with the little girl who starts her own lemonade stand and grows it into an empire.  The tag line: The Small Business with the Best Technology Rules.  I have to wonder if that little girl might have read 'The E-myth'.

See YouTube Video:   http://www.youtube.com/watch?v=MUcpCB7Wls8

Staggering Failure Rate

My brother in law, a successful small business owner, recommended that I read the book 'The E-Myth'.  In our conversation my first "a ha" moment came when he told me about the staggering statistics for the failure rate of small businesses: 40% fail in 1 year. Of those who survive 1year, 80% fail in 5 years, and of those who survive 5 years, another 80% fail.  Now compare those dismal stats to those of franchises where at 5 years 75% are a success, and you begin to appreciate one of the main principles of 'The E-Myth' - discovering how to turn your business into a system.

Turning Your Business into a System

The author argues that one of the best ways to turn your small business into a system, is to create operating manuals that describe each function of the business.  I did not choose to take it that far with my own business, but it gave me a whole new perspective on breaking down each part of my business and developing it into the most efficient and streamlined system possible.  I began to look at every task or job within my business and started asking the questions: is there a better way to do this?  how can I make this easier?  what can I do to simplify this process? 

Technicians, Entrepreneurs and Managers

Another key point discussed by the author was that most small businesses are started by 'Technicians' or people who are skilled at one job, i.e. a pie maker and decide to branch out on there own.  While these 'Technicians' are great at the specific skill and job that had them start the new business in the first place, they tend to forget to put on those entrepreneurial and management hats that help to steer the business in the right direction and keep the finances and operations on track.  Another important point by the author is that as the business matures, the owner will need to start stepping back from the 'Technician' and management roles and focus more on delegating.

In striving to make the most of your business and finding that perfect balance between work and your personal life, I encourage you to read 'The E-myth Revisited'.  Your small business will never be the same.

BIN LADEN AND HIGH GAS PRICES

Our Leaders Need to Give Praise to Our Troops for a Job Well Done

The first time I met my wifes' uncle he was very confident, humorous, outgoing and extremely patriotic about his country.  We started discussing the draft and my thoughts on war and national conflict.  This was before the 9/11 attacks, but I remember being taken aback with how passionate he was for country and our duty to serve.  He was in the military and would continue to have a successful career in the armed forces.  After serving numerous tours in Iraq, he came back to the states a completely changed man.

About a month ago we got to spend the day with my wifes' uncle here in Charleston and showed him downtown.  The sun was shining and the food and conversation were flowing on his fun filled visit here to the east coast.  It was amazing to read his e-mail's during his time over in Iraq and how much it had changed him.  He told us that he was acting like the uncle we use to know and love on the outside, but inside he was nothing like that person anymore.

How great an opportunity is this Bin Laden victory for our troops?  Our sword and shield who have been battling so long and hard for all of us, only to come home to their loved ones broken and changed.  The sacrifices they make are hard to imagine, but I think our leaders have a great opportunity to leverage the Bin Laden victory to boost our troops morale and begin bringing our loved ones home.

Gas Controls Everything

In business school I learned of what happened to our country after the gas spike in the 1970's.  But it wasn't until the first gas spike, just prior to the great recession, that I began to appreciate how much gas drives everything in our economy.  Just yesterday I went to fill up a 5 gallon container of gas for my yard work for the season and was literally floored at what I was getting for my money.  Usually when I fill my car up I equate what I spend to getting 1.5 weeks of driving out of the fill up, but seeing my $20.37 buying this piddly 5 gallon jug was just depressing.

I have had many discussions with colleagues and friends on what we can do about being so dependent on gas for our current way of life.  The private sector has known we have had a major lack of an energy policy since the 1970's and what has it accomplished?

US Government Needs to Invest Major Capital Into Alternative Energy

I'm a big believer in the free market and entrepreneurship, but the private sector has failed miserably when it comes to alternative energy.  The US government needs to step up to the plate and spend some real capital on alternative energy and do it with complete transparency to win the hearts of the nation.  The oil tycoons have all the power, but if our government can show the people what we are up against in pushing back on oil--maybe, just maybe that garbage powered flying DeLorean time machine that Dr. Emmet L. Brown was tooling around in might actually see the light of day.