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SMALL BUSINESS LEADER
ISSUE # 60
March, 2004
Greetings,
Wow! We're already starting the last month of the first quarter. By now you're probably beginning to see how the year is evolving for your business. It seems that many businesses are facing big challenges, and I'm one of them.
I've been dealing with loss and failure both personally and with clients. I guess that may be why I chose the topic of loss and failure for the Feature Article this month, "Bounce Back from Failure". Failure is a fact of business and personal life. Experiencing failure helps us learn and grow. So don't be afraid of it. Learn how to harness it, use it, and move on.
Our March Telephone Roundtable Guest Expert is Laura Allen, of 15SecondPitch fame. Working with Laura you'll forget all the failures you've had to date and focus on getting out a clear message about what value you offer. See details below and join us on March 18th for a lively hour of learning, sharing and growing.
Thanks to all of you who stay in contact and who encourage me to continue along my ever evolving path.
To your success,
Marian Banker
Publisher
Small Business Leader
marian@primestrategies.com
www.primestrategies.com
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FEATURE ARTICLE:
Bounce Back From Failure (Plan to Fail)
Like it or not, you will have failures as you build your business. You may already have felt the pangs of failure. I'm not just talking about the daily kind of failure, like not getting the account you wanted or not covering your expenses this month. I'm really talking about things like being the victim of theft or embezzlement, losing a key employee, experiencing a partnership breakup.
I'm helping clients deal with these failures right now but there are many events that can force you to rethink your business. A major systems break-down, the loss of a major account, dismal results on a new offering - almost anything can seem like failure. Although each situation is different, the initial sense of shock, anger and helplessness is similar. This is a normal reaction for many people in such circumstances.
When you are first made aware of your loss, it will take a certain amount of time to overcome the shock. You may need to jump right in and take short term corrective action, but be sure to follow up with whatever investigation is needed. In addition to looking for the cause of the failure, look for the positive side of what happened. See what lessons can be learned and get back to business as soon as possible.
Here are the steps I recommend be taken to effectively get through a failure and be able to bounce back smarter and stronger than ever.
Allow yourself to feel the upset
Give yourself a specified period of time to be in a state of upset. The severity of the situation will dictate how long you can afford to spend being upset. The longer it takes, the greater the long term loss will be.
In the case of theft or embezzlement, it's not only lost money, there's a sense of being violated. When a key employee leaves, you may feel betrayed or remorseful for lack of action in the past. A partnership break-up is like a marriage break-up. There may be a sense of relief, but there can also be a sense of loss and failure.
It's better to totally focus on the issues and your feelings as early as possible. Until you do that it will be hard to move on.
Assess the damage
See what has been lost. Consider the impact on operations, finances, business image and morale. Small business owners frequently don't have insurance to cover financial losses or interruption of operations. To the extent possible, put a dollar value on the loss. When the business image has been affected, it's best to acknowledge the situation in a brief, succinct manner. Assure customers, suppliers and others involved, that measures are being taken to address the issues. Ask for their help if appropriate. Do the same with staff, who will likely be even closer to the situation.
Take whatever action is necessary to cover your loss on the short term, but know it's a temporary measure until you can consider the longer term ramifications.
Learn from your experience
You know the lemons to lemonade story. If you really think about it, there may be a blessing in disguise in what happened. You may have been tolerating something that you knew wasn't right. Sometimes it takes a crisis to bring about change. See what you can learn and plan the future to avoid a similar situation.
Reassess goals and strategy
A major event can slightly or drastically change your plans. This is a critical time to see if your direction has been altered by events. If so, your goals and strategy may need to be adjusted also. This is also a good time to check with your gut to make sure you're realigned with the heart of your business -- the part that motivates you.
Update your Plan
Review and reconsider your Plans. If your goals and strategy have been affected, it is likely your Plan will need to be modified as well. This might be the time to establish a new alliance, reorganize your systems, update your policies and procedures and hire the right people. Rewrite your Plan, communicate the changes to staff, and integrate it into operations. It's important to feel that you're back on a clear path so your efforts will be effective.
It's a given that you will experience failure. The idea is to learn how to deal with it when it happens. There will always be a period of shock, outrage and fear as a first response. Remember, it's not what happens so much as how you react to what happens.
Plan to fail, again and again, and to learn from each one. Knowing that failures will occur will help you be able to recover with minimal long term impact.
CAVEAT: The failure of a business doesn't usually happen in one single event; it happens over time -- one small unresolved failure at a time. When these aren't adequately dealt with, the downward spiral begins. Plan to fail and you'll be able to bounce back when it does happen.
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SPECIAL PROGRAM:
Business Reconnaissance Program
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It's a battlefield out there. And, no business succeeds alone.
The Business Reconnaissance Program was created to help business veterans take charge, get lean, be strategic and march their businesses to success.
Use the Business Reconnaissance Program (BRP) to take the lead and assure that your business is poised to strike during the economic growth spurt that's just ahead.
Lena West and I have created a dynamite program that will get you focused on what counts. Lena is a Technology Strategist whose expertise complements my strategic business experience. Through the BRP we will show you how to make technology support achieving your business goals.
Sign-up before March 15th and save 15%. See the details at http://primestrategies.com/brp.
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QUOTE:
Technology is one of my soapboxes. It's one of the three most important levers small business owners can use to grow their businesses in the 21st century, along with networking and strategic alliances. In case you disagree, answer these two questions:
- Would you like to compete straight up with the big companies?
- Would you like to do business with the big guys?
If you answered yes to either of these questions, I have one word for you: technology.
Jim Blasingame, The Small Business Advocate, February 23, 2004 / Volume V, Issue 15, http://smallbusinessadvocate.com.
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March Lunchtime Telephone Roundtable
Moderator and Discussion Leader: Marian Banker, MBA, Business Leadership Coach
Topic:
"Your 15 Second Pitch"
Date: Thursday, March 18, 2004, 1 to 2 p.m. EST
There is NO CHARGE for the Roundtable.
To register and receive the call-in number,
send an e-mail to marian@primestrategies.com
with the Subject as Roundtable Roundtable 3-18-04.
Guest Expert: Laura Allen, has 12 years of professional experience in advertising, publishing, marketing and technology. She co-founded http://www.15SecondPitch.com after many colleagues asked her for help marketing themselves. She's been interviewed by The Wall Street Journal, CNN, Money Magazine, Newsday and The CBS Evening News. 15SecondPitch business cards also got a rave review in Time Out New York Magazine.
Do you ever get tongue-tied when someone at a networking event asks you, "So, what do you do for a living?"
Do you have trouble explaining why your company is better than your competitors?
If a reporter asked you for a quick soundbite about your business, would you know what to tell them?
Do you dread cold calling, but find that it is a necessary tool to close sales?
By creating the perfect 15SecondPitch, you'll be able to market yourself more effectively and have more fun doing it. The 15SecondPitch is like an elevator speech, only it is shorter and it focuses specifically on what makes YOU remarkable. If you are ready to get people excited about you and your company, we will teach you how to create the perfect 15SecondPitch.
In this one hour teleconference call format, you'll learn:
How a short, concise pitch can help you close more business.
How your colleagues can help you build your business by simply learning your 15SecondPitch; and how you can do the same for them!
How to market yourself more effectively with less work
How to brand yourself by focusing on what you do best
Why having a networking buddy will help you both increase your bottom line.
Here's just one of the many Testimonials about our popular Roundtable.
"Thanks for a terrific program. You're an excellent moderator and the Guest Expert's information was great. I particularly liked that it's not the typical selling tips, but one that appeals to those of us with a softer approach. It came along just at the time when I was looking at such an approach for myself. I look forward to implementing the suggestions." Sharon Good, Good Life Coaching
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Resources:
The Rule of 72
Submitted by Bill Sipes, CPA, Sipes & Associates, Business Advisors & Appraisers
I use the rule of 72 quite a bit in my practice to estimate either how long it will take for an investment or debt to double.
Investment Example: What two factors when multiplied together yield 72? If the interest rate is 8% on your CD then money will double in 9 years. If the interest rate is 10% money will double in 7.2 years.
Debt Example: If you borrow $1000 from the bank and they charge you 6% then the debt will double to $2000 in 12 years providing you did not make any payments.
It a great little tool to use for simple investing and debt solutions.
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Teleseminar:
You find yourself being pulled in every direction; everything is an emergency, nothing is prioritized. You would like to get out of the rut you find yourself in, but where do you begin?
If that sounds all too familiar, you'll want to know about the March 13th teleseminar,
"Appropriating Your Actions to Maximize Your Time", hosted by CSS Company, a management support company offering decision-makers new ways to save time and money.
Get full details and register at http://csscompany.com/amts-march13-rsvp.htm
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Articles:
Solve The Problem
Every business has problems. Are you solving yours or are you putting on a band aid? Norm Brodsky tells his own stories, both personal and business, to drive home the point of how you can save time, money and frustration by solving the problem rather than addressing the symptoms.
http://www.inc.com/magazine/20040201/nbrodsky.html
Deduction Check-Up
Before you send off those tax returns, maybe you'll want to take a quick look at this list of 25 Common Business Expense Deductions to make sure you haven't forgotten something important. This one is from the SBA Solutions newsletter.
http://www.staples.com/content/SBA/Deductions.asp
Presentation Glitches
The February 25th issue of Selling Power Presentation Newsletter suggest you can save a technology (or any other) glitch by taking a cue from how pilots prepare for such events. Good advice. Being prepared and practiced enhances confidence.
http://www.sellingpower.com/html_newsletter/presentations/article.asp?id=1228&nDate=February+23%2C+2004
Cheap Promoting
Owen Moran's article in Entrepreneur's Be Your Own Boss Magazine lists 10 promotion ideas you can use that will save the cash and bring in the business. There's surely at least one you can use.
http://www.entrepreneur.com/article/0,4621,314015,00.html
Temp CFO
You're not big enough to support a full-time CFO, but there are options: hire a temp CFO. You can get expertise that's specific to your needs at a fraction of full time costs. And you'll be operating on solid financial ground.
http://www.inc.com/magazine/20040201/finance.html
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ABOUT THE PUBLISHER:
Marian Banker has been publishing Small Business Leader since January, 1999. Her focus is on bringing to the busy entrepreneur a quick look into the current world of small business from the perspective she's gained from coaching, consulting and training entrepreneurs in both service and product based businesses.
Marian offers individual coaching, business support groups, seminars and workshops on topics of critical interest to small business owners. Her monthly Lunchtime Telephone Roundtable has proven to be a popular way for business owners to come together around a specific business topic without leaving their office. See notice about this month's topic in the content above.
To learn more about her services, visit www.primestrategies.com.
FEEDBACK:
Your feedback is always appreciated. Please write to marian@primestrategies.com.
If you've enjoyed this issue of SMALL BUSINESS LEADER and aren't already a subscriber, now's the time to subscribe. To Subscribe or Unsubscribe go to www.primestrategies.com/newsletter.
COPYRIGHT 2004 SMALL BUSINESS LEADER
A publication of Prime Strategies, 333 East 23rd St., New York, NY 10010
http://www.primestrategies.com
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Of course, I'm open to your including my content in your publication with proper credit. You must, however, obtain my written permission first. Thanks!
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