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ISSUE #47
January, 2003
What are your primary issues as we start this new calendar year? If you're like most businesses, they are sales and cash flow. Our economy is still struggling to move forward. Even if you have a valuable and timely product or service, people will probably think longer and harder before making the decision to buy.
In order to take effective action, it's critical that you are able to think and function as a business leader. This month's Feature Article, "The Call to Leadership" challenges you to accept personal responsibility for providing the leadership required to build a strong and profitable business in 2003. Make one of your New Year's resolutions to become a more capable "leader of your business".
To jump start your success as a capable business leader, I'm planning a virtual small business community designed to enhance your business and leadership skills. You'll be able to stay current on timely issues, interact with colleagues and peers, regardless of location, and access a network of resources for small business. Small Business Leader will play an active role in this new community, so stay with us as the year and the project unfolds.
To help with your sales planning, this month's Lunchtime Telephone Roundtable will feature guest expert, Ernesto Donadio, Sales Coach and founder of the Genesis Mentoring Group. Ernesto will offer his 25 years of sales and marketing experience to help you get a head start on Prospecting to Build Lasting Business Relationships. Details are below. Plan to join us.
To your success,
Marian Banker
Publisher
Small Business Leader
mailto:marian@primestrategies.com
http://primestrategies.com
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FEATURE ARTICLE:
THE CALL TO LEADERSHIP
Are you taking stock of the past year and looking forward to 2003? If you're feeling concerned about your ability to reach your goals, you're not alone. The problem I see far too often is the business owner who feels overwhelmed because things are happening too fast and there's not enough time to follow through. Or they've become immobilized because their market has dried up. What can be done to bring these challenges into perspective and gain control?
Think like a leader.
Business Leadership NOW! That's the cry across the nation for businesses both large and small. As a business owner, by default, you are the leader of your business. You can either ignore the impact of the role and bear the consequences or grab the reins and choose your destiny.
As a coach working with small business owners for almost 8 years I've seen the difference it makes when entrepreneurs consciously choose to function as leader and learn to apply the fundamentals of good business practice.
I base my work on what I call the Prime Strategies. These are the strategies that lead to a strong and profitable business in any economic environment. These are also the strategies that allow the entrepreneur to gain a sense of control over business results.
Learn the Prime Strategies and how to use them.
There are six strategies I consider critical to be understood and applied on a consistent basis.
Clarify Vision and Mission
Develop Goals
Create a Strategy to Achieve your Goals
Write a Plan to Fulfill your Strategy
Act on your Plan
Monitor Results
I think of these as a cycle, starting with the most abstract -- your business vision and mission. The next step toward realizing the vision is to carry out your mission using a strategy with goals as interim targets that can be quantified. Your plan identifies the specific actions that will carry out your strategy and should include the costs to do so. An important part of the planning process is to identify what expenses must be incurred in order to create the results you want.
Of course, the most important part is the action - actually taking those specific sequential steps that you've committed to your calendar. Once you've acted, the most tangible part of the process, your financial statements, will tell you whether or not your plan worked. It's important to review and analyze this information so you're in a position to make better, more informed business decisions. Repeated on a periodic basis, this cycle will lead to realization of your vision.
Learning how to apply these strategies isn't second nature to most small business owners, but the knowledge and skill can be transferred easily to those who are open to new ideas and ready to learn.
Use the expertise and perspective of others.
Being an entrepreneur can be a lonely lot. The ultimate decision and responsibility always falls to us. Bad decisions can be very costly, but making no decision can be just as costly.
By nature we feel we know what to do and can do it all ourselves. That's a hurdle that all entrepreneurs must overcome in order to grow, thrive and prosper. We tend to hold on to jobs that would better and more cost effectively be completed by someone else. Once we identify our strengths and our limitations and give ourselves permission to get help, we can reach out to others when our needs are outside our core expertise.
Here are some of the ways to expand your capabilities and your horizons.
- Outsource and Contract for Services
It's possible to build a sizable business using only outsourced and contract services. Contracting for expertise or services is a way many small businesses are growing without having to make huge capital commitments.
- Create an Advisory Board
I recommend either a formal or informal Advisory Board of trusted colleagues who can give you valuable perspective from different vantage points. Your payment to them is their opportunity to gain from the interaction with you and the other experts on your Board.
- Become an Expert in your Network
Most of us underutilize our Network. I know from personal experience that I was slow to activate my network. Since doing so, however, I'm seeing a renewed interest in my work. I've become clearer about the expertise I offer and am taking active steps to make it available to my network.
- Poll your Market
Your customers, prospects and even your competitors can be a great source of valuable information and a reference for distinguishing yourself in your market. Ask them and listen to the answer.
- Tap your Inner Circle
Not everyone can benefit from working with a coach, even though I'm partial to that method, of course. I rarely meet an entrepreneur who has used a business coach who doesn't highly value their accomplishments with their coach. Building your own small business development group might be the perfect choice for you, however. The most important thing is that you create a core inner circle on whom you can rely for truthful and constructive feedback.
What the economy needs now are small business leaders; those who are building strong and profitable businesses for themselves while contributing to the economic well-being of the 21st Century.
Jim Blasingame says in the December 16, 2002 issue of The Small Business Advocate,
"Write this on a rock...the 21st Century is the Century of the Entrepreneur."
Are you armed with what you need to lead your business to success and profit? Where will you be this time next year? If you're feeling unsure, get the help you need NOW and assure your place in the Century of the Entrepreneur.
ACTIVITIES:
JANUARY LUNCHTIME TELEPHONE ROUNDTABLE
This Month's Topic: "Prospecting for Lasting Business Relationships"
Date: Thursday, January 23, 2002, 1 to 2 p.m. EST
Guest Expert: Ernesto Donadio, Sales Coach and founder of The Genesis Mentoring Group, which provides sales and career coaching to corporations and individuals.
With over 25 years of sales and marketing experience in both domestic and international markets, Ernesto knows what it takes to deliver - and retain - new business. He'll share his secrets for building lasting and profitable business relationships. You'll learn how to proactively expand your network, convert your existing network to prospects, convert prospects to buyers, and ultimately, build long term lasting relationships with satisfied customers.
Bring your questions, share your experiences or just listen to the interaction. but don't miss this chance to start off 2003 with a plan to generate new and repeat business.
To register for this free event and receive the call-in number, send an e-mail to
mailto:marian@primestrategies.com with the Subject as Roundtable.
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TIP:
If you're on a fiscal calendar year, complete entering all your data and close your books. Then print a 2002 Profit and Loss Statement and Balance Sheet as of December 31st. There's a lot of valuable information you can obtain by analyzing the results of last year's activity. Take advantage of that knowledge before finalizing your plans for 2003. If you'd like help analyzing your financial results, drop me a line and I'll guide you through it. Send e-mail to marian@primestrategies.com with the Subject as 2002 Analysis.
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ARTICLES:
LOGO LOGIC
Inc.com author, Tahl Raz, offers an excellent example of how a 21 year old company helped change its image through use of an updated logo. The product and market had changed, but the image and logo hadn't kept up.
http://www.inc.com/magazine/20021201/24907.html
TOUGH LOVE
This article was written for managers, but it applies equally to any entrepreneur looking to build a solid team that gets the job done.
http://www.bizjournals.com/extraedge/consultants/at_work/2002/12/02/column40.html
WORK SMARTER - NOT HARDER!
The consensus of the business staff at Inc.com, is that the message for 2003 is to "work smarter, not harder". And creating a strong brand is a big part of it.
http://www.business2.com/articles/mag/0,1640,45624,FF.html
WEB-BASED BUSINESS APPLICATIONS
This article by Ed Ruth offers an excellent guide to the applications small business owners can use to help bring in more business and save money doing it.
http://www.webulant.com/services/articles/article_Guide_Web-based_Applications.asp NOTE: To access this article, highlight, copy and enter this entire URL into your browser.
CASH FLOW TIPS
Jill Andresky Fraser offers 10 solid tips to help you plan and manage your cash needs. Use this as a checklist for your own company and see where you stand; then don't forget to follow through.
http://www.inc.com/magazine/19950501/2286.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 http://primestrategies.com.
FEEDBACK:
Your feedback is always appreciated. Please write to marian@primestrategies.com.
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COPYRIGHT 2003 SMALL BUSINESS LEADER
A publication of Prime Strategies
http://primestrategies.com
MNMBZ, Inc.
Notice and Disclaimer:
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!
Content in the SBL is for information purposes only and should not be construed as specific advice.
