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ISSUE #53
July, 2003
I continue to see a big dichotomy in how businesses are faring this year. Some are doing really well; others are still struggling - a lot.
What makes the difference? I wouldn't be so brazen as to say I can pinpoint the difference in each situation, but I do see certain things over and over again. I'd say those who are having the most difficulty are the victim of disorganized and unfocused thinking together with lack of business structure. This is not a new problem, but has become more acute and prevalent as the economy has been slow to recover.
This month's Feature Article, "The Prime Strategies to Build Any Business in Any Economy", reviews the Prime Strategies, which are proven principles and techniques to help focus your thinking. This is the first step to creating meaningful structure regardless of the type of business you're in.
Some people are more resistant to structure than others, so for these people it can be beneficial to obtain help from externally provided structure and accountability. You know who you are, so when you read the article, if you relate to what is said, do get in touch, so we can determine the best way to blast you out of your slump.
Our July calendar is full of events, all of which are designed for you, the Small Business Leader. For the first time, we will have a panel of three technology experts for the Roundtable. The topic is Technology Pain, and I suspect you may be feeling some. We'll also have two more workshops in our series on E-mail Marketing with Jane Tabachnick, our popular e-marketing guru. Plus, we'll be starting a new series with last month's Roundtable guest expert, Dr. Dan Schaefer, on Defusing Negative Self-Talk. Details for all events are given below in this issue.
If you have a story you'd like to share on how you overcame inertia or economic challenges to achieve even a small success for your business, I'd be pleased to pass it on to our readers. As you know, big successes are built on small ones.
To your success,
Marian Banker
Publisher
Small Business Leader
mailto:marian@primestrategies.com
http://primestrategies.com
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FEATURE ARTICLE: The Prime Strategies to Build Any Business in Any Economy
I've been coaching entrepreneurs, professionals and small business executives since 1995.
When I first start working with a client I ask, "What is your most critical business concern right now?"
I hear things like:
- Cash flow is a real problem. I can't meet my expenses.
- The market has dried up. Sales just aren't happening.
- The market is out there, but I'm not ready to handle the business. I don't have my systems in place and I have trouble following through.
- I often feel overwhelmed. There aren't enough hours in the day to do it all.
What I've learned is that these are all symptoms of a common problem experienced by many people with business decision-making responsibilities. It boils down to disorganized, unfocused thinking and lack of business structure.
My job as coach is to help clients understand and use what I call the Prime Strategies. These prime strategies are the basis on which I have built my business and have helped many clients do the same. For sake of simplicity and understanding, I've divided these into six sequential strategic steps.
- Clarify Vision and Mission
This is the first, and most important, step. It's important to first visualize your business as you'd like it to be when it's mature. Make it real in your mind; then write out what it will look like. This step organizes and focuses your thinking. Once clarified, this Vision becomes the guiding light toward which all your activities will be directed. It's simple, yet amazing, as it becomes a powerful magnet to pull your business forward.
Your Mission is what you will do in your business to achieve your Vision. Your Mission might serve an intangible, social or moral cause, or you might be a resource for something that's recognized as valuable in the marketplace. An example of the latter: to provide creative, fashionable, high quality merchandise for the middle to high end advertising premium market.
- Develop Goals
Goals are statements of what you want to achieve and are the foundation for your structure. These should be observable or measurable items such as total annual sales, market position and share, scope of products/services, etc. You'll want to consider both long term and short term Goals. Long term might be 3 to 5 years and for short term, think one year. Document your goals so they become the basis for your next steps.
- Create a Strategy to Achieve your Goals
Once you know where you want to go and have observable, measurable goals to acknowledge when you're there, you need a Strategy to get there. An example of Strategy is deciding you'll seek alliances and partnerships to reach your market. Deciding who to approach is the next level.
- Write a Plan to Fulfill your Strategy
The Plan is where you flesh out your structure. It's time to decide who to approach about that alliance. Or you may need to do some research to find these potential partners. Whatever needs to get done gets included in your Plan. Then determine a timeframe for carrying out each element. A start and complete date can be helpful to keep you focused on accomplishment.
- Act on your Plan
If you don't consciously carry out the actions set out in your Plan, you haven't translated your Plan into Action. The easiest way to carry out your Plan is to transfer it to your weekly calendar in accordance with the timeframes set out. Prepare each week's plan the week before. Check it against your overall Plan to make sure you've scheduled the time needed to accomplish the task. Not blocking out calendar time for tasks on your Plan is a sure path to failure.
- Monitor Results
At the end of the month, look at what your Actions accomplished. Did you complete the items on your Plan? What were the results of your Actions? Update your Plan based on what you've learned. Do more of what works and less of what doesn't.
The beauty of the Prime Strategies is that they can be applied to any business in any economy.
The real reward of applying the Prime Strategies is being able to feel in control of your business and your life. As such, you'll experience more personal satisfaction with being in business.
I've seen these principles and practices work time after time.
Darlene is a business owner who came to me just before she was ready to close the doors and walk away from her 2 year old business. By applying the Prime Strategies she was able to go from a large cash deficit and long overdue accounts receivable to a consistently positive cash flow and increased long term potential. She has been able to incrementally transfer ownership to a working partner who will eventually be full owner. As she has phased herself out of her business, Darlene has been able to create a new business around her first love - horses, riding and fitness. She already has business knocking at her door and is experiencing renewed energy and enthusiasm.
It's such a pleasure to watch entrepreneurs go from striving to thriving and gaining the confidence to become true business leaders. Consider what the Prime Strategies can do for you.
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INVITATION:
The Prime Strategies are the basis on which I continue to grow my own business. If you'd like to know more I invite you to visit my website, http://primestrategies.com or call me at 212-679-1209. I'd love the opportunity to get acquainted and learn about YOUR business.
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JULY ACTIVITIES:
E-Mail Marketing for Entrepreneurs and Executives
The Roundtable on E-mail Marketing was such a success that Jane Tabachnick, our guest expert on the call, has agreed to share with you the rest of her expertise and secrets. She has created a brand new series of six (6) one hour telephone Workshops covering everything you need to know about effective E-mail Marketing.
Each Workshop will focus on a different and unique aspect of E-mail Marketing. The format will be similar to the Roundtable.
Here's the schedule for July. Full details and the schedule for all Workshops are available at http://www.primestrategies.com/email_marketing
Lists: The Most Valuable Resource for Growing Your Business,
Tuesday, July, 8th, 1 - 2 p.m. EDT
Content Workshop: How to Create Content for your E-zine, Website and Promotion,
Tuesday, July 22nd, 1 - 2 p.m. EDT.
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Negative Self-Talk: How to Move Through It
Executives, entrepreneurs, and athletes identify controlling negative self talk as the primary key to enhanced performance and gaining a competitive edge.
Dan Schaefer, Ph.D., is a Personal and Business Performance Coach who works with leaders around the world in many fields. His recent Roundtable presentation, "The 8 Keys to a Competitive Edge", sparked a lot of interest and requests for a follow-up series.
In this 4 session series Dan will help you identify your own negative self-talk and guide you in creating a strategy to manage it.
Series starts Monday, July 21, 2003, at 7 p.m. EDT and continues for three more sessions in August.
Full details and registration are at http://www.primestrategies.com/negative_talk
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July Lunchtime Telephone Roundtable
Topic: "Got Technology Pain? Here's the Cure!"
Date: Thursday, July 24th, 1 to 2 p.m. EDT
Moderator and Discussion Leader: Marian Banker, MBA, Business Leadership Coach
Guest Experts: For July's Roundtable we have three very exciting guest experts who will cover our topic from their unique perspective and serve as a panel for our discussion. Each knows technology from a slightly different vantage point. Together they've created a "knock-out" program that's sure to help you get some real pain relief.
Ken Polotan, Managing Director,
Seventh Storm, http://www.seventhstorm.com
Sub-topic: Leveraging Technology to Maximize Business Growth
Lena L. West, Founder and CEO,
XynoMedia, http://www.xynoMedia.com
Sub-topic: Technology Strategy and Planning
Jennifer Shaheen, CIW, CI, President & Technology Therapist,
E-Business Creations, http://e-businesscreations.com
Sub-topic: How to Assure the Best Use of Your Technology.
Ken, Lena and Jennifer are all small business owners themselves. They've each seen lots of Technology Pain, have learned why it exists and know how to cure it.
Ken will cover how to identify specific business drivers and processes and how appropriate technology can remove pain by enhancing customer loyalty, increasing market share and improving productivity. Lena starts you on the cure with Technology Strategy and Planning. She'll offer great tools to get you on track and tell you how to use them. Jennifer focuses on pain prevention by sharing how to make the most of your Technology Investment. She'll help you assess user needs and capabilities - and then make sure users can and do use your technology to best advantage.
Bring your questions, share your experiences and learn from the interaction that takes place at our monthly Roundtable events.
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 7-24-03
Here's just one of the many positive comments from a previous Roundtable...
"Thanks for an informative Roundtable session. As soon as we hung up, I added my tagline to my signature file." Arlene Rosen, Alternate Response Associates
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QUOTE:
From The Small Business Advocate, June 9, 2003 Issue, http://www.smallbusinessadvocate.com/
Our character is not measured by falls, but rather by how we handle ourselves after the fall, with mud on our hands. When you look up from the mud, do you complain, make excuses, blame others, (your whine here)? Or do you (sic) stand up, assess the damage, accept the circumstances, remember that you are a leader on whom others depend, and drive on to win the day?
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FORECAST:
From The Herman Trend Alert, June 18, 2003, http://www.hermangroup.com
Forward-thinking human resource executives and recruiters will change the way they attract, screen, select, and hire employees. Long-term careers will be emphasized, a dramatic difference from tradition. This new attitude will be communicated through internet websites,
printed materials, job fairs, and targeted recruiting.
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SPONSOR:
Crenshaw Associates is an executive development company, headed by true professionals in their fields. They offer career development programs and individual counseling to executives in high places. Their outstanding programs have a long history of client success. They have just introduced a brand new program, "Developing Your Career Roadmap", which is designed for the new college grad who wants to gain the advantage of having a strategy and plan --- and the confidence to snag one of the few good jobs.
Please forward this message to anyone you think would like to know about Crenshaw's innovative program.
To receive the details of the program, send an e-mail to marian@primestrategies.com with the Subject as Career Roadmap. It's a very interesting program. I'm confident you'll be pleased.
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ARTICLES:
BUSINESS LEADERSHIP REDEFINED
Michael Hopkins, in his Inc.com article, compares the charismatic business hero of the recent boom era with his definition of the new "antihero" who is changing the face of leadership for the way we are getting business done now and in the future.
http://www.inc.com/magazine/20030601/25522.html
TAX BENEFIT FOR TECHNOLOGY INVESTMENT
If you've been putting off that technology investment, this just might be the time to reconsider it given the benefits of the Economic Growth and Tax Relief Reconciliation Act that Congress passed in May. The SmallBusinessComputing.com Newsletter of June 13, 2003, gives more details.
http://www.smallbusinesscomputing.com/news/article.php/2220921
GROW A SUBSCRIBER LIST
This month's E-mail Marketing workshops. http://www.primestrategies.com/email_marketing, include a session on Lists: The Most Valuable Resource for Growing Your Business. Read the tips in this article by Kathleen Goodwin, then sign up for the workshop to help you carry out the steps involved.
http://www.smallbusinesscomputing.com/emarketing/article.php/2222211
PROJECT MANAGEMENT FOR YOUR BUSINESS
Looking for help in creating structure for your business activities? Project Management software may be a tool that could make creating and tracking your Plan much easier. This Inc.com article by Niles Howard offers suggestions and options.
http://www.inc.com/articles/hr/manage_emp/productivity/25583.html
QUEST FOR THE BEST
Lorna Riley tells the total truth about building your business on your best self. Worth reading just as a reinforcement of what you already knew.
http://www.sellingpower.com/html_newsletter/motivation/article2.asp
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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.
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 http://www.primestrategies.com/newsletter
COPYRIGHT 2003 SMALL BUSINESS LEADER
A publication of Prime Strategies
http://primestrategies.com
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.
