SubscribeSMALL BUSINESS LEADER April 2005
SMALL BUSINESS LEADERISSUE # 70
April, 2005
Lots of small business owners tell me they are busy. However, when I dig a little deeper I find many of them are not really satisfied with s^les or productivity or c^sh flow, and some are actually concerned that their business may be in jeopardy. There may have been unsuccessful attempts to solve problems causing them to lose hope and feel out of control. They know changes are needed but don't know where to begin.
If that sounds familiar, read this month's feature article, "Is It Time to Save Your Business?" You'll be more aware of the kinds of problems that may signal the need for action and how to address them.
This month's Telephone Roundtable will also be on the topic of Saving Your Business. I'll be leading the discussion and sharing my techniques. We'll look at what's really going on in your business and learn the sequential steps that can turn your business around and get you back on the path to success - before it's too late. See details about the Telephone Roundtable and Brain Exchange Roundtable in the content below.
We're beginning the second quarter of 2005. It's time to really get serious and follow through on those actions you agreed would lead to your goals. Ask yourself every day whether your actions are taking you closer to your goals. Don't waste time on the side roads that take your time but produce little or no results. And, of course, don't wait too long to ask for help if you feel stuck.
To your success,
Marian Banker
Publisher
Small Business Leader
marian@primestrategies.com
www.primestrategies.com
Note: Please excuse the strange things we've had to do to some of the words so the spam filters won't lock this issue out of your mailbox.
In This Issue:
Feature Article:
Is It Time to Save Your Business?
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Special Program
"Brain Exchange Roundtable"
April Lunchtime Telephone Roundtable
"Save Your Business - before it's too late"
Articles:
LESSONS FROM THE WINNERS
PAY LESS TAXES
BUSINESS OR PERSONAL
PRICE TOO EXPENSIVE
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About the Publisher
Feedback
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FEATURE ARTICLE:
Is It Time to Save Your Business?
The economy appears to be doing well. Many small businesses are having a good year so far.
Then there are those that are not doing so well. Their product or service may have proven itself in the marketplace, but problems have developed and things are beginning to feel out of control. If that resonates with you, keep reading. It may be time to save your business - before it's too late.
I say before "it's too late" because I feel really bad when I have to tell someone I can't help them because they've waited too long. Sometimes it's just too late - and there's nothing left to work with. You don't want to find yourself in that situation.
In 1998 I was able to help a young business woman save her business, turn it around and put it on a clear path to success and pr0fit. That became a defining moment in my practice. Although I had worked with a number of small business owners, I had not realized how critical my services could be. Denise's case was clearly a matter of life or death for her business
Denise knew her business was in trouble when she consistently couldn't meet her cash requirements and her d
Within 6 months we had turned her business around and redesigned and repositioned her business for success. Upon that foundation, she was able to build the business of her dreams based on a sound plan, well-calculated action steps and a way to stay in control.
The light bulb went on for me when I realized there are thousands of businesses out there just like Denise's. The owner is struggling to find the right course of action to resolve escalating problems before it's too late. This challenge exists for so many because they have not been taught how to take control and keep control of their business.
From that point forward I made the commitment to help small business owners make the critical changes needed to turn their business around - and then guide them in setting the course for the business they want.
That's been the focus of my business ever since. I've learned that it's important for business owners to identify the Warning Signs that spell trouble ahead. Unfortunately, many don't recognize these signs early enough to take corrective action - before it's too late.
So tell me: what is not going well for you right now? Would you answer "yes" to any of the following questi0ns? Be honest. This is meant to help you take a hard look at your business.
- Marketing efforts are not producing results
- Business is being lost because we're not properly set up to handle it
- Productivity is poor; too much time is wasted on problem resolution and corrections
- I end up doing the work that others are supposed to do
- I've had to borrow to meet payroll more than once in the past 6 months
- Standard operating procedure is "Chaos"
These are only a few of the Warning Signs that could indicate you need to take a closer look.
Fortunately, there is a solution to these situations if caught in time.
The First Step is to stop the losses. That means taking a really hard look at the issues and the problems, then clearly identifying where changes are needed. I use an abbreviated and accelerated version of the Prime Strategies, http://primestrategies.com/prime_strategies, starting with the Results phase. Consider this: where you are n0w is the Results of the Actions you've taken up to this point. You want to know where you are and the steps that have led to this place.
In this Step you assess your current situation, set specific short term goals to halt the losses, develop a strategy to meet the goals and then create a plan of action to make the calculated changes. This does not need to be an in-depth assessment; it's meant to zoom in on the critical areas needing attention, right n0w. It does, however, mean stepping back from your business and taking a very objective look. Ask yourself: what would someone else see if they were looking in at your business?
Jill and George were partners in a 5 year-old insurance agency located in a New England town of 28,000. S^les were falling, customers were leaving and there was friction growing between them. What they learned upon assessment was that although they were sharing an office, a business name and structure, they were each doing their own thing. There was little or no cross-selling. Customer service was sporadic and mostly ineffective. Meanwhile expenses continued to climb. Both felt things were on a downhill course. They knew a change of course was needed - soon.
The short term goal was to get the business functioning as one. To do that they added some software that allowed them to better integrate their operations. They set basic business policies that included a plan to meet with all clients to assess level of satisfaction and resolve any outstanding issues. This became an opp0rtunity to cross sell. To offset the cost of space rental, a conference room was turned into a temporary office for a financial planner. Once the business was back on its feet, the conference room would be reclaimed. As a first step to establish accountability, financial reports were reviewed and analyzed each month.
The Second Step involves redefining the business basics and creating a plan to realize the potential of your business. It includes rethinking the Purpose, Vision and Mission, and using personal and business assets as the foundation to develop a brand platform, market message and position. N0w you're ready to restructure your business and carry out the plan of action that will create the Results you want.
Jill and George recognized they already had a small market share. Both were dedicated to the business and enjoyed working in the industry. Their personal assets were their tenacity and their complementary skill sets. Jill was the networker; the outgoing one. George was better at back-office operations. They decided to divide the duties accordingly.
By consolidating their offerings they found they could make a b1gger impact and reach a broader market as well as do more cross-selling. Their marketing message became "total asset protection - whatever your needs". Using this message they created a year-long marketing campaign that included direct mail, some speaking engagements for Jill and an e-mail piece emphasizing the total scope of their services with an incentive for referrals. By consistently putting out the same marketing message and building affiliations with other financial services partners they set their course to become the number one casualty and indemnity agency in the region within 3 years.
Call to Action: I'm sure you went into your business with a dream of what you wanted it to be. You don't have to give up on that dream. Tackle those killer problems, regroup your efforts and take the actions necessary to make it happen. Is it time to save your business?
To find out, request the Prime Strategies checklist of Warning Signs, warningsigns@primestrategies.com to see where you may want to focus some serious attention n0w.
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TIP: INTEGRITY MARKETING
Can you honesty answer "yes" to these four key elements of integrity.
1. We show up on time
2. We finish what we start
3. We say please and thank you
4. We do what we say we will.
If so, why not use these in your marketing message? Respect and commitment to the prospect and customer is so often missing in today's high tech, long distance business interactions. Personal and business integrity have become increasingly valuable in the marketplace.
Decide how you can assure these elements are carried out in your business. Then use them to your advantage.
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April Lunchtime Telephone Roundtable
Moderator and Discussion Leader: Marian Banker, MBA, Business Leadership & Strategy Coach
Topic:
"Save Your Business - before it's too late"
Date: Thursday, April 28, 2005, 1 to 2 p.m. EST
Guest Expert: Marian Banker will share with you, in-depth, the steps of her Save-Your-Business Program, http://primestrategies.com/saveyourbusiness, which has helped many clients go from "failing" to "fit". Be ready to take a LOT of notes and learn things that will directly help you. We'll use a group coaching format where participation is important and valued.
You'll be able to ask Marian anything you want to know about what it takes to tackle your biggest problems and turn your business around. If you know it's time to take action, don't miss this Roundtable. The only charge you will incur is from your long distance provider.
- Are you fed up with the long hours, the sense of overwhelm and guilt, and the negative impact your business is having on your personal life?
- Are you caught up in disorganized thinking and unfocused actions, which adds to the chaos in your business?
- Do you spend too much time and money on systems that are not supporting you?- Are your cash and asset values continuing to decline and you don't know how to stop it?
- Do you sometimes have trouble meeting your payroll (or monthly expenses)?
- Is Accounts Receivable growing but your business is not?
- Do you often pay credit penalties or have you borrowed for operating expenses more than once in the past 6 months?
- Are you concerned that if things continue as they are, you may not be in business this time next year?
If you answered yes to any of the above, you can't afford to miss this Roundtable.
Best of all, there is no charge for this event.
Thursday, April 28th, 1:00 - 2:00 p. m. EST
To register for this Roundtable call, send an e-mail to roundtable42805@primestrategies.com.
Please include your first and last name in the message. You will receive an email confirmation and call-in number in a few minutes.
Here¹s what's been said about our popular Roundtable.
"All the people on the phone sounded interesting, eager to learn something new and to share what they did know--a good group."
Gail Cramer, Network of Enterprising Women
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FLASH ! !
Would you like to be the Guest Expert on a future Telephone Roundtable?
Prime Strategies offers this excellent venue to give you visibility and credibility in the small business marketplace. Get the details. Send e-mail to marian@primestrategies.com with the Subject as Roundtable Guest Expert.
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BRAIN EXCHANGE BUZZ:
Find out what New York regional small business leaders are buzzing about. Join the next Brain Exchange Roundtable, http://primestrategies.com/bxrt, on Monday, April 25th, 6:00 to 8:30 p.m. EST. You'll really get to know other entrepreneurs and be in a position to introduce yourself in a comfortable and informal business environment. This is where valuable connections are being made.
"I liked the diversity of the participants at the Roundtable. While I heard little that was new, there was much I needed to be reminded."
Donald Schwartz, ImageLink Productions
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Articles:
LESSONS FROM THE WINNERS
Fast Company offers success stories from 50 winners. Select from the ones that grab your attention in the directory.
http://www.fastcompany.com/fast50_05/winners/
PAY LESS TAXES
For many of you tax time is at hand. The American Express Open Network newsletter offers ten ways to pay less in taxes this year - and future years as well.
http://www10.americanexpress.com/sif/cda/page/0,1641,15771,00.asp
BUSINESS OR PERSONAL
As you know people do business with people. As a business owner you are your primary spokesperson for your business. Michael Angier, Founder of SuccessNet, shares his perspective.
http://successnet.org/articles/angier-personal.htm
PRICE TOO EXPENSIVE
If you often face the challenge of getting prospects over the hurdle of the price of your product or service, try some of the techniques suggested by Laura Laaman.
http://www.bizjournals.com/extraedge/consultants/sell_more/2005/03/21/column161.html
REVENUE GROWTH FROM BEST CUSTOMERS
There's more potential from your best customers, according to Mary Naylor, if you create a profile for each and then teach employees how to make every interaction count.
http://www.inc.com/articles/2005/03/inc500naylor.html