Author Archive
Being in Business is Risky Business
Posted by: | CommentsHaving a business of your own is a bit like being a creative writer. A creative writer loves to ask and answer the question: what would happen if….? What would happen if:
- the title character were a woman instead of a man
- the title character were 75 years old and slightly deaf
- the title character had a side-kick who was independently wealthy
- all the action took place over the course of 3 days
- the setting was ancient Egypt
- the setting was in the Dark Ages
- the setting was 10 years into the future
A creative writer doesn’t see the “what if” question as risky…rather she sees it as opening doors, possibilities and opportunities. Without the convention of the “what if” it would be difficult to posit the possible. The same is true in a business.
Having a business of your own often involves risk and wondering “what if?” What if:
- you decide to go it alone as a solo-preneur…what are the implications of that?
- you decide to go into business with a partner…what would that look like?
- you limit your business to your local community only…does your community have the population size in your business niche to offer you enough business?
- you decide to have both a local business and an online presence…can you handle the possible case overload?
In building your business asking yourself the “what if I did this or that” kinds of questions can help to direct your creative thinking and help you to evaluate what you really and truly want to do. Once the business is up and running, there is still risk…still the “what if” questions to ask. What if:
- you take a vacation…can your business handle your being away from it for 5 days…10 days?
- you become ill…do you have a procedure built into your business to handle the inevitable down days?
- an outside, unforeseen natural or economic catastrophe occurs…do you have contingency plans in place for things like fires, floods and recessions?
- your business becomes too popular…can you turn away clients/customers?
- your business requires a new marketplace…can you retool?
Without risk there is no business; but risk doesn’t have to be thought of as negative. Rephrased as “what if” questions, risk becomes a way to look anew at your business…and keep you fresh and on your toes.
Everyone making predictions for 2010
Posted by: | CommentsEverywhere you look lately folks are making business predictions for the New Year 2010 and I’m going to chime right in. My topic is marketing.
First, however, I want to give you my definition for marketing – it is not quite what others might say.
Marketing is telling everyone, everywhere:
- what your business is, where it is, how to find it
- what your product/service is, what it can do for the consumer, why they need it, why they want it
- how your business differs from others that are similar – what your uniqueness’s are, what makes your business so very special
- why the consumer should/ought to exchange their precious dollars and cents for your product/service
Marketing is telling everyone, everywhere in every way that people can and do receive information:
- newspapers, magazines and direct mailers – the hard copy kind, the newsprint ink that smears on your fingers and the flyers, brochures and sales letters that come in the snail mail; AND the online versions: newspapers online, magazines online and email ads that come both solicited and unsolicited
- television ads, radio ads – both via traditional tv and radio vehicles and online versions
- internet banner ads, classified ad sites, display ad boxes on social media sites
- social media relationship building
- weblogs and forums and other self-publishing arenas where messages about anything and everything under the sun, moon and stars can be shared
A business’ marketing department is usually tasked with:
- designing the message
- crafting the message delivery system
- delivering the message
- measuring the results of both the message and the delivery system
My prediction about marketing for 2010 is that we all begin to realize that calendars are human conventions and that time is an amorphous mystery – we are actually calendar-less. What 2010 is going to bring is already around us. I came across a great article on Social Media Today that has some fantastic information on this very topic. The article, “2010: The Year Marketing Dies…(Subtitled) Or at Least Marketing as We Know It!” by Augie Ray, has these points – among others – that I find worthy of comment here [from the article]: “… Of course, if marketing burns to the ground in 2010, a new and more powerful marketing will rise from the ashes. The role of the new marketer [I picked the 3 of Mr. Ray's 8 points that spoke to me the most]:
- Won’t be to plan bursts of communication on a yearlong calendar but to respond to and be part of the ever-changing dialog with consumers,
- Won’t be to count friends, page visits, eyeballs, readers, or viewers but to measure changes in consumer attitude and intent,
- Won’t be merely to talk at consumers but to listen and engage one to one….”
Point One I find significant and is one with which I totally agree – marketing is no longer a ‘January through December’ message plan – in fact I’d say this has been outmoded for some time now. Consider that technology moves so quickly that in the electronics industry, as example, things are outmoded within a couple months – what good is a 12-month message plan for something that has a version 14.0 coming out only 6 weeks after version 1.0? [okay that's exaggerated, but not by much].
I think what is important is to have a message that is not so much crafted as it is a photograph or hologram of what the product or service actually is and what it’s value actually could be to the end user. In other words, not one message for niche A and a different message for niche B…the same message but told in as many ways as is relevant to the receiving system in place.
Point Two is very important and very misunderstood. I’ll be the first to recommend to a business, large or small, that having a business profile on Facebook and LinkedIn is a good idea. However, it is not the number of friends and contacts the profile has…rather it is the quality and the reason for putting up the profile. You might have a business profile on Facebook because it is one place where you can link your Twitter updates and new blog posts…it gives you a wider population for sharing news and views. Let’s say you launch a new product. You write a post about it on the blog on your business website. You announce the new product release in a Twitter update AND you tweet your blog post – both of these show up on your Facebook profile as new updates…in this tiny example you can see that three separate populations now know about your new product release. The ROI will not be in numbers of page views or friends but in the chatter about your business and in sales.
Point Three is awesome. Traditional marketing is indeed talking at the consumer. New marketing is talking with the consumer; it is a conversation. One cool way of marketing is being done online with the vehicle of reviews. Right now my husband is researching plasma television sets and blue ray players. Yes, we have gone to the retail stores and looked at them and spoken with the salespeople. He has read what the “experts” are saying about the various brands but what is having the greatest impact on him is what other consumers are saying. Amazon.com has used the review feature for some time and it is a great way to gauge what some people’s experiences are with products. The example I’ve linked to here is for Paula Deen cookware – towards the bottom of the page are the consumer reviews.
I think what marketing needs is a change of clothing. Instead of marketing being about selling your product or service, marketing ought to be about engaging the consumer in a conversation about his or her needs and wants and how your product or service can meet or fulfill that. In 2010 pure sales won’t be enough. Added value will be key.
Happy Holidays! May the New Year bring you and your family many joys.
Think long-term solidity rather than short-term success
Posted by: | CommentsThere is no denying that this past year of 2009 has been tough economically for nearly everyone. In the U.S., 35 states were reported to have an unemployment rate of over 5% as reported for October on CNNMoney. That is a lot of people without jobs and income. My home state of California currently has an unemployment rate of 12.3% according to today’s CNNMoney report – even though the headline states, “The unemployment rate is falling!”
Forbes [dot com] on December 16 had a great article by John Zogby doing a bit of forecasting for 2010 – the highlights from his article:
- “…Look for sluggish consumer spending to continue-If you produce or market luxury retail products, the keywords should be high value, high quality and longevity
- The Misplaced Assumption: That the unemployment rate really reflects employment. It has always been a lousy number. It ignores people who have given up looking for work as well as part-timers. What we really need is an indicator of how people survive. Who are the potential entrepreneurs?…”
I think the end of the year is a good time to reflect on what has transpired the preceding 12 months. In my personal experience I know of two businesses that have closed; one business that had to close their brick-and-mortar shop and operate strictly online; and one person who was laid off in 2008 and still has been unable to find employment – he has now started his own business, but in an area totally unrelated to his working skill set. Layoff was even a specter in the company for which my husband works – twice during this past year pink slips were handed out. Even in my own business I have made changes.
So, what is my point? My point is that people who do have jobs, do have businesses and are looking ahead to 2010 might take a second thought to what they might do to secure long-term solidity rather than how they will meet next month’s bills.
Entrepreneurs are forward-looking, innovative-thinking creative individuals. Starting your own business in the first place took courage, research and passion. I think it’s going to take those same things to see us through the recession. While sitting of an evening during these holidays with a cup of eggnog and plate of decorated cookies, maybe have a pad of paper and pencil and do some revisiting. Remember back to when you first began your business – what was your belief level:
- in your initial business idea
- in your dreams
- in your goals and milestones
- in your company and product or service
Has anything changed? Has the current economy changed your direction? Have you lost clients or customers and now you need to either (1) find new markets or new ways in which to communicate with your market; or (2) find a new product or service that will better serve a more spending-conscious consumer? Or, maybe the change in the economy has brought you even more customers and clients [some types of business consultancies or life coaching businesses]- maybe what you need now is a re-evaluation of your abilities to handle a larger client load and ask (1) can you continue to offer the degree of customer service you were previous to the new case load; and (2) are you still able to give added value to each and every consumer experience with your business?
We all need to pay the monthly bills of course. But this past year’s burden of trying to stay ahead can have the result of putting us in “survival mode” and cause us to forget what we’d like our business to look like in ten year’s time. Survival business tasks are very different than long-term business building tasks. We may need to do both. The point of my conversation is that in surviving we ought not to forget the long-term. Remembering where we’d like to go with our businesses may stimulate some creative thinking to get us there. Happy Holidays.
The Work that Women Choose to Do
Posted by: | CommentsThere was a time in my life when the work I did was work I could get…sometimes survival mode dictates our direction. I’ve worked as a waitress, a receptionist and file clerk to earn a paycheck. Those were not choices, those were positions available. And I almost didn’t get those because I was “over qualified.” In fact my first waitressing job I very nearly didn’t get simply because I had a college degree. But I was also a single mother with a tiny baby and no other choices at the time.
Looking back I’m grateful to past employers because it allowed me to feed my family, pay my bills and get on with living. And now I’m at a place in life where I do get to choose my work and it’s a great joy.
I love knowing what other women choose to do for their work. I have a friend, a true entrepreneur, who is both a painter and a gallery owner. She loves both sides of her life – the artistic creator who paints her fantastic surrealistic pieces, and the business woman who plans and markets and keeps the books. I have an aunt who, after the passing of her husband, has taken a huge role in the operations of his business…something she previously did not do – and she’s discovered she’s quite good at it.
On December 1, a new book in a series of “Heart of…” books became publicly available [Borders bookstores and Amazon.com] titled, “Heart of a Military Woman.” Now there are a couple women’s stories in this book that I want to mention because of the work they chose to do, but I want first to mention the authors themselves: Sheryl L. Roush and Eldonna Lewis Fernandez. What these two women choose to do as their work is fascinating and exciting.
Sheryl Roush is, from the book, “…an internationally top-rated speaker, and was only the third woman to earn the elite Accredited Speaker designation from Toastmasters International…she is the President/CEO of Sparkle Presentations, Inc…” From her website, “…She has presented over 3,000 programs in nine countries….” I think this is terrific, that there is a woman in the ranks of top inspirational speakers in the world. This is a business category that needs more woman role models for up-and-coming female speakers. Public speaking…not to mention inspiring and encouraging others from a stage…is something I have no gifts for and I admire those who can.
Eldonna Lewis Fernandez is a retired Air Force Master Sergeant with 23 years of honorable military service. Her choice of work in the military is one of the stories in the new “Heart” book [in the same chapter in which is my own short essay - I was a journalist during my service in the U.S. Navy] that I find fascinating. She served in the Honor Guard. How many of us have ever given much thought to the Honor Guards we see at military or presidential funerals, leading off parades and even at airports welcoming international dignitaries? Even when I was in the military, I didn’t give thought to this crack team. From her essay Eldonna says, “…The Honor Guard is about precision in military honors…My entire experience on the Honor Guard is one I’ll cherish for a lifetime….”
What she chooses to do now is just as fascinating [Pink Biker Chic - what a cool name!] – from Eldonna’s website: “…serves on the board of the International Empowerment Education Foundation, and coordinates the speaker’s bureau for the Women’s Peace Campaign. She is also a member of the District One Toastmasters Community Speakers Bureau…Eldonna is affectionately known as the Pink Biker Chic™, a biker and empowerment coach for women – utilizing the PINK principles of – Power, Integrity, Nurturing, and Knowledge….”
The “Heart of a Military Woman” book has another essay about a woman who chose a job unusual…one you don’t hear about or read about – that of cargo handler. I know that planes get loaded with “stuff” and that someone has to do the loading, but I never gave thought to the importance of it until I read this essay. It’s written by a marine captain who saw this woman’s skill and leadership for himself when he worked with Petty Officer Raquel Santiago, USN. There is a romantic ending as these two people ended up marrying before he spent a tour in Iraq.
Raquel’s story as described by Captain Gravseth is heartwarming and motivating. Raquel’s reserve unit was called to Singapore after that horrible tsunami in 2004. Cargo came into the area by the tons but it wasn’t leaving in an organized fashion to help those who needed it. From the essay, “…Orchestrating the action, the feisty Latina from New York inspired her weary team to continue. With entire nations depending on these supplies getting to their devastated homes it was the cargo handler’s most important mission ever…For the first time since the global disaster, a U.S. Navy cargo ship would leave Singapore at full capacity.…” This is inspiring work that shows the power of leadership a woman can bring to an unusual job.
None of us is one-dimensional. Raquel is also a jewelry artist, her designs, RSVanity, can be found here.
I still see articles in news magazines about glass ceilings, but I’m convinced that there is no work a woman cannot choose to do. Yes, she may have to fight her way in and yes there may be some work that will require adaptations in order to do – women will never be as physically strong as men – but we can adapt. Someday it will not be headline news when a woman achieves leadership.
What is it 30-somethings want?
Posted by: | CommentsIt’s been a few years since I was 30. My younger daughter just celebrated her 30th birthday this past Monday. I do recall, however, that at age 30 I wasn’t thinking about retirement. In fact, at that age I believe I was working as a newspaper reporter and loving every minute of it.
The reason I bring this up is because I overheard two conversations while at lunch the other day. It’s not my practice to overhear what others are saying, but I was in a restaurant whose tables were somewhat close together. Also I was sitting in a greenhouse dining room of this eatery and the acoustics were such that you could clearly hear everything anyone anywhere in the room was saying. Now I was there to have a quiet, relaxing getaway lunch. It was actually a bit of a celebration for myself and this restaurant was close to my home and has a great menu.
There were two distinct conversations going on. One was between three young men two tables down and over. They were in a computer technical business and talking about the desire to start their own company because they had some kind of unique innovation. The other conversation was between a couple sitting at the table next to mine. They were talking about retirement. How do I know all these folks were 30-somethings? Because at some point I heard age mentioned at each table.
Now I don’t pretend to know what generational alphabetical group 30-somethings belong to…being a child of the 1960’s I hate being labeled…yet will identify myself as a Baby Boomer – go figure! However, I found it interesting that in both conversations there was a distinct lack of hope.
The young men spoke of a company that used to have a machine shop that could have handled this new “thing” they had as the center of their talk, but that the company had had to phase out the machine shop due to the economy. They mentioned another company that had gone bankrupt. One young man said he really wanted to be a part of a new start-up but that it just didn’t make sense to do now. Obviously I wasn’t privy to their entire conversation and I truly tried not to listen but it was a clear demonstration of how the national [and global] economic woes of this past year or two has filtered down to a particular generation and affected their dreams and hopes.
The young couple did surprise me though. Wanting to retire at age 50 but not seeing anyway to do it. Asking one another if it would be possible to have, by age 50, a 401K sum combined with Social Security income that would allow comfortable living for the rest of their lives. I wonder if they realize that if they do retire at age 50 and stay healthy, that they would be looking at another 30 or 40 years? And they are assuming – a huge assumption – that Social Security will be there for them to draw from. And they are assuming – another huge assumption – that they will actually have a sizable 401K to live on.
What struck me the most was the shared pessimism. At one table there was an attempt at entrepreneurial spirit, but it was heavily dampened by harsh economic realities. At the other table was resignation that a desire to retire at age 50 just didn’t look possible…one question I heard was, ‘will I have to work until I’m 79?’
On my walk back home after lunch I thought on all of this. I am hoping that the economy will turn itself around and soon so that the 30-somethings of the world can build fires of enthusiasm under themselves and see possibilities and opportunities. I actually feel fortunate to have lived long enough to know that black clouds part after a time and the sun does come out.
Is Speed of Service an Added Value?
Posted by: | CommentsCustomer service sometimes means how we approach our business…how we “do” our business. For our businesses to be profitable, we need customers and clients so we devote much time and attention to promotion and advertising. Another big percentage of our business is our interaction with our customers and clients in the buying and selling or product and service interface. A third percentage, just as large, is the after-the-sale time, the customer service time.
In defining our businesses we decide on what the added value elements will be. For instance, if you were to own a small hamburger franchise, your added value elements could be:
- restrooms that are always clean
- point-of-sale personnel who smile and use polite conventions such as “please” and “thank you” with every customer
- tables that are clean, floors that are clean and trash receptacles that are never overflowing
Another example might be a business consultant with her own practice. She might have as added value elements to her clients:
- passing along articles from journals that are relevant to their continuous improvement objectives
- remembering dates important to clients [everything from a wedding anniversary to the date they first opened their business]
One type of “added value” might be speed of service. If your business is that as independent distributor or consultant for a consumer product [could be juice, cosmetics, housewares...there is an alphabetical host of items] speed of service/delivery could be a legitimate added value. Fast turn around time from order to receipt of product could give your business a profitable edge and be a good way to retain customers.
I know of one big business that has speed of delivery as an added value and is very successful, in part, because of it. UPS, United Parcel Service’s “…fast, convenient delivery service…” is famous around the world. The brown UPS truck arrives in my neighborhood almost daily and the fellows literally dash from truck to door and back again, wasting not a precious moment. However, nothing is compromised by speed: packages are not thrown at the doorstep, and, if you have a question for a delivery person, they are friendly and helpful…never making you [me] feel as though you’re holding them up. So, you could say that speed is, for UPS, an added value. A successful one.
I witnessed another example of speed of service just this morning from another big business and in this case, speed is not an added value for the customer, rather it has all the appearance of management choices. Our waste management company is huge…it has some impressive environmental initiatives and as customers, we try to fulfill our part by using all four of the cans we’re given in the proper way: the small rolling bin for garbage, the mid-size rolling bin for recyclables, the large bin is the green waste can into which we also have to put food garbage…so we have a small [the 4th] pail in our kitchen for separating out the food garbage from other garbage. Waste management in our home, our county takes some doing.
So once every week on the appointed day for our neighborhood I put out the three rolling bins. The trucks that empty them have side arms that pick up the bin, raise it and empty it and then lower it back to the ground. In the past few months we’ve noticed that the street in our neighborhood is littered with bits of trash and garbage after the trucks have left. The reason is that the trucks are no longer coming to a complete stop. And this morning the green waste truck rolled by, used the lift arm, but didn’t raise it all the way to the top so that garbage poured out onto the street…the fellow in the truck stopped, got out with a shovel. When the truck pulled away, the street was left with food garbage scattered about. So a phone call to customer service and their promise to come back and clean it up.
Speed of service in this case can in no way be considered an “added value” to me the customer.
I think that it is important for all of us who are business owners, whether that business is large or quite small – like mine – need to fully outline what we consider to be the “added value” elements we offer to our customers and clients. In my business speed is not an added value. Timeliness is a promise, but I will not speed my way through an artwork or packaging. If I want the customer to receive it in a speedy way, I will rely upon a business like UPS who does have speed of delivery as an added value…a proven added value.
So, the question: is speed of service an added value for your business?
