It's Fashion Week and for me it is an annual kick in the derriere. I have friends who design and manufacture clothing and in our video library we have the story of the Nicole Miller Fashion House. While I am aware that this event is happening, the fashions they are showcasing have little place in my life--or my closet. Instead, I buy my clothes off the rack, but I do pay attention to how these designers--name brands and newcomers--weave a vision into the looks that define more than what we wear on our backs. Their inspiration is the tapestry of our culture, defining trends, influencing mindsets and fueling an economy driven increasingly by young consumers.
The lesson is that even if you are not a clothes hound or fashionista you can learn something from those who are in that business. They know that they can’t rest on past creations for this or next year's sales, and they teach us that if you want to keep growing your business, an annual effort to reinvent your products and services is essential.
Some owners wait until their business financials are threadbare before they get creative. That describes Bart Mahon who nearly lost everything before he changed his products and his method for reaching customers. Some owners like Bill Sugars do extensive research to find out what is working in other places before they implement something new. And by far the best way to add new products and services is to listen to your customers as they do at Joe T. Garcia.
If the wear and tear of day-to-day operations has worn down your sense of innovation, watch the New York fashion world on line where every seat is runway perfect. The truly unique creations offered up by both big and small designers will wrap you in the inspiration you need to put your business back in fashion with customers.
Monday, September 8, 2008
Thursday, August 7, 2008
The Opposite of Paris Hilton
Paris Hilton is back thanks to John McCain. It just proves that in the world of marketing, you can get a lift--or a blow--from some pretty unexpected places. When John McCain used a two-second image of her in an ad, that ad received major buzz. Quickly Paris used the free marketing McCain gave her and turned the two seconds into hours and hours of self-promotion.
Most small business owners don't have much in common with Paris Hilton when it comes to promoting themselves. There are 17 million one-person companies in the U.S. and in those businesses, a bit like Paris, the owner is the brand. We've all seen the local celebrity car dealer owners who do their own TV commercials, and are more recognizable than the car brands they sell. However, self-promotion is not the path taken by most strong owners. Why? Because it is can prevent you from growing your business in ways that benefit customers and you.
Most companies that consistently deliver for customers year after year are run by owners who focus on others, not themselves. And consciously or not, they have learned what Paris knows very well: what they're really selling. A great customer service experience? A product that meets a unique customer need? Innovative and creative resources to help others solve their business problems?
One owner we know is just as good looking as Paris. He has a big, quick smile and when he walks in the room people are happy to see him. Lupe Fraga built an office supply business from nothing to more than $50 million in annual revenue by promoting his team's service, not himself. Understanding what it is that customers really want and delivering it consistently is the best promotion you can do for your business.
Most small business owners don't have much in common with Paris Hilton when it comes to promoting themselves. There are 17 million one-person companies in the U.S. and in those businesses, a bit like Paris, the owner is the brand. We've all seen the local celebrity car dealer owners who do their own TV commercials, and are more recognizable than the car brands they sell. However, self-promotion is not the path taken by most strong owners. Why? Because it is can prevent you from growing your business in ways that benefit customers and you.
Most companies that consistently deliver for customers year after year are run by owners who focus on others, not themselves. And consciously or not, they have learned what Paris knows very well: what they're really selling. A great customer service experience? A product that meets a unique customer need? Innovative and creative resources to help others solve their business problems?
One owner we know is just as good looking as Paris. He has a big, quick smile and when he walks in the room people are happy to see him. Lupe Fraga built an office supply business from nothing to more than $50 million in annual revenue by promoting his team's service, not himself. Understanding what it is that customers really want and delivering it consistently is the best promotion you can do for your business.
Wednesday, July 30, 2008
Snap Out of It
Snap out of it and stop feeling sorry for yourself. I say this because every day I hear how bad things are going. Right now I am creating a video companion for a Pearson Prentice Hall textbook about entrepreneurship for high school and college students called How To Start and Operate a Small Business. The author, Steve Mariotti, is the founder of NFTE, the National Foundation for Teaching Entrepreneurship. I've already done video companions for over 40 college books but reading Steve's book and thinking about his target market put a smile on my face.
That smile caused me to snap out of it. Like so many people, I've had a strange dull feeling that perhaps my work isn't very important and that maybe I should just give up. The smile came to me because Steve's book reminded me of why I'm in business in the first place. We all must be in business to create and keep customers. Actually that is Peter Drucker's definition of business and I memorized it years ago.
When things get hard and you get discouraged, it is best to go out and talk to customers. When Don MacInnis did this, his customers told him exactly what new product they wanted him to develop. That product is now his number one seller.
Snap out of it and go talk to your customers.
That smile caused me to snap out of it. Like so many people, I've had a strange dull feeling that perhaps my work isn't very important and that maybe I should just give up. The smile came to me because Steve's book reminded me of why I'm in business in the first place. We all must be in business to create and keep customers. Actually that is Peter Drucker's definition of business and I memorized it years ago.
When things get hard and you get discouraged, it is best to go out and talk to customers. When Don MacInnis did this, his customers told him exactly what new product they wanted him to develop. That product is now his number one seller.
Snap out of it and go talk to your customers.
Wednesday, July 9, 2008
Our Spiritual Mentor Died Yesterday
Sir John Templeton was our hero. He was an elegant Christian who practiced his faith and he put his money to work on what Bruce would call the fundamentals. John Templeton made his money as an investor and as the Wall Street Journal writes today, he was an optimist who invested enthusiastically when others were too pessimistic to put a dollar in the market. As Christians ourselves we understand the source of Sir Templeton's optimism on capitalism.
In 1972 Sir John Templeton put in place a way to recognize "a living person who has made an exceptional contribution to affirming life's spiritual dimension, whether through insight, discovery, or practical works." His annual Templeton Award is a cash prize and always larger than the Nobel awards because Templeton felt that spiritual matters are more valuable to us than other topics of study.
We are proud that we have in our library two special episodes with Michael Novak, a Templeton Prize winner. We consider Novak an apologist for our work. While today it is very popular to praise the work of small business owners, when we started the series we were told by big shots in New York City that, "Nobody wants to be small." Novak explains why small business is crucial to a civil and prosperous society.
Sir John Templeton's life encouraged me and the scholarly work of Michael Novak helps me understand the value of my own small contribution to the prosperity of others.
To celebrate John Templeton's life, Bruce is working with a small cadre of mathematicians and engineers on, The Big Board for Our Little Universe. This is a teaching tool for math and science teachers and the tag line for it is: It's time to take God out of a box and put science in one. The goal is to show kids the bigness of God and the smallness of science. He wants kids to stop being afraid of science and to start seeing the vastness of God's creation.
In 1972 Sir John Templeton put in place a way to recognize "a living person who has made an exceptional contribution to affirming life's spiritual dimension, whether through insight, discovery, or practical works." His annual Templeton Award is a cash prize and always larger than the Nobel awards because Templeton felt that spiritual matters are more valuable to us than other topics of study.
We are proud that we have in our library two special episodes with Michael Novak, a Templeton Prize winner. We consider Novak an apologist for our work. While today it is very popular to praise the work of small business owners, when we started the series we were told by big shots in New York City that, "Nobody wants to be small." Novak explains why small business is crucial to a civil and prosperous society.
Sir John Templeton's life encouraged me and the scholarly work of Michael Novak helps me understand the value of my own small contribution to the prosperity of others.
To celebrate John Templeton's life, Bruce is working with a small cadre of mathematicians and engineers on, The Big Board for Our Little Universe. This is a teaching tool for math and science teachers and the tag line for it is: It's time to take God out of a box and put science in one. The goal is to show kids the bigness of God and the smallness of science. He wants kids to stop being afraid of science and to start seeing the vastness of God's creation.
Wednesday, June 25, 2008
Change When Margins Get Too Low
There's a big disconnect for me when it comes to all the doom and gloom being peddled by the media about the national economy. There's not a parking place to be found when I go to the mall, and just the other day, I heard one grandmother complaining that the newest version of Wii was nowhere to be found in the entire state of Ohio. So, she was on a desperate hunt for the high-tech game (retails for $379) many states away. Yes, for a game. Truly, these are tough times when grandma is the hunter-gatherer for procuring what overindulged grandkids can't seem to live without. It just proves that where there's a will--or at least a willing pocketbook--there's a way.
It's also an underlying principle of our economy. If there is demand for a product at a price the customer is willing to pay, there will be sales. From heads of lettuce to houses, the market will act in its own best interest--distorting regulations notwithstanding. This doesn't mean that as the producer your margins may be smaller since the price of gas is up and this is driving the price of food up, too. If you can't pass increased costs for your current products on to customers, how do you find a way to get some of the cash that people clearly are spending at the mall or on Wii?
When Reid Pigman saw the profits being squeezed in his father's pilot school, he abandoned the school business and moved into the fixed base operation niche and now his company, Texas Jet, provides all the ground-based services required by aircraft owners and operators. If you're feeling the profit squeeze in your business, it may be time to make changes, find a new product, a new service or a new bundle of products and services that your customers will be happy to pay you for, and make your bottom line stronger as a result.
It's also an underlying principle of our economy. If there is demand for a product at a price the customer is willing to pay, there will be sales. From heads of lettuce to houses, the market will act in its own best interest--distorting regulations notwithstanding. This doesn't mean that as the producer your margins may be smaller since the price of gas is up and this is driving the price of food up, too. If you can't pass increased costs for your current products on to customers, how do you find a way to get some of the cash that people clearly are spending at the mall or on Wii?
When Reid Pigman saw the profits being squeezed in his father's pilot school, he abandoned the school business and moved into the fixed base operation niche and now his company, Texas Jet, provides all the ground-based services required by aircraft owners and operators. If you're feeling the profit squeeze in your business, it may be time to make changes, find a new product, a new service or a new bundle of products and services that your customers will be happy to pay you for, and make your bottom line stronger as a result.
Friday, June 20, 2008
Summer Interns Increase ROI
English philosopher Francis Bacon once said that "Young people are more fit for new projects than for settled business." It is summer so high school and college students need work, and chances are, your business' technology could use some updating, too.
While you and your older employees have learned to use the Internet to get work done, 16-20 year olds have used the Internet for play. That means they have experimented a lot and have probably discovered some tools and sites that you should know about. Technology is second nature to them and you could gain tremendous advantages simply by tapping into their computing knowledge to have them build databases or do web research for you.
Not only are today's young people technically savvy, they can be a cost-effective solution to help you with short-term projects in the business. Nicole Miller, the New York-based fashion house, and Mir, Fox & Rodriguez, a CPA firm in Houston have put interns to work, teaching them business principles that will serve them well in the future, as well as nurturing the next wave of talent.
Is there a project in your business that could tap into our youth's expertise and increase your return on the dollar you pay out to employees at the same time? Try a few summer interns. You'll be doing both of you a big favor.
While you and your older employees have learned to use the Internet to get work done, 16-20 year olds have used the Internet for play. That means they have experimented a lot and have probably discovered some tools and sites that you should know about. Technology is second nature to them and you could gain tremendous advantages simply by tapping into their computing knowledge to have them build databases or do web research for you.
Not only are today's young people technically savvy, they can be a cost-effective solution to help you with short-term projects in the business. Nicole Miller, the New York-based fashion house, and Mir, Fox & Rodriguez, a CPA firm in Houston have put interns to work, teaching them business principles that will serve them well in the future, as well as nurturing the next wave of talent.
Is there a project in your business that could tap into our youth's expertise and increase your return on the dollar you pay out to employees at the same time? Try a few summer interns. You'll be doing both of you a big favor.
Thursday, June 5, 2008
We Have Millions of Women Presidents
Today at Bloomberg.com you can read, "New York Senator Hillary Clinton is planning to concede the race for the Democratic presidential nomination and announce her support for Illinois Senator Barack Obama, her campaign said."
I'm not worried that little girls do not have a role model because even if Mrs. Clinton had become president, she would not have been first. Remember, there are about 10 million women in this country who are the president of their own company.
Much of the excitement surrounding her candidacy was that it was significant from both historical and role model perspectives. Indeed, it is no small thing that for the first time in our history, Americans were placing a woman in a position to become president. But what the public frenzy about Mrs. Clinton misses is that even if she had become president, she would not have been first. Our daughters—and sons—already have women presidential role models in the 10 million women in this country who are the president of their own company.
That’s why I was shocked to read in a USA Today article published in May 2008 that "Only 43 women have climbed the traditional ladder to become CEOs of Fortune 1000 companies in the last 35 years." It’s hard to imagine why so many women have successfully tackled the real issues of leadership in their own business—managing people, making payroll, tracking inventory, and keeping their taxpaying customers happy—yet aren’t seen as capable of successfully running America’s large businesses. This tells me that if you want to shatter glass, you should start by busting through the ceiling you built for yourself as has Vicky Carlson .
So when I read about the ‘tragedy’ of Hillary’s defeat, the last thing I feel is discouraged. The real business of keeping this country and economy strong is happening very nicely every day thanks to the hard work of women business owners and CEOs who know far more about leadership than Mrs. Clinton will ever know. She is irrelevant to the success or failure of our companies.
I'm not worried that little girls do not have a role model because even if Mrs. Clinton had become president, she would not have been first. Remember, there are about 10 million women in this country who are the president of their own company.
Much of the excitement surrounding her candidacy was that it was significant from both historical and role model perspectives. Indeed, it is no small thing that for the first time in our history, Americans were placing a woman in a position to become president. But what the public frenzy about Mrs. Clinton misses is that even if she had become president, she would not have been first. Our daughters—and sons—already have women presidential role models in the 10 million women in this country who are the president of their own company.
That’s why I was shocked to read in a USA Today article published in May 2008 that "Only 43 women have climbed the traditional ladder to become CEOs of Fortune 1000 companies in the last 35 years." It’s hard to imagine why so many women have successfully tackled the real issues of leadership in their own business—managing people, making payroll, tracking inventory, and keeping their taxpaying customers happy—yet aren’t seen as capable of successfully running America’s large businesses. This tells me that if you want to shatter glass, you should start by busting through the ceiling you built for yourself as has Vicky Carlson .
So when I read about the ‘tragedy’ of Hillary’s defeat, the last thing I feel is discouraged. The real business of keeping this country and economy strong is happening very nicely every day thanks to the hard work of women business owners and CEOs who know far more about leadership than Mrs. Clinton will ever know. She is irrelevant to the success or failure of our companies.
Sunday, May 18, 2008
The Chief Happiness Officer
The past few weeks have given us all plenty of reasons to be unhappy. None of us is without sadness over the devastating natural disasters in Burma and the earthquake in China. At the same time, so many nations and people are just plain angry about current events. The Arabs are mad because Israel is celebrating its 60th birthday. The U.N. is mad because the U.S. is delivering aid to Burma. Obama and many in the media and Democrat party are angry because Hillary will not give up the race for her party's nomination for president.
Regardless of the reason, being sad or mad is not the way to go to work everyday.
As business owners we set the tone of the workplace and we can make or break the attitude of those around us. And with all of the news making so many people sad or mad, it is harder than ever to stay upbeat and enthusiastic.
Anne Beiler, the founder of Auntie Anne's Pretzels, hired her replacement and promoted herself to the position of Chief Happiness Officer. She doesn't really call herself that but when I asked her how she spends her time now that she is no longer responsible for the day-to-day operations, she said that her job is to make sure everyone is happy.
Another owner of a very large small business told me the same thing. Cathie Jao of Bridgecreek, a property development and management company, told me that her main job is to ensure the happiness of others.
My friends who are psychotherapists would say that Anne and Cathie have set themselves up for failure because none of us can make another person happy. I think the reason these women are multi-millionaires is that they have succeeded at doing the impossible.
Regardless of the reason, being sad or mad is not the way to go to work everyday.
As business owners we set the tone of the workplace and we can make or break the attitude of those around us. And with all of the news making so many people sad or mad, it is harder than ever to stay upbeat and enthusiastic.
Anne Beiler, the founder of Auntie Anne's Pretzels, hired her replacement and promoted herself to the position of Chief Happiness Officer. She doesn't really call herself that but when I asked her how she spends her time now that she is no longer responsible for the day-to-day operations, she said that her job is to make sure everyone is happy.
Another owner of a very large small business told me the same thing. Cathie Jao of Bridgecreek, a property development and management company, told me that her main job is to ensure the happiness of others.
My friends who are psychotherapists would say that Anne and Cathie have set themselves up for failure because none of us can make another person happy. I think the reason these women are multi-millionaires is that they have succeeded at doing the impossible.
Wednesday, May 7, 2008
Partner Power
Our study of successful companies has taught us that founders who find the right partner find power. Without exception, partners tell us they never could have done what they have done alone. The thriving partnerships are like marriages. The partners admire and respect each other and defer to each other quickly, especially when someone wants to know about an area where the other partner is the expert.
Thriving partners know that the other guy is better at some things than he is. That's the whole point. You never want to be the partner of a guy who sees you as the sou chef. You want to partner with a person who knows you are better than he is at some things. You also want your partner to know that you know your own weaknesses so well that there is no way you could build a business alone.
In his book, The Illusions of Entrepreneurship, Scott Shane points out that the companies founded by more than one person have a greater chance at success than companies launched by an individual.
One of our favorite partnerships is Dave Young and Jodi Johnson who have built their business, Oberon, into a 500-person company in a few fast years! In past work together, they found out that their management styles and philosophies were almost identical. Marry that with complementary areas of expertise and profound trust and respect for the other, you have the makings of a powerful and extremely successful partnership.
Thriving partners know that the other guy is better at some things than he is. That's the whole point. You never want to be the partner of a guy who sees you as the sou chef. You want to partner with a person who knows you are better than he is at some things. You also want your partner to know that you know your own weaknesses so well that there is no way you could build a business alone.
In his book, The Illusions of Entrepreneurship, Scott Shane points out that the companies founded by more than one person have a greater chance at success than companies launched by an individual.
One of our favorite partnerships is Dave Young and Jodi Johnson who have built their business, Oberon, into a 500-person company in a few fast years! In past work together, they found out that their management styles and philosophies were almost identical. Marry that with complementary areas of expertise and profound trust and respect for the other, you have the makings of a powerful and extremely successful partnership.
Sunday, May 4, 2008
The Internet Can Be Your Best Friend
Since 1994 we have been talking about the Web and the importance of it to every small business. We have preached the theory that we all need to be on the Web and allow our customers to deal with us the way they want to deal with us. This means you probably have customers who want to email you, some that want to call you and some that want to come see you in person. The trick is to spend enough money for Web functionality but not too much.
I want to suggest to you that there will be a day when you can truly go paperless.
In today's New York Times I read that the publishers of Computerworld, InfoWorld, PC World, Macworld and CIO are gradually moving away from printing on paper. This strategy has already increased their profits.
Many of the owners in our library have leveraged technology to increase profits. While you might guess that it is young men who are making these moves, learn how a woman owner who is over 90 years old today was an early adopter.
Friday, April 18, 2008
Bumps in the Road Don't Stop Us
Today even William Dunkelberg, the chief economist at the National Federation of Independent Business, is saying that times are getting a bit tough. The price of gas and food are up and with the world market for oil only growing, this trend may continue. So what is a small business owner to do?
For most of us the cost of labor is the biggest expense we face every month so sometimes we solve cash flow problems by not paying ourselves or we ask employees to cut back their hours and sometimes we have to cut our staff.
Running an open-book office is an excellent way to engage employees in the hard decisions so that there are no surprises, even when times get tough. Employees should see numbers for the business and understand how those numbers relate to running the business day-to-day. Moreover, sharing the information is a way to challenge employees to make changes to reduce overhead, improve efficiency and customer service or increase sales. Lorraine Miller is just one of the owners we know who believes in sharing information to celebrate success, improve operations and to prepare for the bumps in the road.
For most of us the cost of labor is the biggest expense we face every month so sometimes we solve cash flow problems by not paying ourselves or we ask employees to cut back their hours and sometimes we have to cut our staff.
Running an open-book office is an excellent way to engage employees in the hard decisions so that there are no surprises, even when times get tough. Employees should see numbers for the business and understand how those numbers relate to running the business day-to-day. Moreover, sharing the information is a way to challenge employees to make changes to reduce overhead, improve efficiency and customer service or increase sales. Lorraine Miller is just one of the owners we know who believes in sharing information to celebrate success, improve operations and to prepare for the bumps in the road.
Tuesday, March 25, 2008
Business is Color Blind
Barack Obama made a speech and some say it was transcending and instructive. I read it and it brought me to tears although I can't vote for him because I don't agree with his approach to solving this nation's problems. He believes government and a host of expensive government-run and taxpayer-funded programs can solve all the ills of society. That's why I found it interesting in his speech that he acknowledges that the real solution lies in "taking full responsibility for our own lives - by demanding more from our fathers, and spending more time with our children...they must always believe they can write their own destiny."
We've had the privilege of getting to know two very successful business men who have transcended racial barriers and epitomize the meaning of creating their own destiny. Arnold Joseff and George Hill didn't need a lecture from any candidate to tell them how to treat, interact, hire or fire another precious human being that I believe was created by God. These two men have been buddies since childhood. They are the perfect example of how business people think in terms of talent, performance and service. If you are a business owner who has problems with people who are different from you, you are leaving money on the table. All of the rich owners we know are color blind and they enjoy a wealthy life that includes more than just a healthy bank account.
We've had the privilege of getting to know two very successful business men who have transcended racial barriers and epitomize the meaning of creating their own destiny. Arnold Joseff and George Hill didn't need a lecture from any candidate to tell them how to treat, interact, hire or fire another precious human being that I believe was created by God. These two men have been buddies since childhood. They are the perfect example of how business people think in terms of talent, performance and service. If you are a business owner who has problems with people who are different from you, you are leaving money on the table. All of the rich owners we know are color blind and they enjoy a wealthy life that includes more than just a healthy bank account.
Sunday, March 23, 2008
All You Need is Love
When Bruce and I arrived at church this Easter morning, the band was playing that great Beatles song, "All You Need is Love," and the pastor’s sermon echoed that sentiment. As Christians we consider Easter the most important day of the year and it is always a celebration of love. This made me think about so many of our friends who are business owners and who have "All You Need is Love" as the theme of their lives.
When Gary Walls was told that his kidney disease meant he could no longer teach and coach in a high school, he launched a company called, Trailblazer Foods. We met him as he was being recognized as small business person of the year from the state of Oregon and he changed us all completely. In the midst of battling an insidious disease, this exceptional man decided to start a business because he needed something to do while living through the difficult and terrifying treatment.
Time with Gary revealed that the foundation of his life was love. He loved walking in the fields to watch the berries ripen and loved turning them into delicious jams, jellies and syrups so that others could enjoy his beloved Oregon berries. However, more than anything he loved people and especially his family, customers and employees. He is in a better place now and we are still here to tell you that he built a multi-million dollar company while in great pain but with great love in his heart.
When Gary Walls was told that his kidney disease meant he could no longer teach and coach in a high school, he launched a company called, Trailblazer Foods. We met him as he was being recognized as small business person of the year from the state of Oregon and he changed us all completely. In the midst of battling an insidious disease, this exceptional man decided to start a business because he needed something to do while living through the difficult and terrifying treatment.
Time with Gary revealed that the foundation of his life was love. He loved walking in the fields to watch the berries ripen and loved turning them into delicious jams, jellies and syrups so that others could enjoy his beloved Oregon berries. However, more than anything he loved people and especially his family, customers and employees. He is in a better place now and we are still here to tell you that he built a multi-million dollar company while in great pain but with great love in his heart.
Monday, March 17, 2008
Put a Four-Leaf Clover in Your Pocket
Today is St. Patrick's Day but I was never allowed to celebrate it as a kid. My father was a strict Southern Baptist minister and he never extended graciousness to anything Catholic. When Michael Flanigan, an Irish Catholic kid who happened to be charming and the president of my high school student body, became my sweetheart, my father lowered the boom. "You can not even think of marrying a Catholic," he bellowed.
Of course I wasn't thinking of marrying Michael, but my anti-Catholic training as a young person also included discounting the concept of luck. I remember having a four-leaf clover and telling my father that I thought it might bring me luck. True to form he said, "There is no such thing as luck." To my father St. Patrick's Day, the Catholics and luck all went together and I was to keep them all at arm’s length. My father meant well but I now disagree with him on all three topics. I love and respect my Catholic friends, I am wearing green right now and I will surely have a beer today to celebrate the life of a great man. Then there's the concept of luck.
After listening to hundreds of business owners describe how they have turned ideas into millions of dollars I am a believer in luck. Over and over the amazing, hard-working, brilliant and delightful self-made millionaires I have met will concede that for all their plotting, planning and market research, their success includes a good measure of sheer luck. They look at others around them who have worked as hard and who are smart or smarter than they are but they just haven't hit as big. They know that even a tiny bit of luck along the way could have made a difference.
All my life I’ve heard that "Luck is preparation meeting opportunity,” but as these successful business owners attest, I am now convinced that luck - grace or mercy - play a part in how our business works or doesn't work. Here's just one of the many owners who told me that he was lucky. He said he was lucky to come from India to this country to study; he was lucky his parents matched him with a beautiful woman who became his wife; and, he was lucky to land the world's largest customer. Meet Shiv Krishnan the founder of Indus. He's one lucky guy.
To succeed in business you need to have the right product, the right people, the right processes and it's always good to put a four-leaf clover in your pocket.
Of course I wasn't thinking of marrying Michael, but my anti-Catholic training as a young person also included discounting the concept of luck. I remember having a four-leaf clover and telling my father that I thought it might bring me luck. True to form he said, "There is no such thing as luck." To my father St. Patrick's Day, the Catholics and luck all went together and I was to keep them all at arm’s length. My father meant well but I now disagree with him on all three topics. I love and respect my Catholic friends, I am wearing green right now and I will surely have a beer today to celebrate the life of a great man. Then there's the concept of luck.
After listening to hundreds of business owners describe how they have turned ideas into millions of dollars I am a believer in luck. Over and over the amazing, hard-working, brilliant and delightful self-made millionaires I have met will concede that for all their plotting, planning and market research, their success includes a good measure of sheer luck. They look at others around them who have worked as hard and who are smart or smarter than they are but they just haven't hit as big. They know that even a tiny bit of luck along the way could have made a difference.
All my life I’ve heard that "Luck is preparation meeting opportunity,” but as these successful business owners attest, I am now convinced that luck - grace or mercy - play a part in how our business works or doesn't work. Here's just one of the many owners who told me that he was lucky. He said he was lucky to come from India to this country to study; he was lucky his parents matched him with a beautiful woman who became his wife; and, he was lucky to land the world's largest customer. Meet Shiv Krishnan the founder of Indus. He's one lucky guy.
To succeed in business you need to have the right product, the right people, the right processes and it's always good to put a four-leaf clover in your pocket.
Monday, March 10, 2008
Riches Without Greed
Today's headlines continue pounding us about conservation. While the New York Times reports on Southern Baptists strengthening its convention position on the subject, The Telegraph reports that the Vatican wants us to recycle or find ourselves on the way to hell. The same article goes on to say that we'll go to hell if we are greedy.
Well, I'm not buying it. I have already written that small business owners are the original, old-fashioned environmentalists. We have been doing all of this so long we used to call ourselves conservationists. My husband writes and prints on both sides of every sheet of paper. We are conservationists because we know deep in our hearts it is good for the earth and good for our pocketbook. Another way to say that is most of us small business owners are cheap. We have to hold the line on waste and costs because as one of the fathers of the great American experiment, Benjamin Franklin said, "a penny saved is a penny earned."
Or, a mug reused is better than a paper cup tossed in the trash. It is so funny to me to hear the 20 somethings advocate shunning plastic and paper as dinnerware because when I was growing up we didn't have plastic and paper. I have never wanted to waste anything just so I wouldn't have to wash it.
I am confident that all small business owners will go to heaven because we try not to waste anything. However, according to the Telegraph, the Monsignor Gianfranco Girotti head of the Apostolic Penitentiar at the Vatican said, "genetic modification, carrying out experiments on humans, polluting the environment, causing social injustice, causing poverty, becoming obscenely wealthy and taking drugs were all mortal sins."
I want to know who gets to define "obscenely wealthy?" I say that if you are creating value for customers and employees and along the way you happen to land in the top income tax bracket, you are not going to hell.
The business owners we know are like the founder of Ziba Design. They are generous not greedy. They are more concerned about the success of their employees than they are themselves. They are striving, trying, risking and pushing to help everyone in their world have a better life tomorrow than they have today. I am Baptist and I have great respect for the Vatican. However, I believe that every honest owner deserves to be obscenely wealthy. Why? Because most of them turn around and give out of their generous hearts to those in need.
Well, I'm not buying it. I have already written that small business owners are the original, old-fashioned environmentalists. We have been doing all of this so long we used to call ourselves conservationists. My husband writes and prints on both sides of every sheet of paper. We are conservationists because we know deep in our hearts it is good for the earth and good for our pocketbook. Another way to say that is most of us small business owners are cheap. We have to hold the line on waste and costs because as one of the fathers of the great American experiment, Benjamin Franklin said, "a penny saved is a penny earned."
Or, a mug reused is better than a paper cup tossed in the trash. It is so funny to me to hear the 20 somethings advocate shunning plastic and paper as dinnerware because when I was growing up we didn't have plastic and paper. I have never wanted to waste anything just so I wouldn't have to wash it.
I am confident that all small business owners will go to heaven because we try not to waste anything. However, according to the Telegraph, the Monsignor Gianfranco Girotti head of the Apostolic Penitentiar at the Vatican said, "genetic modification, carrying out experiments on humans, polluting the environment, causing social injustice, causing poverty, becoming obscenely wealthy and taking drugs were all mortal sins."
I want to know who gets to define "obscenely wealthy?" I say that if you are creating value for customers and employees and along the way you happen to land in the top income tax bracket, you are not going to hell.
The business owners we know are like the founder of Ziba Design. They are generous not greedy. They are more concerned about the success of their employees than they are themselves. They are striving, trying, risking and pushing to help everyone in their world have a better life tomorrow than they have today. I am Baptist and I have great respect for the Vatican. However, I believe that every honest owner deserves to be obscenely wealthy. Why? Because most of them turn around and give out of their generous hearts to those in need.
Tuesday, March 4, 2008
Ride the Ups and Downs with Multiple Revenue Streams
When I started my first business in 1979 a tax attorney told me to never let one customer get more than 10% of my time. Another way to say this is, the more customers you have the better! To protect yourself over the long haul, develop multiple revenue streams.
Donna Baase , founder of Cowgirl Enterprises, had a vision about skincare products that come from botanicals -- herbs, flowers, roots, etc. In the dry air of Colorado, especially in this mile high city, she knows women need and want skin moisturizers that really work.
Donna Baase , founder of Cowgirl Enterprises, had a vision about skincare products that come from botanicals -- herbs, flowers, roots, etc. In the dry air of Colorado, especially in this mile high city, she knows women need and want skin moisturizers that really work.
Though she started her business on her kitchen table, blending twelve oils from plants and roots (Cowgirl Cream), she quickly learned to outsource key parts of her business and to focus on her unique strengths. She was also very smart not to depend upon what she thought would be her best distribution channel. She expanded from natural product stores, to spas to boutiques.
Develop multiple revenue streams to protect yourself from market ups and downs.
Saturday, March 1, 2008
Pets Prove to be Solid Gold
Sissy Harrington McGill, the founder of Solid Gold Health Products for pets, is a character. As she took us through her food processing plant she tasted things along the way. She told us she eats everything she puts into her food products for pets and her own dog is also an official taster. This way she can evaluate the entire process if you get my drift.
It seems as if people are crazy over their pets and will pay most any price for them to be healthy and happy. This is the conclusion Sissy arrived at as she developed some of the very first pet foods made from quality ingredients and with concern for salt, sugar and fat content.
Product development is difficult but all of the success stories we have done here tell us that your efforts must begin with a problem that people want to solve. Sissy's dogs were not living long enough so she set out to invent foods that would lengthen the lives of pets. What problem do your current customers wrestle with today? Should you be the one to solve it?
It seems as if people are crazy over their pets and will pay most any price for them to be healthy and happy. This is the conclusion Sissy arrived at as she developed some of the very first pet foods made from quality ingredients and with concern for salt, sugar and fat content.
Product development is difficult but all of the success stories we have done here tell us that your efforts must begin with a problem that people want to solve. Sissy's dogs were not living long enough so she set out to invent foods that would lengthen the lives of pets. What problem do your current customers wrestle with today? Should you be the one to solve it?
Wednesday, February 27, 2008
Democrats, Employees and Customers Choose Nice
It might be over for Hillary and it's because she is not a nice person. Hillary comes off as a know-it-all who prefers to dominate and control others. She is the type of person no one wants to work for and she provides some lessons for those of us who are trying to build a business. Since I don't know any of her current employees forgive me for jumping to conclusions but I am sure I am right. People may work for her because they believe in her cause or to get paid millions but I don't believe that people are drawn to her.
We have filmed hundreds of interviews with business owners and film doesn't lie. I spend about 100 hours with each owner as I work through the edit process. I can freeze frames and look right into that person's heart and mind. These men and women are wildly successful and I found all of them to have lovely personalities.
The point is, a jerk is not very good at building a business from scratch. The exception is when a jerk gets millions from an investor or already has millions to go out and hire top talent. That top talent can be recruited with stock options or a big check then that top talent puts his nose to the grindstone and helps to build the business.
It takes a nice person to recruit, train and grow talent internally. To grow a business, you must become the person people want to work for. I asked Pamela Rodger and Lupe Fraga if being nice translates to the bottom line and they both said, "Of course."
We have filmed hundreds of interviews with business owners and film doesn't lie. I spend about 100 hours with each owner as I work through the edit process. I can freeze frames and look right into that person's heart and mind. These men and women are wildly successful and I found all of them to have lovely personalities.
The point is, a jerk is not very good at building a business from scratch. The exception is when a jerk gets millions from an investor or already has millions to go out and hire top talent. That top talent can be recruited with stock options or a big check then that top talent puts his nose to the grindstone and helps to build the business.
It takes a nice person to recruit, train and grow talent internally. To grow a business, you must become the person people want to work for. I asked Pamela Rodger and Lupe Fraga if being nice translates to the bottom line and they both said, "Of course."
Monday, February 25, 2008
Treat Suppliers Like Family
Great meals start with fresh ingredients. Joe T. Garcia knows this well so it coddles suppliers to guarantee that if there is only one tomato in all of Forth Worth, Texas, they will get it.
Though the restaurant is not open for breakfast, this place has a crowded breakfast table. Family members and suppliers commingle readily during the breakfast hour. Friendships are developed, and the family grows.
Is there any way to carry the Joe T.'s model over to your own business? Of course. There are many businesses that we have studied that host breakfasts and lunches for their customers, suppliers and employees on a regular basis. At Opici Wine Group, the founders have eaten dinner with a customer every week for sixty years. Opici hosts parties for suppliers to introduce them to the customers. Business is not cut and dried. It is so much about feelings, especially when you are working to build something that will out live you.
Though the restaurant is not open for breakfast, this place has a crowded breakfast table. Family members and suppliers commingle readily during the breakfast hour. Friendships are developed, and the family grows.
Is there any way to carry the Joe T.'s model over to your own business? Of course. There are many businesses that we have studied that host breakfasts and lunches for their customers, suppliers and employees on a regular basis. At Opici Wine Group, the founders have eaten dinner with a customer every week for sixty years. Opici hosts parties for suppliers to introduce them to the customers. Business is not cut and dried. It is so much about feelings, especially when you are working to build something that will out live you.
Friday, February 22, 2008
Make Your Unique Selling Proposition Clear
I watched the democrat debate last night because politics is my hobby. Yeah I know, I should take up golf. Clinton and Obama are two peas in a pod when it comes to their solutions to problems. When Obama explained his position on illiegal immigration, Clinton said, "I agree with Senator Obama." When Clinton explained her ideas for leaving Iraq, Obama said, "I agree with Senator Clinton." Writing for Slate, John Dickerson said, "For the first 45 minutes of the debate, the two were so close on the issues they could have been running mates."
At the end of the debate a focus group of democrats admitted that they like both candidates. Therefore, it is coming down to personality and Obama is the most lovely of the two so he is going to win.
If your customers have to try to figure out if they want to buy from you or from someone else, you are not making your unique selling proposition clear. As small business owners we have to stand out in the crowd so brightly that it is almost as if we have no competition in our category.
David Milly has figured out how to be the go-to guy for hundreds of customers.
At the end of the debate a focus group of democrats admitted that they like both candidates. Therefore, it is coming down to personality and Obama is the most lovely of the two so he is going to win.
If your customers have to try to figure out if they want to buy from you or from someone else, you are not making your unique selling proposition clear. As small business owners we have to stand out in the crowd so brightly that it is almost as if we have no competition in our category.
David Milly has figured out how to be the go-to guy for hundreds of customers.
Thursday, February 21, 2008
Sky High Oil Prices Don't Get This Owner Down
Reed Pigman, the owner of Texas Jet, says he is a gas station for airplanes. Fortunately, he doesn't use today's gas station as a model for thinking about his business. I am old enough to remember when my mother would pull the car into a gas station and a person would actually come out to ask her what kind of gas she wanted. That person would proceed to check under the hood and would have a look at the tires to see if he thought he should check the pressure. My mom never had to get out of the car. That was then (1960s) and this is now.
The Professional Pilot magazine named Texas Jet one of the top 10 independent, fixed-based operators (FBO) in the United States and we went to see why these customers love Texas Jet. Owner Reed Pigman is proud that his customers don't focus on the price of fuel, they focus on the service they receive from his team at Texas Jet.
We discovered that Texas Jet is a place the pilots enjoy while they waiting for their customers to return. But more importantly, the pilot's customer is given the red-carpet treatment! There is a very-demanding supply chain within these operations. The pilot is the customer of Texas Jet and the passengers are the customer of the pilot. Though a few pilots own their plane, most pilots are the full-time employees of the company who owns the plane, and often the passengers are their key executives, but passengers could also be people who have a fractional ownership in that plane, people who have chartered it, or people who are just paying for an "empty leg." Everyone is a choice customer and all expect top-quality care and attention to detail.
You can learn more about Texas Jet at Small Business School.
The Professional Pilot magazine named Texas Jet one of the top 10 independent, fixed-based operators (FBO) in the United States and we went to see why these customers love Texas Jet. Owner Reed Pigman is proud that his customers don't focus on the price of fuel, they focus on the service they receive from his team at Texas Jet.
We discovered that Texas Jet is a place the pilots enjoy while they waiting for their customers to return. But more importantly, the pilot's customer is given the red-carpet treatment! There is a very-demanding supply chain within these operations. The pilot is the customer of Texas Jet and the passengers are the customer of the pilot. Though a few pilots own their plane, most pilots are the full-time employees of the company who owns the plane, and often the passengers are their key executives, but passengers could also be people who have a fractional ownership in that plane, people who have chartered it, or people who are just paying for an "empty leg." Everyone is a choice customer and all expect top-quality care and attention to detail.
You can learn more about Texas Jet at Small Business School.
Monday, February 18, 2008
Service Can Keep Cash-Tight Customers Happy
No matter what the economy is doing, the best way to keep sales up is to keep customers happy and coming back. This is what Laurie Snyder has done to build her hat-making company, Flap Happy. Basically Laurie makes it easy for customers to buy from her. The corny-but-beautiful thing about great small companies like Flap Happy is that they are all about serving others. This starts with serving customers and spills over into serving employees.
Laurie says we must accommodate special requests, be easy to reach, and take on some of the customer's work. All strong companies do this and when they do it right they are rewarded with loyalty.
If you want to improve your service, ask yourself these questions: What can you do to stop thinking so much about money and start thinking more about serving? What actions can you take to be a servant to both customers and employees? What would your employees say if we asked them if your organization is profit driven or service driven?
Laurie says we must accommodate special requests, be easy to reach, and take on some of the customer's work. All strong companies do this and when they do it right they are rewarded with loyalty.
If you want to improve your service, ask yourself these questions: What can you do to stop thinking so much about money and start thinking more about serving? What actions can you take to be a servant to both customers and employees? What would your employees say if we asked them if your organization is profit driven or service driven?
Thursday, February 14, 2008
We Can Learn from Political Pollsters
Since I am a political junkie I have been reading pollster predictions and then after the votes are in I read how they explain why they were wrong in their predictions. Also I am amazed by how finely they slice and dice the electorate. If you're a Christian you could be a Catholic, an Episcopalian or like me, a Baptist, and the pollsters say we are all very different. I know they are right to study voting patterns but it just seems so odd to be thrown into a tiny basket for examination. In an article today at RealClearPolitics.com, Jay Cost explains why he believes quality polling is difficult.
As a business owners we can learn from the pollsters. Think of voters as customers and ask yourself if you know as much about your current customers and prospects as these pollsters know about voters. Of course you don't have millions to spend on research but there are things you can do that take time but not big bucks.
When Paul and Vicki Sharfman, owners of Specialty Cheese, wanted to launch a crispy cheese product for people on the Atkins high-fat diet, they asked what customers thought about the package. It took them time to ask questions but no hard dollars and they ended up with a package that flew off the shelves.
As a business owners we can learn from the pollsters. Think of voters as customers and ask yourself if you know as much about your current customers and prospects as these pollsters know about voters. Of course you don't have millions to spend on research but there are things you can do that take time but not big bucks.
When Paul and Vicki Sharfman, owners of Specialty Cheese, wanted to launch a crispy cheese product for people on the Atkins high-fat diet, they asked what customers thought about the package. It took them time to ask questions but no hard dollars and they ended up with a package that flew off the shelves.
Wednesday, February 13, 2008
The Naked Cowboy Should Fight for His Brand
In a recent visit to New York City a girlfriend of mine took my picture with the Naked Cowboy and I gave him five bucks. Even though I grew up in San Diego and live in California now, I spent twenty years in Texas and I saw a lot of cowboys with some great hats. Robert Burck, the real name of the Naked Cowboy, not only has a great hat, he has developed a unique package that makes him stand out in the busy crowd always found in Times Square.
Today the New York Post reports that Burck is suing the Mars Candy Company because it dressed up an animated M&M to look much like the Naked Cowboy. Burck said in the New York Post, "'All I've got is my underwear. It's the most brilliant thing that's ever been created from a marketing perspective. You can't stop it,' said Burck, 37, who said he filed suit on the advice of lawyers and trademark experts."
The Naked Cowboy is one of 17 million one-person companies in the US and often these very small business owners don't think about protecting their ideas. And, in the digital world this gets even tougher for us little guys. You can learn more about protecting your intellectual property and your brand in this special episode of our show.
Today the New York Post reports that Burck is suing the Mars Candy Company because it dressed up an animated M&M to look much like the Naked Cowboy. Burck said in the New York Post, "'All I've got is my underwear. It's the most brilliant thing that's ever been created from a marketing perspective. You can't stop it,' said Burck, 37, who said he filed suit on the advice of lawyers and trademark experts."
The Naked Cowboy is one of 17 million one-person companies in the US and often these very small business owners don't think about protecting their ideas. And, in the digital world this gets even tougher for us little guys. You can learn more about protecting your intellectual property and your brand in this special episode of our show.
Monday, February 11, 2008
Finally Video is Everywhere
No more waiting to find Small Business School in a 30-minute slot on your PBS station. We bring it all here, right now for you to learn and enjoy at a time and place that meets your needs. And, in addition to streaming hundreds of hours of our television show on our own site, many trade associations and business publications now have our Daily Insight and Inspiration on their websites. You can find us at The Business Report, The Arizona Small Business Association, The New York Times, The National Association of Female Executives, The Bloomington Chamber of Commerce, Arkansas Business, The Council of Supply Chain Management, Babson - The #1 school for entrepreneurship, The Los Angeles Business Journal, New Jersey Business, Central Pennsylvania Business Journal, The San Diego Business Journal, The Business Record and more.
Email us if you would like to have our video on your website! Hattie@SmallBusinessSchool.org
Email us if you would like to have our video on your website! Hattie@SmallBusinessSchool.org
Friday, February 1, 2008
Microsoft Wants Yahoo
The Associated Press is saying that Microsoft wants to buy Yahoo and the story reveals that this is not the first time that the big guns have tried to nab the web portal and search engine.
Buying a competitor is a great way to grow your business and increase profits. If the deal goes through, Microsoft believes it can meld the strengths of both companies to create a more powerful Microsoft.
Small companies can learn from this big business strategy. We owners tend to think that we have to start everything from scratch and we're even proud when we succeed to say that we did it all by our little selves. This is silly and small which can be one reason that most small companies stay small.
We have studied more than one company here at Small Business School that grew through the acquisition strategy and we're happy to introduce you to one of those companies, Rowland Roasters in Miami.
Buying a competitor is a great way to grow your business and increase profits. If the deal goes through, Microsoft believes it can meld the strengths of both companies to create a more powerful Microsoft.
Small companies can learn from this big business strategy. We owners tend to think that we have to start everything from scratch and we're even proud when we succeed to say that we did it all by our little selves. This is silly and small which can be one reason that most small companies stay small.
We have studied more than one company here at Small Business School that grew through the acquisition strategy and we're happy to introduce you to one of those companies, Rowland Roasters in Miami.
Thursday, January 31, 2008
Politicians Boosted by Celebrity Endorsements
USA Today is reporting online as I write this, "Calif. Gov. Arnold Schwarzenegger officially endorsed Republican presidential candidate Sen. John McCain." Obama was boosted by both Caroline and Ted Kennedy a few days ago and as business owners we can learn from this.
Celebrity endorsements or the use of a famous person to market our companies can be very powerful although there can always be a downside. Remember when OJ Simpson was the face of Hertz?
Learn how Robert Redford's name and face is used carefully by Sundance Catalog.
Celebrity endorsements or the use of a famous person to market our companies can be very powerful although there can always be a downside. Remember when OJ Simpson was the face of Hertz?
Learn how Robert Redford's name and face is used carefully by Sundance Catalog.
Tuesday, January 29, 2008
It's a Market Correction Not a Recession
My mother-in-law is visiting from Maine and she is proof that physical labor keeps a person young. At 85 she insists on living alone, putting in her garden, mowing several acres and taking care of the needs of many of her neighbors. I certainly hope to be as strong and happy as she is now when I am 85. However, I do have a bone to pick with her. Even though she has had a computer with Internet access for at least 10 years, she still gets her news from her local daily paper and Brian Williams.
When she arrived here in Palm Desert for a welcomed thaw, she started saying that she thinks we must be in a recession. So for two weeks I have been trying to figure out what she is talking about. My research lead back to her news sources. I read her favorite newspaper and watched Brian Williams with her; and even I got depressed.
Thanks to Steven Rattner's article in the Wall Street Journal today, I now have the expert who will back up my sense of the economy. Mr. Rattner says, "...the probability remains that what our economy faces is less a plunge into the dark ages than a cyclical purging of excesses." Thank you. Just like in 2001 when the dot com boom busted, we have had recent splurges and now the market has to push us back to a sustainable reality.
I don't hear business owners complaining because that is not what we do when things change. What we do is adapt. As his business grew, John Hawkins was squeezed hard by the California labor laws. To save his company, Cloud 9 Shuttle, he offered van drivers the chance to be owners. By turning employees into owners the cost of doing business dropped while the drivers' income went up.
Can you use this market cycle to make some changes that will make you stronger and employees happier?
Monday, January 28, 2008
It's Time To Buy Your Dream Home
The New York Times reported on January 24 that housing prices fell for the first time in decades. This is good news for anyone who doesn't already own their dream home. Finding a home or building a home today can be very exciting because of the new building materials and all of the technology that can make your life more comfortable and fascinating.
Boutique builders, all small business owners of course, are the ones to look for when you want to create the home of your dreams. Eric Rose, founder of EM Rose Builders located in Branford, Connecticut, has spent years building his reputation as a world-class builder. He specializes in building smart homes. At our web site you can learn about Eric and why his customers-- architects -- keep coming back.
Boutique builders, all small business owners of course, are the ones to look for when you want to create the home of your dreams. Eric Rose, founder of EM Rose Builders located in Branford, Connecticut, has spent years building his reputation as a world-class builder. He specializes in building smart homes. At our web site you can learn about Eric and why his customers-- architects -- keep coming back.
Thursday, January 10, 2008
The Politicians Say They Can Make Change
Listening to all of the politicians is dizzying. But, they are on to the right topic. When something doesn't work, we have to change what we're doing. The big problem is that the establishment doesn't want their perfect little lives messed with. I am talking about every person who gets a check from the Federal Government. With the exception of those who wear our military uniforms, the government barely works.
We owners are lucky that we can think of a new idea and make it happen fairly quickly. That's the fun part about having a small business. We can gather everyone together in one room, describe our new idea, receive input from everyone who will be affected by the change then design a plan to make it happen.
Steve Hoffman changed his product offer when it dawned on him that he had systems for his very small business that would support a much larger operation. He went from double digit millions to triple digit millions. Nice change, Steve.
We owners are lucky that we can think of a new idea and make it happen fairly quickly. That's the fun part about having a small business. We can gather everyone together in one room, describe our new idea, receive input from everyone who will be affected by the change then design a plan to make it happen.
Steve Hoffman changed his product offer when it dawned on him that he had systems for his very small business that would support a much larger operation. He went from double digit millions to triple digit millions. Nice change, Steve.
Tuesday, January 8, 2008
Find New Customers in the New Year
Ping is famous for its putters and has always sold its golf clubs through professional golfers who run pro shops at country clubs and golf courses. When Ping felt they had maximized this way of acquiring new customers, they decided to co-brand with NASCAR.
This turned out to be brilliant because a large percentage of NASCAR fans play golf, have money to buy high-end clubs and they trust the NASCAR brand to recommend products.
Don't get stuck in a rut as you search for new customers. Use this new year to find new ways to find new customers. See for yourself how they did this at Karsten Manufacturing, the makers of Ping Golf Clubs.
This turned out to be brilliant because a large percentage of NASCAR fans play golf, have money to buy high-end clubs and they trust the NASCAR brand to recommend products.
Don't get stuck in a rut as you search for new customers. Use this new year to find new ways to find new customers. See for yourself how they did this at Karsten Manufacturing, the makers of Ping Golf Clubs.
Monday, January 7, 2008
What Is Your Real Growth Potential?
When you started your business you may have never wanted to grow past a few million in annual revenue. Or, you may have already surpassed your most optimistic dreams! This happened to Scott Mooney and then he got hooked on growth. As a high school kid he opened a retail store and was able to run it as he convinced the school authorities to let him go to night school with the juvenile delinquents. I'm not kidding.
Soon he had put his competitor out of business then he realized that he had no more growth potential if he stuck with the same business model. Scott decided to move from running a big retail store in the tiny town of Ottumwa, Iowa to building a database which allowed him to sell to any customer who had a mailing address. When he reached $18 million in sales, he sold to go after some new challenges.
Soon he had put his competitor out of business then he realized that he had no more growth potential if he stuck with the same business model. Scott decided to move from running a big retail store in the tiny town of Ottumwa, Iowa to building a database which allowed him to sell to any customer who had a mailing address. When he reached $18 million in sales, he sold to go after some new challenges.
Sunday, January 6, 2008
Is This New Year the Time for New Products?
Maybe this is the year to launch a new product that will thrill your current customers. That's what we're hoping to do here at Small Business School. We have been making television shows for PBS stations since 1994 and we have had plenty of fun. Viewers tell us we are their favorite show on TV and they try never to miss an episode.
However, we are now ready to leap past conventional syndication and offer our fans an experience that television simply can't deliver. You can see for yourself at Small Business School that you can now search our library by topic and by industry and get the answer to your question. This will make learning so much more flexible and personal.
Strong companies stay strong by offering new products and services after studying customer needs and wants. One of my favorite companies that does this well is Medallion Financial. It's a new year. Is it time to offer something new?
However, we are now ready to leap past conventional syndication and offer our fans an experience that television simply can't deliver. You can see for yourself at Small Business School that you can now search our library by topic and by industry and get the answer to your question. This will make learning so much more flexible and personal.
Strong companies stay strong by offering new products and services after studying customer needs and wants. One of my favorite companies that does this well is Medallion Financial. It's a new year. Is it time to offer something new?
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