Who's the Boss?

When critical decisions need to be made- are you ready to be the boss? Sometimes when big things are happening it can be easy to stick your head in the sand and just hope that the situation will evolve into what you want it to be without having to make a call one way or another. I have yet to talk to an entrepreneur who has found this strategy works, myself included.

It is important to plan ahead to avoid being put in these types of situations as much as possible. That being said- stuff happens, markets change, and therefore plans have to change to keep up.

When you need to make a tough call, I recommend looking at the following points:

1.     What is the long-term vision you have for your business?

2.     What are the implications for your cash flow? Do you have the necessary finances in place to take things to a satisfactory point or do you anticipate running out of money part way through?

3.     How will this affect your relationships with your clients?

4.     What are the factors that you can control?

5.     What are the factors beyond your control? How could these impact your decision?

How do you make a difficult decision? Are there other points you would add to my list?

Forgetful Fridays Lesson #4- You are the boss, you and only you, have to make the tough decisions. 

Jen

Getting into the Holiday Spirit

A lot of companies have put a hold on holiday parties due to the state of our economy. I think it's a shame not to have some fun and get to know each other better, and believe or not, a holiday gathering can lead to higher productivity. I went to our TBDC party yesterday and it was great.

Here are my tips

1) For company owners:

The holiday season is upon us and whether the past year was been good or bad for your organization the holidays are a key time to recognize and show appreciation for hard work well done. Your party or lunch does not heave to be an expensive event - it’s the thought that counts.

2) For employees:

Go to the party, you are never too old, too young or too cool to enjoy the holiday season. Have a good time and keep all your conversations positive. Things can get very serious these days so take the opportunity to have a fun and enjoy life!

Happy Holidays Everyone
:))

Barbora


Photo: Oldgit.files.wordpress.com

Thoughtful Thursdays - When Do You Give Up On A Prospect?

I attended a networking event at Toronto Business Development Centre last night specifically to listen to guest speaker, Ben Barry. You may not have heard of Ben, but will likely be familiar with the Dove Campaign for Real Beauty. Ben was the drving force behind the creation of that successful campaign.

In the Q&A that followed his talk, Ben was asked how he was able to get to the key people of influence and decision makers, often top company executives.

In a word, persistence was the answer. Making as many calls as it takes to contact your prospect is how you eventually make contact, remain polite and keep your value proposition front and centre. This speaks to knowing not only your potential customer's needs but their customers needs as well.

A prospect is someone you have identified as a result of your market research that might want to do business with you.

Never give up on a prospect. Even if the the potential does not exist today, it may develop tomorrow.

I encourage you to learn more about Ben Barry and how he is changing the face of fashion at http://www.benbarry.com/.

Richard

Wise Wednesdays - Dig Deep

Here is last week's Wise Trivia answer to the question, “What is the education level of people who start a business in Canada?”

According to a CIBC report done in 2004 (Start On Up: A New Look at Entrepreneurs in Canada) the education level of entrepreneurs is:
16% - not completed high school
26% - completed high school
36% - post secondary certificate/diploma (not including a university degree)
22% - university degree

According to Census Canada, 2006 report the education level of all Canadians (between 25-64 years of age) is:
15% - not completed high school
24% - completed high school
38% - post secondary certificate/diploma (not including a university degree)
23% - university degree

I noticed how almost identical these two sets of data are. Entrepreneurs reflect the population at large.

One of the things the stats don’t show is how business savvy someone is. An entrepreneur’s true test in education goes beyond textbooks and training.

I had a client who opened an immigration consulting business one month before September 2001. After 911 the immigration and refugee laws in Canada were re-vamped and would not come into effect for another six months. The business owner was at a loss. What could he do besides throw in the towel?

He decided to ‘dig deeper’ and get busy connecting with people and sending out updates on the proposed changes to Canadian immigration law (even though he knew he would not get any business for at least six months). These updates kept potential prospects interested as they wanted to know what the implications meant for them. Once the laws came into effect my client had a solid base of potential prospects who were ready to use his services.

Wise Question: When have you “dug deep” when things got tough? What areas can you now ‘dig deeper’? These situations can help you from being educated to being business savvy -- an experience worth it’s weight in gold.

Cheers,

Dominik

Thoughtful Thursdays - The Final Speech...

... not mine, but a thoughtful speech I came across while researching one of my favourite subjects - sales.

Richard

Wise Wednesdays - Step-by-Step to Success

Here is an example of a conversation I regularly get:

Client: I want to start a business. I know you have to register to start a business?

Me: In the province of Ontario you don’t have to register a business to start a business if you use your own personal name.

Client: But I have a great business name. I want to protect it so I want to register my business name as a sole proprietor.

Me: That doesn’t protect you. An incorporated company has precedent over a sole proprietorship.

Client: Then I guess I’ll incorporate.

Me: That will cost you ($350 - $1,000)and you will have more paperwork to do.

Client: I hear if I patent or trademark my name I will be protected fully?

Me: That will take at least a year, a lot more money, paperwork and time.

Client: Isn’t this important to do?

Me: How much business have you done?

Cleint: Very little.

Me: May I suggest that you have other bigger concerns to think about.

The reason I bring this up is that too many people worry about things like branding, getting the right name, getting that website up when there are far more important things to do in getting your business up an running.

More important concerns include test marketing your product or service; doing an extensive survey with potential buyers (family members a few friends don’t count); gaining experience in the field; knowing who the key players are in the field and how they market; making sure your finances are in order.

Getting the right name and branding are steps that companies usually GROW into. The media has led us to believe that success is at hand instantaneously with a great idea. The businesses that I’ve seen succeed do so one day at a time. Step-by-step.

Last week’s Wise Trivia question: Where do most business start-ups get their financing from?

1st From their own savings
2nd Family and Friends
3rd Their bank
4th place Other lending institutions
80th place Government grants (rare)
100th place Angel investors (very rare)

Anyone who is lending you money will ask what you have financially invested in the business? If the answer is nothing or very little why should they?

Next week’s Wise Trivia: What is the education level of people who start a business in Canada? (Find out next week).

Cheers,

Dominik

Recession??

Last week I joined a group of 20 TBDC entrepreneurs with disabilities. The topic was the “R” word. Recession.

A funny thing happened -- there was no gnashing of teeth or pulling of hair. In fact, the discussion was very calm. I left with my faith in small business recharged and I understand better why small businesses are considered the “engine” of the economy.

• No one in the room was shutting down their business
• All business solutions discussed revolved around helping customers
• The power words used in the room were “flexibility” and “adaptability.” “Perseverance,” “persistence” and “tenacious” came up as well.
• Lots of recession-proof businesses were identified
• The best strategies discussed were low or no cost
  o Networking
  o Forming alliances
  o Online marketing
  o Focusing on past customers
  o Managing cash

The best comment of the afternoon -- “If you started your business with no money then what’s new?” said Ashley Proctor, owner of Creative Blueprint. “You just continue as you always do, making the best business decisions every day with what you have.”

After that bit of wisdom, there were a few sniggers about the banks and automotive giants. The business owners in that room certainly weren’t looking for bailouts!

In my opinion, small business owners are better prepared than anyone to weather this recession. Bring it on.