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Be Proactive, Find Business Oppurtunities
I’ve always wondered why anyone would want to “keep their nose to the grindstone.” Taken either literally or figuratively, it’s a dangerous thing to do.
While the literal danger is easy enough to figure out, the figurative may need some explaining.
In times of challenges, companies are often guided to go back to the basics; “keep their heads down” and focus on the here and now. While doing the one thing you do best, and doing it better than anyone else, seems to make sense, it’s also a great way to miss out on both opportunities and new competitors.
That’s because the phrase “turbulent times” doesn’t translate into “everything is standing still.” Your savvy competitors are probably very busy. They’re looking for opportunities being driven by the changes happening in the marketplace. They’re looking for ways to innovate, leap frog, if not eliminate, the industry leaders, and perhaps even change the industry all together.
One great example of not standing still is Ray Anderson, the founder and former CEO of Interface Carpets. Preparing for a motivational speech on the company’s approach to the environment, Ray realized the most he could say for what his carpet company was doing was “following the law.”
Instead of accepting that as acceptable, he started to look for different ways of doing things. What he found was his own passion to change how things were done, a passion that ultimately led to becoming a pioneer in the industry. A pioneer that created the industry of the green office, streamlined its costs, increased customer loyalty, and jump-started employee morale.
Well ahead of regulations and his competitors, Ray implemented strategies for waste reduction, recycling, and energy efficiency. And in the process his sales went up 49 percent and he created a new benchmark for his competitors.
I recommend companies continually scan their environment for opportunities. Turbulent times bring unique challenges that can become industry-changing innovations if you remember to keep your head up and constantly look and think about what is not only in front of you, but also on either side and coming up behind! After all, keeping your nose to the grindstone, simply results in a disfigured nose…
Elaine Eisenman, Guest Blogger
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July 17, 2009
The Value of a Positive Attitude
The other day I was reading an article about ridding yourself of the negative voices in your head. We have all read such articles — “I don’t deserve this or that,” “I’ll never be as pretty as my friend” and other such self defacing thoughts. I had many sales women on my sales team who came on as, what I called, shooting stars. They sold everything in sight only to drop from the heavens a month or so later. This being an example of “I don’t deserve to be successful, rich, good….” Pick your poison.
Then shortly after reading the article I was talking to a woman at SCORE who’s company was going through bad times. We went through the standard routine of cutting back payables, collecting receivables, etc. but I noticed she was doing this with a very positive attitude. I was a bit surprised as many clients we now see at SCORE are very serious and worried. I asked how she was able to go through this difficult time for her company and maintain her positive attitude. Her answer: “I have a Happiness Filter which filters out negative thoughts.” Never thought of negative thoughts being blocked by a Happiness Filter and loved the concept. Was she being unrealistic and a bit Pollyannaish? I don’t think so as she had a good handle on what needed to be done, but she used her Happiness Filter to keep her moral and productivity up. Seemed like a great idea to me. Do any of you have a Happiness Filter? I’m working on keeping mine in 24 hour operation. No more bad dreams day or night for me!
How is your Happiness Filter doing?
Betty Otte, SCORE Orange County
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July 14, 2009
Nominate Yourself Today
BusinessWeek presents the fifth annual “Best U.S. Entrepreneurs 25 and Under” contest. The goal is to identify companies that both demonstrate a clear potential for growth and establish the talent of the young folks behind them.
The 25 best companies will be featured on the Small Business Channel on October 9 and viewers will be able to vote for their favorite. The top five most voted companies will be announced November 9. All company co-founders must be 25 or under to qualify for. Nominate yourself today.
Entry Deadline: August 16, 2009
SCORE Association
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July 13, 2009
Adjust for Changing Times
One of the most difficult aspects of leadership in times of uncertainty is to not only adjust to new realities yourself, but to get your entire organization to as well.
Uncertainty comes about because of change. And the world is going through tremendous change right now. What happens next is anyone’s guess, but it is widely accepted that we will not be going back to business as we knew it. Capital markets are clamping shut. Regulations on industries and companies are becoming stricter. And companies that don’t adjust, won’t survive. That’s reality.
But it is also an opportunity. Companies and their CEOs need to be realistic about the changes they need to make today to play in the business world of tomorrow. No matter how hard you wish for things to fall into place, that wish will not come true. The only possibility for success is for you to take control of all that you can control. If access to capital was part of your short-term strategy, what changes can you make to be less dependent on external funding? What product changes will you need to make to adhere to future, stricter environmental regulations?
Being realistic now will allow you to be proactive, which in turn will make it that much easier to emerge stronger from the current turbulence and ready to face the future…successfully.
Elaine Eisenman, Guest Blogger
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July 10, 2009
Motivation Tips for CEOs
While Helen of Troy’s face launched a thousand ships, it’s your face, as CEO, that’s capable of launching a thousand anxieties. Especially in times like these, your employees are looking to you for clues. In the absence of direction from you, they will piece together theories and those theories will always tend toward the negative.
I’m often asked about the advice I give to CEOs for leading in times of uncertainty. Whether the organization is large or just emerging, the advice I give is the same:
- Communicate: Early and often
- Motivate: Be the organization’s cheerleader
- Deal: Be realistic and honest
Communicate: In the Absence of Information, Theories & Conspiracies Abound
During times of uncertainty or turbulence, the CEO’s role is to minimize that uncertainty as much as possible. This means being as open and honest as possible about what you know and don’t know. And being equally transparent about what you can say and what you can’t. Nothing fuels anxiety as much as a multitude of closed door meetings and sudden changes in the ways things are done. But veiled information as well as information shared prematurely, damages trust. Once shaken, trust is not something a CEO can regain quickly or even completely.
Motivate: Make C-E-O Stand for Chief Energizing Officer
Have you noticed that the first word your employees think after you say “cost containment” is “layoffs?” Even the mere thought of layoffs kills morale and halts productivity to a point where layoffs may become a self-fulfilling prophecy.
Instead, encourage and motivate your team to find ways to make your organization stronger right now. Engage them in problem-solving on how best to insure your company’s ongoing competitive strength. Ask for good ideas to identify unnecessary costs and new ways to delight customers. Being an active part of the solution is a double win for you—you’ll strengthen the organization and keep employees thinking in a positive direction.
Don’t forget about your own motivation and demeanor as well. Our bodies are remarkable conduits of stress. If tension, anxiety, or angst emanate from you, it will be absorbed by your employees.
Elaine Eisenman, Guest Blogger
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July 3, 2009
For Legal Issues, Always Hire an Expert.
In the long run it takes an attorney less time to research the issue as they deal with these issues daily. If you do not know a lawyer who specializes in the legal issue you need help with contact the local Bar Association for a referral. In most cases you will get a free hour of consultation so that you can determine if the lawyer can help you and if you have a comfort level.
- Always interview more than one lawyer for any case.
- Always get a price for services in advance and always cap legal fees if possible.
- Never pay a retainer unless absolutely necessary.
- If possible get legal services on a contingency basis.
Always know that if the lawyer wins or loses he/she gets paid. Each situation is different do your homework and understand all the options that you have.
Wishing you business success!
Julie Brander, New Haven SCORE
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June 4, 2009
How to deal with challenges and problems in business
Know that there are many solutions to all problems. Think about all the possible options and identify many solutions to determine which would give you the best result.
- Noticing a problem and finding a way to solve it is an opportunity for the business to grow in other areas and to increase productivity and sales.
- New ideas are always hidden in the problems which we solve each day and as the problems are solved the business will be stronger and makes the business model better.
- Listen to the problems that people complain about and realize that every problem is a brilliantly disguised opportunity.
- When one problem is solved others always appear and the biggest challenge is how you deal with them.
Please share other ideas on how you have dealt with challenges in business.
Julie Brander, New Haven SCORE
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May 28, 2009
A business plan is an essential management and operating tool for using your time, capital and energy the most effective way. This plan of action for building a successful small business examines the environment in which you expect your business to operate including potential problems, cyclical trends and growth opportunities.
If you plan to get financing, most lenders will require a business plan as part of the loan application. Putting your business objectives in writing as you build a business plan also forces you to think realistically about sales, expenses, short and long term goals. The more specific your goals are the better.
Make sure that the plan is easy to read, clear and can convince family, friends bankers and investors to give you a loan. A formal professional document is essential.
A complete business plan should identify: target customers and you plan to attract them; approaches to differentiating your products and services from competitors; sales and promotions; financial projections and a much more. Ideally, it will show anyone who sees it that you have done your research and understand the industry.
Every business plan starts with a cover page containing your contact information, which is vital to loan officers and other financial backers. The sections that follow include: (more…)
May 14, 2009
Attention all Entrepreneurs!
You are helping to rebuild our economy—one small business at a time. Why not let the rest of the world learn more about what you and your business are doing? Enter the Entrepreneur of 2009 contest, presented by Entrepreneur Magazine and The UPS Store.
Tell them what you are doing to:
- Make an impact on your industry.
- How you are impacting the lives of your employees.
- What you are doing in your community to make a difference.
ENTER NOW:
- To enter, your business must have gross sales of $500,000.00 and you must own at least 51% of your business.
- Click here to enter
- Deadline is June 15th, 2009
- Click here for detailed contest rules
Good luck everyone!
SCORE Association
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May 7, 2009
Hi. Lately I have been doing a lot of thinking about receivables and payables. If receivables are what customers owe us and payables are what we owe vendors, why are our payables more than receivables lately? And, if receivables are what customers owe us, why don’t they pay us? And if the customers tell us that the economy is down and they need a longer lead time, don’t they realize the economy is down for our businesses also and our vendors are not giving us a longer lead time?
What to do? Is our best customer still our best customer if they don’t pay us?
It’s tough to know when to push and when to comply. My thought is that we need to be firmer at the onset letting the accountant (or whoever is in charge of bill paying) know 60 days is 60 days not 120 days. Isn’t this a chance to confirm the squeaky wheel really does get the oil? Talking directly to the person who pays the bills is important. I have spent useless phone calls talking to the owner getting, “The check is in the mail,” routine when she has only told the accountant to prioritize bill paying. It is our obligation to make it known we are on the top of that priority list.
Any of this sound familiar to you? Let me know how you handled it.
Betty Otte, SCORE Orange County
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March 27, 2009
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Julie Brander
Peg Corwin
Peggy Duncan
Vernita Naylor
Betty Otte
Christine Banning
Maryanne Weiss