Its all about business.

Archive for category Growth

The Stuck State Business

Apr 17

Posted by Steve Gray in Growth, Innovation and Creativity, Leadership, People!, Planning, Risk Management | 1 Comment

Stuck state business, a business where they are “stuck in the same state” this allows for little if any growth and comes from the idea called Homeo Stasis – Where things are held as they are – “Don’t make waves things are okay as they are” The challenge with this is that other factors change while your business is standing still and before long challenges occur and your business can face various threats to it’s survival.

Based in biology terminology, this ‘stasis’ relates to organisms and the way the ‘whole’ can be maintained, the right amount of light, nutrients, etc to ensure the organism can survive. The organism dies when things get too far out of balance and things go astray. With limited ability to improvise – adapt – or overcome a simple organism has little chance of survival.

In business the ‘organism’ becomes more complex, there are more variables, in many cases it is a range of little ‘things’ which can make or break it’s ability to thrive let alone survive.

Lets look at a few variables

  • Staff – motivated – skilled – communicating well?
  • Systems – complex – simple – effective?
  • Strategies – Marketing – Management – Operations – in place or not?
  • Values – minimal – developing – fully developed – where are things at?
  • Resources – tools – materials – workspaces – finances – training – well utilised?

Now you can see your business as a complex organism and one where the balance of all the factors to make it successful, have to be juggled carefully to keep things in harmony. In this case harmony can equal a static situation which does not allow for growth.

For the sake of your business, figuring out what is keeping the status quo where it’s at could be important in the logical approach to evaluating the situation. OR you could take a ‘quantum leap’ and step over that, avoid the analysis and look at a range of things that can be done that might not already be done, to head things in a healthier direction. A bit like doing a range of exercises to build core strength in a body when you thought you could get away with just one or two exercises, often the result is better in the long run.

What you can do

  • Communication – Discuss – projects – people – resources – aim to connect – synergise – empower – inspire – what works – what doesn’t – distil lessons learnt & distribute – reduce barriers – reduce hassles
  • Create a learning cycle – Assess a project before it starts – assess it inn progress – evaluate the aftermath, what went well, what didn’t and what can you learn from it
  • Aim for excellence – “If it could be done better do it!” look at all aspects to what makes things tick- Systems – strategies – skills – structure – service – quality (to name a few)
  • Provide a sense of belonging – achievement – contribution
  • Goal set – share the info – share the wins – explore the challenges and shortcomings.
  • Love your people – they make the hard resources move – they do the ‘stuff’ that pays the bills and builds the profits if  you love them they will love the customers
  • Love  your customers – connect – discuss – focus – ask – explore them – know them – let them know you and your team

All of these things can keep your team nimble and exploring a wider range of actions and thinking processes than their usual comfort zone allows. All of this should allow your business to explore the idea of thriving, not just standing still in a warm spot where things are comfortable but pushing at least some of the boundaries to make things work better.

Did You ‘Value’ Your Business?

Apr 11

Posted by Steve Gray in Growth, Human Resource Management, Leadership, People!, Planning, Risk Management | No Comments

In the past set of nine articles I have outlined some ways to look at the values your business operates with. Now it’s up to you to take each and develop some guidelines around each for how you want your team to operate. May I suggest you hand the list to your top people, give them a head start, tell them to develop some ideas and options and email them to you (compile the details in a  group meeting). Then develop an organisation wide set of values, possible scenarios and situations around them.

Compile the guidelines into your master operating procedural documents, begin to live it, refer to it and explore all it has to offer.

Any future steps the organisation takes should be done in light of these core values, then over time these can be ‘tweaked’ to suit.

Now you are fired up to tackle this as a project (even you small business operator…) then here is a link you can email to your team to work with.

Adaptable

Quality

Passion

Accountability

Integrity

Collaboration

Tolerance

Respect

Leadership

And another article on values to tie it all together

 

Now look at how you bring the various aspects of this together to create great results for your business by taking positive action.

Oh and while you are at it, get your team to explore any other values they think would be useful for your business, drop me a line to let me know via the comments for this post and I will take a look and consider adding them in.

Tags: , , , , , , , , , , , , , , , , , ,

Adaptable

Apr 9

Posted by Steve Gray in Growth, Human Resource Management, People! | No Comments

Have you ever felt like you should have zigged when you should have zagged? More than likely! In business adaptability means the ability to alter direction in a heartbeat to be able to take on fresh challenges with ease and solve big problems hopefully before they arise.

Adaptable: We are able to take initiative and embrace projects and challenges with the guideline of “Improvise – Adapt – Overcome”

I like the ideas of ‘improvise – adapt – overcome’ I think it makes a neat mantra your teams could follow, and if you are brave enough you will provide a working environment where you trust your people to go the extra mile because they are following the mantra and have ‘nutted out a way forward’.

You know you have set up your team to value the idea of being adaptable, perhaps they might have to work varying hours while a team member is on holidays, or having to be part of a brainstorming team to come up with some fresh ideas. Perhaps it’s having to find solutions using creative approaches in a ‘blink’ and doing it with confidence and poise.

You know you can be adaptable too and value the word so highly you often find yourself having to be more adaptable than most, but then  you treat that as a starting point to train others in how to be even more adaptable. Notice how you have to become more creative to be even more adaptable… How will you teach your people to value creativity and explore it with ease?

Quality

Apr 9

Posted by Steve Gray in Growth, Human Resource Management, People! | No Comments

Everyone wants to buy a quality product, they want a good quality of service, they want to see that you care about the quality you provide and value it yourself. After all it’s your business and quality should be a big hallmark right? So what do you do to ensure the quality controls are there and your team follow them, tweak them, create more of them?

Quality: What we do, we do well – We openly explore ways to improve at all levels – A commitment to personal and professional excellence – A commitment to great service at all levels – Aiming to be a highly professional team

It’s not just products, it’s so much more, the delivery, the service the sales presentation, the effectiveness of communication at all levels. It’s the way your business holds itself, it’s stance or posture, it says tot he market place ‘we are quality’.

If you have a quality system that relates to some standards of practice or certification  you will have all manner of quality device in place to ensure every last check box is ticked and minimum standards are met. If you don’t have a quality system in place what can you do to create one? How will your people respond and use it, how will they help to develop it and how will you ensure it is being used at all times by those who count, everyone in your business!

Passion

Apr 9

Posted by Steve Gray in Growth, Human Resource Management, People! | No Comments

Perhaps you started out in business with a HUGE passion for what you do, for your industry, for your people, for your business and all the things that went with it. The bigger your business got the more your passion spread. You worked harder, faster, longer until… it started to fade.

Perhaps you were lucky and your passion is so infectious your team became mini clones of you and before you knew it the passion bug struck and they all got deeply passionate about the business and all it stands for. Wow! lucky you! Chances are though the passion may not last and preventing it from fading becomes an challenging task so ask lots of questions about it so you can impress upon your team the importance of it.

Passion: Committed in heart and mind to get great results we can all be proud of

How does passion show up in your business? How do your people respond to it when they see it? Is it different from your response? What can be done to keep a rising passion happen for the business to grow and be an exciting place to be for all?

Ask people about the passion they have for your business, from the customers to the staff, what gets them excited so much they are loyal followers and supporters of all the business does and is. Knowing more about the passion your business is built on probably should be your major quest, an illusive Holy Grail if you like. A secret notion, ‘potion’, concept, aspect, feature, benefit etc… it’s one or more of those which creates the passion.

Accountabilty

Apr 9

Posted by Steve Gray in Growth, Human Resource Management, People! | No Comments

Accountability fits well with other business values to help in building a virtuous organisation. An organisation which people tend to flock to and revere, an organisation they respect because of it’s positive values and they way they feel they are valued.

Accountability: If it is to be, it’s up to me – See something, Do something, take action to make things right – Think globally, act locally – Hold true to a high level duty of care.

Who is accountable in your business? Your immediate answer should be everyone… Each to their own degree of influence in their ‘part of the business’. Who is will ing to put their hand up and say ‘it’s my problem I caused it’… depending on the degree of the problem will probably depend on how much they put up their hand and take responsibility for the challenge.

It all comes down to a duty of care, to  ourselves, our team, our customers, our business. To do that takes action, seeing things may not be right and taking action to set that thing right. What things are your people accountable for and what is your expectation of them when things go astray? Now ask how can we as a business explore what’s happening and how can we all be more accountable for what happens?

Integrity

Apr 9

Posted by Steve Gray in Growth, Human Resource Management, People! | No Comments

Integrity is a belief people have about your business, is it forthright, honest in it’s dealings, trustworthy or not.

How is it instilled in your business? how is it explored and developed? How do you do your part to ensure that from the top down integrity is a hallmark of all your business stands for?

Integrity: Consistency of honest working principles and beliefs – Build trust through our positive actions – Build our structural integrity to ensure sustained growth through a solid foundation – We build with a culture of mutual respect for all – Aim to be ecologically sustainable.

Honour, virtue, honesty, trust are all part of this one word and the values it represents. How does it show up in your organisation, what things communicate to people your business has integrity from the words and actions it uses to the physical aspects of the business (from signs, furniture and the actions of its team)?

Now take action to build the integrity by knowing all the small things in your organisation can be tweaked to increase the integrity people experience and believe in. What will you strengthen first?

Collaboration

Apr 9

Posted by Steve Gray in Excellence!, Growth, Human Resource Management, People! | No Comments

Across all levels of your business collaboration takes place. Sometimes it’s putting two people together to work on a project, working with customers to get a good outcome to a service issue. Perhaps it’s liaising with external suppliers to get products and or services how you want them (on time up to quality and at a good price).

How do your people collaborate, and are they aware they do it, almost constantly in your business? Are they aware of how well they do or don’t do it?

Collaboration: Leverage collective genius – work cooperatively with others – Comply with all legal and statutory authorities – Explore ways to develop profitable business relationships.

Collaboration is like some sort of guideline, knowing the boundaries and exploring the lines and levels of communication so people can do what they do well. The more your people communicate in a collaborative manner the more chance you have of the organisation really exploring it’s strengths and abilities. over time weaknesses and poor skills will be replaced by a more positive approach.

Collaboration as a value is important to recognise and find ways to make it prosper and grow.

Tolerance

Apr 9

Posted by Steve Gray in Excellence!, Growth, Human Resource Management, People! | No Comments

People tolerate each other, but to what degree? If you have customers who are ‘intolerable’ what are you doing to be able to handle them better, either as a goal to move away from them or ways to make their experience with your business better?

On the staffing side, how well do your people tolerate each other, perhaps they shouldn’t need to tolerate bad behaviour (bullying, harassment and such and should have ways to work positively with these kinds of issues.) But how do differing nationalities get on? and the difference in values people might have due to a range of personal beliefs and values.

Tolerance: Of others, their views, beliefs and values.

In business we have to deal with many things, handling differences is part and parcel of things and our ability to be flexible in our approach is probably key to making differences work.

Take a look at what people in your team tolerate from each other and customers. Do they handle the differences well or not. If not what can you do to show people there are differences and that they can simply be other peoples beliefs and values, they are not good or bad, just different. Then yo will have a great starting point to build from.

Respect

Apr 9

Posted by Steve Gray in Excellence!, Growth, Human Resource Management, Planning | No Comments

I see this as one of the biggest words in the dictionary, although only seven letters long. It can mean so much, be bandied about so frivolously and thrown at people when they least expect it. In business it can mean the difference between things happening or not, or people willingly following a great lead or not… you get the idea, it has an effect at all levels across all aspects of your business, the more you  look the more you will see respect at work.

Respect: For each other, the people we serve and the environment – From the way we communicate to the way we act on all levels.

How then do you build respect? Explore it’s meaning to you and others in your organisation first, then look at ways of implementing high level respect. It could be better communication, from you as the business leader to to your team communicating with you. Then to the way everyone communicates with the customers.

How do your actions encourage respect, are you too laid back, not clear in your communication, not clear about your goals, the organisations goals, the way the team/s interact… and the list goes on.

If you value the notion of respect you will find more ways to make it happen for yourself and your team. May I suggest you make a BIG list of the ways respect shows up in an organisation and how these can be tweaked in your organisation to foster some growth. the bigger the respect gets the better chance you will have of creating a positively buoyant organisation, and that has got to be good for the longer term stability of the enterprise.

The ideal business

Mar 22

Posted by Steve Gray in Excellence!, Growth, Leadership | No Comments

Sounds like a great title huh, you probably thought, oh is it one that makes great $$ (yeah) and does it have incredible profits (well YEAH!) and does it mean I have to hardly run it… and don’t have to have many skills???? umm probably not.

What I’m thinking of here is the structural side of the business idea, rather than the sort of business it might be. So no it’s not the far out super freaky pizza business that serves east west Tex-Mex surprises with a Thai influence.

Imagine a business, where you have made things tick over nicely the staff are stable (and happy), your customers like what you provide and the way forward looks good. Income and profitability tick over nicely and you wonder about the bigger picture now you have more time to, you replaced yourself multiple times with great people and can sit back and “enjoy the view”. Now it’s time to look that bit further, or perhaps differently to cause your business to do more of what you want it to.

You know when to put on new staff, knowing when the rest of the team are pushing the limits, and you can handle the ‘lag time’ until they are ‘up to speed’ in the role. You have great measurement tools in place to know what’s working and what’s not. You know what the profit margin is and where it goes to.

What next? Is this it, is this the holy grail of your business goal/s? Are  your challenges at an end? Do you simply sell it off and retire (early?) or do you go for the thrill of the chase… the adrenaline injecting process of doing more, and creating anew to push yourself that bit further.

Let’s go for the latter… Lets explore how you can replicate the process to explore success in business and do more, be more have more. After all we live in a world of abundance and by the sound of things if you have read this far you have probably said to yourself yes I do all these things and I am in that lovely lofty position to be able to do more.

You have created an ‘organism’ which grows, it’s more than just sustainable and you can stand back and enjoy the benefits of it’s growth. Now take out a pen and pad and jot down the mechanics of the business, what makes it tick, what makes it profitable? What sets it apart from your competition to the point where you don’t have to even be there anymore to enjoy it.

Take that list and ask, Can I develop a formula from our current successes to be able to reproduce that in other businesses… short answer will probably be yes.

I suggest at this stage  you take a look at the list in a way which deals with the essence of the success and not just trying to think about other businesses you might like to try out or test. Look at the structure, how information flows, the team and culture, the values and beliefs, all the things which can cause the internal structures to remain steadfast and provide the right sort of support for growth.

Now you know what makes your current business tick and the building blocks for ANY new business, it’s up to you to act on the information.

If you create a new business or five, hold this thought in your mind… “in war success has never come to those who fought on more than three fronts” (go on prove me wrong…) it’s said this was Hitlers downfall in the end. So how will you as a business owner develop more businesses without this happening.

Firstly you will be mindful of it, secondly you will probably recognise that each business will not be run by you, you simply provide the ‘right structure and resources’ then step back and advise on ways to tweak the enterprise to generate greater success.

Go on, give it a go, if things go well through great planning you will end up with a site of businesses making good profits you will be able to share around with others, therefore creating more positive abundance in the world.

 

 

Tags: , , , , , , , , , , , ,

Your Brilliant Business

Mar 13

Posted by Steve Gray in Excellence!, Growth, Leadership, People!, Planning, Starting out in business | No Comments

Your brilliant business is caused by people doing more of the right things – Thinking – Adding value – Loving what they do – Taking initiative – Exploring options and Providing great service to name a few.

Well that’s my view.

We could spend ages debating the issue, what a brilliant business is, how it’s measured and the results it provides. But I want to focus on the ethereal things which caused it to be a brilliant business. The initial points I put up are a big part of that.

Let’s go back to the start, a business you set up started with an idea, you could see what you wanted, probably saw yourself running it how things would turn out. In your minds eye you saw a plan of action coming to reality and all the key pointers I started this article with are what bought the dream to reality.

It was you in the beginning who put in the effort, you did the thinking, the planning, took initiative, explored options and provided great service to ensure prospects and customers would come back for more.

The next step in your business was a big one, you took on staff, partners and or associates who could see what you saw, felt what you felt and heard the positive accolades for the products and service you provided for customers. You managed to  encourage your ‘team’, they got motivated, excited and became driven to follow in your footsteps.

The results spoke for themselves, happy customers, great products and services and the bottom line reflects the top level positive work everyone puts in.

There it is, your brilliant business, brilliantly utilising your ‘soft resources’ to ensure the ‘hard resources’, products and services, are in the right place at the right time for your ideal prospects and customers.

Sadly all of this is not a common occurrence, in fact it’s a rare situation, one sadly lacking in a world where hope, excitement and the ‘thrill of the chase’ has been eclipsed by businesses which start up and fade, some fast, some slow.

All of the above points and so much more in formation is available to those who want to ensure their ‘business idea is given the best chance of survival in the ‘formative part of the business process’ and thriving in the maturing part of the process, yet too many fail fast.

What annoys me the most is that people who have great intentions in starting their business find the sense of loss palpable. All that was required was the right sort of research, a solid plan of action and the ability to cause people to follow your brilliant lead. Alas too many businesses do not have that and what could be a great start soon becomes millstone.

Let’s ask then, what sort of business do you want to have? One with brilliant prospects and outcomes or one doomed to failing fast? Now ask what will you do to make sure it’s not the latter!

Tags: , , , , , , , , , , , , ,

What Do You Do It For?

Mar 4

Posted by Steve Gray in Growth, Innovation and Creativity, People!, Planning, Risk Management | 4 Comments

You’re in business, why, you run events, why, your start new projects, why…

In business you can have a range of reasons as to why you do things… To make a profit and get rich (yeah right…) to be my own boss, to feed my ego, to provide  service and products to a niche market.

Lets go deeper. In business you might decide to do some things to make your business stand out from the crowd. Perhaps it’s a promotional event of some kind, you figure you can spend some $$ invite people over to your business and at some stage they will buy. Perhaps you figured the media will come and you will get wider kudos and therefore more publicity from the event.

For me there is some form of internal ‘buzz’ I get out of doing things, projects (in my case arty projects) to the point where I will produce a range of Artworks with an aim of exploring a theme of some kind with a bigger picture of exhibiting them (rarely happens) so I pursue a dream, and I get a ‘buzz’ from it. I then go onto the next project hoping things might go further… I continue to produce.

What about you, what’s your reason for doing what you do?

  • Ego -”I’m important look at me”. (What, you only lasted six months, but you were important and hey you gave it a go).
  • Profit – “I’m in business and I can make a greater return than any investment I know of” (You hope.)
  • You’re the boss – You get staff, they do the work, you sit back and watch (nice idea, doesn’t always work that way).
  • You have a great idea you think the world will want to buy – Maybe it is the best idea since ‘sliced bread’ but what if it’s not… done any research yet?
  • I want more promotional coverage for the business – You run an event to get people in, hopefully people who have not used your business before but hopefully will in the future. Perhaps the local radio station team up with you and run a sausage sizzle, it costs you a heap of $$ and you hope for the best. Was the effort really worth it? Note the key word here is ‘hope’
Perhaps I should apologise for my cynical ‘quips’ after each pointer here, but I see too much failure in business to push a positive line at times.
Let me go another step to see if I can redress the imbalance.
  • Ego – You have one and hopefully you can use it to give you a boost when the chips are down, see through the crap when people say it won’t work. Perhaps it will give you the confidence to present ideas to financiers, interested parties etc.
  • Profit – Know that business is like a bucket with a hole in it, people pour in water (in the form of $$) the hole represents the $$ going out (expenses, purchases etc) your aim is to keep the water line above the hole, this is called profit. Knowing how to do that and how much it will be should be very important. Note the more profit you make the more you can assist others in  your community (family, friends, charities etc.)
  • You’re the boss – Will you be a dictator or a great person to work for that your staff and customers will follow you to the ends of the earth? be the latter, study hard on this point and make sure it happens.
  • Your great idea – Test it, ask questions about it, research it “Nothing like it in the world!” Go deeper on your research! Then figure out what you can do to better, what your competition is doing.
  • You want more promotional coverage for the the business – If you run an event, or some promotional ‘thingy’ what do you want to really have happen… more names on your database, more people to walk in your door, more sales there and then. The emotion of running an event however can take away from the real reason you want to do it, before long the real ideas fades and the good vibe of the event takes over.
Next time ask yourself why do I really want to do this, spell it out and put the reasons why on a banner printed out from your computer, now look at it every day, let it drive you, guide you motivate you. Then think about the team you have, what o “they do it for”? Now there’s a good question.

Your Customer Relationship Executive and Your Business

Feb 25

Posted by Steve Gray in Growth, Human Resource Management, Leadership, People!, Planning, Risk Management, The Board Room, The Customer Service Dept | No Comments

Following on from a previous article on Customer Relationship Executives I thought you might like a few more pointers to make the process of building this role easier, here goes.

Your business has become big enough to have a person in this role, other businesses of your type and stature have them and it seems to work for them. So how about your business? The decision has been made and someone has to implement it. What to do next?

  • You’re leading them so ask what you want them to do and how you will support them to do it. (make a list FAST!)
  • Get a budget sorted their wage and ancillary costs, the resources they will need on a basic level and then the resources needed for them to excel at what they do.
  • What sort of person would you IDEALLY like to select for the role. Think personality type, adaptability, flexibility, nimbility, stunning phone manner, highly courteous at all times to ALL other personality types and so much more (another list!)
  • Where will you position them so they can feel part of the team but have the privacy their role may require?
  • How will you support, coach, mentor and support them?
  • How will they be seen by other staff who might currently do a part of this role as part of their usual duties… How will they be seen by other staff in terms of importance within the business?
  • What access to the database will they have?
  • What I.T. support will they get?
  • What Admin support will they have?
  • How will you measure their performance?
  • What will your expectations be of them?
  • How often will you meet with them?
  • What other people will have to interact with them so they can get their job done?
  • What sort of position description have you put together, does it include enough detail? Does it leave scope for them to add to the role?
  • What training will they need – to start with and along the way?
  • Who will fill in while they are away? Will this fill in person be able to effectively fill the gap and continue in a ‘business as usual’ kind of way or will they need to work one on one with the existing person to make the transition seamless?
Notice how there are lots of questions, stop and ask yourself, how will I cope with all this as well as my existing workload… hmm hope you have your ‘skates on’!
  • How will you make sure they are not under too much pressure from ‘moaning customers’ and those who want to yell and scream?
  • What strategies will you use to keep them motivated and highly engaged in their job?
  • How will you include them in planning sessions, showing them the stats, having them measure the stats…
  • What control will they have over the various situations which may arise… Feeding back info  to staff, dealing with difficult customers (what sorts of gifts can they send)?
  • What sort of ongoing ‘keep in touch program’ will you let them do, special occasion cards, reminder letters, promotional freebies and goodies.
Notice how what started out as ‘just another role in your business’ has become a major one, and the person has not started yet!
  • What limit will be set for their budget? Is it big enough or is it a bare minimum “we don’t know yet how big it should be, perhaps we should start out low and work up from there”?
  • What level of authority will they have? Can they go straight to HR to warn of  another staff member who is causing service ‘issues’ or so they have to ‘go through you’?
  • Will you require them to work after hours at special customer events?
  • Will they require the ability to think outside the square or is that left for the Marketing Department only?
  • Do  you want them to be loaded with ideas, or a person to ‘just do the job…’?
Okay you get the idea, this role is vital to your business, if you are not in a big enough position to have a person in this role perhaps there are a bunch of people who are in this ‘type of role’, if so how many of the above become applicable to them… Take a look at the organisations mission, vision, values, beliefs and ideals and see how highly customers are valued throughout that. Need to make changes?
So what is all this, a customer service initiative to cause customers to LOVE what your business does. Without this sort of thinking and action going on, your business just may as well fade into the sunset. :)

More on retailing…

Feb 24

Posted by Steve Gray in Growth, The Marketing Dept | No Comments

Ages ago I posted an article on Retailing, it was (and still is) a VERY topical area. My focus on this is renewed and I wanted to share some MORE! Ideas…

How did this come about, after visiting a retail ‘shop’ with friends, we spent an hour or two enjoying what they have to offer (yeah it’s a sit down, stand up and enjoy kind of place.) We got chatting to one of the owners, and ran through a few points of discussion. When we went to dinner after that we managed to throw more ideas into the mix.

It got me thinking (not again, just more…) and here is a list to work with.

  • Target market – Know who you are targeting, in their case I figure 26 – 60 yr old professionals looking to ‘unwind’. They don’t mind to spend if they are getting value from that spend – social types.
  • Work the list – They have been in business a few years now and should have a great email list to work, so work it. The list should also include their connections on facebook, google+ Linked in (It’s for professionals!) Twitter.
  • Work on their pain – They want to unwind, drop in and chill out… they want to pick up some great goodies to take home and unwind with, drop in and pick them up. So focus on what hurts, then alleviate that with what you have to offer.
  • Let them know – Use the list and ‘tickle their fancy’ with enticing ideas and options, photo’s of the specials and the offers, give them ideas they might like to try “Bought this, then try this too!” It’s Friday and the good peeps on your various lists should be hit a few times with these enticements. Like a reminder service. And make sure people can find you with great signage etc.
  • Ask them what they want – Yeah the customers, they might not want rickety stools, they might want something a bit shorter with back support. They might not want the cricket on the big screen TV. They might not want big in your face music… then  again they just might.
  • Plan it – All of this stuff, make it happen with a simple plan. who will do what when, then stick to it.
  • Offer incentives – Like, bring three friends next time and we will make them VIPs and we will reward you with a freebie.
That’s just a starting point. Oh these are great ways to build your business, BUT make sure the things are working, like the Facebook page, the website etc. You could be in for a nasty surprise if you are marketing to nowhere.

 

 

 

 

 

Connected people

Nov 23

Posted by Steve Gray in Excellence!, Growth, People! | 1 Comment

You have staff, you have customers, how connected are they?

How connected are you to your team?
How connected are the individuals in the team…

Does it matter, yes… and here’s why.

Your people are your biggest asset, they do the things required to cause customers to pay for the products and or services you provide. No connection, means no communication, no communication no sale. Here’s the issue, its all about having a ‘suitable’ depth of communication.

The same thing applies to the internal customer communications, no communication, no connection, therefore there is probably a low care factor. (seems obvious now I spelt that out huh…)
Change it, discuss it, explore it, push it, use the term “Care Factor” and raise it to a suitable level (too much can push things over the edge).

 

Now take a look at your “Care Factor” for ALL your team. Here’s some pointers to consider.

  • How much do you know about your people?
  • Ask them about their day, weekend, issues, thoughts, perspectives etc.
  • Chat about their hobbies and interests.
  • Discuss work issues face to face every now and then (not just by email or a brief chat as you pass in the hall way).
  • Invite them (not literally) to ask you about your interests etc…

Some of you will find this easy, others will struggle and have probably stopped reading for fear of connecting with their staff! Think about all of this carefully, because at the end of the day no connection means no sales, and business needs sales! (one way or the other).Your next questions should be how do I/we connect better! :)

Tags: , , , , , , , ,

Power $$ profit, where will it go…

Nov 2

Posted by Steve Gray in Growth, Innovation and Creativity, Planning | 3 Comments

In a recent news article the NSW government has made a tidy $1.23bn profit from the part privitisation of their power resources in that state. Well done, let me be the first to congratulate them.

I have a question however, what will they do with it?

Suggestion, for a whole bunch of people who can’t afford to buy the solar panels on their roofs use the $$ to give low income earners a way to reduce their utility costs, this will then mean less coal gets dug up as well. Makes sense to me. However I won’t be holding my breathe waiting for things to happen. :)

In your business are there similar opportunities? Are you missing out because of lack of thinking, risk taking etc… look closer you might find some powerful opportunities right under your noses.

Tags:

Make it Work

Nov 1

Posted by Steve Gray in Growth, Planning, Risk Management, The Board Room | 3 Comments

How do you go about making a succession plan, and setting things up so you and your  business can have a rosy future? Let’s try a few things and see what we can come up with.

Firstly a business that works.

  • Great products
  • Great service
  • Good profit margins
  • Great systems – policies – procedures – plans – vision
  • Great team
  • An entrepreneurial spirit – some risks – great rewards

Now say to yourself, “What do I want at the end of it all?”

A retirement income

An enjoyable, sustainable and profitable company to work in forever (some people don’t want to retire)

So how much is the retirement income going to be and when?

  • Will it maintain your current lifestyle needs?
  • Will it offer you the chance to live a greater lifestyle than you currently do?
  • Will it provide you with the chance to do more things in the wider community
  • Will I semi retire early…

All great questions but now what.

  • Think about your income levels, where they have been and where they are headed, when you reach a std retirement age of 65, what will the income be?
  • Then think about it being able to build further as time goes on, if you are retired for 30 years what would your final ‘wage’ be.

So how will you do it?

By now you may have realised the level of income you want, and now you have to ensure your business can create the level of turnover to pay for your ‘vision of the future’.

I think it’s time to get cracking on making your business more profitable and seeing how it will run without you, because some day in the future your asset will either fade or thrive. Take action now!

Tags: , , , , , ,

Stunning looks but what happened?

Oct 22

Posted by Steve Gray in Excellence!, Growth, Leadership, People!, The Customer Service Dept | 2 Comments

Have you ever had a friend who looked stunning but over time they ‘faded’, perhaps the look they once had is now ‘not in vogue’ or they have aged and the look does not fit the image, they should have altered to an image which suits their age, level of maturity etc…

I was out shopping today and started to see a few, “not quite Walmart’ people” but some a bit too close for comfort. Then a few who were the opposite, I started to put two and two together and thought… “Isn’t it interesting how the looks convey so much”. What I was now seeing was confidence, poise, pride, conviction, energy, warmth, integrity, strength, trust, beauty… “Guess which group this was!”

While on the other side there was, sloth, lack of care, little confidence, an unruly ‘dis-ease’, coldness etc.

It then struck me, it was a reflection of the shopping experience I had been having recently. Some businesses were, poised and confident while others, uneasy and fragile. Wow what a comparison, on the one hand people and the other hand businesses, yet there was a correlation to the way I felt about them both, a sort of emotional connection, ethereal and subtle but somehow strong at the same time.

Well that’s how I feel sometimes with some businesses I observe. The businesses I love are the ones who are consistently on top of their game. The ones who take care to present well, keep up with the times without following the latest fad. The ones who have pride and professionalism without an air of arrogance.

One quick example, I parked near a shop which sells Chef’s essentials, it’s open to the public so I took the chance to browse (I’m an avid cook so hey it was a great fit). On entering the store, one of the staff (although serving others) nodded and said “hello” I reciprocated and continued to browse.

As I went further into the store another service professional approached and said “It looks to me as though you are happy to browse, unless there is something specific you my like assistance with?” I smiled broadly and said “I’m quite happy thanks you read my interest well!” She smiled back reassuringly.

I wandered some more and selected a few things which took my fancy, on arriving at the counter, I was assisted with some light chatter and some ideas about one of the items I had selected “You can also use that for…” it was welcome info. I felt confident to ask a few silly questions without the store people rolling their eyes and I was met with some great responses which answered my queries well and helped me feel as though they were not silly questions after all.

I left the store pleased with the purchases and information I sought, nice… Mind you I have had the opposite on more than one occasion. Oh and by the way the store was well stocked (range and qty of each item) and beautifully presented, with items clearly labelled with price and other details.

To get back to the original idea of the post, I reflected on a not so good experience in a store earlier in the day, not enough staff, taking too long to serve and trying to find what I wanted in their crowded space was annoying, If I did not want the item so much I would have gone elsewhere. I walked out of there with a sense of disdain and grumpiness. Mind you this store had started out well a few years back but is fading off my radar the more I go back and suffer the little things which annoy me.

Stunning looks, but what happened? Take the time to figure out what’s happening in your business so  you can prevent this from happening and keep on top of your game.

 

Rushing headlong to “who knows where”.

Oct 3

Posted by Steve Gray in Finance, Growth, People!, Planning, Risk Management, The Board Room | 3 Comments

Lately I have had a few reminders of what I am about to chat about. It’s a bit unnerving when people ask “When are you planning to retire?” and I answer with “I’ll never retire, I like work too much!” that covers the fact I probably won’t be able to retire financially. But I guess it makes light of a serious subject and one I have to try hard not to think about too much.

Like a lot of people I didn’t worry much about retirement, putting cash away and anyway I keep hearing stories of people losing money overnight on the stock market and their portfolio value plummets again…

The reminder for this post, listening to people in business chatter away about how things have gone, what they will do when the time comes to retire, how they might sell their asset and in one case a lady who had sold her business, watched it fade fast into obscurity so she bought it back and is building it up again.

So what will you do, sell the business, put a Manager in to run it, expand it, resize it etc? All with the aim of having a nest egg to retire on.

If you do sell, will what you have the cash ‘invested’ in provide for your needs in retirement? How much will you need?

If you build up the business and put in a Manager how will that work out? Will the amount you need to take out hurt the business? Will it be run as you set it up or better? Will things fall in a heap and you need to rescue it… will you want to rescue it!

Lots of great questions in need of great answers. Hopefully your Accountant can set you straight, or at worst your own figures will project a rosy future for you. Lets face it, in the current economic situation there is little to smile about when the notion of retirement looms large in our thoughts. Unless of course you have an asset which keeps on giving.

Tags: , , , , , , , ,

Your business culture needs work

Jun 5

Posted by Steve Gray in Growth, Human Resource Management, Innovation and Creativity, Leadership, People!, Planning, Risk Management | 3 Comments

When you want a new staff member to ‘fit in’ you generally go for a good culture fit when you interview them. Usually this means the recruits actions and thoughts fit well with the rest of the team and the way they do things, their patterns of behaviour. It makes sense to do that, however what if you want things to change in your organisation… perhaps more growth, explore new markets, push some boundaries. Then things might be different.

 

Consider the role of a senior member of staff, perhaps a person in a strategic planning or Human Resource Development role. Your aim may well be to push some boundaries and open the playing field up to new ideas and options. In that case you may want a person with a different approach or cultural fit to the rest. This then raises questions about the type of cultural differences and skill sets you might want to have with this type of recruit.

 

How will you decide what culture and skill sets you require? That depends on the role and how much of a ‘shift’ you want to create in the system. Clearly if you go for a person who is totally different in their interests, values and beliefs to the rest of the team, you may end up with a situation where the gap between your current culture and your ‘imposed’ one is too great to sustain for any length of time. I liken it to a bridge trying to span a distance which is too great for the structure to hold for long, eventually it fails.

 

Your new cultural direction should consider the following points.

  • The change should be different enough from the existing situation but still maintain structural integrity.
  • Creative approaches or not? – if the existing culture requires stimulus to get it moving then a more creative skill set can do just that.
  • If the growth pattern of the enterprise is stagnant then a more profit driven or sales oriented person can add value.
  • Managing the change might need extra effort on the part of the HR dept, supervisors and team leaders to oversee the new direction.
  • Is this culture re-shuffle a part of an ongoing strategic plan? – If so it will probably fit with a core value of innovation.  With that underpinning the new approach, the team should see the benefits this will bring for the longer term.
  • Although a different cultural fit might be the main aim it doesn’t mean the core organisational values need to be ignored, in fact they are probably going to be strengthened by this new approach as terms such as respect – innovation and service get a bigger airing and may be explored at a deeper level.

Like anything changes to a business need to take into consideration various factors before being implemented but the above cultural development points might be a good starting point to consider.

 

How happy are your employees?

May 23

Posted by Steve Gray in Growth, Human Resource Management, People!, Planning | 2 Comments

How happy are your employees?

They turn up, they do the tasks, but how happy are they? Some of you are now asking “why should I care?” as long as they turn up and do the tasks…

Well a happy team will generally do things more effectively and with greater interest. If they are more at ease then they will probably be more alert and less stressed. Now does it make sense… So what can you do to assist them to be happier?

Survey them – Every few months or so develop a simple survey to measure how they are going in the happiness stakes at work – and loosely at home, you don’t need to pry too deeply but imagine if things are down at home, then it can impact the work situation, what will you ask them? well try doing an internet search for staff surveys and make a list of questions from there.

Do a Maslow – Dr Maslow came up with a list of needs people have in a range of situations, but the workplace is a great place to use it. Do a search on his list and then use it as a guide to measure with – It can be a very useful way to set up an induction program, or anytime a person moves to a new position or division and things change. It can give you a view into what sorts of things should be in place for this person to perform well. According to Maslow you should be aiming to get your people to a ‘self actualised’ position, this way they are in the best position to add great value to your organisation.

Is your workplace a brilliant place to be? – Take a look, is it a great place or a dump or somewhere in-between? Now figure out what can be done and when. It’s a great way to start forward strategic planning. When profit gets to x level you can update a few things, and continue on from there bit by bit until you get the organisation up to a great standard. As a one off big spend it might cost a lot, but in stages it can be a lot easier to handle. It could be developed by adding a question or two in the initial survey.

Keep on tweaking the list! – Use this list as a guide to improving your business and keep on tweaking it see if over time the results are showing up.

 

What do You Need to be Doing in your Business?

Jan 28

Posted by Steve Gray in Excellence!, Growth, People!, Planning, Risk Management | No Comments

What do you need to be doing in your business? It’s still early enough in the year to be thinking about planning and implementing.

I often think about what I would WANT to be doing in my business, yet the need to’s cut through the wants and nag me to pieces… Often it’s the wants which cause us to go off on inappropriate tangents.

Should you be…

  • Getting more new prospects.
  • Streamlining systems.
  • Finding ways to make things more profitable.
  • Developing cash-flow projections.
  • Looking after existing customers better.
  • Checking OHS issues and risks factors.
  • Implementing a staff happiness program.
  • Developing a marketing plan.
  • Implementing the marketing plan with your friendly branding expert.
  • Tweaking your business plan.
  • Developing your customer service strategies.

You know there are a whole lot more options you need to be doing, so what stops you?

  • Hate to do things which are forced on you?
  • Figure it will go away somehow?
  • You want to hire some one someday who can look after these things for you.
  • Don’t know where to start because the list becomes overwhelming?
  • You refuse to delegate?
  • You like to chat to suppliers rather than face the reality your business might slowly be going down the “gurgler”?

Looking for excuses will not help, you should take control and get the team together and make a list of what needs to be done and hand over as much of it as possible, then get on with doing your part of it.

In the end your business is just that your business, so it requires you to take on the responsibility which comes with the territory.

Tags: , , , , , , , , ,

Choosing the right franchise for you

Jan 7

Posted by Guest Poster in Finance, Franchisees, Franchising, Growth, Planning, Risk Management, Starting out in business, The Board Room, The Operations Dept | No Comments

Franchise opportunities abound, but choosing the right franchise requires careful thought and considered research.

Combing through franchise businesses for sale notices should be less daunting if you implement a well thought-out research strategy. Using online research, industry publications, news clippings and other methods is a great starting point.

When identifying franchise opportunities, consider what will complement your lifestyle, business goals and your skill set. Some aspects to consider are outlined below.

Brand strength? Behind every successful business is a strong brand, bolstered by an enviable reputation. Read widely about how the franchise brand is perceived by the industry, customers and business partners. Part of what you’re buying is the company’s brand equity. What do you estimate the brand’s equity to be?

Finding out about financial health How open and transparent is the organisation about its financial health? A company’s balance sheet can provide valuable insights about how well placed the franchise business is to harness future growth.

Expenses today and in the future Before you buy a franchise, you’ll need to know what set-up costs are involved. There could also be ongoing costs, such as marketing or advertising levies.

Strategic marketing, PR and advertising expertise? Dig deeper into the company’s marketing strategy. What level of investment and support is offered nationally and locally? What marketing and branding expertise does the company offer? How well resourced is the organisation to fund public relations programs?

Systems for success? Systems are essential ingredients in any successful franchise network. How efficient are the franchise’s systems and processes – do they help or hinder your ability to operate the business?

Investigate the level of support on the ground Do they have a dedicated operational and field support team to assist you? Investigate the ratio of franchisees to field support infrastructure.

Consider the commercial environment Determine the competitive dynamics that are likely to impact the brand. Do they have a well-defined understanding of their competitors, future opportunities, trends and issues?

Create a shortlist of franchise business opportunities? Once you’ve created your wish list, shortlist your most suitable franchise opportunities. Map out what works for you and what doesn’t, including the business must-haves e.g. IT and marketing support, costs (one-off and ongoing) and other forms of critical infrastructure.

Talk to franchise owners at the coalface Franchise owners are valuable resources. They can often provide you with the ‘inside story’ about a potential franchise business opportunity.

Lesley D’Arcy – As a franchise recruitment manager at Mortgage Choice, Lesley D’Arcy is responsible for recruiting franchisees to greenfield (new) opportunities as well as selling established franchise businesses. Her career in franchise recruitment spans over 15 years where she has worked with many major franchise brands. Lesley has a wealth of experience in recruitment of franchisees and builds on this experience by unearthing and developing the latest and most innovative ways to help franchisors build their networks. This experience has given her the skills to become an expert in the field of franchise recruitment, excelling in lead generation, screening, qualifying and selling to prospective franchisees.

Tags: , , , , ,

Business Basics

Oct 8

Posted by Steve Gray in Excellence!, Finance, Growth, Planning, Risk Management, Starting out in business, The Operations Dept | 4 Comments

I love chatting about business, and love to see people put an idea or three into action and get results, but unfortunately far too many people go to get started and so blindly follow the idea their heart runs off with the head and they fail. I don’t want them to fail but they do, the business owner does not want it to fail but it does… Fail, fail , fail… its not a good look!

Therefore, any chance I get I like to mention the basics of business in the hope to make a difference, I like to harp on about the basics and let people know…

  • Idea – Research – Action – Spend $$ – Make $$ – Have some left over – Invest – Repeat. (or close to that.)

Still people get it wrong, some end up with an image like this…

  • Idea – Action – Spend $$ – Make SOME $$ – Spend more $$ – End up broke. (Or some similar pattern to that.)

What’s the point of having a great idea and seeing it crash and burn? None, it hurts and can easily hurt others, so stop doing it. The challenge is however people don’t see the “crash and burn phase” they see a rose coloured world of $$ and happy customers.

Consider this, you want to learn to fly, you have the idea, you have the cash to buy a plane, you know full well you can’t fly the sucker until you have been trained and pass the test.

So why the heck do people jump into business (of any size) without the right training… Because they can, and you know what, you can sign up to get business registration on line, get a bank account and so forth and be in business in no time flat. Problem is no training, probably some skills, possibly and few helping hands to get started. and the rest seems to be “fly by the seat of your pants” and hope for the best.

Do some basic research BEFORE getting started and make sure you KNOW what you are in for PLEASE. too many failures in business seems such a waste of resources folks.

Tags: , , ,

Blitz your business now…

Aug 6

Posted by Steve Gray in Excellence!, Growth, Planning | 1 Comment

If you are like many people in business you are probably flat out keeping your business ticking over and doing your best to get and keep, ahead in tough times. you have all the usual things you do to keep things going and if you have a profit happening then you are doing some things right.

However it is also easy to miss out on getting things right in your business and in fact it can be VERY difficult to get ALL things right. Perhaps this “Blitz” idea might make a difference to how you go about things.

Businesses often have “blind spots”, in retail circles it’s often called “Store blindness”. It’s where particular parts of the business are not up to scratch and often go unnoticed, it might be one area of a display which has become tardy but is not noticed so we form a blind spot to it. My answer, “blitz your business”.

How? Simple, in retail for instance, draw a rough plan of your store, and have a blitz attack on sorting things out in that section, check cleanliness, stock levels, layout, lighting, signage etc… Then to other business aspects, marketing, operational systems, and management to name a few. Go through all of these one at a time and sort them out bit by bit.

Perhaps set up a blitz team to work on each part of  the business so the organisation can see the fruits of it, knowing it has taken solid action to get those results. Start now with a simple checklist of areas to focus on. Oh and remember to mix up the areas you focus on with your team so they avoid getting into a rut and follow a boring routine.

Tags:

Evaluating Your Small Business Strategy

Jul 8

Posted by Bren Ryan in Excellence!, Growth, Innovation and Creativity, Planning, Risk Management, Starting out in business, The Board Room, The Operations Dept | 1 Comment

Countless people set themselves personal goals in life, but in many cases, small business owners don’t do themselves the same favour.  Without setting time aside to consider, plan and implement a solid strategy for any business, its success can be often hindered or compromised.

In these tough economic times, owners are struggling to make their business grow, but strangely enough, there is great opportunity for companies to make leaps and bounds while the market is down.

Take a Step Back

Being in the day-to-day running of your business can alter your perception of how effectively it is run.  Take the time to look at every facet of your business to gain the most unbiased perspective.

What kind of relationships do you have with suppliers? Is there any way you can leverage the associations you have with them to gain better pricing or additional extras (like longer trading terms to increase cash flow) that they don’t usually provide?

Do employees see their position as a job or a career? One of the most difficult tasks an employer can face is motivating their staff so that they are more productive.  Try to introduce creative, cost effective ideas to improve staff morale, which will ultimately allow your business to be more successful in so many different ways – higher customer satisfaction, increased work output, less mistakes and a much nicer place for everyone to work.

What are your sales margins? Taking a realistic look at how much you are making on your products and services is crucial to allowing your business to grow.  A small increase in sales margin may not seem like much in isolation, but calculated over a year, this additional profit can make quite a difference to your bottom line.

In many cases, customers will expect to see increases in prices every few years, purely because of inflation.  If you do apply increases, be transparent to your valued clientele – it will only reaffirm why they should continue to spend their money with you.

What are your competitors doing? If they are blazing trails in your area or industry, find out why and how.  Start to follow their lead and see where you can even improve on their practises.  But another, far more powerful way to knock down competition is to find out what they are doing badly.  By being exceptionally great at what your competitors do badly, it will soon put you miles in front.

Planning – What to Consider

After all the research has been done, it’s important to spend some time planning how you will turn all of these findings into meaningful actions.  There is a fine balance between continuing to maintain a high service level in your business and being able to implement new processes, procedures and projects.  Figure out what elements can be immediately implemented into your business and what will take more time and resources. Once you’ve determined this, you can then allocate timelines to these more lengthy projects so as not to interrupt the flow of your business.  Many strategies tend to stretch over several years, so make sure you build some level of flexibility in to allow for changes in your business, the economy and the marketplace.

Implementation – Getting Your Hands Dirty

It’s all well and good to research and develop business strategy, but sometimes the hardest part can actually be doing the work involved.  The best way to avoid being overwhelmed with implementing the strategy is to break up each task and set key goals and milestones.  Once you have completed the task or project successfully, make sure you take the time to look back on what you have done and be constructively critical.  If you have an upcoming project of a similar nature, it will allow you to become more efficient in implementing your business strategy.

All in all, developing a business strategy gives you the chance to recognise opportunities and shortcomings that may not have been realised otherwise.  While each business can be very different, the foundations of a solid business strategy are ultimately the same and can be applied to most companies, regardless of their service offering or industry.

An article provided to us by one of our site sponsors – NRMA Business Insurance

Tags: , , , , , ,

Do you do this with your marketing?

Aug 20

Posted by Steve Gray in Growth, The Marketing Dept | No Comments

I’ve seen it done a lot, I’ve seen it done really well and I’ve seen it work exceptionally even in a down market.

I call it Marketing overlap, there is probably a fancy name for it in market speak but for now that covers it.

Many businesses rely on just a few forms of marketing and can measure the results of those, however what most fail to do is overlap the marketing so that as one method of marketing runs out of stem the next one kicks in.

An example of this is when you have a range of great products, and this month you have a special on one of them, the next month another special with a  different item and so on. By focusing on one product special then another people can get excited about coming to check out what you have on offer, often to get the special, but guess what they do, they often buy more than just the special.

If your business is expanding and offering new products you can launch them as the “special” then as you move to the next special the first one has nearly run its course, and so the overlap effect occurs.

This method generally ups your average dollar sale, keeps people interested in what you have to offer and if you can couple it with a range of marketing devices you will probably see great results. Want to develop a plan of action, then try chatting to your friendly branding expert to see what you can do to make it work.

So on, get out your marketing plan and cram a few extra marketing devices into the mix and overlap each campaign to keep the punters interested, if you don’t, your competition just might and take your customers out from under you. Chances are you may not notice until it’s too late.

Tags: , , , , , , , , ,

Basics are basics…

Jun 1

Posted by Steve Gray in Finance, Growth, Leadership, Risk Management, Starting out in business | No Comments

It’s June 2009 the global financial crisis is still happening. Watched a documentary on Chinese businesses going under, huge factories closed down, lots of out of region migrant workers now displaced. Sure this was one province (Guangdong) and particularly one city Dong Guan, so probably not a big cross section to measure by. The show was on SBS Australia’s Dateline (May 31) and showed a range of businesses closed and gutted out.

Here’s a quote from the show “In Guangdong province alone, 60,000 factories have now closed down and millions of migrant workers are searching for work.”

My first thought was what were they making? well it’s interesting the businesses included a printing plant, toy factories, and jewelry manufacturing… My second thought was do they make for the local market or export, export… third question, is the product a need or a want, mainly want.

So it comes down to the basics if the majority of what is produced is not for needs when a downturn comes the wants are dropped first. When an external order from overseas is pulled then the whole thing can collapse quickly. as the local economy is hanging on wants, the failure of one is felt across all.

Learn from this huge scale disaster and make sure you have a balance of income from needs based sources as well as wants based sources. If you have shares in a grocery company Co for example it seems logical that they supply the needs of people, then take your own business think about how you can supply to the needs based customers. Think carefully about this as a form of insurance to ensure you can balance your wants and needs to ensure sustainability.

Business is…

May 23

Posted by Steve Gray in Excellence!, Growth, Planning, Risk Management, Starting out in business, The Board Room | No Comments

There are many types of business primary, secondary etc… but I have just had a thought about other “types” of business and felt it useful to share.

In the most part a business is about creating a device to provide a product or service and make a profit from it, however it goes a bit further than that. I feel it’s important to make a few distinctions.

  • Job – not a Biz – Turn up – do work – go home – repeat.
  • Low level Biz Operator – as above – not much scope to get ahead – Some franchises can feel like this.
  • Low level Biz Owner – Some growth as the biz operator gets some leverage by having staff do the work, with input from the owner.
  • Mid level Biz Owner – Better growth limited input to the biz as the staff do it all with a manager in place or similar – perhaps develops other businesses or franchises of one business.
  • Upper level Biz Owner – As previous but developing assets to utilise the growth’s potential.
  • Top level Biz Owner – Utilises others to do the work, from developing more assets to creating more businesses.
Which level do you want to be at and what will it take to get you there? Notice it’s all about growth and profit leading to leverage, with leverage you can do more. When you learn the skills and mindset required to do this you get to play at a new level each time learning more skills and mindset tweaks to assist you. Note at each level and with more leverage you can assist more people, develop greater security and achieve more.

Arts based recovery?

Apr 19

Posted by Steve Gray in Growth, Planning, Starting out in business, The Board Room | No Comments

Years ago when the “recession we had to have” was on (late 80′s) there was a push at one stage for an Arts Led Recovery. Perhaps it’s time to look at it again and try a fresh tack in the “G.F.Crisis”.

Locally there is a small Arts following with a few commercial galleries and a regional one with some contemporary artists hiding in the bushes somewhere.

However on the Weekend I was in Melbourne for “Art 09″ a giant expo of art from a range of Commercial Art Galleries and a lot of “art” was bought, thousands flock in, thrashed their credit cards and went off with smiles and art in hand.

A lot of discussion took place (and will for a few weeks to come) about the merits of the event and the possibilities for those wanting to have display spaces next time, as well as other ways to “make art pay”. It’s a topic dear to my heart (being an Artist might do that…)

To get on with the process it’s probably important to say, it’s about income (when people buy stuff that’s what happens folks…) then about the art (the product), then the artist (the producer…) The flow on is therefore about sustainability to be able to then have a profit and see the spread of the income to the wider community. Note with no margin there is no spread so the profit is important (both monetary and other).

I’m thinking that not everyone wants a contemporary piece in their home, (well not a big 1 X 3 metre piece anyway). However there is sure to be ways to encourage people to consider the works (at the moment much is hidden under the bed of Artists wanting to become the next big thing…) to enlighten them etc…

One initiative I saw a while back, was art in vending machines, (clearly very small pieces). however it is not until people start to explore ideas that ways to “make Art pay.” will we see the flow on. Also the flow on of interest in creative endeavours and not just the cash transaction.

There is scope for exploration for ways to make it pay, for now lets consider the fact that we have a solid core of artists, galleries and punters willing to purchase. So lets find ways to get the ball rolling.

Always make the “little bit extra”.

Apr 11

Posted by Steve Gray in Finance, Growth | No Comments

Business, Enterprises, Co-operatives, not for profit groups etc… I implore you to ALWAYS make that little bit extra, that “profit” that “margin”, that bit on the end left over after EVERYTHING is paid for.

Here’s why… In tough economic times, those who can stand the test of time are those who put away for a rainy day, simple. Those with that “bit extra” can grow their business, provide more resources for their customers, give themselves more leverage and build an enterprise which is more sustainable.

I guess in an ideal world your “business” should be such others want to buy it, they covet it’s uniqueness, its service ethic and so on, to really do this you need to have the margin built in so the future of the business is assured, either for you or others who take it on as a franchise or as a “straight” business.

Know what your industry standard is for margins, then beat it by a bigger chunk (so you can have a greater edge in the long run.) It’s all about longevity, sustainability, offering the right stuff at the right time to the right customer mix… it’s up to you but a margin goes a long way to assisting you to be a business owner rather than a business operator.

A margin or cash asset can be the ultimate strength you need to borrow funds to grow with, and let the asset grow, let it provide other investment opportunities without having to spend it, let it be the vehicle to propel you forward ad give yo the edge. Most people when they get a profit spend it and enjoy the rewards (short term usually) that brings. I am advocating you put the money away and leave it away, watch it grow and provide the sort of stability every business needs.

Think carefully about the way you build your business and maybe you even have to alter your mindset/s about Cash and finance to be able to effectively put this sort of plan in place, no matter what, make sure you have a margin of some kind.

Down up, left right which way & what next!?

Mar 12

Posted by Steve Gray in Finance, Growth, Risk Management | No Comments

Positives and negatives abound in the new found financial meltdown news, some people have lost value but not $$ (Big business CEO’s who find their stock options are “a little short on value”) while others have lost $$ but not value (e.g. work has dropped off for some contractors).

Despite all this the average “Joe” is now fighting to keep their jobs or hoping to get another one where the boss is not giving them grief and so the applications for positions has gone down but the number of applicants has gone up. Strange times call for strange answers…

Ages ago I wrote about a tourist town in New Zealand doing Ok, but what would happen in tough times? they supplied to the “wants” of the world and not the “needs” of the world. This put a few noses out of joint, but unfortunately the minute things went haywire so to did the tourists… bye bye, back another day when things pick up. 

It comes down to balance (yeah too easy for me to say huh…) if the overview of the situation is too much one way (providing just wants) then  hassles occur… if you provide to just needs then there are no want type situations to be taken advantage of. (imagine a supermarket, which just provided basics and NOTHING else… It equates to all work and no play.

So much for macro economic theory (of which I know little formally) what about Micro? Well the situation is this. You are in charge of the $$ at home and the things under your control, so you had better figure out how to balance things there (strangely similar? yep!)

Basic investing 101 says “Have a balanced portfolio” so you buy shares across a range of areas, resources banking etc… This helps to balance things if one goes up and the others go down, but if the HWOLE share market goes down, stiff luck. What it really means is, have some $$ in shares, some in business, some in Investment properties, some in the bank. In tough times you can shift things about to suit.

For most people the balanced portfolio idea outlined is nice but few have the ability to fund this many investment options. Challenging and frustrating all at once, so this is where a BIGGER picture plan comes into being. If you have just shares what are you saving for? An investment property… or the chance to put profits into the bank. Either way your plan should show you the way.

Lets face it many people have been caught out by the current financial dilemma and many more will feel pain before it’s over, but there are those who have taken a balanced approach and will not be doing things so tough as others. Half their luck. let’s hope in the positive future we can all heed their wisdom and build a sustainable portfolio for long term financial support.

Jobs slashed, businesses fold… NEXT!

Feb 26

Posted by Steve Gray in Excellence!, Growth, Planning, Risk Management | No Comments

Pacific Brands Australia announced over 1800 jobs to go in the next 18 months.. jobs to go off shore.

Those who  are regulars here will know I have sprouted wistfully about the doom and gloom, however this time I want to take a “positive swipe” at the situation and ignore the nay sayers cutting jobs and propping up the shareholders (or so it might seem). 

I have long been a proponent for the Cooperative business model, it has shareholders like most businesses however they generally have a vested interest in the business and provide a “different” backbone or foundation for the business, as opposed to a seemingly “slash and burn” approach of some public organisations.

So I ask…

  • What if the workers were able to form a cooperative and take over from where their employer has left off.
  • What if the Company was to utilise the strength of unity of the workers and explore sourcing the goods from a Coop they assist to set up to keep the jobs here and not ship them OS.
  • What if people were put down as a profit and not as a liability…
Lots to explore, but in the end we let this stuff happen, perhaps it’s time to take a stance, set up some great business models to be able to handle these situations better. After all 1800+ jobs can be a bit much.

We are dumb… USE IT!

Feb 4

Posted by Steve Gray in Growth, Innovation and Creativity, People!, Starting out in business, The Board Room, The Marketing Dept | 1 Comment

Ok.. some of you are… (not you specifically…)

I wanted to raise your interest in a thought I had this morning watching the news, someone did something dumb and I thought “Derrh! what an idiot”, then I started to mentally add up the dumb stuff…

  • Stop violence against women, great idea, but why not just Stop Violence…
  • War, probably the dumbest concept of all time…
  • Teachers stand and deliver to classes with an attention span of two seconds, heck cut the crap give the kids engaging material which causes them to want to be interested.
  • Cigarettes, no nutritional value, no other value, not even cool anymore… BUT people buy them. I don’t get it, never have, never will, dumb…
  • Barriers on high bridges to stop suiciders jumping, no biggy put them in NOW! Or give them a trampoline to make it a fun exit… (apologies if that offends).
  • Transport ticketing systems that cost millions and don’t work, hmm other countries have systems that work, copy them…
  • Solar panels for power on roofs, umm, hey guys someone start a publicly listed energy Co that wants to put them on the roofs of businesses, let alone houses, the economy of scale makes it useful surely. Could be a way of stimulating the share market again…
  • Cars that burglars can break into easily still. just set a std guideline that says the car Co’s have to fix the problem now… how long has this been an issue… grr DUMB.
  • Paperless offices, great idea, simple answer, stop selling printers… then watch people sort out the issue fast.
  • Empty shops, as long as shops are owned by private enterprise there will be issues. Too many too expensive and in poor order. Too many are running at a loss so they don’t have to pay too much tax, yep that’s why there are so many crap ones about.
  • Too many grumpy old guys, over fifty, out of work, become grumpy and a burden somehow. No one likes a grumpy person, and too many guys over fifty (oops that’s me too!) have to contend with being redundant and replaced (young kids are cheaper, faster and tech savvy…. grr!) run down… I call it “Death of a Salesman syndrome” (after the play and book of the same name.) The wisdom these guys can have collectively should be used (somehow) and not shelved.
  • Councils… (I guess that speaks for itself in some ways.) many people whinge about them…
  • Defence forces (perhaps that should be offence forces) what if they were peace keeping forces that if a hostile situation broke out they could be quickly retrained to shoot etc… a humanitarin force not in combat camoflague.
  • Water, it’s every where, but not a drop to drink (too salty) but hey we have to import the technology and use up precious power to run a desalination plant… (when we get it) and will it be enough? and hey why not put the water in to the top of the river system so the whole state can benefit… dumb, and why not investigate a solar powered one? Anyone go a prototype of a portable model?
  • Too much alcohol is causing major punch ups and violence… so stop serving it in ways where people can consume too much.
  • No power, we are running out of power on hot days to run airconditioners, they still sell heaps of them though… any solar power cells in your area? What about a wind turbine? Heck there are enough power poles, can we have mini turbines to mount atop these?
  • We have water usage issues, yet they still sell inefficient washing machines, dishwashers etc. DUMB, just sell us the best, hey do that for power too.
  • Every year thousands of new businesses start up and lose HEAPS of money when they go belly up in a few months… DUMB! Lets come up with ways to set up these start ups so they have the BEST chance of thriving. lets create “thinkubators” to make it easy for them to learn about business, research, get started and supported in the all too important start up phase. heck a stimulus package for businesses like this could have BRILLIANT flow on effects… I guess this means the government ins DUMB for not thinking of it.
  • $2 shops, heck I can buy all sorts of garbage for next to nothing, do we need it? nope, do we want it? not really does it help the economy? hmm ask people in local manufacturing if it helps them… does it help the businesses in high st anywhere look good? nup… dumb…
  • Op shops that open in main streets next to or near fashion shops… ooh nothing drags down retail areas more than an op shop. OKAY! they have their place BUT can we have some control please… and why so many…(It’s a sign of the times I guess…) DUMB (perhaps it’s the council for not providing guidelines here.)
  • Hand done signs on windows of stores, sure Uncle Harry is a dab hand with a brush, but your specials painted by him on the window look like garbage… you saved how much? and made how much? Nup not bright… in fact DUMB.
  • Bullying… As the economy slips further down the gurgler, Bullies everywhere are able to inflict more pain and hassle on their victims… “they can’t go elsewhere, so they have to put up with me…” (sinister chuckle ensues). Its an OHS ISSUE plan for it, do something and kick their butts.
  • I need a license for a car but not to be a parent, that makes sense… NOT, DUMB… how many dysfunctional families can the world take! Teacher’s everywhere will be able to tell you the hassles they cause. Simple tip folks, a parent’s key role is to build the child’s self esteem… Does it happen enough… nope.
  • Welfare organisations, why so many? Surely five admin departments is better than 25… The cost saving surely is worth it. DUMB! “Oh lets help more people… oops no money left… oh what a pity…”

Go on add to the list (in the comments section please.)

BUT figure out ways to make money out of any of these ideas and you might well be sitting on a goldmine… :)

A thought to finish on… Frank Zappa (musician) in one of his songs loosely said “If we are created in gods image, therefore if we are DUMB then GOD IS DUMB, and maybe even a little ugly on the side…”

 

Stimulus package 09

Feb 3

Posted by Steve Gray in Finance, Growth, Innovation and Creativity, Risk Management | No Comments

The Australian Government is due to release details of it’s next economic stimulus package today 3/2/09.

The previous stimulus package drew bad reviews from what many saw was a flawed package (handouts to family’s). The feeling seemed to be that the money went to frivilous purchases (gambling among them) while some saved the money for “A rainy day”.

The answer? Well the new package will be interesting to see, however the view from my side is this… Support and stimulate those with the most to give back to the community (in long term possible effect) the smaller business sector.

Imagine if they provided a range of effective support services to allow them to sustain their businesses through the challenging times, and then provide a platform to grow from when things pick up. In short training the business community to survive so they can thrive.

Over time the statistics on business failures has never been favourable so perhaps now is a great chance to address this issue. For too long it has been too easy for people to THROW away their hard earned dollars on a business idea they figure will bring them riches beyond compare, yet many find they have to work harder than ever to attempt to survive let alone thrive.

There are already all sorts of support packages available to those in the know, however a more coordinated approach beginning with an online overview of successful business practices etc might be a start, then follow this up with enterprise training packages aimed at giving the end user short sharp answers to pressing business challenges. 

I know it may not happen, however the resultant flow on to the community could be immense.

Are you taking part in the economic downturn?

Feb 1

Posted by Steve Gray in Excellence!, Growth, Planning, Risk Management | 1 Comment

If you are listening to the news you are, doom and gloom at every turn.

Many businesses will give up, walk away and say things like “It was out of our hands…” “We were at wits end…” “It wore us down…”

So make a decision, to stand and deliver or fold under the pressure. The key thing is MAKE A DECISION.

  1. Is what you have still useful? – If for instance you are selling out of date fashions you were able to “buy for a song” you may be pushing uphill. Being relevant, researched and ready is a big part of the battle, so know if what you have is viable.
  2. Set solid goals – Where do you want to be headed? If you don’t know where you are going, how will you know if you get there? Goals for cash-flow, profit margins, staffing levels, marketing, management etc… make those plans ROCK SOLID then implement them.
  3. Make your systems work – No systems (or few) then get them up to speed. Some systems but not working, go for a tune up so you can reach full speed. Do some research find out if what you have is suitable, effective etc. You are on the net so start here.
  4. Get the team on board – You want to succeed? So do I… here’s the plan, sell more, smile more, do more with less, watch out for the competition, be great at what you do… (To name a few) now have a heart to heart with the team, and keep them on board! Now is not the time for mutiny.
  5. Chat to the Stakeholders – Thats the team, the customers, the banks, suppliers anyone connected to your business. Keep them quietly confident your business is here to stay, then use any chat to research what you do, is it good or great? Then use the info to make things work more effectively.
  6. Measure – How does your business measure up with the competition? What do they do better? Now ask if you can match it AT LEAST, or better it with ease.

Change Happens, Handle it…

Jan 23

Posted by Steve Gray in Growth, People!, Personal Development, Planning, Risk Management | No Comments

With lots of things happening in the world it makes sense to get a perspective on things, some change you are experiencing may be good, some the opposite. Here are a few things which you may find of value in changing times.

  1. Be positive and have a sense of optimism – So things are changing… You can say “Oh woe is me…” or you can say “Whoa! Things are changing WOO HOO!” the choice is yours, an optimistic approach generally works out for the better, it puts your “spirit” somehow into the right frame to handle and accept things.
  2. Change can be good – Ignore it and it can be bad too… – You need to decide fast what’s happening and what fits to your core values and beliefs, if it fits well then go for it, if it doesn’t consider taking another path.
  3. You have a range of skills to handle change already – You’re an adult right? You have fallen over and picked yourself up from an early age, some of us may seem to fall over more often, so some of us may have more skills to deal with the situation. Reflect and remember all those things you have overcome, were you stronger at the end of it? Chances are yes… Tally up the skills you have, now put them into action.
  4. Not letting excuses and negative emotions stop you – Feel the fear and do it anyway can be useful at times, and this may be one of them. Ask yourself what are my excuses and negative emotions around this issue and what would I prefer them to be? Go on write them down so you can tackle them HEAD ON.
  5. The more you resist change, the more things may not happen how you want – I am not saying this is always the case but often it seems this way, and have you ever met someone that said “I should have done this earlier?” uh huh… and where would you prefer to be, starting out early or late? And ask this was anything I resisted in a change way in the past ever really that bad?
  6. What stories are you telling yourself? – Your self-talk is the one thing, which might just be holding you back, check out No: 4 again… is it your self-talk trying to “protect you?” from what? The unknown? Is it really unknown? Or is your self-talk wanting to “set you free” and explore everything this new change may bring…
  7. Deeper meaning, is it part of that? – Some of you will have a faith, which may suggest you are part of a bigger plan, some of you may have figured it out for yourself… Some of you look at the chaos and challenges and say meaning is impossible, check out No:1 again and ask “Which do I want to be part of, a bigger plan or not, Chances are  your “gods” (or demons…) will make sure it happens for you the way you want.
  8. Get a support team – Ask who can help me, who will understand? Then take a leap of faith to get them on board, they might be an email contact, a person to call on the phone, a buddy you can catch up with live. Whoever and however, carefully consider getting a team, a rock solid positive team of people who can hold you to the standard you want to be held to.
  9. Create a plan and take action – If you have not started jotting down things from the above list already I would be surprised. I care not for what sort of plan it is, but write it down! Perhaps keep a plan journal, consider reading your key plan points daily, or a wall plan, gather photo’s and collage a new you lifestyle plan on a wall chart… Keep it simple, real and vibrant. It’s your life, live it the right way, the way that makes the most sense to you. Oh and yes, take action, all the best thoughts in the world are worthless without action.

Think Globally, Act Locally

Sep 21

Posted by Steve Gray in Excellence!, Growth, Leadership, People!, Planning, Risk Management, The Board Room | 1 Comment

I have just been to see WALL•E the animated film, it was fantastic, the graphics, the story, the whole concept was exceptional. So the environmental message? Yep there was one, and as such I figure on a local basis we can be doing things to prevent a “Wall – E – World” from happening… (hey that’s not new is it…)

I know our “Local Authorities” have a long term plan, is it all about growth or does it take into account looking after things,  being the guardians of the planet at a local level. If “all hell broke loose” Could our region survive? Would we have enough of the “right resources” to keep going?

Chances are the long term plan is laced with “Innovation” and “Leadership”, “growth” and the such like, yet down on the ground realistic local action that I can tangibly say “Yep they’re doing something…” is not visible.

Lets take it to our businesses, do we have the ability to diversify in a way that gives us a support base if things go bad? A Debt Reserve Fund of some kind? A range of other “business interests” that allow us to fully serve the wider community? Mostly… No.

I figure that if I went to the local “Planning guide for the next 50 years” created by local authorities and searched in there for business “goals” or “ideals” to assist my business I might go away a bit befuddled by the academic language, the jargon and the rhetoric, however I probably should be silent until I see the “beast” and let it prove me wrong, (or right…)

I urge all business people to act responsibly and find ways they can make positive impacts at all levels of “stake holder interaction” (there’s my chunk of jargon for the day… :) ) so our future can stand the test of time.

If I fail will the Govt pick me up?

Sep 21

Posted by Steve Gray in Finance, Growth, Risk Management, The Board Room | 1 Comment

So what were the Risk Managers telling the management at Lehmans bank… maybe they should be fired… GROSS Negiligence perhaps? or did their “leaders” not listen…???

I have often said that organisations should have a “Debt Reserve Fund” large or small, if they had a range of assets (cash is a start) then they would have been able to say “Our core business is falling, but our back up foundation is solidly in place.” Instead the US Government comes a ridin’ in, all guns blazin’… “Yahoo! here comes the cavalry!!!”

So if my business fails will the Government give me $$ to prop it up? Hardly, and I barely call the aged pension a payout for years of challenges and ups and downs.

So fellow business people ask yourself what are we putting away to buld a foundation in case of challenges like this, and I don’t mean insurance…

  • You are currently browsing the archives for the Growth category.