Tuesday, November 4, 2008

Sellutions - The Experience Economy

Written by Greta Schulz, ProActive Training & Consulting

I really admire Starbucks. They get it, they really do. I go there, I meet business associates there, on my suggestion or other peoples. That being said, I do not like their coffee. That’s right. It is way too strong for me, and for lots of other people for that matter, but I still go there and would encourage others to as well.

Howard Schultz, no relation to me, unfortunately, has figured it out. He has created an experience like no other. Except for the copy-cats and maybe “Central Perk” of “friends” fame, it is completely unique.

So let’s get back to why I go there and others too, if we don’t like the coffee. The coffee is only one part of the “experience”. There are the comfy couches, how many people would rather sit on a hard stool as opposed to a comfy, cozy, ‘I should be in my pajamas’ couch? How about the soft unique music that plays ever so slightly in the background and the wi-fi. Do others offer this now? Sure but I believe they were the first. The walls are dark and have nice artwork. I am experiencing my living room and not a coffee shop.

So how do we accomplish this in our own businesses?
First of all, it isn’t about having the best product if that is all that you have. Best is merely subjective anyway. Have you ever told someone that your company was ranked #1 in the industry? Woopie! If that was so important everyone would switch to you and there would be no #2. I could be wrong but I am going to take a shot in the dark here and assume you probably have at least one form or another of competition.

So what is the experience you are leaving them with? What feeling are they getting when working with you? Is it unique and different? Can they not achieve it anywhere else? Are they getting a good feeling from working with you or are they feeling like you do a good job? A good job is intellectual, “I got what I paid for”. Feeling good is an emotion. Emotion is the extra something, the WOW factor, the beyond the expectation. It’s the comfy, cozy, I feel like I am in my pajamas, couch.

What are some things that you do to create the WOW factor? That something extra, the special, unique experience in working with you that makes you different from your competitors. If you want to create more of the experience, you should brainstorm. Meet with a few people that you admire and shoot around some ideas. Hey maybe you can do that at your local Starbucks. Try the Carmel Apple Cider.

I would like to hear from you. Please email me and tell me about the WOW that you give. I would like to share these with all of our readers so more of you can create “the experience”. I would like to hear from you. Please email me and tell me about the experience that you give. I would like to share these with all of our readers in an upcoming issue so that more of you can learn from each other and create this experience for your customers.

Business Management - Take It Back From the Accountants

Written by: Jackie Reeves, Bell Rock Capital, LLC

I firmly believe it is time for the business leaders, the entrepreneurs, the visionaries to take back the reigns of their companies’ from the accountants! For as long as I can remember, business leaders have pursued long term goals, laid out 3-5 year business plans for their respective Board’s of Directors and at times, cursed the scrutiny of “going public” primarily because it forced them to think and more importantly, act on a short term, that is, quarterly basis. I’ll save the woes of being a public company for another time. Many CEO’s are likely looking back to those time as “the good ‘ole days.”

This week I was struck by the awareness of the CNBC commentators as they realized through an interview with a sells-side analyst that the financial institutions’ management teams had accounting limitations placed upon them as to what and when they could or could not write-down assets! Now, perhaps because I have been wrapped in the world of financial institutions for so long, I thought this point was well vetted by now, but I am beginning to think not!

Now is as good a time as any to make a stance, especially since there is consideration that GAAP, Generally Accepted Accounting Practices, may be replaced by IFRS, International Financial Reporting Standards, or perhaps a blend of the two disciplines. I am in favor of a back-to-basics approach.

From my perspective, the move to full balance sheet mark-to-market accounting was quite intriguing when the march towards that goal began at least ten years ago. It sparked many an intellectual conversation as well as more sophisticated mathematical skills to be applied to analyze books of business both on and off the balance sheet. However, is it a prudent and reasonable practice in the real world?

I have come to believe that it is not a prudent real world practice. Not all assets have a market in which to mark the assets each and every day, but in this accounting world, it is being forced to occur. So, when an asset does not have a buyer, is the true value zero? Is it 25% below where it had previously traded or 50% lower? Maybe 75% lower? Also, even though these financial institutions report quarterly, the daily movements of credit spreads have created tremendous volatility across this sector because of the interpretation of the accounting impact these movements may have on earnings. Then, add to this mix the rating agencies playing catch-up with reality and companies are required, under accounting guidelines, to write-down these downgraded instruments.

In essence, I believe what the accountants are saying with these rules is do not underwrite or facilitate transactions of assets that may not have a daily price because these companies will be called upon to validate it at least every quarter, if not more frequently. So, I believe it is a few accounting rules that are stymieing the credit process.

To be sure, I am all for increased granularity, transparency, and I simply love more and more data. And I can say that I was very curious about how all of these new accounting rules world play out as they were unfolding, because I love math and I too was thinking well, more is good! In application, however, these rules are forcing senior managements to do things simply because the accounting rules exist, rather than focusing on running and growing their businesses for the long term. I have recently taken a few steps back and looked at the big picture, and these accounting rules seem completely out of synch with running a global business for the long term.

Now, unfortunately many of the current bulge-bracket CEOs have only recently occupied the corner office and these accounting rules may not necessarily be addressed during their first 90 days. But, I believe as they peel back the onion and reflect back on their prior experiences, they too will realize that they need to take the business of business back from the accountants.

Wednesday, October 22, 2008

Preventing Accidents at Roofing and Carpentry Workplaces

Written by: Darlene Fossum Area Director, OSHA

Many workers, who specialize in the labor of roofing and carpentry for small employers with 10 or less employees, expire each year at their workplace in Central and South Florida.

In the past five years the Occupational Safety and Health Administration (OSHA), investigated 29 fatalities related with these industries. Sixty percent (60%) of these losses of human lives were directly related with falls while conducting daily labor.

The fundamental task of OSHA is to save lives, prevent injuries and illnesses, and protect workers in the United States. In an effort to reduce the number of fatalities in roofing and carpentry industries, our Agency is providing information to educate employers and employees on how to identify and avoid possible accident factors. This information contains assistance on the development and implementation of Safety and Health Management Systems. Similarly, OSHA is also increasing inspections and other activities in work areas to aid in the reduction of accidents and fatalities in the construction industry within Central and South Florida.

OSHA does not only provide assistance for employers and employees to understand and comply with established laws by the Federal government, but it also offers free consultation on subjects related to safety and occupational health through an independent program with the University of South Florida (USF). This program is confidential and does not bear penalties or fines, when violations are discovered.

With your assistance, the goal for OSHA is to prevent and reduce accidents and illnesses within workplaces during 2008.

*For more information about OSHA programs, visit our website http://www.osha.gov/. You could also call us at the following telephone number (954) 424-0242 or visit the office located at 8040 Peters Road, Suite H-100, Fort Lauderdale, FL 33324.

Monday, September 29, 2008

Who...What...Where

Written By Ted Fangos, Victory Business Coaching

SlowEconomyStrategies.com

As a business coach, It’s my job to be a positive influence on my clients… but I guess even I have to admit this economy is getting to be... lets just say, a bit challenging.

One of the biggest mistakes I see business owners make during a downturn is pulling back on marketing & advertising. Are you kidding me? I understand your cash flow may be down (we’ll address that in a minute) but this economic situation can be great time for your company in the long run if we apply a little strategy. (Luis Mago would be so proud of me for saying that!) The companies who figure out how to grow (and last) now, will have much less competition when this is over.

Marketing Awareness

Do you remember when Robert Di Niro asked the mirror in Taxi Driver… “Are you talkin’ to me”? Well, unfortunately I see a lot of marketing and advertising that has potential customers thinking the same thing… And that’s not good. Any vagueness in your marketing is equal to driving down Dixie Highway throwing $20 bills out the window. Remember the cash flow thing? You can reduce your marketing budget and grow your business at the same time by applying…

Strategy #1… Who, What, When, Where, Why, & How?

Who? Who is your target market? I don’t mean male or female between the ages of blank. I mean take some time and write a paragraph describing in detail what your customer looks like.

Ex: Small business owner with 2 to 10 employees, in business for 2 or more years, 50 years old or older, with 2.5 kids in or getting ready for college, a nice big fat mortgage, nice cars, perhaps a boat, a spouse who loves to shop and take nice vacations and is looking forward to a fun retirement. You think I’m kidding? Tell me that person doesn’t have a burn to build a business that will prosper him/her for lifetime. The point is, do you see how a vivid description like that will help me direct my marketing like a laser to the correct people?

What? What (exactly) do they buy from you? If you are a realtor, do the buy a house from you? No, they buy it from the owner, right? What they pay you for is to be their consultant, their expert, their advocate to make sure they don’t make any big mistakes etc. Does your marketing convey that??? Write a paragraph applying this to your product or service and watch what happens to your sales!

When? When do they look for you? What has to be happening in their lives at the moment when they start thinking they need you! Pending retirement, new baby, marriage, children’s college, broken lawn mower, dirty pool… get it. If you think hard about this one, you can invest in your marketing when it makes the most sense and pull back a little at times to conserve capital without losing too much. Where I come from, hardware stores don’t buy newspaper ads for snow shovels in July… do you?

Where, Why, & How are really cool…
to be continued…
Victory Business Coaching helps small business owners grow their companies with world class strategies for Marketing, Sales, Employee Motivation, Time Management, Financial Analysis and more… delivered in a format that is designed to be affordable for a small business budget. www.VictoryBusinessCoaching.com

Monday, September 15, 2008

What is Fear Anyway?

Written by: By Mario Anthony Salvi

Let’s face it: fear is the number one thing that stops most people from achieving their goals.

Although fear can be a healthy response to some real-life situations and dangers—such as muggers, bears or fires—in most cases, fear is a response to the worry and uncertainty we conjure up in our imaginations. What is fear anyway? Encarta defines fear as: “an unpleasant feeling of anxiety or apprehension caused by the presence or anticipation of danger.” The second definition is: “an idea, thought, or other entity that causes feelings of fear.” In any definition of fear, the key word is: “feeling.” Actually, fear is usually nothing more than misguided feelings, based on a misuse of the imagination you were given.

To overcome your fears, first you need to understand the way your fears are coloring your perception of the world, and how that perception is affecting your reality. You must understand where your fears are showing up in your life, and how they’re stopping you from achieving your goals. If you truly want to turn your dreams into reality: you must step out in front of the fears that are limiting you, you must take the risk to move outside your comfort zone, you must move yourself from the unconscious to the conscious. Acknowledge your fears, but don’t focus on them. If you’re willing to identify your fears, acknowledge how they’re stopping you in your life and work to overcome them without avoiding them—you will unlock the door to a successful life.

People don’t become heroes because they have no fears; people become heroes because they face their fears and move beyond them. Every time you see a dark door that you’re afraid to open because it might be dangerous, face your fear and open it: success lies waiting just inches away, on the other side. When you walk through that door, you will become the hero of your own story.

Sunday, September 7, 2008

I'll Give it a Try

Written by: Greta Schultz

Have you ever tried to pick up a pencil? Have you ever tried to take a drink of water? Of course not. You just do it.

Here’s another news flash: lack of commitment is why many salespeople fail. Their clients, too.

“I tried” is the lamest excuse I’ve ever heard, and I’d like to illustrate this point using the example of advertising.

There are approximately 120,000 salespeople selling some form of advertising in America. Each of those sales people will make “prospecting calls” to an average of three business owners per day. One business owner out of twelve will say “Well, maybe it does make sense for my business. I’ll go ahead and buy a small schedule and ‘give it a try’. And if it works, I’ll use your station/ paper product / (fill in the blank) on a regular basis.”

Sounds pretty good, right?

It’s one of the dumbest things I’ve ever heard. Let me share a similar example with you to prove my point. Let’s say you’re in Vegas. You’re standing at the roulette table thinking “I’m going to place a small bet on black and if I win, I’ll start betting black on a regular basis.”

Sounds ridiculous, doesn’t it?

There are thousands of business owners who make the decision to “give it a try” every day. And most of them experience poor results. Are they disappointed? Yes. Surprised? No. Because they have “given it a try” before, with very limited success.

Why would business owners do what they’ve done before, but expect different results? Because bad salespeople taught them to. Not every product or service works this way. But if you’ve ever heard the old adage “over promise and under deliver,” you’ll get the same result.
“I’ll give it a try” or “Let me test the waters” are the signature phrase of an uncommitted customer. I think we’d be hard pressed to find them experiencing a high degree of reward from their efforts because there is non. With risk comes reward. Show me a committed and focused client and I’ll show you success in the making.

Friday, September 5, 2008

Planning For The Unexpected This Hurricane Season

Written by: Margo Herget, Insurance Repair Specialist, Inc.

Did you know when disaster strikes 43% of businesses never reopen?23% of companies close within a year?17% of companies close within two years?Many businesses today have developed a written disaster pre-plan that deals with various issues in the event of a hurricane or other disaster, such as the evacuation of an occupied building and the prevention of lost data.Why is such a document important? When a business is affected by a disaster there are suddenly a number of critical issues that must be dealt with and pressing decisions to make very quickly. How much damage has occurred? Will data be damaged or lost? How will the business be affected? Will revenue be severely impacted? Can anyone rebuild the damaged property? How long will it take to get the business up and running again? A disaster pre-plan can answer these questions and will give the building or business owner peace of mind.A disaster pre-plan is essentially a guide for what to do when something happens that can impact either the continued operation of a facility or a tenants business or occupancy. It is a condensed policy book for facility managers and business owners that clearly outlines what to do in case of a loss. It is also a quick, easy reference for those who need to be notified in the event of a disaster, complete with their contact numbers and who to call immediately for emergency service.The types of disasters covered by pre-plans can be anything from vehicle impact damage or water damage arising from any number of causes, from an ice maker waterline leak to a major sprinkler malfunction .Other types of damage could include fire damage, ranging from equipment smoke odor to a major structural fire, or a natural disaster such as a hurricane, tornado, or flood.A disaster pre-plan is needed by any facility that has customers or tenants that may be lost because a facility is closed down, or by any business that would be adversely affected by a protracted interruption caused by a natural or man made disaster. Essentially, a disaster plan is needed at every owned or managed facility, and by extension, any insured facility.If a business facility is shut down, it means loss of service, production, and/or rent and that means the loss of customers. In addition, most insurance policies require that the business owner or tenant do everything possible to minimize the loss and prevent further damage from occurring.

A key element to any written pre-plan should include pre-selecting a multi-faceted restoration contractor. A full service restoration company should offer facility managers and business owners a complete solution for disaster pre-planning and emergency response and should have all the experts necessary at their immediate disposal to keep a catastrophe from causing a major interruption to one's business.A highly qualified emergency response contractor will be able to provide business continuity planning, along with performing the technical restoration services required resulting from any damage situation. This includes the capability of providing all essential pre-planning to minimize business interruption and/or the loss of data, and ensuring that post-disaster recovery is addressed effectively and quickly.