Starting a Business

Six Fundamentals of Success

June 3, 2020 By Isabel Isidro Leave a Comment

This article was originally published on March 25, 2010, and updated on June 3, 2020.

Is there a formula for success? According to Stuart Levine, there are fundamental elements to attaining success. In his book The Six Fundamentals of Success: The Rules for Getting It Right for Yourself and Your Organization he explains that mastering these fundamentals will show you that success is something that you can achieve.

The concepts he raised are nothing new, but the author masterfully presented them cohesively and in an easy-to-digest format. It is one of those books that may not look appealing or snazzy at first glance, but you’d find yourself unable to put down once you start reading it.

The book is geared towards the corporate setting. However, the rules Levine outlines are also applicable to self-employed professionals and entrepreneurs. According to the author, the six fundamentals of success are:

1. Make sure you add value.

According to Levine, you need to ensure that part of your daily work contributes to your business strategy. This is best achieved by knowing how your business creates value for the customer and focusing on those elements that are important to adding value. You can increase value to your business in four ways: help it sell more, cut costs, get higher prices, and improve quality for the customer. Other ways you can add value are:

Understand how your company spends and make money
Care passionately about customers
Continuously improve your skills so you can keep finding new ways to add value
Come up and test new ideas.

2. Communicate up and down, inside and out.

Communication strengthens relationships, improves products, and motivates employees. Communication is two ways: listening and knowing how you’re impacting others. The author suggests ways you can become a better communicator:

Establish a rhythm – any group that needs to work together needs to work together seamlessly
If it’s important and the stakes are high, say it twice. Follow up on a conversation with a note. Leave a voicemail or email. Make sure they got the message and ask for a reply to confirm they did.
Listen actively and stay open to other viewpoints
Pick your battles but face up to difficult conversations
Learn how to say thank you
Excel at giving feedback
Respond to calls and emails within 24 hours.

3. Know how to deliver results.

Getting results is all about knowing what you need to achieve and doing it in the most effective way possible:

Get disciplined about planning
Learn to distill data and take actionable results from the information
Provide clear expectations of the tasks at the beginning
Don’t be afraid to be realistic: if the project seems not feasible given the constraints you face, adjust your plans accordingly
Go for the buy-in: get inputs from key constituents
Deliver on your promises and follow-through: a lot of credibilities is lost between what you say and what you do

4. Conduct yourself and your business with integrity.

Nothing strengthens your brand more effectively than acting consistently and with integrity:

A trusted brand gets you the credibility and the staying power amidst the tight competition in the marketplace. It will bring you more business. Your brand is your most powerful asset – protect it firmly.
A leader’s brand must stand for integrity; its actions must consistently build confidence in its brand.
Set standards that reflect your value and live up to them.
Act with self-confidence. Treat others with respect. Surround yourself with ethical people. Set a good example. Always act ethically, and invest in relationships

5. Invest in relationships.

Strong relationships are the foundations of business. The return in investment when investing in relationships can result in a business advantage or just good feeling.

Adopt a relationship strategy
Set up a relationship radar screen, which lets you know where others stand in relation to you.
Give generously. Look for ways to help the other person. Do special things that people will remember
Never underestimate the importance of face time
Satisfied employees create loyal customers who in turn become apostles for your business.

6. Gain perspective.

Gaining perspective is hard in a results-driven environment. It’s easy to become so driven by emptying your inbox that you stop taking the time to determine what really matters in life.

Find a way to gain a more valid perspective to be able to see your actions, behavior, thought to affect your outlook, your personal relationships, and personal life
Know what you want: write down your goals and a course of action to achieve them
Setbacks make you stronger
Avoid arrogance – nobody does it alone
Admit your limitations
Know when to take a deep breath
Get comfortable with not knowing

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Strategies to Overcome Adversity

May 12, 2020 By David Heenan 1 Comment

By every conventional measure, J. K. Rowling was mired in her darkest hour. Her exceptionally short-lived marriage had imploded. She had been sacked and was as poor as it was possible to be in modern Britain without being homeless. “By every usual standard,” she admits, “I was the biggest failure I knew.”

Against all odds, the spunky single mother poured her energies into finishing the only work that mattered to her—a book about a boy wizard. However, the publishing world hadn’t caught up with her genius. Twelve publishers rejected her manuscript before a small London house picked up Harry Potter and the Philosopher’s Stone. And the rest is history.

Like Rowling, in our small businesses we are all confronted with our own dark hours: equally traumatic, life-altering events. Some of us are unshakable in our belief that anything is possible if we find the courage to forge ahead. Others, however, can’t seem to escape the jaws of defeat.

For the past several years, I have been scrutinizing dozens of dark hours—precarious situations, as well as individual lives, spiraling out of control—and how talented people like Rowling refused to be trapped by them. Because personal stories are a lively and effective way to illustrate important points, I chose to examine a wide range of extraordinary individuals from history and contemporary life who overcame seemingly insurmountable obstacles.

My heroes are as different as chalk and cheese. Chancellor Joel Klein took on the monumental challenge of trying to overhaul New York City’s long-embattled public schools. Coach Bill Snyder descended on another Manhattan—Kansas—to turn around college football’s losingest team. Spunky Joanne Boyle not only survived a life-threatening cerebral hemorrhage, but elevated her California women’s basketball team from oblivion to national prominence.

Similarly, world-renowned scientist and trailblazer Shirley Ann Jackson broke down racial barriers as the first African-American woman to receive a doctorate from M.I.T. and to lead a major research university, Rensselaer Polytechnic Institute. Former Hewlett-Packard chair and cancer patient Pattie Dunn beat the odds to restore her reputation—and her health. Legendary Marine Gen. Chesty Puller, surrounded by overwhelming hoards of Red Chinese regulars, escaped the deadly fog of war at Korea’s Chosin Reservoir, so his troops could fight another day.

Sacagawea was the lone Indian, the lone teenager, the lone mother on the Lewis and Clark expedition, one of the most foreboding journeys ever undertaken. Equally adventurous, Gary Guller became the first one-armed man to scale Mount Everest, while also leading the largest cross-disability group to its base camp, at 17,500 feet. Retired Navy Commander Scott Waddle fought to remove the stain of the USS Greeneville, which accidentally sank the Japanese fishing vessel Ehime Maru, killing nine people. Tarnished Time Warner ex-chairman Steve Case plotted his own miraculous comeback through an eclectic array of New Age businesses.

Whatever their route to success, these courageous and inspiring men and women prove that taking on a truly hellish situation is not necessarily a death sentence. Bright Triumphs From Dark Hours celebrates those who are able to face adversity—and transform near-defeat into a bright triumph. And let’s face it, during this economy small business and sole proprietors are facing some very difficult times. So, what I did learn from these relentless bravehearts? Here are six lessons, exemplified by the individuals profiled in my book.

1. Learn From Adversity

“Success is going from failure to failure with no loss of enthusiasm,” said Winston Churchill, whose life was littered with disappointments. The Last Lion, as William Manchester called him, was the dominant personality of the last century. He understood that setbacks are inevitable when we pursue a bright triumph. What set him apart was his incredible grit. To Churchill, anything was possible. Victory was always at hand. Remember his words at Harrow: “Never give in!” he told students. “Never give in, never, never, never never!”

Like Churchill, the folks I have profiled refused to equate the occasional setback with defeat. They expected some dry spells along the way. Dark hours—let’s face it all are inevitable, and we can learn from them. Expect some dry spells—and move on.

2. Fashion a New Dream

Oftentimes, it’s necessary to recalibrate your dreams. Corporate titans, for example, inevitably make mistakes, new competitors emerge, new technologies and consumer habits disrupt established practices in unseen ways. When things begin to spiral downward, successful folks make the appropriate corrections. The alternative to grime-encrusted lenses isn’t rose-tinted glasses: It’s a healthy dose of reality.

3. Sell Your Vision

“A leader must be a dealer in hope,” Confucius wrote. Those who can illuminate the darkness are experts at restoring people’s faith in the future, especially the faith of talented people who have run into brick walls. Even if you’re the only person running your business, you have customers and clients, vendors and sub-contractors who need to see your vision.

The golden core of leadership is the ability to raise aspirations. Transition is an ideal time to do so. Our intrepid adventurers are unflagging optimists. In many respects, this special species of leaders is “delusional,” according to veteran executive coach Marshall Goldsmith. “They are not as good as they think they are, but they have the confidence to pursue big things.”

So tune out the cynics and second-guessers who say you can’t beat the odds. Don’t let pouting pessimists rob you from pursuing—and capturing—your dreams.

4. Share Your Dream

“We can do as partners what we cannot do as singles,” Daniel Webster observed. Therefore, build alliances. In one example profiled in the book, New York Mayor Michael Bloomberg’s recruitment of outsider Joel Klein as the head of the city’s schools succeeded where a long line of predecessors had failed. The talented twosome—working together—used their close links to affluent New Yorkers to lure much-needed funds to their reform effort. These powerful allies, in turn, have been invaluable in helping turn around the Big Apple’s long-troubled school system.

So keep good company. Create a brain trust of people you can call on in tough times in dark hours. Share your dreams!

5. Focus, Focus, Focus

Make life as simple as possible. Focus on what you know you can do. Know what you’re capable of on any given day, what you can count on. Do the simple things well, and then use that confidence to forge your own bright triumph. Learn to differentiate between what is truly important and what can be dealt with at another time.

Technology giant Steve Case, now getting his second wind at Revolution, refuses to get sidetracked. He believes zeroing in on the endgame has led to his success in business and beyond. “Anything is possible,” he says, “but it all starts with having a dream and sticking with it through thick and thin.” People like Case possess a tenacity that eludes those who wilt in the face of adversity. They don’t let a few potholes in the road erode their confidence. They share a steadfast determination to secure a bright triumph.

6. Start Now

As Teddy Roosevelt said, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.

Let new ideas take root. Explore. Rattle hidebound thinking. Chuck yesterday’s assumptions. Don’t rely on what made you successful, but no longer works. The worst baggage we can carry is the baggage from a successful past.

Set goals that are specific and attainable, then break them down into manageable pieces—one step at a time. In the process, passing each milestone builds confidence and creates momentum. Self-confidence, in turn, develops much like a coral reef—layer on layer compresses into a solid base.

Don’t lose sight of your main goal by focusing on intermediate objectives. Take a wide-angle view of the challenge. As Gary Guller slogged his way up Mount Everest one painful step at a time, he never forgot the endgame: shattering stereotypes of the disabled. Summiting the top of the world was simply part of the process.

But don’t dillydally. “A degenerative disease will not be cured by procrastination,” said management guru Peter Drucker. “It requires decisive action.” Unlike sports, you can’t call for a time-out when things get rough. You must get out of the blocks quickly.

Remember the U.S. Navy Seals’ favorite slogan: “The only easy day was yesterday.” Properly scripted, tomorrow can become better than today.

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20 Qualities of Successful Entrepreneurs

January 14, 2020 By Isabel Isidro 5 Comments

A person who decides to start his or her own business face a long, winding road that is tumultuous on occasion and blocked by obstacles. While some people may have the motivation and desire for business ownership, they may not have taken the time to properly investigate and research their abilities and their business ideas. As a result, while thousands of new businesses are started each year, much more either fail or discontinue, and others transfer ownership or control. If the business fails – and it could – it may not only wreak havoc with your personal savings and other assets, but it could give your ego a tremendous blow.

What does it take to be a successful entrepreneur? This is a question that every business owner wants to know, with many trying to understand if there’s some magic formula to achieving success.

There is no “ideal” entrepreneurial personality – successful entrepreneurs can be analytical or intuitive, risk-averse or thrill-seeking, or gregarious and taciturn. However, experts suggest that successful small business entrepreneurs, whether male or female, share some common characteristics.

Below are some of these characteristics:

1. They dream big.

Successful entrepreneurs have the ability to envision a new reality and the will to bring it to fruition. They have crazy big dreams, even though to some these dreams may not be realistic or practical. But it is the big dreamers who really succeed. They are possibilities thinker who believes there are possibilities and are not limited by commonly held boundaries. They look beyond to ask the “what ifs” questions. They look for answers and solutions and aren’t daunted by challenges. In fact, they relish challenges.

2. They have a passion for positive change.

The entrepreneurs who make it big know that they have a unique contribution to make to society. They start a business, not just to change their own lives, but also to make a difference in the world and make it a better place. They want their products or services to succeed not only in terms of profits but to bring about positive change in the communities they live in by solving existing problems or filling existing gaps. They are motivated by their desire to improve circumstances at a broader level.

3. They have a clear vision of what they want to achieve.

Successful entrepreneurs have the vision for the future – what they want to achieve, what opportunities they need, and how they can accomplish it. Their vision gives them purpose and helps maintain their focus on what they want the business to achieve. It also helps them overcome the many humps and challenges they meet along the way.

4. They engage in calculated risk taking.

Contrary to common wisdom, entrepreneurs are not risk addicts. Instead, they take reasonable risks. While taking risks is part of the entrepreneurship process, those who succeed weigh the options, see what else is out there, and careful about the types of risks they are willing to take for themselves and those that might rely on them.

5. They are self-directed and self-motivated.

Entrepreneurs have a strong faith in their ideas, capabilities and in themselves. After all, to succeed, they constantly need to ask themselves the hard questions and then come up with ways to answer them. They have “intestinal fortitude” or that “fire in the belly.” They love to be their own boss, carving their own paths along the way.

6. They are results-driven.

Successful entrepreneurs are passionate about results. They want their actions to have a direct impact on results. They want the job done. They also have the ability to conceptualize the whole of a business; not just its individual parts, but how they relate to each other. They are individuals who always come up with new ideas.

7. They have a strong desire to be independent.

Entrepreneurs love to be in charge and be their own boss. They want to be in control. They carve their own path, relying on their own talents, instincts, and skills. They don’t take orders from anyone and do not need validation from superiors judging them whether they are worthy of a promotion or capable of handling more responsibilities. They move and make decisions on their own, without waiting for someone to push them. While being in charge can be daunting at times, the rewards of seeing the results of all the hard work are tremendous.

8. They know how to sell. Business is all about selling.

Whether selling their idea to an investor, negotiating with a bank for a loan, talking to a supplier, or directly selling to the customer, entrepreneurs know how to sell. The business is bound to fail if the entrepreneur does not know how to sell. If they do not have sales skills, they are smart enough to partner with someone who excels at it.

9. They have a powerful drive to accumulate wealth.

Entrepreneurs appreciate what money could bring to their lives – and embrace it. They know that financial success can afford them with opportunity, freedom, and well-being. They view starting their own businesses as an opportunity to earn far more than they could ever from working for others. Win, lose or draw, entrepreneurs want to be master of their own financial destiny.

CONTINUE READING –> Part 2 …

Check out the slideshow How to Succeed in Business: 10 Qualities of Successful Entrepreneurs”

Article originally published on August 27, 2010. Updated on January 14, 2020

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10 Common Traits of Successful Entrepreneurs

December 1, 2019 By Contributor 6 Comments

America has always been a beacon of entrepreneurialism because it is so deeply rooted in our history. Our country was founded and then settled by innovators willing to sacrifice old certainties for new opportunities. The people who came to America a few hundred years ago looking for a better life were risk takers in every sense.

Do not mistake being a risk taker with being reckless. Risk takers must also become risk analyzers — evaluating the pros and cons, then trusting their instincts and recognizing and seizing an opportunity to create their own businesses. We, as a nation, must regain our appetite for risk in order to embolden the hearts of our entrepreneurs.

RELATED: What are the Talents of Successful Entrepreneurs?

You may have recognized common traits that bind these entrepreneurs. We don’t believe these shared traits are merely a coincidence; we think they are the keys to their success. We hope you’ll apply these traits to your own strategy for success for your future or existing business. We’ve highlighted them in every chapter throughout the book and now present them together, along with examples of their application by our entrepreneurs.

1. Trust Your Gut

Successful, independent-minded entrepreneurs know when to trust their gut. An expanding body of research from a number of fields — including economics, neurology, and cognitive psychology — confirms that intuition is a real form of knowledge. It’s a skill you can develop and strengthen — one that’s particularly valuable in the most chaotic, fluid business environments, when you must make critical, high- pressure decisions at a moment’s notice. At such times, intuition usually beats rational analysis.

Trusting your instincts also emboldens you to carry out new, untested ideas and ventures, even when nobody else believes in them. It’s about seeing the need for a product or new service and just knowing you can make it happen. You may not have the cash on hand to commission a market study or conduct a focus group, but you’re still willing to stake your reputation and money on that idea. Why? Because that’s what your gut tells you to do.

2. Buck the Conventional Wisdom

Ignore those who say, “It won’t work” or “It’s never been done that way.” Our profiled entrepreneurs succeeded in large part because they veered away from established formulas and ways of thinking. Don’t just blindly accept the so-called best practices of your industry. Look at them with a hypercritical eye. Dissect them, slice and dice them, contemplate different what-if scenarios. Challenging convention can open the door to competitive advantage.

3. Never Let Adversity or Failure Defeat You

Don’t accept the limits that others or circumstances place upon you. The ranks of successful entrepreneurs are filled with men and women who refused to stop believing in themselves, despite the derision of others or heartbreaking failures in their past. As an entrepreneur, you’ll undoubtedly experience stressful moments that will test your faith, especially in the beginning when you’re still trying to establish your brand and separate from the pack. Just remember, the antidotes are persistence and resiliency.

4. Go on a Treasure Hunt and Find an Undeserved Niche

In the business world, there’s nothing more exciting than finding an underserved niche representing a lucrative market that everyone else has failed to spot and target. That’s like finding gold bullion at a crowded beach — it was there for everyone else to see, but you were the one who took notice of the golden glint in the sand. Even a huge multi-billion-dollar company can’t offer something for everyone. Look for ways to fill a niche — a road even small start-ups can take. Many niches are too small for giant corporations to consider.

6. Hit ‘Em Where They Ain’t

Casey Stengel, legendary manager of the New York Yankees, loved to tell the story of baseball great “Wee Willie” Keeler, who stood at just 5′ 4”, weighed 140 pounds, and began a streak of eight seasons with two hundred or more hits. The Hall of Famer’s bat was only thirty inches. Once a sports reporter asked him how such a small guy could get so many big hits. Willie replied, “Keep your eye clear, and hit ’em where they ain’t — that’s all.” The same holds true in the business world. Whenever possible, set your sights on areas that your competitors have neglected or ignored.

If you want to succeed, find an underserved niche representing a lucrative market that everyone else has failed to spot and target Double tap if you agree! #success #quotes #businesstips #entrepreneurs #smallbusiness #startup #startuplife #bloglife #leadership #management #startingabusiness #motivation #marketing #inspiration #organization #niche #motivationalquotes #successquotes #successfulwomen

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7. Just Start

If you have an idea for a business, truly believe it will succeed, and are willing to push yourself harder than you ever have before, then take the risk and just get started. If your gut is telling you this business idea is a winner, take action now. The “perfect” time for a business launch will never present itself. More often than not, waiting just gives would-be competitors the opportunity to beat you to the punch. None of the entrepreneurs we interviewed waited for a sign from heaven or until a long-forgotten aunt died and left them $300,000 in seed money. Many faced tremendous financial hurdles. Nonetheless, they saw a market opportunity and grabbed it.

8. Save Your Bucks and Get Noticed Without Expensive Advertising

If your start-up business is on a tight budget, there are plenty of ways to get customers’ attention without spending money on advertising. Get your creative juices percolating and try something different. And when an opportunity arises to expose your brand to the masses, don’t think twice — jump right in. Use your own creativity to make your company stand out in a crowd.

9. Exploit Your Competitor’s Weakness and Make It Your Strength

The sharpest entrepreneurs have a knack for viewing the world from the perspective of their customers. That quality can help identify your competitors’ vulnerabilities and shortcomings. If your number one competitor has a reputation for slow deliveries, for example, make certain your deliveries arrive in less time. Engage and listen to customers to identify such weaknesses.

10. Never Stop Reinventing Your Company

You know the old adage “If it ain’t broke, don’t fix it”? The problem with that piece of advice is that it invites complacency — and complacency in business is like a slow leak in a tire. You may not notice the damage it’s causing until the thing is completely flat and you can’t move forward. Top-performing entrepreneurs aren’t afraid to take chances and keep expanding their product line. They’re not afraid to give their business a major overhaul now and then to keep pace with changes in the marketplace. And sometimes a complete face-lift is in order.

We hope that you will find these traits beneficial for your own entrepreneurial journey and adapt them to your own strategy for success. We hope you can apply them toward a new venture or use them in your existing business.

Believe that growth and opportunity for this nation’s economy are inevitable. Look at the world through the eyes of an entrepreneur. Use your imagination to identify market opportunities that others have overlooked. Believe in the power of your ideas and just start the pursuit of your own entrepreneurial dream. It’s up to you to reclaim the American Dream.

—————–

The above is an adapted excerpt from the book The Risk Takers: 16 Women and Men Who Built Great Businesses Share Their Entrepreneurial Strategies For Success by Renee & Don Martin. The above excerpt is a digitally scanned reproduction of text from print. Although this excerpt has been proofread, occasional errors may appear due to the scanning process. Please refer to the finished book for accuracy.

Author Bios

Don Martin, co-author of The Risk Takers: 16 Women and Men Who Built Great Businesses Share Their Entrepreneurial Strategies For Success, epitomizes the rags-to-riches entrepreneur success story. Raised in poverty in a small town in the Ohio Valley, over the next four decades he founded and built the largest privately held insurance brokerage in California: Cal-Surance. Ranked in the top fifty of insurance brokerages in the U.S., Cal-Surance generated over $200 million in annual revenue.

Renee Martin, co-author of The Risk Takers: 16 Women and Men Who Built Great Businesses Share Their Entrepreneurial Strategies For Success, was a dynamic real estate broker when she switched careers entirely, to work in community service. She became a rape counselor, a court-appointed special advocate for The Children’s Court (CASA), a director of community relations of a child abuse crisis center, and a public relations spokesperson for many community organizations. After publication of the book, she and Don coauthored, The Survival Guide for Women, she became a frequent and popular speaker at women’s seminars across the country.

The Martins also collaborated on TeamThink: Using the Sports Connection to Develop, Motivate, and Manage a Winning Business Team. They live in Palos Verdes, California.

Article originally published on May 20, 2010, and updated on December 1, 2019.

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Adopt a People-Centric Approach to Improve Customer Satisfaction and Profitability

December 31, 2016 By Isabel Isidro 2 Comments

Does a leader need to be the smartest person in the company to achieve growth and customer satisfaction? No.

In fact, being the smartest person in the company can actually impede growth. Some leaders just can’t get over “themselves.” Yet unfortunately when you suggest that they could be the problem, it’s often met with one of the following responses:

Confusion (i.e. you talking to me?)
Dismissive (i.e. you have no idea what you’re talking about)
Shock (i.e. how dare you talk to me that way)
Anger (i.e. you’re out of here)

After all, they are the smartest person in the company. They know the problems, they know what needs to be done, and they will do it.

We have a (perhaps unwelcome) secret to share…

No one is that smart. No one can do it all exceptionally alone (at least for long.) And talented employees want to contribute and show their talent.

The greatest risk in this self-delusional thinking is that your brightest employees will actually be the ones that bring you out of the recession stronger. Limit their chance to do so– dim their opportunity– and your great employees will leave, with the remaining employees just doing just what they are told, and the replacement employees will be less talented.

Whom does this adversely affect outside of the leader and your employees? Your customer. Who benefits? Your competition!

It is essential for leaders to understand that customer service is the lifeblood of their business. (Yes we are aware that cash is king and without positive cash flow the business ceases to exist. Without satisfied customers, however there is no cash. And without satisfied and engaged employees there are no customers – satisfied or not!) So let’s see take a critical look at what the most successful corporations, organizations and companies are doing different.

Why Nordstrom, Zappos, Apple and Netflix Ranks High in Customer Satisfaction.

Are the companies listed above perfect? Of course not. Are they serious competitors? Absolutely. How are they differentiating their customer service from others in their industry? They are using an employee-centric approach to heighten their customer service. The premise of “The Service-Profit Chain” (first developed at Harvard University by James L Heskett) speaks to this approach. It’s premise is simple: highly satisfied customers drive growth and profitability, and highly equipped and satisfied employees will better satisfy customers to drive that growth.

Otherwise said, employees with the skills and power to really serve their customer have an increased employee satisfaction, productivity and loyalty which in turn leads directly to increased service to the customer, meaning greater customer satisfaction and loyalty, which of course, leads to greater revenue. Most simply stated, satisfied employees are a critical contributor to customer satisfaction!

We see this as an employee driven profit model – and it’s “people centric”, which to us is the heart of your business.

Results Our Clients Are Achieving Using A People-Centric Model

One healthcare software consulting company survived the recession relatively unscathed. Another grew over 38% percent during the heart of the recession. How? By providing personalized and highly focused customer service.

As small businesses re-surface post-recession and look to differentiate themselves and grow, improving customer service through a people-centric approach will be an important strategy to adopt.

So, when leaders start to think about growth- they should start first with their customers and how to provide value, and realize that it’s their employees that are the golden egg. Then the conclusion is inescapable: prepare and support your employees to provide outstanding service and your customers will reward your efforts.

About the Author:

Sara LaForest and Tony Kubica are management consultants with more than 50+ years of combined experience in helping organizations improve their business performance. They say, failing to adopt a people-centic approach to increase customer satisfaction is just one way to sabotage your business growth. Get their complete “Self-Sabotage in Business White Paper” now at: http://www.kubicalaforestconsulting.com/report.php

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What Makes Someone a Great Leader?

July 19, 2016 By Isabel Isidro 2 Comments

Many business thinkers and authors have looked at what set great leaders apart from the rest. However, it is hard to answer what makes a great leader as there are many definitions of leadership.

As Richard Davis, author of The Intangibles of Leadership: The 10 Qualities of Superior Executive Performance, explains what makes a great leader:

According to the short eBook “What Makes a Leader Truly Great” , great leaders possess these qualities:

Dependability
Awareness
Optimism
Honesty
Collaboration
Curiosity
Decisiveness
Adaptability
Confidence
Commitment
Approachability
Inspiration

Download the FREE eBook “What Makes a Leader Truly Great”.

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Key to Business Success

May 10, 2016 By Isabel Isidro 2 Comments

What is the secret to business success? Is it the wow-inducing business idea? Is it the high profile startup founders? Is it the well-crafted business plan? Is it the business’ viral appeal?

All of above factors help a business achieve success. What really drives success in business is simple: make your customers happy.

However, Brian Tracy, in his book Personal Success (The Brian Tracy Success Library) says that a business needs to go beyond that. Instead of just making customers happy, a business need to strive to make customers happier. He explains that the key to business success can be summarized in two letters: ER

A photo posted by PowerHomeBiz (@powerhomebiz) on May 9, 2016 at 6:15pm PDT

There are a number of things that you can do today to keep your customers happier.

The first thing is to start by giving more than expected, which will help elevate your business above the competition. Susan Friedmann in her article 10 Commandments of Great Customer Service gives three points to help you do this:

What can you give customers that they cannot get elsewhere?
What can you do to follow-up and thank people even when they don’t buy?
What can you give customers that is totally unexpected?

In the article “How to Keep Customers Happy,” Jennifer Fulbright advises:

Promise only what you can keep
Be reliable and consistently good
Avoid giving customers the run-around
Open your lines of communication
Have a comprehensive customer service policy

From the article “Customer Service: How to Knock the Socks Off Your Customers,” here are some additional ideas to keep your customers happy:

Take good care of the look and cleanliness of your place of business, which is a non-verbal communication signal that tells your customers how you value your business and put premium on your customer needs.
Know the needs of your customers by listening to what they say, and not making the mistake of assuming what customers want.
Provide special services offered to customers, especially at “no charge”
Deliver what you promise
Show care in the packing of the customer’s purchase
Ooze with professionalism — from your ads, marketing, business cards, website, etc. to the way that you deal with your customers and clients.
Send out handwritten thank you cards to customers on special store stationary.

So what can you do to make your customers happier today?

Recommended Books on How to Keep Customers Happy:

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Startup Best Practices from 15 Silicon Valley Entrepreneurs

March 9, 2016 By Isabel Isidro 1 Comment

An entrepreneurs’ life is filled with risks and challenges. Our goal is to know as much as we can in order to make better decisions and reduce our risks. This is why I love reading “How I did it” types of books of successful individuals. These books give you a peak of what they faced and the actions they made to achieve success. I love the opportunity to benefit from other people’s experiences and the lessons they have learned from being an entrepreneur.

Recently, I came across the free eBook “Startup Best Practices: Conversations with Silicon Valley Entrepreneurs” by Cees J. Quirijns. The eBook is an interview of 15 Silicon Valley entrepreneurs and the most important business lessons they have learned. The author chose Silicon Valley because “it has produced an unparalleled number of entrepreneurial success stories as well as entrepreneurial failures. If there is one place in the world where startup do’s and don’ts are concentrated, it is California USA.”

The eBook is full of insights on how to start a business, from looking for funding, dealing with investors, hiring the first employees, getting their products to market, being open to feedback among others. I really enjoyed these entrepreneurs’ candor and openness about their experiences in starting a business, particularly coming from the perspective “What could I have done better? What did I learn? What will I do differently?”

Here are some of the tips and advice of the entrepreneurs featured in his eBook:

On Your Purpose

The most relevant advice I can give to entrepreneurs is to ask yourself why you are doing it. Is your purpose clear and does it make sense? You’ll be surprised how often this is not clear. If the answer is because you want to make a lot of money, then you’ll likely be disappointed because that has a low probability.

– Peter Laanen, Founder of Laanen – The Brand

On Creating Your Product

First and foremost, it’s to solve a problem and making certain that your product is the most appealing solution. That doesn’t mean it has to be the best technology or have all the greatest features, but for a product to win, it has to be the most appealing.

– Chris Boone, CEO of Coveroo, Inc. and founder of Cimbal Inc.

On Hiring Your First Team

“Re the first people you hire if you’re the founder and you’re thinking about founding a company, be extremely careful. The tendency is you want to get some energy and momentum around your company. The temptation might be to pull in people that you know, but those may not be the best people.

– Eileen Gittins, Founder, Blurb.com

On Choosing Your Board

“The first one, which is not always possible for the entry level entrepreneur, is choose your board very carefully; I inherited a board and investors in a company before Blurb. As a first time CEO, I realized I had different values than they did; their goals for an early exit, for a different kind of exit, were different than I had.”

– Eileen Gittins, Founder, Blurb.com

On Funding:

“We preach that if you can fund your company yourself, do so. Not just bootstrapping it out of your pocket, but actually finding a product that makes money in the market soon as well. The most successful companies in the long run are those who can get products to market that make money quickly.”

– Idarose Sylvester and Jan Grotenberg, Founders of Silicon Valley Link

On Selling Your Product

You learn that you have to knock on doors until you drop dead before you sell your first product. It’s difficult to sell your product as a small company, especially if you are in competition with the likes of IBM as we were. That requires creativity and a lot of perseverance.

– Peter Laanen, Founder of Laanen – The Brand

As small business entrepreneurs, we need to learn as much as we can from how other entrepreneurs did it. We don’t have to reinvent the wheel – we just need to make sure that we don’t make the same mistakes as they did.

Download this free eBook “Startup Best Practices: Conversations with Silicon Valley Entrepreneurs” now.

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Should Your Business Be in a High-Traffic Area?

March 1, 2016 By Isabel Isidro Leave a Comment

Are you thinking of starting a coffee shop or a small retail store? Chances are you’ve heard of the mantra “location, location, location” – which means that your location can make or break your business.

Does this mean that you should always aim to locate your business in a high traffic location? Well, not necessarily. Here are some things to consider:

1 – Will your cash flow support it?

High traffic areas mean high rental fees. Can you afford it? Expect to pay premium rates for leasing space in a high-traffic area. Given the high cost, are you sure that your revenues can handle the high lease cost of the space and still leave you with a sizable profit and cash flow? The last thing you want is to be in business solely to pay your landlord.

2- Are you ready for competition?

High traffic areas typically attract A1 businesses such as banks, big restaurant chains and fast foods, top fashion retailers, among others. This means more competition for your business, many of whom will be big businesses. There is also a high likelihood that your direct competitors will be there.

You need to consider how having a direct competitor near you can affect your business. Some industries benefit from having the same businesses together – e.g. food businesses in a food court at a mall, where customers know as the place to go if they want to eat. However, some businesses are negatively impacted by having competitors nearby.

If you feel that you can compete for head-on with your direct competitor and you can afford the rent, make the decision whether you want to open in an area with high customer traffic, but very near to one or more close competitors. The alternative is to find areas with lower foot traffic but without a competitor in place.

3 – High traffic does not necessarily mean high turnover

Just because your business is in a high traffic area does not mean that people are actually going to come inside your store. You will find that majority of the people are in a hurry and they are more focused on getting what they need – instead of trying out other businesses in the high traffic area. You may end up paying premium rent for traffic that does not convert.

If you are operating a destination business such as a coffee shop where people will go specifically to enjoy your coffee, it may be more prudent to operate in lesser traffic location where rent is lower but still enjoys decent foot traffic.

4 – Importance of parking

High traffic area means lots of cars. Does this high traffic location have adequate parking? Is your store on the side of the street where traffic flows? If your customers have to spend a great deal of time maneuvering their cars just to reach the parking lot, and then spend a long time looking for parking, they may never even want to go to your business.

5 – Can you handle the terms of the lease?

The foot traffic may be heavy, but will your business benefit from the terms of the lease? Consider carefully the terms of leasing the commercial space and how it impacts your business.

Aside from making sure that you can afford the space, consider the length of the lease. If the lease locks you in a long-term agreement, say 5-to-10 years, think where your business will be in that period of time. Your business may grow big that space may no longer work for you. Also check if the lease agreement prevents the landlord from leasing space to a direct competitor, or whether you will be allowed to put up a sign that is visible from the street to attract bigger foot traffic.

There are many variables in choosing the right location for your business. Be sure to run your numbers to check if you can really afford the commercial space, look at the agreement, check out the competitor, among other factors. Your goal should be to find just the right location to make your business sustainable and successful.

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Should You Have a Business Plan?

December 5, 2015 By Isabel Isidro Leave a Comment

One of the common advice given to new entrepreneurs is to prepare a business plan. Having a business plan can help you understand and clarify the things you need to do. A good business plan can serve as a blueprint for your new business as it helps clarifies your ideas and establishes a plan of action.

However, many small business entrepreneurs make the mistake of thinking that a business plan is this voluminous document that you can only prepare with the help of a business planning software or by following the recommended outline of books on the topic. They think that they need to spend months and months writing up this magnum opus.

Writing a 100+-page document is not what business planning is all about. It is not about following a predesigned template, complete with executive summary, table of contents, sections on production, marketing, finances, among others. In fact, you don’t need to have a formal business plan especially if you are not going to apply for a bank loan or find an investor — which is likely to be the case for home-based businesses (venture capitalists are likely not going to be interested in funding a daycare business unless you have invented a software that will revolutionize the daycare business). Your business plan may only have 10 pages yet that could be construed as an perfect business plan if it contains the drivers and components of how your business intends to make money.

Business planning is a process that requires thinking through your business. A good business plan should include a description of what you are selling, your background and qualifications, who the prospective customers are and where they can be found, what is needed to build the business, how you plan to promote, and how much money is need for start-up costs.

Do you really need to have a written business plan? Not really. And most definitely not a 100+ document that is based on fantasy with over-optimistic and aggressive financial projections based on unrealistic assumptions.

But it is most beneficial to have the strategies and tactics you have thought about for your business to be written down and presented in an organized and easy to understand way, and not just kept in your head. With your strategies, tactics, milestones and metrics all written down, you can review and re-review them to see if your assumptions are valid and make it easier to identify the potential strengths and weaknesses of your business. You can write them in paragraph form, or simply as bullet points, but your written business plan should have:

Your strategies, which will answer three important questions: What do you want to sell? Who’s going to buy it? Why are they going to buy it?
Your tactics on how to achieve your strategy – think of it as your condensed version of a marketing plan, product plan and financial plan. Specify how you will reach your target market.
Metrics to help you determine whether you are achieving your goals, and review schedules
Projected sales, spending and cash flow for the next 12 months at least. You need to know what your costs are and how you are going to make money.

A written business plan can be a great tool to help you run your business better. You can review it every month to see how far or close you are to achieving your metrics, and what strategies may be working or not working for you. You can then revise it to incorporate your learnings and improved assumptions about your business and the market.

Sure, writing a business plan may take a little time to do (even with just the bullet lists), but the time it takes you to think through every aspect of the business can better prepare you for the road ahead. You will be better prepared to take on the ups and downs of starting and running a business.

Recommended Books on Writing a Business Plan:

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