The Big Yellow Banner

As I was returning to my office from one of my regular networking events, I passed a shopping center that caught my eye. I had passed this center many times without ever noticing anything or going into it but this morning it was screaming with activity. So, I pulled in and drove to the source of the activity where I found people waiting in a line outside a novelty store.

Fascinated by the amount of people inside the store and waiting outside, I parked and walked over. Now, this was not a store I would ever think to visit. Most of the merchandise was curios, candles, seasonal decorations, cards and other nik-naks that people give as gifts to relatives they really don’t know that well. But today, this place could have been selling limited addition copies of Michael Jackson’s music! On a huge yellow vinyl banner across the store over head was the words’ Going Out Of Business- Everything Must Go’.

As the line moved inside the store I slipped in and asked the woman at the desk if the owner was around. She pointed to an elderly man standing to the side watching the madness unfold. By the time I arrived, there had been considerable damage done to the shelves throughout the store (most were empty). I went over and asked the owner why he was going out of business and he said, sales were down and they couldn’t keep the store open any longer. I asked him how long this problem had existed and he said with a sigh, “we’ve been having trouble for years and with the economy, it was time to quit”.

I asked the owner what he thought of the activity in his store and he shook his head and said, “I can’t believe we’ve sold this much. We did not reduce anything higher than 40% and people are buying everything”. I asked him what kind of advertising he had done previously and he said, “nothing- we figured that people knew where we were so they’d come visit us. I’ve been doing business this way for 22 years!”

Why is it that some business owners wait until they’re going out of business before getting serious about marketing what they have to sell. The marketplace and the consumer act very different today. Things that worked last year aren’t working now much less 20 years ago. Small business growth is not something that happens. It’s something you have to work at.

If you’re facing closure or are thinking about this because everything you’ve tried isn’t working, get help from a small business advisor or business coach specializing in growth. Sales and marketing is the life’s blood of your business and having a strategy that focuses on your ideal client is the only way to grow, regardless of the economy we’re in.

Don’t wait until it’s too late to hang that big yellow banner!

Ships and Businesses Have A Lot in Common: Is It The Captain or The Vessel That Insures A Successful Voyage?

Ships and businesses are a lot alike. Both reflect the dream and inspiration of the owner. Both start with desire and get launched with excitement by all connected. Both tend to come in various styles and sizes and can be manned by 1 person or a whole crew. They also fall pray to the occasional disgruntle deckhand!

Ships (boats if you like) and businesses also require constant maintenance. The owners may not be involved with them daily but they’re usually top of mind around the clock. Depending on the level of participation, owners can spend a lot of time just floating in place or navigating the chosen waters of their voyage.

Businesses, like boats, need direction. It’s best if you know where you’re going before you begin your journey. Is your business ‘seaworthy’? Does your business have what it needs to make the journey? Can you make course corrections or do maintenance if the waters get rough? Do you have the know-how if the engine stalls or the weather clouds your vision?

Yes, there are many parallels between boats and businesses. One of the biggest similarities is the owner’s desire and commitment to stay the course. Many boat owners celebrate the day they buy their boat and the day they sell it. For most, the jubilation of owning one’s own watercraft is quickly replaced by the desire to unload a depreciating asset that knows no boundaries when it comes to sucking up all your money. As a business owner, are you sinking money into your vessel without any idea of the expected return on your investment? If so, how long are you will to keep going in this direction/?

So, is your business turning into a boat? Do you find yourself going around in circles or just tied up to the dock when it comes to pursuing the voyage to greater revenues and profitability? If so, you’re not alone. Many businesses that head for the open seas end up taking on water and finding themselves being towed to the nearest marina. Then, they sit indefinitely while the captain tries to determine what happened and what it will take to get back on course.

As a business owner (and a former boat owner), there are things you can do to get yourself out of ‘dry-dock’. Here are a few tips from my check-list on becoming seaworthy again:

1.

Reassess your reason for ownership-

Years of toiling away in a business or maintaining a boat can sap your spirit and drain your checkbook. Take some time to rekindle the dreams that encouraged you to start your business. If you’re clear about why you chose your venture, this alone can have a tremendous impact on igniting the passion to continue. Often times, owners feel overwhelmed with the demands of running their businesses and can grow distant for no other reason than the need to survive mentally and physically. Rekindling the passion that got you started does wonders for your desire to chart a new course.

2.

Recalibrate your position-

Sometimes the desire to hold on to a boat or a business without making the necessary course corrections can deplete you of all your resources. For boat owners, it’s putting their ‘pride and joy’ on a storage lot whole they contemplate selling. Business owners don’t have that same remedy. Your business is your life, the future to your financial freedom, the totality of your existence. In most cases, you are the business! Your current latitude and longitude are the direct result of what you know and what you’ve chosen to do. If you’re off course (regardless of the weather) it’s a result of what you don’t know and haven’t done that’s got your business in uncharted water. Take a critical, unbiased look at what you have done so far to determine what was missed and what didn’t go as expected. The answers to your future are in the decisions you made in the past.

3.

Evaluate what makes your business different from others-

Everyone has choices including the customers you serve. Since boats are an emotional purchase, the prospective owner usually decides to purchase based on something that touched them emotionally. Consumers make their decision to purchase based on something unique about the business, the way the service is provided, the particular array of products offered or the way the business owner treats them. Whatever the reason, determine what makes you different from your competition. Nothing brings a greater sense of pride than having a unique position that your customers’ value and your competition envies.

4.

Is your business structure right for today’s market?-

When diesel fuel crested $5.00, many boat owners decided to seek other recreation. What about your business’ exposure to economic influences? Is the business model you built still viable for today’s marketplace? Are you making productive use of today’s marketing tools; think website? It’s very common to find matured businesses run just like they were when they opened, some 20 years ago. A business that’s positioned for growth needs to be nimble, flexible and adaptable in order to weather the severity and frequency of change in today’s marketplace.

5.

Thoroughly evaluate who your customers’ are-

Consumers are faced with ever increasing choices. It’s not just a matter of who offers what you offer but what else a customer can chose as an alternative to what you offer. People want value which does not mean lower prices. If you offer value and promote price, you attract customers who value price. As a small business, the product or service you provide contributes a small percentage of your overall success. Figure out what drives your success and it will be smooth sailing.

In reality, running a business is much more difficult and demanding than owning a boat. And while captaining a boat has its own special challenges, the similarities with running a business are noteworthy. In the end, you must insure your business is seaworthy, you have your direction well planned and you keep a sharp eye on the horizon. It also helps to remember to have fun. After all, that’s the main reason we boaters decide to take the plunge!

Is Change Working For You?

We heard a ton about ‘change’ in last year’s primary. Everything needed to change. Everyone was talking about change. ‘Change’ was the No.1 most used word on protestors signed captured on the evening news.

So, how do you like the change so far? Is it what you expected? Regardless of your political affiliation, if you think changes made by the government will dramatically alter your individual circumstances, you’re in for a disappointment. Real change starts at home. It begins with someone making the decision that they’ve had enough of their situation. For a business owner, it’s the realization that the only way to improve your bottom line is to change the way you do things.

Change can be scary. It’s hard enough to come to the conclusion that the way you’re operating isn’t working or the things you’re doing in your business aren’t attracting enough customers. The real challenge is to figure out what will work and commit yourself to wanting to do it. Most business owners are specialists in the product or service they provide. Their expertise is in keeping the business going while wearing far too many hats. They spend very little time thinking about what is needed to grow their business or increase the number of customers they really want. Why? It usually boils down to what they don’t know and how much support they don’t have to make the changes they need to make.

Yes, it’s all about change. Not change from Washington or your local government entity. These changes do little to help the small business owner and all too often produce changes that you don’t want. Change that fundamentally improves your business or your life has to come from within; from you!

So if you are fed up with your current circumstances and you truly believe there’s a better way but don’t know how to procede, ask for help. Don’t stay in a holding pattern until your cash runs out; make a decision to do what is necessary to change. Get help from those who can show you how to do it and provide the support to enable you to get it done. If the help you seek requires professional guidance, be willing to pay for it. It might be the best investment you ever make. After all, as the owner of a small business, you need to change before you can expect your business to change. Aren’t you worthy of an investment like this?