If there is one thing that you would like to change about the way that you do business what would it be?

Best intentions to implement change are often sidetracked or postponed because they just don’t seem to fit into our routine. We are creatures of habit which can work in our favour but can also work against us when we are trying to move forward and change things up.

It is important to recognize how a disruption in our routine can create the perfect opportunity to effectively implement change and the holiday season between Christmas and New Years provides just that opportunity.

Keep in mind that identifying the change is just half the game. Making it happen is the other half. Studies show that it takes time to form or change a habit – 21 days of repetition, to effectively engrain the change into our being, to ensure that it sticks and that it becomes second nature.

I will be taking time the next two weeks to examine my business practices and identify the changes that I will implement in the new year. I will return with my next blog post on Monday, January 5th.

Have a great holiday and be sure to take some time to consider what you might like to change in 2009!

For more information on implementing change and moving your business in the right direction, check out my articles: “Five Great Ways to Think Bigger than the Next Guy” and “The Benefits of Hanging in There” both found here on my website… Larry

A Nostalgic Glance Back at How My World Has Changed

I grew up in simpler times when bathtubs were white, telephones were black and cheques were green! If I had a headache I took an Aspirin and when I got a cold and needed to blow my nose I reached for a Kleenex. There was one kind of Coke and cars were Fords, Chevys or Chryslers – period!

Products quickly became synonymous with their brand name because they were most likely one of a kind and the consumer’s choices were limited.

As a shopper, my world was the corner of King and Clarence Streets in Port Colborne… a Woolworth’s (with a lunch counter where we went for Coke & fries), Mahaffey’s Drug Store, Walter J. Smith Appliances (with a record department where I bought “A Hard Day’s Night”) and Rossman’s Clothing Store (the only one that’s still there).

We had a breadman, a milkman and a party-line which meant that we shared one telephone line with 5 neighbours -that was interesting!

Today, 50 years later diversity is everywhere and we are virtually global shoppers. I’ve given up Cokes & fries for water and grapes. We buy everything from clothes to cars on-line. We talk, text and email on our Blackberrys & iPhones – anywhere, all of the time… and we pay with plastic!

My kids call Kleenex “facial tissue” and it comes in big boxes, small boxes, travel packs, designer boxes, 2 ply, 3 ply, scented, unscented and moisturized.

Decisions, Decisions… Pets now rule our world with Nine Lives offering 23 different kinds of cat food. Revlon makes 157 shades of lipstick and 41 of them are pink! We live in a world where offering choice is expected by the consumer and can definitely provide a business with a competitive advantage.

If you’re in business today and if you aren’t open to change… you won’t be in business for long!

For more thoughts on evolving your business and adapting to change, check out my articles: “Trendwatching – Recognizing Tomorrow’s Opportunities Today!” and “Five Great Ways to Think Bigger than the Next Guy” both found here on my website… Larry

Ensuring every activity has purpose and meaning!

Everything that you do as a business owner should be a part of a bigger picture. It is important to ensure that there is a thread that ties all of your activities and efforts together.

Success in business is not a series of independent efforts that have no common connection. Success is the result of a series of related activities that collectively move your business in a specific direction towards the goals that you have set for yourself.

For example, I remember my first position working in an advertising agency and receiving my first box of printed business cards. I was so proud! I took a few out of the box for family, friends & associates and then carefully placed the box in the bottom right hand drawer of my desk. The majority of those 500 cards remained in that box, in that drawer until I left the company three and a half years later. What a waste!

But then again, I had no plan or strategy to distribute them. There was no thread. I had created a dead end for that investment which should have been used daily to establish contacts and open doors.

Today I try to have a strategy for every decision I make and everything that I do. I even have a strategy for my business cards. Each morning I place one card in my shirt pocket and my goal is to hand out that one card a day to an individual who I feel I would like to work with or to someone who can impact my business. My process is very deliberate, selective and measurable.

If I return home at the end of the day and that card is still in my pocket, I know I haven’t followed through with my strategy and I know that I need to pick things up the next day. This simple little strategy is easy to monitor and designed around my ability to deliver.

I don’t hand my business cards out to just anyone. I work with a roster of 10 – 12 clients on a regular basis so if I distributed business cards like flyers, the response could definitely be overwhelming and hurt my reputation to deliver. Instead, I see every client’s success as a potential endorsement and I carefully guard my reputation to make an impact.

The big question is “who gets my card today?”

For more thoughts on strategic thinking, check out my articles: “Create an Action Plan to Help Ensure your Success” and “Five Great Ways to Think Bigger than the Next Guy” both found here on my website… Larry

Standing Up To The Competition
Survival isn’t necessarily my favourite part of being in business, however it can be a beautiful thing when it is orchestrated properly. Retaining the customer base that you have worked so hard to establish and protecting your position in the marketplace is “just another day at the office” for marketing-driven organizations who are serious about success.

I consider myself a student of great marketing and life itself has been a wonderful classroom. I will share my thoughts on two great Canadian business institutions and how they have dealt with competitors trying to knock them out of their first place position.

The best, most effective marketing is “transparent” meaning when it happens you react without recognizing that you have been influenced!

Since the 1970’s Roots have been active in supporting the Canadian Olympic movement becoming the official apparel supplier for our Canadian Winter Olympic team. Who can forget the red “Canada Poorboy” hats in Nagano in 1998! Of course, with such phenomenal success it was inevitable that someone would eventually come along and try to wrestle it away.

Sadly, The Bay became that someone. But rather than fold up their tent and go home, Roots sponsored our Olympic Speed Skating team who won 12 of our 24 medals to keep them in the spotlight while they continued to be the official Olympic outfitter for both the United States and Great Britain. Inspirational!

I have two great examples of marketing at its best from this next Canadian icon…

As major US competitors have tried to enter the Canadian market and knock them from their #1 position, Tim Hortons made subtle and strategic adjustments to their stores and their packaging in particular that I personally feel is nothing less than brilliant.

Prior to Starbuck’s moving into the Canadian market, Tim Hortons served their coffee in a dark brown cup with their logo on it. It was impressive enough at the time but when Starbuck’s arrived with their hip, progressive image, Hortons revised their packaging, maintaining their basic image but adding funky graphics similar to that used by Starbucks, a more updated look. Outstanding!

When another US giant, Krispy Kreme donuts made their move onto the Canadian scene with their “showroom” kitchens, Tim Hortons once again subtly began to re-model their stores with larger, more visible food prep areas and they once again redesigned their packaging to take away a bit of the visual uniqueness that was Krispy Kreme.

Tim Hortons also switched from their “lunch bucket” style boxes for donuts and TimBits to a similar “cake box” that Krispy Kreme used to display their product. It is floppy and awkward in comparison but it subtly minimized the visual impact of their new competitor. Brilliant!

How you read and react to competition, how you reinvent yourself to keep customers interested is vital to your on-going success. What impresses me most about these examples that I have chosen is the positive way that they reacted to potential threats.

To take a closer look at your business, your performance and your “Best Practices”, check out my articles: “Finding a Way to Win” and “The Intuitive Marketer” both found here on my website… Larry

To what degree are you controlling the outcome of your success?

Let’s apply some basic fundamentals to give you more control of your sales and cash flow. Once again, assuming a proactive position is always the best approach to take.

When you make the dangerous assumption that “everyone” needs your product or service without recognizing the subtle differences that come from Demographics and Psychographics, you minimize your ability to effectively speak to any of them specifically and effectively.

Keep in mind that there are two ways to stimulate cash flow. First, you can use advertising and promotion to generate more traffic. More traffic should equate to more sales. But second, you can increase the amount that each customer spends per visit. This can happen a number of ways, through in-store merchandising, by better educating the customer and by directing their attention to the full complement of what you have to offer.

Use the following Two Analysis below to better understand the relationship between what you are selling and what people are buying to more effectively manage the outcome of your sales.

1. Sales Analysis
What is the Number One reason for a customer to visit your business and what are they most likely to purchase? (Specifically!)
Note: You should analyze the patterns of your sales constantly.

By being able to differentiate your revenue channels between Primary (most popular), Secondary (significant but less popular) and Teritary (occasional or seasonal) you give yourself the power to more effectively communicate & direct your customers, predetermine what they will buy… and understand what else they will buy with your influence!

2. Market Analysis
Which specific market segment (or type of customer) comes to you most often, what do they typically buy and how much do they spend on average?
We are creatures of habit. By clearly understanding the specific types of customers that your products, services or even atmosphere attract the most, you are able to direct specific messages their way. Understanding customer behavior and buying patterns is the second important factor in managing the outcome of your success.

Knowledge is power so by understanding who comes most often and what they are most likely to buy you position yourself to direct the right message, about the right product or service to the right people, at the right time.
For example, it makes sense when you are slow to focus on reaching your Primary Customer (those most likely to come) and to talk about your Primary Product or Service (what they are most likely to buy).

Similarly, when you are already busy and can’t comfortably handle more immediate sales but want to promote future sales or open up new markets, this same understanding allows you to direct different messages to Secondary or Teritary customers (those less likely to respond) and talk about everything else that you offer! (and are less likely to sell)

Don’t make the mistake of generalizing. Pull things apart, understand how they work and why they do what they do. For more thought on the importance of analysis, check out my articles: “Trendwatching” and “Creating an Action Plan to Ensure your Success” both found here on my website… Larry

I work with a number of clients who struggle making cold calls. You know; that process of identifying and contacting potential customers or prospects, without a lead or referral. These clients know their product inside and out but when it comes to knocking on new doors they tend to freeze up and procrastinate.

Far too often, we assume a reactionary position in finding new customers. We convince ourselves that our advertising alone will get the job done or that enough prospects will hear about us through word of mouth and come calling. Because these methods place the initiative on the prospect, it often takes time – more time than we are willing to wait when we are anxious to grow our business.

There are various ways to get around the cold calling problem. You can provide incentives for referrals, you can hire a sales person but there is another way and your first reaction may be negative but… using a Call Centre (or telemarketing company) might be the most cost effective answer for you!

I know, they have a bad reputation but under the right circumstances they can be very effective. You don’t position them to sell your product or service. Their assignment is to make calls within your target market and simply identify prospects who have expressed an interest and would like more information.

Their job is to supply you with a data base (or list) of warm to hot prospects and your job is to simply follow up. In the right situation you only pay for the number of referrals you receive, not the number of calls that they make. The source of the calls can come from them or it can come from you. It’s all negotiable!

Shop around. When you find a Call Centre that you think you can work with, ask for references and then make those calls! Ask questions about results, the costs involved, customer feedback and whether they will use them again.

Beating the bushes and finding new customers can be the difference between your success and failure. Crunch the numbers and determine the return on investment that you will need to make this exercise worthwhile.

You can’t change what you don’t acknowledge but if you recognize that a fear of or resistance to cold calling is holding you back, give this post some consideration and I can even recommend who to call.

For more ideas on growing your business and increasing your customer base, check out my articles: “Do We Have a Deal?” and “Success, With a Little Help from My Friends” both found here on my website… Larry

What Do You Consider Important in a Supplier?

Whether you are in a manufacturing or service business, your suppliers represent the resources that keep you running and keep you competitive. In my last post I talked about the value in “Shopping Around” but before you set out to build new bridges you need to give some thought to what impresses you in a supplier and which factors are your biggest priorities.

Here are A Dozen Things that I Weigh Heavily when Selecting my Suppliers:

Price & Quality:
Both are equally relevant in determining the perceived value of a product or service. The best price, with an absence of quality leads to frustration and poor performance, leaving you vulnerable with your customers.

Communication & Flexibility:
Success is built around relationships and poor communication is a one way ticket to a failed relationship. On the other hand, their good communication practices tell you that they care and lead to better understanding & an appreciation for your specific situation.

Selection & Availability:
Choice allows you to build upon your uniqueness and whatever they offer it needs to be there when you need it! Out of stock and back orders send you elsewhere, eating up your valuable time.

Stability & Reputation:
Peace of mind is critical when you have so many “balls in the air”. A big part of how you are perceived by the public comes through the companies and people that you are associated with.

Referrals & Opportunity:
Whether it’s potential customers, piloting new products or co-operative advertising, you can’t put a price on the impact of referrals & opportunity. This commitment to mutual success and a win/win attitude are huge!

Research & Development:
Suppliers who are committed to continuous growth & improvement place themselves on the cutting edge and they will inevitably take you with them when you recognize the potential and nurture the relationship.

And I’m sure you have some priorities of your own. Don’t settle for mediocre. Ensure that your sources of supply reflect the same standards for excellence that your customers expect from you.

It is so easy to overlook details with so much on your plate but take it one step at a time. Check out two of my articles on this theme: “Develop a Winning Formula for your Competitive Advantage” and “Five Great Ways to Think Bigger Than the Next Guy” found here on my website… Larry

While relationships and loyalty are important parts of your success in business, options are equally as important and a business without options is vulnerable.
Change is constant and I see suppliers as change agents and trend experts who are in the perfect position to keep me on top of the direction that my industry is moving.

Beyond simply finding the best price, consider these
Three Important Reasons to Shop Around:

1. Be Better Prepared
The face that we present to our customers and the public is all about marketing & positioning ourselves. What really goes on behind the scenes generally stays behind the scenes. You never really know how healthy your supplier’s business really is.
Having a back-up supplier (or a Plan B) leaves you with a valuable option should the worse-case scenario happen.

2. Discover Fresh Ideas
Suppliers don’t just provide goods. They represent a valuable source of insight into your industry. Using a single source of supply can put you in a one dimensional position when it comes to idea development and new perspectives.
Different people in different situations tend to have a different circle of influence and a different outlook on life.
Fresh ideas are the home of innovation, efficiency and productivity.

3. Improve Your Bargaining Power
It is easy to be taken for granted and to lose your value as a customer over time. A back-up source of supply keeps everyone on their toes and represents an important negotiating tool. I’m talking about price, selection, support, delivery and co-operative advertising.
Everything in business is negotiable but it only works when you are properly positioned.

Shopping around is simply a good business practice to ensure profitability and to stay connected with the players in your industry. I strongly recommend that you make time once in a while to introduce yourself to some new sources of supply, even if you are happy with the way things are!

Doing the little things right can make a big difference to a growing business. Check out two of my articles on this theme: “Team Building - Your Competitive Advantage” and “Think Like an Entrepreneur” both found here on my website… Larry

The Importance of “Specializing” for Rachel Spiewak

Like most new entrepreneurs, when Rachel Spiewak first started her photography business she was just happy taking pictures. Initially, her portfolio included everything from weddings to family portraits to commercial work and every session represented a new challenge, providing great satisfaction.

Photographer Rachel Spiewak

But a funny thing began to happen as Rachel grew as a photographer… an entrepreneur and a woman. She began to realize that there were certain aspects of her work that had greater meaning & significance than others as a mother of two.

Rachel discovered a strong interest by expectant mothers in maternity photography to capture that once in a lifetime look and feeling that comes with each pregnancy. Not only was the market there but it was something that Rachel personally felt a strong passion for herself and she recognized her own talent in capturing it.

As Rachel puts it, “I am a daughter, granddaughter, sister, aunt and niece. But most importantly, I am a loving wife and devoted mother. It is this, my own personal experience that I draw from to create and capture precious memories for my clients”.

Rachel admits that at first she found it difficult to turn down wedding and commercial work that meant cash flow and security to her growing business, a challenge common to most every business in pursuit of a niche. But she soon found that the response to her specialized work generated interest and sales beyond her expectations, calming her fears and giving her the confidence to fully commit to this niche.

Today, with a clear focus on her passion, Rachel Spiewak has immersed herself and her business in every aspect of this niche catering to the unique photographic needs of expecting mothers, newborns and growing families. Rachel has also introduced a carefully thought out complement of related products, services and specially chosen events, alliances & community activities, as the above link to her website will illustrate. Check it out - its all very inspiring!

Most recently Rachel has volunteered to be the Niagara Region Co-ordinator for the Now I Lay Me Down to Sleep Foundation, a network of professional photographers who donate their time & talent to provide sensitive and private portrait sessions to assist families dealing with the tragic loss of a new life.

It has often been said that when you find your special career calling that you will never call it “work” again. Take a closer look at the important work that you do and begin a search for a niche that triggers your passion!

Evolving your business idea is essential to staying both committed and competitive. For more related thoughts on this topic, check out my articles: “Creating an Action Plan to Ensure your Success” and “Mapping Your Success through your Vision & Mission Statement” both found here on my website… Larry

I recently spoke to Professor Heather Clark’s marketing class at Brock University regarding my personal approach to building a customer base and growing my consulting business. I presented them with the following ten “lessons” that I personally practice daily.

Lesson #1: Never turn down an opportunity to tell people about who you are, what you do and how you impact your clients. This is how the majority of my leads begin!

Lesson #2: Don’t “sell” yourself… Market Yourself! People don’t like to be sold but they love to buy. We are a nation of shoppers. Show them the value and they will pursue you.

Lesson #3: Know yourself. Your ability to deliver is critical to building a strong reputation. Focus on what you do best and what sets you apart from the competition.

Lesson #4: Know your customers. Put yourself in “their” shoes. Do your research, go in asking questions so you can tailor your presentation to match their current needs.

Lesson #5: Make yourself accessible. Be actively involved in your community and your industry. Stand out from your competition by returning calls within 24 hours before they begin to look elsewhere.

Lesson #6: Pick your “Inner Circle” carefully. Surround yourself with people who make you look good and who share your values – win/win relationships, attention to detail and service excellence.

Lesson #7: Never say “No” to a customer. Align yourself with resources that will keep you in the loop. Always be a part of the solution and point every customer in the right direction.

Lesson #8: Studies show it takes five times the effort to get a new customer as it does to keep an existing customer coming back. Develop a Customer Retention Strategy and exercise the Seven Thank-you’s.

Lesson #9: Recognize the value of “your 2 cents”. Price drives perception so base your Pricing Strategy on the impact you make and be sure to charge what your worth.

Lesson #10: Embrace technology. Be sure to ride this important wave, don’t just follow in the wake of others. Begin immediately with a website – make it your virtual storefront and then expand to a Blog to share your expertise and interact with clients. Invest in continuous learning and take the lead amongst your peers.

These ten fundamental lessons form a foundation upon which anyone, in any type of business can build their success. The key is to stay focused and to take time to assess your performance on a regular basis.

To take a closer look at ways to grow your business, check out my articles: “It’s Time for a Performance Assessment” and “Selling Yourself” both found here on my website… Larry