A Great Idea is No Guarantee of Success!

What you are able to do with that “great idea” will largely determine the degree of success that it achieves. To be truly competitive in today’s world, investing in your professional growth & development must be as big a priority as upgrading your equipment & technology or improving the quality of the product or service that you provide.

So what do you think are the most important strengths or competencies that a successful entrepreneur or management team should possess?

Let’s examine Four Core Competencies to develop and implement every day that will impact your success!

1. Visionary
Successful entrepreneurs demonstrate the ability to visualize a destination or specific outcome that addresses the needs, wants, expectations and problems of a target audience (externally) - or your work team (internally)

2. Problem Solving
Success isn’t achieved without overcoming countless challenges and it is critical to develop the ability to co-ordinate efforts and identify the specific steps required to get the job done… on time!

3. Communication
Your ability to communicate on a variety of levels both internally and externally will help ensure that everyone is on the same page and that expectations are understood and met. A diverse communication strategy focuses on clarity, promotes harmony, creates efficiency and strengthens relationships.

4. Innovation
Uniqueness is essential in every aspect of business and your ability to identify “new ways to get the job done” more efficiently and productively will always provide a competitive advantage and keep you one step ahead of the pack.

As the new year approaches, set aside time to examine your performance, make sure that you capitalize on your strengths and commit to an action plan of continuous improvement.

For more ideas on growing your business and positioning yourself to succeed, check out my articles: “Finding a Way to Win” and “Performance Under Pressure” both found here on my website… Larry

The importance of “Uniqueness” in everything you do…

Uniqueness is what every investor looks for and it is what consumers base their choices on. If they see nothing unique or different in what you have to offer they have no reason to come and certainly no reason to buy!

Uniqueness is communicated in a variety ways and it must be reflected in everything you do. Your brand identity is based on your uniqueness. It’s what gets you noticed and is what creates a buzz! And if you aren’t communicating your uniqueness, you aren’t building your brand!

I realize that some people are satisfied with just showing up every day, doing the work their business does and quietly minding their own business but if you want more out of your business, read on…

Five Important Areas to Stand Out In!

1. Quality
Everyone tells me they have a great product or service. But when everyone is “great” then great simply becomes average. If you feel your product or service is indeed exceptional, you must identify and articulate how and in what way, to set yourself apart from everyone else. And be specific!

2. Price
Price drives the consumer’s perception and expectation. Don’t ever match your competitor’s prices! Matching subliminally states you are actually no different regardless of what your advertising states. If you truly feel you are the best, charge a little more, if you want to be perceived as affordable, come in just under their lowest price.

3. Image
The image that you project should match the quality of the products you sell, the services you provide and the prices that you charge. If your image gets lost on a page of advertising, if it doesn’t stand out it will cost you in opportunities as “the other guy” gets noticed and gets their business.

4. Accessibility
Diversity is essential in this area. Be sure that you are easy to reach, always give your customers options (in person, by phone, by email, through your website, etc) and stand out when you return their calls immediately (when few others do!)

5. Appreciation
This one is critical. If you “thank your customers” and show your appreciation the same way that everyone else does, your efforts will go quietly unnoticed. Develop a Retention Strategy that creates a WOW Factor and acknowledges your appreciation in a number of unique and creative ways.

Warning: Being unique is hard work that never ends because everyone is out to copy what works and to follow the leader (and now that leader is you!)

Understand that as soon as they catch on and copy your lead, you need to be ready with your “next big thing” that gets you noticed and sets you apart.

For more on gathering attention, getting noticed and taking the lead check out my articles: “Five Great Ways to Think Bigger than the Next Guy” and “Promoting Leadership in your Growing Business” both found here on my website… Larry

#29. “Say It Loud, Say it Clear
and Say it Often in a Variety of Ways”

Far too often companies use a one dimensional approach to their advertising. The only plan or strategy that they have is to advertise when they are slow to get busy using discounted pricing until their sales recover. Wrong!

Successful businesses will use price point advertising when they are slow to get busy but they also advertise when they are busy using different types of messages to educate the consumer, position their products & services in the mind of the consumer and to increase their company’s credibility to ensure that they maintain their momentum and build brand awareness.

Your Promotion Strategy should be on-going and incorporate different types of media that reach each of your Target Markets in a variety of ways to ensure that your messages get through.

Carefully examine the endless ways that successful companies like McDonalds, Coca-Cola, Roots, Apple, and Tim Hortons promote & position themselves every day… and learn from the best!

Stop by again next Friday for another weekly Business Builder. And for more on personal and professional growth, check out my article: “Building Brand Awareness and Increasing Share of Mind” found here on my website… Larry

The Commitment, the Structure & the Pay-Off!

Mentoring may sound like a good idea, maybe a feel-good thing to do but before you make the decision to assume the role of Mentor there are a few things that you need to consider.

You have the power to impact another person’s life and success in an intimate way but are you up for the task?

In my last post, The Role of a Mentor, I introduced the concept of Mentoring and today I’d like to take it to the next level and touch on three components to consider as you move forward:
1. The Commitment, 2. The Structure, 3. The Pay-Off

1. Becoming a Mentor requires a Selfless Commitment to:
a) Make yourself available to your client
Put an agreement in writing that outlines what you and your client can expect of each other. ie: I return phone calls within 24 hours but I expect the same of my client!
b) Exercise patience… and persistence
Learning and changing behaviour takes time that cannot be rushed. Allow them to work through their problems and resist the urge to simply give them the answers.
c) Expect your client to outgrow you
The ultimate goal of a mentor is to position their client to develop the skills that you share with them and to move on at some point. Co-dependence is unacceptable!

2. While meetings can be in person, over the phone or in writing they should always follow address the following criteria whether it’s a 1 hour meeting, a 10 minute phone call or an email exchange:
a) How they are doing, what’s going on and what they have accomplished
ie: An update on their situation.
b) Identify challenges, problems and struggles they are experiencing
ie: The reason for contact. This is where skillful questioning, careful listening and patience become so important. Often they are reluctant to talk or they don’t recognize the real problem.
c) Leave them with an action plan to move forward
ie: Mentoring is an on-going conversation. Make sure they understand and agree to their next step to address the issues so they experience the real benefit of making contact with you and will continue!

3. Mentoring is definitely about win/win relationships and here are some examples of how it can pay off for you, the Mentor:
a) Incredible Satisfaction & Fulfillment
The wonderful feeling that comes from making a significant contribution to someone’s life and career.
b) Improved Communication Skills
The Mentoring experience provides excellent on-going opportunities to develop & practice your speaking, listening, questioning, analyzing and observation skills.
c) Continuous Learning
The mentoring experience will provide you with loads of lessons learned that will serve you well in the future.
d) Self Confidence
The impact of knowing that you have valuable knowledge and experience that others can benefit from.
e) Valuable Professional Relationships
What goes around comes around. The people or clients that you help today will definitely come back into your life as they succeed in their own careers.

Mentoring is an activity where the rewards easily outweigh the required contribution. In future posts in this category I will elaborate on the three components identified today and provide Case Studies as examples for you to further your understanding of the mentoring process.

For more information of sharing your expertise and experience check out my articles: “Choose to Choose the High Road” and “Success, With a Little Help from my Friends” both found here on my website… Larry

Post #1 in a New & Vital Category - Mentorship!

“Giving back” to their industry & their community is one of the priorities of many successful entrepreneurs and mentoring is a unique and very personal way of sharing one’s experience & expertise to impact the success of someone up & coming.

One of the most gratifying things that I do professionally is to spend time with new and aspiring entrepreneurs helping them direct their time and energy towards achieving their goals and dreams.

We assume very specific responsibilities and priorities when we take on the role of mentor.

As a mentor, and a Certified Business Counselor my first priority is to help my young clients develop decision-making skills that they can begin to use to think independently and examine all of their options before they move forward. In today’s “rush, rush” world a client’s first expectation of their mentor is often to “just tell me what I should do” but that short changes them of developing the valuable skills to evaluate and analyze the challenges that they face, a process that becomes the cornerstone of their future success.

I use the old adage “If I give you a fish you will eat today but if I teach you to fish you will never go hungry”. A skillful mentor will exercise patience, use skillful questioning and careful listening to first examine and analyze situations as they arise and then assist the client to identify their options and understand which option provides the best solutions for their particular situation.

Making decisions with limited information guarantees trouble and while it seems that everyone today looks for the quick fix, insisting on taking the time to help a client build their decision making skills will leave a lasting imprint of your time together.

A mentor’s job isn’t to be a best friend. While trust and respect are critical to every mentoring relationship, when a mentor becomes emotionally attached it will obstruct their objectivity & judgment which can tarnish the quality of the guidance provided.

There are times when as a mentor, I am simply a sounding board, providing my client with a safe and non-judgmental environment in which they can work through their problems and discover a professional style of their own that best suits their personality and goals.

The purpose of mentoring is to create personal & professional growth and development which at times requires the mentor to be assertive and make their client accountable for their decisions and actions but once again, the objective is to develop and build character.

As a mentor you assume a variety of roles that are in turn applied to the endless number of circumstances that your clients bring to the table – and this is the theme of this new Business Strategy Workshop category that we will explore to assist you in becoming a better role model and more effective influence.

For more related information, check out my articles: “The Unique Roles of my Role Models” and “Promoting Leadership in your Growing Business” both found here on my website… Larry

#28. “Planning Pays Off!”

What is the best way to get through those crazy, busy periods that at times seem like they will never end? With careful planning and priority management.

First, let me share with you a statistic that puts this into perspective…
“Studies have shown that twenty minutes of planning can save you up to one hour of wasted time each day”. Think of all the things you could accomplish if you had one extra hour in your day and the pressure it would relieve. I make sure I keep that little stat close to me whenever things start to get crazy.

Regardless of how much I have on my plate, I begin each day with my To-Do List which I review and update to paint the big picture. Then I identify my priorities – those important tasks that must get done. Being a morning person, I am most effective handling my writing and creative work first when I am most fresh.

If I need to spend time “on the road” I map out a route that will take me from appointment to appointment in the shortest time and use my iPhone to stay connected and return messages & email.

If you are truly serious about success, you quickly learn that planning is the key to moving forward quickly and staying focused on the right things.

Stop by again next Friday for another weekly Business Builder. And for more on personal and professional growth, check out my article: “Creating an Action Plan to Help Ensure your Success” found here on my website… Larry

I suddenly find myself with a ton of projects on the go and frankly, even with my experience, it’s a bit overwhelming. But then again, I remember a few months ago when things were uncomfortably slow and in comparison I know exactly where I would rather be!

So what’s the solution?

I dig in, get focused and use my determination & work ethic to push on and work through what will likely be a temporary spike in business activity… and a wonderful injection in my cash flow. Well, back to work…

Before you leave, check out a very timely and important post for this time of year, entitled “Just 30 Days Left!”… Larry

Today, it seems that everyone is looking for “Fast Money” or as paraphrased from the restaurant industry… “Good Money Earned Quickly” but there is a huge danger in fast tracking and taking short cuts that we will explore today.

Shortcuts generally come at a price. There is a definite science to increasing productivity and efficiency without sacrificing quality and the solution that you are looking for comes with planning, systems, training, delegation and empowerment.

But before you make the decision to eliminate shortcuts let’s consider:
Five Great Reasons Not to Cut Corners…

1. Quality will Suffer
When you rush your work you are more likely to make mistakes. The cost of corrections, replacements and make-over’s will quickly diminish any benefit to rushing. Just check your time sheets!

2. The Experience is Invaluable
A text book and a diploma can only teach you so much. The rest comes from a thorough understanding of the process itself. Tactile learning runs deep!

3. You might Leave Important Things Out
In your rush to get things done it’s easy to overlook important aspects of the project. Replace shortcuts, quotas & pressure with the efficiency that comes with systems, planning, relationships and pride!

4. Your Reputation is on the Line
Shortcuts are an attitude that go beyond simply “getting it done fast!” They lead to self-centred choices rather than the customer-driven benefits that successful businesses are built on.

5. Getting There is Half the Fun!
Life is too short. The people, the moment, the satisfaction… and the memories are what make it all worthwhile. Don’t sell yourself short of these important cornerstones of success.

Begin working on an infrastructure today for your business operation that is built on planning, training, delegation and empowerment. As Michael Gerber says in his E-Myth series of best selling books, “the system is the solution”… not shortcuts!

For more related information on quality, efficiency and productivity, check out my articles: “Choose to Choose the High Road” and “The Challenge of Doing the Right Thing” both found here on my website… Larry

#27. “You” are your Competitive Advantage!

The people who drive a business largely determine the degree of success that it achieves. A humble willingness to recognize and embrace yourself for the person you are, both good & bad, puts you in a position to play upon your strengths to open doors and build an action plan to offset your weaknesses - those areas that leave you vulnerable.

You cannot change what you don’t acknowledge which can make real growth and improvement impossible, until you are willing to face reality. Programs like True Colors and Personality Dimensions provide an ideal venue to learn and discover the unique and dynamic resource that is distinctly you!

So begin developing a policy today that calls for you… and your staff, to commit to honest self assessment, on-going learning and continuous growth – the key to developing that exciting competitive advantage!

Stop by again next Friday for another weekly Business Builder. And for more on personal and professional growth, check out my article: “Selling Yourself” found here on my website… Larry

There are so many service providers that I know & work with, who are so focused on “Bread & Butter” projects that they never seem to find time for those “Dream Jobs” that were the real reason why they decided to choose self employment in the first place.

While paying the rent and putting food on the table are obvious priorities, there are ways that you can accommodate both the essentials as well as your dreams.

Let’s look at Three Simple Steps to
Ensure your “Dream Jobs” Come True:

1. Create a Wish List. Identify the type of projects that really turn your crank and the kind of clients or companies that you will need to approach to get them!
2. Revisit your Pricing Strategy. Make the necessary adjustments to your prices to ensure that you can earn the same income while putting in fewer billable hours as you pursue those “Dream Jobs”.
3. Schedule an actual appointment with yourself for a full day once a week, every week! Write it in your calendar and get started immediately, setting a plan in motion to make it all happen and win those “Dream Jobs”.

Note: You need to take this appointment with yourself as seriously as any client appointment that you would make. This means no cancellations, no re-scheduling yourself!
*If you just can’t get comfortable with a full day, make it a half day… but no less.

These “Dream Jobs” represent the real future of your business, the professional satisfaction that you crave and the direction that you want to move in. The moment that you compromise that commitment you open the flood gates and will begin sacrificing your real goals for everyone else’s “emergencies” that come along – Guaranteed!

I have personally used this strategy myself for a number of years and it works wonders. I turn off my phone (checking my voice mail for urgent messages only) and devote the day to projects that are all about me!

For more on making your dreams come true, check out my articles: “Mapping your Success through your Vision & Mission Statements” and “Don’t let your Comfort Zone become your Danger Zone” both found here on my website… Larry