“And the Winner is…”

Promotion in any form is one of the most dynamic ways for a business to attract attention, educate consumers and generate interest in the products or services that you offer.

For this past month of June, I partnered with Staples Business Depot in Niagara Falls offering their customers a chance to win a Free Business Make-Over Analysis and the response has been overwhelming!

Store manager Alex Hagerman has been featuring a Business of the Month to help promote her clientele through these tough economic times and we agreed that providing a draw for a chance to win this $300 service – free, was a perfect fit when so many small businesses are struggling and looking for solutions that can provide them with a competitive edge.

Not only did we have an impressive number of entries, but every week I have been approached by total strangers who have recognized me from the In-store Display expressing their excitement about the possibility of winning.

Like any successful promotion, this free Business Make-Over Analysis incorporates an important “win/win/win” component for all stakeholders where a lucky winning customer will benefit from choosing to shop at Staples; the draw itself provides Staples with an opportunity to thank their loyal customers, and I have certainly benefited from the exposure at this busy retail outlet.

For more ideas on unique promotional strategies that can give you a competitive advantage, check out my articles: “Building Brand Awareness and Increasing Share of Mind” and “Sell the Benefits and Improve your Sales” both found here on my website… Larry

And Making the Most of “Busy”…

Being busy is what we all strive for as business owners however we often allow distractions and stress to rob us of the “moment” that we have worked so hard to achieve.

Believe me, I’d take “busy” stress over “slow” stress any day. (Been there, done that!) With busy stress at least you know someone out there wants you and appreciates the good work you do. You just need to position yourself to deliver…
on time, as expected!

Consider these Six Ways to Deal more Effectively with “Busy” Stress!

1. Make Communication a Priority
There is no place for isolation when deadlines are looming. Make good use of your phone and email to keep everyone updated and on the same page.

2. Keep a To-Do List in Front of You
The busier you get, the easier it is to overlook important details which can make you look bad. Written lists ensure that you stay focused on the things that are truly important.

3. Try Stand Up Meetings
The problem in many work environments: “Too Many Meetings!” But you position meetings to last 20 minutes longer if everyone sits. So come together at 8:30 am, stand in a circle, review everyone’s progress… and then let’s get it done!

4. Make the Most of your Resources
You build relationships for a reason. Don’t ignore the people and organizations that are eager to lend a hand. Better to be known as a part of the solution rather than roadblock.

5. Step Away at least 3 Times a Day
I find that I am actually more productive when I take regular breaks and clear my mind. Planning is the cornerstone to “working smart” and breaks are an important part of planning.

6. Stick with It!
Procrastination gets you nowhere. Your daily discipline and focus are essential in staying on top of your workload and priorities. When you are busy, completing one project let’s you move on to the next!

7. Know when to “Pass”
You develop Strategic Alliances to enable you to partner in activities and still be a part of the solution. Work within your ability to deliver and share the rest with trusted alliances.

Like so many aspects of running a business, having a game plan & strategy makes it all work so much better.

For more ideas on unique business strategies that work, check out my articles: “Creating an Action Plan to Ensure Success” and “The Four M’s of Successful Planning” both found here on my website… Larry

And a little discipline and routine can make a big difference…

I can remember the first time I heard about the benefits of making weekly mortgage payments over monthly payments and being able to pay off a 20 year mortgage years in advance by accelerating your payments on the principle to minimize the interest accumulated over the term.

You should consider the same approach when invoicing your clients, especially during these tough economic times.

Let’s begin by saying that I encourage my clients to develop a Receivables Strategy where they require a deposit up front… policies to receive payment upon delivery or completion of the product or payment when the service is provided whenever possible.

However, in cases where competitive industry practices require you to offer your clients extended terms – payment always begins with an invoice! By simply creating your invoices weekly, or daily rather than monthly, you are going to increase your cash flow dramatically.

If you invoice upon project completion, make sure that you have the invoice prepared and ready to present to the client the day that they approve the finished work rather than as a separate follow-up activity.

My philosophy: No project is complete until the invoice is delivered!

I also recommend that you present your invoice in person or forward it by email rather than putting it in the mail. Sending an invoice in the mail costs you several additional days for it to be delivered which in turn means if they also put your cheque in the mail you could lose as much as two weeks waiting for payment.

A recommendation for your clients: If they pay you by credit card, (and if they keep their credit card account current) they can earn themselves an extra 30 days to pay your invoice without penalty which can help “their cash flow”. You receive your money immediately and the client uses their credit card company’s 30 days to pay off the current amount owing on their card. That translates to: “Win” for you, and “Win” for your customer.

It’s the little things that you do in business that can pay the biggest dividends. Having a Receivables Strategy is an important part of your winning formula for success and in this case, cash flow makes you king!

For more ideas on unique business strategies that work, check out my articles: “Developing a Winning Formula for your Competitive Advantage” and “Think like an Entrepreneur, Not an Employee” both found here on my website… Larry

To Improve your Performance or Fix your Broken Business!

Business Strategy Workshop ‘posts’ represent Case Studies from the challenges and obstacles that I have helped my clients overcome throughout my career as a Business Coach.

My goal is to provide today’s small business owners with an easily accessible resource and learning tool that will increase your self confidence and help you make better business decisions.

The over-250 posts that I have written to date have been carefully chosen from real client dilemmas and written to provide you with ideas, options and solutions that will impact your success. For my most current posts simply scroll down.

To make it easier and quicker to identify the posts that relate to the specific problems that you face you have two options:

1. Select a Category to your right to help you narrow your focus or…
2. Use Key Words in the Search feature at the top of the column

If you are “Serious About Success“ and are committed to continuous learning, you can automatically receive updates to my Blog as I publish them by using the Subscribe tool located to the right of this post.
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Enjoy the time you spend in the Business Strategy Workshop and please be sure to add your Comments or Contact me if you would require further assistance…

You can also click here to check out my published “Articles”.

Things that Hold Us Back…

As I like to say, “If you have a business, you have problems” and if it isn’t one thing, it’s another. But let’s give some thought to where our problems come from because when you understand the sources of your problems it will definitely make it easier to avoid or solve them.

Five Areas That Can Hold You Back…
and some Food for Thought to Break You Loose!
1. Resources
Create an Inner Circle of contacts that keep you in the loop and can hook you up to the best solutions with a single phone call!

2. Expertise
Training, Software, Alliances… You’ve got options! Match these “expertise” solutions to the specific problem that you are experiencing and watch this barrier disappear.

3. Timing
Even the best ideas go nowhere when the timing isn’t right. Exercise patience and make sure you document those ideas to keep them alive until you are able to make them happen.

4. Finances
I’d rather have 50% of $1million than 100% of a dream. It takes money to make money and there are times when you have to give up a little to get a lot.

5. Self Confidence
When you clearly understand the win/win – that is, how everyone involved will benefit, the self confidence suddenly begins to ooze and becomes easy to get people excited!

Innovation, creativity and the right attitude form a winning combination to solve the daily problems you face in business and these are just the tip of the iceberg. As a business owner, problems on a daily basis are not the exception, they are the rule so if you are serious about success - specialize in problem solving!

For more tips on how to effectively deal with the problems that we face in business, check out my articles: “Performance Under Pressure” and “Attitude is Everything” both found here on my website… Larry

I recently attended 3 presentations in 2 days and it was an enlightening experience. As a business professional, I enjoy the study of effective communication and I like to critique things to better understand why they work so well… or why they don’t.

Two of the presentations magically held the audience’s attention for a full 3 hours. Even the breaks, half way through were like informal 15 minute break-away sessions with participants eagerly exchanging ideas and insight.

I noticed that those two presentations that worked so well were delivered like conversations with the audience. There was an exchange of information and experiences that confirmed the participant’s understanding and the relevance of the material being delivered.

The presentation that didn’t work, seemed to lose the crowd and myself almost immediately. There was little connection and people were not engaged. There simply wasn’t a feeling of ownership.

The concept of ownership in any presentation by both the presenter and the audience is essential to its success. Coming prepared and knowing your stuff is of course the responsibility of the presenter.

Aside from limited data or statistics, there is no room for reading in an effective presentation. The audience can do that themselves either before they arrive of after they leave. Reading changes everything and just like my childhood, it was my mother’s reading that put me to sleep at night… get it?

In this post I want you to walk away with the following 3 elements:

1. Anticipate your audience’s expectations.
And shape the content of your presentation accordingly. This means doing your homework and coming prepared.

2. Engage your audience.
This is a sign of respect and common sense. When they participate, they are sure to “own” at least parts of your presentation and whether they agree or not they will respect you and remember the moment.

3. Own your material.
This means coming well prepared and of course not having to read. The true value of your presentation goes far beyond the content itself. It comes from the opinions you share and the conclusions you draw – your 2 cents!

There are loads of reasons that can make presentations nerve-raking and I will share with you one of my favourites.

When I am making a presentation, as I am about to begin, I always look around the room for the skeptic, that particular individual whose body language tells me they would rather be somewhere else, don’t understand the value in showing up or feel they know enough about the topic that should exclude them from the session.

Rather than let them intimidate me or distract the group, I patiently wait for the first outward sign of their indifference and I respectfully address their issues until there are none left.

My philosophy is, if you can win over the skeptic, the rest is easy!

For more ideas on effective business communication, check out my articles: “Selling Yourself, Continuously” and “Speaking of Public Speaking” both found here on my website… Larry

Like managing time, managing your work space is relative to your situation, your style of working and what your space is used for. There are endless theories on “organization” which offer conflicting opinions on what is good and what isn’t.

versus

There is that definitive theory that a cluttered desk means a cluttered mind but at the same time for some of us “out of sight means out of mind” - hmmm. An office that is too neat and tidy might just reflect a lack of initiative and an inability to multitask… or possibly that you are all talk and no action!

Then again, having to clear space on your desk when a visitor arrives could leave client documents exposed and compromise confidentiality which can leave an impression that is less than professional and trustworthy.

How can anyone call themselves a team player when “only they know” where important documents are located - second stack from the left, near the bottom of the pile!

As Charles Curley, one of my honorable colleagues likes to say, “the quality of your recordkeeping should be equal to the quality of the product you provide or the service that you offer”.

If you emphatically state that your product or service are exceptional but your office is a disaster, does it not raise questions and concerns about your attention to detail and work habits?

Space, and how you define “organization” is one of those topics that can spark heated debate and where generally, no one wins. What’s important is that you have an opinion, that you recognize what works best for you and that you create a work environment that maximizes your productivity.

For more ideas on the importance of a structured approach for your business, check out my articles: “Finding a Way to Win” and “Five Ways to Think Bigger than the Next Guy” both found here on my website… Larry

At first glance, structure can seem to bring with it an inflexible approach to doing things and an inability to adapt to change because “this is the way that we do it here!” But upon closer examination it is just the opposite.

Here are just a few positive thoughts on implementing systems and a structured approach to your business operation…

1. Structure reflects a proven path to solutions
2. It quickly brings confidence to new people and decision makers with little experience
3. Structure helps eliminate poor judgement and needless mistakes
4. It utilizes the experiences and lessons that others have learned
5. Because it reflects planning and routine structure can create efficiency, improve productivity and it can increase profitability by saving time & money
6. A structured approach will send a strong message that you have your act together, that you have done your homework and it can actually often minimize conflict!

I know, you’re thinking structure can make things mundane and predictable. Studies on assembly line performance show that while the assembly line improved productivity, it also dramatically increases error, absenteeism and indifference because it robs the individual of their self worth, creativity and purpose in the role they play.

So the trick to effective structuring or operating systems comes when you leave an element of creativity and decision making to the individual and regularly reward innovation.

For more ideas on the importance of a structured approach for your business, check out my articles: “The Four M’s to Successful Planning” and “Creating an Action Plan to Help Ensure Success” both found here on my website… Larry

Being the realist that I am, I always say “If you have a business, you have problems” and that was the original intent of my blog here at the Business Strategy Workshop – to provide a resource to help today’s small business owner solve your problems and grow your business.

After more than 250 posts, written around my experiences dealing with the challenges that entrepreneur’s face, this collection of business solutions has become substantial and covers every aspect of business development.

I have taken the past couple of weeks to work on the back end of the site, upgrading my version of WordPress and I am now ready to get back at it.

If there is an aspect of your business development that you would like me to write about just click on “Comments” below… and we’ll get started!

In the mean time, take a few minutes, maybe using a particular Category (on the column to the right) that you struggle with and devote a moment to your own professional development.

For more on professional growth and improving your performance, check out my articles: “Develop a Winning Strategy for your Competitive Advantage” and “Attitude is Everything” both found here on my website… Larry

A great presentation will win you support, open new doors, instill credibility and generate sales. Far too many great ideas and concepts are never followed through with or looked into because they are poorly presented!

When presentation material hasn’t been properly researched, is unorganized and poorly presented it makes it difficult for people to get excited and share your enthusiasm thus leaving them with questions, concerns and possibly doubt.

There are basic principles to creating an effective presentation but the cornerstone is to Own your Information! What I mean is that too many people present other people’s information that they have read or discovered and they simply repeat the facts that someone else has compiled without effectively applying them to their own circumstances.

Effective presenters put their own spin on the information they have gathered and they never read it in a presentation!

If you have to read your material, this tells me you haven’t come prepared, don’t know it well enough to talk about it or you probably are not confident with the fit. Material that is read does not come from the heart, it comes from the paper it is written on and is far less effective when presented.

Always include an Introduction and a formal Close to your presentation. The Introduction represents the first impression, should grab people’s attention and outline the purpose of your talk. The Close draws conclusions, recommendations, what’s to follow and of course the Thank-You’s.

I will guarantee that any presentation that you have attended and were impressed with has been delivered with emotion. The word emotion originated once upon a time from the phrase Energy in Motion and that transfer of emotion will not take place if you read your material.

Storytelling is an effective tool to generate that emotion. Telling the story of someone in a similar situation, who overcame a similar problem, positions your audience to put 2 + 2 together and recognize the fit - how they themselves might benefit from your idea or concept.

Investors, partners and alliances all need to be sold on your ideas. A presentation that sells is delivered with emotion and always provides the advantages and benefits for those who support it.

For more ideas on effectively presenting you ideas, check out my articles: “The 40 Minute Lunch Break” and “Sell Yourself, Continuously!” both found here on my website… Larry