Are Sacred Cows Eating Your Lunch?

You’re on the verge of economic recovery and have a critical decision to make: are you going to play the same game, or create a new game in your favor? The same old, same old is your enemy. Replaying the old record will not bring the same profitable tune. One of the biggest roadblocks is the sacred cow or a belief of what you should do (a.k.a. how you play the business game) that has no substance behind it. This is what could be eating your business lunch.

Deciding what game to play is one of three decisions to make on your road to recovery. Learn about all three, here.

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Can New Olympic Training Techniques Help Businesses Strike Gold?

Can the new training techniques that are helping American athletes achieve record medal results be applied to small and mid-size businesses to improve their own form of gold medal: profits?

In a Fox News feature this morning, commentators noted that American training techniques have dramatically changed and that this change is responsible for record medal performance. The changes fall into two areas: all-body training vs. single movement training, and the heightened emphasis on balance and recovery training.

All-body training refers to conditioning muscles as they interrelate in movement. The opposite of all-body training is the classical core or single movement training  in which individual  muscles – like biceps – are exercised independently.

Balance training is aimed at helping the body achieve recovery after extreme movements.

To get a picture of what this looks like, think of a downhill racer and the need for the entire body to respond and recover. In effect, we are seeing the synergy effect- when all muscles are integrated they perform better than the sum of their parts.

This is a compelling concept for small and mid-size business; rather than over-build individual skills, departments, or functional areas (the muscles of any business) business can chose to build up the way skills, departments, and functional areas work together. In this way they support and sustain each other to achieve balance and to react to extreme business disorientations.

Of course, if a business lacks skills, talent, knowledge, or experience in an area critical for success, it must first gain them. In the words of Peter Drucker, only strengths produce results. However, the key is how to manage the development of the entire organization and not to overemphasize one area to the detriment of the total organization to produce results. This may mean, for example, that it is more productive to invest in coordinating marketing and sales rather than simply increasing the marketing budget for lead generation.

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Re-Invent Your Small or Mid-Size Business

In her post today on USA Today, Rhonda Abrams discusses the need for small business owners to reinvent themselves, and provides 5 strategies for change.

“What do you do when everything in your industry turns upside down? When your consumers dramatically change? When new technology pushes out traditional business methods? Now is a time of great transformation for most industries. Some changes have been brought about by economic conditions; some by technology; some by new competition.”

Here are her five strategies:

1. Recognize opportunities. One keynote speaker at the Tools of Change conference was Arianna Huffington, founder of the Huffington Post, a successful online news and opinion site. She chided the audience “Don’t look back to a golden age; the golden age is now.”

2. Reinvent yourself and your business. Recognize you’re doing something very new. As Henry Ford pointed out, he was building a car, not a faster horse. Understand that you’re going to have to develop new products or services. It’s not the same stuff in a different package.

3. Leverage your current assets. Transformation is different than starting anew, so use your assets, such as current products, services, customer relationships, a terrific team. You can start ahead of the competition.

4. Learn to juggle. One major challenge of transformation is you often have to run your current, diminishing business while building a new business. Another speaker, Dominique Raccah of SourceBooks, addressed exactly the question of how do you run, essentially, two businesses. Develop a strategic plan to help you shift your resources.

5. Consider investors. Because you are growing a new business, you are going to be strapped for cash. That may mean you need to find a new source of capital. If you have a compelling business opportunity, it may be appropriate to seek investors.

As a final note, Rhonda suggests that you change your vocabulary along with your attitude. Switch from learning how to “adapt” or to “accommodate” change. Instead it’s time to “embrace” the “renewal” and “reinvention” you’re experiencing.

For more on SMB change, see:

Ready to Re-write The Rules of Your Business?

How to Find a New Direction For Your Business

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Ready to Re-write The Rules of Your Business?

Are you ready to re-write the rules of your small or midsize business and begin playing by your standards? Doing so can create new opportunities and favor you over your competitors. Here are 9 reasons that you are ready.

  1. You focus on creating uncontested market space and making competition irrelevant (a Blue Ocean Strategy) rather than on beating the competition. (a)
  2. You understand and are ready to play by the new rules of marketing and PR. (b)
  3. You want to hear the voice of the customer and have already deployed free “listening posts” throughout your company. (c)
  4. You know the power of technology and how to leverage it, but realize that business is about people first.
  5. You have strategic frameworks to create new customer value and to reconstruct market boundaries in your favor. (a)
  6. You are prepared to “be there before the sale” to gain trust with prospective customers as a first step to doing business. (a)
  7. You use a proven, integrated methodology that ensures your Internet efforts drive visits and convert to leads then customers.
  8. You realize that you and your customers both have in common the scarcest resource-attention-and will tailor your selling efforts to this fact. (b)
  9. You understand that by executing against these points you gain an immense advantage over your competition.

Would you like to share your ideas, or learn more about how to re-write the rules of your business? I’d like to hear from you.

References:

(a) Blue Ocean Strategy, Kim and Mauborgne

(b) New Rules of Marketing and PR, Scott

(c) Trust Agents, Brogan and Smith

(d) Kraft Associates

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How To Find A New Direction For Your Business

Don’t continue to do what you’ve been doing.

The new path to improved performance for SMB owners has never been the path of yesterday. This is even more powerfully true today as business owners attempt to navigate in an uncertain economy. Uncertainty, however, can cause temporary confusion, so the following poem The Calf Path by Sam Walter Foss (highlighted by David Scarlett in his blog) can serve as a valuable red flag. Some suggestions how to carve a new path for you business include:

Change The Business Game In Your Favor In Four Moves

Managing Small and Midsize Businesses In Uncertain Times

Your SMB Website is Your Most Valuable Piece of Real Estate

The Calf Path (by Sam Walter Foss)

“One Day through the primeval wood
A calf walked home as good calves should;
But made a trail all bent askew,
A crooked trail as all calves do.

Since then three hundred years have fled,
And I infer the calf is dead.
But still he left behind his trail,
And thereby hangs my moral tale.

The trail was taken up next day
By a lone dog that passed that way;
And then a wise bell-wether sheep
Pursued the trail o’er vale and steep,
And drew the flock behind him, too,
As good bell-wethers always do.
And from that day, o’er hill and glade,
Through those old woods a path was made.

And many men wound in and out,
And dodged and turned and bent about,
And uttered words of righteous wrath
Because ’twas such a crooked path;
But still they followed – do not laugh -
The first migrations of that calf,
And though this winding wood-way stalked
Because he wobbled when he walked.

This forest path became a lane
That bent and turned and turned again;
This crooked lane became a road,
Where many a poor horse with his load
Toiled on beneath the burning sun,
And thus a century and a half
They trod the footsteps of that calf.

The years passed on in swiftness fleet,
The road became a village street;
And this, before men were aware,
A city’s crowded thoroughfare.
And soon the central street was this
Of a renowned metropolis;
And men two centuries and a half
Trod in the footsteps of that calf.

Each day a hundred thousand rout
Followed this zigzag calf about
And o’er his crooked journey went
The traffic of a continent.
A hundred thousand men were led
By one calf near three centuries dead.
They followed still his crooked way,
And lost one hundred years a day.
For thus such reverence is lent
To well-established precedent.

A morel lesson this might teach
Were I ordained and called to preach;
For men are prone to go it blind
Along the calf-paths of the mind,
And work away from sun to sun
To do what other men have done.
They follow in the beaten track,
And out and in, and forth and back,
And still their devious course pursue,
To keep the path that others do.

They keep the path a sacred groove,
Along which all their lives they move;
Bu how the wise old wood-gods laugh,
Who saw the first primeval calf.

Ah many things this tale might teach -
But I am not ordained to preach.”

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Change The Business Game In Your Favor In Four Moves

For SMB owners, there are four moves you can make now to change the business game in your favor.

  1. Resolve to change the game. Create new rules that favor your business style and strengths. (a)
  2. Break from the competition by reconstructing market boundaries. (b)
  3. Recognize how the rules of marketing and pr have changed, and incorporate them. (c)
  4. Simplify your business life and gain time to think by using a fully integrated system to manage your online presence. (d)

These four moves are based on timely and valuable insights from the authors of the following four books. Mine these books for details, or contact me.

Books and Authors

(a) Trust Agents, Brogan and Smith

(b) The New Rules of Marketing & PR, Scott

(c) Blue Ocean Strategy, Kim and Mauborgne

(d) Inbound Marketing, Halligan and Shah

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