On our way back from Ottawa, we passed through a small town and saw the best sign message ever. It had me smiling the whole back to Kingston and still thinking about it 2 days later.
It was one of those light up signs that you can change the letters. Over the years it seems to be that churches come up with the most clever things to write and they've done it again.
This sign said "Sign broken, message inside."
How clever! Love it!
Who's more important?
Staff or customers? This is definitely a tough question for business owners. Without staff you can't get as much done, without customers there's no point in getting stuff done.
The other day a local tourist destination said to me that their staff was more important than me - the customer. They didn't say it out loud or directly, but rather in actions. The 3 closest parking spots were all reserved for staff, directors. Customers need to park further away. We're obviously not as important in their mind. But without a customer, would they be a destination?
The other day a local tourist destination said to me that their staff was more important than me - the customer. They didn't say it out loud or directly, but rather in actions. The 3 closest parking spots were all reserved for staff, directors. Customers need to park further away. We're obviously not as important in their mind. But without a customer, would they be a destination?
The danger of over-entrepreneuring
I was working with a client the other day whose business has relatively large cash deposits each day, 7 days a week, along with all of the merchant credit and debit cards they process. They had become disgusted with the 50 cents, or whatever the nominal amount was, that they were paying the bank for each deposit they were making. So, they decided to begin making a deposit only every 3 or 4 days, instead of every day. Deposits are always made by night deposit drop by a manager on the way home, so reducing the number of deposits wasn't saving staff time/cost to make them, simply saving this 50 cents per deposit bank fee to process.
While I admire their attention to detail in looking for cost savings any/everywhere, this particular one was a little ridiculous to me for two reasons. First, holding so much cash on hand for so long just begs for trouble from theft, etc.. If all I have to pay is 50 cents to feel secure that my cash for that day is safely put into my account without any further worry about it, to me, that's a bargain.
Second, and more importantly, is that grouping deposits like that makes it harder and more time consuming for me to do my checking/review of their books, since I now have to add daily amounts together to match to a single deposit on the bank statement. The 50 cent savings from the bank is easily being more than offset by increases in my time, which is billed by the hour.
Now, I'm not normally one to complain about taking money from a bank, but I think this is a classic case of an entrepreneur making a bigger deal of a cost than it really is. Sometimes business owners will find these things because they object to the principle of paying it (this particular client has a hate-on for the banks as it is, so wasn't even phased when I explained it was costing them more for my time - it was justified in his mind if he got to screw the banks in the process).
Other times, this kind of harm-inducing tinkering comes about when entrepreneurs are bored or suspicious of their own successful operations. Businesses that are running well and experiencing consistently growing sales and profits are prime candidates for over-entrepreneuring by owners who have a natural uneasiness about things operating "smoothly", and so they invent things to fix that don't in fact need fixing. They have struggled so hard for so long to make their business successful, turned over every leaf in finding and fighting to get the business to this stage, that it seems soul-shakingly unnatural to them to not still be finding things to change.
And, so when there aren't big things to change, they get out the microscope and find the little things to change. And, they make a change, because their experience has conditioned them to believe that's what they need to do. They cannot simply leave things be, because it feels wrong to do so. And, the result can be unnecessary, or even detrimental, changes to something that was just fine as it was.
As an entrepreneur, do you have the ability to know when to say "enough", and avoid the peril of over-entrepreneuring? Do you have someone around you who will tell you when you can't see it for yourself?
While I admire their attention to detail in looking for cost savings any/everywhere, this particular one was a little ridiculous to me for two reasons. First, holding so much cash on hand for so long just begs for trouble from theft, etc.. If all I have to pay is 50 cents to feel secure that my cash for that day is safely put into my account without any further worry about it, to me, that's a bargain.
Second, and more importantly, is that grouping deposits like that makes it harder and more time consuming for me to do my checking/review of their books, since I now have to add daily amounts together to match to a single deposit on the bank statement. The 50 cent savings from the bank is easily being more than offset by increases in my time, which is billed by the hour.
Now, I'm not normally one to complain about taking money from a bank, but I think this is a classic case of an entrepreneur making a bigger deal of a cost than it really is. Sometimes business owners will find these things because they object to the principle of paying it (this particular client has a hate-on for the banks as it is, so wasn't even phased when I explained it was costing them more for my time - it was justified in his mind if he got to screw the banks in the process).
Other times, this kind of harm-inducing tinkering comes about when entrepreneurs are bored or suspicious of their own successful operations. Businesses that are running well and experiencing consistently growing sales and profits are prime candidates for over-entrepreneuring by owners who have a natural uneasiness about things operating "smoothly", and so they invent things to fix that don't in fact need fixing. They have struggled so hard for so long to make their business successful, turned over every leaf in finding and fighting to get the business to this stage, that it seems soul-shakingly unnatural to them to not still be finding things to change.
And, so when there aren't big things to change, they get out the microscope and find the little things to change. And, they make a change, because their experience has conditioned them to believe that's what they need to do. They cannot simply leave things be, because it feels wrong to do so. And, the result can be unnecessary, or even detrimental, changes to something that was just fine as it was.
As an entrepreneur, do you have the ability to know when to say "enough", and avoid the peril of over-entrepreneuring? Do you have someone around you who will tell you when you can't see it for yourself?
The cloudy crystal ball
As a new year starts, we turn the page on one of the most challenging years for businesses small or large. Its hard to tell, now, where things will be headed in 2010, and what you can expect in your own businesses based on how overall economic health and trends will impact it.
My crystal ball seems to be cloudy - I see contradictory evidence all over the place. This past year has seen the independent small retailers in the downtown of my hometown devastated, with several high profile and long-time landmarks of the downtown retail scene finally unable to hang in any longer. Yet, I see a large number of my local clients in other industries thriving, enjoying the best years they have ever had. Indeed, my own financial controllership/tax business is up over 17%, having already billed the equivalent of my last fiscal year in just 10 months of this one.
From larger businesses around town, I see other signs of economic confidence that have been surprising. The local Mercedes dealership has recently opened a huge, glimmering new showroom (this is consistent with a presentation I heard in December where it was explained that after discount car-maker KIA, the next best performers during this economic downturn were luxury brands like Mercedes, BMW and Lexus). McDonald's just opened a new, larger location near my house and mothballed the one around the corner it replaced, surprising not only in the context of the economy but with respect to trends and views of fast food these days.
So, unfortunately, I have no better insight about 2010 for you at this point - my crystal ball seems clouded with uncertainty. But, then again, if it had of been providing me with all the right answers before now, I would be writing this from my beach side villa in the Caribbean......
My crystal ball seems to be cloudy - I see contradictory evidence all over the place. This past year has seen the independent small retailers in the downtown of my hometown devastated, with several high profile and long-time landmarks of the downtown retail scene finally unable to hang in any longer. Yet, I see a large number of my local clients in other industries thriving, enjoying the best years they have ever had. Indeed, my own financial controllership/tax business is up over 17%, having already billed the equivalent of my last fiscal year in just 10 months of this one.
From larger businesses around town, I see other signs of economic confidence that have been surprising. The local Mercedes dealership has recently opened a huge, glimmering new showroom (this is consistent with a presentation I heard in December where it was explained that after discount car-maker KIA, the next best performers during this economic downturn were luxury brands like Mercedes, BMW and Lexus). McDonald's just opened a new, larger location near my house and mothballed the one around the corner it replaced, surprising not only in the context of the economy but with respect to trends and views of fast food these days.
So, unfortunately, I have no better insight about 2010 for you at this point - my crystal ball seems clouded with uncertainty. But, then again, if it had of been providing me with all the right answers before now, I would be writing this from my beach side villa in the Caribbean......
Disappointing Discounts
Yesterday it dawned on me. I've thought about it before, but yesterday I actually felt it - completely frustrated about a sale a local retailer was having. It's there 'we're closing' sale so everything is at amazing discounted prices. Sounds good right? Not if you are me.
I bought a bunch of stuff from that store before Christmas, some as presents, some as not. I didn't shop there because of the deal or because they were closing, but rather because I wanted to support them and I wanted what they were selling. But now I feel slighted.
People that may have never shopped there, nor supported them, are now privy to great deals on the SAME MITTS I bought from them at full pop. How is that fair? Their true shoppers / supporters pay full pop, and the bargain hunter (whom is never loyal) gets the deal? ARGH!
So, trying not to be the one that complains without offering a solution here are some ways that businesses (maybe not this one since they are closing shop) could not frustrate their loyal customers and still move their stock:
1. let regulars know about the sale dates in advance so they can decide if they will shop now or wait until then.
2. give regulars (with proof of recent purchase or something) a larger discount then just walk-ins.
3. have a regulars day.
Next time you're going to have a sale (and it seems like this is the month for them) or discount something, please, PLEASE don't disappoint your loyal regulars.
I bought a bunch of stuff from that store before Christmas, some as presents, some as not. I didn't shop there because of the deal or because they were closing, but rather because I wanted to support them and I wanted what they were selling. But now I feel slighted.
People that may have never shopped there, nor supported them, are now privy to great deals on the SAME MITTS I bought from them at full pop. How is that fair? Their true shoppers / supporters pay full pop, and the bargain hunter (whom is never loyal) gets the deal? ARGH!
So, trying not to be the one that complains without offering a solution here are some ways that businesses (maybe not this one since they are closing shop) could not frustrate their loyal customers and still move their stock:
1. let regulars know about the sale dates in advance so they can decide if they will shop now or wait until then.
2. give regulars (with proof of recent purchase or something) a larger discount then just walk-ins.
3. have a regulars day.
Next time you're going to have a sale (and it seems like this is the month for them) or discount something, please, PLEASE don't disappoint your loyal regulars.
Give the best holiday gift - and for free!
As the holiday season gets rolling, its a natural chance for us to take a moment and think about the people and businesses who are important to us, and express our thanks to them in very tangible ways. It might be a holiday party for employees and associates, perhaps a card or gift basket for important clients and sources of referrals. This one time of year, we make the time to express the appreciation that we likely feel all year round, but are too busy, etc. to do much meaningful about it. This time of year is our "catch-up" time for our good tidings and feelings of appreciation.
No matter the occassion, we all like to give gifts that are remembered by others - ones whose impact on the recipient is lasting and deep. Sometimes its hard to do this for our business relationships, partly due to the time and money we have to devote to the gifts for these relationships, and sometimes because we simply don't know those people well enough to find something truly unique or special for them.
So, here's a simple idea which might help you give incredibly valuable and memorable gifts to those other businesses that are important to yours. And, best of all, its free!
As you are preparing your holiday card for each business or associate this year, take a moment and think through your network of associates, friends, mentors, customers, etc., and see if you can identify just one single person or business from amongst that vast, diverse group to refer to the recipient of that card. Now, a quick email or phone call to that person or business to see if its okay for you to include their name and contact info in the card for an after-holiday-season follow-up by the recipient, and voila, your card now includes a gift with an opportunity to provide a lasting and memorable benefit - a warm lead for future business. I can't imagine a better business-to-business gift than that.
Most of us already get enough fruitcakes and gift cards from family and friends during the holidays. Here is our chance to do something truly special for those who are most important to us in our businesses. How many of your business contacts will truly remember and deeply appreciate your gift of a high quality referral this year?
No matter the occassion, we all like to give gifts that are remembered by others - ones whose impact on the recipient is lasting and deep. Sometimes its hard to do this for our business relationships, partly due to the time and money we have to devote to the gifts for these relationships, and sometimes because we simply don't know those people well enough to find something truly unique or special for them.
So, here's a simple idea which might help you give incredibly valuable and memorable gifts to those other businesses that are important to yours. And, best of all, its free!
As you are preparing your holiday card for each business or associate this year, take a moment and think through your network of associates, friends, mentors, customers, etc., and see if you can identify just one single person or business from amongst that vast, diverse group to refer to the recipient of that card. Now, a quick email or phone call to that person or business to see if its okay for you to include their name and contact info in the card for an after-holiday-season follow-up by the recipient, and voila, your card now includes a gift with an opportunity to provide a lasting and memorable benefit - a warm lead for future business. I can't imagine a better business-to-business gift than that.
Most of us already get enough fruitcakes and gift cards from family and friends during the holidays. Here is our chance to do something truly special for those who are most important to us in our businesses. How many of your business contacts will truly remember and deeply appreciate your gift of a high quality referral this year?
Outside feedback....from WAY outside
At a keynote presentation I made a few weeks back, I learned of an interesting project that the business owners of that town had recently undertaken. They had arranged for business owners from another town about 200 kms away to spend a day secretly visiting their businesses, and examining the town as a whole for how it assists them by way of signage directing visitors to the main commercial area, etc.. They, in turn, then spent a day in the other city returning the favour, and afterwards, the two towns exchanged reports on what they saw, where they felt improvements could be made, etc..
While these folks ended up disappointed with the quality of the report they received from the other town, I think the idea is a great one. In Trucker Management, we talk about the need to have people other than yourself (employees, customers, etc.) do the same Circle Checks of your business space that you should be doing, in order to get an unbiased, third-party evaluation. This idea of partnering with people who pose no immediate competitive threat to your own businesses by being geographically distant enough, simply takes that notion of independent feedback to the next level.
Perhaps you should consider approaching your local Chamber of Commerce or other business association to organize a similar partnering program for your city or town!
While these folks ended up disappointed with the quality of the report they received from the other town, I think the idea is a great one. In Trucker Management, we talk about the need to have people other than yourself (employees, customers, etc.) do the same Circle Checks of your business space that you should be doing, in order to get an unbiased, third-party evaluation. This idea of partnering with people who pose no immediate competitive threat to your own businesses by being geographically distant enough, simply takes that notion of independent feedback to the next level.
Perhaps you should consider approaching your local Chamber of Commerce or other business association to organize a similar partnering program for your city or town!
Attitude + Preparedness = Excellence
I was at a client's the other day, and overheard the administrator/receptionist on the phone speaking with someone trying to visit their offices, which are located within a larger complex and around which parking is very hard to find. After she gave very concise and helpful driving directions to the person on the phone (who was obviously new to the city) and discussing parking options, it became pretty clear from the conversation that the driver didn't have any change for parking meters (it turns out, in fact, he had just recently arrived from overseas).
Without hesitation, this staff person offered to bring change down to the street to give to him as he drove up, hand him the change through his window, and then he could be off to find a spot. This was a great example of attitude and preparedness combining for an excellent experience. Not only was the staff person happily willing to accomodate this person by travelling down the four stories and out into the street on a rainy day, but already had a petty cash fund in her drawer that she simply dipped into to find the funds.
She didn't need to ask permission from anyone to go out, nor did she have to search for the funds or use her own money. The company itself was prepared by having provided her the money and the freedom of decision-making in advance to enable this offer to be made by her, and her own attitude provided the willingness to make it happen.
What would happen in your business if there was a similar call/request come in? Would there be a similarly easy and positive experience?
Without hesitation, this staff person offered to bring change down to the street to give to him as he drove up, hand him the change through his window, and then he could be off to find a spot. This was a great example of attitude and preparedness combining for an excellent experience. Not only was the staff person happily willing to accomodate this person by travelling down the four stories and out into the street on a rainy day, but already had a petty cash fund in her drawer that she simply dipped into to find the funds.
She didn't need to ask permission from anyone to go out, nor did she have to search for the funds or use her own money. The company itself was prepared by having provided her the money and the freedom of decision-making in advance to enable this offer to be made by her, and her own attitude provided the willingness to make it happen.
What would happen in your business if there was a similar call/request come in? Would there be a similarly easy and positive experience?
What is wrong with this picture
I had to rent a car the other day, it was a PT Cruiser. Not a bad car, but I was a little disappointed, it was missing 1 thing...
Can you guess what..
Can you guess what..
Earn your degree with us! (sorta)
I was in our local Chapters book store the other day, and saw that Trucker Management: Driving Your Small Business to Success, our small business management guidebook, was displayed prominently on one of their walls that they had designated as their "Indigo MBA" section (Indigo is the chain of their sister stores), with several business and finance books included alongside ours.
So, it seems our little book has been drafted into service as one of the "textbooks" of this little bookstore fantasy graduate degree. I wonder if that now lets me refer to myself as "Professor".....likely only in the same make-believe world where this Indigo MBA is granted!!
So, it seems our little book has been drafted into service as one of the "textbooks" of this little bookstore fantasy graduate degree. I wonder if that now lets me refer to myself as "Professor".....likely only in the same make-believe world where this Indigo MBA is granted!!
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