Developing Your Passion and Purpose to Create Profit

Forgetting Who You May Be Talking To

Forgetting Who You May Be Talking To

I called a restaurant recently for one of my clients.  In the middle of my explanation for the call, the decision maker (owner perhaps) forgot that I enjoy going out to eat.  He didn't realize that I was currently making a decision about what restaurant to choose to host an event that would cater to over 50 people. Imagine that, an event in the HEAT OF THE SUMMER IN ARIZONA.  At that particular moment when he was talking AT me, he was making a point that even at three in the afternoon, it was a restaurant, and didn't cater to solicitation. He emphatically hung up the phone!

Interesting....

How many of us forget that EVERYONE that contacts us, even if they may not be an immediate customer, will have friends and family that may be customers. And being treated in such an indignant and rude manner can lay the ground work for bad PR. Competition is too tough, why support a business who's branding personality is so lack!

No, I'll take my business elsewhere, and I will relay this experience to my friends and associates in the area. And if it weren't for the recent upheaval over bloggers being sued over defamation issues, I would tell you, as well!

 

Do You REALLY Know Web 2.0?

Do You REALLY Know Web 2.0?

Are you offering tools that enable connections, allow for sharing information or collaboration on projects online, enhance consumer participation on product development or even your service? 

It's not about talking at your readers, it's inviting consumers to join in and share; not only with you, but with each other.   And it sure beats focus groups. 

How about adding wikis that enable your users to add and edit content? Or answering FAQs. Just make it user easy!

Give your consumers a reason to participate. They will if they can choose their own topics and talk to each other.  It's about relinquishing control! Course, you'll need a moderator. 

And what about listening and joining the conversations outside of your site?  Just STOP SELLING and start engaging. 

Learn and experiment.  

Great, you have your blog, maybe you twitter; the next step?  Let go, create, and join in.

These may help:

            Harnessing the Power of the Oh-So-Social Web

By Josh Bernoff and Charlene Li (Spring 2008) 

http://sloanreview.mit.edu/smr/issue/2008/spring/01/

            Enterprise 2.0: The Dawn of Emergent Collaboration

By Andrew P. McAfee (Spring 2006) 

http://sloanreview.mit.edu/smr/issue/2006/spring/06/

            Beyond Enterprise 2.0

By Erik Brynjolfsson and Andrew McAfee (Spring 2007)  
http://sloanreview.mit.edu/smr/issue/2007/spring/16/

            Systems Marketing for the Information Age

By John G. Singer (Fall 2006) 

http://sloanreview.mit.edu/smr/issue/2006/fall/18/

            How to Market to Generation M(obile)

By Fareena Sultan and Andrew J. Rohm (Summer 2008) 
 http://sloanreview.mit.edu/smr/issue/2008/summer/12/

A Sign that a Trend is Losing Affect?

A Sign a Trend is Losing Affect?

It's started with the New York Times, "Return of the White Papers".  How many of you are breathing a sigh of relief? "Maybe I won't have to start a blog after all!!"  Could it be that blogs are losing their marketing affect?  Did they have much of one?  

In my PR calls, I see a lot of requests for success stories, I don't seem to read many! How many of these social media marketing tools are actually bringing in revenue, or are they just taking your time and draining some of your resources? Maybe they're making you feel better that perhaps, just maybe, you'll get a new customer out of this!

The New York Times article suggested white papers. I second the suggestion, not that I have any at this point in time. 

The fact is, we all have beliefs as to the importance of our business, and if we can support our quality, purpose and value, all the better. Maybe it doesn't take a weekly input of time to update your blog to gain the same affect--reader trust.  

Course, a blog on your site is google friendly. So why not update your site with customer endorsements and comments from your raving fans. Put it on your homepage!!

I'm not sure how much "blogs" have caught on, I'm still explaining the purpose. And I admit, I don't fully utilize my blog for EXTREME affect. But I'll also admit that there are gaps in time with my blog entries. Have a lost potential business? 

How will I ever know?  I do know that my business comes from person to person introductions and referrals. 

And I'm still busy...blog or not!

Is Wal-Mart Killing Your Business?

Is Wal-Mart Killing Your Business?

This is a recent article in Inc. Magazine. The author positions your hope of competing as a downward struggling if you think you are going to attract a Wal-Mart customer. This is true, in bad times or GOOD. Price wars are never in any companies best interest, only the consumers!

The suggestion in the article focuses on carrying different products, the items the consumer can't find in Wal-Mart.  For some business, easier said than done! Less of the article focused on what a business can do if you have branded yourself as a Wal-Mart product competitor.  It's unreasonable to think that a business owner is going to shelve the current inventory and invest in new product lines.  

So what is the answer, or at least, reasonable suggestions.  Work your way into the equation by focusing on the consumer.  The advantage a smaller business has is that they are nicely sized so that change can be almost instantaneous. You can make changes almost immediately without a bureaucratic mess. 

Gather you team and ask these questions:

•         How have buyer habits changed as a result of the economy, and what is it that the consumer now wants that they didn't need or think about before?
• Why would a consumer drive to our store to buy from us? 
• What can we do to motivate every buyer to come back?   
•         How are we different, unique?
•         What is it that we can do that is better than any of our competitors?  
•         How can we increase our visibility and generate greater awareness that we are here and      have a great consumer offering?
•         What can we do to attract organic PR--instill public interest?  

Yes, the consumer has changed, and yes, this does create opportunity.  A business needs to think and strategize right now.  It's critical to survival. 

The secret is, these are the same questions that an owner should be asking even in great times!  What does this economic environment really challenge a business owner with?  The very real threat is that if you don't consider your consumer, branding and positioning right now, you won't have to next year--chances are, you may not be around to even think about it! 

Hats Off to Sigma!

Hats Off to Sigma!

What a great organization to work for, and personally-I'll gladly be a customer.  To me, they are the depiction of a healthy and engaging internal culture that exemplifies honoring and caring for the members of their team.

Instead of laying off employees, everyone took a cut and shortened their work week to 35 hours.  Yes, I suppose at home it meant tightening budgets; professionally, it stated loudly the value and objective of working together to deal with their business realities.  

Think of the broad impact if more organizations had made this decision.  I realize that not all can, but for those that could, AND take a proactive step by considering the assistance of a specialty consultant that focuses on action plans that address changing consumer values--do you think that we would be experiencing the depth of this economic backlash?

Sigma, I'm a customer!! 

Are You Protected Through Your LLC?

Are You Protected Through Your LLC?

I recently met with Warner Lewis III, who is the founder of Life Planning Group LLC, a financial planning organization that holds expertise in providing planning solutions for every stage of life-personal, financial, business and estate planning. And I was surprised to learn that just because you have an llc behind your business title and may have hired an attorney to take care of all the legalities, you may not be protected if you don't follow the rules.  And believe me, there are rules!

I've asked Warner to put together an outline to help all of us who haven't been completely informed and may not be following the ground rules that are necessary for an entitlement of protection.

**********

The Truth About

 Limited Liability Companies

by

Warner Lewis

Life Planning Group, LLC

Planning for All Stages of Life

© All Rights Reserved

 

Many advisors prefer to form Limited Liability Companies (LLCs) over other forms of incorporation due to a common misperception that LLCs are subject to less stringent administrative compliance requirements. This is simply not true.

One can easily form an LLC by filing and publishing Articles of Organization. However, formalities must be carefully adhered to in order to realize the full benefits of an LLC, and the failure to comply can cause the asset protection benefits of an LLC to evaporate.   

When Articles of Organization are filed and published, an LLC is created in name only ~ an empty ‘shell’ that has no specific substance or purpose. An organizational meeting is required to mark the launch the LLC, to identify its Members and Managers and establish procedures and mechanisms that will govern the company in compliance with the rules.

An Operating Agreement defines the rights and duties of the Members and Managers. Share certificates indicate each Member’s ownership interest, and the stock ledger tracks share certificates that are issued and surrendered.

The rules require written consent to validate actions taken on behalf of the LLC in the form of meeting minutes and resolutions. Actions taken without proper authority are null and void, causing one to be held personally liable for Company debts and liabilities.

Sole-owners often feel that holding board meetings by themselves is stupid. But the rules apply to single-member LLCs and Fortune 500 companies alike. In order to enjoy all the protections and benefits an LLC has to offer, detailed records must be kept along with physical share certificates, stock ledgers ~ even a corporate seal.

In the event of a lawsuit, corporate records undergo intense scrutiny, and if they don’t comply with the rules, the entity is treated as a sole proprietorship, not a corporation.  Without good records, it becomes easier to prove that actions taken on behalf of the LLC were not properly authorized, which causes the shareholders to become personally liable for the actions and liabilities of the LLC. An LLC is of no value if it cannot separate corporate assets from personal assets.

Meeting minutes and board resolutions serve as ‘permission slips’ to undertake actions of the LLC. The ‘corporate veil’ can easily be pierced by cutting corners. Consult with a knowledgeable, competent professional to help you achieve and maintain compliance. You’ll be glad you did!

http://lifeplangroup.net

*************** 

Soft Economy Hard Sell

Soft Economy Hard Sell

No surprises that when consumers and business owners are having to watch every dime, your presentations should include a straight line to the dollars and (sense) value attributed to your product.  Forbes magazine took the time to remind us of that, but using the example of Land Rover? 

Value...Land Rover...Value...Land Rover.....why not buy a fleet of Land Rovers for your chief staff?  I'm hard pressed to justify buying a Land Rover this month if I've had to lay off my frontline personnel that are probably living paycheck to paycheck and BRANDING my business to my consumers.  Hm......

Empathy Over Innovation?

Empathy Over Innovation?

I pulled up a BusinessWeek article today which expounded the affects of empathy over innovation in dealing with current business losses. 

My response is, how basically sad and professionally irresponsible to have to be reminded that putting yourself in the consumer's shoes is a smart, and cost "necessary" plan of action.

Learning how to translate what your consumer is communicating is business 101.  Shouldn't we have learned that lesson from the "carbon copy" experience?  Does our buyer want to stand more comfortable on a scooter or do they want to be able to sit? Do they really want a cheaper and more simple product or would a membership offering with more freedom to select at random be better.

Deciphering the critical elements to what your consumer is communicated before taking a stab at creating the consumer driven "pilot" is simply a step in the process of innovation. I wouldn't exactly qualify it as the key component.

The Value of Horizontal Leadership Platforms

The Value of Horizontal Leadership Platforms

How a troublesome economic downturn affects the inter-dialogue of a company doesn't take a crystal ball.  The knee jerk reaction in most business structures-from the most complex to simple AND all business cycles presents a direct threat to the key components integral to surviving and thriving past the storm.  The keys to success are counterintuitive and difficult to bridge in a hierarchal bureaucracy. 

In a hierarchal system you have key executives making final decision that trickled down into the daily actions of the forces. Economic downturns produce stress and fear. This fear paralyzes innovation and team engagement.  Silos operating as individual functions protect their worth and silence all efforts to take risks-the same risks necessary to redefine a business to survive, profit and grow to a sustaining organization with perhaps even a cutting-edge business model that may even redefine an industry. 

Horizontal Leadership platforms continue to engage cross-functional teams that thoroughly understand the strengthened relationship of all functional business areas. Decisions are not made as a result of consensus, consensus breeds mediocrity, direction is assessed as a result of innovative opportunities that support a changing customer value-based model.  

The objective, is a 10X idea that changes how an industry does business. 

Is it for everyone, probably not. Should it be, arguably so; that is, if an organization wants to grow and emerge from the eye of the storm as an industry (or community, as it relates to a smaller business) leader.  

Let's Add Video

Let's Add Video

Great idea!  

"Let's do it ourselves, it's cheap".

Bad idea!

Video immediate takes you to the front lines of prospect warfare.  You better make sure that video is in line with your branding!!

You can't preach professionalism and then stutter and stammer through your dialogue. How about those waving hands that serve only to distract the viewer.

"What's he waving at?"

I recently met with a potential client who was taping a CD set in a consultants bedroom. 

Nice.  I wonder what they were taping?

I'm sure he's going to love his audio CD with that consistent hum in the background. 

Let's not bypass the professionals because we can do it cheaper and get it out there faster.  Yes, a video is a video AND isn't it serving as a computer "marketing" commercial?  If you wouldn't broadcast it on TV, don't lower your standards because of the youtube craze.