Archive for Business Start-Up
December 2, 2008 at 10:02 am · Filed under Business Start-Up
In Hong Kong a bar announced a special on beer - “Buy One, Get One”. That’s a direct translation of the Cantonese phrase meaning buy one, get one free. It did cause reason to pause.
Once airlines introduced frequent flyer programs, all sorts of businesses have jumped on board. Buy a dozen coffees get one free. Purchase lots of burritos and eventually one is on the house.
I’ve emptied my wallet of these cards. I never remember to bring it when I buy so I fail to record all those purchases. But this morning at my local coffee shop the barista refused my money. I buy one or two cups a day there and he shouted me a coffee. No loyalty card - just loyalty.
Businesses that reward their existing customers will be better protected in the downturn. Too much is spent chasing new business and not enough spent to retain loyal clients. If you have an agency, try to add valuable counsel outside the remit. If in-house make sure your executives are given updates on the industry.
Make sure every client is rewarded - if they buy one, give them two or three…
November 20, 2008 at 11:32 am · Filed under Globalisation, Business Start-Up
Every client in every industry is feeling the full frontal hit of the economic crisis. I was in Beijing last week and the impact is truly global. Public relations professionals from as far afield as Nigeria to Poland, Peru to China, Australia to Turkey all bemoaned the downturn.
It’s going to be a nasty new year.
But not for undertakers. My son goes to pre-school and a fellow parent manages a funeral parlour. Good times and bad people die. And their loved ones want to send them off in style.
Beer companies also see an upturn in sales during economic downturns. Seems we like to lubricate ourselves against ignominies while we’re above ground.
These two industries got me thinking. What other businesses are recession-proof?
June 19, 2008 at 1:20 pm · Filed under America, Business Start-Up
Starting a business forces you to learn new skills and to reach out for new learning sources. I enjoyed Guy Kawasaki’s “The Art of the Start” even though the second half was better suited for a company making product. And yesterday at a friend’s recommendation I bought “The E-Myth Revisited” by Michael Gerber*. Thanks to Paul Giezekamp at Property Secrets for turning me onto this gem.
The first half is rubbish and could have been edited to a chapter - but then I wouldn’t have felt right paying $34.99 for the paperback (did I mention books are expensive in Australia?). But the second half takes it up a notch and provides exceptional value.
Here’s the gist - Entrepreneurs have a “fit” and come up with a great idea. That one moment justifies their being. Taking that idea and turning it into a successful business requires different skills. Enter the Manager and the Technician. This trio of personalities will get a business running.
Better yet - treat your new business like a franchise. How can you capture the processes and eliminate the variability? Plan business #1 like it’s a model for office #5,000 and suddenly you have a successful model.
At Ford Motor Company I became a Six Sigma Green Belt - basically an apprentice who knows the tools and has completed a project. What Gerber recommends is a “DMAIC” approach to any small business - Define, Measure, Analyse, Improve and Control. Treat this as a never ending cycle and you have a model you can replicate.
“It is literally impossible to produce consistent result in a business that depends on extraordinary people,” writes Gerber.
This for me was an “Aha” moment (or is that “Eureka”?). What I disliked about my time in major agencies was the lack of process or systems. In my 25 year career I’ve worked for Hill & Knowlton, Edelman Worldwide, Gavin Anderson & Company and Burson-Marsteller. Each had some level of process most usually confined to administration, reporting and finance. There was no well understood process for taking a client brief - or developing a communications solution. There were some courses meant for the junior levels but little consistency across offices - or even practises in the same office.
The challenge is to stop criticising and start developing processes that can be repeated, defined, measured and improved.
Suddenly this new business is looking a lot more interesting!
*Footnote: “The World’s #1 Small Business Guru” the cover proclaims - and here I thought that noodle shoppe guy in Kyoto held the title. Why do Americans crave to be World’s #1 all the time? Baseball’s “World Series” only has teams from the USA - oh, does the token Canadian team really portray the globe? Segue to Freddy Mercury…(click below)…
June 17, 2008 at 1:55 am · Filed under Business Start-Up
For the last three months I’ve been planning a new business with another financial communications and investor relations expert. We are perilously close to launching our new business. Please stay tuned - in the interim here’s how we describe our business:
Perception Counsel is an independent corporate and financial communications firm. We are known for the caliber of our experts and respected for the quality
of our counsel. Our professionals have in-depth experience communicating in today’s financial markets. We offer strategic communications counsel and implementation covering a range of corporate actions, from IPO through M&A, to developing plans for corporate positioning.
June 10, 2008 at 7:37 pm · Filed under Business Start-Up
Sorry for the long interlude. It’s a shame to leave large blanks in a blog. Part of the reason to keep an on-line presence is to remain current.
Then life happens. And work.
I have been in the throes of plans to merge my business with that of a peer. We see a market opportunity for a combined, larger presence. Stage one was business planning and that took a lot of time - how do you synthesise large scale plans and make them palpable, real?
Then we were into the detail of a new partnership agreement, asking each other tough questions about life, work, management, responsibility.
Finally we started developing our “go to market” look and feel. From there came marketing materials.
We’re almost ready - so watch this space. And sorry for the interlude. I’ll try not to forget!!!
April 21, 2008 at 8:27 pm · Filed under Business Start-Up
Small business ownership is not for the timid. The peaks are higher and the troughs are lower than the regular swings of business. In a larger company you’re insulated. If the company is having a bad month then so be it. In a small business the swings are more exacerbated.
I started Jennings Advisory because I wanted more independence. I also grew tired of the bullshit politics in large companies. The last consultancy I worked in was so thick and rich with politics it was hard to draw breath. Sadly the firm underperformed. It was under too much of a burden.
I think when you’re facing a rough patch it’s easy to look at all your shortcomings. Yet if you fear failure you tend to bring it on. It’s not smart to overstate your case either. You do need to understand the risks - and develop plans to help mitigate against those risks.
This month I have projects in the hopper but only one on the boil. Last month was so busy I didn’t have time to blink. Naturally I fear this slow-down is endemic of the future. Instead I have to calm a bit - and enjoy the time I have to get long-term projects done. It’s also a great time to revisit the business plan.
If you fear failure it will inevitably arrive. If you plan for eventualities you won’t be undone when one eventuates. I need to build for success and plan for growth - with a solid plan underneath.
The nicest thing about not planning is failure comes as a complete surprise and is not preceded by months of worry and toil.
November 8, 2007 at 5:42 pm · Filed under Business Start-Up, Social Media
I’m a fan of etiquette. I collect old etiquette books and like to compare how manners have changed over the years. I think it set me up well for a lifetime of customer service.
When I ran a financial communications agency in Hong Kong, I had a black and white portrait in my office. It was an artist’s close-up of the chief butler at the Mandarin Oriental Hotel. He was assigned to Margaret Thatcher and Princess Diana when they visited. I told staff that we’re in customer service - we should make clients’ problems go away while remaining courteous and gracious.
Today as I start a new agency I’ve been thinking about values. These need to be the cornerstone.
I’m considering “Micro-Personalisation” as a concept that may morph into the value statement. It’s there for three reasons:
- Each colleague is unique. We all have our own skills, passions, likes and dislikes. I foresee the “Who We Are” page resembling a Facebook pastiche of background and interests.
- Every client needs customised service. Each business has its own challenges - each person within that client company needs personalised service.
- Technology is enabling a level of personalisation and customisation never before seen. It will be woven into all we do - but we are NOT a tech firm. We can offer expertise in social media and use those same tools to solve client issues. Why not have our own agency gadget on each client’s desktop?
The challenge I see is two-fold. One is to set yourself up to really deliver on a demanding value (or is it a principle, driving force or unique selling point?). The second is to add lots of glue to keep these disparate individuals part of one team. (”I am a rock. I am an island.” versus “We are family!”)
If Kermit were to pen “It’s Not Easy Being Green” today, would he be as soulful? After all, he’s on MySpace and has made lots of green friends…
August 30, 2007 at 8:23 pm · Filed under Business Start-Up
Friends who run their own businesses all have an opinion on a business plan. All say the process is invaluable. Yet one says keep it short and sweet - no more than 2-3 pages. She says the business will shift in the first year and a detailed plan will only become redundant.
Another small business operator says a detailed plan is vital. Yet he also admits to not having done one until a year into the business.
So what’s the best option? Seems a short, high-level directional plan is good to begin followed by a more detailed plan.
Let me ask you - do you know your company’s business plan? How frequently is it updated? I’m not talking about financial forecasts (and re-forecasts!).
How valuable has the business plan been to you - and your business?
August 29, 2007 at 6:32 pm · Filed under Business Start-Up
Mel Brooks directed and stars in a spoof on all of life’s psychoses. “High Anxiety” is a send-up of Hitchcock and central to the story are Mel’s various neuroses. He’s nowhere near as screwed up as “Monk” but still he finds his anxieties paralysing at times.
Maybe he should have started his own business!
I vascilate between absolute certainty and downright paranoia. Some days I’m flying along and working great. Other days I fret over uncompleted Excel forecasts.
It is an exciting time but let me say - not all the energy is positive!
August 21, 2007 at 7:31 pm · Filed under Business Start-Up
I am continually amazed by the calibre of people in their own communications business. Just this week I learned that a former financial PR consultant is leaving an in-house role to set up an independent shop. I’ve been introduced to a two person government relations firm that looks really impressive. I’m now in the throes of establishing my own fim. Are these others competitors - or collaborators?
It’s hard in the initial stages of business planning to think of the end game. Where do you want the business to be in five years time? Many, many firms were set up then sold - some for princely sums. The rumoured price tag of indpendent firm Third Person is in the high seven figures - possible as high as eight figures. Imagine!
So a business plan needs to consider the end game - even at the outset. Where do I want this to be in five years - or ten? If size and stature matter, then I need to consider collaborators.
The best advice I got from a small business owner is to take my time. Allow a plethora of options to float before me before making hard and fast decisions. I don’t need to rush. I do need to focus. It’s hard not staring down the barrel of a deadline - but this period of “creative confusion” is really important.
I do a lot of executive coaching and I recall telling a CEO that we all rush decisions. Sometimes the best thing to do is to live in a moment of creative confusion. See what pops up. See what ideas change - and what remains hard and fast. Will I be a sole advisor in a few years, or will I have collaborated with other professionals?
I’ll ruminate and let you know later…
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