It's about the fact that no one wants to refute them, because almost everyone already agrees with them. This is also a topic that has been covered very well by many others over the years. Based on these insights, I hope you discover your own new ways to realize the full potential of your business.
A CKNOWLEDGMENTS
A BOUT THE A UTHOR
A R EALIST ’ S V IEW
OF THE S MALL
B USINESS L ANDSCAPE
Small business] is the engine that drives our economy and provides most of the employment opportunities in the country. Small business employers are responsible for the majority of new jobs created in this country. In August 2004, the NFIB found that "only 6 percent of small business owners reported difficulty obtaining financing." Banks want your business.
T YPE ?
I’S OF EFFECTIVE GROWTH ENTREPRENEURS
Regardless of the entrepreneur's predisposition, he is able to balance introversion and extroversion to advance the company's goal. My grandfather Stirling was one of the most remarkable leaders you could ever meet. While their markets may sound ordinary, I think you'll find that these companies are among the most innovative.
E STABLISH AND
M AINTAIN A S TRONG S ENSE OF P URPOSE
However, this does not mean that you will find the same sense of purpose in running a full-scale advertising agency, as your true drive only applies to one small part of the business. It had to be built around a team of the very best minds they could attract. Because the owner's attitude often sets the culture, especially in the early days, it is essential that you are aware of the influence you exert in this key area.
These stories become part of the company's mythology and are key to defining who they are. Perhaps this explains why much of the world has a hard time replicating our entrepreneurial spirit. Tell people about defining moments, overcoming adversity and overcoming long odds.
It's a core part of the training and no one talks to a guest until he or she has it all down. As many expected, some of the social programs have quietly disappeared in the years since, including the 7.5 percent of profits going to charity. With the founders no longer holding the reins and the company now merely a division of one of the world's largest conglomerates, time will tell how much of the original sense of purpose will survive.
Write down the purpose of your organization, including who you want to serve, how you will serve them, and the organization's highest purpose.
T HOROUGHLY U NDERSTAND THE
M ARKETPLACE
SOLUTION
But that still doesn't cover what you should be paying more attention to: what your customers and potential customers are talking about, thinking and doing. How much more business you could attract if you truly understood what obstacles your customers face. How many more clients could you attract if you really knew who else out there needs your services right now.
If you read 50 magazines a month, you will achieve a convergence of your thinking that can only help you in your quest for growth. The idea that the customer is always right was ingrained at a very young age. family and friends, but the experience drove the message home. However, your customers aren't always able to articulate what you can do to uniquely serve their wants, needs, and desires.
If you asked those heavy users—heavy buyers—of potato chips what kind of chips they liked best, you always got the same answers. If you asked them if they preferred light salt, medium salt or heavy salt, what do you think they said. Here's the moral of the potato chip story: You need to anticipate your customers' needs and give them what they're looking for before they've even thought to ask for it.
The futurist Alvin Toffler said, “The illiterate of the future will not be the person who cannot read.
B UILD AN
E FFECTIVE G ROWTH P LANNING S YSTEM
R’S OF SMALL BUSINESS GROWTH PLANNING
By the end of the first year, we had agreed on little and had implemented even less. Now one of the team members representing the sewing machine operators came to the meeting with a new idea. Some of the women on the machines thought we might be able to find a custom binding that will speed things up,” she explained.
Unless one of the team members has significant experience developing business strategies, the company will achieve a much better plan with a broker. The best growth plans are full of very specific outcomes that come from a logical interpretation of the current situation. The more specific you are now, the better you will be able to measure your performance throughout the life of the plan.
Have you ever seen the classic screwball movie Caddyshack? In it, the golf club's CEO gives specific instructions to the chief custodian to "kill all the gofs." When the instructions reach Bill Murray's character, he understands that he must "kill all the golfers". The situation is not only funny, but should be familiar to any manager who relies on the spoken word to communicate important information and instructions. Suffice to say, Senge was named "Strategist of the Century" by the Journal of Business Strategy. The time between turning the wheel and the resulting change in direction is the lag.
Defining how often to evaluate your progress as a team is one of the most important decisions you will make as a growth leader.
D EVELOP C USTOMER - D RIVEN P ROCESSES
T’S OF CUSTOMER ACQUISITION AND RETENTION
For years, our favorite seafood could be found at a shabby-chic oyster bar that boasted “oysters as big as your fist.” The oysters were good, but that wasn't why we chose this particular place. The reason we went there, and most other people, was for the experience. The place had personality, the people had personality and it was fun. On the contrary: the idea here is to provide a higher level of service in those areas where technology is the best tool.
Now the idea is what my friend and noted direct marketing expert Tracy Emerick calls "mass secondization." The concept of adaptation to each individual customer must go beyond just production. A large part of the company's growth can be attributed to the ability to better understand the uniqueness of each customer. In the rare cases (less than half of 1 percent of the time) where orders were "delayed", the customer still received the order on the expected date.
By being malleable and responsive, I can grab customers and immediately move them from the bottom of the scale to the top. One of the best ways to do that is by making it easy to communicate with your company, especially if you file a complaint. They give you the best indication of the actions you need to take to improve and grow.
Don't they realize this is a work of art?') The American car companies cut corners wherever they could and continued to underperform in terms of the price/quality ratio they offered.
P UT THE P OWER
OF T ECHNOLOGY
TO W ORK
With the invention of the steam-powered shredding machine in the 1880s, the henequen industry really took off. So, in the history of the planet we call Earth, we Homo sapiens were only here a small fraction of 1 percent of the time. In the past decade, the most dramatic disruptions have been caused by two factors: affordable and small computer technology and the World Wide Web.
Here we are, 10 years later, and the travel agency on the corner has gone the way of the milkman. We've blown past those numbers and left most of them in the dust. One of the most visible victims of the internet crisis were online pet stores.
Maybe it's the newest imaging software, the latest electron microscope, or just a better type of nail gun. You don't need to be one of the biggest corporations in the world to get the most out of technology. The cost of the communication lines alone would have been prohibitive for a company of our size.
You need to know what is coming and how it is going to create obstacles or opportunities in the future.
A TTRACT AND K EEP
THE B EST AND
THE B RIGHTEST
Small business owners have been telling me for years that they can't find enough good people. It's hard to see during a recession, but the shortage of skilled and semi-skilled workers has been a fact of life in the American economy for some time. With that gap of nearly five million, there's good reason it's hard to hire good people.
A small business owner must continually find the best and brightest people available to achieve sustainable growth. The best strategy in the world won't succeed if you don't have a highly skilled team capable of executing it. But what keeps your hand level with the best and brightest requires much more than just an adequate salary.
It will make your guests feel special and you might just hear the best idea of the year. Pigeon holing does not meet the need for new experiences and new learning that the best and brightest crave. Man, you gotta kiss a lot of frogs to find the person you're looking for,” or, “I can't waste time on all these interviews.” The worst part is, “In my town, you just can't find enough people who want to work. ” You can talk to an owner in Buffalo or Boise and get the same complaint.
Hiring decisions are usually made more based on 'gut feelings'. Think about it: what's the bigger investment?”
