This week’s edition of my local business weekly quoted a ADT Small Business Getaway Survey. The survey about small business owners’ attitudes toward taking vacation found that:
- 55% Never travel without their cellphone
- 45% Find it hard to “check out” while away
- 25% Feel nervous about the business while away
- 21% Feel guilty about leaving their business unsupervised
Pretty chilling, to say the least. Actually, I found these survey results to be quite distressing. Why? For several reasons, including:
- Most of the business owners who responded are not getting the full benefits of business ownership.
- The results reflect things that are almost completely avoidable by successful business owners.
- The survey indicates that these business owners are not planning their businesses.
At ActionCOACH we define a successful business as A Commercial Profitable Enterprise That Works Without The Owner. We coach our clients to invest a significant amount of their time toward working on their business, rather than working in their business. This includes planning the growth of their business. Without a business growth plan, a road map for the business, businesses grow organically and quite often go too far down a road that is unproductive, hitting the “Oh S**t” moment. That is one of the prime reasons that the failure rate for new businesses is as high as it is.
In order to increase your odds of success, your growth plan must include:
- An organizational chart, now (even if your name is in every box), 1 year and 5 years in the future.
- The complete definition of your Products and/or Services. (see my post of 8/15/2014 http://actioncoachmichaelbreitman.com/?p=182)
- Your Mission/Vision/Culture statements
- And many of the elements of a classic business plan, such as marketing plans, budgets, etc.
Granted, all of these items are dynamic. However, without starting points your ability to build your business, to have the right team, to create economic growth for yourself and community will be limited.
Don’t be one who is afraid to take a vacation. Start working on your business NOW, before it is too late. If you would like assistance with working on your business or you wish to accelerate your progress toward your business goals, contact me or the ActionCOACH business coach in your area.
Last week, while coaching one of my medical industry clients, I had a major, multi-part Blinding Flash of the Obvious (BFO). This client’s medical practice has many competitors, both medically and geographically. One competitor (called LuxDocs in this blog) in particular, has positioned themselves to be “high-end”, charging an annual fee for access to their doctors.
Initially, my client did not consider LuxDocs to be a direct competitor even though they address the same area of medicine. However, as we went down the list of LuxDocs’ actual and perceived value points and benefits, 24/7 doctor access for example, it became obvious that my client offered, or could offer, many of the same perceived high value services and benefits as their “almost” competitor.
Our discussion progressed into two areas:
BFO Part 1
- Which of the services and benefits that my client already offers are valued by their patients but are not currently emphasized within their internal perception or external marketing?
- What services and/or benefits could they add that are of perceived high value by patients, but could be offered with low additional cost?
– This concept isn’t only applicable to medical practices – substitute the word Customer or Client for Patient and re-read 1 and 2 above. Now look at your product or service through the lens of what is already included, or could be included, in your offering that are perceived as high value/benefit, but that you haven’t emphasized
BFO Part 2
– Remember, look at product or service aspects that are of high value to your clients, customers, patients or whoever makes up your target market. This is not necessarily about what you and your team value, it is about what your market values. In other words, work to understand the entire, complete definition of your product, not just the obvious
BFO Part 3
– This is closely related to the concepts presented in the book “Blue Ocean Strategy
” by W. Chan Kim and Renee Mauborgne. Add high value items to the design of your product or service while eliminating high cost low value items.
– As many of my current clients have already done:
- Completely define your product or service.
- Make a list of as many; reasons to become your customer, ways you add value to your customer, and benefits, both small and large, of being your customer as you can. Remember, from their point of view, not yours. Shoot for 100.
- Your complete product definition and the list of your value points form a major part of your Unique Value Proposition (UVP). Make sure you constantly and consistently communicate all of these aspects of your UVP both externally and internally.
- Read Blue Ocean Strategy.
If you would like assistance with the process implied above or you wish to accelerate your progress toward your business goals, contact me or the ActionCOACH business coach in your area.
While at Tanglewood last night for a wonderful Boston Pops Orchestra concert under the baton of conductor Keith Lockhart, I started thinking (as I often do) about business. It was then that a very powerful analogy struck me … a successful business is analogous to a symphonic orchestra.
- An orchestra has sections; violins, cellos, violas, percussion, etc. – a business has, or will have, departments; production, shipping, marketing, sales, etc.
- An orchestra has management; first chairs, section leaders, conductor, etc. – a business also has management; department heads, managers, executives, etc.
- Most importantly, an orchestra has both a local (short-term) mission, the score of the piece they are performing and a global (long-term) mission, delivering beautiful, meaningful music to the audience. Your business, to be successful, not just in the short-term, but in the long-term as well, MUST have both a global mission and local (departmental) missions in order to consistently deliver value to your customers.
Just like the Boston Pops and The Boston Symphony benefits from the teamwork that starts with their mission and culture, and enables them to deliver beautiful music night after night, so can your business benefit from the strong team based performance that results from having a powerful, communicated and genuine mission and culture.