Pick-My-Brain.com: Blog - Consulting

Business Planning

Mon, 18 May 2009 13:03:00 -0700

It’s check-up time for your business plan.

Many companies – large and small – have gone through the teeth-mashing experience of writing a business plan. Maybe it’s a strategic business plan, a business strategic plan, or perhaps you called it your marketing and strategic business plan as sort of a catchall. Whatever the term, you have probably taken the time at some point your business to write out the pearls of wisdom that would be the guide for your organization…then you placed it in a file somewhere and that was that. Now, during this economic crisis (yes, it is a crisis) you find that your business is struggling or your marketing just isn’t attracting new customers or vendors.

But look on the bright side, you and your company now have the time to reinvent and restructure your processes in order to survive.

It is time to bring out that business plan, dust if off and review your business principles. Restructuring is as difficult as the start-up process because you must understand which elements are working and which are obsolete. Questions concerning customer retention, talent retention, technology updates, sales and marketing strategies, as well as leadership are all subject to evaluation. Are these elements still working, are they in sync with the current economy, is the pricing competitive, is our marketing attracting the right customers? In other words, a systematic review of every aspect of your plan – including your vision and mission statements – is in order.

I can attest to the fact that there are literally thousands of websites and books dedicated to the mechanics of structuring and restructuring a business plan. Most have excellent suggestions and procedures that facilitate your needs. But, a simple place to start is the tried and true form of SWOT (strengths, weaknesses, opportunities, and threats). It is easier to decide what kind of restructuring you need and which plan format is appropriate once you have an idea of these four elements within your business.

Basically, planning and restructuring are about using assessment tools to help you understand how your company’s internal operations are functioning within their external markets. The SWOT analysis is a well-tested form of assessment; however, there are many tools and formats to use in order to evaluate your current structures. Whichever you choose to help in the review of your business plan, the important step is that you are actually reviewing your business plan. As painful as that may be, it is necessary to the continued success of any business.

Please share you questions or comments concerning assessment or restructuring plans, we’d be happy to jump in and help you take your business to the next level.

Generation Gap

Tue, 28 Apr 2009 18:24:00 -0700

Has the Generation Gap Narrowed?

Recently, I had a conversation with a friend who is in the process of building her career in the publishing field. For the past 10 years, this 30-something mother has been occupied with raising her children and working odd jobs. But, like so many of us, she has decided to jump into an exciting, full-time career.

She has been using networking and round table clubs to learn about and connect with her new industry. After one such meeting she told me about an intense conversation she’d had with another female networker in her group who was in her 50s and acting as a type of recruiter for the industry. The women accused her of not “paying her dues” and having the luxury of looking at this career as a hobby. This woman went so far as to tell her to call when she was really serious and not just looking for some kind of validation. Needless to say, my friend was offended by this person’s condescending assumption on her goals with respect to moving into a new career.

These types of conversations highlight an important point about what is currently happening in the workplace between the generations and their varied reactions to the current economic climate. Just as cultures within organizations have experienced adjusting to the global work environment, various generations of workers are experiencing the pains of adjusting to the instability of our economy. We seem to be looking at our older/younger counterparts as the enemy in a climate of sweeping lay-offs and overwhelming unemployment rates.

Although each generation processes change differently, the result is often a broad spectrum of workers being more flexible and adapting their attitudes about work. I see younger groups taking the idea of finding and maintaining their jobs more seriously and I see the older groups becoming more flexible about learning new technology and working virtually. I have also seen a shift in the perception that there is an endless abundance of opportunities – you can always find another job.

It is important to realize that the effects of the current economic climate are not necessarily a condition of tenure or age. The generational gap, which has always existed in the workforce, has possibly narrowed somewhat with the realization of the economic realities and the non-discriminatory nature of company layoffs. What is important for anyone still employed or looking for employment is the melding of both work ethics and innovation. All generations can learn something from the each other, and use that knowledge to help ride out this crisis. The employer must manage this economic situation by bringing these groups together as a cohesive team that is focused on production and flexibility. This takes a comprehensive structural review of the company’s values, attitudes, and work process to build that type of multi-generational team.

For business owners or employers, what experience would you like to share in re-shaping multi-generational teams within this economy? What other experiences would anyone like to share related to the multigenerational workforce?

You've Got a Friend in Me

Tue, 21 Apr 2009 15:43:00 -0700

How strategic partnerships can be mutually beneficial.

In an age of niches and specialties, it seems like everyone has an area of expertise. This idea of filling a specific need is ingrained in many small businesses. How else can you compete against the big guys who offer it all? This is great when your clients want exactly what you have to offer, but what happens when a client needs what you can’t provide? Instead of trying to fill a void that you’re not equipped to fill, why not partner with someone who you know can do the job.

Recently, a colleague of mine called me to partner with him on an event. Since we are in the same industry, our sharing clients may seem strange to some. However, we both have the foresight to realize that one company may be able to offer what the other cannot. After years of planning this annual event, the client decided that they’d like to be more strategic in the generation of collaterals and themes around the event. My team was able to use our experience in marketing to provide the client with elegant, branded materials and an eco-friendly alternative to standard paper invitations – something that was very important to this “green” client. His company still provided the client with the event planning and logistical support that they required.

He was able to maintain the long-term relationship he had with his client, while freeing up time to work on other, ongoing projects. Ultimately the customer was satisfied and the partnership was a great triumph.

Of course, working successfully with colleagues takes trust, clear boundaries and a mutual benefit. Beforehand, we drafted an agreement to ensure that our collaboration would not only be successful, but also ethical. Creating this type of contractual agreement prevents miscommunication about responsibility and compensation.

As a project manager, I have often relied on the expertise of colleagues to provide my clients with what they need. As a business owner or manager you have to embrace your strengths, but you also need to realize when someone else might be able to do the job better. Instead of turning the client away or trying to do something you are not skilled at, try building relationships with a network of trusted allies and have the ability to be a full-service provider for your customers.

Have you partnered on work with another company? What was the result? Do you have recommendations for how partnerships can be lucrative?

Surviving the Web

Mon, 16 Mar 2009 09:12:00 -0700

How business can thrive in a Web 2.0 world.

Informal conversation is probably the oldest mechanism by which opinions on products and brands are developed, expressed, and spread.
Professor Johan Arndt

When Johan Arndt, a famed marketing professor, penned these words over 25 years ago, I’m sure he was not referring to the Internet. But in this world of Web 2.0 and instant feedback, his words have never been so relevant. Social networking sites, review boards, blogs and wikis make it easy for companies to connect with potential clients. And clients are finding ways to influence the products and services they want.

So how can your company use the web 2.0 environment to its advantage? And how do you overcome the pitfalls of instant access?

According to Tim O’Reilly, who is credited with coining the term, Web 2.0 is “the business revolution in the computer industry caused by the move to the Internet as platform, and an attempt to understand the rules for success on that new platform.”

Basically, customers have gone digital and companies are scrambling to embrace these new (and ever-changing) technologies to attract more business. But why would companies have difficulty embracing the Internet and it communicative capabilities?

Think about it – you’re a major corporation and you’ve just kicked off a multi-million dollar advertising/public relations campaign. In the early days of the Internet, consumption was still a spectator sport. Consumers would see your ads in print, on TV or even on your website. They’d hear about your public relations on television, in the newspaper or on the radio. Customers didn’t really have the chance to challenge you and life was grand.

Today, things are very different. If consumers want to challenge your appeals they have infinite outlets to do so. They are taking to their blogs and podcasts. They are creating You Tube videos that mock your advertising concepts. Your wikipedia page is updated in a matter of seconds.

But maybe you’re not a multi-million dollar company – how does this affect you? Web 2.0 affects all businesses – big and small – in good ways and bad. Your customers are able to go online and post reviews of your products/services. They can recommend or blast you on their blog or link to your website from theirs.

There is nothing we can do to change this rapid dissemination of information. So why not embrace it? Ask customers if they can write a review about you on a certain site. Befriend bloggers and ask them to rate your product/services. Join online groups and communities of people who can use what you have.

Tim O’Reilly calls it a revolution. I think it’s simply an evolution and an opportunity for small businesses to get their voice heard over the yells of the competition.

If you’d like more information on how to build your company’s online presence contact Pick My Brain at 310.771.0665.

Guess What I Heard?

Mon, 16 Feb 2009 15:06:00 -0700

Being empowered to take a stand against gossip.

Backstabbing and whispers can wreak havoc on a workplace. Once the rumor mill starts it can be very difficult to stop. But, what if you never let it start? How would that impact your colleagues? Your environment? Your life?

Whether you are a business owner, manager, employee or even an intern, taking a stand against destructive behavior in your workplace will position you as a leader. Recognizing gossip before it starts, avoiding it when it surrounds you and knowing how to stop it when it’s already in motion are the keys to spreading productivity instead of rumors in your office.

Recognize:

Do your conversations start with the preface, “Don’t tell anyone, but…”
Are you/colleagues only talking about people when they are not in the room?
Would you be uncomfortable having this conversation in front of the person you are talking about?
Could this information ruin someone’s reputation?

If you answered ‘yes’ to one or all of these questions you are participating in gossip. Run for your life!

Avoid:

Curiosity killed the cat, so don’t ask questions that you know are going to spawn gossip.
If you know Michael is the office gossip, politely avoid him. And when you do have a conversation with him, make sure you are the one setting the tone.

But sometimes a gossiper is so good, so well trained, so practiced in his/her craft that you can’t recognize you’re gossiping until you’re in the thick of the conversation.

Stop:

Walk away from conversations that you know are gossip.
Change the subject if you are part of a conversation that you are not comfortable with.
If some of the facts of the conversation are questionable, let the gossip know you’d like to verify these points with the subject. That is probably the fastest way to stop a gossip.
When all else fails, just tell people you don’t like to gossip. You know how much it would hurt you and you don’t want to hurt others.

The gossip bug has hit all of us at one time or another. But, workplace gossip is an avoidable poison. All it takes is one person to stand up to rumors to make a huge impact on the entire group. But, if you must, feed your need to dish by talking about the sordid lives of your favorite celebrities.

If you want to be a more effective manager or business owner let Pick My Brain help. Contact us at 310.771.0665 for more information.

Time in a Bottle

Tue, 10 Feb 2009 10:33:00 -0700

Managing your company’s time when it seems like it’s getting away.

When I started my third company I realized it was time to truly get organized! Balancing the obligations of business owner, wife and mother is not always easy, and sometimes I feel like I’m running in three directions at once. So, I sat down, met with my employees and we created a timeline. Our timetable had project descriptions, assignments and deadlines. We scheduled weekly meetings to discuss progress and redefine deadlines as needed. By doing this, I could see when my employees and I were going to start, evaluate and finish projects. The companies began to run like well-oiled machines and life was grand.

But what happens when something pops up that’s not on the timeline? When new business prospects would like a proposal written, or current clients need a little extra TLC? Well, if your timetables are too rigid your deadlines can crumble like a house of cards. The trick is creating buffers into your realistic structure to ensure that everything gets done in a timely, prioritized manner.

Rule #1: Keep the ship sailing. As a business owner, executive or manager it is your responsibility to keep your team focused when the plan gets thrown out the window. Even when things are hectic, by utilizing a timeline you can monitor progress at all times. Then, make sure employees know what their priorities are and provide realistic deadlines for when things must be done.

Rule #2: Don’t make promises you can’t keep. We all want our clients to be happy, but you have to know where to draw the line. If you have existing projects where deadlines cannot be altered, honor those deadlines and resist taking on new projects or obligations that could overburden you and your team, compromising current business.

Rule #3: When all is said and done – get back on track. It’s not uncommon to get off track and to stop using the timeline as your business tool. Timelines can be revisited and revamped after they have been put on hiatus. If you get in the habit of setting and meeting deadlines, you will begin to see success. Once you’ve created this level of structure for yourself and your employees, keep it up.

I am not suggesting rigidity, or that you detail every day to the minute. You and your employees need some freedom to create and the flexibility to work. But, detailing projects and assigning tasks to members of your team with (and I can’t stress this enough) REALISTIC deadlines is the easiest and most effective way to get the job done. Just remember to build in some flex space and learn how to prioritize for when an unexpected storm blows through the office.

What's in a Name?

Mon, 19 Jan 2009 12:28:00 -0700

The value of a good business reputation.
According to Fortune, Apple is the world’s most admired brand. What gives this brand and others like it such stellar reputations? And, more importantly, how can your company achieve such accolades? Well, Fortune bases its rankings on eight key business attributes:

Innovation
People management
Use of corporate assets
Social responsibility
Quality of management
Financial soundness
Long-term investment
Quality of products/services

Overall, I believe that these eight key business attributes can fit into three major categories that should be of the highest importance to your business: quality, customer satisfaction and fiscal responsibility.

Quality
Customers want the most innovative and high-quality products and services for their cash. Period. So give the people what they want. Don’t spend all of your time and money talking about it and advertising it, the companies with the best reputations do it.

Customer Satisfaction
We’ve all had the experience of finding a brand (whether it be clothing, cars, electronics…) that we love but dread the purchasing experience. Even if you have a high quality product or service, people should want to buy from you. Make the decision easy for your clients. Manage your employees well and make sure that customers are always satisfied. Listen! Don’t try and tell people what they want, listen to them and give them what they want, without question or exception.

Fiscal Responsibility
So your customers are satisfied with you and the quality of your company’s product/service. Now you need to make them feel confident in your future. Three of Fortune’s key attributes revolved around the company’s assets. You don’t have to be the biggest player in the industry, but people want to know that your company is being managed effectively and that you’re practicing smart business. People also want to know that you are contributing what you can to your community.

So if you want to be the Rolls Royce, Google or Apple of your industry, keep these business elements in mind. Who knows? Maybe one day you’ll be topping Fortune’s lists.

We love to hear from you - let us know what you've been doing to better your reputation. Or, if you've had struggles getting past something and would like help finding a way. Posting comments gives others a way to learn from your examples and allows you to get invaluable feedback from colleagues.

Dont Sit on the Sidelines

Mon, 29 Dec 2008 16:05:00 -0700

How hiring an executive coach can help you get in the game.

I stepped into coaching quite by accident a couple of years ago. Frequently, I would receive calls from colleagues and clients wanting to share their business challenges with me. We would discuss the scenario, and I would offer my thoughts on how to tackle it. Sometimes I suggested a specific action be taken; other times, a shift in their style of communication or thinking. But, no matter what the suggestion, I always knew it was imperative to look at the big picture. Analyzing the long-term goals while still zooming in on the intimate details. I realized, after years of managing people as a business owner and a manager in both corporate and volunteer settings, that I had gained a great deal of knowledge on how to deal with business relationships. That’s when I decided I wanted to coach and consult for a living.

Although I consult on a variety of topics, to professionals in every level of business, executive coaching is always in demand. No matter what our level of responsibility, even at the executive level, we can often have trouble getting outside of the minutia and back into the big picture.

So, you might be asking: “What is executive coaching”, and “Why do I/my company need one?”

Look for a definition of executive coaching and you’ll find a variety of answers. One simple definition I like is from Sherpa Coaching:
Regular meetings between a business leader and a trained facilitator, designed
to produce positive changes in business behavior in a limited time frame.

The key elements of this definition being: A business leader – one who is in a business entity and in a position of leadership. This could be an upper-level manager all the way up to the top, or even an entrepreneur. A trained facilitator: one who is skilled in assessing and guiding a leader in development and action – your coach. Production of changes in a limited time frame: Clear and measurable results in a specified time (no more than 6 months).

So, here are the five reasons I believe hiring a business coach is beneficial:

To assess the current situation with a fresh perspective, identifying areas of challenge and setting forth a defined plan of action to achieve specified goals.
To solve tactical problems and clear the path for action.
To develop capabilities – new ways of thinking and doing things – that wil contribute to the effectiveness of the individual and organization.
To integrate new leaders into their positions, building skill sets and gathering consensus to ensure that constituencies are satisfied and have buy-in.
To develop leadership skills and habits that will promote continued learning to achieve maximum partnership between individual & organization.

If you want to develop yourself or leaders within your organization, help transition individuals from one area of responsibility to another, or focus on a the attainment of specific goals for an individual or group, a business coach may be just what your organization needs.

If you are interested in our business consulting and executive coaching services, please contact Pick My Brain at 310.771.0665.

Youve Got a Friend in Me

Mon, 08 Dec 2008 11:33:00 -0700

How strategic partnerships can be mutually beneficial.