I was on a bicycle ride recently when another cyclist sprinted past me. I immediately picked up my speed to catchup. That effort is where this week’s Lesson Found begins.
My instinct was to use this cyclist as a pacer to increase my own speed. (more…)
Which would you prefer: A guaranteed $750,000 now or a possible $1,000,000 that you only get if everything goes according to plan? This was likely the question Burger King marketers had in mind when deciding to offer a subscription for a daily cup of BK Café. BK’s decision is the catalyst for this week’s Lesson Found: Packaging products and services to increase cash flow and boost sales. (more…)
How many pirates can you name? I’ll bet the first (and maybe only) one is Blackbeard. That is a testament to Blackbeard’s genius at branding! The foundation of this genius is Blackbeard’s consistent alignment of his branding with his “company’s” mission. And Blackbeard’s genius offers us all a Lesson Found. (more…)
Your annual client meetings are preceded by analysis of their financials and ensuring covenants of loan agreements are still within bounds. Next you spend time with the clients to ensure their business is on track. But how much time do you put into digging deeper into the long-term general welfare of the client and their business? Is this even your responsibility since the bank’s investment is protected with collateral and insurance policies?
The answer to the question depends on your bank’s marketing strategy. If your marketing is (more…)
You carefully analyze your client’s needs to create an appropriately balanced portfolio for them. You then diligently manage the portfolio by continuously monitoring corporate earnings, the markets and the economy. But for most business owners, their largest single asset is outside your control. That asset is their company.
What is your responsibility for maximizing the value of your client’s company? After all, that is (more…)
Have you ever had the situation where you provided a business client exactly the advice needed but wondered if they could successfully implement the business end? Or, maybe you knew implementation would happen but speculated if that implementation would go smoothly and/or maximize the business’ potential? The question then becomes how much ongoing operational advice and oversight are you able to provide? Outside of actually conducting onsite and ongoing detailed reviews of their operations, how do you best help your clients? (more…)
The president of a local company (and now a client) initially said to me: “I’d like to work with you but taking that time would be taking me off-mission.” That is not the first owner who expressed concern about going “off-mission” and letting things lapse back at the office. This always leads into a discussion on the different meanings or uses of “mission”: the standard or military definition versus when paired with the word “statement”. (more…)
As business owners we are driven to achieve success. It is who we are. And it is why we are entrepreneurs; working harder than most with higher risk so we can experience that success.
Failure is anathema to our very being. But, by taking the precaution of contemplating failure we increase our chances for success. Harvard Business School Novartis Professor of Leadership and Management Amy Edmonson studies why businesses fail and suggests four questions you need to ask before starting a new venture in order to avoid failure. (more…)
When I think of the need for planning, I’m reminded of the husband who volunteered to plan and prepare Thanksgiving dinner for his wife’s extended family. Following his well-meaning plan, he started preparations the evening before including taking the turkey out of the freezer. It was still frozen the next morning when he went to start cooking it. Needless to say, his wife was not happy. But at least his plan included ample appetizers, side dishes and desserts. Imagine what it would have been like had there been no plan!
Businesses are a lot like Thanksgiving dinner. A poorly thought out plan will result in crisis. Having no plan leads to (more…)
Two experiences reminded me of the importance and scope of branding. The first happened when I added a new website address meant to reinforce my branding, StrategicBizGroup.com, and then created this email address using that URL. The result was a number of you asking which of my emails to use.
Also, a few of my clients have recently asked for feedback on their logo, using the words “branding” and “logo” interchangeably. This channels the marketing teacher in me which immediately starts to explain the difference between a “logo” and “branding”. (more…)