Grow For It!

Welcome to Episode 8 of Grow For It!  This is a podcast for small business owners, operators and professionals.  I’m Jim and my goal is to work in the space between your ears – you know, on your mindset – to keep you focused on the activities that will move you closer to your Vision.

Today’s episode focuses on the importance of taking time to work “ON” your business, instead of “IN” your business.

Before we get going, let’s review where we’ve been.  In Episode 7, we discussed Cultivating Your Brand and tips to begin influencing how the market receives and perceives your brand.

Today, our discussion will cover important activities a small business owner must do to be successful over the long-term.  If you’re ready, LET’S GROW FOR IT!

I’m going to be very transparent in today’s discussion.  Like most of you, I’m a small business owner.  An extremely common challenge for most of us is carving out enough time in the day to handle everything we need to accomplish.  This may include:

• Working on current client commitments
• Developing relationships for new business opportunities
• Managing vendors and tasks we’ve assigned to them
• Paying bills and handling internal administrative issues
• Resolving computer or system-related fire drills when they happen (because these nightmares are always pre-scheduled)
• Allocating family-time and social activities so you have a reason to avoid working 20-hours a day
• And then there’s that often-neglected topic of marketing for your business

All of us battle these challenges each day.  It’s part of this adventure called entrepreneurship.

We’re all trying to do more with less.  Many times, that means we run our businesses with the absolute minimum number of employees – if we have any at all.  It’s a generally accepted fact that full-time employees (FTEs) are the most expensive cost to a business.  Now, I realize HR professionals are going to argue “good employees contribute added value.  You’re investing in talent.”  This may be absolutely true.  But in the early years, especially, it might not be possible to make those investments, even if you have them under a 1099-status. 

What this means is your dream, your Vision, rests fully on your shoulders.  This responsibility and the pressure that comes with it constantly temps us to work on tactics, when we really need to be focused on strategy.  It’s what I mean when I say, “working ON your business, instead of working IN your business.”

Blocking out time to do this takes discipline.  Large companies or law firms may have the luxury of taking executive-level retreats.  Sure, you can get a lot done, especially when someone else is covering the cost of your time, others are handling the phone calls and unending stream of emergencies and client requests. 

However, for most of us, myself included, that’s simply not our reality.  If we’re not at the wheel, the bus might run off the road.  Does this sound familiar?

So how do we address this, with the least bit of disruption to our workflow and deadlines?  The most important recommendation I can make is to remember something we discussed in Episode 1.  Do you recall how I described The Sisyphus Effect?

If you don’t, please pause this podcast.  Go back and listen to that section of Episode 1.  This is about aligning our activities with our visions.  It’s worth the few minutes it’ll take to remind yourself who and what Sisyphus represents.

By the way, if you’re not sure how to get back to the first episode, you can access it on the podcast page on my website:  JimRayConsultingServices.com.  I’ve pinned Episode 1 to the top of the right side of the page, just above those black buttons. 

Now that we’re on the same page about Sisyphus, doing the same thing each day doesn’t usually lead to different results.  We have to remember to get beyond the day-to-day habits.  We have to be on guard so we’re not just busy, we’re productive.  

Running a small business requires having the proper mindset.  Namely this:  Net profit gives us options.

With net profit on the books, we can expand.  We can hire.  We can pay bills.  We can take a vacation or make that donation.  Most importantly, net profit gives us the “privilege” of coming back to fight another day. 

Remember friends, it truly is a privilege.  Just think about how many of your family members, friends and colleagues will never get the freedom to pursue their visions.  It’s truly a gift.  The day we refuse to admit this to ourselves, is the day we need to change course and do something else.

I said earlier, it’s a discipline.  Let’s break down a few ways you can begin making progress in this area.  So as usual, I want you to take out a sheet of paper!

We have to structure time to review the business.  Big companies do it, because it works.  From a pure business fundamentals standpoint, the numbers don’t lie.  Reviewing your metrics, assessing and reassessing your performance verses plan is just smart business. 

Let’s list some key activities we should have already scheduled in our calendars:

• Revenue and Expense Reviews – you need to be tracking these monthly and quarterly. Not realizing you’re off the numbers until August is probably too late.
  • Schedule time to do end-of-month summaries. Break it down by service or product.  Early on, I didn’t do this as thoroughly as I should have in my own business.
  • A simple program such as QuickBooks can make your reporting incredibly easy and efficient.
• Marketing and Advertising – even if you don’t believe in these tactics, your current and prospective clients do. More importantly, so does your competition.
  • I heard a great statement in a recent Gary Vaynerchuk podcast. He said, “Do you know how scary it is to me that some many of you haven’t done this because of your personal opinion about Facebook?  To run your business with your personal romance of how things should be, versus how they are, is literally the great vulnerability of business.”
  • If you haven’t launched a social media channel, namely Facebook and/or LinkedIn, it’s time to schedule it. If you need help, find someone who knows what they’re doing and ask for help.  Social media can work for you 24/7.  You’ve got to sleep some time, but that’s not the same for your marketing.
  • Friends, this isn’t one of those, “I’ll get around to it” activities. Seriously, set a date in your calendar.  Make it happen!
• Competitive Reviews – when was the last time you actively noticed what your competition is doing in the marketplace? How are they messaging?  Are they focusing on certain issues or geography?  Have you visited their Facebook page or website?  They may be sneaking up and stealing market share you haven’t realized yet. 
  • Look, I was in sales and sales management for over 20 years. There was nothing I loved better than sending a simple message to one of my competitors with 2 words:  “Thank You.”
  • Oh, and full disclosure, I received one too. It’s a reminder not to take my eye off the ball.
• Key Vendor Discussions – I mentioned this in Episode 4. There may be new products, programs or other opportunities just sitting there.  If we’re not actively asking about them, we’re leaving money – and margin dollars – on the table.  Margin dollars enable the net profit I commented about earlier in this episode. 
  • List your key vendors and contact them this week. You don’t have to wait.  You may already be behind.   
• Exercise and Checkups – Yes, I’m actually including these as important activities. It’s easy to run ourselves into ground.  It took a long time for me to realize how much better I was able to perform and how more clearly I was able to think, once I began exercising.
  • Look, you don’t have to go join a gym, although it’s a good idea. Even if you simply take an evening walk after dinner, you’re exercising.  You’ll have time to process what went on during the day and clear your head so you can actually get a good night’s rest.
  • These things can have significant benefits for you, and those who depend on you. Haven’t spent enough time with your spouse or kiddo?  How about taking them for a walk with you?
  • Then there’s medical checkups. If you don’t want to go to a doctor’s office, there are many small clinics, even in grocery stores these days.  Go in and get a basic work up and maybe some blood work.  Guys, this is real life.  Your health matters, if not to you, then to your family.  Take care of yourself so you can enjoy those things for which you’ve been working so hard.  If it means you have to actually schedule it on your calendar, do it!  It takes 21 days to form a habit.  Trust me, it’ll take less than that to drop a few pounds and generate some added energy.

Before we wrap up, please let me explain that, “I get it.”  It’s easy for any of us, including myself, to make excuses for why we don’t have time.  Why we’re so busy that we really can’t get around to working on these activities.  After all, there’s only 24 hours in a day. 

Friends, again I get it.  But that’s small-ball thinking.  We’ll never break out and really achieve at the levels we’re capable of if we only focus on the tactical grind.  We’ve got to structure time for higher-level thinking and planning.  The longer we put it o

Welcome to Episode 7 of Grow For It!  This is a podcast for small business owners, operators and professionals.  I’m Jim, and my goal is to work in the space between your ears – you know, on your mindset – to help you stay focused on those activities that’ll help you to move closer to realizing your Vision.

Today’s episode is about Cultivating Your Brand.  We’ll discuss a common misconception about branding.  We’ll get into things you should be doing to establish a positive brand perception.  Finally, I’ll give you some tips on how you can leverage your brand to achieve your business objectives.

But first, let’s review where we’ve been so far.  In episode 6, we discussed how implementing a Blue Ocean Strategy can help you to discover new markets yielding higher margins with less competition.  The goal is to integrate this strategy based on your SWOT Analysis, your overall business planning and the pursuit of your Vision.

Branding is a huge topic.  There are tons of books, videos and resources that attempt to address it.  My goal for this brief podcast is to break it down into a few steps that provide a foundation for your success.  If you’re ready, Let’s Grow For It!

As a way to dive into today’s topic, let’s clear up a common misconception about brands.  Your brand is not your logo.  The representations of your brand, namely your icon (like the Nike Swoosh or the emblem on your car), your company colors, even the font-style that you use are nothing more than monikers that simply refer to your company and its brand. 

As a small business owner or professional, you need to be keenly aware that your brand is what the market determines it is.  What do I mean by that?

Well, the market assigns value based on experiences, interactions, reputations and a host of other factors that influence how the market itself views your company and its performance.  Your brand is similar to your reputation. 

If you do shoddy work, miss deadlines or hide price increases in the fine print, the market will take note.  More importantly, it does this regardless of how cool the icon on your shirt is or the design of your business card.  The market assigns a relative “brand value” based on what it knows and/or thinks about you.

Conversely, if you have a stellar reputation for performance, integrity and other factors, the market will often reward you with a very positive brand.

For most of us, the actions we undertake each day can constantly influence how we are perceived and how our brand is received or defined.  But take caution, because it’s a sliding scale.

Speaking of scale, this isn’t to say large companies are any different.  They, typically, have more resources including money and teams of people constantly pushing out messaging meant to influence brand perception.  However, a single step in the wrong direction can literally overshadow and derail the cumulative impact of those efforts.

Many of us remember how badly United Airlines faired when officers dragged an elderly doctor off of flight 3411.  Videos and comments went viral.  The CEO later made matters worse as he tried to defend that actions as, “…having to re-accommodate” some of the passengers forced to give up seats.  Interestingly, I believe it turned out that United overbooked the flight and needed to make room for its own employees.  Once videos and photos of a bloodied, elderly doctor hit social media, I knew the memes were about to explode.

Let’s return to a small business.  Sure, your mistakes might not make national news, but they can still have a negative impact on your brand’s local perception.  For some, that can be just as devastating.

So, what are some steps you should consider in cultivating your brand?  Two of the more important themes are Integrity and Transparency.  I know, those sound fairly cliché, but think about it.  One of the ways you can positively impact your brand is by simply making information available and then, standing by what you promised to say and do.

In a practical sense, this can be translated into your taking steps to join the larger conversation.  Social media is one way, but there’s also blogging. 

Now, my purpose for Grow For It! is to work on your mindset, so I don’t want to get into the mechanics of Facebook and blogging.  There’s plenty of information about those topics on my website.  Let’s consider the bigger picture.

One of the struggles companies encounter is breaking through the noise in the marketplace. People still want to feel somehow connected to the brands they choose and use.  Fostering that connection takes time, but if done honestly and consistently, it can work. 

The more opportunities you provide for people to engage with your brand, the more comfortable they may become trusting your brand.  The continuum is made up of creating brand awareness, leading to brand engagement, with the hope of eventually becoming a brand preference. 

Obviously, there are more steps involved, but now consider how you as a business owner, operator or professional can affect that continuum. 

I’m not saying you should haphazardly begin posting comments about random topics.  That would only serve to confuse and even frustrate people who may be willing to consider working with you.  But, if you were to begin offering tips and suggestions, you’d be offering helpful information that can lead to the resolution of specific problems or issues. 

For instance, imagine you’re a veterinarian in a decent sized city.  You’re obviously not the only alternative families have.  However, if you were to begin blogging or video-blogging about seasonal issues, your take on various treatments and why they might be helpful, or even promoting services that are related to pet care, it’s quite possible (even probable) that your information will be shared on Facebook timelines or other channels. 

What you’ve done is to provide helpful, but authoritative advice.  You provided information without directly soliciting.  Everyone loves getting something for nothing.  In fact, that fact that you didn’t put the hard close on me might make me more apt to actually pass along that information to others.

Replicate that activity over a period of weeks and months and you’ll definitely feel the impact of your efforts.  Interestingly, you may be able to cultivate a group of “brand champions” who are willing to share your information – for free!

See, I’m a proponent of providing free information.  It’s a way to highlight your experience and expertise.  There are always people out there looking for answers.  Up ‘til now, maybe they just haven’t come into contact with you and your company.

Personally, I don’t think you should try to close the deal during your introduction.  You’re rushing it.  Too many people go straight for the close.  No, I think it’s better to establish credibility so they trust your product, advice or commitment.  Isn’t that how relationships are formed?

Even if your company is transactional, the power of an endorsement, a positive review, a referral is golden.  That’s only going to be a possibility if your performance met the expectation they had of you and your brand, once they engage with you.

Practical Exercise:

So, let’s put these ideas to work.  As we’ve done in each episode, once again, I want you to take out a piece of paper.

In the left column, make a list of some of the key areas of your experience or expertise.  These are the big buckets.  Now, can you begin to break down some of those areas into subsections?  For instance, if you’re an orthodontist, are there various types of services you provide such as traditional braces and the Invisalign product?  How could you compare and contrast these alternatives?  Which would be best for a particular patient group?  Are there disadvantages to either? 

Begin working your way across the paper creating breakdowns of specific products and services.  Then, think about the calendar year.  Are there specific times of the year you should provide information about seasonal issues?  Let’s return to our veterinarian.  Obviously, March is a good time to begin talking about flea and tick issues because the family dog might spend more time in the yard as spring arrives.  For the orthodontist, can you spot trends dealing with back to school or summer breaks?  CPAs know there’s going to be surge of tax prep in March and April.  Painters may see an uptick in activity in October as people get their homes ready for the holidays. 

Once you’ve identified specific products and services, then connect them with seasonal opportunities, you’ll want to work backwards to make sure you have time to prepare and deploy content.  Again, the objective is for you to begin messaging to establish positive equity in your brand.  Remember thought, this is something you, your partners and others should be doing throughout the year.  Relationships take time. Building brand equity takes time.  You have to give the market time to receive the information, engage with you and then evaluate the experience.

Don’t think of this as simply an initiative with a finite endpoint.  Communicating directly with your market and engaging in the larger conversation are key steps in influencing how the market perceives and rates your brand.  This should become one of your key activities on a consistent basis.  Realize that you and your brand can quickly be forgotten.

One of the tactics I always recommended was to encourage

Welcome to Episode 6 of Grow For It!  This is a podcast for small business owners, operators and professionals.  I’m Jim, and my goal is to work in the space between your ears – you know, on your mindset – to help you stay focused on those activities that’ll help you to move closer to realizing your Vision.

Today’s episode is about formulating a BLUE OCEAN STRATEGY – A way to escape hyper-competitive environments and pursue those with higher margin opportunities and less competition.

But first, let’s review where we’ve been so far.  In Episode 5, we discussed how listening to your heart can help you to overcome FEAR.  This is an important step as you set out to define and implement a Blue Ocean Strategy.

Prior to that episode, we discussed how setting the RIGHT GOALS can enable you to get closer to your Vision. 

Assuming business growth is part of your vision, let’s engage in an interesting concept to bring clarity to that challenge.

To really get the most out of the next few minutes, it would be helpful if you’ve already listened to Episode 3 dealing with SWOT Analysis and Episode 4 where we discussed financial metrics and client segmentation.  They’re not prerequisites, but they could add some insight into today’s discussion.

So, if you’re ready, LET’S GROW FOR IT!

To frame this discussion, let me give you a little context.  Blue Ocean Strategy was something we covered as part of my MBA program in 2007 and 2008.  It’s a topic I’ve written about and spoken about ever since.

We used a book my W. Chan Kim and Renée Mauborgne.  It was published by Harvard Business School Publishing.  You can find it on Amazon for about $20.  It’s only about an inch thick.  I’d encourage you to pick up a copy.  It’ll be worth your time.

Here’s the premise:

Each day we wake up and go to battle in the marketplace.  As we look for trends, opportunities and new business, we undoubtedly run into other competitors.  We’re all looking for that next whale of a client.  You might be that predator shark sensing blood in the water.

Once we find a viable target, even a niche, it won’t stay that way for long.  If you’ve ever watched SHARK WEEK on TV, you already know what’s about to happen.  Other sharks will soon begin competing for your opportunity.  

As the feast ensues, blood fills the water and you quickly find yourself in a “RED OCEAN” environment.  Margins will quickly begin to decline.  Sub-optimal alternatives will confuse and entice loyal clients to leave.  Unscrupulous competitors will undercut you until you begin to wonder how you’re going to be able to hold on to what market share you still have left.

Sure, price may not be everything, but once your product becomes a commodity, price might be the ONLY thing!

The fortunate news for many of us is that we still have an option.  The counter-strategy is to seek out a BLUE OCEAN by identifying a new niche, exploring a new market or even finding an alternate way to position the features and benefits of your existing products and services to a new customer set. 

In doing so, you may be able to reap the benefits of being the only shark in the area, at least for a while.

Again, let me encourage you to review Episode 3, which focuses on SWOT Analysis.  If you’ve completed the exercise, you may have already identified ways to leverage internal strengths to exploit external opportunities.

After all, at one time no one could imagine a phone without a cord.  Apple was a fruit, not an $8 billion company.  And Viagra was just a cardio-vascular drug.

Let’s consider what Steve Jobs did with Apple and the iPhone.  I think it’s the safest of the examples I just mentioned. 

Steve took a common device and made it into something indispensable.  After all, there are 2 things most of us never leave the home without:  Our Keys and Our Phone.

By envisioning a brand new way to appeal to our need to interact with our device, Apple was able to carve out an incredibly profitable segment of the market place.  They found a way to enter a BLUE OCEAN.  For a time, they left the competition behind. 

As Samsung and others finally began catching up, other brands began to find their own Blue Oceans.  Siri is giving way to Alexa – albeit in a different application.  But how many of us remember the first time they heard someone say, “Hey Siri!”?

What we’re about to see happen in voice recognition technology is going to be nothing short of amazing.  Unless you’re the guy selling the little plastic tip we see on the ends of shoelaces, there’s probably a Blue Ocean out there waiting for you.

By the way, that plastic tip is called an “Aglet.”  Siri looked it up for me on my iPhone.

Let’s be honest here.  For most of us, inventing an entirely new communication platform might not be realistic.  However, there’s a significant chance that we actually could identify a Blue Ocean opportunity. 

If you’ve listened to a few of my podcast episodes, here’s what you knew was coming next:  I want you to take out a sheet of paper.

If you’ve ever been the supplier to a large company or a prestigious client, it’s easy to find yourself being whipped around by that customer.  The common statement may be something along the lines of “Well, if you can’t cut your price, there are several guys in the lobby right now who would be interested.” 

It’s always a question of leverage.  Years ago, I managed a branch of a distributor that was a tier 1 vendor to Chrysler.  When the auto industry took a dive, we were reminded of which of us truly had the leverage. 

One way to begin identifying potential Blue Ocean opportunities is to look geographically.  If you’re working with a large client, there may be sub-suppliers positioned around that plant or facility.  Sub-suppliers may have similar needs, but typically don’t wield the leverage of the big dog. These companies may be prime opportunities for you to service at higher margins.  

On your paper, list out the primary, geographic locations of your largest clients.  Often, the sub-suppliers are clustered in and around the larger plants.  You might begin by looking regionally, but then focus on specific counties, cities and even zip codes.  You’ll be amazed at the information you can find online.  Government and/or industry groups may have already collected specific data.  Oftentimes, if you know where to look, it’s free.

You might also search for counties which have shown a growth trend over the previous several years.  There might be a cluster of business opportunities commonly overlooked by the sharks who are only targeting the whales. 

Here are a couple other options:

If you’ve been around for a while, your marketing and sales teams have likely tried various approaches to increase revenue.  One change you might consider is to develop local roundtables with client groups.  Or, at a minimum, set meetings with client-decision makers to identify products/services they would be willing to move your way, if you offered additional capabilities. 

These types of discussions can be productive if they involve an executive-level representative along with your local reps.  Consider including someone from your product-development area, as well.  You want your management to hear it first-hand, so they can assist in authorizing and exploring the opportunities.

If you’re a small business, you might include a strategic vendor in those discussions.

Would it make sense to expand your offering?  Could that new product, service or capability be used to expand into other market segments?  It never hurts to ask.

Write down the names of clients who might be willing to participate.  If you’re bringing a vendor, consider having several of them.  Which specific vendors are trustworthy enough to include in these roundtables?  Approach the opportunity as a team.  You can position yourself as the client’s advocate by facilitating a discussion focused on a higher-level, consultative approach.

You and your company have specific expertise.  Can you identify other industries or client segments that could benefit from that expertise?  This is where my Episode 5 on overcoming fear can help.  Just because you’ve never tried that before, doesn’t mean you shouldn’t. Blue Oceans tend to be deep and wide.  You’ll never know until you get in the water.

A result of those local roundtables might possibly be that you learn the “real” reason your customers are doing business with you.  It might not be your price at all.  It could be your inventory, your ordering system, or simply your delivery.  These are reasons you could amplify as you explore new oceans.  This insight might even change your approach. 

Blue Ocean Strategies are steps you can take to expand your markets and increase margins.  Obviously, it doesn’t happen overnight. 

What I’d like to challenge you with is to begin looking differently at your market.  It’s easy to lock onto a comfort zone, that status quo, the perceived limitations of boundaries and borders. 

Those are choices, rarely realities.  If the pond is getting crowded, go find an ocean.  There’s still plenty of opportunity ahead.  Just ask Siri!

Well, that wraps up today’s episode.  I hope you’ll pick up the book Blue Ocean Strategy.  It’s full of insights I’ve implemented in my own business.  I want to thank you, as always, for taking a few minutes to listen to this podcast. 

If I could ask a favor, would you consider going to iTunes and giving this podcast a 5-star rating and a quick review?  Your feedback will help others to find it.  I really appreciate your help.

Until next ti

Welcome to Episode 5 of Grow For It!  This is a podcast for business owners, managers and professionals.  The goal is to give me a chance to work in the space between your ears – you know, on your mindset – to help you to focus on the things that really matter to your success.

I want to enable you to concentrate on pursuing your vision, setting meaningful goals and engaging in the day-to-day activities that will have the biggest impact.

Thanks for joining me and investing a few minutes of your time.  This episode deals with one of my favorite consulting topics.

We’re going to consider reasons you should Harness the Power of Listening to Your Heart as a method to overcome FEAR.

In episode 4, we touched on several ways to use your financial metrics for business planning.  We talked about the importance of focusing on net margin dollars, as opposed to top-line, gross revenue. 

Since this podcast deals with your mindset, today we’re going to explore “motivation.”  If you’re ready, Let’s Grow For It!

You may recall we’ve spent the last four episodes discussing vision, goals and a few tactics.  Now, let’s come back to a very basic question.  It’s related to your vision.  “What’s Your Motivation?”

Think of your career (maybe even your life) as a book.  When you get to the end of the last chapter, will it have been worth the read?

Some of the best business coaching discussions I’ve had are those during which we pushed back from the conference room table and explored the question:  “Why Are You Actually Doing This?”

Some of the answers I’ve heard amazed me. Guiding a client through this unpacking of his/her answer is an incredibly interesting process. Some of the most rewarding moments are when you see that lightbulb turn on.  It doesn’t happen automatically.  I have to be able to reach that point with my client where he/she feels safe enough to be vulnerable.

I continue to be surprised by how many people allow their dreams to be confined or ignored, simply out of FEAR.

“What would my colleagues think?”

“Would my family support my decision?”

“Do I really have what it takes?”

Over the years, I’ve met and worked with some incredible people who’ve dealt with these issues and found a way to break through.

There’s my friend, Matt Maudlin, in Indianapolis.  He runs Memo Marketing.  He does terrific work in marketing and strategic planning.  I really admire the way he executes.

There’s Mark Palmer over at Oohology.  We’re former competitors.  We’ve worked together.  We’ve been friends for years.  He’s one of the most creative guys I know.

There’s Neil James, owner of Rain Marketing + Consulting in the San Diego area.  We’ve worked together for years and now collaborate on multiple projects.  He’s one of the most genuine people I’ve ever known.  I can’t tell you how many hours we’ve spend working through business issues together.

Then there’s John Black in Louisville.  I met this guy several years ago.  He has a corporate gig, but is an entrepreneur at heart.  I love watching how he balances all of it and still has time to be a great dad and husband.

What each of these guys did, and continue to do, is to follow their dreams.  In doing so, they’re finding fulfillment.  They’re carving out niches.  They’re contributing with the talents they were given.  It’s inspiring to watch.

So, let me ask you these important questions: 

• When was the last time you took a break to simply dream?
• Once you did, were you able to capture it?
• More importantly, are you taking steps to pursue it?

When we dream, we give our heart room to speak. 

Our hearts are so much more powerful than our brains.  It’s your heart that can overcome the logic of why you can’t or shouldn’t.  Our hearts are what makes it possible for us to say, “You know what?  Maybe I can!”

That’s the inflection point.  It’s a core theme of any of marketing superstar, Gary Vaynerchuck’s keynotes addresses and Q&A sessions.

Listening to your heart gives you the chance to dream.  The motivation to take a chance.  The belief that you really do have what it takes.  Listening to your heart, gives you the courage to step beyond FEAR.

Don’t let fear be a roadblock to your life, your vision, your success.  At best, fear should be a speed bump causing us to slow down and to consider the path.  But fear should NEVER prevent us from embarking on the journey.

Greg Blakemore is a friend, colleague and client of mine.  We’ve known each other for about 10 years.  Greg handles complex construction projects such as hospitals, data centers and other commercial developments.

One of his motivations is to actively get involved with missions and supporting others who do that kind of work.  It’s where his heart is. 

Greg’s been involved in Bosnia for over 20 years. 

Last year, Greg approached me with an idea to develop a company that could operate in the healthcare space for underdeveloped or struggling countries.

We spent several months developing and launching a business.  We both traveled to Zenica and Sarajevo Bosnia to deploy it.  During our two-week trip, we met with US Embassy officials, a mayor, a few other Bosnian politicians, and the head of a local medical school (who just happened to be the former President of Bosnia). 

We trained a few people on the technology and deployed the assets.  To date, the small start-up has performed over 1,000 healthcare assessments in the local community.  We’re now exploring options to deploy in Bulgaria and Costa Rica. 

My friend is a highly talented operator in the construction industry.  He’s earned a stellar reputation.  But what really lights a spark in his soul is the work he’s able to do for the people in these struggling parts of the world. 

That’s an example of listening to one’s heart.  It’s how Greg is going to ensure that his final chapter will be worth the read.

Let’s discuss a practical exercise.  Once again, I’m asking you to take out a sheet of paper.  For this one, you’ll want to find a quiet space. Close the door to your office, go find an empty conference room, or maybe just grab a cup of coffee early one morning at your kitchen table.

Now, on your sheet of paper, I want you to begin writing down your dreams. 

• What to do REALLY want to accomplish?
• What are those secret goals you keep to yourself?
• If you could do ANYTHING else, what would it be?

Don’t try to list them in a column.  Write them in various places on the paper.  Life doesn’t usually move in an orderly fashion, anyway.

You may just have a word, or a phrase to describe it.  It might be a mental picture.  Whatever it is, capture it.

When you’re finished.  Put down your pen and step away for a couple of minutes.  Go get a glass of water or warm up your coffee.

When you come back, start connecting areas of convergence.  Draw lines between the things that are somehow connected.  Are you beginning to see a theme or a pattern?  You might be surprised by what you see.  It may be the first time you’ve seen this type of clarity.  Maybe FEAR was clouding your vision.

So why did I devote an entire episode to Motivations and Dreams?  Here’s the connection I want you to make.  Motivation and Dreams come from the heart.  They should be the underpinnings of your vision.  It doesn’t matter whether it’s the vision for your business, for your role in someone else’s company, or for your life.

Your heart has to be in those things you’ve decided to devote the majority of your time pursuing.

You need the courage and the belief that you have what it takes.  You’ll find a way to get help along the way.  You’ll have the strength to keep going in the face of one of our most powerful of all emotions…FEAR.

Is fear holding you back from pursing a dream?  Would you like to work through it?  Would you like to change your roadblocks into speedbumps?  I believe I can help. 

This is your life’s work.  As I asked at the beginning, when you finish your final chapter, will it have been worth the read?

I’m Jim Ray.  If you’d like to explore this or other business topics, reach out to me on my website at JimRayConsultingServices.com.  You can also connect with me on my business Facebook page, JimRayConsultingServices.  If you’re ready to begin listening to your heart and overcoming your fear, Let’s Grow For It!

Thanks for taking a few minutes to listen.  Can I ask you a favor?  If you liked what you heard, would you please go to iTunes and give today’s episode a 5-Star Rating and a review?  Your comments will make it easier for others to find this podcast. 

Thanks in advance for your help.  Now, go follow those dreams!

Hello and welcome to GROW FOR IT!  I’m Jim and this is a business podcast designed for small business owners, managers and other professionals.  My goal is to work in the space between your ears – on your mindset – to help you focus on the actions and activities that help you to move closer toward your vision.

In today’s episode, we’re going to discuss a couple ways to use your financial reports, breaking down your customer segments and I’ll even give you a few tips on maximizing your profit margin.

The simple truth is Business Planning can be as high-level or as micro-specific as you want it to be.  The company size, the organizational focus, even your specific role can benefit from a Business Plan.  However, none of these really determine how complex your planning has to be.  The fact is, if you’ll invest more time upfront, you’ll have a better chance of achieving your goals and moving closer to your vision.

We can’t get time back, so momentum, focus and velocity are typically to your advantage – SO LET’s PREPARE!

The best way to begin is to do a DEEP DIVE on your financials for the previous year.  I’m not talking about just looking at your Gross Revenue and Net Profit. You’ve got to go deeper.

I recommend you break the numbers down by client segment, service and vendors.  YOU HAVE TO KNOW YOUR METRICS!

Let me caution you here.  People like to get very enamored with margin percentages.  “Hey I’m making 38% on this product!”  The reality is you don’t pay your bills with percentages.  You pay with dollars.  It’s always about the margin dollars!

As you stack-rank your client segments, you can quickly see which deliver the most profit margin to your bottom line.  Simply looking at gross sales by segment can be very misleading.  Topline revenue is only part of your business formula. I won’t tell you it’s unimportant, but it’s definitely less important that net margin, and ultimately net profit.

You want to fully understand who is driving your margin!  The next step is to align business activities to focus on those client segments, products and services.

What you’re really looking for are your sweet spots.  Which activities deliver the most margin dollars, for the least amount of effort?  How can you do more?

Equally as important, which activities deliver the least amount of margin dollars?  How can you do less of them?

Consider this:  Did you leave money on the table last year?  Are there discounts or rebates you simply didn’t take advantage of?  Make a note to start asking each vendor about various programs, discounts and rebates.  If there’s free money on the table, you need to figure a way to get your share of it!

Welcome to Grow For It!  This is a podcast for small business owners, managers and professionals.  I’m Jim.  My goal is to work in your head-space to help you:

- Remain focused on your vision,

- Setting the right goals and

- Implementing those key activities to help you move closer toward your vision.

A big topic for my clients right now, as well as in my own business, is strategizing for the upcoming year.  I’m going to introduce you to a tool that can provide some valuable insights and structure to assist you in your planning and goal-setting.

The temptation many of us have is to simply start setting targets, before we really look around and see what’s actually going on in your market.  

You might ask who’d do it that way, but trust me, it happens more than you think. 

Before we begin, let’s talk about what we covered in the previous episode.  We spent a lot of time differentiating between your Vision and Goals. 

Goals are extremely tactical.  Your execution and performance will lead you closer to your Vision.  But what goals to you actually need to set? 

Where should you really focus?  We’ll begin to unpack that today.

A tool I’ve found to be extremely helpful is called a SWOT analysis.  SWOT stands for STRENGTHS, WEAKNESESS, OPPORTUNITIES and THREATS. 

It’s a tool to help you look for ways to begin taking what you know, and defining specific activities based on that knowledge. 

Ultimately, what you want to accomplish is to identify specific strengths that will enable you to leverage opportunities and avoid (or minimize) threats.

A detailed assessment makes your goals and business planning easier to visualize.  If you have a team, this tool can help you to achieve greater buy-in. 

If you’re on your own, a SWOT analysis can help you identify ways you might be able to outmaneuver the big companies.  Remember, aircraft carriers take much longer to turn than speed boats.

Are you ready to break it down?  Well, you know what’s next…grab a sheet of paper.

I want you to draw a large square.  Take up as much of the sheet as possible.

Next, draw a cross inside the square so you have 4 equal-sized, quadrants. 

In the upper left corner, write Strengths.  In the upper right corner write Weaknesses.  In the lower left corner write Opportunities. And in the lower right corner write Threats.

Trace over that horizontal, center line a couple times to make it a little darker.  As you look 4 quadrants, note that the upper 2 refer to INTERNAL factors.  The lower 2 refer to EXTERNAL factors.  That’ll become important in a minute.

As an aside, there’s a video excerpt from a seminar I gave on this topic, in August of 2015.  If you’d like to watch it, and listen to an interesting reaction from the audience, just Google:  SWOT ANALYSIS FOR LAW FIRMS.  Don’t worry, this is a general business tool.  It’s not just for law firms. 

My video typically appears on the 1st page.  You’ll either find my blog post which includes the video, or the actual video itself. 

So let’s get back to our drawing.  It’s time to begin filling in the quadrants.

Let’s begin with your Strengths, in the upper left quadrant.

Business strengths might include:

• Brand Awareness – people in your target market know your name.
• Functional Expertise – list what you do really well.
• Team or Talent – Do you have some rock stars on your team? (If not, this might be listed as an internal weakness)
• Fill in as many factors as you can capture. Try to be as specific as possible.

Now move to the upper right quadrant for Weaknesses.

Here are some potential considerations:

• If it’s been a tough year, you might list cash flow or cash reserves.
• If you’re a new business, or in a new territory, your initial marketing might not be well-established.
• Sometimes, the quadrant might include limitations in your technology, software or internal processes.

It’s important to be honest with yourself.  Don’t look at this as a negative.  It simply is what it is – at least for right now, right?

The next step is to move to the lower left quadrant, Opportunities.  Keep in might, this is below the mid-line, so focus on Externalities.

• Depending on your type of business, the economy may present specific opportunities.
  • Can you get more specific?
• Has a significant competitor recently gone out of business or left your market?
• Do you expect an upcoming legislative or regulatory changes that might open up a new market, sector or service opportunity?

Finally, we come to the lower right quadrant, external Threats.

• Are there rumors about a new competitive product or service threatening your market share or price point?
• Did a competitor recently higher new talent?
• Do you anticipate changes in the economy such as interest rates, regulations, etc?

These are just examples of factors to get you started.  What SWOT helps you to do is to perform an “Environmental Scan.” 

It’s something you should do annually, but you’ll actually be better prepared if you do this on a quarterly basis.  You need to be nimble and flexible in your business activities. 

If you can spot an Opportunity (or Threat) early, you might have time to outmaneuver your competition.  Remember the aircraft carrier vs. speed boat point I mentioned at the beginning of this episode.

If you have a team, consider having them do a SWOT on their own or by department, then converging the data onto larger sheets.  Alternatively, bring key members together for a group session.

One of the things GE did very well was to bring together cross-functional teams for what we called “work-out sessions.”  Don’t just rely on your managers for this SWOT analysis.  Involve your administrative staff, field sales people and junior associates. Each person interacts with a customer, suppliers, competitors and other parties that can impact your business. 

As the leader of your organization, some of the feedback you typically receive has probably been, shall we say, “filtered.”

When you engage a cross-functional team, you might actually be surprised by their perspectives.  More importantly, you might even learn something you didn’t know. 

Years ago, I was the DIRECTOR OF SALES for a regional distributor.  Our CEO used a technique that worked well with our team. 

Once we’d captured ideas, factors, key thoughts, or other lists, he gave each of us a limited number of sticky dots.  You’ve seen these in office supply stores or school supplies areas.  They’re about the size of a nickel and come in assorted colors with an adhesive back.

Anyway, we’d individually stick our dots on the factors each person felt was the most important or vital to the process.  We all did this at the same time.  When we were finished, we’d step back and look for the largest groupings of dots.  Then he’d ask one person to explain why he/she chose that item.  The value was in the exchange of ideas.  Sometimes, we’d change our dots based on someone else’s opinion – especially if it was something we’d hadn’t considered. 

Once we settled on the dots, we counted up the largest groupings and those became the ones the team felt most committed to addressing.  It was a great way to build consensus.

So your paper is full of notes.  Your SWOT analysis has helped you to identify a wide range of factors.  As I commented earlier, the final step is to begin looking for ways to use your STRENGHTS to leverage OPPORTUNITIES and minimize THREATS.  It’s also highlighted specific WEAKNESSES to be addressed.  You now have important insights that will be extremely helpful in developing your business goals. 

I realize this episode was a bit more “academic” that the previous episodes.  However, as you move into business planning and goal setting you need solid information. 

This SWOT analysis can definitely help.

Well, that brings us to the end of this episode.  I hope you found it helpful.  Thanks for listening.  As always, I appreciate your time.

If you’d like more information, there are articles and videos about this and other techniques on my website, JimRayConsultingServices.com.  Feel free to check them out. 

Let’s connect via my business Facebook page, so we can keep in touch.

Finally, I’d sincerely appreciate it if you’d take a quick minute to leave a 5-star review for this podcast on iTunes.  Those reviews really help to ensure others can find it.

If you’d like help working through a SWOT analysis, or facilitating a team meeting, I’m available to help.  You can contact me via my website, just put the word “PODCAST” in the subject line.  I’ll be happy to engage to help you and your team GROW FOR IT!

Podcast Episode 2:  Welcome to Episode 2 of Grow For It!  It’s a podcast designed for small business owners, manager and professionals.  I’m Jim and my goal is to work in that space between your ears to help your to focus on the activities and areas that really matter to your overall success.  It’s about your mindset, your focus…your headspace.  If we win it there, you’ll go further and farther than you ever thought you could.  Sound interesting?

Then let’s jump in…

In Episode 1, we discussed the importance of aligning your day to day activities, your D2D activities, with your vision.  We also talked about what it can feel like when you instinctively know you’re not getting to those areas that allow you to tap into your passion.  Those activities that allow you to be optimally effective.

Let’s step back and talk about DEFINING YOU VISION.

As we go through this, think in terms of your BUSINESS, your CAREER…and maybe even your LIFE. 

Vision sets the mark and defines where you’re heading.  This is Long-Ball guys.  I’m not talking about next week, next month or quarter, not even next year. 

Your vision is SO MUCH BIGGER than that.  It might take some of us years to get there.  Unfortunately, some never do.

Vision is the destination.  Without a clearly defined end point, how will you ever know where you’re heading?  Whether you’re on course, or in WHY you started the journey in the first place? 

Let’s try defining what your VISION ISN'T.  It’s easy to confuse it with GOALS.  There’s a HUGE DIFFERENCE. 

You vision can be closely associated with your “WHY.”  It’s something that should move or inspire you.  It might elicit an emotional response from you (or others).  It can also motivate others to join you along the journey.  They might be co-workers, clients, key vendors, or even investors.

Your VISION should seem beyond your grasp, at least for today.  If it’s not…

…put it back in the oven and let it back a little while longer.  YOU NEED TO BE THINKING BIGGER.

Vision is different from Goals.  If your VISION is your WHY, then GOALS are your HOW. 

Goals are much more concrete, right?

They define specific actions.

Goals have a specific deadline, a sense of URGENCY.  Not that your Vision doesn’t, but goals are much more tactical.

A GOAL, and goal setting, is meant to move you closer towards your VISION.  Therefore, by its very nature, your VISION MUST be bigger than your immediate, quarterly or annual goals.

Remember, your VISION can apply to your business, your career and even your life.

How you get there, if you get there, depends on the goals you set and how successful you were at achieving them.

To put it another way, GOALS are something you ACHIEVE.  Vision is somewhere you ARRIVE, if you’re lucky. Either way, the proper Vision makes for an interesting trip.

Let me share a brief story to illustrate how your VISION can drive what you do on a D2D (day to day) basis.

Back in the early to mid-90’s, I worked for GE.  Jack Welch was still the CEO.  His vision for each GE business was that each would be #1 or #2 in the world.  Many of us believed it was possible.  I was in a field sales role at the time for GE Appliances.

My largest client was a distributor in the Minneapolis area.  I knew Jack’s GE VISION, I had already bought into it.  My contribution was to relentlessly gain market share and deliver on my revenue targets.  This distributor happened to be a distributor for several leading brands, most of which were direct competitors.

I eventually found out about a huge, new development that was in the works.  My largest distributor was going to bid on the project.  Unfortunately, he decided to price the bid in a way that virtually ensured the development would go to a competitive brand.

After several attempts to convince him to work with us, instead of deliberately against us, it was clear he wasn’t going to budge.  I began a series of meetings with the developer and ended up taking the entire project direct.  We elected to bypass the distributor, even though we made every attempt to work with him.  That was a $1MM project.

To be honest, we would have made better margin going through him – but it was clear I was faced with either winning the project and increasing our market share, or standing on the sidelines with 100% of nothing.

I wasn’t going to let that happen because Jack’s VISION, our VISION, was to drive market share to become #1 or #2 in the world.

THE POWER OF VISUALIZING YOUR VISION

The one technique that can have a significant impact on your pursuit of your vision, is visualization.  You’ve already taken a powerful step, you’ve written it down.  Now you should post it somewhere that you see it every day.  The more you read it, the more solidified it becomes in your mind. 

To take it a step further, ask yourself what it will be like when you realize your vision? 

How will you feel? 

What will life, your community, your company be like when you finally arrive at your destination?  

The power of visualization works by imprinting into your brain the emotions, the feelings and the actual pseudo-reality of your success.  This technique allows you to see yourself having already won your race.  You’ll almost taste that sweetest of victories.

Now that you’ve had a taste of your success, it’s time to get to work. 

If you listened to the previous episode, you’ll know what’s coming next…

…Once again, I’m asking you to take out a sheet of paper.

Do you know your VISION?  Have you already DEFINED it?

If so, write it in the center of the paper and draw a box around it.

If you don’t have it yet, pause this podcast and write down what you think it should be.  It might take a few iterations to get it right.  Then, make sure you come back to us. 

Before we go any further, I’m going to ask you to read your VISION.  Don’t be shy.

Read it out loud.

Is it big enough to inspire you?

How could you make it even better?

Is it truly worth the journey to the place you hope to arrive, or is it really more like a goal?

Do you need to refine it?  It’s okay.  You might have to think even bigger. 

Remember friends, this is about your business, your career and maybe even your life, so make it something that actually speaks to you.

If you’re satisfied, again draw a box around it. 

Now ask yourself, what would have to HAPPEN to ensure I eventually arrive there?

For some of us, that might mean expanding into a new market.  We can set a series of goals for that. List it, and put a circle around it.

For others, it might mean developing a new skill or capability.  Maybe that means going back to school or getting more training.  We can set a series of goals for that as well.  List it and put a circle around it.

Still, for others, that may mean developing new business relationships or partnerships.

Again, yes, we can set a series of goals for that too.  Yep, circle this one.

Continue listing these “HAPPENINGS” all around your VISION BOX.  Draw arrows from you circles to the box in the middle.  Take time to fill up the page over the next few days.

You might begin stepping down a level and listing SUB-HAPPENINGS, or individual activities that must be pursued to achieve what you listed in the “HAPPENINGS CIRCLES.”

Those step-downs might be similar to your annual or quarterly goals.

Like I commented earlier, we can also set a series of goals for that.

As we go through this exercise, what we’re doing is DECONSTRUCTING our VISION into a series of HAPPENINGS and GOALS that are very much in line with our VISION. 

That my friends, is how we begin to tap back into our passion.  You’ll see the direct relationship between what you’re doing, and how it relates to the bigger picture.

If you can’t see that correlation, it may be time to ask, “WHY AM I STILL DOING IT?”

By the way, if you need a little motivation for the journey, I encourage you to check out a video from Les Brown on YouTube.  Search for “Les Brown, Are You Limiting Your Vision?”  I’ll put a link to the video in the podcast notes.  If you haven’t begun using YouTube for motivational speeches, it may be time you started.  

Friends, if your vision is large enough, you’re going to need it.  There will be days full of doubt and frustration.  Anything worth having is going to demand your best efforts.  Prepare yourself.  YouTube videos are a terrific resource. 

Well, that about does it for this episode.  I want to thank you for giving me some of your time.  I know you’re busy.  I’m working on more episodes, so why don’t you SUBSCRIBE to this podcast?

If you’d like more information about me or my consulting services, I invite you to check out JimRayConsultingServices.com.  You’ll find a series of blog posts and videos.  You can always connect with my business FACEBOOK page to make sure we keep in touch. 

Finally, before you go, if you found this information helpful, would you consider going to iTUNES and leaving a 5-star review for this podcast?  That’s extremely helpful in ensuring GROW FOR IT ranks well and enables other people, just like you to find it.

Until next time, Focus on your Vision and if you’re ready, Let’s GROW FOR IT! 

Resource:  Les Brown, Are You Limiting Your Vision?

PODCAST EPISODE 1:  Welcome to the first edition of my business podcast, GROW FOR IT!  It's a podcast for small business owners, managers and professionals.

I'm installing links on my website, adding episodes as blog posts and on my business Facebook page.  You'll be able to find, listen and subscribe on various 3rd party channels such as iTunes.

These are brief episodes are meant to help you focus on what you're doing and why.  Each episode will contain a specific exercise to help you to put the concepts into action.

I hope you'll take time to listen to this episode and consider sharing it with friends and colleagues.  There will be a new episode every 2 weeks.

I'll help you to consider key activities to help you achieve your business goals.  We'll discuss issues and topics that occupy your head-space.  I'll do my best to help clarify situations and to provide you with helpful tips and tactics to move forward.

If you're ready, give this episode a listen.  Let's get ready to GROW FOR IT!

UiXpjI7MdawSm0INBFPX

PODCAST EPISODE 1:  Welcome to the first edition of my business podcast, GROW FOR IT!  It's a podcast for small business owners, managers and professionals.

I'm installing links on my website, adding episodes as blog posts and on my business Facebook page.  You'll be able to find, listen and subscribe on various 3rd party channels such as iTunes.

These are brief episodes are meant to help you focus on what you're doing and why.  Each episode will contain a specific exercise to help you to put the concepts into action.

I hope you'll take time to listen to this episode and consider sharing it with friends and colleagues.  There will be a new episode every 2 weeks.

I'll help you to consider key activities to help you achieve your business goals.  We'll discuss issues and topics that occupy your head-space.  I'll do my best to help clarify situations and to provide you with helpful tips and tactics to move forward.

If you're ready, give this episode a listen.  Let's get ready to GROW FOR IT!

UiXpjI7MdawSm0INBFPX