| I've got good news and bad news. The good news is | | | | SPECTATOR SPORT: |
| that 98% of businesses are small businesses. That | | | | Conversation with you should not be a spectator |
| bodes well for the entrepreneurial spirit that has | | | | sport for others. Remember that there's a huge |
| made our nation great. The bad news is that from | | | | difference between listening and merely waiting for |
| 60% to 80% of new businesses will fail in their first | | | | your turn to talk. You hired your employees and |
| five years. | | | | perhaps a consultant because you assumed they had |
| After years of building my own companies and | | | | brains, so let them use them. Ask questions and listen |
| consulting growing businesses, I've come to the | | | | to answers. |
| realization that too many business owners can't see | | | | JUST ANOTHER PRODUCT: |
| their business through an objective eye, which often | | | | Realize that even though you think that your new |
| leads to their demise. It takes an incredible amount of | | | | product or service is the greatest thing since the |
| intense drive, determination and a strong ego to | | | | flip-top beer can, the world just sees one more |
| breathe life into a business and create products from | | | | product and must be convinced. You created this |
| scratch, but it's also that same ego that won't let a | | | | product and you know every function of it, but |
| business owner be objective about what their | | | | customers do not buy functions, they buy only |
| business needs to succeed. The business is up and | | | | benefits. Whether your product is a high tech |
| running at light-speed and management doesn't have | | | | internet service or office furniture, you must show |
| the time or willingness to stand back and take a real | | | | how it is uniquely beneficial to your customer. |
| look at what they have created. They are too close | | | | Functionality makes your products work, Benefits |
| to the problems to see them. Just like a proud | | | | make them sell. |
| parent, they have spent sweat and time creating this | | | | PAPER WEIGHT: |
| "baby," and they refuse to believe that it might be | | | | If you have the high tech inventive skills to create a |
| less than perfect. | | | | product, chances are that you don't have the skills to |
| I call this the "business parent trap." It is in this trap | | | | market and sell it. Many small business owners think |
| that business owners often create and introduce | | | | that marketing and sales are the simplest part of |
| products that would not test out in the marketplace. | | | | their business, so it is almost an afterthought. There |
| There's an attitude of "Hey, it's gotta be great | | | | is only one reason that inferior products outsell better |
| because I thought of it." | | | | ones; and that is successful marketing. Think of your |
| I've found that there are usually two basic things | | | | marketing plan as the complete story book that sells |
| wrong with a business: the product (the Baby) and | | | | your product. If your story book is a best seller, then |
| the management (the Breath). | | | | your product will be a best seller. Without the right |
| So how do you assess your business? Are your | | | | story that will build sales and distribution, your |
| employees going to tell you that you're headed in the | | | | wonderful product is just another paper weight that |
| wrong direction? Not likely. Occasionally a consultant | | | | is headed for a land fill. |
| will be brought in to review the company's | | | | STAND BACK: |
| performance in a given area. Unfortunately, when | | | | Your competitors are not all stupid. Guess what? |
| management does bring in a consultant, they often | | | | They think their babies are cute too, and they may |
| are really looking for affirmation - not | | | | tell better stories that make them look even better |
| straight-forward constructive criticism. Sadly, some | | | | than yours. So stand back and look at yourself and |
| consultants are more than willing to "affirm for a fee." | | | | your baby and try to look through the eyes of a |
| If you're going to succeed, then someone needs to | | | | disinterested party, because believe it or not, the |
| tell you if your baby's ugly or you've got bad | | | | world is a disinterested party. |
| (corporate) breath. So here are some blunt yet | | | | Remember, there's a strong chance that you will not |
| truthful thoughts for your business, and perhaps you: | | | | be in business in 5 years. As busy as you are, and |
| GET OVER YOURSELF: | | | | successful as you think you are, you must set your |
| Know yourself, trust yourself,believe in yourself...then | | | | ego aside and realize that there are things beyond |
| Get Over Yourself. You're really not the smartest | | | | your control. The secret to success doesn't lie in |
| person in the world. You built the business and know | | | | knowing everything; it lies in knowing what you don't |
| it better than anyone else, but no one else really | | | | know, and finding those who do. |
| cares how much you know. | | | | I wish each of you good luck and great success! |