My favorite commercial right now is the Verizon small business spot with the little girl who starts her own lemonade stand and grows it into an empire. The tag line: The Small Business with the Best Technology Rules. I have to wonder if that little girl might have read 'The E-myth'.
See YouTube Video: http://www.youtube.com/watch?v=MUcpCB7Wls8
Staggering Failure Rate
My brother in law, a successful small business owner, recommended that I read the book 'The E-Myth'. In our conversation my first "a ha" moment came when he told me about the staggering statistics for the failure rate of small businesses: 40% fail in 1 year. Of those who survive 1year, 80% fail in 5 years, and of those who survive 5 years, another 80% fail. Now compare those dismal stats to those of franchises where at 5 years 75% are a success, and you begin to appreciate one of the main principles of 'The E-Myth' - discovering how to turn your business into a system.
Turning Your Business into a System
The author argues that one of the best ways to turn your small business into a system, is to create operating manuals that describe each function of the business. I did not choose to take it that far with my own business, but it gave me a whole new perspective on breaking down each part of my business and developing it into the most efficient and streamlined system possible. I began to look at every task or job within my business and started asking the questions: is there a better way to do this? how can I make this easier? what can I do to simplify this process?
Technicians, Entrepreneurs and Managers
Another key point discussed by the author was that most small businesses are started by 'Technicians' or people who are skilled at one job, i.e. a pie maker and decide to branch out on there own. While these 'Technicians' are great at the specific skill and job that had them start the new business in the first place, they tend to forget to put on those entrepreneurial and management hats that help to steer the business in the right direction and keep the finances and operations on track. Another important point by the author is that as the business matures, the owner will need to start stepping back from the 'Technician' and management roles and focus more on delegating.
In striving to make the most of your business and finding that perfect balance between work and your personal life, I encourage you to read 'The E-myth Revisited'. Your small business will never be the same.
Saturday, May 14, 2011
Saturday, May 7, 2011
BIN LADEN AND HIGH GAS PRICES
Our Leaders Need to Give Praise to Our Troops for a Job Well Done
The first time I met my wifes' uncle he was very confident, humorous, outgoing and extremely patriotic about his country. We started discussing the draft and my thoughts on war and national conflict. This was before the 9/11 attacks, but I remember being taken aback with how passionate he was for country and our duty to serve. He was in the military and would continue to have a successful career in the armed forces. After serving numerous tours in Iraq, he came back to the states a completely changed man.
About a month ago we got to spend the day with my wifes' uncle here in Charleston and showed him downtown. The sun was shining and the food and conversation were flowing on his fun filled visit here to the east coast. It was amazing to read his e-mail's during his time over in Iraq and how much it had changed him. He told us that he was acting like the uncle we use to know and love on the outside, but inside he was nothing like that person anymore.
How great an opportunity is this Bin Laden victory for our troops? Our sword and shield who have been battling so long and hard for all of us, only to come home to their loved ones broken and changed. The sacrifices they make are hard to imagine, but I think our leaders have a great opportunity to leverage the Bin Laden victory to boost our troops morale and begin bringing our loved ones home.
Gas Controls Everything
In business school I learned of what happened to our country after the gas spike in the 1970's. But it wasn't until the first gas spike, just prior to the great recession, that I began to appreciate how much gas drives everything in our economy. Just yesterday I went to fill up a 5 gallon container of gas for my yard work for the season and was literally floored at what I was getting for my money. Usually when I fill my car up I equate what I spend to getting 1.5 weeks of driving out of the fill up, but seeing my $20.37 buying this piddly 5 gallon jug was just depressing.
I have had many discussions with colleagues and friends on what we can do about being so dependent on gas for our current way of life. The private sector has known we have had a major lack of an energy policy since the 1970's and what has it accomplished?
US Government Needs to Invest Major Capital Into Alternative Energy
I'm a big believer in the free market and entrepreneurship, but the private sector has failed miserably when it comes to alternative energy. The US government needs to step up to the plate and spend some real capital on alternative energy and do it with complete transparency to win the hearts of the nation. The oil tycoons have all the power, but if our government can show the people what we are up against in pushing back on oil--maybe, just maybe that garbage powered flying DeLorean time machine that Dr. Emmet L. Brown was tooling around in might actually see the light of day.
The first time I met my wifes' uncle he was very confident, humorous, outgoing and extremely patriotic about his country. We started discussing the draft and my thoughts on war and national conflict. This was before the 9/11 attacks, but I remember being taken aback with how passionate he was for country and our duty to serve. He was in the military and would continue to have a successful career in the armed forces. After serving numerous tours in Iraq, he came back to the states a completely changed man.
About a month ago we got to spend the day with my wifes' uncle here in Charleston and showed him downtown. The sun was shining and the food and conversation were flowing on his fun filled visit here to the east coast. It was amazing to read his e-mail's during his time over in Iraq and how much it had changed him. He told us that he was acting like the uncle we use to know and love on the outside, but inside he was nothing like that person anymore.
How great an opportunity is this Bin Laden victory for our troops? Our sword and shield who have been battling so long and hard for all of us, only to come home to their loved ones broken and changed. The sacrifices they make are hard to imagine, but I think our leaders have a great opportunity to leverage the Bin Laden victory to boost our troops morale and begin bringing our loved ones home.
Gas Controls Everything
In business school I learned of what happened to our country after the gas spike in the 1970's. But it wasn't until the first gas spike, just prior to the great recession, that I began to appreciate how much gas drives everything in our economy. Just yesterday I went to fill up a 5 gallon container of gas for my yard work for the season and was literally floored at what I was getting for my money. Usually when I fill my car up I equate what I spend to getting 1.5 weeks of driving out of the fill up, but seeing my $20.37 buying this piddly 5 gallon jug was just depressing.
I have had many discussions with colleagues and friends on what we can do about being so dependent on gas for our current way of life. The private sector has known we have had a major lack of an energy policy since the 1970's and what has it accomplished?
US Government Needs to Invest Major Capital Into Alternative Energy
I'm a big believer in the free market and entrepreneurship, but the private sector has failed miserably when it comes to alternative energy. The US government needs to step up to the plate and spend some real capital on alternative energy and do it with complete transparency to win the hearts of the nation. The oil tycoons have all the power, but if our government can show the people what we are up against in pushing back on oil--maybe, just maybe that garbage powered flying DeLorean time machine that Dr. Emmet L. Brown was tooling around in might actually see the light of day.
Friday, April 29, 2011
E-mail is a Small Busines Owners Best Friend
Time management is a challenge
One of the most common complaints from my fellow business owners is the lack of enough time in the day to get everything done. We all strive to find that perfect balance between our work life and our home life and often times this can prove to be quite the challenge in today's world. However, there are a number of tools available to help boost productivity and time management in maximizing our efforts in our day to day tasks.
Uncover the best communication channel
Take that all important step into the high tech 21st century and begin to test the waters on e-mail as a primary communication channel for your business. I have built my business on a personal one-on-one relationship with my clients and customers and definitely think it is very important to call or meet with them when business calls for it. I, like most entrepreneurs, am a people person and enjoy talking and meeting with my contacts face to face. However, e-mail has proven to be an invaluable tool in boosting my productivity and has even been my primary means of doing business with some clients. In addition, making e-mail one of the primary means of communicating with me has freed me up to prioritize my day and tasks and helped to maximize my accomplishments on a day to day basis.
Old School vs. New School
For some businesspeople, there just isn't any other way to do business then over the phone or face to face. Don't fight the old dog if he doesn't want to learn a new trick. The good news is, as an e-mail business guru you can catch that ever elusive time factor to meet with those contacts that prefer the more personal route.
I encourage you to try and implement e-mail communication into your business and see the explosion of productivity and efficiency that it can bring.
One of the most common complaints from my fellow business owners is the lack of enough time in the day to get everything done. We all strive to find that perfect balance between our work life and our home life and often times this can prove to be quite the challenge in today's world. However, there are a number of tools available to help boost productivity and time management in maximizing our efforts in our day to day tasks.
Uncover the best communication channel
Take that all important step into the high tech 21st century and begin to test the waters on e-mail as a primary communication channel for your business. I have built my business on a personal one-on-one relationship with my clients and customers and definitely think it is very important to call or meet with them when business calls for it. I, like most entrepreneurs, am a people person and enjoy talking and meeting with my contacts face to face. However, e-mail has proven to be an invaluable tool in boosting my productivity and has even been my primary means of doing business with some clients. In addition, making e-mail one of the primary means of communicating with me has freed me up to prioritize my day and tasks and helped to maximize my accomplishments on a day to day basis.
Old School vs. New School
For some businesspeople, there just isn't any other way to do business then over the phone or face to face. Don't fight the old dog if he doesn't want to learn a new trick. The good news is, as an e-mail business guru you can catch that ever elusive time factor to meet with those contacts that prefer the more personal route.
I encourage you to try and implement e-mail communication into your business and see the explosion of productivity and efficiency that it can bring.
Sunday, April 24, 2011
A Fresh Cup of Coffee Every Time
Is there anything better then that fresh brewed cup of coffee?
I tend to drink 1-2 cups of coffee per day and I'm definitely what you call a coffee fan. Nothing gets me ready for my day better then a fresh cup of joe. Last Christmas, after looking at many varieties of coffee/espresso makers, my wife and I finally decided to get a Keurig K-Cup Coffee Machine. I had seen a few of the businesses around town have them out for their customers and always happily made myself a cup when I had the opportunity.
The great thing about the Keurig K-cup Coffee System is that you get a fresh cup of coffee every time! In about 20-60 seconds, Keurig delivers a piping hot cup of pure greatness embodied in liquid form of your favorite flavor and variety. The system utilizes a super heated temperature of around 192 degrees to unlock that great taste that you will quickly become accustomed to utilizing the Keurig K-cup System. Sure, you don't quite get as much bang for your buck as brewing a whole pot of coffee at a time, but this blogger feels that what you gain in K-cup perfection is well worth the added cost.
So why am I talking about coffee on a small business blog?
One of the best things we can do as small business owners is blow away our customers' expectations. Word of mouth has always been one of businesses best friends and you would be surprised at how far the little things go in making a difference for your clients.
Take a look at your own life and see how your thoughts and feelings change for the businesses that offer you the K-cup experience? I believe one of the best ways a company can strive to achieve greatness is finding some little way that we can reach out to our customers lives and help to shape a positive experience for them. Too often in business we all get hung up on our own agendas, and we forget that one of the fundamental principles in winning friends and influencing people is to become genuinely interested in others.
I challenge you to find some small way you can reach out to your clients and make a difference for them.
I tend to drink 1-2 cups of coffee per day and I'm definitely what you call a coffee fan. Nothing gets me ready for my day better then a fresh cup of joe. Last Christmas, after looking at many varieties of coffee/espresso makers, my wife and I finally decided to get a Keurig K-Cup Coffee Machine. I had seen a few of the businesses around town have them out for their customers and always happily made myself a cup when I had the opportunity.
The great thing about the Keurig K-cup Coffee System is that you get a fresh cup of coffee every time! In about 20-60 seconds, Keurig delivers a piping hot cup of pure greatness embodied in liquid form of your favorite flavor and variety. The system utilizes a super heated temperature of around 192 degrees to unlock that great taste that you will quickly become accustomed to utilizing the Keurig K-cup System. Sure, you don't quite get as much bang for your buck as brewing a whole pot of coffee at a time, but this blogger feels that what you gain in K-cup perfection is well worth the added cost.
So why am I talking about coffee on a small business blog?
One of the best things we can do as small business owners is blow away our customers' expectations. Word of mouth has always been one of businesses best friends and you would be surprised at how far the little things go in making a difference for your clients.
Take a look at your own life and see how your thoughts and feelings change for the businesses that offer you the K-cup experience? I believe one of the best ways a company can strive to achieve greatness is finding some little way that we can reach out to our customers lives and help to shape a positive experience for them. Too often in business we all get hung up on our own agendas, and we forget that one of the fundamental principles in winning friends and influencing people is to become genuinely interested in others.
I challenge you to find some small way you can reach out to your clients and make a difference for them.
Saturday, April 16, 2011
Google Leads the World of Small Business Software
My brother has been a computer programmer for the past 13 years and we often debate who the "BEST" software company is. Microsoft had been the clear leader in our debate up until about 4 years ago when the Android operating system was brought to the mainstream of the then budding smart phone industry. Since the 2007 open source agreement for Android, Google has seen its Android platform dominate in gaining market share and challenge the mighty Apple for supremacy.
So what does all this mean for the small business owner?
The wealth of software Google has for small business is incredible and something the small business owner should not live without.
So what does all this mean for the small business owner?
The wealth of software Google has for small business is incredible and something the small business owner should not live without.
- Gmail - has proven to be invaluable in my business keeping my business/personal contacts and calendar synced to my smart phone and business PC seamlessly. Google has made Gmail completely user friendly and blown the doors wide off the competition.
- Google Maps - a must have for the small business owner in helping to find local businesses. The navigation feature in Google Maps is such a great feature and has saved my business time and money over and over with the convince of having the software right on my smart phone.
- Google Voice - how many of us have wished for one phone number that we could immediately port to any service provider? Enter Google Voice. Not only does Google Voice forward all calls to any phone number that you tell it to, but it transcribes voice mails directly to text as well. Talk about bang for your buck!
- Blogger - create your own Blog with Google Blogger. Custom templates, easy set up and tracking again provide a great resource for small business.
Friday, April 8, 2011
Boeing Promises Bright Future for South Carolina
A recent article in the Charleston Regional Business Journal spotlighted Boeing's VP of supply chain management and operations Ray Conner. He spoke about his role and the direction Boeing was taking in driving to become a "new" Boeing. Industry experts view the North Charleston plant as a key part of the future and success of the company. Production is currently scheduled to begin in July 2011 with the first jets scheduled to roll out of the South Carolina plant in 2012.
The tremendous impact that Boeing brings to the Lowcountry can be felt throughout the entire local business community. The prospect of the #28 Fortune 500 company bringing such an important part of their future business to North Charleston has bolstered growth in our region and promises to drive future expansion. Boeing said that the plant could bring as many as 12,000 new jobs to Charleston and the brand and national awareness that Boeing draws will have far reaching impacts.
Governor Sanford didn't do everything right on his watch, but he did bring the biggest single investment in state history to our community. At a time when the pain of the downturn could be felt throughout the entire nation, Governor Sanford pioneered growth and development in helping to bring Boeing to Charleston.
The tremendous impact that Boeing brings to the Lowcountry can be felt throughout the entire local business community. The prospect of the #28 Fortune 500 company bringing such an important part of their future business to North Charleston has bolstered growth in our region and promises to drive future expansion. Boeing said that the plant could bring as many as 12,000 new jobs to Charleston and the brand and national awareness that Boeing draws will have far reaching impacts.
Governor Sanford didn't do everything right on his watch, but he did bring the biggest single investment in state history to our community. At a time when the pain of the downturn could be felt throughout the entire nation, Governor Sanford pioneered growth and development in helping to bring Boeing to Charleston.
Saturday, April 2, 2011
Small Business Development Center of South Carolina
Who ever said the government doesn't do anything for small business?
"Doing Big Things for Small Business"
What a great resource we have here in the Low Country with the Small Business Development Center. This is an organization committed to seeing the local small business community thrive and grow offering years of experience and resources in the world of business FREE for those interested.
I had the pleasure of meeting with the local Area Manager Thomas J. Lauria this past week and was very impressed with what they had to offer. He has put together a strong team of successful retired businessmen all bringing their own invaluable experience in various sectors including: finance, banking, government and manufacturing. Their goal is to help local small businesses analyze opportunities, develop business plans, strategies, and create loan packages.
This blogger found their website to be a wealth of knowledge. One of the best tools I found, was their Links page that has an incredible number of tools and resources ranging from financial statement templates to SBA frequently asked questions. I'm sure that any small business owner would find many of these helpful in making their business more successful.
I encourage those of you reading this blog to visit their website or stop in to either of their two offices and take advantage of the great services they offer. I can't believe I'm about to say this but the Small Business Development Center is definitely something our government has finally done right for business.
Small Business Development Center of South Carolina Homepage
http://www.localsmallbusiness.org/index.cfm
"Doing Big Things for Small Business"
What a great resource we have here in the Low Country with the Small Business Development Center. This is an organization committed to seeing the local small business community thrive and grow offering years of experience and resources in the world of business FREE for those interested.
I had the pleasure of meeting with the local Area Manager Thomas J. Lauria this past week and was very impressed with what they had to offer. He has put together a strong team of successful retired businessmen all bringing their own invaluable experience in various sectors including: finance, banking, government and manufacturing. Their goal is to help local small businesses analyze opportunities, develop business plans, strategies, and create loan packages.
This blogger found their website to be a wealth of knowledge. One of the best tools I found, was their Links page that has an incredible number of tools and resources ranging from financial statement templates to SBA frequently asked questions. I'm sure that any small business owner would find many of these helpful in making their business more successful.
I encourage those of you reading this blog to visit their website or stop in to either of their two offices and take advantage of the great services they offer. I can't believe I'm about to say this but the Small Business Development Center is definitely something our government has finally done right for business.
Small Business Development Center of South Carolina Homepage
http://www.localsmallbusiness.org/index.cfm
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