A 2005 Wells Fargo/Gallup Small Business Index survey shows that fewer than one in five small-business owners plan to stop working and retire over the long term.
WHAT!?
O.K. Maybe more than 80% of small business owners like to be kept busy. Maybe working in their business is how they foresee they will be kept busy until they just can't get out of bed in the morning.
That's not exactly what I had in mind when I became a small business owner myself. I have other things on my bucket list besides being my own employee until I am so incapable that I can no longer work. Ugh. That sounds like slavery. I want to be the guy who starts a business, grows a business and sells a business and can hold the check in his hand with a big smile!
It was before year five in my first business that I began seriously asking the question, "If I were to sell my business today, what would it be worth and who would buy it?" It was one of those questions that filled my mind every day. What would happen to my wife and children if I were to be unable to work? Would my business be worth enough (anything) to take care of them? That question sent me on a journey.
Here's what I learned:
Lesson One: Owning a Business is Not Just about Earning a Living.
If I want to earn a living I can get a job. But owning a business (listen to that word "owning") is an investment. A financial investment. And who wants to invest in something that doesn't have a good return?
Lesson Two: To Sell a Business It Has to Have Worth Apart from the Owner.
This was a hard lesson to learn. My pride in my achievements got in the way of my being able to see what was really going on in my company. I had a long hard talk with a successful business executive one day. After telling him my situation he said, "Your company only has worth as long as you are working there. Who would buy it knowing that you have no intention of working there after you sell it?" My heart sank. In other words, five years into the business and it was, for all practical purposes, worthless. (Don't misunderstand me - I made a very handsome salary. It was not about what I was earning. It was about what the company itself was worth.)
Lesson Three: If Not Me, Then What?
This was the crucial question that really got down to the nuts and bolts. I imagined taking a big eraser and starting to erase me. What was the first thing I could erase that would leave my company functioning and functioning well? That's where I had to start. This took a little brain power to identify everything that was going on. Maybe this was why I was so tired from working such long hours; I was involved in almost everything. Enough of that.
Lesson Four: Make a Plan and Do It
Weaning myself from my business was like raising my kids to be independent and self-sufficient. It required a whole new way of thinking. An intentional way of thinking. I had to find the right people to fill my many boxes, pass on the necessary knowledge to fulfill their duties, mentor them in their roles, then set them free and walk away.
I have oversimplified what I learned. Please do not think that I learned it quick and easy. . . It took me a while to catch on to what I needed to do. I look back and wonder what it would have been like to know a few short cuts. What took me thirteen years to learn in my first business I applied and achieved in only three years in my second business.
It's time for me to start working on that bucket list of mine. One of the items on that list has to do with giving more than getting. I have a plan to be more involved in the lives of other people; in particular business people. To pass on through a professional relationship the truths that I have learned about what it means to be the owner of a business.
Retirement? You betcha. My bucket list has a lot of things on it and no job is going to keep from it.
Friday, February 26, 2010
Saturday, February 20, 2010
Fine tuning one advertising approach . . .
I believe that relationships in business are one of the pillars for ongoing growing success.
So I listen and read and watch and learn from others especially when it comes to the topic of "how I got to where I am at today." Success stories.
Have you ever noticed in these stories how often it is the smallest of gestures that make a world of difference? A handshake using both hands instead of just one. A hand-written note. An actual friendly phone call. A real deal smile. Looking someone in the eye. Making sure your shoes are clean.
*******
Here is a little story that may help you in some way. But before I tell you I have to let you in on a secret: I do not take kindly to salespeople who call my office and ask to speak with the owner/manager/person in charge of whatever. I do not like to be interrupted by the guy who walks past the No Solicitors sign on the door to sell me steaks/art/office supplies/phone services/etc. I admittedly am a hard guy to sell unless you know me and know what causes me to listen to you.
You also need to know that the shortest distance in my world is the distance between the direct mail advertising piece in my hand and the trash can. Save your money.
I suspect I am not the only guy who thinks like this. Someone did have the idea of the No Solicitor sign and sold it to untold businesses. Someone did have the idea of the No Call List and millions have put their name and number on the list. There is a reason receptionists are known as gatekeepers.
So what's a small business guy to do to get the word out in an effective relationship-building way? This question is always percolating in the back of my mind. Now I will tell you my story.
I wanted to get the word out to a particular industry about my business coaching services. I stared at the letter in front of me and imagined being the recipient. What would make ME short circuit the shortest distance to the trash can, open the letter and actually read it?
With my eyes closed I imagined it must be like speed dating. Sitting across the table from a total stranger in a room filled with other people trying to accomplish the same thing and initiating a conversation that could lead to a relationship and do it all in the first few seconds.
Epiphany Number 1: I always look twice at a hand addressed letter. I always look at it, turn it over, examine the return address . . . and ALWAYS open it.
Epiphany Number 2: If my name is misspelled on the letter, I automatically suspect the intentions.
Epiphany Number 3: If I open the envelope and discover a form letter I will look at what the greeting line and the signature. If the greeting line is wrong and the signature is imprinted the sender just found my express lane to the trash can.
Epiphany Number 4: The proper greeting! (Rabbit trail: Since I already admitted to being a tough sell I have a pet peeve about servers in a restaurant who call me by my first name only at the end of the meal after they have gotten my credit card. "Oh, do I know you? Where do you get off calling me by my first name without a proper introduction?" My wife thinks I should audition for a part in Even Grumpier Old Men.)
I did some research to learn the proper greeting line for a letter. I promptly learned all the ways a greeting should NOT be written. And discovered that there is really only ONE way to begin a letter. Just one proper way! Curiously enough it is exactly how I would want to be addressed by a total stranger who wants to win the right to tell me about his company. Brilliant!
The only proper way to begin a letter to someone you do not know yet is . . . Title Surname. No first names. No mispelled names. No "To Whom It May Concern." No Sir or Ma'am (Madam? Really?). No first names at all. No abbreviations or just initials. Mr. Furst to you if we haven't met yet and you want to win the right to have me listen to you.
*****
I believe that relationships in business are one of the pillars for ongoing growing success. In a relationship the first few seconds can determine whether or not there are subsequent seconds, minutes, hours, or a lifelong business relationship that is mutually beneficial.
_____________
ROI might make you think the time and effort to discover a proper greeting is inefficient for a mass mailing. What is the true value of relationship vs. ROI in your business?
So I listen and read and watch and learn from others especially when it comes to the topic of "how I got to where I am at today." Success stories.
Have you ever noticed in these stories how often it is the smallest of gestures that make a world of difference? A handshake using both hands instead of just one. A hand-written note. An actual friendly phone call. A real deal smile. Looking someone in the eye. Making sure your shoes are clean.
*******
Here is a little story that may help you in some way. But before I tell you I have to let you in on a secret: I do not take kindly to salespeople who call my office and ask to speak with the owner/manager/person in charge of whatever. I do not like to be interrupted by the guy who walks past the No Solicitors sign on the door to sell me steaks/art/office supplies/phone services/etc. I admittedly am a hard guy to sell unless you know me and know what causes me to listen to you.
You also need to know that the shortest distance in my world is the distance between the direct mail advertising piece in my hand and the trash can. Save your money.
I suspect I am not the only guy who thinks like this. Someone did have the idea of the No Solicitor sign and sold it to untold businesses. Someone did have the idea of the No Call List and millions have put their name and number on the list. There is a reason receptionists are known as gatekeepers.
So what's a small business guy to do to get the word out in an effective relationship-building way? This question is always percolating in the back of my mind. Now I will tell you my story.
I wanted to get the word out to a particular industry about my business coaching services. I stared at the letter in front of me and imagined being the recipient. What would make ME short circuit the shortest distance to the trash can, open the letter and actually read it?
With my eyes closed I imagined it must be like speed dating. Sitting across the table from a total stranger in a room filled with other people trying to accomplish the same thing and initiating a conversation that could lead to a relationship and do it all in the first few seconds.
Epiphany Number 1: I always look twice at a hand addressed letter. I always look at it, turn it over, examine the return address . . . and ALWAYS open it.
- Action plan: I will not use labels on this mailing. It's going to take a little more time and more effort (you should see my handwriting). But I will hand address these letters. (Ever get one of those direct mail pieces with the computerized hand writing? Does someone out there really think I don't notice that?)
Epiphany Number 2: If my name is misspelled on the letter, I automatically suspect the intentions.
- Action plan: I will have to verify the correct spelling of the recipient's name. It's going to take a little more time and effort but I will find out if I have the correct spelling. Thank you internet!
Epiphany Number 3: If I open the envelope and discover a form letter I will look at what the greeting line and the signature. If the greeting line is wrong and the signature is imprinted the sender just found my express lane to the trash can.
- Action plan: I will have the proper greeting* and personally sign each letter with a blue ball point pen.
Epiphany Number 4: The proper greeting! (Rabbit trail: Since I already admitted to being a tough sell I have a pet peeve about servers in a restaurant who call me by my first name only at the end of the meal after they have gotten my credit card. "Oh, do I know you? Where do you get off calling me by my first name without a proper introduction?" My wife thinks I should audition for a part in Even Grumpier Old Men.)
I did some research to learn the proper greeting line for a letter. I promptly learned all the ways a greeting should NOT be written. And discovered that there is really only ONE way to begin a letter. Just one proper way! Curiously enough it is exactly how I would want to be addressed by a total stranger who wants to win the right to tell me about his company. Brilliant!
The only proper way to begin a letter to someone you do not know yet is . . . Title Surname. No first names. No mispelled names. No "To Whom It May Concern." No Sir or Ma'am (Madam? Really?). No first names at all. No abbreviations or just initials. Mr. Furst to you if we haven't met yet and you want to win the right to have me listen to you.
- Action plan: I will research and find out the person this letter should go to and begin my letter to this individual with "Dear Mr. Smith," "Dear Mrs. White," "Dear Miss Jones," and only "Dear Ms. Era" if I learn that is her preference. Until I know the proper title, I will not send the letter.
*****
I believe that relationships in business are one of the pillars for ongoing growing success. In a relationship the first few seconds can determine whether or not there are subsequent seconds, minutes, hours, or a lifelong business relationship that is mutually beneficial.
_____________
ROI might make you think the time and effort to discover a proper greeting is inefficient for a mass mailing. What is the true value of relationship vs. ROI in your business?
Wednesday, February 17, 2010
Overheard at a Trade Meeting
If you are in marketing or sales, this might be of interest to you . . .
A saleperson who I will say represents an advertising specialty company wanted to develop leads within a targeted industry. So she joined that particular industry's trade group noting that none of her competitors were members. (Sometimes it is easier to shine when you are not competing with other spotlights. She asked me not to reveal her industry or the association she joined at this time.)
After attending her first meeting she couldn't wait to get on the phone to tell me what happened.
The meeting broke up into roundtable discussion groups. Each group addressed questions regarding their industry. The first table that she sat at was comprised of 12 representatives from her targeted industry and herself, the only vendor. The question they addressed was, "How do you select which vendors to do business with?"
The lively discussion began with one person stating, "I delete 200 emails a day from people wanting my business. I don't even read 'em." Heads nodded around the table.
"That's probably true in most industries." I said. "What did they have to say after that?"
"It was really interesting and verified what you and I have been talking about over the past several weeks. I wrote down the key comments to discuss with you. This is what these people said they want from vendors:
"I guess that gives you something to leverage. Let's pull out that Strategic Planner again and revisit your goals and strategies. Are you on target? Is there something that needs a little more tweaking?"
A business coach does not take over your business. A good coach comes alongside to address the crucial concerns with you and helps you to develop an effective strategy to ensure success.
____________________
How much time do you spend behind a computer monitor? How does this time compare with the relationships you are developing in your business?
Take time to write a hand-written note or make a phone call to people you normally send an email to.
A saleperson who I will say represents an advertising specialty company wanted to develop leads within a targeted industry. So she joined that particular industry's trade group noting that none of her competitors were members. (Sometimes it is easier to shine when you are not competing with other spotlights. She asked me not to reveal her industry or the association she joined at this time.)
After attending her first meeting she couldn't wait to get on the phone to tell me what happened.
The meeting broke up into roundtable discussion groups. Each group addressed questions regarding their industry. The first table that she sat at was comprised of 12 representatives from her targeted industry and herself, the only vendor. The question they addressed was, "How do you select which vendors to do business with?"
The lively discussion began with one person stating, "I delete 200 emails a day from people wanting my business. I don't even read 'em." Heads nodded around the table.
"That's probably true in most industries." I said. "What did they have to say after that?"
"It was really interesting and verified what you and I have been talking about over the past several weeks. I wrote down the key comments to discuss with you. This is what these people said they want from vendors:
- "I don't want to buy from someone I don't know." (Ok, we know that. Relationships take time and creativity. Curiously this is the same individual who said that she deleted hundreds of emails daily. Apparently emails are not the way to initiate a relationship!)
- "I know a vendor has taken the time to get to know me and my business when they add a personal touch. I have collected the hand-written notes I've received from vendors over the past 15 years. I have 10. But look! I've saved them! These are the people I do business with." (A hand-written note: still brilliant in the year 2010.)
- "I appreciate it when a vendor asks me what I expect from them." (No one wants to be sold. Everyone likes to buy.)
- "If I am going to develop a professional relationship with someone I need to know what's in it for me in the long haul. Don't waste my time. I'm busy." (Get beyond the features. Strike hard on benefits.)
- "The vendors that I repeatedly go back to are the ones who go the extra mile. They help me out in a pinch, they pull strings, they are resourceful . . . In my book they make my job easier." (Service is all about service.)
"I guess that gives you something to leverage. Let's pull out that Strategic Planner again and revisit your goals and strategies. Are you on target? Is there something that needs a little more tweaking?"
A business coach does not take over your business. A good coach comes alongside to address the crucial concerns with you and helps you to develop an effective strategy to ensure success.
____________________
How much time do you spend behind a computer monitor? How does this time compare with the relationships you are developing in your business?
Take time to write a hand-written note or make a phone call to people you normally send an email to.
Work = Fun?
Remember the day you decided to go to work "for yourself"? We need to sit down for a cup of jo'.
In the early 90s I was considerably down the road of self-employment. Here are some of the funny [insert emoticon here] statements I had made about being self-employed:
As the proud recipient of a BS Degree from the time honored S of HK, I do have some battle scars. Here's one of the lessons every business owner needs to pass: Business should be fun. And as my sister in the backseat would say on our family trip to visit the relatives, "Are we having fun yet?"
The School of Hard Knocks has a curriculum that is based on "dumb luck" and "the scenic route to success." Think of all the benefits of learning the shortcuts to get to the desired destination of outrageous success and balance in life!
Yes, I am a business coach working alongside business owners to address crucial concerns so they can achieve greater success and find balance in life.
We need to sit down for a cup of jo'.
_________________
Why did you go into business for yourself?
What are the crucial concerns in your business today?
How will you address these concerns efficiently and effectively?
When do you have time for a cup of jo'?
Workshops scheduled: www.strategicmindsetworkshop.blogspot.com
Email: A.Furst@theGrowthCoach.com
In the early 90s I was considerably down the road of self-employment. Here are some of the funny [insert emoticon here] statements I had made about being self-employed:
- Someone would say, "Wow, it must be nice to be your own boss." I answered, "Yeah. Now instead of reporting to one guy, I have to report to 500."
- Someone bragged about getting three weeks paid vacation. "How much vacation time do you get?" I would smile and say, "All the vacation time I can afford." Of course only I knew that while money was not an issue, I was so entrenched in my business that I could never leave it for an extended vacation.
- Someone would ask me with wonder in their voice, "I wish I had the courage to start my own business." I would answer, "Let me give you the number of my therapist."
- Someone commented on the marketing strategy their company implemented. "You're successful. How do you market a creative service like yours?" "Dumb luck," I responded laughing. If they only knew.
- This one I still laugh at: One day a salesperson walked in my office -- the office door that had a prominent sign on it stating, "No Solicitors." She was trying to sell business coaching services. I hadn't a clue what she was talking about. After her elevator speech she showed me a list of services that started at several thousands of dollars. Inside I was thinking the entire time, "Honey, you have got to be kidding. I don't have time for this nonsense." Then my mouth -- not my smartest piece of equipment -- opened up and I said, "You've got to be kidding. I don't have time for this nonsense." And I added, "Didn't you read the sign on the door?" I did need her services; I just didn't know it. Today, several years later, I am a business coach working alongside business owners to address crucial concerns so they can achieve greater success and find balance in life. Now that is a twist of fate.
As the proud recipient of a BS Degree from the time honored S of HK, I do have some battle scars. Here's one of the lessons every business owner needs to pass: Business should be fun. And as my sister in the backseat would say on our family trip to visit the relatives, "Are we having fun yet?"
The School of Hard Knocks has a curriculum that is based on "dumb luck" and "the scenic route to success." Think of all the benefits of learning the shortcuts to get to the desired destination of outrageous success and balance in life!
Yes, I am a business coach working alongside business owners to address crucial concerns so they can achieve greater success and find balance in life.
We need to sit down for a cup of jo'.
_________________
Why did you go into business for yourself?
What are the crucial concerns in your business today?
How will you address these concerns efficiently and effectively?
When do you have time for a cup of jo'?
Workshops scheduled: www.strategicmindsetworkshop.blogspot.com
Email: A.Furst@theGrowthCoach.com
Friday, February 5, 2010
Which is Better, 1 or 2?
If it wasn't for somebody insisting that I go I never would have gone to the eye doctor the first time. But my grades were suffering and the people around me noticed that I could not see certain things.
It all starts with the eye chart on the wall. Read the first line and go as far as you can. When I struggled through a line I thought to myself, "Who could read something that small anyhow?"
Then came the exam chair. The doctor started flipping different lenses with my forehead pressed up against the metal and my chin resting on the pad. "Which is better, A or B? Better or Worse? 1 or 2? This or that?" Lenses were flipping so fast and the chart was twisting and getting sharper until finally he asked if I would read the small line.
Well, surprise me! I really didn't think anyone could see that.
See for yourself! A.Furst@theGrowthCoach.com
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