Decisions based on emotion = BAD for business
Decisions based on emotion = BAD for business
Therefore, the title of this column has changed from Got Growth to Eyes on Business and I commit to writing about topics that are highly informative, relevant.to our regional business community, and opinionated.
This month my focus is on the single most effective thing you can do to improve your business instantly without spending any money.
The Absolute Best Competitive Advantage
Any competitor with the right motivation and funding can sell the same products and offer the same services as you. They can buy a building right next to yours. And they can copy you in virtually every way except two; they cannot duplicate your staff and they cannot duplicate the input you get from your advisors.
A word about staff - people want to work for good companies. As long as you are constantly striving to improve your organization and treat your employees with the respect they deserve, they will be loyal. (If this sounds like a good topic for a future article, please let me know.)
On the other hand, Advisors can provide instant value inside your business while remaining a mystery to the world outside. The benefits are many, the drawbacks are few. No amount of money can buy access to a group of experienced business people that know your business and are willing to work together in its best interest.
The competitive advantages you can enjoy from this type of group are boundless, and have often been the difference between survival and thrive-al, particularly in tough times.
Brains, Brawn and Bucks
Whether advisory in nature or formal, the benefits of a Board are many and the drawbacks are almost nonexistent. If done properly, a board will bring experience and wisdom that can only come through years of labor, trial and error.
Don’t assume you are the first person to ever have a problem, any problem, or that you have to figure out how to solve it on your own. There are plenty of people that have been there and done that. Ignoring that body of knowledge is a failure of leadership on your part.
Because they will have your best interests in mind, board members can open many doors that otherwise may be locked for you. They can identify sources of cash and potential clients. After all, what better way to market your business than through a group of people who have volunteered to help you make your business better? By simply being a good company you will create a pride of association that can expose your business to a limitless number of people in an infinite variety of environments and situations.
This one you may not like, but it’s true. The simple act of making yourself accountable to an external group of knowledgeable business people will drive you to make better decisions.
As I spoke to people in my network about using a board, the subject was a hands down no brainer – ABSOLUTELY! The topic they all wanted to talk about was how to create one.
Roger Akers, Principal of Akers Capital and one of the most giving, supportive investors I have ever met says “Goal setting, fund raising, business development, organizational development; all can be facilitated by the correct Board. Is it worth it? How lonely at the top are you?”
Board Building
There are two key points I want to make on the subject of creating your board. First, you do not have to spend money to have a board. It’s nice to reward your board with cash, but it’s unlikely you can afford to pay them for their time and knowledge, so don’t try. Just feed them.
Many companies pay stipends to their board members, but most privately held and non-profit organizations do not. The reward for these board members comes through your success (achievement of goals) and expanding their network through the work they do for you.
The other key point is to give your board the utmost respect when they give you their time and wisdom. Be prepared to listen, and act on their advice. So, be careful, and select your board members wisely.
According to Oleg Kaganovich, Principal at DFJ Frontier, another local good-guy, “Find great advisors and good reasons for them to come and help you.” Remember, people like to back winners, and successful people are always looking for things that are new and interesting.
One of the many subtle benefits of a board has to do with culture, which has become more prominent in recent years. As time passes and we boomers retire in greater numbers, it will become even more so.
Having a board helps set the cultural tone for your organization. A good board, one that is collaborative, functional and action oriented will help you and your organization operate in the same manner.
The point I am trying to make is quite simple. Every business operating without a board, whether advisory and informal or a formal Board of Directors, is racing in army boots against competitors in running shows. You simply cannot compete as effectively with them. I challenge you – create a board right now if you don’t have one. All it takes is a phone call.
Decisions based on emotion BAD for business - To learn more about this author, visit Larry Mandelberg's Website.
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So let’s get straight to the point - the economy sucks for most of us, economic stimulus is passé already, and with all the doom and gloom being spouted throughout the media, it must be my patriotic duty to do my part to ‘stimulate’ as well.
Therefore, the title of this column has changed from Got Growth to Eyes on Business and I commit to writing about topics that are highly informative, relevant.to our regional business community, and opinionated.
This month my focus is on the single most effective thing you can do to improve your business instantly without spending any money.
The Absolute Best Competitive Advantage
Any competitor with the right motivation and funding can sell the same products and offer the same services as you. They can buy a building right next to yours. And they can copy you in virtually every way except two; they cannot duplicate your staff and they cannot duplicate the input you get from your advisors.
A word about staff - people want to work for good companies. As long as you are constantly striving to improve your organization and treat your employees with the respect they deserve, they will be loyal. (If this sounds like a good topic for a future article, please let me know.)
On the other hand, Advisors can provide instant value inside your business while remaining a mystery to the world outside. The benefits are many, the drawbacks are few. No amount of money can buy access to a group of experienced business people that know your business and are willing to work together in its best interest.
The competitive advantages you can enjoy from this type of group are boundless, and have often been the difference between survival and thrive-al, particularly in tough times.
Brains, Brawn and Bucks
Whether advisory in nature or formal, the benefits of a Board are many and the drawbacks are almost nonexistent. If done properly, a board will bring experience and wisdom that can only come through years of labor, trial and error.
Don’t assume you are the first person to ever have a problem, any problem, or that you have to figure out how to solve it on your own. There are plenty of people that have been there and done that. Ignoring that body of knowledge is a failure of leadership on your part.
Because they will have your best interests in mind, board members can open many doors that otherwise may be locked for you. They can identify sources of cash and potential clients. After all, what better way to market your business than through a group of people who have volunteered to help you make your business better? By simply being a good company you will create a pride of association that can expose your business to a limitless number of people in an infinite variety of environments and situations.
This one you may not like, but it’s true. The simple act of making yourself accountable to an external group of knowledgeable business people will drive you to make better decisions.
As I spoke to people in my network about using a board, the subject was a hands down no brainer – ABSOLUTELY! The topic they all wanted to talk about was how to create one.
Roger Akers, Principal of Akers Capital and one of the most giving, supportive investors I have ever met says “Goal setting, fund raising, business development, organizational development; all can be facilitated by the correct Board. Is it worth it? How lonely at the top are you?”
Board Building
There are two key points I want to make on the subject of creating your board. First, you do not have to spend money to have a board. It’s nice to reward your board with cash, but it’s unlikely you can afford to pay them for their time and knowledge, so don’t try. Just feed them.
Many companies pay stipends to their board members, but most privately held and non-profit organizations do not. The reward for these board members comes through your success (achievement of goals) and expanding their network through the work they do for you.
The other key point is to give your board the utmost respect when they give you their time and wisdom. Be prepared to listen, and act on their advice. So, be careful, and select your board members wisely.
According to Oleg Kaganovich, Principal at DFJ Frontier, another local good-guy, “Find great advisors and good reasons for them to come and help you.” Remember, people like to back winners, and successful people are always looking for things that are new and interesting.
One of the many subtle benefits of a board has to do with culture, which has become more prominent in recent years. As time passes and we boomers retire in greater numbers, it will become even more so.
Having a board helps set the cultural tone for your organization. A good board, one that is collaborative, functional and action oriented will help you and your organization operate in the same manner.
The point I am trying to make is quite simple. Every business operating without a board, whether advisory and informal or a formal Board of Directors, is racing in army boots against competitors in running shows. You simply cannot compete as effectively with them. I challenge you – create a board right now if you don’t have one. All it takes is a phone call.
Decisions based on emotion BAD for business - To learn more about this author, visit Larry Mandelberg's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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