Jul 01 2010

Target Customer

Randy Joy @ 9:58 am

A story is told of the little helpful Boy Scout. He goes out one day and tries to do his kindness. He returns home all black and blue with scratch marks all over his face. “Oh my goodness,” says his mother, ‘whatever happened to you?!” Replies the boy, proudly, “I helped a little old woman cross the street,” “So why the scratch marks?” inquired the mother. “Because she didn’t want to cross the street.”

All too often companies know they want to target a customer, but they insist on offering the customer what they want to give, not what the customer wants to receive.

Your sales team is key for understanding your market and customers. They are the closest to your customers at the beginning and are key for giving future high quality products and services to your customers. They get the feedback from these customers. But all that information is useless, unless they bring it back to the company, to the decision makers.

Does your sales staff/managers have access to company decision makers?

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Category: Clarifying Your Vision,Strategic Planning

Jun 16 2010

Conferring Leadership Unto Others

Randy Joy @ 3:53 pm

You know a cup is really full, when it has the ability to overflow.  A good leader, who has honed his/her leadership skills too full, will be healthy enough in leadership qualities to be able to “overflow” by helping others become leaders too. 

What does that mean in your business and why should you confer leadership unto others?  Well, those who must lead all over, lead nowhere but into a quagmire.  Those who learn to assign and delegate various aspects of leadership, create a multi-faceted organization with an ability to function, grow and conquer.   

Think army terms.  If the Commander-in-Chief would not have Generals and Captains and other leaders within the army, you would not have a fighting force.  In order for your company to be a “fighting force” you must at times minimize yourself and your strength as a leader to allow your managers and employees to rise and grow as leaders themselves.  By giving up your power position to let others take up the reins, you give them the opportunity to grow and become the leader they were  meant to be. 

At the same time, if you pay attention, teaching makes you a better leader too, as the teacher learns more than the student.

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Category: Leadership

Jun 15 2010

Receiver & Giver

Randy Joy @ 1:23 pm

Clarity in who is giving versus receiving in your business is crucial. In fact, most times we act as both receiver and giver.

You, for example, are the giver and receiver to your employees.  Clarity in what is flowing back and forth between you is even more important, for if you want to improve your giving and receiving, you must know what you are giving and what you are getting. 

As an employer, you give those you employ a great place to work, money, future financial opportunities, growth and of course appreciation. You are also the receiver of their time, attention, talents, productivity and good feeling towards your company (I want to say your employees project the greatness of your company). What else do you expect to give and receive each day?

Your customers are also receivers and givers. They give you money in exchange for receiving great experiences, products and services. They also give you, if you are listening, the best advice as to how to grow and morph your company.

May your day be filled with financial insights.

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Category: Clarifying Your Vision,Leadership

Jun 10 2010

Proving Yourself a Caring Leader, Gains Loyalty

Randy Joy @ 9:18 am

A number of years ago I read a story about Aaron Feuerstein, the famed owner of Malden Mills who, when his business burned down to the ground, elected to use part of the insurance monies to continue to pay all his employees.  This story spread all over the country and Mr. Feuerstein was hailed as the “mentsch from Malden”.

Do you think his employees would have followed him anywhere?    I would have.  Your customers and employees will follow you anywhere, if they believe in you and respect your leadership.

Proving yourself a compassionate and caring leader garners loyalty.  It also makes others, who as yet are not doing business with you, to want to deal with you.   

Make others want to have dealings with you.  Just be a caring leader.

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Category: Clarifying Your Vision,Leadership

Jun 08 2010

Creating a Growth Machine

Randy Joy @ 5:19 pm

In the old economy a company was a square.  The company projected an image and put products and services into the market with minimal customer feedback.

In the new economy a company is a circle, like a membrane.  At every point where the company touches a customer the company should train and grow from that interaction.  The new growing company and its staff are open to new ways of doing this and lets its customers and the market lead it to where it needs to be.

As the growing machine produces, one thing remains constant:  the business leader remains the Sun – the leader driving his own values and vision to all those who touch the company.

May your business become a Growing Machine.

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Category: Clarifying Your Vision,Leadership

May 24 2010

Tools of the Trade

Randy Joy @ 11:27 am

You know your company mission and what you want to do and you’ve recruited the employees and investors who are on board to make it happen.  What happens next?  If you are a restaurant, would it make any sense to open your doors to hungry patrons, but not buy pots, pans and dishes.  It is clear to any food establishment that it needs those basic tools.  Offices need basic tools, too.  And, there in an office environment, it is more likely to happen that the wrong tools or not enough tools are put into place.

One of my jobs as “business shrink” is to analyze my client-business’ environments and assess whether or not they have the tools needed to accomplish your mission. It could be the right computer, software or budget.  In one of my weekly meetings I found out that a client’s customers were requesting a slight update to the offices.  I ask the employee how much it would take to make the necessary updates.  I was told $50.  This small budget was the difference between happy customers and unhappy customers and a very small price to pay to increase employee and customer morale. 

When do you regularly meet with your staff to find out if they have the tools they need?    And did you ever really map out what tools are needed for the jobs you have outlined to do?  After all, you don’t want to be stuck with a teaspoon on a boat that needs a bailout.

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Category: Strategic Planning

May 21 2010

Every Employee is Unique

Randy Joy @ 2:53 pm

Every person who works for you is unique.  Everyone has talents that can be tapped into.  If you are able to help someone tap into their talents, your company will greatly benfit.  What motivates each employee?  Are they compensated accordingly?  When you know what someone values - and you can offer it to them -you will find a more motivated and successful employee and increase your bottom line. 

One of my clients had a bookkeeper in the wrong position.  When she was put in a key sales position it unlocked her potential and produced multiple revenues for the bottom line. 

Have you unleashed your employees potential?  Ask them what they are interested in pursuing.  Know their values.  And allow them to demonstrate their strengths and unique talents, if it helps your company move forward.  As a business coach, I’ve been asked to talk to employees, and have been astounded how many times a shift in responsibilities and duties can increase the bottom line revenue for a company.

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Category: Business Consultant,Clarifying Your Vision

Feb 15 2010

Are You the Driver of Your Business?

Randy Joy @ 9:30 pm

Your wealth is determined not by how high your annual salary is but what you get to keep.  With this said, an entrepreneur is in the business of building wealth.  A profitable business has value:

1)      It can be sold in its entirety

2)      Financed with debt

3)      Invested in by outside parties thereby partially selling it

4)      Sustained for perpetual cash flow to you the owner

The first goal for your business, whether you are just starting out or have been in business for years, is to visualize what your end goal is and articulate it so that you are clear.  What is it you are creating?  For what purpose?  For me, my businesses have over the years achieved all four of these goals.  The ideal business has healthy cash flows, long term growth and value, and can be marketed to be attractive to investors for exit sales.

When I was in the venture capital industry, deal flow was king.  In the financial world everything is always for sale at the right price.  If someone were to offer you x dollars tomorrow, would you walk and start a new business?  This number should always be in your mind.  You never know when and what offer will be made.  In addition, you can gear your operations to ensure potential purchasers know your company exists.

As a business owner your most coveted records are

1)      Your net worth

   a.       This is how bankers and other creditors determine your ability to guarantee loans for your business

2)      Your credit report

   a.       It is quite difficult for bankers to loan you money if you have previously gone bankrupt or fail to pay your bills.  Your banker wants to know you will pay the bank back as well

3)      Financial plan

   a.       A strong financial growth plan for your business is critical.  Your accountant should be one of the top three people you call to make sure you have a clear picture for your financials on a monthly basis (not once a year during tax time).

4)      Business plan

   a.       How you are going to make your money, where you are making the most money and the avenue of growth are all basic components that need to be articulated.  This plan can easily be used to share your business strategies and goals with your banker, accountant, lawyers and staff to help everyone on your team be on the same page with you.

5)      Operating Manuals

   a.       How you do it here

6)      Employee manuals

Once you know why and how you are in business, you are the driver of your business, taking it to wherever your personal roadmap beckons.

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Category: Joyful Business Model,Strategic Planning

Feb 04 2010

7 Steps to Fight the Good Fight

Randy Joy @ 9:41 am

The business struggle to grow is a fight.  Each growth achievement makes the company stronger and more likely to succeed.  If you will be meeting your issues head-on, you want to learn how to knock ‘em down to the mat.

Fighting, often, is most successful when there is a fighter’s attitude.

So put up your dukes and follow these seven steps to fight the good fight:

1.        See  every challenge as an opportunity to grow stronger.  Yes, you are fighting, but don’t forget that you are also getting stronger muscles by doing that.

2.        Every new customer is an opportunity to learn and grow so be willing to fight for that customer.

3.        Never quit.  As long as you get up from the mat, the fight is still on.

4.        Anticipate challenges and plan for them. 

5.        Fight fair.  Never compromise your company’s values to win.

6.        Reward yourself and the team for fighting (and not just for winning!). For each bout  of fighting for the company’s mission and vision reward the team for that milestone.

7.        Remember each time you fight – it will get easier as the company grows smarter and stronger.

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Category: Cash Flow Maximization,Joyful Business Model,Strategic Planning

Feb 03 2010

The fight.

Randy Joy @ 9:11 am

There are two types of fish: farm raised and wild. The farm-raised fish live an easy life, swimming in steady water with food readily available. On the other hand, you have the wild fish, whether in the Pacific or Atlantic. These scrappy fish have to fight for their food and swim against the current to survive. Wild fish tend to be stronger and healthier.

So too for the business owner. First generation owners and founders who have to fight for their first customer, fight to make payroll and fight to raise money are stronger and healthier than those that have a large bank account without the experience of fighting for every dollar and valuing it.

Every day you fight for the growth of your business Instead of seeing it as potential failure that you are struggling, see it as success…for every time you struggle, you are getting stronger.

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Category: Cash Flow Maximization,Joyful Business Model,Optimizing Operations
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