Tag: consulting

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Watch out for dodgy business advice

Open mike night, Marks Park, Emmerentia, Johannesburg. Photo: Chesney Bradshaw
Open mic night, Marks Park, Emmerentia, Johannesburg. Photo: Chesney Bradshaw

We were halfway to a music venue when we realised that all the suburbs were impacted by the electricity power failure. But we really wanted to see the show because we had heard good reports and had waited several weeks to attend. When we got there the venue was in darkness except for a few candles.

The organisers had decided to continue with the musical show despite the electricity failure. One of the organisers drove his car up to the back window and shone his car headlights onto a circle in the middle of the large auditorium to light up the performers. This was a showcase of local talent young and old and gave us an opportunity to listen to music that you don’t hear on the radio, at big concerts and in pubs. Continue reading “Watch out for dodgy business advice”

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How do you keep a business running for 110 years?

Cecil Rabinowitz of Awerbuchs Wholesaler Clothing, one of Bloemfontein’s oldest shops, established during the Anglo-Boer War in 1900.
Cecil Rabinowitz of Awerbuchs Wholesaler Clothing, one of Bloemfontein’s oldest shops, established during the Anglo-Boer War in 1900.

I was curious to find out how a business has been running for 110 years in a small South African city. So on a recent weekend I went to visit Awerbuchs, a clothing retailer, in Fichardt Street located in downtown Bloemfontein. The store is not situated in its original location but has been operating from its present premises for many decades. Fashions have come and gone and the downtown city area has even become gentrified but the store still has a large following.

Customers include the business person who wants a tailored suit to farmers who want durable workwear and parents who want clothing for their school going children. The store is located on big premises with long aisles of trousers, casual shirts, formal shirts, accessories as well as linen. Upstairs, at the back of the store is a large footwear section. Down below is a large tailoring room. Continue reading “How do you keep a business running for 110 years?”

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Are you staying opportunity focused in this economy?

Money_Man
Credit: Creative Commons

In this economy every source of income counts. But where do you begin to discover hidden or new sources of income?

You may wonder about the term “multiple streams of income”. What is it? A buzzword from some self-help business guru that helps him or her sell their books and other products. It’s really a term to entice people into believing that it so easy to make money that you merely need to turn open a tap and money will pour into your banking account. This does not happen in the real world. You need to work long and hard for any sort of income.

In every business or new venture knowing where additional sources of income will come from is important. The simplest example is a product business that adds after-market service to their offering. This provides two sources of income: product sales and service. Continue reading “Are you staying opportunity focused in this economy?”

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How to generate embarrassingly low-cost ideas to promote your business

Activate your thinking with these seven low-cost, no cost ideas relevant to your marketplace whether you run your business from home, retail on a main street or shopping mall or trade online. Learn how to position your products and services in a price-driven environment.

In tough, competitive markets, businesses need to come up with fresh ways to promote their products and services. Promotions attract attention to your products and services, help make them stand out from your competitors and give your sales a much-needed boost when customers are looking for strong reasons why they should buy from you.

Rethink your positioning

Some entrepreneurs think promotions mean discounts. They baulk at offering discounts when sales are down more than a third on the previous year, and larger chains are offering incredibly low-priced deals. Promotion doesn’t have to equal discounts. Assess the value of your offer, the quality of your service and guarantee. Think low costs, high impact.

How can you change your offer to a market that is cautious about spending? If you have been selling expensive products and services in the good times, you’ll need to rethink your strategy in a price-driven environment. Your marketing materials also need to reflect and reinforce your cost-value proposition.

Think through your positioning strategy carefully because positioning moves are like those you make on a chessboard. Your move may prompt your competitors to make counter moves. So you need to think about not only your next move but the one you’ll need to make after your competitors have responded to your repositioning.

Quick promotional ideas brainstorm

Use idea generation tools and techniques to come up with new ideas to promote your business. Brainstorm ideas and keep them in a notebook, a journal or on record cards (3 x 5 cards). Choose your best three and try one out.

Check what other businesses are doing by reading magazines, dropping in on stores unrelated to your business and speaking to business people you trust. Listen to customers because they can be your best source of promotional idea.

Gold in mailing lists

Do you have a customer mailing list with both postal and e-mail addresses? How quickly can you mail out a special offer to your customers? A physical sales letter is personalised and can stand out in a crowded market.

Consider acquiring marketing “assets” from businesses that are closing down. Perhaps they have a customer mailing list that you can purchase for a fraction of the cost it took the original business to acquire. Such a list is valuable because it represents people who have bought products before — and may need your products or service.

Social media strategy

Social media such as FaceBook, Twitter and other Internet-based social networking offer low-cost promotional opportunities. But you need to know what you are doing. You must know how to promote your business without turning off prospects. You need to devote time to keep your content fresh. Will your social media marketing provide any follow through for conversion? A FaceBook page may not convert any new business but customers may ask why you don’t have one.

Professionalise your communications

Poorly written and designed marketing materials are a recipe for disaster. Getting in well-meaning family members, friends and secretaries to write with no knowledge of business or marketing is just plain short-sighted. Even blogs for small businesses can be better handled by a professional copywriter or ghostwriter. You may especially need such services if you are in your store or business the whole day and can’t find the time to write blog posts and publish them. You also need to learn how to promote your blog because there are gazillions of then out there (get a number for how many blogs there are).

Network face to face

Networking with your customers at your local chamber or commerce or business organisation is often the last thing on the entrepreneur’s mind. But it provides a strong opportunity to promote your business face to face. Think carefully about driving customers to your business through FaceBook, Twitter or LinkedIn when you aren’t even doing some direct selling by calling on businesses in your town or city.

A low-cost prospecting idea

While everyone is blasting out e-mails, FaceBook posts and Tweets, track down names that you spot in newspapers, magazines and even advertising flyers if you think those people will make good prospects. Call them or pay them a visit — personal contact will stand out from the electronic blizzard.

Arrange a promotional ideas swop meet

Share your promotional ideas with your fellow business people. Perhaps organise an idea swap meet group which involves meeting like-minded business people once a month to share new sales and promotional ideas that have worked.

Promotion helps your products and services jump out in a competitive, tight marketplace. By generating your own promotional ideas, you may not only save costs but you will breath life into your sales when your business needs it most.


Sources:

“Marketing on a Shoestring: Low-cost Tips for Marketing your Products or Services”, Jeffrey Davidson, Wiley Small Business

“Positioning: The Battle for Your Mind”, Al Ries and Jack Trout, Warner Books

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Get more, much more, out of what you’ve got

Money
Image by lalunablanca via Flickr
How much money do you leave on the table when pricing your services and expertise? Are you charging enough for your service or expertise? Do you often feel that you have over serviced clients but have been underpaid?

If any of these questions get your blood churning you might want to consider your current pricing strategy. Are all your services priced the same or do you charge different hourly or project fees for high level work? Routine work may only warrant standard industry rates but as the level of your value in your speciality rises, fees may need to be adjusted upwards. Complex, specialised work that requires a high-level of technical expertise and judgement would attract the highest hourly rate or project fee. Geographic market location, market position and size of client also have an influence.

The most audacious example of a high fee strategy in a field that requires a high level of judgement, creativity and strategic thinking I have come across is that involving a brand naming company. The agency did not particularly want the business from a client so decided to put in a bid at an outrageously high project fee. Work from similar companies was priced in the $15,000 range. The agency put in a bid for $150,000 – and won! Much is at stake when renaming a company and the company thought the highest priced solution would give them the best advice.

Continue reading “Get more, much more, out of what you’ve got”

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Finding time to create # 3 Generate value upfront

Inside the money machine
Inside the money machine. Image by Yodel Anecdotal via Flickr

Times like these draw the best out of us. We need to dig deep and pull on our inner resources. Wealth and value creation take on a new importance. What are we doing to increase our sales? How much money are we leaving on the table? How can we get our products faster to market? What innovations on the backburner can we fast forward? Are our selling and promotion campaigns achieving the results we require? How can we transform our hobbies and interests into money making opportunities?

It takes more than hard work in tough times. Innovation is more important than we think. Joe Vitale points out in “The 7 lost secrets of success” that Bruce Barton, the second “B” in BBDO (the famous Batten, Barton, Durstine, and Osborn agency), became chairman of the board of BBDO in September 1928 when the agencies became one. The agency had 113 clients, 600 employees, and billings of $32.6 million in their first year — the first year of the Great Depression. Can you believe that? A business based on ideas making truckloads of money in the worst of times.

You may have all the best intentions in the world. You may have decided that you want to be more creative and produce more ideas to benefit your personal or business life. You may be inspired to create more ideas. Now what? You’ve got your week laid before you and have decided that you will spend a half an hour each morning to produce ideas.

Monday comes – you wake up late. Monday evening you are too tired to think creatively about generating ideas. Just as well because you can’t force creativity. Tuesday comes around and you have a meeting at eight o’clock and will to wake up half an hour early if you want to produce ideas. Perhaps you could find a quiet place with the right atmosphere to produce ideas. And so it goes.

Viewing producing ideas as some activity that you have to do at set, allocated times can be too forced, out of kilter with the inner human creative process. For those who are extremely self disciplined, it can help to allocate a set time. Creativity can’t be viewed as some add on to your life: it needs to be part of your way of living. Let me explain.

Almost anything you do every day can benefit from creative thinking. If you are planning a project, an event, a consulting proposal, a creative work such as a painting, a photographic shoot – all of these will have greater impact with pre-thinking, visualisation and imagining possibilities. You need to build creativity into important tasks in a seamless way.

With many tasks to do in a week, how can you find time to produce more creative ideas?

How do you integrate creativity into the most relevant or high impact processes where you hope to achieve amazing results? You are planning an important project. Do you just go ahead in the usual way? Perhaps you need to rethink what you’ve been doing. Is it still relevant? Does it give you maximum impact? Is it the most cost-effective way? Have you maximised the benefits for all involved? Will it make money?

By sitting down perhaps in a quiet place such as a coffee shop before you start dashing out your list of activities for your project, you could brainstorm, mindmap or perform a clustering exercise for 10 minutes. Right there, before you begin your project you can engage in a creative process. If you’re not familiar with using creativity tools like freewriting, you may not benefit from your first few attempts. Try it a few times and you could be amazed at the ideas you produce.

Why go to this trouble? With stiff competition for better, smarter and more cost-effective ways of doing things that stand out, you need to raise your game.

You can inject creativity into just about anything you do if you want superior results. Use creativity tools and techniques before you start anything important – a proposal, a sales letter, a business strategy.

Find out what works best for you. By placing creative processes at the forefront of your routine and new projects, you stand a much better chance of producing outstanding, profitable results.

Idea Prompt

1. Evaluate your projects. Make a list. Prioritise your top three projects.

2. Take your most important project and freewrite for 10 minutes on ideas to create more value. Or, if you don’t have time to look up what freewriting is all about, just list 21 ideas fast.

3. Select your best idea and include it in your project to generate greater value.

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How to free your creativity to generate ideas

Warning: using your creativity is risky. © C Bradshaw 2011

Need to produce ideas to start a new venture, come up with a product or service or promote your new business? Do you want to release your latent potential? Is there a low-cost way to quicly learn how to produce ideas almost instantly?

A simple but effective technique for producing ideas has been around for some time and it is finding new applications in business whether you run a kitchen table outfit, small business, consulting practice, work for a corporate or in manufacturing.

Before you stop reading because you erroneously believe you are not creative or that this technique is for creative people like artists and writers, consider its new applications for business. Let me explain.

Silence your internal critic

The technique is freewriting and involves writing quickly without stopping for a set time (ten minutes or longer once you’ve got used to it) without regard to spelling, punctuation or grammar. Even writing gibberish or babble is OK. In fact, you don’t need to write complete sentences — just keep your pen or keyboard moving as fast as you can but without rushing. The process of freewriting helps you to prevent your internal critic getting in your way while you are creating and generating new ideas. Your internal critic can be useful afterwards when you need to evaluate, assess and judge.

Freewriting is private but it’s up to you to share what you’ve written. Private writing frees you up to write anything you want without constraining or censoring yourself for an audience even if it is only one person.

Standout practitioners

Some standout practitioners include Julia Cameron (The Artist’s Way), Natalie Goldberg (Writing Down the Bones) and Peter Elbow (Writing with Power). These breakthrough books lead the field. The Artist’s Way has broad application — it can trigger ideas for creative works but its freewriting and other tools can help to shape, refocus and transform your life. Bruce Ballenger and Barry Lane (Discovering the Writer Within) promote freewriting to release creativity and spark fresh ideas.

Freewriting can be useful for any person, artist, writer, advertising specialist, scientist, business person, manufacturer or consultant.

Creativity can’t be commoditized

A recent addition to the freewriting field is Accidental Genius by Mark Levy, founder of the marketing strategy firm Levy Innovation. Levy covers using freewriting to explore ideas and concepts for writing projects (blog posts, articles and books) but also for a wide range of applications in business.

Freewriting can be used to generate ideas for marketing, promotion and sales to name just a few. What I found helpful were some of his applications like researching new products, investigating business opportunities and exploring your best ideas.

His suggestions for freewriting are helpful to generate new products and services, develop business plans, devise business models and ignite marketing programmes. Levy also shows how you can use freewriting to keep your focus on what you want to make of your life.

All this guidance aside, the real test of your freewriting progress is to come up with your own ways to use freewriting to create ideas and to solve problems or explore solutions. Your first freewriting forays may not generate breakthrough ideas but repeated attempts (at least three times a week) should yield pleasant and profitable surprises.

Open up your thinking

Levy’s methods are also useful for consultants and trainers who wish to help clients unlock their creativity and help them to solve problems or come up with new ideas. He advises to teach freewriting to a client, a colleague, a team, an audience. “Don’t, however, just teach it as an intriguing skill,” he says. “Teach it to them as a means to open up thinking about a specific problem.”

Freewriting is a valuable technique for coaxing those ephemeral thoughts and insights, teasing the unconscious to delight with epiphanies. It is one of hundreds of many creative techniques that can help you to draw valuable insights and ideas from your effervescent unconscious mind.

Knowing which technique to use in a given circumstance or to meet the particular needs and interests of an individual or team takes experience and understanding. Freewriting whether performed on your own or under the guidance of a creativity consultant or ideation expert enables both entrepreneurs and corporate employees to sharpen their ideas for starting new ventures, revitalizing their business and winning new customers.

 

Copyright 2011 Bell & Cray Business Research™. This material used with special permission from Bell & Cray Business Consulting™. Bell & Cray Business Consulting™ is a division of Bell & Cray™. All rights reserved. No part of this material may be duplicated or re-disseminated without permission.

Copyright 2011 Bell & Cray Business Research™. All rights reserved. No part of this material may be duplicated or re-disseminated without permission.

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