Are you afraid to start a business?

I attended a meeting the other day and the speaker told the crowd that during this change in the economy it would probably be a good time for them to start a business. Actually, I change that, they said, ‘Hey, instead of looking for a job. Start a business.” There that’s a little closer. At any rate you could almost feel the terror rise in the hearts of the attendees.

What’s the fear. Are they terrified that after working at something for 20+ years one day the client will just pick up the phone and fire them? Are they afraid their retirement account will suddenly become depleted without any of their input or activity? Just one day there and the next day vanished without a trace.

If I had the opportunity I would hold these little ones tightly in my arms and say, “Sweetie, I wouldn’t worry about starting a business. That’s the easy part. I would be concerned about keeping it running and dealing with the day to day activity.” But before they would attempt to climb down in discouragement I would then tell them. “But, control and independence of one’s destiny and wealth is always going to be work.”

A few pointers for those who are on the fence:

1. Remember the founder of Kentucky Fried Chicken started the business when he was well in his 60’s. He prayed up the idea after he received his first social security check and it wasn’t enough. It was told ‘no’ over a hundred times before he heard ‘yes’.
2. You don’t have to jump into a venture all by yourself. Build up a team or get a partner with similar passions and skills. Make sure you work well together and balance out one another.
3. The technology around today makes starting and expanding a business much easier then it was 10 years ago. Your target audience can be the world as a result of the internet, cell phones, fax machines, and other products and services.
4. Be prepared to spend a little money to get things set up right. Trying to go cheap will cost you down the road. However, you can find creative ways to use those financial resources effectively.
5. Think outside the box. This may be a good place to put some of your resources but first try a few social groups and the internet.
6. Starting with your passions is a good idea. However, make sure there is a target market with the revenue and ability to pay. If your passion doesn’t feel a need or fix a problem for a population willing to pay it won’t do you much good financially.
7. Step OUT. You won’t know if your idea will work or fail if you never put some work behind your idea.
8. Don’t get discouraged if things don’t work immediately. Some good ideas take time to find the audience that will appreciate it and be willing to pay. NOTE: You may have to step out of your comfort zone to reach this audience.

Watching out for Value Parasites.

Business owners beware of people who seek to steal the value out of your products or services.

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Fixing the Cash Flow Problem

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BIG MOUTH!!!

I am probably not like many of you I don't make a large amount of purchases through the year of products or services. I have my up years and then I have my lean years. However, I do have a BIG MOUTH! When I like a product I tell everyone. When I like the customer service I tell everyone. When the service is bad - Yep! I tell everyone.

Take for example my cell phone carrier. I had just about tried all the major carriers before I landed in the house of Verizon. You guessed it! Before landing in the house of Verizon everyone I knew in the market for a cell phone heard my opinion about the carriers I had to leave. Ironically, one of them is trying now to treat me with good customer service. OOOPS! To late. I am in the house of Verizon and as long as they keep having great service and friendly customer service I will stay with them. Of course, I will tell everyone.

Microsoft just recently surprised me with good customer service on a return. Granted I thought the product was overpriced but that is another issue. However, I must admit this subsided by the time I finished with customer service regarding my return. No problem and they understood my issue. I ended up downloading a free version and then ordering my own copy. You see business people. At times some of your customers just want to know you care and hear their issues.

Apple is another story. I think most of the items I have purchased from them the warranty must expire when I cross the threshold of my home. To extend the warranty you have to purchase Apple Care. It's not cheap!

I wonder how many business executives calculate the cost of a dissatisfied customer versus a satisfied customer. It seems there is a very small population of business owners and/or executives that understand the concept of taking care of the customer and it's long term affect on the bottom line and cash flow.

However, like I said earlier. I don't spend a tremendous amount of money on new products or services today. BUT I DO HAVE A BIG MOUTH!!!

Choices

Have you ever had the feeling in the pit of your stomach you needed to make a decision yet you tried to avoid it. Such as dealing with an employee with low moral. Perhaps moving a person you liked to another position because their work quality was bad. How about having to fire a customer?

You and I both know no amount of coaching makes these decisions easy so I won't try to sugar coat things. Delay of the action is not going to make it any more pleasant for either party. However, also think of the economic impact on your company. How many non-productive hours are being wasted by yourself, the person in question, and other staff. What would be the calculated cost & effect on cash flow? Remember everyone is still on the clock even though less work is getting done.

In may not seem apparent but everyones production has the potential to be impacted just because of the quiet voice of tension in the air. So do everyone a favor and take care of the issue.

In other words... Make the choice of the door you need to walk through and get it done.




Denise D Johnson
EDALS Consulting
Business Strategist

The Big Picture is Colored Outside the Lines

During our elementary school years we were taught to color in between the lines. If we went outside the lines it was a mistake. We were to conform to a set pattern that had been proven to work and deliver an end result. So why rock the boat. Ironically, it seems we tend to look at many things in life from the same perspective even how we operate our businesses.

We attend various coaching and training seminars with the newest great way to achieve quick success. Each telling us how so and so made it and now if we do just what they did we will get just what they got. Success!

Is there any point in time we stop and evaluate our business to see what factors are equivalent? What things are different? Many times we are led to believe we are doing everything wrong or otherwise we would be holding the training sessions. Therefore, we must saturate our entire organization with their methodology and then we shall see success.

In reality no two business entities are alike; therefore we can’t just stay within the colored lines of dictated methods. Let’s try to go outside the lines in some situations. Let’s start evaluating some of these programs and see what really fits and toss out the rest. Something that works for one organization may cause disaster in another. Be brave! Go outside the lines! Mix and match colors. Try crazy patterns because this may actually work for your market. Have fun and enjoy coloring your organization outside the lines.

Failure can be added up

Isn't it interesting that many of the company failures somehow get tide back to financials.

So what's my point.

Financials are perhaps the least interesting document for most management teams. Most view with as much interest as visiting the dentist. But this lack of interest may have cost millions.

Think of it this way. What is the least exciting amoung the two? An invoice from your lawyer handling a case of embezzled funds by your previous employee or reviewing your current cash flow statement.

Have a great time with the financials.

Denise D Johnson
EDALS Consulting
Business Strategist

Sitting Still

Sometimes we assume the only way to profit in our business is to keep moving. However, many times this just ends up being nervous activity that does not bare fruit.

Try to begin each day sitting quiet for a few minutes to hear your task for the day. Then visualize how they should look or be executed.

It may seem like you are wasting time but in reality you are using your time more effectively. Try it for a few days just to see what happens.


Denise D Johnson
EDALS Consulting
Business Strategist

NewYear Expectations

Expect the sweetest year you have ever had thus far.






Denise D Johnson
EDALS Consulting
Business Strategist

When the Thrill is Gone

It is the New Year and many are pretty excited about the unknown of the road ahead. This excitement is good but very short-lived. Around the end of the month the cheers start fading, less people are wishing you a blessed New Year, and the days at work seem longer. Now what?


Do you just sit back and drive down the road of life with no true destination or is there a purpose for you being on the road? If you are just on the road with no purpose then you are just causing congestion. Extra traffic with no purpose but to slow up those who are going places. So why are you here?

What if the answer is not as cumbersome as finding a needle in a hay stack or trying to solve a calculus problem. Perhaps it’s no even rocket science but just a simple truth you just keep ignoring. What if that truth comes forth within the rhythm of your life and the heartbeat of passions weaved into your character? Would you recognize it?

I wonder if you recognized this sound and began to move to it’s beat would you then find purpose. Would you then begin to flow with direction into your destiny? Perhaps as you began to move, a beat would be created that could merge into a sound that could help another find their rhythm and thus flow. Congestion only happens when we are out of flow.