Tag Archives: New Business

A common problem many professional firms face is overly relying on only one approach to business development. They focus all their efforts on word-of-mouth and referrals, or on networking, or on responding to tenders / RFPs. Typically, the basket they keep all their eggs in is the one they are the most comfortable with: it's worked for them before, they have the skills to do it, and it does not push them outside their comfort zone.

This works fine when times are good and there's plenty of work for everyone. But in Tougher times, if that one source dries up, they are left stranded.

My suggestion to clients is to protect against this by always having multiple approaches to win new clients. In particular, I suggest they focus on 4 types of client:

1. Current Clients: investing in "superpleasing" their highest potential current clients to secure their business, win expansion and extension projects, and get referrals to new clients. Typically this area uses the approaches of Client Relationship Management and Key Account Management.

2. High Probability Potential Clients: targeting 3-5 specific companies which meet the core criteria for being a good client (in terms of their size, sector, location, leadership, cultural fit, etc.) and where they have the relationships already in place to stand a good chance of winning work. For example, an ex client, or a contact that's been nurtured over recent months. Typically, this will require the use of personal approaches are used: direct contact when there is a pre-established relationship, referrals when there is not.

3. Ideal Potential Clients: targeting 3-5 named companies who meet all targeting criteria and would be the absolute perfect clients – but where there are no immediate entry routes to establish a relationship. Typically, longer-term relationship building approaches need to be used: for example searching for and courting potential referrers, running a targeted mail campaign sending selected articles and research, offering to run a free seminar for a client organization.

4. "Bluebirds": These are clients who are not directly targeted, but who "drop in your lap". Of course, they do not drop in your lap randomly. You need to be out and visible to these types of potential clients. For example: public speaking at events with a high preponderance of target clients, running a seminar at a large client industry event, optimizing your website for keywords frequently used by target clients. The key here is to use approaches which give access to a broad set of potential clients (rather than the more focused approaches discussed earlier which narrow down to a few specific clients – but with a higher probability of success with each one).

Focusing first on current clients is common sense, and should be a core part of any business development strategy. After that, adopting a portfolio strategy like this balances out the short-term potential of the High Probability Potential Clients with the long-term higher gain of the Ideal Potential Clients – while still keeping the possibilities open for serendipitous …

With the economy remaining The Walt Disney Company’s largest threat, the recent turmoil in the financial markets has adversely affected the economic activity in the United States and other regions of the world in which Disney conducts business, and has affected demand for some of Disney’s products and services. A continued decline in economic activity could adversely affect demand for any of their businesses, thus reducing their overall revenue and earnings. A sustained decline in economic conditions could reduce attendance and spending at one or more of Disney’s parks and resorts, purchase of or prices for advertising on broadcast or cable networks or owned stations, prices that Cable Service Providers will pay for cable programming, performance of their theatrical and home entertainment releases, and purchases of Company-branded consumer products. These conditions could also impair the ability of those with whom Disney does business to satisfy their obligations to Disney.

Changes in exchange rates for foreign currencies may also reduce international demand for their products, increase the labor or supply costs in non-United States markets, or reduce the United States dollar value of revenue received from other markets.

Cultural and social values and trends

Each of Disney’s businesses creates entertainment or consumer products whose success depends substantially on consumer tastes and preferences that change in often unpredictable ways. The success of their businesses depends on their ability to consistently create and distribute filmed entertainment, broadcast and cable programming, online material, electronic games, theme park attractions, hotels and other resort facilities and consumer products that meet the changing preferences of the broad consumer market. Many of Disney’s businesses increasingly depend on worldwide acceptance of their offerings and products outside the United States, and the success of these offerings therefore depends on Disney’s ability to successfully predict and adapt to changing consumer tastes and preferences outside as well as inside the United States.

For example:

• The success of Disney’s offerings in the home entertainment market depends in part on consumer preferences with respect to home entertainment formats, including DVD players and personal video recorders, as well as the availability of alternative home entertainment offerings and technologies, including web-based delivery of entertainment offerings.
• Technological developments offer consumers an expanding array of entertainment options and if consumers favor options that Disney has not yet fully developed rather than the entertainment products they do offer, their sales may be adversely affected.

Political and legal issues

The success of Disney’s businesses is highly dependent on maintenance of intellectual property rights in the entertainment products and services they create. New technologies such as the convergence of computing, communication, and entertainment devices, the falling prices of devices incorporating such technologies, and increased broadband internet speed and penetration have made the unauthorized digital copying and distribution of their films, television productions and other creative works easier and faster and enforcement of intellectual property rights more challenging. The unauthorized use of intellectual property rights in the entertainment industry is a significant and rapidly growing phenomenon. These developments require Disney to devote …

Often, small business owners are unaware of the real consequences of their problems or the profit potential benefits of utilizing a management-consulting firm. It is common for these owners to assume that all the other businesses in their industry share the same problems or, conversely, that their situation is unique. In fact, neither of these scenarios is hardly ever the case.

Small and mid sized business owners are in a constant daily struggle to survive, let alone grow and prosper. They operate in a fiercely competitive marketplace and the great majority of them are trying to manage without the operational and financial policies and procedures large organizations take for granted. These business owners are at a loss to maximize their profitability and ease their management burden.

As a result, they never have the time or the opportunity to focus on the important activities necessary to implement the strategic programs necessary for long lasting growth and stability. They are the classic case of spending so much time fighting the alligators that they never have the time or ability to fulfill their original objective of draining the swamp!

Although many problems may be pervasive with a large number of companies facing the same challenges, there are always some that thrive in the face of adversity. Business owners' work so hard just to survive they often "Do not see the forest for the trees." This is one reason why the third person perspective that a management consultant brings to a client is so valuable. Part of the consulting firms mission, therefore, is to convince these owners to honestly confront their problems and the actual, very real and substantial costs resulting from a lack of control.

The basic strategy is to bring fundamental management techniques and systems generally only available to major corporations to the small business owner at an affordable price. This is accomplished by addressing three major concerns of all small businesses: Sales, Profits and Quality of Life. This requires that the consultant provide a full range of management services to their clients including the installation of basic accounting systems, cash flow management, production control systems, computer installations, budgeting, expense and cost control, and human resources program.

Additional areas of operational improvements consultants provide to clients on an as required basis are as follows: Cash Management, Business Valuation, Investment Banking Services, Job & Product Costing, Inventory Management, Succession Planning, Operational Planning, Sales Management and Financial Management. …

A business card is a powerful marketing tool, a tool for success. It tells people who you are and what you do. You do not want people to forget you, so you need to create one that people will remember and keep. Here are a few tips to making yours stand out …

o First of all, you want your business card to fit you and your job. Make sure it conveys a sense of who you are and what you do. Break the norm, but be sure to do so in a way that is appropriate for your business needs.

o Try to use a bold, yet clean design. It should stand out but still be easily and quickly read.

o Choose the words that you put on your card carefully. Not only do you want people to know who you are, but also to know that you understand their needs and can meet them.

o Try to use a short title, like owner or director. People will read and remember a short title rather than a long one.

o Use color well, whether it be in the background or lettering. Catch the eye, and be different enough from your competitors to make your card stand out but not so different that you seem out of touch. Just be sure that the color you chose for the letters can easily be read over the background color.

o Be sure to use a legitimate font that can easily be read. Do not use a real small font and only use one type of font on your card.

o Think about if you want your business card to be laid out horizontal or vertical. Most are horizontal. Why not make yours vertical? It's a safe and easy way to make yours stand out.

o Putting an image on yours will also help it stand out. People sometimes remember pictures and images easier than words.

o The type of paper that you print on is also important. Printing on heavier paper offers to make your cards more more than cards that are printed on lighter paper. Also, texture can be another option to consider. Using glossy, matte, foiled or crinkled paper will definitely give your cards different looks.

o Lastly, make sure your business cards are creative. Dare to be different.

Use these tips to create a business card that will make an unforgettable impression on people. But creating an unforgettable card is just the first step. Once you have created one, you want to hand it out to everyone you meet. Give it to current and prospective clients, family members and friends. Stick them in letters and presentation folders. Run your card as an advertisement in the local paper. You created an impressive business card, now use it to help your business grow! …

Once you've made the decision to start your own business, one of the first things you should do is create some business cards. Every business owner should have business cards. If you're setting up a local shop or office in your town, having business cards to give people will be a way for them to know where you're located and what you do.

Even if you're setting up a small home based or internet business though, you should still have business cards made. Why? Because they can be a form of advertising for you. If your home based business offers typing services for instance, then you can pass out business cards to people who might need typing services once in awhile. If you have an internet business though, you can still use business cards as a form of advertising, simply by putting your website address on them.

In fact, how you design your business cards will depend a bit on what type of business you have started. Let's look at some examples.

1. Your business name – This will usually be on all business cards, regardless of the type of business you have started. If you have started a home service business and are not using a specific business name, then simply put your name on the business card instead.

2. A tag line, or summary of your services – This will be different from one business to another. Some people like to have a short tagline of some kind on their business cards, but others like to summarize the services or products they offer instead. If you've started a home typing business for instance, you might put something simple such as "Typing Services." If you've created a graphics design company though, your summary might say something like "Affordable Computer Graphics & Design".

3. Contact information – This area is flexible, but you'll need to decide what is most important because you can not always fit everything in. If you want people to contact you primarily through your business phone, then that number should be the most prominent on your business card. If instead, you want them to contact your cell phone, make that more prominent.

Some people put their email address, physical address, one or more telephone numbers, and website address all on their business cards together. This is fine if you have the room, but in some cases you might want to simplify the card a little more, so you're not overwhelming people with too many contact options.

4. Font & Style Tips – When you choose your fonts, colors, artwork and other styles for your business cards, be sure you do not overdo it. Some fonts for instance, are very pretty but they're difficult to read. And if people have a hard time reading your business card, they're less likely to use it. Likewise, do not put black words on a dark blue card, because this will also be difficult to read. And do not put a …

Developing a successful business relationship is no easy task, there are many ups and downs during the process and so as a small business owner it is best to understand a few of the basic business partnership pros and cons so you can evaluate if this type of business activity is right for your venture. Partnerships can allow your company to enter new markets and reach customers faster, but they will also require you to give up certain controls over the product and customer experience depending on the roles your business takes with the partnership. Make sure the two businesses are compatible on several levels and that the executive management team has open and honest communication and the chance for success will improve allowing you to increase your revenue rather than spending resources needlessly.

Pros to Business Partnerships

Access to clients – The number one reason most companies enter into partnership with another business is the opportunity for new business. A good partner will be able to make introductions and get products / services in front of your target customers.

Access to new markets – By partnering with a company in a different region or country a small business can rapidly grow across the country and expand internationally without having to set up physical offices and teams in every place around the world where there are willing customers.

Co-marketing campaigns – Marketing can be expensive and sharing resources for co-branded marketing campaigns can really help distribute the funds available for marketing and allow a business to be more creative with the business and products / services are marketed.

Cons to Business Partnerships

Loss of brand – A partner will be sharing the branding and recognition a product or service receives in the market. Some larger companies will require small businesses to actually white label their products to them thus eliminating the brand altogether. Depending on the opportunity this may still be acceptable to the small business due to the exposure and amount of product that is being sold.

Unsatisfactory customer service – If a partner is handling the servicing and interactions with the customer relating your product, any issues that they may be faced create a chance for an unsatisfactory experience which reflects poorly on your business. Adequate training and occasional check-up blind tests will help you feel at ease that the business partner is executing the customer service to your desired level.

Delayed payments – Business partnerships are likely to have revenue share agreements or performance based compensation included in the partnership. It is very important these payment processes are clearly defined and held to. A small business can get into financial trouble when shipping large orders and not receiving payments on time.

No business partnership is ever easy to get running smoothly, however if you are looking for quick access to new markets and customers it is the best method without spending significant resources to do everything internationally. Think ahead of time what you are looking for in …