tag:blogger.com,1999:blog-13056148987411369862024-02-19T10:59:14.110-05:00Allegro's Business Growth Learning LabAllegro's Business Growth Learning Lab for Private Business Owners Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comBlogger51125tag:blogger.com,1999:blog-1305614898741136986.post-89418441174339540132016-08-29T13:21:00.001-04:002016-08-29T13:21:17.908-04:00Heal Thyself Small Business and In-Turn Heal This Econonomy - What Small biz & Start-ups Can Do to Prevail Again and Rescue Our Economy<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh54WynWbgriIEmp4-iAc12zfvnIQHrb6rHMcAkJRRWUfpF1bg3xP031x4q-ambaqVXB2M9U3rCzfEVLQUjcOLVLPFqgjjwMql_cX7gaOKiemSHFev_zgyHA3ZwenzO6DTgXwhJwJTnjSfb/s1600/MergedJobs.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh54WynWbgriIEmp4-iAc12zfvnIQHrb6rHMcAkJRRWUfpF1bg3xP031x4q-ambaqVXB2M9U3rCzfEVLQUjcOLVLPFqgjjwMql_cX7gaOKiemSHFev_zgyHA3ZwenzO6DTgXwhJwJTnjSfb/s400/MergedJobs.jpg" width="400" /></a></div>
It is no secret (except to folks in Washington DC) that it is small
businesses who have led us out of every recession in our history (50% of
all jobs and 65% of new jobs). While large corporations hoard money for
acquisitions and to invest in innovative technologies to replace humans
(because they can afford to) it is the small business owner who judges
the horizon and takes the risk to hire talent to grow. Likewise it is
the entrepreneur who decides to invest his/her life savings and those of
family and friends for a start-up idea or franchise ownership. This is where new jobs are formed. And this is how rampant national under-employment or unemployment issues get resolved.<br />
<br />
A rather startling bit of historic news broke a few years ago about
startups in America. In 2008, emerging startups for the first time in
history trailed business failures. That means <span class="underline">more business are failing now than are new businesses entering the market</span> to take up the slack in jobs. <br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8j4e6jxRstNESGz93zj04bN9HknZQ0U_tPCqbG4QP-ljBkd3Sm8_nGXEBtoNDL2GJJuW9UilDI7i5La-hT6QrdjbWjkk2PEo4AAB7rlBkiVibbF8TYVDHNLp8KZuc9UK92HgrsKk3H-I3/s1600/smallbusinessfailingfaster.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="357" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi8j4e6jxRstNESGz93zj04bN9HknZQ0U_tPCqbG4QP-ljBkd3Sm8_nGXEBtoNDL2GJJuW9UilDI7i5La-hT6QrdjbWjkk2PEo4AAB7rlBkiVibbF8TYVDHNLp8KZuc9UK92HgrsKk3H-I3/s400/smallbusinessfailingfaster.jpg" width="400" /></a></div>
<br />
Some great insight into this trend can be found <a href="http://www.gallup.com/businessjournal/180431/american-entrepreneurship-dead-alive.aspx" rel="nofollow" target="_blank">in this article</a>
by Jim Clifton, Chairman and CEO of Gallup. He had a quote in the
article that truly captures the challenge we face in America.<br />
<br />
<div style="text-align: center;">
<em><strong>"Let's get one thing clear: This economy is never truly
coming back unless we reverse the birth and death trends of American
(SMB) businesses." </strong></em></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
My intent here in this two-part article is to candidly address these two
topics (the birth and death trends of SMBs). I will share a perspective
- why and how to improve - that comes from 14 years of consulting for
privately held businesses and advising/mentoring startups.<em><strong> </strong></em></div>
<div style="text-align: left;">
<em><strong></strong></em><br /><strong>Part 1 - Why are they failing?</strong></div>
<div style="text-align: left;">
<br /></div>
To fix the problem we have to understand the problem. Let’s first
discuss business failure rates. According to the Small Business
Administration, a business started in 2004 has a 48% chance of still
being around today - half are gone. The number-one reason businesses
fail is rather obvious - they flat run out of money. But how does this
occur?<br />
<br />
Try these reasons (compiled research of Moya K. Mason, “What causes small businesses to fail.”) :<br />
<ul>
<li>Choosing a business that isn't very profitable.</li>
<li>Inadequate cash reserves.</li>
<li>Failure to clearly define and understand your market, your customers, and your customers' buying habits.</li>
<li>Failure to price your product or service correctly.</li>
<li>Failure to adequately anticipate cash flow.</li>
<li>Failure to anticipate or react to competition, technology, or other changes in the marketplace.</li>
<li>Overgeneralization - be everything to everyone.</li>
<li>Overdependence on a single customer or customer set.</li>
<li>Uncontrolled growth.</li>
<li>Believing you can do everything yourself.</li>
<li>Putting up with inadequate management.</li>
</ul>
This list is very comprehensive and accurately captures what I have
observed. Sadly, these are all preventable, everyone of these causes
are, if only business owners would follow the very basic business rules -
the very first of which is have a plan, or in the case of a startup,
write a business plan (before you launch). <br /><div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<strong><strong>A war is being waged against business/strategic plans.</strong></strong></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
There are folks out there, especially in the start-up world, who are
advocating that business planning is outdated. Here is an entry from one
such “expert” who titled his blog, <em>“Why you Should Ditch Annual Business Plans”</em> </div>
<div style="text-align: left;">
<br /></div>
<em>"Business planning is broken. In a world that is constantly
changing and increasingly complex, business leaders can’t plan for a
predicted future anymore. By the time an annual business plan is
ratified the market has moved on to places that nobody could have
imagined. If businesses are unable keep up with changing customer needs
they stagnate or decline.</em><br />
<br />
<em>Leaders need to abandon traditional business planning and
embrace the creative process instead. Business plans should look more
like sketchbooks than spreadsheets. What do sketchbooks do? They help
artists unlock ideas, to experiment and learn, to stretch boundaries,
and to build talent. Artists take their best ideas from sketchbooks and
use them to create their best work.</em><br />
<br />
<div class="left">
<em>Businesses should operate as a similar collection
of experiments. The testing and refining of new growth ideas ensures a
constant connection with a changing customer base. Aggressive growth
happens when leaders are able to continuously shift investment to those
ideas that show the most promise." </em></div>
<div class="left">
<br /></div>
His contention, like so many taking this position, is that the
marketplace is changing SO rapidly it is just not possible to plan. He
is also suggesting the best and most respected business owner (CEO) is
the one who stands up in front of his/her employees with his sketch book
of ideas on where he is taking the business. Do you want to follow this
leader? This is all utter <em>BS</em> and this mindset explains in part the sad failure rates for start-ups and established businesses alike.<br />
<br />
Let’s look at the very basic elements of a business/strategic plan: <br />
<ul>
<li>What basic human problem am I solving?</li>
</ul>
<ul>
<li>Is my solution unique?</li>
</ul>
<ul>
<li>Do people want to buy my solutions? What is my proof?</li>
</ul>
<ul>
<li>How big is the marketplace that I am selling to?</li>
</ul>
<ul>
<li>Who are the competitors/trends I should pay attention to?</li>
</ul>
<ul>
<li>What skills/people do I need on-hand to sell and deliver my solution?</li>
</ul>
<ul>
<li>How many widgets will I have to sell to cover costs and be cash-positive?</li>
</ul>
<ul>
<li>How long can I operate with cash on hand?</li>
</ul>
<br />
If you look at these 8 basic questions and compare them to the reasons
for failing you have to wonder why business owners fight this basic step
of business. I‘ve heard a few excuses over the years and share them <a href="http://blog.allegroconsultant.com/2014/12/8-reasons-why-business-owners-dont-plan.html" rel="nofollow" target="_blank">here</a>.<br />
<br />
<strong>“While poor management is cited most frequently as the reason
businesses fail, inadequate or ill-timed financing is a close second.”</strong><br />
<br />
Because of this, some (especially politicians) will immediately point
their finger at our banks and other financing institutions and blame
them for this problem. “If they would only loan more we would solve this
problem.”, they will claim. There are even those suggesting the
criteria for loans guaranteed by the Small Business Administration
should be lowered to “untie the hands” of the banks.<strong> </strong><br />
<strong></strong><br />STOP!
<br />
<div class="left">
<br /></div>
<div class="left">
Asking banks and our government to assume larger risks is not the answer. While
it is unimaginable to find the CEO of Coke, Facebook, Home Depot or
Uber unable to intelligently discuss forecast sales, cash flow, profits,
trends that may impact their market, the competition they face and
long-range growth strategies, these types of conversations with SMB’s
and startups are dubious at best. So to suggest easier access to US
government-backed loans is crazy talk. Let’s not make this mistake
again. We’ve seen and felt what happens when our banks and government
invest in speculation (Solyndra).<em> </em></div>
<div class="left">
<em><br /></em></div>
<div class="left">
<strong>Heal thyself American business owners and save our economy (</strong><em>play the <a href="https://www.youtube.com/watch?v=wpZ3jPMM5Ac" target="_blank">Battle Hymn of the Republic</a> now</em><strong>).</strong></div>
<div class="left">
<br /></div>
<div class="left">
<strong></strong></div>
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<br />
<div class="left">
</div>
<div class="left">
<strong></strong> America needs you, small and medium sized business owners. We need you
more than ever! There is nothing Congress, or the President can do that
will have a more dramatic impact on our economy and jobs than you can by
dismissing those who irresponsibly suggest there are shortcuts to
success in business. Or those suggesting you can Tweet, or social media,
or robo-call your way to growth. Dismiss the notion that simply having
an idea and ambition is all that is necessary to launch a start-up. I
implore you to help heal our economy by healing your businesses. Become a
disciple for businesses owners around you by first following the basic
tenets of a growing business - <b>have a plan, execute to the plan</b>.
Inspire your workforce with a vision of the future and a realistic
written growth path. Show you can lead. Show you can set goals and
achieve them on a recurring basis. Show you can be a responsible steward
of someone else’s money (a bank for instance) by repeatedly making
prudent, plan-based decisions on hiring, marketing, capital equipment
and services. Let your profitable sales win-rate reveal how well you
know your customer and respect your competitors. And finally, surround
yourself with smart, critical thinkers who will not shy away from
challenging you or telling you what you need to hear. </div>
<div class="left">
<br /></div>
If you do these things you will do more to transform your business,
the lives of your employees, and our national economy than any new
President, Congress or trade deal could ever dream of doing.<br />
<br />
And my message to Washington DC - get the heck out of the way!<br />
<br />
<strong>Part 2 will examine the second issue facing America - the declining birth trends of SMBs. </strong><strong> </strong><br />
<br />
<span style="font-weight: normal;"><b>About the author:</b> Mike Gomez is the President and CEO of <a href="http://www.allegroconsultant.com/" rel="nofollow" target="_blank">Allegro Consulting</a>,
a business growth specialty firm in Atlanta, Georgia helping privately
held business owners find new avenues for sustained growth for over 14
years. He is a start-up mentor at <a href="http://atlantatechvillage.com/" rel="nofollow" target="_blank">ATL Tech Village</a> and <a href="http://www.fourathens.com/" rel="nofollow" target="_blank">Four Athens Tech Incubator</a>,
guest lecturer at GaTech and UGA, and prolific business speaker. His
growth focused articles have appeared in the Atlanta Journal
Constitution, ATL Business Chronicle, Gwinnett Business Journal, and the
Business Insider. <a href="http://www.blogger.com/blogger.g?blogID=1305614898741136986" rel="nofollow" target="_blank">www.allegroconsultant.com </a></span><br />
<div class="left">
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Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-14357446735302529092016-06-16T13:04:00.001-04:002016-06-16T13:05:34.020-04:00When You (CEO) Should Pull the Sales Alarm<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkJf-PUnJhLS-YvQ3VSHx2tjYbGQGtGSBybVf1GByS7lSwvRGNHpzne68Gknz5tmVOuivEfM62UKBHrz-mADGhax1TLPkkFq6AFSHDUM4yDl9XRTNgRDp6ZeAQTs4-bjh3nEfZD-nw58MS/s1600/SalesAlarm.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkJf-PUnJhLS-YvQ3VSHx2tjYbGQGtGSBybVf1GByS7lSwvRGNHpzne68Gknz5tmVOuivEfM62UKBHrz-mADGhax1TLPkkFq6AFSHDUM4yDl9XRTNgRDp6ZeAQTs4-bjh3nEfZD-nw58MS/s320/SalesAlarm.jpg" width="320" /></a></div>
When listening to CEO's and business owners talk about some of the
sales challenges they face I have found myself using the phrase "my
sales alarm is ringing" to indicate that something they said wasn't
sitting well with me. I guess this is my equivalent to Spiderman's
"Spidey sense" - a strong feeling that something is very wrong here.<br />
<br />
As
a veteran salesperson ($10B personal sales record), sales leader and
consultant I thought it might be worthwhile to share what triggers my
"sales alarm". Here they are:<br />
<ul>
<li class="left">Any surprise, good or bad, is a
signal that your sales team did not understand something important your
customer’s decision process. Examples:<ul>
<li>The CEO declares to your board or internally that an upcoming large sale is, "in the bag" yet the decision goes to a rival</li>
</ul>
<ul>
<li>You
forecast a sales decision to be made by the end of the year and the
customer still has not made a decision two quarters later.</li>
</ul>
<ul>
<li>You declare a particular sales pursuit a corporate priority and you lose it.</li>
</ul>
<ul>
<li>Any time you are 'surprised' that you lost.</li>
</ul>
</li>
</ul>
<ul>
<li class="left">If
you have EVER said, "there is no competition" either because you think
you are the only company under consideration or are arrogant enough to
believe the customer has no other choices.</li>
<li class="left">You think your customer owes you the business.</li>
<li class="left">When top managers constantly ask “who is the (one) decision maker?”</li>
<li class="left">When
sales leaders assure the boss that they will win because they “know a
guy” or feel they have an exceptionally close relationship with someone
in the company.</li>
<li class="left">When your sales team comes back from an important sales trip and says, "our presentation was well received".</li>
<li class="left">When
you've secured a business dinner, golf outing, demonstration with a
prospect and can't articulate the specific measurable goals you have for
that valuable customer encounter.</li>
<li class="left">When your
leadership gives higher priority/emphasis to the number of
"opportunities" they have in their "funnel" rather than win-rate, or if
your strategy is to “place a lot of bets” so that you can win “your fair
share” of new business.</li>
<li class="left">When you don’t know your sales win-rate.</li>
<li class="left">When
your sales team spends more time talking about activities or the
'close' relationships they have with the prospective customer than what
they know about how a decision will be made.… as if the shear evidence
of this activity (golf outings, dinners, hunting trips, etc...) is a
positive indicator of who will win or lose an upcoming sales
opportunity.</li>
<li class="left">When your salesperson can't succinctly
answer this simple question, "What is the number one priority the
customer will use to make its selection?" one week prior to submitting a
proposal.</li>
<li class="left">When asked who are you selling to and
your reply is something vague or as ill defined as, "lawyers" or "small
businesses" or "anyone who needs printing" or "potential home
buyers/sellers" or "anyone who needs insurance" or “large corporations”.</li>
<li class="left">When
your assigned salesperson can't name the top three individuals by name
who carry the most influence on the outcome of an upcoming sales
decision.</li>
<li class="left">When you (CEO) can explain in
excruciating detail how you make a product or deliver a service but when
asked to define your sales process you either get chirping crickets or
hear, “Well that is Bob’s expertise, he is our number one sales guy.”</li>
<li class="left">Anytime you feel good about coming in a ‘close’ second or are consistently coming in second to rivals in your sales pursuits.</li>
<li class="left">Anytime an existing customer moves his contracted business to a rival.</li>
<li class="left">If
you've ever said the customer "was stupid" or "didn't understand our
offering" or "we must tell our story better" when explaining why you
lost.</li>
<li class="left">If ANY of your sales presentations has an organization chart in it.</li>
<li class="left">When you think <span class="underline">consistent</span>
sales success is based on something vague like “having the right team
in place”, “being energetic/confident/enthusiastic”, ”treating your
customer with respect”, or “delivering great customer service”.</li>
<li class="left">When you consistently miss quarterly sales goals.</li>
<li class="left">When no one is held accountable in any way for a significant loss.</li>
<li class="left">You
don’t have a “lessons learned” process, or you have one but you don’t
incorporate the lessons you identify into specific process changes, or
you only use your process after a loss (as a witch hunt).</li>
</ul>
If
any of these applies to your business, run, don't walk, to the nearest
alarm and pull it. You have a sales emergency that needs to be addressed
right away. If you don’t know why these should trigger an alarm, connect <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a> and we will explain why we think so and recommend what to do
about it.<br />
<br />
<b>About the author.</b> Mike Gomez is founder and CEO of <a href="http://www.allegroconsultant.com/" target="_blank">Allegro Consulting</a>, a business growth specialty consulting firm in Atlanta, GA<a data-mce-href="http://www.themotumgroup.com/" href="http://www.themotumgroup.com/" target="_blank"></a>.
Their mission for the past 14 years is to help their clients define strategies for growth and overcome obstacles that may stand in their way. Mike
is a prolific speaker, writer, former aerospace engineer, and sales
executive for McDonnell Douglas, Boeing and Lockheed. He is credited with sales wins totaling $10B. His talk, "<i>Winning the $2.5B Israel Fighter Jet Shootout</i>"
chronicling Boeing's wins over rival and incumbent Lockheed is a
one-of-a-kind story that will motivate, teach and inspire any sales
team.Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-14972599056267929022016-03-17T11:33:00.000-04:002016-05-23T10:35:29.018-04:00@GrowthGuy's 8 Rules for Startups - from 14 yrs. of Business "Accident Investigations" <div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2O3KqoYQnf_s-_Aep3JHHb4yeqQdeJsgN2HdfFfP24h8Rn1jhWn7UQFlX8VbWXOPOYRJ7LsBsyZ9zxn4cnhnGPD2V0pg9juVmn_Xa_YQR4Em1-7b9KEcArbdbxLkNXz6NqIyBcbjM-xdb/s1600/Fallout-4-Crashed-UFO-Alien-Blaster.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="227" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2O3KqoYQnf_s-_Aep3JHHb4yeqQdeJsgN2HdfFfP24h8Rn1jhWn7UQFlX8VbWXOPOYRJ7LsBsyZ9zxn4cnhnGPD2V0pg9juVmn_Xa_YQR4Em1-7b9KEcArbdbxLkNXz6NqIyBcbjM-xdb/s400/Fallout-4-Crashed-UFO-Alien-Blaster.jpg" width="400" /></a></div>
In my past life I supported aircraft accident investigations. The
primary purpose of these investigations was of course to find the root
cause for why the accident occurred. Equally important was the
transmittal of the findings and conclusions to the entire aviation
community (pilots/crew, maintenance, designers, air traffic control,
etc...) in an effort to prevent the accident from happening again.
(Learn from a real jet crash: “<a href="http://blog.allegroconsultant.com/2015/06/what-jet-crash-can-teach-business-owner.html" rel="nofollow" target="_blank">What a jet crash can teach a business owner</a>” ).<br />
<br />
Sadly, in my 14 years of consulting for small businesses and startups
alike in Metro Atlanta I have visited too many business "crash" sites.
In an attempt to prevent a crash, or better yet, improve your chances
for success, I share these findings from those who faltered of failed.
This list is intended to be complimentary to Mark Cuban’s outstanding <a href="http://www.entrepreneur.com/article/222524" rel="nofollow" target="_blank">12 Rules for Startups</a> published in Entrepreneur Magazine back in 2012.<br />
<ol>
<li><i><b>Plan it on paper first.</b></i> What problem are
we solving? What differentiates our solution? What is our pricing
strategy? Who pays? How do we attract customers? How do we sell to these
customers? How long before cash positive? These are just a few of the
questions one should be asking BEFORE you create a logo, a website, or
even establish a name for your company? The process of writing succinct
answers that stand up to tough honest scrutiny is harder than you think
but it is an exercise that is well worth it. Though this business
planning process will not guarantee success it will most certainly
improve your chances tremendously. (Want to know “<a href="http://ht.ly/XBD3I" rel="nofollow" target="_blank">What to Include in Your Business Plan</a>”) </li>
<li><i><b>Start ‘soda straw’ small.</b></i> “I want to sell
our solution to lawyers.” “I want to provide our services to any tech
startup.” “This new CRM solution is for ANY small business.” These are
real examples from start-up founders who each had a minimal sales force.
The problem with this approach is the size of the customer target
dwarfs the typical staff and resources available to communicate with
this audience in any meaningful concentrated manner. The more effective
approach is to carve out a narrow segment of the target demographic (by
geography, specialty, etc...) and concentrate your resources accordingly
then prove your business model can succeed with that segmented
customer. Then, and only then, grow by pursuing new customer
demographics in “one vector off “ increments.</li>
<li><i><b>Be transparent.</b></i> Tell the team what the plan is (there is a plan - right?), who are the competitors, why are we different, how
are we going to grow, what the company can/will look like a year from
now, and how will we make that vision a reality. Saying that the plan is
in your head just doesn’t help anyone. Worse than that, keeping the
plan a ‘secret’ provides for the use of that number one of all excuses
when goals aren’t met, “I didn’t know.”.</li>
<li><i><b>Lead.</b></i> People want to be led. That is a
fact. A great work environment is one where there is personal
satisfaction for directly contributing to the growth of the company. I
heard from one CEO of a Fortune 100 company that his leadership style
was to “set expectations then inspect”. Perfect and succinct. So lead by
assigning clear roles and responsibilities, set measurable expectations
then inspect to ensure your plan is being followed and the team is
getting the support, training and resources they need to do their jobs.</li>
<li><i><b>Have a sales process.</b></i> Place as much
emphasis on the sales process as you do about making the product or
delivering the service. Sales is a respected profession and critical to
the success of any company. So handing the responsibility to the most
dynamic person, best golfer, best joke teller, or best looking person on your team is probably not the best approach. Sales
is a process - the process of gathering knowledge about your customer’s
problem so that you might devise a solution to best solve it. It is
therefore critical that your sales process reflects how your customer
buys similar products or services. Much like other specialty roles such
as operation, finance, and accounting, sales too takes skills, training,
and expertise. (Learn here about “<a href="http://blog.allegroconsultant.com/2014/12/the-buisness-owners-role-in-supporting-sales.html" rel="nofollow" target="_blank">The Business Owner’s Role in Supporting a Sales Team</a>”)</li>
<li><i><b>Measure the right things.</b></i> But don’t over
measure. Taking the temperature of the company is important to gauge
it’s health and how well your team is performing to the plan (there is
that word again!). Here are a few of my favorite things to measure:
qualified leads (marketing), win-rate/renewals (sales),
defects/rework/on-time delivery/production cost (operations), operating
cash flow (finance).</li>
<li><i><b>Be miserly.</b></i> Especially about
“non-value-added” expenses. If you would hesitate at all to itemize the
expense on a customer’s bill then think twice about spending the money.
Example: new office chair, plants, company flat company, especially in a startup, so treat it as a precious resource
.... because it is. (Here is a good article about cash flow management:
<a href="https://www.pnc.com/cfo/en/home/challenge/biggest-causes-of-cash-flow-problems.html" rel="nofollow" target="_blank">4 Biggest Causes of Cash Flow Management )</a></li>
<li><i><b>Seek out advice and be coachable.</b></i> Being a
good lawyer doesn’t automatically mean you have the experience to be the
CEO of your newly formed law practice. Same thing holds for a gaming
coder, software developer, or a doctor, engineer, or a chemist. And
lastly just because it was your idea or invention doesn’t mean you are
equipped with the skills to lead and grow a company. Sad to see an owner
finally grasp, “You mean the problem is me?” just before the business
is shuttered. Worse is everyone around him/her already knew this.
Running a growing thriving company is hard and requires talent and
expertise. If you have not gained that expertise through varied job
experiences then seek out those experts and LISTEN and ACT on their
advice.</li>
</ol>
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Need help with you Metro Atlanta, Georgia start-up? Let's have a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>. </div>
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<div class="separator" style="clear: both; text-align: left;">
<b>About the author</b>. Mike Gomez is President and CEO of
Allegro Consulting, a growth specialty firm in Atlanta, GA. Allegro has
been helping Georgia’s private business owners to plan and execute
strong growth strategies since 2002. Mike is a strategy and sales
process evangelist and coach with a tool chest built on direct experience in
international sales ($10B), strategy and program management. He is an advisor at Atlanta Tech Village, judge for Next Top Entrepreneur, a
prolific speaker, writer, former aerospace engineer, and pilot of both
aircraft and helicopters.
</div>
Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-26292268349657076012015-06-03T14:52:00.000-04:002016-05-23T10:49:34.116-04:00What A Jet Crash Can Teach A Business Owner - Piloting Your Company<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3652x1X1Ucx6oUYIT1IRzoStG0p0kFfXgULc_XcKdVNcoAYku8KJH5nLNleCB5hebU2H5AQSloVwX40K1w03GJ8NlJFTZgWwPM7Jb7ws2-rtFD3vZIQC2suqauAxmWn_p7OgAVSVNnx-q/s1600/crash2.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3652x1X1Ucx6oUYIT1IRzoStG0p0kFfXgULc_XcKdVNcoAYku8KJH5nLNleCB5hebU2H5AQSloVwX40K1w03GJ8NlJFTZgWwPM7Jb7ws2-rtFD3vZIQC2suqauAxmWn_p7OgAVSVNnx-q/s320/crash2.jpg" width="320" /></a></div>
You’d be surprised by the number of similarities between the most
common causes of military jet crashes and those of business failures. I
have a unique perspective on both having served on accident
investigation teams for the USN and Boeing and, for the last 13 years,
come to the aid of business owners of start-ups and established
businesses alike, striving to place their company on a sustainable
growth path. <br />
<br />
As a former Flight Safety Engineer for Boeing, one
of my responsibilities was to support accident investigations involving
our military jet fighters. As you might expect, the U.S. spends
considerable resources analyzing aircraft accidents and sharing the
findings. The reasoning is that if you can identify the causes and share
the results you can drastically reduce the chance of the accident from
happening again. The same should hold true for businesses. Right?<br />
<br />
Let’s
explore an accident I helped to investigate. It involved an F/A-18 at
an air show. The pilot was demonstrating the aircraft’s maneuverability
by performing a square loop. He crashed at the bottom of the loop -
striking the ground with such force that he broke his back, legs and
arm. Because the aircraft remained largely intact, we were able to pull
computers and memory, install them in a simulator, and replay the
flight, watching all the instruments as well as the stick and throttle
movements. <br />
<br />
We witnessed the simulator mimic the pilot as he
pulled the aircraft up into the vertical climb of the square. We paid
particularly close attention to the aircraft’s altitude and airspeed
indicators. I recall there was a collective gasp in the room when we saw
that the pilot had cut the top of the square too low to complete this
maneuver. The primary cause of this accident became immediately clear -
pilot error. <br />
<br />
What does this have to do with running a business?
Owners often make poor decisions when piloting their business in the
pursuit of growth. In retrospect most could easily be avoided with
strict adherence to a well thought out plan, assuming of course, there
is a plan.<br />
<br />
In this case the flight (<i>business</i>) plan was a square loop that the pilot (<i>business owner</i>) failed to execute properly. The maneuver (<i>plan</i>) required that he hold the climb (<i>Step 1</i>) for several hundred more feet before executing the pull at the top of the loop (<i>Step 2</i>). By deviating from the plan and not gaining the proper altitude (<i>cutting short the foundational work in the business plan</i>) the pilot (<i>business owner</i>) put his plane (<i>the company</i>) in jeopardy.<br />
<br />
Yet still, the pilot (<i>owner</i>) had a chance to minimize the damage (<i>save the company</i>)
when he cut short his ascent at the top of the loop. Realizing his
problem, the pilot still had two choices available: (1) Abort the
maneuver by simply rolling the aircraft upright and continue the show (<i>admit error and return to the plan</i>) or, (2) Proceed with the maneuver (<i>on a gut feeling</i>), thinking he could pull it out by sheer force of will. The pilot chose option two.<br />
<br />
So why would a pilot (<i>owner</i>), with all the instruments (<i>sales data, advisers, etc...</i>) telling him he is too low to complete the maneuver, proceed anyway? Let’s return to the accident investigation to find out. <br />
<br />
The
pilot was an very experienced Marine. He was a fireplug of a man who
worked-out with intensity. He took great pride in his shape, physical
strength and health. This is likely what saved his life but it was also a
contributing factor in the crash. He felt he could, through sheer
strength, pull the aircraft through this maneuver before hitting the
ground. Somewhere in the back of his mind he believed the rules for that
maneuver (<i>plan</i>) were designed for the average pilot (<i>owner</i>) and that he, with his above average strength and experience, could prevail where others might not. <br />
<br />
We
often see highly confident business owners act on instinct. They don’t
do the proper market research or long-term planning because they think
the rules don’t apply to them. And the outcome is almost always the same
- failure or a significant loss of cash burned (<i>crash and burn</i>) in the process.<br />
<br />
And
let’s not forget ego. The pilot had friends and family in the airshow
audience. This was a hometown crowd and the last day of the show.
Imagine how hard it would be to admit to his friends that he screwed up
and had to abort one of the more dramatic acrobatic stunts unique to
this aircraft. Think of the ribbing he would take when he landed. It
might have been awkward and a bit humiliating but surely a better
alternative than risking life and limb (<i>bankruptcy</i>), right? Not for this Marine. Aborting the maneuver was not an option.<br />
<br />
There
is something strange that happens the moment you add the title Owner,
President, or CEO to your business card. You become a performer. In a
way you view your employees, investors, business acquaintances,
customers, friends and family as members of a great audience. There are
expectations and preconceived notions you put in your head about how you
should perform (<i>run your business</i>). For example, never show
weakness or indecision, never admit you don’t know, never admit you made
a mistake, and never reach out for help. This, “I can not disappoint my
audience” mentality led this pilot to continue the maneuver and crash.
It has led business owners to do the same.<br />
<br />
The pilot miraculously
survived this accident, recovered from his injuries and eventually
returned to flying. This is rare for pilots and business owners alike.
Who knows how many pilot lives were saved from this investigation and
the sharing of his story. I hope the same will prove true for those who
are pilot-in-command of their business.<br />
<br />
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<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/IFSSJSFtd2k/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/IFSSJSFtd2k?feature=player_embedded" width="320"></iframe></div>
<br />
Want to become a better pilot for your metro Atlanta, Georgia business? Let's have a cup of coffee and talk about it. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author</b>. Mike Gomez is President and CEO of
Allegro Consulting, a growth specialty firm in Atlanta, GA. Allegro has
been helping Georgia’s private business owners to plan and execute
sustainable growth strategies since 2002. Mike is a strategy and sales
process evangelist with a tool chest built on direct experience in
international sales ($10B), strategy and program management. He is a
prolific speaker, writer, former aerospace engineer, and pilot of both
aircraft and helicopters.Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-41791233153403296102015-01-29T12:21:00.000-05:002016-05-23T11:20:04.218-04:00Thinking Strategically (versus Tactically)<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHqgI0pBwf6HAZ3nULftohCx47t_6qb7Jb7MqG7uBIc1jJK0AoxjaL0I12YSKyp-7DnB4YHNAn1U4quI4b3zepQmwZVFcV8uXfJPCE3n-kvibi4wKs4bSTgzXpR_YfLtHFBqxUWZFUB8nB/s1600/Einstein.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHqgI0pBwf6HAZ3nULftohCx47t_6qb7Jb7MqG7uBIc1jJK0AoxjaL0I12YSKyp-7DnB4YHNAn1U4quI4b3zepQmwZVFcV8uXfJPCE3n-kvibi4wKs4bSTgzXpR_YfLtHFBqxUWZFUB8nB/s320/Einstein.jpg" /></a></div>
January always seems to be a month for owners of start-ups and established companies alike to reflect on their business.<br />
<br />
Do I want this year to be different than last?<br />
<br />
Do I want to deal with the same issues (people), have to overcome the same challenges (sales win-rate), work the same hours (long), have the same number of sleepless nights (too many)?<br />
<br />
Most will know in their gut that a different outcome requires change. And for this ever so brief period of time they are on the cusp of thinking strategically about their business.<br />
<br />
But sadly, I have observed over and over again that they quickly revert to tactical thinking when searching for solutions. A new website. A new lead generation service. New CRM software. New social media initiatives ("we are going to be serious this year about blogging"). I have even witnessed an owner decide on the spot to invest in a booth design and commit to attending two expos as her solution to bolstering two previous years of lackluster sales. You can imagine the investment that tactical decision will cost.<br />
<br />
Steven Covey in his book, <i>The Seven Habits of Highly Effective People,</i> coined the phrase, "begin with the end in mind". He shared this lesson:<br />
<br />
"Begin with the end in mind means to start with a clear understanding of your destination. It means to know where you're going so that you better understand where you are at now and so that the steps you take are always in the right direction."<br />
<br />
Here is my business interpretation of his lesson:<br />
<br />
"Begin with the end in mind means to start with a clear understanding of
your strategic objectives. It means to know what you want your business to look like in 3-years (sales, operations, people) and, based on where you stand today, be certain the tactical decisions you make
are always in-line with the strategic plan."<br />
<br />
I have observed that most business owners are fairly comfortable thinking tactically. In fact they thrive on it. There is nothing that makes them feel better about themselves and their role in the company than solving a tactical problem. Strategic thinking, however, is a less common trait.<br />
<br />
I was going to write about what it takes to think strategically but I found an author who nailed this topic. Paul Shoemaker of Wharton's Mack Institute identifies and shares the "<a href="http://www.inc.com/paul-schoemaker/6-habits-of-strategic-thinkers.html" target="_blank">6 Habits of True Strategic Thinkers</a>" in this outstanding Inc. article. <br />
<br />
Strategically plotting a point on the horizon for your business and
letting that be the beacon to guide tactical decisions is how business
growth is most efficiently achieved.<br />
<br />
Want to build a growth strategy for your metro Atlanta, Georgia business? Let's discuss this over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>. <br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro
Consulting, a growth specialty firm helping businesses plan and execute
aggressive growth strategies. He grew his very first client’s business
from $8M to $35M in just two years. Mike is a strategist, sales process evangelist,
prolific speaker, writer, three-time marathoner, a former military
officer and pilot of both aircraft and helicopters. He is also a mentor at Atlanta Tech Village and Four Athens Tech Incubator. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a><br />
<br />
<br />Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-68359367887684371702015-01-05T16:26:00.000-05:002016-07-25T08:38:36.948-04:00I Resolve to... 10 Resolutions For Growth in the New Year<div class="separator" style="clear: both; text-align: center;">
</div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgS7FhMB-oyQRO5MV0PjxIFQ4p2CfzZ7Wn2XJ4hrq9vsJO51TOWX9kLJN6YJe3tdPYHdf3uuLE7fXNR936dLsxetDl_CrcUmVFE-25qTycTL7LZnOC1-718JktLyNbznZdKMObg1CPgXta-/s1600/resolve16.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="237" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgS7FhMB-oyQRO5MV0PjxIFQ4p2CfzZ7Wn2XJ4hrq9vsJO51TOWX9kLJN6YJe3tdPYHdf3uuLE7fXNR936dLsxetDl_CrcUmVFE-25qTycTL7LZnOC1-718JktLyNbznZdKMObg1CPgXta-/s320/resolve16.png" width="320" /></a>Beginning a new year offers us a time to reflect on the past and the future of our business - to think about what went well and where we might have fallen short of expectations. It is also a good time to make changes, to resolve to leading your business in a manner that assures steady progressive growth.<br />
<br />
Based on 12 years of experience working with privately-held business owners, this will typically mean doing things significantly different than you have in the past.<br />
<br />
To be a catalyst to this positive change, I offer my top ten resolutions for growth in 2015.<br />
<br />
<b>In 2016, I resolve to:</b>
<b> </b><br />
<ol>
<li>Have a well vetted, market-based plan that defines our future state in a measurable way (3-years and 1-year from now) - customer mix, sales, operations, etc.. </li>
<li>Share that plan with our employees so they too know what we are striving to achieve and how they can be a part of our success. </li>
<li>Operate to that plan - to get things done and hit milestones when we said we would - and that there will be real repercussions for failing to do so. </li>
<li>Not make a single spontaneous buying decision for professional services or capital equipment - I will let the plan dictate these important cash expenditures. </li>
<li>Know who we are competing against by company name. </li>
<li>Strive to differentiate from our competitors - and if we can’t - to out-market them as one would do if selling a commodity product/service like toothpaste, accounting services, banking, web development, etc.... </li>
<li>Know who are our target customers and that it be narrowly defined - consistent with the size of our marketing and sales force. </li>
<li>Recognize that all marketing activity has ultimately one purpose - to generate qualified leads for our sales force. Thus, I will plan our expenditures and measure its effectiveness accordingly. </li>
<li>Know and rationalize in business terms our social media presence/activity.</li>
<li>Make good hiring decisions - which are driven by the plan, and starts
with a written job description outlining the necessary experience and
performance expectations, pay and benefits.. </li>
</ol>
How many of these are you currently following? Need some help bringing these resolutions to life in you metro Atlanta, Georgia business? Let's talk over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
Wishing you the greatest success in 2016!<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro
Consulting, a growth specialty firm helping businesses plan and execute
aggressive growth strategies. He grew his very first client’s business
from $8M to $35M in just two years. Mike is a sales process and growth strategy evangelist,
prolific speaker, writer, three-time marathoner, a former military
officer and pilot of both aircraft and helicopters. He is also an advisor at Atlanta Tech Village and Four Athens Tech Incubator. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-47381706561279398232014-12-18T13:18:00.002-05:002016-05-23T11:19:39.348-04:00Overcoming Stalled Growth<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCi1LExKRqsdrRZni9iWUczW24rCUvZ8maRniC1J6w2VPetNNGbPAB-f7CKB8hHsWNFYxGDpjTwVJIYDlKMue5S-nmByNW38cRKrH4MA5diADf5L7YflUB0q01ap3ODazvwtrG42bH-VOs/s1600/traffic.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCi1LExKRqsdrRZni9iWUczW24rCUvZ8maRniC1J6w2VPetNNGbPAB-f7CKB8hHsWNFYxGDpjTwVJIYDlKMue5S-nmByNW38cRKrH4MA5diADf5L7YflUB0q01ap3ODazvwtrG42bH-VOs/s1600/traffic.jpg" width="320" /></a></div>
David Cummings, founder of Atlanta Tech Village, has a great blog site. In October, he wrote a blog titled, "<a href="http://davidcummings.org/2014/10/29/when-growth-stalls/#comment-91342" target="_blank">When Growth Stalls</a>". Having seen this issue in a wide spectrum of businesses I felt compelled to share my insights to a problem that brings about panic, regrettable spot decisions and actions, and doors being shuttered. David observed correctly that stalled growth can be attributed to
numerous factors. Here are just a few I have personally observed with clients:<br />
<br />
(1) Externally caused: new competitors (same product or better
product), market saturation, market disruptors (Uber, for instance), technology shifts, new consumer/business
trends, regulatory changes, new Google search algorithms that push your site to page 20.<br />
<br />
(2) Internally caused: excessive spending on non-value activity,
in-effective marketing spend, bad hires, no plan (long or short), loss of largest
client to rival, pursuit of non-core business opportunities, loss of core competency, lack of respect for competition.<br />
<br />
The first challenge to overcome stalled growth is to
accurately identify the cause (more likely causes). 12 years of consulting experience says that you, the owner/founder, may not be the best
person to uncover these causes. After all, stalled growth did not happen
in an instant and we humans have a remarkable way of seeing only what we want to see.<br />
<br />
There is a great Harvard Business Review study/article titled,
“Evolution and Revolution as Organizations Grow” that has achieved "classic” status because of its long standing relevance. The study
involved thousand of companies from all industry sectors. It concluded that
companies go through five stages of growth. Each stage is
preceded by mini “revolutions”. These revolutions can reveal themselves in dramatic ways such as the loss of a major customer. But they can also be insidiously subtle, a marketing initiative released prematurely or one of your team failing to know pricing changes before talking to a new customer. The author concluded from the data that growth occurs when leadership
recognizes those telltale signs and evolves both management style and
operating practices to address them. The companies that don’t “evolve”
stagnate or die.<br />
<br />
Here is an excerpt from the article: “The problems at these companies are rooted more
in past decisions than in present events or market dynamics. Yet
management, in its haste to grow, often overlooks such critical
developmental questions as, Where has our organization been? Where is it
now? and What do the answers to these questions mean for where it is
going? Instead, management fixes its gaze outward on the environment and
toward the future, as if more precise market projections will provide
the organization with a new identity.”<br />
<br />
Stalled growth has huge implications. These conditions add weight to the already burdensome challenge of being a business owner. Don't let ego prevent you from welcoming an outsider's perspective to determine the causes. This is not the time for guessing and attacking what you “think”
are the contributing factors. Such an approach can delay recovery at best or accelerate the death spiral.<br />
<br />
Want some help to define a new growth path for your metro Atlanta, Georgia business? Let's talk about it over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro
Consulting, a growth specialty firm helping businesses plan and execute
aggressive growth strategies. He grew his very first client’s business
from $8M to $35M in just two years. Mike is a growth strategy and sales process evangelist,
prolific speaker, writer, three-time marathoner, a former military
officer and pilot of both aircraft and helicopters. He is also an advisor at Atlanta Tech Village and Four Athens Tech Incubator. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-90519928472986525372014-12-12T15:29:00.001-05:002016-05-23T11:28:38.587-04:00The Handoff - A Business Owner's Role in Supporting A Sales Team<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTSGK2iMzj0jrLqRCg2uL4DvfUvSP1KY7itY9cxchfxtKqhVoL3IDZKbfnLBEYp6DbkfMm11y2TG2p-BDhOQvnvS_YlYf-nYUS9OSySejwf4_Ff5cUHXxzaUDxufgkiSdctjf7pYhrkg1I/s1600/relay2.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTSGK2iMzj0jrLqRCg2uL4DvfUvSP1KY7itY9cxchfxtKqhVoL3IDZKbfnLBEYp6DbkfMm11y2TG2p-BDhOQvnvS_YlYf-nYUS9OSySejwf4_Ff5cUHXxzaUDxufgkiSdctjf7pYhrkg1I/s1600/relay2.jpg" width="320" /></a></div>
I've just heard this story too many times not to share it as a learning moment.<br />
<br />
I
received a call from a salesperson asking for advice as he struggled to
meet his quarterly sales quota. I assumed he was calling looking for
new sales techniques or particular guidance on moving a client to close.
But this was not the case at all. Here is how the dialogue went:<br />
<br />
Salesperson says, “I’m selling a product in a market where I have a competitor selling the exact same thing.”<br />
<br />
I replied, “Same thing? You mean same features, same everything?”<br />
<br />
“Yes”<br />
<br />
“Are you more price competitive?”<br />
<br />
“No, not really. We offer trade in of older equipment to bring the price down but so does our competitor”<br />
<br />
“What about service?”<br />
<br />
“Yeah, we do support the customer better than they do.”<br />
<br />
”That’s good. But will your customer pay more for this better service?”<br />
<br />
“No.”<br />
<br />
“Interesting, so tell me what kind of direction have you received from the owner of the business you work for?”<br />
<br />
“What do you mean?”<br />
<br />
“Well, given the market realities you’ve outlined, how does your
owner expect you to win new business? Is he doing things to separate you
from this competitor? For example, specializing in a certain niche
(becoming experts and thus the preferred vendor) or using marketing and
strong advertising techniques to build brand preference (aka, Colgate vs
Crest toothpaste)?”<br />
<br />
“No, the only guidance I was given was, “Treat it like it’s your business.”<br />
<br />
Even the best salesperson will under-perform or fail under these conditions.<br />
<b> </b><br />
<b>It is not the salesperson's job to identify target customers and invent ways to differentiate.</b><br />
<br />
The role of the owner, President and/or CEO of a business is to equip
your sales team with the tools to be successful. At a minimum this
includes the following:<br />
<ul>
<li>A list of “target customers” </li>
<ul>
<li>those inline with the customer mix outlined in your short and long-range growth plan
</li>
<li>who match the profile of those who will value your product, expertise and/or differentiators</li>
</ul>
<li>The compelling story to support why clients should buy your product over competitors
</li>
<li>Who are the competitors the sales team can expect to face and what differentiates us from each
</li>
<li>A supportive marketing (lead generating, branding, demo tools, social media, samples, brochures, etc...) strategy
</li>
<li>The right sales tools and support (travel budget, conference
attendance, CRM, bid and proposal, quoting, etc...) - tools that
actually help the sales team do their job versus those that help the
owner monitor the sales force.</li>
</ul>
Given that only 28% of a salesperson’s time is spent in front of the
customer and about 50% of that time is actually selling (the rest is
prospecting (35%), relationship building (10%), and training (5%)), it
is imperative, you the owner, equip him/her with the tools to ensure it
is the right prospect and that he maximizes the productivity of that
time.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilTJyYdCURRTDSN12c2l8Aoytwn0zUMogkPkNHmf7rLc0qVxHmkIDiNabQMhlQdvwvgYiRwWyJ-FdXAfwy2bRD3L9TrxeJLvCyh_Xsio8VJ-Zu54xsqiqgS3iBU-jEeSGGliIgHCHcTxHL/s1600/SalesTime+2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilTJyYdCURRTDSN12c2l8Aoytwn0zUMogkPkNHmf7rLc0qVxHmkIDiNabQMhlQdvwvgYiRwWyJ-FdXAfwy2bRD3L9TrxeJLvCyh_Xsio8VJ-Zu54xsqiqgS3iBU-jEeSGGliIgHCHcTxHL/s400/SalesTime+2.png" /></a></div>
<br />
In my 12 years of consulting "under-performing sales" has been by far
the number one pain point with the blame typically placed squarely on
the salesperson or VP of Sales. It is not long into the engagement when
humility kicks in as the owner discovers it is their lack of a
long-range plan, a clear understanding of what makes them different, a
detailed knowledge of their competitors, and an ineffective or
non-existent marketing strategy that are the real culprits.<br />
<br />
Want to give your sales team the best chance for success? Let's talk about your metro Atlanta business over a cup of coffee. Contact me <a href="http://camptheriversedge.com/" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro
Consulting, a growth specialty firm helping businesses plan and execute
aggressive growth strategies. He grew his very first client’s business
from $8M to $35M in just two years. Mike is a growth strategy and sales process evangelist,
prolific speaker, writer, three-time marathoner, a former military
officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-62816836676770809532014-12-10T09:39:00.000-05:002016-05-23T11:31:32.313-04:008 Shortsighted Reasons Business Owners Don’t Plan<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYXvlAVz4pzJHOhBAQy6HeEAAhiMijJ699M0SkMudm904sSogRn6-G716dKUtfNlWAs_CSjahLeZWddtScUEVYe1onTHaZBCy7xKkOPmnGBHjgLxpe9ruEZsIDOf-V3hLBXX35hEfM6s1y/s1600/8balla.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYXvlAVz4pzJHOhBAQy6HeEAAhiMijJ699M0SkMudm904sSogRn6-G716dKUtfNlWAs_CSjahLeZWddtScUEVYe1onTHaZBCy7xKkOPmnGBHjgLxpe9ruEZsIDOf-V3hLBXX35hEfM6s1y/s1600/8balla.jpg" width="320" /></a></div>
I’ve been consulting with business owners for over 12 years. Clients typically call because sales are slumping or things are seemingly out of control. They feel lost about where things are going and are just along for the ride. When trying to diagnose what might be wrong I will always first ask to see the plan for their business. The common response, “What plan?” or they will point to their head and say, “it’s in here”.<br />
<br />
What has always intrigued me about this is when I ask an audience of private business owners to raise their hands if they are at all surprised to find that Coca Cola has a 3-year plan. Or Boeing. Or Target. No one raises their hands. “Of course they do!”, they would say.<br />
<br />
Yet when it comes to their own businesses - no plan at all. Remarkably, 90% of private business owners operate without a plan. The success/fail records support this.
So, why don’t they plan?<br />
<br />
Here are the 8 most common reasons I have heard for this shortsighted behavior.<br />
<br />
<b>(1) "I'd rather DO rather than plan."</b> Clients have said they would rather do anything than plan. Fix a machine, support a sales call, talk to a supplier, or review a new website. In doing these things they get immediate gratification of accomplishing something, of solving an immediate problem for the team. After all, they rationalize this is the role of the President and owner, to solve problems, to be an expert on all matters and keep the business humming along. Right?<br />
<br />
<b> (2) "It’s just not possible to do any long-term planning for MY business, it’s just too dynamic and unpredictable right now.</b>" “Mike, you don’t understand. My business is different.” Then they will site all the chaos they are managing through. Employee performance issues, a customer cutting their order in half, an upcoming conference to prepare for, a new competitor emerging, and the list goes on. “In such an environment, how do you expect me to do any long-term planning?<br />
<br />
<b> (3) "Time spent on this is just not worth the effort.</b>" Citing reasons (1) and (2) they will rationalize that it just doesn’t make sense to spend precious time on this priority right now. Some will further justify this position by recalling an instance where a plan was produced only to sit on a shelf - never to be referred to again.<br />
<br />
<b>(4) "I don’t know how.</b>" I have had owners tell me they intended to do this for years. Some even locked themselves away and stopped taking calls for the sole purpose of crafting a strategic plan. They admitted only getting as far as typing ...
“2014-2016 Strategic Plan”
...at the top of a blank Word document. They add that despite the fact there are numerous resources on the web for how to do this very important and impactful, cerebral activity “it is hard to have any confidence I am doing this right”. That’s not surprising. Building a quality, viable strategic plan takes experience just like any other discipline required to run a good company.<br />
<br />
<b>(5) "What if it’s not the right plan?"</b> Here is the logic behind this excuse. A plan puts our company on certain path. If the plan is wrong the path is wrong and that could spell disaster. “No plan mean I have the maximum flexibility to adjust in real-time based on the real-time dynamics of the business.” I’d like to see a CEO of any public company give this rationale to their Board of Directors or a startup to their principal investors.<br />
<br />
<b>(6) "I don’t want to be hand-cuffed on how I run my company."</b> A written plan means accountability. “Publicizing our plan means committing myself (the owner) to accomplishing certain things in certain timeframes, right?” Yes. “Me failing to meet written milestones may give others a reason to justify not accomplishing the tasks I assigned them.” We can’t have that now can we.<br />
<br />
<b> (7) "I’ve operated this long without a plan and it seems to be working for me."</b> Why change? This is one of my personal favorites because I invariably find abysmal marketing initiatives, costly bad hires, and expensive, ultimately aborted excursions into new markets that would not have otherwise been pursued had they been operating to a plan.<br />
<br />
<b> (8) "I don’t have time.</b>" “I know I should but things are just too busy right now for me to do any planning. Maybe later when things slow down.” Hint: they never do.<br />
<br />
As this year draws to an end you have an opportunity to reflect on your business and your leadership. What did you learn this year? About your competition? About yourself? About your customer? What did your company do well? Where are the weaknesses that should be addressed? There is no doubt you possess a wealth of quantitative and quantitative data - inside your head. But that jungled mess of important information benefits no one in there. The planning process draws that out and makes it actionable. And much like making a movie, the finished product becomes the actionable script for your business.<br />
<br />
Want to build a growth plan for your metro Atlanta business? Let's talk over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President and CEO of Allegro Consulting, a growth specialty firm in Atlanta, GA. Allegro has been helping Georgia’s private business owners plan and execute aggressive growth strategies for over12 years. Mike is a strategy and sales process evangelist with a tool chest built on direct experience in sales ($10B) and operations. He is a prolific speaker, writer, guest lecturer at UGA and GaTech, Next Top Entrepreneur judge, and start-up mentor at Atlanta Tech Village. Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-6776652903659662802014-11-26T13:25:00.000-05:002016-05-23T11:34:36.865-04:00The Elevator Pitch Challenge. Can You Say Yours In Two Floors (10 sec)?<div class="separator" style="clear: both; text-align: center;">
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Ah! The infamous "elevator pitch". How many of you have this refined in such a manner that you can actually give it in an elevator or any other setting for that manner?<br />
<br />
Why is this even important?<br />
<br />
Well here is a case where a strong elevator pitch can be valuable. At the start of nearly every Board of Advisory event at the Metro Atlanta Chamber of Commerce the host would send a microphone around the entire room giving everyone an opportunity to stand up and state your name, your company name and "what it is you do". There are several ways the moderator would keep this from consuming the entire time allocated for the event itself. One way was to restrict the person to saying this in three breaths (three sentences). Another was to limit it to 10 seconds. In other words, an opportunity to give your elevator pitch but to an audience of 50 to 100 local business leaders. This kind of scenario is not uncommon. Are you prepared for it?<br />
<br />
I use the following elevator scenario with my clients to hone their ability to clearly articulate what it is they do. <br />
<br />
"You just walked into the 3rd floor elevator at a shopping mall and just before the door closes an important business acquaintance you haven't seen in a long while squeezes in the door at the last second. He/she recognizes you and says, "Mike! Good to see you again. What are you up to nowadays?" He presses the first floor button. The elevator starts to move. How will you reply?"<br />
<br />
A typical elevator will cover two floors in 10 - 16 seconds. To allow for a response I suggest your pitch should last no more than 10 seconds.<br />
<br />
So now that we know how long it should be, what are the ingredients to a good elevator pitch? When stating what you do it should be, (1) clear enough for your grandmother to understand, (2) be stated in a manner that clearly sets you apart from others in your sector, and (3) is intriguing enough to warrant the following sincere (versus the brush off) reply, "Wow, that's interesting. I'd like to hear more. Let's get together for coffee." Of course, if the person is not in the market for your services another good response could be, “Interesting, I might know someone who could use your services.”<br />
<br />
The bottom line is be clear, be different, and be brief.<br />
<br />
Here is how the elevator ride would be for me.<br />
<br />
We see each other in the elevator and the business owner says, "Mike! Good to see you again. What are you up to nowadays?" He presses the first floor button. The elevator starts to move.<br />
<br />
I reply, “Good to see you Tom. I’m with Allegro Consulting, a 12 year old firm working exclusively with private companies on matters related to growing a sound business like strategy and process definition." <br />
<br />
In this 10 seconds I emphasized a key differentiator for my company, longevity, that we’ve been around longer than almost everyone of my competitors. I made it clear who I specialize in working with, “private(ly) (held) companies”. And, I gave two concrete examples of what I do for my clients. You noticed I didn’t say something vague like, “I help companies go to the next level.” even though this is the most common phrase I hear from potential new clients. The reason is this phrase can mean different things to different people. There is no doubt what strategy means and implied in that is, I help companies who are ready to grow based on a strategy.<br />
<br />
Was this helpful?<br />
<br />
Want to sharpen the elevator pitch for your metro Atlanta business? Let's talk about it over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro Consulting, a growth specialty firm helping businesses plan and execute aggressive growth strategies. He grew his very first client’s business from $8M to $35M in just two years. Mike is a growth strategy, and sales process evangelist, prolific speaker, writer, three-time marathoner, a former military officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-41145317692481192562014-11-21T09:07:00.000-05:002016-05-23T11:41:34.766-04:00Where is the script for your business? (Reprise)<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjepoFVrujZZT-aMG8ZpNcZFNVM9G8ElSDyzNCauSylAenyYffVIfiSabIwOapDO1oArO0BEJTwA3Wftrk71Tk2E4rY4fmbX1LOPvy2C_zVBnEGQXUeLjD586A6VhBNiE4tD3D2nA3RxkbF/s1600/movie-clapper+copy.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5674930369551248642" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjepoFVrujZZT-aMG8ZpNcZFNVM9G8ElSDyzNCauSylAenyYffVIfiSabIwOapDO1oArO0BEJTwA3Wftrk71Tk2E4rY4fmbX1LOPvy2C_zVBnEGQXUeLjD586A6VhBNiE4tD3D2nA3RxkbF/s320/movie-clapper+copy.jpg" style="cursor: hand; cursor: pointer; float: left; height: 245px; margin: 0 10px 10px 0; width: 320px;" /></a><br />
<b>This was one of my earlier and more popular blogs. I thought it would be appropriate to dust it off and republish it because it is invariably this time of year when business owners begin to reflect on the past year and the new one just around the corner. I hear these quotes most often: "Maybe we should do things differently next year." or "I'd sure like to feel like I am in more control of our growth." or "I am ready to take it to the next level." Maybe this article will add additional motivation to change. Enjoy.</b> <br />
<br />
I was speaking to a large gathering of business owners and was asked whether there was an inherent conflict between planning for growth and the more free spirited entrepreneurial-like approach - where you stay agile and react to opportunities as they arise (i.e., operate without a plan). This was a great question as it addresses a big misconception about planning - that it somehow hand-cuffs a business.<br />
<br />
To answer the question I asked the audience to imagine themselves accidentally walking onto the set of a movie production. Then imagine grabbing the megaphone and asking everyone on the set to freeze for a moment and to please hold up their script for the day. In this case, none of us would be too surprised to see that the cameraman, the director, the soundman, the actors, and even the caterers will all be able to produce a script for that specific day. The cameraman will know which cameras he has to have ready and where they should be staged. Because of the script, the actors will know the lines and the scenes they are expected to be ready for. And the script will reveal to the caterers how many meals they have to prepare for and where they will be served that day. You see, a movie will never come together without a script.<br />
<br />
Now take that same megaphone into your own business and ask your leadership team and employees to produce their script for the day. How will they react to this request? I suspect most will give you that “deer in the headlights” look.<br />
<br />
There is not a producer in the world or investor that would pursue a movie production without a well written script. The idea is simply preposterous. Yet most of us will run our businesses without one.<br />
<br />
The script for your company is a plan - a simple concise document which aligns your team around a common objective or end-state that is consistent with your vision and market conditions. And, like the script for a movie, there are portions written specifically for specialized roles. Sales, operations, finance, human resources, marketing should each have a script which defines the specific tasks they must complete (and when) to keep your “movie” progressing.<br />
<br />
The script governing the day-to-day operations are process documents which describes how a product or service is produced and delivered within your company.<br />
<br />
You will find that businesses that grow consistently year after year operate to a well vetted long-term (3 yr.) and short-term (1 yr.) plan. It is the plan they refer to BEFORE making a hiring decision, investing in capital equipment, or spending precious cash on marketing campaigns and website improvements. It is also the plan that will guide them when building and executing a sales strategy.<br />
<br />
These same growing companies also recognize that the process by which they produce a product or service can impact competitiveness. By documenting critical processes they eliminate the risk of being dependent on any one person’s memory or contribution. It also gives them a foundation from which to explore innovative changes that will improve efficiency and thus increase profitability.<br />
<br />
Now I hope I have convinced you that, like a movie, your business too requires scripting. Can you imagine actors, cameramen, and set designers coming to a specific location and then left to their own to interpret the verbal instructions of the producer’s vision for a movie. It would be chaotic at best with numerous costly ventures down one frustrating dead-end after another. Entrepreneurial or not, is this the atmosphere for a growing thriving business? No.<br />
<br />
So, where is the script for your business? It is worthwhile to note that since 1980 over 70% of the winners of the Academy Award for best picture also received the Oscar for best screenplay – the script.<br />
<br />
Want help to build your "script"? Let's talk over coffee about where you want to take your metro Atlanta business. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro Consulting, a growth specialty firm helping businesses plan and execute aggressive growth strategies. He grew his very first client’s business from $8M to $35M in just two years. Mike is a sales process evangelist, prolific speaker, writer, three-time marathoner, a former military officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-9819829107665896962014-11-10T20:18:00.000-05:002016-05-23T11:44:33.000-04:00Is your business an orange among a lot of oranges?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGQQg8zjrbzROsPIbJG2ocRnrRqOiJ9-1fvEgehgC47r4OHzjV95Nudp-0Neq2n-9PJSqFzpgmMdQvN6TOybUn3nCtMjB53aNdJJGMB6WJoaEljCdXpmzHCGL4w6X4CZH962xbRz-A4JA4/s1600/Clementines.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGQQg8zjrbzROsPIbJG2ocRnrRqOiJ9-1fvEgehgC47r4OHzjV95Nudp-0Neq2n-9PJSqFzpgmMdQvN6TOybUn3nCtMjB53aNdJJGMB6WJoaEljCdXpmzHCGL4w6X4CZH962xbRz-A4JA4/s320/Clementines.jpg" /></a></div>
I gave a talk to business owners about the importance of having a targeted marketing and sales strategy (#5 on my 10 Essential Elements to Long-Term Growth). In that talk I showed why companies who thrive are laser focused in defining to whom they want to sell their products or services. This is especially true with start-ups or small companies where a limited marketing budget and a small sales force is the norm. The analogy I use most often to stress this point is the game of darts. How silly would it be to play darts without a dartboard? Yet I routinely see owners liberally handing out darts to their sales team with no dartboard in sight - all the while still expecting them to regularly hit a bullseye (customer).<br />
<br />
It was after this presentation that a question was posed, “How do I decide who to target?”<br />
<br />
Bingo! That is exactly the question I wanted these business owners to ponder.<br />
<br />
I’m sorry to say that you won’t find the answer here in this blog. Why? Because the process to decide this requires an extensive internal company assessment and external market analysis.<br />
<br />
I can, however, give you one step in that process. Answer this question, "How are you different from competitors in your industry or sector?" Figuring out what’s different about your business will then lead to identifying companies who value that difference - and thus whom you should consider targeting.<br />
<br />
Unfortunately, most of us are in “commodity” businesses. In other words, within our industry sector we are simply an orange sitting on a stack of oranges. Unless you've intentionally done something to separate yourself, this is likely true whether you are a marketing firm, lawyer, dentist, any broker, web designer, staffing company, accounting firm, bank, dry cleaners, insurance company, real estate agent, etc ... Are you getting the picture? Even a company like Boeing is an orange. The difference for them is the stack of competing oranges is rather small (only four commercial aircraft builders in the world). If we could all be so lucky to compete against just four rivals. <br />
<br />
The challenge for every business owner is to decide (1) do I simply compete as an orange - knowing I will have to out-market (advertise, SEO, etc...) all the other oranges in my sector and accept that price will drive most decisions or (2) narrow the competing field by specializing - become unique - a blood orange, naval orange, or clementine for example. There is no right or wrong answer here. The downfall comes by being unaware, in denial, or worse yet, think you have something unique when in fact you don't.<br />
<br />
Here is a quick example. <a href="http://cordellcordell.com/">Cordell and Cordell</a> is a law firm. I think we all know how many law firms there are in this world (that stack of oranges is a mile high). Recognizing this, Cordell and Cordell chose to specialize - they became a domestic litigation firm further specializing in men’s divorce - a blood orange (no pun). In doing so, they reduced the size of the competition significantly. And by fully embracing this strategy they know clearly who they want to serve (target) as a customer. They have even gone so far as to own and manage the content of <a href="http://mensdivorce.com/">mensdivorce.com</a> and <a href="http://mensrights.com/">mensrights.com</a>. Brilliant!<br />
<br />
I have a friend who once defined his firm as a marketing company. He eventually recognized he was in a very crowded market (lots of oranges (marketing firms) here in Atlanta). Every engagement became a competitive race to the bottom in price. He decided to change course, to specialize in just one aspect of the marketing spectrum - marketing communications, even further specializing in presentations. He created a brand called <a href="http://www.presentationtuneups.com/">Presentation Tune-ups</a> and is now much clearer about who specifically he is targeting for his specialized service. And much like the lawyer example above his relationships, first built around presentations, eventually encompasses other marketing related services. <br />
<br />
So ask yourself, are you an orange competing against other oranges? If so, how will your customer choose your orange from the rest on the stack? What does your dartboard look like? Or, have you made yourself a unique enough orange to warrant being placed in a different bin, with the ability to command a higher price, and a much clearer understanding of the bullseye your marketing and sales force are aiming at.<br />
<br />
Tired of being an orange among all the other oranges? Let's talk over a cup of coffee how we can define a way to make your metro Atlanta business unique. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro Consulting, a growth specialty firm helping Georgia business owners take their company "to the next level". He grew his very first client’s business from $8M to $35M in just two years. Mike is a sales process evangelist, prolific speaker, writer, three-time marathoner, a former military officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-27524294979710715782014-10-30T13:49:00.000-04:002016-05-23T11:57:45.789-04:00Is your sales strategy right or wrong? How do I know?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCrPG4Rpfgm2RZsYYhsvs_0cRKWoQ-qJbuQcBHRXvjoC-B3oMauxY4zxpYIY7MInZYvGZoBEyOnHAiS_gUjKLiq_m0uOBmiF-RI9kS8nQv-kGf4OiMBmmru8cwfGvFpCAeZT1eDmE10g8O/s1600/rtorwrg.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCrPG4Rpfgm2RZsYYhsvs_0cRKWoQ-qJbuQcBHRXvjoC-B3oMauxY4zxpYIY7MInZYvGZoBEyOnHAiS_gUjKLiq_m0uOBmiF-RI9kS8nQv-kGf4OiMBmmru8cwfGvFpCAeZT1eDmE10g8O/s320/rtorwrg.jpg" /></a></div>
A prospective client was sharing some stories from an ongoing large sales opportunity they are pursuing. He concluded with this statement, “I think we have the right strategy <u>now</u>.”<br />
<br />
I replied, “How do you know?” That caused a long thoughtful pause.<br />
<br />
He admitted he had no way of knowing the answer to this question. And based on his use of the word "now" he had thought other strategies they had pursued was the "right strategy”. So how much confidence can you place in his latest declaration?<br />
<br />
Let’s take a moment to explore what makes something right or wrong.<br />
<br />
We have all taken test before and told whether we got an answer right or wrong. In this environment someone made a decision and documented what he/she views as the right answer to a given question. Your answer is deemed right or wrong by making a relative comparison against this known criteria. But what about passing a right or wrong judgment on something like the paint color your teenage son chooses for his bedroom. Most would say this is not possible as there are no hard rules from which to make a relative comparison. Not so fast my friends. I’d argue that if Dad has the final say on the paint color for the room then he and his personal tastes will determine right or wrong.<br />
<br />
So where does a sales strategy fit in this spectrum. Is it vague and thus fall into the category of personal tastes or is it more concrete like a school exam?<br />
<br />
My experience says it is a combination of the two. And the way you determine if the strategy you chose is right or wrong is by making a relative comparison to what you know about the formal and informal rules of how the buying decision will be made and the personal views and opinions of the people participating and/or influencing the process.<br />
<br />
People make buying decisions not companies. And because they are people, their personal biases and interests will always be a factor.<br />
<br />
Knowing which biases and how much of a factor is your sales challenge. Having a formal process in place to make this relative comparison is your company’s challenge.<br />
<br />
Are you chasing an important complex sales opportunity in metro Atlanta? Want to improve your chance of winning by subjecting your sales strategy to some outside seasoned scrutiny? Let's talk over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro Consulting, a growth specialty firm helping businesses plan and execute aggressive growth strategies. He grew his very first client’s business from $8M to $35M in just two years. Mike is a sales process evangelist, prolific speaker, writer, three-time marathoner, a former military officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-80916708341053260432014-07-03T12:37:00.001-04:002016-05-24T18:14:25.060-04:005 Lessons Building My New Fully Responsive WebsiteEvery three years or so my company website starts to look and feels stale and dated. I don’t know if there is a study out there to back this up but this is what my 12 years of consulting experience (8 years with a website) has taught me. It has become clear that people’s expectations for a website “experience” are constantly evolving. Social platforms like Twitter, Facebook, Pinterest, and Instagram, and YouTube have influenced the web audience to desire bite sized pieces of information preferably through media such as videos and telling photos. On line stores like Amazon too have influenced expectations along these lines.<br />
<br />
I am a consultant. I help businesses who are struggling for one reason or another. My clients are serious people burdened and kept awake by serious challenges. If things have gotten to a point where they need an outsider to help you can bet they are prepared to research options. My old website was tailored to that research. It provided the client some things to think about in the way of solutions and why I was the best guy who could help. But now even this audience wants the same type of information presented differently - in meaningful bite sized nuggets.<br />
<br />
Oh, and one other observation. Two years ago less that 1% of my web traffic came from devices other than a desktop. Today 21% of my traffic is from mobile or tablets.<br />
<br />
My old content ladened, static website had run its course. (Good bye old friend - you served us well).<br />
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So you might be asking, because of the title of this article, why I took on the challenge of designing and building a website myself rather than contract the project to a web developer or marketing firm. I have three reasons for doing this. First reason, given the importance a website is to any business I feel as a consultant I must know enough about the process to credibly advise my clients through it.<br />
<br />
Secondly, so I know what kind of effort and skills are involved and thus the value attached to such a project. And the third reason is to fully understand what a business owner must know about his/her business and customer BEFORE he/she begins this undertaking.<br />
<br />
That said here are the top five lessons I learned from this one-month project:<br />
<br />
<b> 1. Know everything about your business - your growth plan and your target customers.</b> This is not something you casually hand off to a marketing firm or web developer to figure out. You should be able to articulate your 3-year strategy (your web presence is but a tool to help get you there), details about current state (customer/product mix etc...), your target customers, your competitors, and the landscape in which you compete. With regard to your customers, you should know how they shop, what they value about your company, what products and services they favor, and what their expectations are when they land on your site. (By the way, this is by far the most requested service of <a href="http://www.allegroconsultant.com/index.html">Allegro Consulting</a> - growth strategy development.)<br />
<br />
<b> 2. Know the difference between the skillsets of a web developer versus a marketing firm.</b> Web developers are best equipped to bring functionality to your website whereas marketing firms bring creativity and design. Asking a web developer about layout, colors or the appropriateness of artwork would be like asking the carpenter to design your house. Likewise, expecting a marketing firm to efficiently create the coding for a web form or transaction integration would be equally outlandish. To get the most out of this important marketing spend, task the experts to do only what they are most trained for.<br />
<br />
<b> 3. Don’t outsource the content.</b> Once again if you know your business and you know your customer then you know best how to connect with them. Sure it is ok to have a third party edit your writing but you have to take charge of the messaging. This is not something you outsource.<br />
<br />
<b> 4. Web audiences will scroll.</b> It used to be that you had to worry about putting the most important content “above the fold”. This is no longer the case. Thanks to Facebook and Twitter people are now use to scrolling and will automatically do this when on a website. Here is a great <a href="http://iampaddy.com/lifebelow600/">article</a> on this subject.<br />
<br />
<b> 5. Preserve your URLs.</b> If you have a strong Google ranking be careful about how you introduce change to your website - especially the URLs I learned it is very important that you do whatever you can to preserve your old URLs (exactly) even if they are not an ideal name for your pages. Don’t throw them away as there is valuable Google history there. If you can’t use them in your new rebuilt site use a 301 redirect rather than discard. Here is an <a href="https://support.google.com/webmasters/answer/93633?hl=en">article</a> about that.<br />
Let me know what you think of <a href="http://www.allegroconsultant.com/index.html">my new website</a>. BTW - I used a pretty impressive tool to build it - a company called <a href="https://webflow.com/">Webflow</a>.<br />
<br />
Remember, your website is a marketing tool and the role of marketing is to attract "qualified" prospects. It is incumbent on you to understand what is a "qualified" prospect and how they go about researching then buying your type of product or service. It is also your job to know what differentiates you from alternative choices. Don't spend the time or money creating a new website until you know this information cold. These are the topics covered in a well run strategic planning engagement. And this is what Allegro has been doing for metro Atlanta businesses for over 14 years.<br />
<br />
Let's talk about your business over a cup of coffee. The first cup is on me. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro Consulting, a growth specialty firm helping businesses plan and execute aggressive growth strategies. He grew his very first client’s business from $8M to $35M in just two years. Mike is a growth strategy and sales process evangelist, prolific speaker, writer, three-time marathoner, a former military officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>
Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-65182640971396131062014-05-09T16:27:00.000-04:002016-05-24T18:17:38.122-04:00The Worst Sales Direction EVER! “Treat it like it’s your own business.”<!--[if gte mso 9]><xml><w:WordDocument><w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel><w:DisplayHorizontalDrawingGridEvery>0</w:DisplayHorizontalDrawingGridEvery><w:DisplayVerticalDrawingGridEvery>2</w:DisplayVerticalDrawingGridEvery><w:DocumentKind>DocumentNotSpecified</w:DocumentKind><w:DrawingGridVerticalSpacing>7.8</w:DrawingGridVerticalSpacing><w:View>Normal</w:View><w:Compatibility></w:Compatibility><w:Zoom>0</w:Zoom></w:WordDocument></xml><![endif]-->
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I've just heard this story too many times not to share it as a learning moment.<br />
I received a call from a salesperson asking for advice as he struggled to meet his quarterly sales quota. I assumed he was calling looking for new sales techniques or particular guidance on moving a client to close. But this was not the case at all. Here is how the dialogue went:<br />
Salesperson says, “I’m selling a product in a market where I have a competitor selling the exact same thing.”<br />
I replied, “Same thing? You mean same features, same everything?”<br />
“Yes”<br />
“Are you more price competitive?”<br />
“No, not really. We offer trade in of older equipment to bring the price down but so does our competitor”<br />
“What about service?”<br />
<br />
“Yeah, we do support the customer better than they do.”<br />
”That’s good. But will your customer pay more for this better service?”<br />
“No.”<br />
“Interesting, so tell me what kind of direction have you received from the owner of the business you work for?”<br />
“What do you mean?”<br />
“Well, given the market realities you’ve outlined, how does your owner expect you to win new business? Is he doing things to separate you from this competitor? For example, specializing in a certain niche (becoming experts and thus the preferred vendor) or using marketing and strong advertising techniques to build brand preference (aka, Colgate vs Crest toothpaste)?”<br />
“No, the only guidance I was given was, “Treat it like it’s your business.”<br />
Even the best salesperson will under-perform or fail under these conditions. <b>It is not the salesperson's job to identify target customers and invent ways to differentiate.</b> The role of the owner, President and/or CEO of a business is to equip your sales team with the tools to be successful. At a minimum this includes the following:<br />
<ul>
<li>A list of “target customers” </li>
<ul>
<li>those inline with the customer mix outlined in your short and long-range growth plan
</li>
<li>who match the profile of those who will value your product, expertise and/or differentiators</li>
</ul>
<li>The compelling story to support why clients should buy your product over competitors
</li>
<li>Who are the competitors the sales team can expect to face and what differentiates us from each
</li>
<li>A supportive marketing (lead generating, branding, demo tools, social media, samples, brochures, etc...) strategy
</li>
<li>The right sales tools and support (travel budget, conference attendance, CRM, bid and proposal, quoting, etc...) - tools that actually help the sales team do their job versus those that help the owner monitor the sales force.</li>
</ul>
Given that only 28% of a salesperson’s time is spent in front of the customer and about 50% of that time is actually selling (the rest is prospecting (35%), relationship building (10%), and training (5%)), it is imperative, you the owner, equip him/her with the tools to ensure it is the right prospect and that he maximizes the productivity of that time.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilTJyYdCURRTDSN12c2l8Aoytwn0zUMogkPkNHmf7rLc0qVxHmkIDiNabQMhlQdvwvgYiRwWyJ-FdXAfwy2bRD3L9TrxeJLvCyh_Xsio8VJ-Zu54xsqiqgS3iBU-jEeSGGliIgHCHcTxHL/s1600/SalesTime+2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilTJyYdCURRTDSN12c2l8Aoytwn0zUMogkPkNHmf7rLc0qVxHmkIDiNabQMhlQdvwvgYiRwWyJ-FdXAfwy2bRD3L9TrxeJLvCyh_Xsio8VJ-Zu54xsqiqgS3iBU-jEeSGGliIgHCHcTxHL/s400/SalesTime+2.png" /></a></div>
In my 12 years of consulting "under-performing sales" has been by far the number one pain point with the blame typically placed squarely on the salesperson or VP of Sales. It is not long into the engagement when humility kicks in as the owner discovers it is their lack of a long-range plan, a clear understanding of what makes them different, a detailed knowledge of their competitors, and an ineffective or non-existent marketing strategy that are the real culprits.<br />
<br />
Want to grow your metro Atlanta business? Let's talk over a cup of coffee about what we can do to give your sales team the right tools for success? Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro Consulting, a growth specialty firm helping businesses plan and execute aggressive growth strategies. He grew his very first client’s business from $8M to $35M in just two years. Mike is a sales process evangelist, prolific speaker, writer, three-time marathoner, a former military officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a><br />
Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-47234467934474699822014-04-08T15:17:00.000-04:002016-05-24T18:24:59.502-04:004 Steps To Give New Luster to Your Mentor Program<div class="separator" style="clear: both; text-align: center;">
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<i>“Great facilities, a dynamic/stimulating environment and a diverse group of experienced, accessible and talented mentors”</i> Few will argue that these are the three pillars of a great startup accelerator or incubator. Places like the <a href="http://atlantatechvillage.com/about/mission">Atlanta Tech Village</a> (Atlanta, GA), <a href="http://www.fourathens.com/about/">Four Athens Tech Incubator</a> (Athens, GA), and the <a href="http://capitalfactory.com/">Capital Factory</a> (Austin, TX) provide the proof.
I doubt anyone reading this article will be surprised then to see a budget line item for these facilities called “building maintenance and upkeep”. You are also likely see a budget line item for “events and functions” to foster the environment they desire for “serendipitous interactions” (as Atlanta Tech Village calls it). But what about that third pillar - the mentors? What should operators of these accelerators and incubators do to proactively maintain the luster of their mentor program? As a mentor in two of the above named facilities I’d thought I share a few recommendations.<br />
<br />
<b>(1) Teach</b> - <b>a.</b> <i>to cause or help to learn how to do something by giving lessons, showing how it is done, etc.</i>
If you think about it from your client’s perspective (members of your incubator), the idea that you can get something (advice) for free is downright suspicious; there’s got to be a catch. This is a mindset that will have to be overcome. The other hurdle is the misguided view that being an entrepreneur means you go at it alone, with an energy drink, the shirt on your back and the few coins in your pocket. By proximity accelerators and incubators encourage interaction among peers. But specifically reaching out to advisers will most certainly require a nudge or two.
So as you can see, having an A-list of mentors on your roster is not enough. Without a proactive program to encourage mentor engagement both sides will lose. The startup will miss out on valuable advice and years of lessons learned and the mentors will be underutilized and begin to look for other venues where their talents are sought.
<b> </b><br />
<br />
<b>(2) Promote</b> - <b>a.</b> <i>to help the growth or development of,</i> <b>b.</b> <i>to look after or assist the growth of by labor and care,</i> <b>c.</b> <i>to provide publicity for</i>
Here are a few ideas on how you can promote your mentors and your mentorship program - thus encouraging engagement:
<br />
<ul>
<li>When mentor holds “office hours”, make sure it is publicized well in advance through all your different communication channels. On the day itself, be sure it is well known that they are on-site.
</li>
<li>When a mentor attends an event at your location or an event you are sponsoring - take a moment to recognize their presence.
</li>
<li>Follow their Facebook page, their LinkedIn company page, their blog, and their Twitter handle if they have one. This is easy stuff but important because these deeds reveal to your community the level of admiration, trust and respect you have for their expertise.
</li>
<li>Introduce, through periodic articles or interviews, each mentor to your community so they can gain greater insight into who they are and what make’s them tick.
</li>
<li>Hold periodic mentor meet and greets.
</li>
<li>And when worthy advice is shared, let the community know about it through channels like Twitter or Facebook.</li>
</ul>
<b>(3) Include</b> - <b>a.</b> <i>to contain in a group or as part of something</i>
A mentor should never feel like an outsider or a visitor to your accelerator/incubator. Make your access policy decisions with this in mind. Things to consider here:
<br />
<ul>
<li>Special badging to enter facilities
</li>
<li>Invitation to attend events.
</li>
<li>Discount or no fee to attend sponsored events
</li>
<li>Internal access to accelerator calendar/portal/WiFi.</li>
</ul>
Yes, you may run the risk of people abusing these privileges. If they do, confront them early. If they persist, dismiss them. I don’t believe this is a problem worthy of keeping your mentors at arms length and on the outside looking in. On the contrary, the more they feel like an important pillar of your organization the more rock solid their support and contributions will be.<br />
<b> </b><br />
<b>(4) Cull</b> - <b>a.</b> <i>to reduce or control the size of by removal of especially weaker animals as a means of population control</i>
Every once in a while it is important to cull the herd, to keep those that take the role seriously and contribute to the environment you are trying to foster, and weed out those who don’t. Though this may be awkward (to fire a mentor), it is best for the mentors and the clients you serve.
Mentors, when actively engaged, can be a difference maker for your accelerator or incubator clients. The experience, wisdom and tough love they share can speed up success or the critical think necessary for a pivoting decision. But it’s not enough to just have a compelling list of mentors on your roster. Like your other pillars (the facilities and atmosphere), your mentor program too requires care and nurturing. Be proactive managing your mentor program. Teach your clients how to use them. And then share the success stories and their impact. Soon you will find that your mentors are as sought after as the Red Bull in fridge.
<b> </b><br />
<br />
<b>Update 2016: </b>Atlanta Tech Village has implemented all of these recommendations. They have made it a priority to promote their mentor program in 2016 to see if the quality and number of interactions between the Villagers and the mentors improves.<b><br /></b><br />
<br />
Want to talk more about these recommendations or your mentor program? I'd be glad to. Feel free to contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b>About the author.</b> Mike Gomez is President of Allegro Consulting, a growth specialty firm helping startups and establish businesses plan and execute aggressive growth strategies. He grew his very first client’s business from $8M to $35M in just two years. Mike is a growth strategy and complex sales expert, prolific speaker, writer, three-time marathoner, a former military officer and pilot of both aircraft and helicopters. <a href="http://www.allegroconsultant.com/">www.allegroconsultant.com</a>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-38963815468001575062014-03-05T08:28:00.000-05:002016-05-24T18:48:38.865-04:008 Growth Tools Every Business Owner Should Know, Have and Use<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivAGTmTVyS98BrZD3yn2kFGecU25H9c2FHI_otI8BEP7cS4IoOWKUhloQQuJCT0OW2_85fSTqrkVpYsKrlwDCyOk2HZdAhGOKAEVHRDRd5nPbu1gwp70waiHgNL_bA-wMlG3xpVP5Uhbx7/s1600/toolbox-1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivAGTmTVyS98BrZD3yn2kFGecU25H9c2FHI_otI8BEP7cS4IoOWKUhloQQuJCT0OW2_85fSTqrkVpYsKrlwDCyOk2HZdAhGOKAEVHRDRd5nPbu1gwp70waiHgNL_bA-wMlG3xpVP5Uhbx7/s320/toolbox-1.jpg" /></a></div>
You need a good nail-gun, a saw and more to be a carpenter.<b> </b>To be a car mechanic you need a wrench, a computer code reader and a good socket-set to name a few of the essential tools.<b> </b>If you are a regular mountain climber then you likely have good rope, and plenty of high quality caribiners in your tool chest. So, what are some of the important tools required if you are the CEO of your start-up or established business. <br />
<br />
<b>#1 Business Plan (for start-ups)</b>:
An exercise and accompanying document you complete PRIOR to launching a new business. Properly done it will force you to be clear on what your business is all about, the product or service you deliver, how you plan to deliver it, and supporting evidence for why customers will buy from you over competing alternatives. It will also tell you how much money you need to keep the business operating effectively before you are producing sufficient cash flow to cover operating expenses.
Experience says you will find this document will be obsolete in the first six months of operations as real life will be surprisingly different than your assumptions. Regardless, this step is critical to success.<br />
<br />
<b>#2 Strategic Plan (for established businesses):</b>
An exercise and accompanying document that combines your future vision of the business and real life market realities to define in a measurable way what your company will look like 2 to 3 years from now. It is the spot on the map you select before getting into your car for a road trip. Customer mix, revenue, market penetration, operations and people are all addressed in this document. A well done strategic plan will leverage you current strengths, acknowledge and address weaknesses, exploit market opportunities, and counter external threats. Everyone in your company should know your strategic plan - this is how you create an “aligned” workforce.<br />
<br />
<b>#3 Tactical Plan:</b>
An annual document that defines specific actions (beyond day to day operations) to be taken by specific individuals in a specific time-frame (usually quarterly) that will incrementally move your company one step closer to the Strategic Plan goals. If you were to envision your business as a movie, this would be the “script”. You are the director and your employees, the actors. You are tasked with completing this movie on time and with no overruns.<br />
<br />
<b>#4 Targeted Customer:</b>
Exactly who did you design your product/service for? It is not “everyone”. Your target customer is the bullseye of your sales dart board. The better you are able to describe the critical attributes (job, race, gender, age, income, business, hobby, etc...) the better and more efficient your marketing and sales force will be in finding and winning them.<br />
<br />
<b>#5 Sales Strategy:</b>
A process where you analyze the depth and breadth of your market opportunities, the intensity of the competition you expect to face, and given resources you possess to devise a sales plan of attack. Similar to war planning you may choose a broad strategy that secures a large number of small victories or concentrate your resources to score a big impactful strategic win. It defines how and where you will deploy your limited resources as well as the weaknesses of you competition you plan to exploit to win new business.<br />
<br />
<b>#6 Marketing Strategy:</b>
Marketing is all about generating qualified leads for your sales team to close on. Developing a marketing strategy is a left brain activity as it involves analysis and critical thinking. A well done marketing strategy involves analyzing your customers (who they are and how they buy) then exploring and selecting the most effective tools (web, social media, billboard, collateral, TV commercials, car wrap) within given financial constraints to garner their interest. You compete and hire marketing experts and service providers for their right brain creative skills to implement your strategy.<br />
<br />
<b>#7 Sales Process:</b>
A replicable and thus written method for how you take a warm lead and turn him/her into a happy customer. As you might expect this is one of the most important steps in your business processes and should not be relegated to the personal techniques of any given salesperson. In addition to more consistent win rates, a defined sales process will allow you the owner to engage in a conversation with any of your sales team and know exactly who is in the funnel and where they are in the sales cycle.<br />
<br />
<b>#8 Critical Processes:</b>
Those unique, replicable steps your company completes to generate leads, win business, deliver a consistent product or service and collect financial compensation. Documenting these steps provides two major benefits, (1) reduces risk by creating a back-up should you be unfortunate to lose a critical employee with all of the corporate memory due to a job change or accident and, (2) it establishes a baseline upon which to develop improvements. Say your company name is XYZ then what makes your product an XYZ product or service performed and delivered the XYZ way?
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman"; font-size: 11pt;"> </span></b><br />
<br />
<span style="font-family: "times new roman"; font-size: 11pt;">Are you a metro Atlanta business who may need to 'borrow' some of these tools to help your business grow? Let's talk over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.</span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman"; font-size: 11pt;"><br /></span></b><br />
<br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman"; font-size: 11pt;">About the author.</span></b><span style="font-family: "times new roman"; font-size: 11pt;">
Mike Gomez is President of Allegro Consulting, a growth specialty firm
helping startups and establish businesses plan and execute aggressive growth strategies. He grew
his very first client’s business from $8M to $35M in just two years.
Mike is a growth strategy and complex sales expert, prolific speaker, writer, three-time marathoner, a former
military officer and pilot of both aircraft and helicopters. <a href="http://www.blogger.com/blogger.g?blogID=1305614898741136986">www.allegroconsultant.com </a></span>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-52321151766581547112014-02-04T15:23:00.003-05:002016-05-24T18:50:43.627-04:00Getting Your Business Back in Shape (re-released and update)<div class="MsoNormal">
<span style="font-size: 11pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBcHs8vUudDBHMrzeL2r-UUOXR1We3X_yOqAEOoWD5r6bRnJOw8Lhkz3ZxZsAOZFQ5QX-Sl5AAA7mAL8VfIluYPtZZYZOTQE7XMvLVn2KnDp9xSCx4UU0nm9QTDzKCkqt1VwhhDT9wJxat/s1600/weights.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_5707556019400208466" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBcHs8vUudDBHMrzeL2r-UUOXR1We3X_yOqAEOoWD5r6bRnJOw8Lhkz3ZxZsAOZFQ5QX-Sl5AAA7mAL8VfIluYPtZZYZOTQE7XMvLVn2KnDp9xSCx4UU0nm9QTDzKCkqt1VwhhDT9wJxat/s400/weights.jpg" style="float: left; height: 332px; margin: 0px 10px 10px 0px; width: 350px;" /></a>It is the
fourth week in January and the annual migration of the New Year’s
resolution crowd is already departing gym’s across the United States;
not to be seen again until next year.</span></div>
<br />
At the start of each new year there is an enthusiasm to get back into
personal shape. This same phenomena is present in the business world.
Each year business owners declare, “This year will be different. We
will have a well thought out strategic plan. We will have an actionable
yearly tactical plan from which we will judge our progress. We will
hold regularly scheduled staff meetings to review our plans, assess the
actions of our competitors, and examine our financial health. Yes,
2012 will be different!” And by the end of January.... they are back into their old routine, with
the fire drills of each and every day dictating the rest of the year’s
agenda. And like the fitness birds migrating through the gym each year,
this cycle will sure to be repeated over again the next year.<br />
<br />
I want to share with you a different story; one with exciting results and
very much analogous to the business world, in hopes that it will
inspire you to stick with your resolution.<br />
<br />
At the end of November, a good friend of mine sent the following text
message, “I need help.” He wanted to get back into shape and after
numerous attempts on his own, he felt the aid of an outside expert was
needed. I agreed to be his personal trainer. Before we began I wanted
to hear what goals he had in mind in order to assess if it was
realistic. He stated two specific objectives; (1) get back down to 175
lbs and (2) have a pool-worthy body for a vacation he planned in late
March. We then looked at his current state; 5’11” and 198 lbs. We had a
little over four months (18 weeks) interrupted by Thanksgiving,
Christmas and New Years, to lose 23 lbs. and build some muscle. His
goals were possible, but would require a very strong commitment to reach
them. He agreed to commit to a plan that I would guide him to
establish and we began.<br />
<br />
Much like the human body, a company without steady work “on” the business
versus “in” the business will too become out of shape and lose the
market strength, they once enjoyed. So, exactly how do you get back into
shape, or get into shape for the first time ever, and what can you
expect from the process?<br />
<br />
<br />
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt;">Look in the mirror. </span></b><span style="font-size: 11pt;">
Are you happy with the current state? Is the performance
what you expect? Are sales meeting your expectations? Are you stronger?
Are you still as agile and responsive as you once were? How
do your customers view you? What will you look like in 3 years?</span></li>
</ol>
<div class="MsoNormal">
<span style="font-size: 11pt;"> </span></div>
<ol start="2" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-size: 11pt;">If you don’t like what you see or are not sure what direction you are going <b style="mso-bidi-font-weight: normal;">do something about it. </b></span></li>
</ol>
<div class="MsoNormal">
<span style="font-size: 11pt;"> </span></div>
<ol start="3" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt;">Set measureable, realistic goals to be completed at a specific time. </span></b><span style="font-size: 11pt;">In
the business world this means capturing your vision, and balancing
that with a clear unbiased view of how you stand relative to the
competition and in the market for which you chose to compete. Steve
Covey said it best in his book, 7 Habits of Highly Effective
People, “Begin with the end in mind”.</span></li>
</ol>
<div class="MsoNormal">
<span style="font-size: 11pt;"> </span></div>
<ol start="4" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-size: 11pt;">If you have never done step number three or don’t know how, <b style="mso-bidi-font-weight: normal;">don’t let your ego prevent you from engaging an outside expert. </b>A
business strategist brings two very valuable tools to the table;
(1) experience working with a variety of companies in various
industries from which you will benefit, and (2) they will stop you
from drinking your own bathwater (declaring something is core
strength when in reality it is not all that different from your
competitors).</span></li>
</ol>
<div class="MsoNormal">
<span style="font-size: 11pt;"> </span></div>
<ol start="5" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt;">Craft a written plan and stick to it. </span></b><span style="font-size: 11pt;">This
means you review the plan regularly and use it to guide how you
and your team utilize your time, invest your resources, and select
your people. </span></li>
</ol>
<div class="MsoNormal">
<span style="font-size: 11pt;"> </span></div>
<ol start="6" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-size: 11pt;">Accept the fact that <b style="mso-bidi-font-weight: normal;">change will involve some pain</b>.
Operating leaner is hard and demanding. Holding employees and
yourself accountable to specific and measurable goals is also tough.
Fight through the pain knowing what you are doing is for the
long-term health of your company. </span></li>
</ol>
<div class="MsoNormal">
<span style="font-size: 11pt;"> </span></div>
<ol start="7" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 11pt;">Beware of excuses </span></b><span style="font-size: 11pt;">used
to revert back to old behaviors or not complete an assigned
objective on time. It is not physically possible to complete
everything in the fourth quarter because you either procrastinated
or came up with reasons for why it couldn’t be done earlier in the year
as originally agreed.</span></li>
</ol>
<div class="MsoNormal">
<span style="font-size: 11pt;"> </span></div>
<ol start="8" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-size: 11pt;">Most likely <b style="mso-bidi-font-weight: normal;">progress will be quicker for younger companies than older. </b>
That’s just nature. Older habits and patterns of behavior are
tougher to change. But don’t use this as an excuse not to.</span></li>
</ol>
Now for the rest of the fitness story: The first few weeks were quite
hard. He was a bit embarrassed being seen lifting the small amount of
weights on the bar. He complained of being constantly sore. He would try
to throw out an excuse or two for skipping a day; “Bad knees” and “I
forgot my brace” were the excuses he used when I first suggested he
start a running regiment. However, to his credit, he always showed up
for our workouts. I knew we had turned a significant corner when on
week eight he suggested going to the gym on one of our off days. That
same week he set a goal to run a 5K. He had embraced the change in
behavior. I was no longer pulling him along. His own goals and the
measurable progress were now providing the motivation.<br />
<br />
With eight weeks to go he is down to 182 lbs., having lost 16 of the 23 lbs.
we targeted. He could barely run for 20 minutes when we first started,
but can now run a full 5K in 30 minutes and is working to improve his
time. 12 pushups in a row are now 40. He has doubled the amount of
weight he is able to lift and fits into clothing sizes that he has not
fit into since college. We’ve recently incorporated swimming into our
routine and he is already thinking a triathlon may be a worthy goal for
2013.<br />
<br />
Like your body, there is no shortcut to getting your company back into
shape. It requires an investment in time and resources and an absolute
dedication to follow through. The rewards however can be amazing. Your
leaner, stronger company will be better able to compete and adapt
effectively in an increasingly demanding, competitive, and ever changing
world market. So, get back into the gym!<br />
<br />
<b>February 2014 UPDATE:</b> Change
means introducing new behavior. The longer it is practiced the less it
becomes 'new' and the more it becomes the norm. But this requires a
certain level of forced discipline over time. <b> </b>My friend did not
engage in this new behavior long enough to make it a habit - the new
norm. First his visits to the gym dropped off. Then less running. And
yes, he was loaded with excuses for why. Then the old eating habits
returned. At first these were exceptions, then the violations became <br />
more forgivable. Then no forgiveness was necessary. The weight came
back. The strength faded. All progress was lost.<br />
<br />
Change is hard for an individual. It is even harder for a business because of
the multitude of individuals (employees) who have to become both
believers and practitioners of the new way. As the CEO, you set the
tone. Are you sticking to the plan? Are your employees? What are the
repercussions for failing to hit goals and milestone? As you can see
here, it is easy to revert to the old way.<br />
<br />
Need a personal trainer to get your metro Atlanta business back in shape. Let's talk over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman"; font-size: 11pt;">About the author.</span></b><span style="font-family: "times new roman"; font-size: 11pt;">
Mike Gomez is President of Allegro Consulting, a growth specialty firm
helping turnaround businesses wrestling with stagnant growth. He grew
his very first client’s business from $8M to $35M in just two years.
Mike is also a prolific speaker, writer, three-time marathoner, a former
military officer and pilot of both aircraft and helicopters. <a href="http://www.blogger.com/blogger.g?blogID=1305614898741136986">www.allegroconsultant.com </a></span>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-64556685938159503732014-01-24T18:21:00.000-05:002014-01-24T18:21:24.960-05:00Before you consider Going Global, Go Louisiana and Go Texas <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBTkrPGkGsXm_9cct4UZZzvkidDrbrovs5FElK6C30wjMDKyD1lMXIiT5_wqiWzd7aslwCcPN04NW8cELpSkuIwEKJncx5DwEw-UBrct4yLw6ybF11W5uzzmD8m-tAQ96jH2VmFXJwUaj1/s1600/tx-la.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBTkrPGkGsXm_9cct4UZZzvkidDrbrovs5FElK6C30wjMDKyD1lMXIiT5_wqiWzd7aslwCcPN04NW8cELpSkuIwEKJncx5DwEw-UBrct4yLw6ybF11W5uzzmD8m-tAQ96jH2VmFXJwUaj1/s1600/tx-la.gif" height="230" width="320" /></a></div>
Going global can be a very smart and lucrative part of any
growth strategy. But dealing with foreign trade laws, logistics, business
practices (formal and informal), languages, and time zones can introduce
substantial risks to your business model. It is because of these risks I advise
my Georgia-based clients, “<i style="mso-bidi-font-style: normal;">Before you go
global, prove you can go Louisiana and Texas</i>.”<span style="mso-spacerun: yes;"> </span>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Why do I suggest this course of action?<span style="mso-spacerun: yes;"> </span>By setting up the processes and procedure
necessary to be successful in another state you mitigate several of the
inherent risks of going global. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Delivering a product or service locally should be quite
familiar to you. <span style="mso-spacerun: yes;"> </span>If you are a successful
company then you likely know your target customers well, you know the
competitors you face, and how to get product to their door or how to deliver
the specialty services you are known for.<span style="mso-spacerun: yes;">
</span>All of this is familiar territory.<span style="mso-spacerun: yes;">
</span>Now what would you do if I challenged you to be equally successful in a
state a time zone away.<span style="mso-spacerun: yes;"> </span>How would you pick
the state, how would you sell your product or service there (direct or through
distributors), how would you specifically deliver the product or service? How
would you support those sales from Georgia?<span style="mso-spacerun: yes;"> </span>How profitable would you be doing this?</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now what if I were to challenge you to do this yet again in
a state say two time zones away?<span style="mso-spacerun: yes;"> </span>What I
hope you will do is develop documented processes for analyzing new
markets.<span style="mso-spacerun: yes;"> </span>This can be done on your own or
by engaging a service provider. <span style="mso-spacerun: yes;"> </span>And with
each new state you will apply lessons learned and fine tune these “export”
processes.<span style="mso-spacerun: yes;"> </span>The same holds true for processes
governing customer support, logistics (delivery of the product or service),
employment, quality control and accounting procedures (state taxes). </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
By going Louisiana and then, say, Texas before going global
you will have put in place and exercised many of the same processes and skills
necessary to be successful abroad.<span style="mso-spacerun: yes;"> </span>These
include:</div>
<div class="MsoNormal">
<br /></div>
<ul>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">
new market
analysis </li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">competitive
analysis</li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">logistics</li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">new
territory marketing</li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">new
territory sales</li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">learning
and adapting to new tax laws </li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">learning
and adapting to local business laws</li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">learning
and adapting to new accounting procedures (taxes)</li>
<li class="MsoNormal" style="mso-list: l1 level1 lfo1; tab-stops: list .5in;">providing
customer support after local business hours</li>
</ul>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The good news is you will be mastering these new skills in
an environment where the language is the same, the business culture is quite
common, the sales techniques similar, and the overarching governing business
and tax laws something you are familiar with.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
If, after you succeeded in doing business in Louisiana and Texas,
you still feel going global is right for your business, you will only need to
master a fairly small number of processes still unfamiliar to your business.
Some of these include:</div>
<div class="MsoNormal">
<br /></div>
<ul>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>doing business in a foreign language </li>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>Foreign Corrupt Practices Act </li>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>currency exchange </li>
<li><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";"></span></span></span>foreign and U.S. trade laws </li>
</ul>
<br />
<div class="MsoNormal" style="margin-left: 3.0pt;">
Don’t get me wrong these can be
quite intimidating challenges to overcome and will require expert assistance.<span style="mso-spacerun: yes;"> </span>But by now your company will have already
proven to themselves it can adapt and succeed in new environments. This is just
one more evolution.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-left: 3.0pt;">
<br /></div>
<div class="MsoNormal" style="margin-left: 3.0pt;">
So remember my phrase, “<i style="mso-bidi-font-style: normal;">Before you go global, prove you can go Louisiana and Texas</i>.”
<span style="mso-spacerun: yes;"> </span>Your success will be that much more
assured.</div>
<div class="MsoNormal" style="margin-left: 3.0pt;">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "\0022Times New Roman\0022";">Mike Gomez is the founder of
Allegro Consulting, an Atlanta-based business growth specialty firm. He
has served as a program manager and business development executive in both
Fortune 100 companies as well as small businesses. He has conducted business in
over 20 countries. Mike is a guest lecturer at GaTech on international business
and at UGA on business planning and sales strategy. He can be reached by phone
at 678-908-8433 or by e-mail at m.gomez@allegroconsultant.com. Visit <a href="http://allegroconsultant.com/">http://allegroconsultant.com</a></span></i></div>
Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-49148316310910156872013-11-21T12:04:00.002-05:002016-05-24T19:09:58.628-04:00The Formula for a Successful Start-up<!--[if gte mso 9]><xml>
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<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyjbbq3tnR3pJ9BQ3lquJ2ONE2j5N3cwWlX26Bj60t4DTNOnoS9JhQb77PFxlYMt0xdbA_QpPtuhFh7PIMU8CKFb2nJ2qJelGgJG6a25W1aeUq63yLkfn3tU8TOD_Rdv7ZCvOrZS_ZEJ-Y/s1600/formula.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyjbbq3tnR3pJ9BQ3lquJ2ONE2j5N3cwWlX26Bj60t4DTNOnoS9JhQb77PFxlYMt0xdbA_QpPtuhFh7PIMU8CKFb2nJ2qJelGgJG6a25W1aeUq63yLkfn3tU8TOD_Rdv7ZCvOrZS_ZEJ-Y/s320/formula.jpg" width="320" /></a></div>
<div class="MsoNormal">
Towards the end of an engaging coffee meeting with Harold
Brown, a well known and self defined serial entrepreneur and investor in the
rising tech community of metro Atlanta, he made this observation, “As I am
getting to know you Mike I’ve come to the conclusion you are not a ‘creator’
you are instead a ‘doer’ and I bet if we paired you with a good creator we’d
get one heck of a start-up.”<span style="mso-spacerun: yes;"> </span> </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I wasn’t
insulted by that observation at all.<span style="mso-spacerun: yes;"> </span>In
fact he captured me perfectly.<span style="mso-spacerun: yes;"> </span>I am a
doer and always have been.<span style="mso-spacerun: yes;"> </span>My consulting
company is all about helping business owners become more disciplined
doers.<span style="mso-spacerun: yes;"> </span>There is no doubt the aircraft
engineering degree (process orientation) and military upbringing (Dad was
career USAF) contributed to these traits.<span style="mso-spacerun: yes;">
</span>The whole conversation got me thinking about what the necessary
ingredients are for a successful start-up – outside the risk taking, free
spirit characteristics you hear about most often. Here’s what I concluded:</div>
<div class="MsoNormal">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">(C + D) + Fr = SSu</b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">or</b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">(Creator + Doer) + Financial resources = Successful Start-up</b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Leave it to a former engineer to turn an observation into an
equation. Let’s take a moment to dissect this formula.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Financial resources</b>:<span style="mso-spacerun: yes;"> </span>The inclusion of this in the equation should
not be a surprise to anyone. It takes money or equivalent to start a
company.<span style="mso-spacerun: yes;"> </span>We all know that - whether that
means going without pay for years or writing checks for website, business
cards, office space, travel, capital equipment, etc…. I read somewhere that one
of the top three reasons for a start-up failure is being under-capitalized.<span style="mso-spacerun: yes;"> </span>In other words they simply run out of money
before sales revenues are sufficient to support the business.<span style="mso-spacerun: yes;"> </span>Now I will argue that a vast majority run out
of money because they spent unwisely namely because they lacked a <b style="mso-bidi-font-weight: normal;">Doer</b> who would ensure a plan was in
place to control precious cash. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Creator</b>:<span style="mso-spacerun: yes;"> </span>This is the passionate idea person who can
see a problem or need <i style="mso-bidi-font-style: normal;">as well as</i> the
business solutions to address it.<span style="mso-spacerun: yes;"> </span>Though
there are common traits between a creator and an inventor the difference is
dramatic.<span style="mso-spacerun: yes;"> </span>A creator in this case
conceptualizes a business solution before a technology solution. Sadly an
inventor‘s approach is exactly opposite, which explains why so many inventors
are flat broke.<span style="mso-spacerun: yes;"> </span>Jeff Stibell wrote this
in a Harvard Business Review article titled, <i style="mso-bidi-font-style: normal;"><a href="http://www.blogger.com/blogs.hbr.org/2009/06/are-you-an-inventor-or-an-entrepreneur/">Are
you an Inventor or an Entrepreneur?</a></i> </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
“But don’t confuse being an entrepreneur with being an
inventor. Great ideas are a dime a dozen. Action is what differentiates an
entrepreneur from an inventor. If you want to focus on ideas, become an
inventor — not an entrepreneur.”</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Guys like <a href="http://www.startupdonut.co.uk/startup/start-up-business-ideas/running-a-business/profile-the-ideas-man">Henry
Buckley</a> typify the definition of a creator. He conceived and started 10
businesses, the latest a jogger-based door-to-door pamphlet delivery service
called <a href="http://www.leafletdistribution.co.uk/">JogPost</a>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Doer:<span style="mso-spacerun: yes;"> </span></b>This is a person (a) with the discipline
and skills to develop and execute a credible business plan, (b) who possess
fundamental selling and marketing skills, and (c) who is versed enough in
financial balance sheets to make critical and timely decisions, (d) who knows how
to find, hire and motivate a talented workforce, and (e) who knows when and how to
engage outside experts (legal, accounting, etc…).<span style="mso-spacerun: yes;"> </span><br />
<br />
Now don’t get me wrong, I am not suggesting
that this is an entirely different person from the <b style="mso-bidi-font-weight: normal;">creator</b>.<span style="mso-spacerun: yes;"> </span>Though quite rare,
a <b style="mso-bidi-font-weight: normal;">creator</b> may in fact possess some
or all of these traits. <span style="mso-spacerun: yes;"> </span>The important
message is a business cannot make it without a well thought out plan, good
marketing, strong sales and a disciplined approach to how capital is being
utilized.<span style="mso-spacerun: yes;"> </span>Take away any one of these and
you’ve significantly impacted your chances of success.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Jim Flannery, Founder of the <a href="http://www.fourathens.com/">Four Athens</a> technology incubator,
reinforces this formula when he shared with me the reason the word “Four” is in
his incubator name.<span style="mso-spacerun: yes;"> </span>His experience says
that you need the following four things to make a successful start-up:</div>
<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-family: "arial"; font-size: 10.0pt;">A business person</span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-family: "arial"; font-size: 10.0pt;">A marketing/sales person </span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-family: "arial"; font-size: 10.0pt;">A technical person that can
implement an MVP (software/hardware start-ups exclusively) </span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><span style="font-family: "arial"; font-size: 10.0pt;">A service provider
(legal/accounting) </span></li>
</ul>
<div class="MsoNormal">
“I am very fearful of solo founders,” Jim says. <span style="mso-spacerun: yes;"> </span>“My advice, rather than say "do you
possess these traits", is "can you find two other people that possess
one of these traits each AND believe in your (<b style="mso-bidi-font-weight: normal;">creator</b>) vision" <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
My strong message to those <b style="mso-bidi-font-weight: normal;">creators</b> is to be brutally honest when assessing your skill-sets
and if you lack any of those under the category of <b style="mso-bidi-font-weight: normal;">doer</b> don’t make the mistake of thinking you can get by without it.
I’ve seen enough to confidently say you can’t and won’t.<br />
<br />
Want some growth advice for your metro Atlanta start-up from a proven "doer"? Let's chat over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "\22 times new roman\22 ";">Mike Gomez is the founder of
Allegro Consulting, a business growth specialty firm. He has served as a
program manager and business development executive in both Fortune 100
companies as well as small business<span style="font-family: "\22 times new roman\22 ";">es</span>. Through the use of sound yet simplified
business processes he has helped Georgia companies achieve
remarkable sales growth. Mike is a growth strategy <span style="font-family: "\22 times new roman\22 ";">and complex sales expert, prolific writer, speaker, </span>guest lecturer at GaTech and UGA, and a mentor at
FourAthen technology incubator<span style="font-family: "\22 times new roman\22 ";"> and Atlanta Tech Village.</span> <a href="http://allegroconsultant.com/">http://allegroconsultant.com</a></span></i></div>
Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-7864122637826920572013-11-04T19:12:00.000-05:002013-11-04T19:15:07.455-05:00“I’ve fallen and I can’t get up!” - Staffing needs and the early stage start-up.<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzKDrNGoPsZI7S_SmjYgpV9lNqqbxI-IP_RH3VczgT1pvHJKfpUfSkZ87ZJ603-slCvjQnt-4fdGgy15T7ujmB9z7c8kAY96CCln_xYq0RFu5PEdbo5XlkzTVJzeoVEK9U1OXAfwha1Mur/s1600/fallen2.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="278" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzKDrNGoPsZI7S_SmjYgpV9lNqqbxI-IP_RH3VczgT1pvHJKfpUfSkZ87ZJ603-slCvjQnt-4fdGgy15T7ujmB9z7c8kAY96CCln_xYq0RFu5PEdbo5XlkzTVJzeoVEK9U1OXAfwha1Mur/s320/fallen2.jpg" width="320" /></a>So you have this great idea for a business.<span style="mso-spacerun: yes;"> </span>You are prepared to make the sacrifices to
self finance until sales can support the company.<span style="mso-spacerun: yes;"> </span>You’ve analyzed your personal strengths and
weaknesses and recognize you lack some of the critical skills required to get the
business off the ground.<span style="mso-spacerun: yes;"> </span>You need
help.<span style="mso-spacerun: yes;"> </span>But you can’t afford the full time
salaries to hire the talent your business demands.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
What do you do? </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This is one of the recurring scenarios I have seen with
start-ups.<span style="mso-spacerun: yes;"> </span>It’s an ugly sight really; watching
a founder run full speed into this brick wall of reality.<span style="mso-spacerun: yes;"> </span>And my advice is always the same.<span style="mso-spacerun: yes;"> </span>If you do not have a solution to overcome
this particular weakness then STOP. Don’t continue to build, or develop or
spend time or money on this business idea because you will fail. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The staffing shortfall I see most often is the role of sales
– sales strategy and implementation. Most founders first believe that selling
is the easy part, that it’s something they can do themselves.<span style="mso-spacerun: yes;"> </span>Or, there are those who attempt the, “if I
build it, they will come” philosophy of sales. And finally, the last group,
believing that social media and email blast will be a sufficient sales
force.<span style="mso-spacerun: yes;"> </span>They eventually learn that
selling is crucial to the business and requires a level of expertise and
experience.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
So, assuming you need more talent than is available through
a free intern, what are the options for securing such talent? Let’s run down the
choices. </div>
<div class="MsoNormal">
<br /></div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b style="mso-bidi-font-weight: normal;">Commission only.</b><span style="mso-spacerun: yes;"> </span>This approach will have the least impact
on cash flow because you only pay when sales are generated.<span style="mso-spacerun: yes;"> </span>Yes, you might have to pay upfront for
car allowances, cell phones and computer charges but that’s about it.<span style="mso-spacerun: yes;"> </span>However, you’ve heard the saying, “you
get what you pay for”?<span style="mso-spacerun: yes;"> </span>This applies
here.<span style="mso-spacerun: yes;"> </span>Those who will take a
commission only job are no doubt self starters but they will also ditch
you in a heartbeat for a better offer. Their bottom line is the driving
concern not your company nor your customers. If your product or service is
a fairly easy sell and the rewards flow quickly this may be a good option
for your start-up business. On the other hand, if it is a longer more
challenging sales cycle and pay-out of commissions will take longer, I
have found that more time will be spent by your new salesperson revising his
or her resume and looking for a better gig than actually selling.</li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b style="mso-bidi-font-weight: normal;">Base pay plus commission.</b><span style="mso-spacerun: yes;"> </span>This is by far the surest method for
hiring the exact talent you need – qualifications, industry experience,
past performance.<span style="mso-spacerun: yes;"> </span>The downside of
course is impact on cashflow. You will be writing checks before any sales
are generated.<span style="mso-spacerun: yes;"> </span>Striking the right
balance between the amount of base pay necessary to secure talent while keeping
the motivating force of the commission will be one of your tougher
challenges.<span style="mso-spacerun: yes;"> </span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b style="mso-bidi-font-weight: normal;">Deferred pay plus commission.</b><span style="mso-spacerun: yes;"> </span>This is an interesting variation of the <b style="mso-bidi-font-weight: normal;">base pay plus commission</b>
approach.<span style="mso-spacerun: yes;"> </span>Here you and the
candidate agree upon a market base pay and commission structure.<span style="mso-spacerun: yes;"> </span>Then, predicated on current and future
cash flow projections, you decide how much of the base pay you can afford
to pay now and how much you will ask the prospect to defer to a specific
date or milestone. The prospect is basically letting you use his pay as
operating capital until there is sufficient cash flow.<span style="mso-spacerun: yes;"> </span>Here are the four areas available for
negotiation (flexibility) with this approach: </li>
<ol start="1" style="margin-top: 0in;" type="a">
<li class="MsoNormal" style="mso-list: l0 level2 lfo1; tab-stops: list 1.0in;">the
length of the deferral, </li>
<li class="MsoNormal" style="mso-list: l0 level2 lfo1; tab-stops: list 1.0in;">the
interest rate applied to amounts deferred, </li>
<li class="MsoNormal" style="mso-list: l0 level2 lfo1; tab-stops: list 1.0in;">the
amount of compensation deferred, and </li>
<li class="MsoNormal" style="mso-list: l0 level2 lfo1; tab-stops: list 1.0in;">the
pay mix or combination of cash and noncash forms of compensation that are
ultimately paid. </li>
</ol>
</ol>
<div class="MsoNormal" style="margin-left: .5in;">
This can be a particularly
compelling tactic if there is a milestone on the horizon that will trigger an
influx of new capital (meeting a performance standard, venture capital
infusion, achieve positive cash flow status). As you might expect significant trust
in the business idea, the business model and most importantly the management team
to execute and monetize the idea is critical. As founder it is your job to
instill that trust and make absolutely certain you pay the deferred amounts
with interest as promised. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal" style="margin-left: .5in;">
<br /></div>
<div class="MsoNormal">
Having the right talent on hand to support your start-up is crucial
to success.<span style="mso-spacerun: yes;"> </span>Attracting that talent can
be a challenge with limited cash flow.<span style="mso-spacerun: yes;">
</span>It starts with identifying the roles and responsibilities you expect
that person to fulfill.<span style="mso-spacerun: yes;"> </span>Follow that with
writing down the qualifications and experience you feel are necessary for that
person to be successful. Lastly is outlining a cash flow appropriate compensation
plan that you will use to attract that individual. <span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
<br /></div>
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Times New Roman"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Mike Gomez is the
founder of Allegro Consulting, a business growth specialist.<span style="mso-spacerun: yes;"> </span>He has served as a program manager and
business development executive in both Fortune 500 companies as well as small
business. Through the use of sound yet simplified business processes he has
helped Georgia
companies achieve remarkable growth. Mike is a guest lecturer at GaTech and UGA
and a mentor at FourAthen technology incubator. He can be reached by phone at
678-908-8433 or by e-mail at <a href="mailto:m.gomez@allegroconsultant.com">m.gomez@allegroconsultant.com</a>.
Visit <a href="http://allegroconsultant.com/">http://allegroconsultant.com</a></span></i>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-21611976548796195602013-07-01T23:35:00.000-04:002016-05-24T19:01:05.532-04:00Why 'AboutUs' Matters?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw_CDwOwucQGr9hb9YX2h5qxkRNfufScrYC5Fb41o081TjlApnMexXNQDaV2AJi_6t7BTz7wr744n-uoIPjgmnKSa_tEkGpsoFwpWxrrdAGOhah_RYvQ8xCirqSLbqShS2hO2n6gMesKXB/s240/Blog-Art.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="309" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw_CDwOwucQGr9hb9YX2h5qxkRNfufScrYC5Fb41o081TjlApnMexXNQDaV2AJi_6t7BTz7wr744n-uoIPjgmnKSa_tEkGpsoFwpWxrrdAGOhah_RYvQ8xCirqSLbqShS2hO2n6gMesKXB/s320/Blog-Art.png" width="320" /></a>So how much thought did you put into the "About Us" tab on your website? <br />
<br />
A new client called to tell me they were having problems getting any traction with their new start-up. They are a tech company specializing in a certain field. They acquired a list of qualified prospects and proceeded on a phone and email campaign to try to garner interest and an invitation for a more formal presentation. Though feedback to the email and phone inquiries was positive they were only able to secure a handful of appointments and those meetings produced no tangible results. <br />
<br />
Before meeting the two principals I pretended as if I received one of their calls or emails and began doing some relatively light due diligence about their company - something you should expect any prospect to do before you meet. I looked up their Linkin profiles. Scanned their Facebook page. Read some of their Tweets. I then perused their website to learn about their product and services paying particular attention to the "About Us" page. In this case it explained their brief history and offered links to the leadership biographies. It was here where I became puzzled.<br />
<br />
Let's say, for example they are a company who specialized in selling back-up generators for skyscrapers. Let's say they not only supplied these generators but they also installed and integrated them into the building's electrical system by providing project management services. In this case one might expect to see something in the 'About Us' tab that tells me not only when the company was formed but also the depth of experience they have in this field. One might also expect to see this case further reinforced by notable accomplishments/experience in project management and/or expertise in large generators when reading their leadership biographies. <br />
<br />
What if you don't see any of these attributes? How would you react?<br />
<br />
I imagine this is what happened in their case as well. There was nothing in their bios or in the company story that showed me they deserved some of my attention - that I could learn something or benefit from their expertise. Nothing!<br />
<br />
I have this simple phrase I use when coaching salespersons, "Keep them nodding up and down, because the second their head goes side to side your work just grew substantially."<br />
<br />
Anytime you cause a potential customer to pause the selling process because something is "just not right" with your story you make his work substantially harder as well. But in the case of the customer he will more than likely abandon further interest than put the effort into uncovering why there was a disconnect. <br />
<br />
The "About Us" tab is a sales tool. It should complete the story of your website by answering the question "why shop here?" If you specialize in a certain field, here is where you show your credentials. If your company holds patents or retains a renowned expert, brag about it here. This is not the page to be humble. This is the page to boast and make a compelling case for why a potential customer should want to do business with you and your firm.<br />
<br />
Was this helpful? Want to see what else you can do to improve your metro Atlanta sales win-rate? Let talk over a cup of coffee. Contact me <a href="http://www.allegroconsultant.com/contact.html" target="_blank">here</a>.<br />
<br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman"; font-size: 11.0pt;">About
the author.</span></b><span style="font-family: "times new roman"; font-size: 11.0pt;"><span style="mso-spacerun: yes;"> </span>Mike Gomez
is President of Allegro Consulting, a growth specialty firm helping to turnaround
privately-held businesses wrestling with stagnant/slow growth. He grew his very
first client’s business from $8M to $35M in just two years.<span style="mso-spacerun: yes;"> </span>Prior to Allegro, Mike sold military fighter aircrafts to foreign allies for aerospace giants, Boeing and Lockheed.<span style="mso-spacerun: yes;"> </span>He is a prolific speaker, writer, three-time
marathoner, a former USAF officer and pilot of both aircraft and helicopters.<span style="mso-spacerun: yes;"> </span><a href="http://www.blogger.com/Local%20Settings/Temp/www.allegroconsultant.com">www.allegroconsultant.com
</a></span>
Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-1170675994673445622013-04-29T16:05:00.002-04:002013-04-30T23:57:35.892-04:00Networking - Your Responsibilities<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCf6etb4XKubPwzkndjlufKQrejs1mRBk_tjpZxqqVAYm3YNQVqL_w4BBXIYeNyHlTOg-ED6EHETGXZwIN18U0MX7ODKkdaSXptUvnGmM7SpwUywgaDoxXOVTD4Tkhl5OL1eTzLxlKHIro/s1600/networking.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="319" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCf6etb4XKubPwzkndjlufKQrejs1mRBk_tjpZxqqVAYm3YNQVqL_w4BBXIYeNyHlTOg-ED6EHETGXZwIN18U0MX7ODKkdaSXptUvnGmM7SpwUywgaDoxXOVTD4Tkhl5OL1eTzLxlKHIro/s320/networking.jpg" width="320" /></a></div>
I had one of those "ah ha" moments recently about networking. In a nutshell here it is, <b>it is my responsibility to equip those in my network who want to promote my business with a way to do it within their comfort zone</b>.<br />
<br />
Here's the rest of the story.<br />
<br />
I was asked to present a business "challenge" to my bi-weekly networking group of 23 people. Here is the email I sent with the challenge:<br />
<br />
<i>My challenge centers on networking. Specifically I am looking for suggestions on how I can better improve my networking effectiveness. I know what you are thinking - not another networking question! But please read on to see why this is unique. </i><br />
<br />
<i>It is fairly common to hear a business person state he/she needs a good real estate agent, or a payroll expert, credit card processor, lawyer, promotions guy, website, marketing, insurance provide, or even someone to help sell or buy a business. After all there is no stigma associated when asking for any of these services. Thus, in each of the above cases we can offer up the network of experts we know and trust who can fulfill their needs. </i><br />
<br />
<i>But how often will you hear a business owner state he/she is struggling with running their business; that he/she is overwhelmed, working ridiculously long hours, or that sales are sinking and they don’t know how to turn things around? The fact is ego, and a multitude of other forces will prevent a business owner from ever admitting they need help let alone solicit openly for a solution. They won't even tell their wives or husbands when there is a lingering problem. The business graveyard is overflowing with businesses whose leaders were pulled down into the death whirlpool despite being thrown one ring buoy after the next.
Though I know each of you (in my networking group) can spot a company in need of my business consulting services, I also know it is unrealistic for me to expect you will ever say anything to that owner or even suggest a counseling coffee meeting with me. It is sort of like telling a psych patient he is psychotic. Nobody wins.
So given this reality, how should I network? What should I ask of those I meet in networking meetings who are sincere about finding ways to connect me with potential clients? I haven't figured this out which is why I now only ask for speaking referrals. That seems to be something most are more comfortable taking about.</i><br />
<br />
This response from one of my strongest advocates (Daniel Mastrodonato of <a href="http://www.payroll1.com/" target="_blank">Payroll1</a>) is a reinforcement that I had failed in fulfilling my responsibilities as a good networker
- to make it easy for those in my group to connect me with others.<br />
<br />
<i>"That
is a tough one because I have been pondering over that since I met you!
I want to refer business to you, as you have done to me, but I fall
over my words
when I want to say to some of my business owners……… You need HELP and I
have just the guy that can HELP!"</i> <br />
<br />
We all know that a personal referral is one of the most powerful marketing tools for any business. Getting that referral requires more than just being great at what you do. To truly leverage your network you must equip them with a script that is natural to them, that won't be awkward, or make them come across as inappropriately nosy. <br />
<br />
Have you equipped your network with a script for how to promote your business? Are they comfortable with using it? Have they tried it in a business networking environment? What kind of response does it generate?<br />
<br />Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-18769192132275379082013-04-24T17:30:00.001-04:002014-05-16T09:16:40.070-04:00Success Diagram<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt0GXmpDevR4XaeLdddNOYMx0mt7RFE-8cdzngs4l5CwrZmZh8luz1auN3xjb2e_Sa_Uoy7jiFqWSjkei3fXhr2nxZUpBupVJExRmyB-FokI1u1kRqexZSffs3NfZ62lfA-cleU8q3LuTl/s1600/success3.png" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" lwa="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt0GXmpDevR4XaeLdddNOYMx0mt7RFE-8cdzngs4l5CwrZmZh8luz1auN3xjb2e_Sa_Uoy7jiFqWSjkei3fXhr2nxZUpBupVJExRmyB-FokI1u1kRqexZSffs3NfZ62lfA-cleU8q3LuTl/s1600/success3.png" /></a></div>
I can't take credit for the humor in the first two - it's the last one that I added. Though thoughtful planning and sound execution (based on a plan) doesn't guarantee smooth sailing to success it sure will lessen the severity of the deviations. Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.comtag:blogger.com,1999:blog-1305614898741136986.post-41056469268502752432013-04-05T16:59:00.000-04:002016-06-30T10:25:00.507-04:00Need for More ProActive and Accountability-Based Business Incubators/Accelerators<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAFkMgWX68wQlIByC2aWMOcwrifS0S8wKMbCMkAeuEBwMb4R62p3zRUUduyNY-GWx4QwrgH1BFU_n0vPUIimws70L6nby-xbKcoWPwuerQO51aVjNOWhkN-Qvx9xuj_VJZ9PogMIZhvoWc/s1600/Screen-shot-2011-11-03-at-9.53.38-AM.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAFkMgWX68wQlIByC2aWMOcwrifS0S8wKMbCMkAeuEBwMb4R62p3zRUUduyNY-GWx4QwrgH1BFU_n0vPUIimws70L6nby-xbKcoWPwuerQO51aVjNOWhkN-Qvx9xuj_VJZ9PogMIZhvoWc/s400/Screen-shot-2011-11-03-at-9.53.38-AM.png" width="400" /></a><!--[if !mso]>
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Over my eleven years offering sales strategy and long-term growth guidance to business owners I have
had several opportunities to work with start-ups located within the communal
walls of a business incubator/ accelerator/co-working space. An
increasingly common experience I recently had with a company in such an
environment made me wonder. Are we really helping these start-up companies
by simply giving them encouragement (cheer-leading), access to mentors (which
are rarely called upon), discounted office/bull-pin space, refrigerators full
of Red Bull, pin-pong tables, good WiFi and conference rooms? Is this
enough to make a real difference, to lessen the high failure rate (40% first
year) typically experienced by start-ups (hi-tech or otherwise) or create good
jobs through growing enterprises? Or are we just being enablers, offering a
site (albeit discounted) other than say home or a more expensive office space
(like <a href="http://www.regus.com/" target="_blank">Regus</a>) from which
they will still unwisely burn precious cash on an questionable idea without a
well vetted plan or realistic sales strategy.<br />
<br />
I will argue most of these start-up sites (whatever you want to call them)
would see dramatically different results (jobs, success, revenue) by (a) being
more selective with whom they welcome (have the basics of a business plan and
ability to say how they will make money (don't laugh, it is sad how many can't
answer this question)) and (b) are more pro-actively engaged with those
housed in their facilities (periodic mandatory reviews with ramifications).<br />
<br />
I became a better engineer, salesperson, pilot, program manager, and leader
because I had bosses who were motivated to hold me accountable, teach,
challenge, measure and coach me (whether I liked it or not) because they too
were expected to achieve aggressive performance goals. I can vividly
remember both how much I had to prepare for and how nerve racking it was to
undergo a top to bottom program management review of a project I had P&L
responsibility over or a "black-hat" review of a international sales
campaign I was leading or even a check-flight while in the USAF. These
intense sessions in front of company leadership could be career making or
career ending events. Did I have a choice on whether I participated? No, of
course not, this was a condition of my job - these were my bosses. But I will
tell you with absolute certainty I grew with each one.<br />
<br />
Those who have started companies and failed one, two or three times before
succeeding are walking encyclopedias (look it up) of valuable information that
can be used to PREVENT others from experiencing the same pain and waste of
valuable resources. Unfortunately there is a pervasive belief by those
sponsoring or operating these co-working/accelerator/incubator spaces that
failure is the best teacher, and further, that forced performance/strategy
reviews will poison the collegial "creative," "stimulating,"
"nurturing," environment they are trying to foster. I say "<a href="http://www.thedropzone.org/europe/bulge/kinnard.html" target="_blank">nuts</a>"
to this notion (stealing a line from General Anthony McAuliffe during WWII when
responding to the German's insistence that he surrender because he was clearly
surround by an overwhelming force).<br />
<br />
Let me share the most recent experience that prompted this outburst. A
partner of a two-person software start-up housed in an incubator called and
asked for a two-hour sales strategy consult. That partner had already
experienced one failure and didn’t want to be involved in another. (I was later
told the principal was resistant to the idea up until the very moment I
arrived. After all, he felt they were just fine, that this was an
unnecessary use of $400.) In those two-hours we discussed the product and what
was unique about it, the characteristic of their current customer (just one)
and why they purchased the product. Then I let them explain and I provided feedback
on their sales strategy - who they were targeting and how. Here is an
email I received from the principle the next day:<br />
<br />
<i>"That was a great session and extremely helpful. Your no BS approach
is what a lot of startups should be getting. Problem is most people advising
start-ups don't know what they are talking about. In 4 years I have not had one
person advise me that my approach sucked and was a waste of time...when it did.
That's the right advice to really help someone. I think our new strategy will be
(emphasis on will be --- because we have some homework to do) extremely
simplified and measurable based on our conversation. Time to build the war
room."</i><br />
<br />
Left alone I am certain, based on the course they were on, they would have
run out of money and folded. Not because they didn't have a good product, in
fact it's a great product. In just two short yet intense hours we discovered
the shortcomings of their approach and set them on a new course. How many
other start-ups in these settings could be saved from this experienced and
regular scrutiny? Are we doing them a disservice by sitting back and waiting
for them to seek help (usually too late) or should we do like my bosses did to
me and insist on regular reviews? Wouldn't it make for a better story if those
who entered sites like <a href="http://atlantatechvillage.com/" target="_blank">ATL
Tech Village</a> or <a href="http://www.fourathens.com/" target="_blank">FourAthens</a>
are say 50% more likely to succeed because of these mandatory tough love
reviews? I bet it would improve the attractiveness and PR of these sites as
well.<br />
<br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman"; font-size: 11pt;">About the author.</span></b><span style="font-family: "times new roman"; font-size: 11pt;">
Mike Gomez is President of Allegro Consulting, a growth specialty firm
helping start-ups and established businesses alike wrestling with issues of growth. He formerly sold military fighter jets to international allies for the largest aerospace firms Boeing and Lockheed. Under Allegro he grew
his very first client’s business from $8M to $35M in just two years.
Mike is also a prolific speaker, writer, three-time marathoner, a former
military officer and pilot of both aircraft and helicopters. <a href="http://www.blogger.com/blogger.g?blogID=1305614898741136986">www.allegroconsultant.com </a></span>Anonymoushttp://www.blogger.com/profile/13605600394844504129noreply@blogger.com