Being successful in business requires a great idea (that will be refined and modified over time) ,hard work, and a great team. Successful business owners and independent professionals have an Executive/CEO coach and supportive group of advocates to be resources along the way. The Success in Business blog shares great success ideas, tips and insights to help you get there faster. Remember success is an ongoing journey, not a destination, but ...... always be sure to enjoy the ride.

Wednesday, October 27, 2004

Teams & Communication

Two recent team building workshops I conducted for small companies ( 5 & 6 employees) reinforced how crucial it is to bring everyone together and review your vision and the role everyone plays in the process. Communication does not always flow on the same plain or at the same altitude, and it certainly is not always understood in the same way. How broad is the perspective of the employee or subcontractor? Are they thinking about the impact of their work on the client relationship? How does their work fit in the continuum of what is being delivered to the client?
An experienced facilitator can draw everyone out to get a range of opinions and insights. This can be of value to the CEO/founder. He/she can also frame the issues with a broad brush to focus on what went wrong and how to improve the processes to order materials or get the work done.
In both cases, the "team" wants to meet on a regular basis and improve the flow of information between key people in the compnay.

Tuesday, October 26, 2004

Career Reinvention

I met with an intersesting company that is raising capital to launch a comprehensive career and mid-career assessment process. They have attracted a wealth of talented advisors and experts and developed a 6 part comprehensive model to make the process clear and easy, although time-consuming.

Career is a dated term. When I was in business school in the late 70s (ugh!), everyone wanted to work in consulting or investment banking or for a fast-growing company. There was stability in the job, company or career. A classmate and I launched the Entrepreneur's Club which now has over a third of the 2005 class as members. You are a bundle of skills that is more valuable to several companies than only one in most cases. There is more stability in lifelong learning and skill development than allegiance to the company or company politics just like in sports. The average number of "careers" is eight now. Plan and act with this model in mind.

Monday, October 25, 2004

Small Business Trends and How to Take Advantage of Them

Small Business Trends and How to Take Advantage of Them

By Douglas Campbell III

Since I have been fortunate to work with dozens of companies across a range of industries, I was reflecting on meaningful advice to help small businesses grow. Follow the emerging trend and be early. I have started 5 businesses that were in the adoption stage. Whether it was a child portrait business when I was in college or becoming a recognized expert on the oceans and co-authoring a textbook in the mid 1970s after college, I have always sensed trends early and plunged in. Here are some stories and insights from these experiences.
When my wife, Gwynne, and I started Sylvan Learning Center in Darien in 1984, there were a handful of centers in the northwest. A professional learning center that was diagnostic-prescriptive and focused on math and reading skills specific to each child was new concept. Research supported the need for Sylvan. A national report in 1983 emphasized weak basic skills, discussions with educators were favorable, and parents wanted the resources, educational materials, national educational leaders and technologies Sylvan had to offer to support its 1:1 tutoring. Today there are over 900 centers, and half are students are in study skills, writing or SAT enrichment courses. Virtually every parent knows Sylvan through its national advertising, and our teachers, who have come from every school system in southwestern Connecticut, have changed numerous lives.
Business Coaching was virtually unheard of in 1996 when I was first exploring the field. After teaching MBAs for 10 years, I was looking for the next challenge. I was invited to offer several workshops at the International Coaching Federation Annual Conference in Houston. The other coaches I met there were similar in background – knowledgeable, successful in several ventures and ready to give back and help others. Validation is powerful when it is complete. When I ran Sylvan in its early years, I met with 3-4 other business owners every week to discuss software packages, marketing in Fairfield County, and other timely issues. Today the business owner frequently stands alone on a mountaintop. They inevitably can’t turn to their spouse for support and ideas for lack of time or interest, and their neighborhood and longtime friends are too busy with their own ventures. A key experienced coach “who has been there” can act as a sounding board, share the truth, and serve the many roles that a professional sports coach provides for a high-performing athlete.
Choyce Peterson is a new business model I have recently come in contact with. They are real estate professionals who serve only tenants in lease renewal and finding new space. Since they specialize, they know issues inside and out – a detailed comparison of space options architects, telecommunications and computing needs- all at no cost to the tenant because the landlord pays them. Roger Staubach has built a sizeable tenant representative firm in Dallas and the surrounding area. The business model makes sense and is a win-win. While Choyce Peterson is relatively new to Fairfield and Westchester counties, they have a talented team that has worked locally and nationally. There is no conflict of interest in representing both tenants and landlords. They can save companies time and money and help tenants make more informed real estate decisions. Currently, 95% of tenants who renew with their landlord don’t use a tenant representative and usually take the deal they are offered. As time passes, it is inevitable that tenants will bring in professionals to “get a better deal and be better informed.” An additional benefit is less time commitment by tetants and no cost to them. Real estate decisions are one of the biggest business investments tenants make, professional advice and representation are a win-win.
In summary, set aside time to see and view new trends. Read publications in your industry and also on the future. Do research, get validation, and find a business model that is a win-win. Don’t be afraid to “think outside of the box” and try new approaches to find new opportunities for your company, they can pay off bigtime.

Douglas Campbell III (www.thesuccesscoach.com) facilitates team-building and creativity workshops for companies to build effective management teams. As a business coach, he works to find creative solutions to help entrepreneurs grow their businesses. Additionally, his set of experiences include starting 5 businesses, teaching undergraduates and MBA students, serving as Director of Marketing for a Fortune 100, writing for several newspapers and speaking on a range of business topics.

How to Handle Competition

Competition: How should you handle it?

By Douglas Campbell III, The Success Coach

Is the number of competitors in your space growing? If not, will this happen in the future? What stage of the business cycle is your business in today? Or are you in a staid and stable business?

We all have fears about competition, but without “solid” competition, your market may not be validated. When my wife, Gwynne, and I started the first Sylvan Learning Center in Darien on the East Coast in 1984, we constantly faced the challenge of explaining what a professional tutoring center is and what it can do for kids. Now with national TV advertising and a track record with thousands of success stories helping kids catch up, get ahead, and, most importantly, feel good about learning and themselves, we face competitors on every front. They are in church basements, in large group classes, always sitting in front of a computer software program, or working in a tutor’s kitchen. We have always focused on one-to-one instruction with certified teachers in a professional learning environment. We visit schools and sit in on parent-teacher conferences, and most of all we get outstanding results. In fact, Sylvan has a stronger leadership position today than it has ever had. For the most part, we have ignored the competition and focused on what we do best, and it has worked.

Here are 17 grounded questions and answers to develop a plan to respond to your competition:

· Periodically evaluate where your business is now – Know where are you on the product life cycle (PLC) and where are your competitors on the PLC. Know how fast your market is growing. Be clear on what new markets are you going to get into. Answers to these questions will provide you with an overview of the importance of competition.

· Study competitive strategies – Is it to skim (high prices and a small market share ) or to penetrate a market and obtain a large market share? Do you have interlocking partnerships with key companies whose services and products overlap or intermingle with yours? Will you put on a sales or advertising blitz for 4-6 weeks to gain “share of mind”? Are you blocking competitors through written agreements with clients, technology, or great customer service? Are you the expert speaking on your products and services?

· Work constantly to execute flawlessly on your company’s marketing plan – Is a clear marketing mix in place which “fits” your company? Are you differentiated in the marketplace and in your customer’s mind? Do you have a budget, plan and consistent message?

· Pass by and learn from the most common errors. Do you focus on where to compete instead of how to compete? Do you place enough emphasis on your uniqueness and continually reinforce it? Have you hired a business coach to help you define what your uniqueness is and how you can leverage it? Are you ready to compete when the time is right? Are you using appropriate and efficient performance measures?

The next year will be one where business and technology steadily rebound from their recent slowdown. There is more choice in markets today than ever before, and yet even more opportunities to find your niche and differentiate yourself and your company. Watch from afar and up close what your competition is doing, but don’t always respond right away. Many times the second or third player in the market is the long-term winner. You may be able to partner with competitors, so talk to them and explore ideas. And, yes, don’t be surprised if it is the case that your competitors aren’t worth all the attention you give them.

Douglas Campbell III (www.thesuccesscoach.com) facilitates team-building and creativity workshops for companies to build effective management teams. As a business coach, he works to find creative solutions to help entrepreneurs grow their businesses. Additionally, his set of experiences include starting 5 businesses, teaching undergraduates and MBA students, serving as Director of Marketing for a Fortune 100, writing for several newspapers and speaking on a range of business topics.