By: Oriel Ross 

Ponder

Many entrepreneurs get in the habit of working without a meaningful sense of focus. Frankly speaking, it’s a natural tendency. The “To Do” list gets lost in duties carried over from the previous day; your phone calls, email, social networking may be ill-managed and create a distraction; a client project takes a turn and costs time. Nowadays, there are schools that no longer contest texting in class and businesses that embrace employees on Facebook. These are just a few common albeit valid reasons to illustrate how we create poor habits of not giving ourselves time to think.  Without time, how can we make great decisions? Our environment has changed to the expectation of real time responses and an irrational sense of urgency. As you navigate your decisions, it’s a great advantage to place yourself in an environment that allows you the think clearly. Then, discover your natural method of brainstorming and sifting through information. We all have a unique way of dissecting information, be conscious of your mental mannerisms. You will be surprised how creative you are.

Position

With minimal control of so many factors affecting our businesses – the economy, new laws, your market, etc, it’s nice to manage what’s in our domain.  Your mind most certainly fits that mold. Position yourself with a purposeful approach.  Ask yourself, what’s the need for your decision? What are my preferred and acceptable outcomes and why? It’s almost like going into negotiation. You should know what you want to get out of your negotiation before you start.  Positioning is great growth tactic. Make your decisions from a position to achieve optimal results.

Progress

This step is the most simple to initiate, but the most taxing because this is when the work begins.  Leave your brainstorming sessions with actionable steps. A decision is worthless without putting it into action. Give yourself incremental growth steps so you can celebrate the milestones along the way. 

O. Ross OutBox Tip

Use a process to make effective decisions, but allow yourself the latitude to forgive poor choices. It’s a part of life. Be proud of yourself and stay focused on your goals. 

By: Oriel Ross  

I heard an interesting quote once. “People run a business like they watch a movie… not knowing how it will end.” That’s a jolting statement. In helping entrepreneurs develop Business Plans, we ask about their Exit Strategy, very few have even considered it. What we emphasize is that you will undoubtedly leave your business one day. One day, you personally, or your product, or your market, or industry will be obsolete – Why not prepare?

Build your business such that the proceeds from the sale will be sufficient enough to cover your expenses and future obligations. When you sell out of necessity due to lack of revenue or other conflict, you may make decisions that are not ideal. Let’s face it, sometimes this is just the case and you have to deal with it. Illness, burnout, and partnership termination are all legitimate reasons, but your Exit Strategy planning makes a difference in making deliberate and profitable decisions or unfavorably shooting from the hip.

There are the practical tasks to complete the process, but there is also emotional preparation.

The Practical Side

·         You have to file dissolution paperwork with your Secretary of State and the IRS, cancel vending contracts, close bank accounts, and a myriad of other tasks including fulfilling open obligations. Your reputation will continue to follow you and be an indispensable tool. Make sure you focus on outstanding tasks and honoring your word.

·         How do you know the Fair Market Value of your business? An experienced Business Valuation professional is a highly beneficial service. You can easily find out the value of your stock holdings in public companies, but when it comes to private companies, what is it really worth? In the same fashion that lenders review your books to understand what leverage they have in a prospective loan, when it comes to closing your business, the same process is used to effectively know the selling price of your business. Not only are your financial assets part of your value, but there are intangible items like your location and your customer database. 

The Emotional Side

·         Emotions run high when transitioning from a business. Ask yourself: What is your motivation for selling? Can you walk away without regret? What will you do Day 1 after the sale? Will you be able to maintain the same or better lifestyle? Will you make enough money to justify your hard work? Will you ask to be involved in the business under the new owners as an employee or external consultant? Mental preparedness is so important and makes the process less emotionally driven.

·         And not to be forgotten, a good Wealth Manager will help you plan well and spotlight your current and future financial needs.  

Outbox Tip:

If you are the only one that brings value to your business, you’ve effectively devalued your business. Who wants to buy a business where all the know-how and intellect are hinged on one person?

By: Oriel Ross  

Condition Yourself for Success

Why we do it…

Entrepreneurs create change, initiate movement, inspire creativity, and solve problems. That’s a lot to take on, isn’t it? We do it because we know our ideas have value. Entrepreneurship is generated from one of two avenues. You can solve an issue and make life a little easier or you can create a desire and make life a little livelier. When I think of solving a problem, I think of necessities, like soap. When I think of creating desire, I think of all the soap products on the market – different scents and many skin care lines. Some skin care caters to skin conditions; others are just distinctive by scent. Note: million dollar businesses have been built because of different soaps and their aromas! Now that’s creating desire. What about electronics? You don’t need a navigation system, a MP3 player, or a gaming system but it certainly becomes a need once you’ve experienced one – to the tune of multibillion dollar industries!

From this, entrepreneurs learn early, we don’t have to limit our vision.  I’ll go a step further. Don’t let others limit your vision.

Are you following your passion or falling prey? Not honoring your passion is what I call the Dream Assassination. Succumbing to a prey – like attitude is carnage! Don’t be a victim or allow others to victimize you. I thoroughly enjoy what I do. The strategy behind overcoming obstacles, driving forward, and executing success is what my company is known to accomplish. You can’t quench that passion!  I know someone who always asks me, what’s on the horizon in my businesses? I got suckered into answering this a few times until I realized this person wants me to be her prey.  Conversations shouldn’t leave you unhappy. No matter what success or excitement or burgeoning idea I shared, her response was “Why are you gonna do that?”  And after I explained my plan and sometimes even the positive market feedback, her response was never encouraging. Now keep in mind, feedback – pro and con, is always needed; but it should be practical and evoke thought. I soon realized I was falling prey to her negativity.  If the emotion of positive change is not induced when sharing, move on!  Ideas are rarely bulletproof, so feedback is necessary. That’s what market testing is all about.  Just understand the difference between worthwhile feedback and negative chatter! Don’t fall prey!

By: Oriel Ross 

Let’s open our minds. Many entrepreneurs complete business reviews several times a year. Are your reviews hittin’ the bull’s-eye? Think about this… When you review your sales techniques, your marketplace, and your communication, you’re also reviewing that of your competition. Common thought exercises include questions like: How do my sales fare with those in my region and in my industry? Do customers know we’re here? How do we embed our business in their minds? Do I have the right people to drive our vision? Am I servicing the customer?

Without proper benchmarking, your plan is inadequate.  Consider some of these techniques when reviewing your business and your competition’s business.

Sales

Have you asked your customer base what they really need? There is always a need that’s overlooked. As your vision develops, don’t cloud it with a unilaterally conceived goal. Seek the insight of others.  Your products should always satisfy a market need. Think of it this way. For every need out there, how is it currently addressed in the market? You must be able to answer this question before you continue. Ask this of yourself and your competition. 

Real Marketing = Real Visibility

Hot topic: Social Media. Social Media is a remarkable tool; I use it all the time. It’s even more remarkable that people think it’s a haphazard tool. Social Media is a resource like any other marketing tool. Foresight is one of the best attributes of an entrepreneur. Don’t forsake it… especially in your Marketing!

Consider these Social Media traits and thoughts:

·          - It’s free

·          - Although there are great time preserving tools, it does take time

·          - You can target an audience

·          - Its ability to interact with your customers and potential customers in real time can save your reputation and offer ideas

·          - Will Social Media always be here? How will evolve? Will it always be free and the best tool? 

It’s no wonder we’re gravitating toward this success. I do ask for my clients to consider some basics about their visibility. Is it Social Media or Social Media Marketing? It’s the latter. Remember the marketing element! The steps of successful business have not changed. (1)  Start with a Business Plan (2) Research, build, and incorporate your Marketing Plan (3) Identify your customer (4) Think about where your customer is and how to reach them (5) Go to the mediums where your customers will be found. If your customers are in Social Media and use it congruently to your business model, then great, you’re ready to speak with an expert. If not, what is the best way to find them?  Use your research to find your customers and adopt the necessary tools. Now, do this exercise for your competition. 

Communication: Overcoming Objections

So many people shy away from customer and market pushback. No need to do this. Welcome it! You will never close a deal unless you directly find out what your customers’ issues are.  You can’t compete unless you really know what’s out there. Sometimes the objections are concrete and other times they’re not. It’s your mission to demystify your customer’s concerns. The only way to do this is to ask.

It’s a detriment to sell, broadcast, & communicate inappropriately. Know your game!