Successful Blog

If You’re Still Asking What Business You’re In, You’re Ahead of Them

by

Questioning Success

cooltext443809602_strategy

Possibly the smartest businessman I ever met is a guy named Ed. He is the key partner in a prestigious equity firm on Park Avenue in New York City. I met him in a meeting to discuss a company he owned. He ended up hiring me to conceive and drive the strategy to turn that company around.

It’s no wonder I think he’s smart. But truly other folks think so too.

After I’d worked at the company for almost 6 months, I realized something about how Ed was seeing this company that he owned. Because all of his other companies were publishing magazines and newspapers, he figured our book publishing company would work the same and grow the same as those he already owned.

But book companies are significantly different from magazine and newspaper companies in the fact that the Inventory investment — books — lasts so much longer. A newspaper dies within a day. A magazine is done a month later. A book can live for years. What that means is that a mistake in a book is far more costly because it represents inventory that can’t be fixed until that huge investment on the shelves in the warehouse has been sold or burned.

Ed didn’t realize that simple difference until I said it.

I didn’t realize until that moment that Ed didn’t know what business we were in.

From that moment decades ago until this moment now, I’ve made it a mission to start with the idea that everyone I work with needs to know what business we’re in. What I’ve experienced is that from entrepreneur to CEO of huge corporations, those who truly know what business they’re in are fewer than I’d imagined.

  • Some had lost sight of their actual customers.
  • Some saw their value proposition differently than their customers did.
  • Some were trying to reconfigure their customers to fit their idea of what business they were in.
  • Some thought they were smarter than their customers.
  • Some were trying to be the business they had always been.

Some never had asked the questions, “What is our business? Who do we serve and why do they care?”
Some had asked those questions and answered them. Then the business changes, the economy changes, the customers change, and they forget to ask again.

And as a result here’s what I saw happen over and over and over again. The little company who still asked the question would get the customers. They’d have the 10-foot booth at the big trade show (think CES) one year. A few years later, they’d have a 60-ft booth at the trade show. Not much later, they’d have a 90-foot booth at the trade show and be looking to their corporate partners and possible acquisitions to grow <-- losing track of what business they were in.... and while they were looking at other businesses, another little company who still asked the question was talking to their customers from the 10-foot booth right next to them. The biggest mistake a successful business makes is to quit asking the questions that got them there.
Whether you’re an entrepreneur, a small business, or a corporation, if you’re still asking what business you’re in, you’re ahead of them.

What business are you in?

Be irresistible.
–ME “Liz” Strauss
Work with Liz on your business!!

Thanks to Week 316 SOBs

by

muddy teal strip A

Successful and Outstanding Bloggers

Let me introduce the bloggers
who have earned this official badge of achievement,

and the right to call themselves
Successful Blog SOBs.

I invite them to take a badge home to display on their blogs.

muddy teal strip A

They take the conversation to their readers,
contribute great ideas, challenge us, make us better, and make our businesses stronger.

I thank all of our SOBs for thinking what we say is worth passing on.
Good conversation shared can only improve the blogging community.

Should anyone question this SOB button’s validity, send him or her to me. Thie award carries a “Liz said so” guarantee, is endorsed by Kings of the Hemispheres, Martin and Michael, and is backed by my brothers, Angelo and Pasquale.

deep purple strip

Want to become an SOB?

If you’re an SO-Wanna-B, you can see the whole list of SOBs and learn how to be one by visiting the SOB Hall of Fame– A-Z Directory . Click the link or visit the What IS an SOB?! page in the sidebar.

–ME “Liz” Strauss

5 Inspiring Lessons Entrepreneurs Can Learn from Steve Jobs

by

A Guest Post by
Rahil Muzafar

cooltext443809602_strategy

What Lessons Will You Keep?

By the time this post goes live, millions of words would have already been said, written and discussed about Steve Jobs – the man behind 21st century’s technological revolution. I don’t think any words coming from me would justify the greats of this man. Therefore, I prefer to talk about his inspiring words rather than of the man himself. No words can fill the void he left behind, and because he is a legacy that lives on in his work, I find it a necessity to discuss about his professional feats and their impact on us.

Until earlier, I admit, I was naive enough to think of him as just the CEO of Apple Inc. Never did it cross me that this man was a genius; that he did not only give the world some pretty usable devices, he also made sure his customers became die hard loyalists to Apple. How did he do it? What did he believe in? These are answers that can be found right in his words. Being an entrepreneur there were some amazing words that I found to be not only inspirational but also very practical for people who are looking to make it big. Here’s what I am talking about.

“But Apple really beats to a different drummer. I used to say that Apple should be the Sony of this business, but in reality, I think Apple should be the Apple of this business”

Lesson: Create Your Own Identity

Inspiration should not be mixed with derivation. You should be inspired by the greats – yes; but you should never want to “imitate them”. This is exactly how Apple created its unique identity through the looks, the functionality, and even the internal features of its products. You will not find an Apple product that tries to impersonate another product. There’s always something very distinctive in all of their products. Note that the focus here is not just on unique design or looks, rather on a unique imagination and approach to your business. You don’t become a “great” by mimicking some “great”.

“For you to sleep well at night, the aesthetic, the quality, has to be carried all the way through.”

Lesson: Never Compromise on Product Quality

If quality isn’t your priority, forget about getting customer loyalty. This quote is applicable to all professions coming from all walks of life. Be it engineering or designing, every product must satisfy the eyes of the customer. When a customer’s aesthetic sense gets lured, there will be a natural curiosity to know more about the product. If your service/product satisfies both the customer’s eyes and the purposes, you can put your feet up and relax because you are on solid grounds.

“I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.”

Lesson: Do Not Let Failures get in the way

Let’s face it. Being an entrepreneur and a visionary is not easy. And who knows this better than Steve Jobs! Being fired from your own company is a devastating experience, even more than experiencing some financial loss. But this is what makes the “man” so special, he didn’t give up (Started another company, and just kept going) He was back within a year and ever since he became the epitome of company’s success. Lesson for us, never lose confidence in your abilities even when others are writing you off. There are times when you’ll fail in a grand manner, but that’s what entrepreneurship.

“And it comes from saying no to 1,000 things to make sure we don’t get on the wrong track or try to do too much. We’re always thinking about new markets we could enter, but it’s only by saying no that you can concentrate on the things that are really important.”

Lesson: Focus on Your Niche

The problem with following a success story is that it leaves no room for originality. The moment a business gets successful, euphoric optimism settles in. You start thinking of endless possibilities and try to put your foot in everywhere. This is where focus decentralizes and the business goes awry. Apple was a global leader in manufacturing systems; smart computing systems. The company did not try to be what it was not; it did not try to jump from market to market. All it did was to focus on improvising its core products and making sure people get systems that have never been manufactured by companies before. When you learn to devote time, energy and efforts into developing, enhancing and updating every part of your niche business, you are bound to be successful. Being haphazard in your approach can never get your business the strength, the success or even the attention it deserves.

“Being the richest man in the cemetery doesn’t matter to me. Going to bed at night saying we’ve done something wonderful, that’s what matters to me.”

Lesson: Money should not always be the Sole Purpose

Many wouldn’t agree with me, but money should not be the “only” motivation for you to do anything. It’s true that money is naturally every man’s goal, but you should also realize that the world’s best feelings don’t have anything to do with the richest man; rather it comes from being able to do something which is close to your heart. Entrepreneurs need to look beyond the objective of being profitable. And don’t get disappointed when the cash flow is not as good as expected, because the disappointment might result in bad decisions in a desperate attempt to be financially successful. If you keep money as the sole objective, you will miss many occasions to celebrate.

Rahil Muzafar

—-
Author’s Bio:

Rahil is an SEO expert, and writes on topics related to Internet Marketing. He’s working for smartpress.com that offers quality sell sheet printing service

Thanks! Rahil!

–ME “Liz” Strauss
Work with Liz on your business!!

Boilerplate Will Suck Out Your Soul!

by

A Guest Post by
Rosemary ONeill

cooltext443809558_authenticity

Do you know the origin of the word “boilerplate?” Neither did I, until recently. Apparently, in the early part of the 1900’s it was common for large chunks of text intended for mass reproduction to be distributed on heavy-duty sheets (or plates) of steel. Ads, press releases, and other standardized pieces would be stamped into the steel and sent to newspapers for publication. These sheets (or boilerplate) came to represent text that was to be printed with minimal (or no) change.

Today, many businesses use boilerplate text as a time-saver. It might appear in an email response, a customer support document, a press release, or website content. It may be saved in the company Google Docs as “canned response” or “templates.”

Just as the publishing industry has moved away from carting around gigantic steel plates, the rest of us should leave behind the boilerplate language that drags down our communications and keeps us from freely expressing our business proposition.

Let’s challenge ourselves to start with a fresh piece of paper the next time we’re responding to a customer inquiry, a partnership deal, or a journalist request. Perhaps a fresh breeze of inspiration will flow across the page and create some magic.

Do you have any musty boilerplate paragraphs that need to go into the shredder? Yeah, me too.

_____

Author’s Bio: Rosemary O’Neill is an insightful spirit who works for social strata — a top ten company to work on the Internet. Check out their blog. You can find her on Twitter as @rhogroupee

Thanks, Rosemary!

–ME “Liz” Strauss
Work with Liz on your business!!

Know How to Approach the Boss for a Raise?

by

I have a friend who I’ve known for nearly two decades and I can say without a doubt that he’d give you the shirt off his back.

That being the case, there is one action, or I should say lack thereof on his part, that makes me shake my head.

Not only did he take a major pay cut several years ago, he’s afraid to ask his boss for a raise.

Now granted, we all know that times are tough and there remains much debate as to whether or not we’re headed for another recession. Still, a man has to eat and keep a roof over his head, so asking for a raise is something that should never be out of the question.

As it turns out, he and I have had this discussion numerous times and he continues to claim that he won’t get the raise, so why bother wasting his time. Okay, I know I need to keep my nose out of other individual’s business, but it pains me to a see a good friend give up the fight, if in fact he ever fought to begin with.

While there is a good chance knowing his boss he will not get the raise, what does it hurt to discuss it, especially since it has been several years since he saw an increase in his hourly rates?

This friend works as hard as anyone I know, and he certainly is not being properly compensated for his efforts. In essence, he is afraid that he’ll get the boot if he goes to his boss seeking a raise. While I respect and understand where he is coming from, it is something that I would handle differently.

That being said, how should you go about seeking a raise when in a similar situation?

Among the things to consider are:

  • What is a fair and reasonable request? – For many employees, they do not know what their value is to the company, including when and how to seek a raise. Ask around to people in comparable positions as to what they sought, do some online research as to what the typical salary is for your kind of work, etc. Most importantly, get a handle on the company’s financial picture and if now is the appropriate time to seek more money;
  • Rehearse your sales pitch – It is important to not wing it when talking to the boss regarding a raise. Just as you likely rehearsed your job interview, it is a good idea to prepare for the request to get a raise. If you have a trusted family member or friend who will give you an unbiased reaction, make your raise pitch to them and get feedback;
  • Take a look back at recent history – When it comes to getting a raise, timing is often the key to success. In the event the company suffered a financial setback recently or you had an issue with a co-worker that got around the office, don’t exactly go rushing in the boss’ door for a raise;
  • Document your achievements with the company – While many experts will say that it is best to wait at least a year after you’ve been hired to seek a raise that does not mean you can’t be compiling your achievements since you started your job. Without recording that you showed up for work on time for three months in a row, take note of any special accomplishments like spearheading a project, overseeing efforts to save the company money, etc. The achievements are good tools to use in your favor when you seek the salary increase;
  • Be prepared for possible rejection – Asking for a raise is a little bit like asking someone out on a date. You may come out a winner or you may go home rejected. There is typically a 50-50 chance you will get the raise, so don’t pout if the outcome is not good. The boss may just be delaying giving you a raise until things are a little better financially at the company, so don’t suddenly tail off on your workload etc. or office morale if the raise is denied this time around;
  • Show appreciation either way – Given the fact that 2011 remains an employer’s market, it is important to show appreciation to the boss for having the raise discussion in the first place. Companies are not obligated to give out raises on a regular basis, so appreciate them when they come along.

Asking for a raise is something that most employees equate with going to the dentist or having to spend time with their mother-in-law.

If you’re in the position where it is time to seek a raise, make it your job to handle it the right way so that your job is never placed in jeopardy.

Photo credit: ledgerlink.monster.com

Dave Thomas, who covers among other subjects’ background checks and business credit cards, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

Always Give People More Than They Bargained For

by

A Guest Post by
Lou Imbriano

I grew up in East Boston in a three-decker dumbbell tenement building. My grandparents lived on the first floor and we lived on the third floor. We spent a lot of time on the first floor with my grandparents and ate dinner there practically every night. My grandmother was a seamstress and worked piecework in Boston, and my grandfather worked construction, tended bar, and worked at Suffolk Downs race track as a pari-mutuel teller. He juggled all of these jobs to make ends meet, and needed all three because of the seasonality of the work. What he really wanted was to own his own breakfast place and sandwich shoppe.

When I was about 9 or 10, he scraped together enough money to rent a store near the square and purchase all of the items needed to get things going. I used to walk to the store every chance I got to watch him in action. He loved making food for people and seeing them enjoy every bite. The shop wasn’t a cash cow, but he took great pride in it, and enjoyed owning his own place. One day, I noticed that a couple of firemen were there getting sandwiches and my grandfather told them it on was on the house. Another day, I saw him do the same for a couple of policemen, and then one day I saw him not charge a very popular business man in the city.

So one day, when we were alone, I asked my grandfather why he gave away sandwiches to certain people. Why didn’t he charge them? He sat down with me and said, “Louis, it’s a very small price to pay for their loyalty.” He proceeded to tell me that those folks were out in the community and people trusted them, so when they talked to folks about lunch, they will think of his store and mention it fondly. He also said that, especially with the police and firemen, if there was an emergency, they will be quick to respond, because of how nicely we treated them. Being a naïve child, I asked, “Isn’t it their job to respond quickly?” He agreed that it was, and that they probably would anyway, but by treating them nicely and with respect, the likelihood was that they would pay a little extra attention to us, and the store.

My grandfather further explained, “You see Louis, everyone thinks that if you give people what they bargained for, you have been fair and done your job. But, there is more to it than that. If you give people more than they bargained for, and the better of the deal, they will always think of you first, and they will always speak positively about your business.” My grandfather never went to college, never studied business, never got a masters, but he had a PhD in people. My grandfather’s words and actions stuck with me and his demeanor when interacting with customers strikes a chord even to this day.

When we opened TrinityOne, we threw a huge launch party for 800 people in the Castle at the Park Plaza Boston. It was quite a gala event with all of the bells and whistles. When we were planning the event, the head of security for the venue was laying out all the rules, regulations and protocols for the night, and stated that we had to hire a police detail with two officers. I immediately said to him, “Hire six.” He pushed back and said, “But you only need two.” I repeated, “Hire six; it’s a small price to pay for everything to run smoothly.” And it did. I have my grandfather’s wisdom to thank for that and many other similar instances. His words are always present: “Always give people more than they bargained for.”

—-

Lou Imbriano, the Vice President and Chief Marketing Officer of the New England Patriots football team from 1997-2006, is President and CEO of TrinityOne, a marketing company specializing in creating strategy for corporations to maximize revenue generation through building customer relationships and custodians of the brand. Formerly a radio and TV producer, he has appeared on numerous radio and television programs. Lou has been profiled on Forbes.com as one of their “Names You Need to Know” and has written multiple columns for the Sports Business Journal. Lou, who teaches sports marketing at Boston College, is based in Boston, MA and is the author of the newly released Winning the Customer. Lou can be found at LouImbriano.com

–ME “Liz” Strauss
Work with Liz on your business!!