Some food for thought

AS the GM of a big Entrepreneurship Center and as a University lecturer on the topics, the last few years have been very interesting as far “how to start  a business” has evolved. For a long period of time I kept saying that the “process” of doing a business plan was more important than the result of the “work” on paper.

Much too often, as someone who evaluates business plans for contests, I have seen “good” business plans for which I was sure it wouldn’t make it. Even tough I missed a few my batting average is pretty high. Too many “champions” of the writing process become huge fails in the execution process . Sadly, I’ve seen young entrepreneur spend too much time on the writing g of the “perfect” plan, too much time going from contest to contest to win some kind of  “cash” prize or grant instead of focusing on getting real clients. Getting real client is like getting oxygen, grants is like a life-support system, it works but it’s limiting…

A tipping point

The more emphasis I put on turning “the rules of the game” into “The rules of success” , on being ruthless on the expenses of year 1 and by kicking butt so the entrepreneurs go out there and talk to people instead of being behind their computer looking for answers (or so they thought),  I noticed a shift.

There are no best planning tool out there but it came to a point where I was wondering if doing a traditional business plan wasn’t counter-productive for a small business.

In the last few years voices started to be heard about the ability of the business plan to really “deliver” on startups. Guy Kawasaki, William Bygrave of Babson College, and John Mullins from the London business School of Economics among many more

There are many point to discuss and business plans lack in short term actions as far as I am concerned. And let’s not forget that doing a formal business plan is very time consuming and time is a very precious resource when you are starting. That is one aspect that I like about the “Lean Startup” approach (more on that in later posts); Small steps of action, put the feedback in the “machine” as soon as possible and Iterate…measuring as you go along…

Getting as fast as possible the Criterias by which your clients choose to buy your product and services is paramount. Don’t ASSUME, ask…

What is the Unique Client Experience felt by your client when using your product or buying your service ? Notice I didn’t say the UCE that they WILL feel…it’s the UCE they got WHILE using your product or services.

Kawasaki said at one point that “a business plan should be the elaboration of a good pitch”

I think elements of a good pitch are what you gather from the field, the “war stories” of your startup. I came to the point where understanding the need behind the decision to buy was the point where most mistakes were made. Like a false premiss on which everything is built. The house is good but the foundations are rotten, so after a while everything falls…So everything starts there…Too many entrepreneurs (and business owners will say, “let me tell you about our solution and you’ll get what the need is” …WRONG!

Convince me there is a need then I will listen to your solution, the other way around is a waste of time. Describe the need in details, make me “want” to hear your solution…Make me go “WOW” at the hole you are filling in the market then I’ll “want” to know what to solution is…and then we can go on with other parts of the plan; competitive advantage (unfair is even better but it better be real, stating an unfair advantage that I see a mere differentiation will piss me off), your tolerance to risk, your business model and how you’re going to make this turkey fly…..

We all had this happen to us…

You meet someone, at a friend’s party or in a networking event. You have a lengthy conversation. You liked the guy a lot. You exchanged business cards and Social Media profiles. You leave each other after a warm handshake

A few days later, you talk about this guy with enthusiasm and then it hits you…you really don’t know much about him! You even start wondering how you were so “open” with this person…

Yes, you’ve encountered the MQA, the Master question-asker…

What bugs you is that you consider yourself a pretty good marketer and sales person. You ask open questions, you know how to use the When, What, how ,who and why’s…

The piece of the puzzle most of us are missing is how to ASK a question TO a question!!!

That’s where the MQA is the most efficient. You ask one of your question but it boomerangs back to you in  a flash. The tone is compassionate so you go along…And you keep talking, and most of the people like to talk about themselves professionally.

To be able to do that, can you imagine the level of listening that is required ? One has to be totally there, no hidden agenda, fully present in the moment. When is the last time you were in that “zone” in  a conversation ?

When have you stopped and thought about the question BEHIND the question ? When have you stopped to think about the CONTEXT behind the question ? Next time don’t jump at the chance to answer. Stop and think for a moment if you couldn’t come up with a way to make that question more precise…

Doing that is a skill that requires practice. It has to become 2nd nature to you. Technique is one thing but it’s only when you’ll be doing it to “serve” better that the power of the MQA will really give you a strong ROI. Because you’ll have discovered the real “need” behind the question you’ll be able to come up with a real solution to that need. It will result in more people wanting to do business with you, more people giving you more referrals…

Practice becoming an MQA and watch your business soar…

I haven’t been writing much since last summer but I think I have what it takes so you forgive me

I have just found out that a very good book can now be downloaded free of charge.
I know the author personaly. His first book (in French) really sent me on a journey exploring new ways of starting businesses. If I can talk to you about Lean Startup and Effectual Entrepreneurship it’s because this guy wrote his first book.

I invite you to discover the methodology he teaches in top business schools, which is explained in his latest book “Winning Opportunities”.

In any case this is a no-risk opportunity because readers set their own price after reading the book, according to their own assessment of its value and what they can afford.
If you do not like its content you pay nothing.
Fair enough!

I encourage you to read this book because:
·        it can really boost your career (it did for many people who had read the French version that came out 5 years ago)
·        it contains a robust guide on how to seize opportunities (this is what helps boost a career!)
·        it provides a user-friendly alternative to the painful writing of a business plan
·        it is quite entertaining (each chapter starts with a joke): easy and fun to read

You can also be generous and forward this message to your own network or share it on Facebook with your friends.

With kind regards
Alain

So I’m off to vacations in my summer house on the Magdelen Islands.

I usually come back from there with boatlaod of energy (pun intented) ready to help as many people as I can.

So this year, I’d like to try something else, so….

If you’ve been working to
grow your business for a while
now and things aren’t happening
as fast as you want, then I’d like
to help you create a MAJOR
business BREAKTHROUGH.
Here’s the scoop…

I’ve heard from a lot of small
businesses that are having an
especially difficult time getting their
business to grow fast these days.
After hearing about so many people’s
struggles, I decided to do something
about it…

I’d like to invite you to take
advantage of a special, “Business
Breakthrough” coaching session
where we’ll work together to…

=> Create a crystal clear vision
for your ‘ultimate business success’
and the “perfect lifestyle” you’d like
your business to provide

=> Uncover hidden challenges
that may be sabotaging the
growth of your business and
keeping you working too
many hours

=> Leave this session renewed,
re-energized, and inspired to
turn your business into a
highly profitable, revenue-generating
machine that practically runs itself…

If you’d like to take advantage
of this very special, very limited,
and totally FREE 30 minutes
“Business Breakthrough” coaching
session.

To help me to be more efficient on this call please answer the following questions and send them to me
startupcoach(at)alaintheriault.com
1. How long have you had your
business?
2. What kind of product/service do
you provide?
3. What are your revenue goals for
the next 12 months?
4. What was your business revenue
over the last 12 months? (ballpark)
5. What do you see as the major
challenges holding you and your
business back from growing at the
pace you want?
6. On a scale of 0-10, how important
is it for you to overcome your challenges
and achieve your goals today?
7. Full Name
8. Email Address
9. Phone #
10. Time Zone

Pick the areas you’d most like
to work on…

__ Marketing
__ Sales Process
__ Turning Your Team Into High Performers
__ Cash Flow Strategies
__ Customer Service
__ Systemizing & Streamlining Processes
__ Leadership & Delegation
__ Other

Since I’m making this offer
for the first time right now and I
don’t know how intense the response
will be, I can’t guarantee a
coaching session for everyone.

I’ll work with a group of 20 entrepreneurs at the time
then start a waiting list.

Even if I’m on vacation you’ll get a reply from someone from my team in the next 48h.

If you made the “cut”, you can expect to get contacted
by our team to schedule your
session in the week of July 12th

Again, to take advantage of
this offer, simply send me an e-mail  and
answer the questions listed
above.

Warmest Regards,

Alain

PS: The sooner you send us your
answers, the more likely you are to
get a session.

As I commented on the article, I truly believe that we “create” our opportunity. It’s you, that add the “special” ingredient in the “right solution, right place, right time” recipe. But for many entrepreneurs, it can be quite a challenge, specially for the struggling ones. Focus is such an issue. Many entrepreneurs have an ADD personality and those with multiple business even more so. In such a situation you are always looking to hit “one out of the ball park” but as in baseball, that attitude often leads to a strike out. Their ability to “create” can be, in those cases, detrimental to their success!

In his book “you already know how to be great” Alan Fine speaks about the right combination of Fire (energy)  focus (no interference) and faith (do you believe) wrapped in and well-balanced with Knowledge as the “right way” to GROW (Goals->Reality->Options->Way forward). I think that entrepreneurs have no lack of energy and faith in what they do, but interference in the form of “new opportunities” might be what prevents many of them from having the success they deserve.

Besides, if you finish one project FIRST, you might get some feedback (comments from customers, money) that will come in handy to build the second one.

So FOCUS on FINISHING what you started and if you really have to, have a “bottle cap file”

With 5 generations at work, with a multicultural workforce becoming the norm and the shift in how people work (part-time, from home, freelancers, e-sourcing ), having team building skills has to be part of your business survival tool box!

But before you start with a group of random individuals and you transform them into one solid unit of efficiency, there are lots of steps you have to go through.

First, make sure to pick people on their best strength. Make sure it answers needs in the company. Why so much emphasis on strength? Because when you work using your strength most of the time, it’s not « work », it’s fun, it’s play, it’s success, it’s not counting hours until Friday at 5. You get better results, so in turn you get praised, then you develop pride in your work, which turns into excellence on the job and better job retention.

Second, you’ve got to make sure that each individual feels his importance, knows how their personal goals are linked to the company’s goals.

Third, give them enough power so they really can take some decisions on their own and than stay clear but make sure to keep them motivated by providing frequent feedback on how well they are doing. Make sure as leader that you provide answers to the need they have to do the job properly. Celebrate successes publicly but keep the constructive criticism private.

Fourth, make sure the group as a purpose, an inspiring mission and a compelling vision to keep in mind. Have clear SMART goals about how to get there and that it can only be achieved by overall success.  Make sure you have a “buy-in” from every member of the team before moving forward.

Five, foster interdependence.  If everyone knows someone’s got their back, if everyone knows each other strengths, chance are the team results will be higher than the sums of it’s parts. Sport team metaphors are always a winner to put emphasis on the importance of having the right people at the right place.

Six, keep communication channels open. Don’t let any rumors fly by and become out of hand. Jump on every chance of putting forward one of team member’s idea. As Captain Michael Abrashoff, author of the great book “It’s you ship’” puts it; “Listen aggressively!”

Seven, remember a team can be efficient for a certain amount of time but by adding fun into the mix, you’ll have a “team” for much longer

Finally, back to the top. Be committed from the start to building a better team. Commitment to anything can only be instilled by example. Live it, get it and reap the rewards that come from it.

A new book, “The Power of Pull” adds an interesting layer to that whole concept. Covered by Schumpeter in “The Economist” , the theory behind the book is that the answer you are looking for lies on serendipity.

By getting Access to the right people, then Attracting them and achievement with, thru wide array of contacts (think Social Media “friends” here…)  you multiply your chances to gain the knowledge you need faster, because, precisely,  things change so fast ! You have to cast a wider net

The author recommends to attend a mix of specialized and more eclectic conferences to maximize the effect. Hang out with people who thrive in change, in changing environments.

If Schumpeter concludes on the importance of letting some of your employee use social networks, a given for me, It brought to mind the link with the Tipping point. In your “gathering up” the information phase, start looking at/asking for the connectors, the mavens and the salesmen that will make the best use of that new information. Make sure to add-up a few I.O.U’.s along the way.  YOUR tipping pointt might be closer than you think.

As many freelancer, this is a mobile office. Friends wanted to help by giving me their “old” BB but there was always some technical reason to justify not being able to use it
So after many attempts to find a suitable solution to my problem, I had to buy my way out of the contract I had going with Telus. Which I did and was freeing me for acquiring any kind of phone. Having switched to MAC more than a year ago, the natural choice was to go with the IPhone.

The night I bought back my contract, I was willing to buy a IP 3GS. But none were available…so it seemed…

So I was in for a 2 weeks wait, to get my hands on the new IP4. So I spent many nights tossing the idea of going for an Android Phone, but the Nexus is mo more available thru Google and some well connected friends we’re not recommending the Motorola Android phones available at the time at TELUS
So like a bunch of groupies, I was there the morning the Jesus Phone was “born”…

After a rather long wait I finally get my hands on the little marvel. Suddenly the guy at the counter is typing feverishly on his keyboard, then he picks up the phone, has an argument with the lady at the other end…Understand here that this guy was beside me 2 weeks before when I bought back my contract, and he was the one I had all my conversations with around the Android Phones…

He looks at me and turns rather pale (for a black guy)…
“I can’t sell you the phone sir…”

I politely ask why…

-”You can have ANY  phone except the IP4″….

-Pardon me!??!?

-You heard me correctly sir…

-And what’s the logic ?

-Keeping the phone for new clients….

-You’re telling me that TELUS will do this to a 6 year, well paying client, to get a new one ?

-One moment I’ll go talk to the manager…

He comes back rather quicly…l

- Can’t do anything sir, those are the rules…You can take another phone and in 15 days, if you are not satisfied you can always come back and see if there are IP4 available then…

- Find me a solution here my friend, The Bell guys are just on the other side of the corridor…

- You could always take….a IP3 GS but you won’t be able to upgrade!!!!!!

Me fuming…

-(I can,t translate the french expression that I used here) Are you kidding me ? Where were they when I was ready to buy one 2 weeks ago…
-My friend I like you, and I know it’s a corporate decision here. but let,s do a quick overview. The records show that I give you an average of 100$/months on phone/data bills, that 3600$ on a 3 year contract, plus 300$ for the phone, that’s 3900 $ plus an easy overflow of at least 100$ in 3 years. SO, that is a MINIMUM of 4000$ that you guys are leaving on the table. I’m throwing you a lifeline here…

- I can’t…..

-Well tell your manager that he loss that…Thanks for your time and effort.

———————
Now the 4000$ plus question here

“Anyone at TELUS knows the concept called “Lifetime customer value” ?
Of course TELUS called me a week later to try to “fix” things….

Now I just hope It won’t get there…

How do we measure satisfaction? What is satisfaction for one person can be quite different from another one! And then what? Do you adequate satisfaction with loyalty? If so, you are doing one big mistake! Here’s why.

Studies have shown that : 68% of clients go elsewhere because of the poor way they were treated. Loyalty is only obtained at the outstanding levels of satisfaction. And Loyalty is 3X stronger in clients that are “Totally satisfied” from “Somewhat satisfied” : So, go overboard on satisfaction.

But Satisfaction, is only the starting block. Satisfaction is ground level and only a moment in time. As William Neal put it « Satisfaction is an attitude, Loyalty is a behavior »-

It’s that behavior that you want to get, right ?.

Behavior comes from emotion. So, the real target is having products, services and employees that generate “Positive” emotions in our clients. Think about it, we do remember more. the things and events that have emotion attached to them.

One big challenge is that you have to stir up those positive emotions; before, during and after the relationship with your company. Let’s take each of these in turn;

Before: We all know that we do business with people we know, like and trust. So, you should strive to go from Encounter to Relationship. Business Relationships are based on trust and trust issues are paramount. A loss of trust equals very strong emotions. A client could be satisfied with the product but if or for any reasons, you’ve over promised you will lose in loyalty…

Also remember to diagnose the problem/need WITH your clients before starting to sell TO them. It will help build a strong relationship.

During : Imagine an emotional bank account. You have to have money in it to be able to withdraw. So in order to have some leeway with your clients, make sure you pile up those emotional dollars right from the get go.

After: Now think the situations where emotions for your customers are real high….when they complain ! Think of it this way; They are giving you one last chance to keep doing business with you!. Now, if you take care of the individual before taking care of the complaint, offer them exceptional service, a choice of solution and you’ll win a Customer or life.
Develop a culture of seeking feedback in your company, that way you’ll always be one step ahead of the competition on “customer satisfaction”.