Benefits of Engaging Independent Consultants

Cutters, Alpharetta, GA

It was my kind of week! I was busy, but I enjoyed a lot of variety and entertainment. I had a productive meeting with one of my consultants, Paul, over cigars and brews; a conference call with my Latin America Managing Director; coffee meetings with two prospective new consultants; and a luncheon meeting with a potential client. I even had time to complete a few administrative tasks and worked on strategic issues. My visit with Paul took an unexpected turn (it became even better) when Jeff, an alumni buddy joined us at the bar. What a lucky break! I couldn’t have been happier to see him. Jeff is a master licensee developing a non-food franchise concept in the state of Florida. He is an excellent connection for Paul, given that Paul is selling an integrated project management software package for franchisers. It was great to catch up with Jeff, and even better because Paul was able to make an excellent new connection. Connecting great people is my favorite part of work.

 

The highlight of the week was meeting with my turnaround client to discuss the next phase of our work. The first item of discussion was her update on the remaining contract in Florida. She told me she had successfully ended that contract and helped her employees land jobs with the new contractor.  She said that she secured the equipment and supplies at a Lakeland, Florida-based storage facility. She went on to say that she plans to move this equipment to Atlanta when she finds an appropriate local storage facility.  This last point gave us an excellent opportunity to talk about coordinating Strategy with operations. I reminded her that the equipment left in Florida was purchased to support her employees. And, she has no further need for that equipment as she will be using subcontractors going forward. I applauded her for successfully extricating herself from her expiring contract. However, I advised her not to spend anything further on that equipment except as required for its sale. She took my recommendation to heart and will work with her attorney to ensure compliance with the bankruptcy court to dispose of that equipment. Resolving that issue, we moved on.

 

The first phase of this assignment resulted in clarification around my client’s business strategy going forward. Now, the client will use subcontractors to execute her contracts, to minimize her reliance on full-time equivalents. Making this change will increase margins, reduce risk, and result in the more effective use of her time. The client also agreed to move away from the public sector (State and Local Government Accounts) to focus on the private sector, both business-to-business and the consumer market. The next phase of my work is to rebuild the client’s business development function. This change in strategy requires an updated positioning statement and value proposition, key tools for generating new business. My responsibility is to help her grow the business through new channels, promoting existing products and services.

 

Key Deliverables for Phase 2:

  • Update Positioning Statement and Value Proposition
  • Update Promotional Material to Reflect New Strategy
  • Develop Ongoing Communications Forward/Public Relations Effort Via Email and Social Media
  • Update Online Presence i.e. LinkedIn and Company Website
  • Evaluate and Present Options to Employ a Service to Schedule Sales Calls

 

During our meeting, we discussed the importance of leveraging our efforts to ensure that we are generating the maximum benefit for the time allotted to that effort. We discussed following the Pareto Principle to guide our work. In other words, to concentrate on the 20% of the activity that generates 80% of the output. To transition out of Chapter 11, one cannot waste their time. My client must ensure that she is getting the maximum payback from her work.

 

Josh Sweeney Presentation on Culture First Hiring

One of the most significant benefits provided by outside consultants is to use us as sounding boards to work through issues big and small. As we have vast experience in various situations, we help our clients make sound decisions in real-time. For questions requiring further consideration, we understand the analysis needed to find the answers. The most important benefit we pass along may be our knowledge of the fundamental principles for setting priorities and managing time.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

10 Industries You Probably Never Think of as Franchises – Leslie Kuban

When you hear the word “franchise,” what image pops up? Most likely, it’s a fast-food chain; and, even more likely, it’s your favorite fast food. Is it time for lunch yet?

If you’ve dismissed franchise ownership because you don’t want to flip burgers or make sandwiches, you’re missing out on a vast world of opportunities.

Yes, the number of franchises in quick-service restaurants continues to grow, but these are by far not the only successful option. According to FRANdata, an independent research company for the franchising sector, there are more than 230 different industries represented in franchising; and, additionally, 200 new brands enter the market each year.

You may think most of these businesses are run by small independent owners or large corporations. Not true. Let’s take a closer look at 10 out-of-the-box categories crushing it in franchising.

1. Coworking Spaces

Responding to the increasing trends toward shared services, remote working, and short-term fractional work, more small businesses, and larger companies are opting for co-working environments over traditional brick and mortar leases. Can you say, “recurring revenue?”

2. Yoga and Dance

The boutique fitness industry is exploding and now yoga and fitness dance concepts are making their mark. Drivers include the demand for fun fitness activities in a community setting coupled with the high costs of healthcare.

3. IT Services

From cyber-security to strategic growth initiatives, managing your company’s IT services can be a huge headache. Outsourcing overseas often provides lackluster service. Businesses want trusted, local expertise they can count on for the long-term.

4. Drug Testing

It’s hard to imagine a private or public-sector employer without a substance abuse policy. The demand for reliable, fast, accessible testing options is intensifying.

5. Swim Lessons

When I was a kid, my parents taught me how to swim by tossing me in the neighborhood pool. Times have changed and parents are demanding more effective and healthier methods. Not just about learning to swim, the franchises in this category are addressing a safety need in underserved communities.

6. Nail Salons

Perhaps the best example of an industry once dominated by small, independent shops is nail care. The demand for more sophisticated, experienced-based nail care is driving growth. Franchising has nailed this industry with clinically clean, semi-absentee, multi-unit opportunities.

7. Retail Resale

We’re not talking consignment shops. Franchising is transforming the resale market by offering gently used specialty items at affordable prices. The sweet spot of this niche lies between expensive retail stores and low-quality, second-hand thrift.

8. Music Instruction/Enrichment

Music is more accessible than ever; yet, traditional schools are still reducing fine arts programs, thus, driving the demand for quality music instruction and enrichment. Gone are the days of the old-lady, piano teacher. Franchising has turned up the volume on music instruction, making it fun and cool to learn.

9. Tree Removal and Care

In my neck of the woods, trees are everywhere. Care and removal of trees is no longer a business for “Chuck in a Truck” (with a chainsaw) in this $17-billion industry. This is a classic example of franchising bringing professionalism and systematization to a fragmented, high-demand service…and reaping the rewards.

10. Digital Marketing Consulting

The majority of businesses in America are small businesses with a small marketing staff and even smaller marketing budgets. It’s no wonder B2B franchise models exist across the globe to assist businesses with their online marketing strategy and execution.

Because there is such an abundance of profitable franchise ownership opportunities that exist outside of fast food, me and 14 of my friends got together to dispel that myth in the Amazon bestselling book, More Than Just French Fries.

You too can grow a profitable business through the franchise model and it doesn’t have to cost a fortune or take up all your time. Semi-passive business ownership is accelerating as families look to side-gig options for a more secure future. I recommend that anyone exploring franchise ownership keep an open mind and consider a variety of different businesses in different industries, even the ones that surprise you.

If you’ve dismissed franchise ownership because you don’t want to flip burgers or make sandwiches, you’re missing out on a vast world of opportunities.

Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and Market President of FranNet in Atlanta; a locally owned and operated franchise consulting firm. Leslie and her team have helped close to 500 individuals and families achieve their dreams of business ownership through a no-cost, extensive educational and coaching process.

Connect with Leslie online or call 770-579.3726 to start the conversation today.

Published by

Leslie Kuban

Leslie Kuban

Franchise Consultant | Franchise Owner | Best Selling Author | Speaker
Published • 1d 44 articles

Thank you for visiting our blog.

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Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

Jim Weber To Present “The Three Pillars For Success” BENG Atlanta Chapter August Meeting

Join Us for the August Atlanta BENG Chapter Meeting featuring Jim Weber

Jim Weber – Managing Partner, ITB Partners

Jim Weber, Managing Partner ITB Partners, founder of New Century Dynamics Executive Search and the author of “Fighting Alligators: Job Search Strategy For The New Normal” will be joining our BENG Atlanta Chapter in August. Jim will be presenting:  “The Three Pillars For Success”

This discussion is meant to career-minded professionals who are gainfully employed, or between situations, and independent business owners looking to become more successful.

REGISTER

Date And Time

Tue, August 13, 2019

7:30 AM – 9:30 AM EDT

Add to Calendar

Location

Bella’s Gourmet Kitchen

350 Embassy Row Northeast

Sandy Springs, GA 30328

View Map

REGISTER

ABOUT BENG:

The Atlanta chapter of the Business Executives Networking Group (BENG) is a multidiscipline, independent group of job seekers, those currently employed and business networkers, who are willing to help others. Current membership includes mid to senior-level executives with over ten (10) years of business experience. Past attendees have come from the financial management, information technology, legal, manufacturing, engineering, transportation, logistics, distribution, and general management industries. We actively seek new members from all disciplines.

Monthly meetings are structured to help each member get the maximum benefit.

BENG Networking Meetings:

  • Are approximately two hours in length.
  • Are typically held monthly.
  • Range from 10 to 30 attendees, but the average is 20.
  • A skill-building presentation.
  • Allows each attendee 30 seconds to introduce themselves, talk about their background and expertise, and to present their Target Companies and networking needs.
  • Please bring business cards and your marketing plan if you have one.

Networking meetings provide members with an opportunity to sharpen their networking skills, meet peers from various disciplines and share business opportunities and job leads.

REGISTER

Find a Stimulating Place to Work!

This past Wednesday I had the pleasure of enjoying a fine cigar and a few beers with my friend and colleague, Paul.  I haven’t seen much of him lately as he has been traveling.  Our cover story was to discuss his August presentation to ITB Partners and to update one another on our activities.  Well, we did all of that of course, but the real mission was to introduce Paul to my favorite cigar bar.  As a subscriber to my blog you already know that I strive to mix business and pleasure whenever possible.

 

I arrived a little early and noticed that Paul was already there, still in his car talking on his cell phone.  Later, he told me that he was finishing a business call.  Life in the digital age.  I continued inside and went straight for the humidor.  Although it was a bit understocked, I found a favorite brand and paid the attendant.   Paul entered the humidor at that time, so I showed him around.  He made his selection then we lit up, found seats at the bar and ordered our drinks.  After exchanging a few pleasantries, I told him the history of the establishment.  I pointed out that the venue is designed to accommodate people who come in during the day to enjoy a cigar while working.  They offer WIFI and provide ample outlets to charge electronic devices and to power laptops.  In addition to seats at the bar, there are several workstations and a private room suitable for meetings.  I went on to say that I am there at least one afternoon each week, usually working on my blog post.  I confessed that I have branded those visits as “going full Hemingway.”  That elicited a hearty chuckle from Paul.  He was impressed with the venue, including the humidor, and the layout.  We were off to a good start.

 

As the primary business reason for our meeting was to discuss his presentation, we got right into that topic.  Paul wanted to know how to position his talk as the audience wouldn’t be his typical prospects.  I told him that there were two main points to consider.  First, the members want to learn about him.  They want to know his background and how he came to be involved in his current situation.  Secondly, they want to know about his employer and the product he’s selling.  I said, “keep the discussion at 40,000 feet.”  They don’t need to get into the details, they just need enough information to make good referrals.  Also, I told him that I had adopted the Guy Kawasaki 10-20-30 rule for presentations.  Ten slides, twenty minutes, using a 30pt font.  As our members don’t need to hear a lecture or an infomercial, I advised Paul to facilitate a discussion.  He agreed to send me his draft and I offered to help arrive at the final product.  I noticed that his stress level had dropped significantly.  That could have been the effect of the cigar and beer.  Who knows?

 

We moved on to chat about his progress.  He is selling an innovative, one might say disruptive, integrated software package.  Paul began by telling me about a major QSR brand that contacted him to complete a request for proposal, (RFP).  I asked if an internal contact had provided the invitation.  He said no, but that it came by way of an obscure article that spoke well of his product.  I felt instant validation for my resent admonition on the importance of writing articles to leverage one’s brand.   He went on to say that his team built a solid relationship with the client by demonstrating their familiarity with franchising and the challenges of store development.  Apparently, his competition was represented by technicians who lacked knowledge of or an appreciation for the requirements to manage the challenges of a growing franchised restaurant brand.  I said that closing this deal should propel his business to a whole new level.  He agreed and moved on to talk about his negotiations with a non-food franchising concept.

 

Having heard of Paul’s recent successes, I reminded him that we are prepared to leverage his efforts through our social media and public relations platform.  He said he had forgotten about those benefits.  So, I spent the next few minutes reminding him about our capabilities.  He was sold.  My thoughts moved to other possible referrals.  By the end of our conversation, I had a long list of connections to make on his behalf.

 

Paul and I had a productive meeting, as I knew we would.   I have long understood the boost I get from spending time with friends and colleagues in a relaxed, fun environment.  If you don’t enjoy your work, you are probably pursuing the wrong career.  Your job should be fun, so find every opportunity to work in a place that stimulates your creativity and provides personal satisfaction.  You will be glad you did!

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

 

 

3 Reasons Why Your Firm Needs a Podcast – Profit from the Power of Podcasting

Written by Artie Ruderman, CEO, InnovativeGrowthSolutions

 

1 Age of Content: Be Heard & Establish Your Brand

Do You Have a Growing Problem?

Most businesses depend on new business from existing clients and need to acquire additional clients to thrive.  Aggressive marketing along with advances in technology and innovation has enabled competition to encroach upon your company’s product and service offerings making developing new business more challenging.

 

 

Value-Based Selling

Best practices for developing business has evolved; 82% of shoppers conduct online research before buying.1  Unlike the two traditional sales methodologies, ‘Selling’, where a salesperson tries to push prospects to make a purchase or ‘Marketing’ which tries to pull prospects to make a purchase, ‘Value-Based Selling’ attracts purchasers by imbuing the reasons your company’s products and services are valuable to them.

 

Podcasting Establishes Your Business has Value

A podcast with compelling content triggers three purchaser qualifiers: ‘Know – Like – Trust’.  A podcast that offers solutions to a prospect’s business issues or enhances their lives connects your company to its target market, increases brand recognition, develops a relationship and establishes your brand as an industry authority.

 

 

Interesting Facts

  • Podcasting started in the 1980s and was known then as ‘audio blogging’
  •  In 2004, the term ‘Podcasting’ started as a blend of iPod and broadcasting
  •  Sale of pro microphones will grow 50% by 2021 (Futuresource Consulting report: 11/22/17)

 

 

2 Podcasting Levels the Competitive Playing Field

Podcasting is Easy and Economical

Recording a podcast is less complicated and less expensive than producing a video.  You can simply talk into a smartphone and upload it to YouTube.  If you would like to have a professional production, consider recording at a podcast studio that can enhance the sound quality and provide studio services such as editing – voice-overs – jingles and more.

 

Be Heard & Increase SEO

In addition to posting your podcasts on your website, LinkedIn company profile, and social media, expand your connections by linking your podcasts on popular listening networks like Stitcher – iTunes – Spotify & Google Podcast.  To increase opportunities to be heard, ask a podcast studio if they can distribute your podcasts on syndicated channels like IHeartRadio.

 

A Primer for Producing Your Own Podcast

  • Craft Content of interest to your target market
  • Your Podcast is your firm’s Digital Voice – Imbue it with your company’s personality
  • It can be formal or folksy like Southwest Airlines

Tips for Professional Production:

  • Editing & individual microphone sound enhancement
  • Voice overs / intros – outros / jingles
  • Have a show host & guests who are clients, prospects, industry executives & authorities…
  • Distribute to networks to be heard by prospects outside your connections

 

3 Podcasting is the Media of Choice Today 

The Age of Content

Anywhere you are out and about, the chances are you will see people interacting with their smartphones.  Just as you are reading this article to leverage what you can learn about podcasting; they are also seeking content to learn or be entertained.

 You Can Listen to a Podcast

There are a plethora of marketing options on the internet: email blasts / blogging / videos / vlogging, however, they all demand your visual attention.  Podcasting’s popularity can be attributed to the fact that you can listen to a podcast anytime and anywhere; in a coffee shop or performing a multitude of pursuits; driving, running, walking the dog, mowing the lawn…

 

 

Statistics Worth Knowing*

  • 62 million people listen to podcasts weekly, a 17% increase in 2018 over 2017*
  • Facebook had 15 million fewer users in 2018 than in 2017
  • 45% of monthly podcast listeners have a household income of over $75K
  • 27% of US podcast listeners have a 4-year college degree vs 19% for US population

 

*2019 Podcast Stats & Facts posted by Podcast Insight with credit to Updated stats: Edison Research                  

                 Infinite Dial 2019 released March 6, 2019.  Q1 2018 report from Nielsen, March 20, 2018.

 

 

 

1: As reported in Forbes: New Research Shows Growing Impact of Online Research on In-Store Purchases, by John

Ellett, Feb 8, 2018 credits report from The ROBO Economy (Research Online Buy Offline).

 

A Podcast based on this article can be heard at ProBusinessChannel.com.

To learn more about podcasting or booking a studio visit: www.GlobalPodcastStudios.com.

 

Artie Ruderman is the CEO of  InnovativeGrowthSolutions, a fractional corporate & business development company and Business Director at Pro Business Channel, an internet broadcast network & parent company of Global Podcast Studios

 

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

New Dad, New Town and New Franchise in Four Months

Contributed by Leslie Kuban, President of FranNet in Atlanta

Michelle and Ryan Kinsley are a dynamic young couple who always envisioned themselves as business owners. They were focused on finding a business that would be right for their newly growing family but overwhelmed with so many options. With Ryan’s background as a government analyst, he knew how to do the research, but decided he needed someone with the right franchising experience to help.

 

In just four months’ time, Ryan moved to a new city, bought a new house, welcomed his first child and invested in his family’s future through franchise ownership.  How DID he do it?

 

What drove you to make the leap from a seemingly secure career position to the entrepreneurial unknown?

 

Ryan: My wife, Michelle, and I had been married for about a year.  We were still living in a 1-bedroom apartment in downtown Atlanta when we found out that we were expecting a child.  We realized that we needed to make some life decisions quickly so that we would be ready when our child arrived.  At the time, I was extremely burned out in my position with the government.  I had been reading books for over a year on franchising and small business.  After talking with my wife, I decided to reach out to FranNet to explore franchise opportunities.

 

What were the most important factors in deciding on the business you ultimately chose?

 

Ryan: With a child on the way, Michelle and I knew we wanted to get out of the hustle and bustle of city life.  We both grew up in medium-small cities in Georgia, so we wanted to raise our child in a similar environment.  Finding a business that would work in one of our desired areas was a major factor.  I also wanted to find a business that would allow me to attend my child’s activities and life events. Finally, finding something with somewhat traditional work hours so that I was not always working when my wife and child were at home.

 

You and Michelle just welcomed your first child…how did you think about the timing of starting your family and the timing of going into business for yourself?

 

Ryan: We bought our first house, started a business, and had a child all within four months.  We joke that if our marriage survived that, we can make it through anything.  As I mentioned, the baby was a driving factor in getting this business started so I wanted to get everything up and running as far in advance of the baby coming as possible.

How are you managing so much change at once – a new business and a new family member?

 

Ryan: As the owner of Monster Tree Service of Athens, I tell everyone that all my time is now spent with either the big monster or my little monster.  I put a lot of time into running my business and raising my child, but I don’t do it alone.  I made sure to hire experienced, driven employees who are self-sufficient and can troubleshoot many of their own problems.  Because of this, I am able to focus on the most important issues in growing a company.  It goes without saying that I couldn’t do any of this without Michelle and the support of our friends and family.

 

What advice would you give to young families like yourself wanting to start their own business?

 

Ryan: Be sure to do your research! I can’t stress that enough. Read books, talk to business owners, contact a franchise consultant, and find the end of the internet before you commit to starting your own business.  The right franchise consultant will help you find the right fit for you and your situation. I reached out to Leslie Kuban at FranNet of Atlanta because she has many years of experience in the industry, knows my local market and is a franchisee herself. She took my wants and needs and generated a short list of opportunities that she felt would fit my goals. She never pressured me in any direction, and she was always available to help with any concerns I had.

 

“You will be scared,

but you will also know when you have found the right opportunity for you.” 

 

Do you think he was talking about franchising, new home ownership or the joys of his new family? Perhaps all of the above. Happy Father’s Day from FranNet!

 

If you’d like to explore whether business ownership is right for your family, give us a call today at 770-579-3726 or take our free Readiness Assessment at frannet.com.

__________________________________________________

 

Leslie Kuban

Leslie Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and Market President of FranNet in Atlanta; a locally owned and operated franchise consulting firm.

Leslie and her team have helped close to 500 individuals and families achieve their dreams of business ownership through a no-cost, extensive educational and coaching process. Her personal experience as a franchise owner provides a unique perspective to help her clients assess their real opportunities, risks, and timing to make sound decisions.

Connect with Leslie online or call 770-579.3726 to start the conversation today.

 

 

Pan Asian-Pacific American Heritage Month

A week ago, Saturday, my wife and I attended an event hosted by the Pan Asian Pacific American Council of Georgia, celebrating Asia-Pacific American unity. We were invited by a client of Laotian descent who is very active in the Gwinnett County, Georgia community.  I enjoy experiencing different cultures, although it’s usually by sampling their food. However, I lived in Hawaii for three and one-half years, during junior high and high school, so I have some experience with the Asian community.  I knew this event would be fun.

 

Pan Asian Opening Ceremony-2 5-18-2019

The evening was a celebration of their successful blending into the American mosaic.  It began with a flag ceremony; the American flag leading the way, followed by women in traditional costumes, carrying the flags of their native lands. Everyone stood for the Pledge of Allegiance, followed by a solo rendition of the national anthem.

 

The atmosphere was a mixture of pride for their heritage and old fashion American patriotism. The event featured traditional music, songs, dance, and wardrobes.  The drummers were awesome!  Naturally, events like this are a magnet for politicians, so the agenda featured speeches by local representatives.  Thankfully, they were brief and unremarkable.  The last event of the evening, just before my wife and I had to leave, was the scholarship presentation to new high school graduates. It was symbolic of the community’s progress.

 

May is set aside to honor Asian Americans and Pacific Islanders. During this month, we celebrate their culture, traditions, and history.  May was chosen for this recognition as events significant to the Asian Community occurred this month.  The first Japanese immigrants to the United States arrived on May 7, 1843, and the completion of the transcontinental railroad was May 10, 1869.   Many of the workers who laid those tracks were Chinese immigrants. On October 5, 1978, President Carter signed legislation recognizing Asian American Heritage Week. In 1990, President George H. W. Bush signed a law to expand this recognition period to a month. At that time May was officially designated as Asia-Pacific American Heritage Month.

 

The following Tuesday, I was scheduled to meet my client at her office in Lawrenceville, the Gwinnett County Seat.  We planned to meet at 1:00 p.m. to review a draft report of the initial assessment phase of my work.  My client saw an opportunity to add a free lunch to our agenda. She invited me to join her for the Pan Asian Pacific Islands American Appreciation Day at the Gwinnett County Courthouse.  According to the U.S. Census Department, the July 1, 2018 estimate for the population of Gwinnett County was approximately 927,781 citizens. Americans of Asian and Pacific Island heritage count for 12.3% of the total population, making them a very significant constituent group.

 

We were surprised to learn, however, that what she thought would be a quick lunch and proclamation, turned into a 2 1/2-hour affair that included speeches from County Commissioners, a panel discussion, and then a recognition ceremony at the beginning of a meeting of the County Commission. It’s safe to say that whenever politicians get involved in an event, the time commitment will increase.  As I had set aside the entire afternoon for my client, I wasn’t fazed a bit.  In fact, I enjoyed it.

 

The event began with a welcome from a County Commissioner, as we enjoyed our lunch, followed by a few words from an Asian American Commissioner.  A Panel Discussion was the next item on the agenda.  The Panel included a Muslim American, two Vietnamese Americans of different generations, a Chinese American, and an Indian American. All are first-or-second-generation Americans, many coming to the United States as a result of the Vietnam War. The gist of the discussion was about aligning around common interests and challenges to move the community forward. I found some very interesting parallels to those of a business start-up trying to establish itself in the marketplace. They spoke to the same points I had made in an earlier post on networking; the key to success is to interact, participate, and to engage.

 

I was impressed by the pride these Asian-Americans have for their heritage and appreciation for their American Citizenship.  Clearly, their assimilation hasn’t been easy, but they are thriving and optimistic.  My takeaway is that one’s success in life requires a commitment to a goal.  To achieve that goal, one must interact, participate, and engage.  This recipe holds for building a business, assimilation into the community, and for gaining political power.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

Communicate Like a Fortune 500 – 6 Lessons For Start-Ups

By Sebastian van der Vegt, Untold Communications

Thanks to a booming economy, the start-up scene is thriving.  Co-working places everywhere are full of entrepreneurs with innovative new ideas, taking advantage of a digital economy that is providing unparalleled opportunities, the likes of which the world has never seen before.

Yet, statistics remind us of a sobering number.  Among start-ups that manage to attract outside funding, around 70% never make a profit.  Over half of all companies don’t even make it past their 5th year.

So how do you beat these miserable odds?

The answer is that it’s not simple.  You need thick skin, a strong mind, a lot of determination and not just a little bit of luck.  But you can greatly increase your odds by creating an awesome communications strategy and narrative.

By strategy, I simply mean the purposeful use of communication to fulfill your mission – the right message/content, to the right target audience, at the right time using the correct medium/messenger.     Done right, it will inform investment decisions, win over potential clients and investors, and position a company for long-term growth.

Sounds like a no-brainer, but it’s not.  Most start-ups have a business plan, a financial plan and even a basic marketing plan to establish an online presence. Very few have a sound communications strategy mapped out.  In fact, among the start-ups that I’ve come across, I’ve yet to find one that had thought about this.

Some start-ups do decide they need good ‘PR’, usually after about six months to a year into their existence, but they often do it for the wrong reasons, or with little or no strategy.

Just last week, a prospective client asked me if I knew any journalists. “Of course, I do” I answered, “I know plenty,” but explained to him that it’s really the wrong question – see point 5 below.

Initially, most small companies also rely on communications and marketing themselves.  After all, they can write, sell and know their product better than anyone.  Thanks to a wide variety of new digital tools, everyone also has access to inexpensive solutions that help you build a website, post blogs, send mass emails, or do basic marketing.

Being an entrepreneur naturally means they should take advantage of these new tools. But there is a reason that large, successful companies spend millions on communications and marketing, and smaller companies would do well to adopt some of these same lessons.

So here are 6 of my favorite lessons that I learned while working at a fortune 500 company, that could benefit any start-up:

  1. Starting with why is not enough

Most start-ups will have been advised to start with why (thanks to Simon Sinek).  It’s a good start, and better than only talking about what you do, but it’s not enough.

The why is only part of the ‘context’ – which should include why you exist, what problem you are solving for your customers, what gives you the authority, and, implicitly, ‘who’ you are targeting.

Tell the story of how and why you were founded.  If you can, try to make an emotional connection in the delivery, it will make for an audience that is a lot more engaged.   Extra bonus point for telling the story of how you are helping your customers achieve success.

  1. Explain what you do in a few words

Any idea worth its time should be told in a natural way, in plain English, in less than 15 seconds.  It’s more difficult than you think.  For most, this will mean forgetting all the technical language they are accustomed to.  It also means forgetting that 100 other companies make similar claims.

Too many start-ups try to differentiate themselves unnecessarily through complex wording or technical capabilities to prove that they are special.  My advice: differentiate yourself through the way you fulfill a need and address a problem for a segment of the market, in a way that a prospective customer would easily understand.

  1. Include strategic communications in your business plan

A great business plan will benefit enormously from a great communications strategy.

That means that if you need to find software engineers to power your start-up, you need a strategy to boost your brand with the local university.  Go give a lecture, a seminar, or sponsor a hack-a-thon.

It means that if you’re trying to get teachers to use your product in the classroom, you need the right language, the right content and the right medium to reach them.   Partner with a teaching website or school district to give your company message.

It means that if you’re taking on a dominant competitor, be provocative – you don’t use ‘safe’ language that a multinational would use.  Stand out by differentiation, and by not being afraid to ruffle some feathers.

I could go on, but you get the point.

  1. Fit the message to your audience.

While a company ‘boilerplate’ with standard messaging is a great tool to have, you’ll need to adjust your messaging depending on the audience.  One size does not fit all.

Building on point 3, identify your top 5 stakeholder groups that are critical to your growth and write down the key message points and language you would use to communicate and win over each audience.  Once you’ve done that, you can identify the channels/materials in which you can best reach these groups.

This again sounds like a no-brainer, but the discipline of this exercise will help everyone stay on message.

  1. Own your space.

Many start-ups will look for a silver PR bullet.  A write-up in a newspaper, a listing on a top 100 of hot start-ups, a mention on TV.  Great – this may work for you if your story is there and you have something new or interesting.

For most start-ups, their story is not (yet) of interest to receive what we call ‘earned’ media, and they are much better off building their brand in the ‘owned’ space.  This means writing blogs in a medium that you own; it means building a kick-ass website and content across different social channels; it means writing a regular newsletter and industry content for trade magazines.

Often overlooked is physical space – most companies own assets.   You can also consider ‘shared’ media; using your content in partner owned channels can be a win-win.

Point is, start-ups have many options other than selling their story to journalists or buying advertising.

  1. Be authentic & address your purpose

Audiences smell bull-sX#! from a mile away.   In a world where we are bombarded with information and polished content, presenting the real, authentic you is a competitive advantage.  Make sure you tell your story in a way that is compelling, with proof points that are real and relatable.  Also, remember to include a vision that is purposeful and that has meaning.

The company vision is where communications strategy and company strategy really meet.  Why does your company exist? What’s the ultimate goal?

The most obvious and easy answer is, of course, to sell more products & services, but try to dig one level deeper to think in terms of benefits to society. It will not only help focus your company, but it will help motivate your employees, attract investors and ultimately help improve your sales.

 

After spending years working with some of the biggest brands in the world, I love helping smaller companies achieve their goals and vision. It’s one of most rewarding aspects of my new role after leaving the corporate world behind.

That’s not to say they don’t have their own set of challenges; many don’t have revenue yet, lack good time management, have strong opinions, operate on limited budgets, and present solutions in search of a problem.

Yet, despite all of this they’re still my favorite clients (with apologies to my corporate clients).  Quite simply, having a great communications strategy for start-ups can make the difference between failure or success – it’s that critical.

On my next blog, I’ll focus on the basic difference between good and great marketing.  Until then, I look forward to your feedback.

Sebastian Van Der Vegt is the Managing Director of Untold Communications in Atlanta A native of the Netherlands, van der Vegt has lived in Canada, Brazil, Switzerland, and Turkey before settling down in the U.S. He has a degree in Psychology and has taught strategic communications at leading business schools. For more information, please contact him at Sebastian@untoldstrategies.com.

Thank you for visiting our blog.

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Jim Weber, Managing Partner

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Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

 

 

Demystifying Blockchain and the 3 Supply Chains

By Antony Francis  antony.francis@lakehillpartners.com

April 11, 2109

 

About 20 years ago, I produced a diagram showing that there are 3 interconnected supply chains: The Physical, the Informational and the Financial. All three, of course, interconnected and feeding off each other.

 

This interconnection is important. The quicker you get information into the transaction set from physical activities, the quicker you get an ASN and the quicker you get a POD and can invoice your customer. Time is money.

 

There was also much talk about Global Inventory Visibility. We dreamt of the ability to know what was inside each box on a pallet, but the private batch processed networks and lack of internet-driven transactions made this a pipe dream. I remember discussing with a client in the late ’90s whether we could know within seconds at the UK HQ whether an item had been sold in a store in Tokyo and immediately pulse out a replenishment shipment that same day. Of course, today we would say: “no brainer, we can!”; back then, the lack of inter-connected systems and batch processing of file exchanges made this a dream scenario.

 

So, where does Blockchain come into the picture? Firstly, it is important to define what we mean by Blockchain. There are two pieces to Blockchain when it relates to supply chains. One is the distributed on-line ledger that enables one to track the work-flow process from PO to an approved A/P transaction on the buy-side and a sales invoice into A/R on the sell side.

 

A recent article described Blockchain as an open, distributed ledger that can record transactions between two parties efficiently, securely and in a verifiable and permanent way.

 

Some of the key elements of Blockchain were explained by Iansiti and Lakhani in a recent Harvard Business Review piece:

  • Users of a Blockchain have access to all the data so that no one person has control over the information
  • Each record is linked to the ones before it, once entered any alteration would create a snowball effect in the blockchain. Algorithms are employed to ensure the accuracy of the data.
  • There is no need for a centralized entity, for example, a bank, individual transactions can be executed directly.
  • Each user has a password to access the blockchain, each user can share their personal information or remain anonymous. (Ed. I differ with this last point because, in my opinion, and as explained above, we need a full audit trail on each transaction).

 

So, let’s focus on the transactional work-flow process side initially, the Distributed Ledger. Transparency is becoming increasingly important for retailers; more and more people want to know how and where goods are made. This goes hand in hand with ethics and sustainability. For retailers to understand if they are operating in the most sustainable way, if the products they buy are made in the factory they believe it to be, they need to know information about the supply chain. Blockchain can help with this type of data tracking. When transactions occur along the supply chain, a digital record occurs at each step, thus providing a full audit trail.

 

Consider how business works today. Keeping ongoing records of transactions is a core and necessary function of any business. Those records track past actions and performance and guide planning for the future. They must, however, operate as an event manager and keep a fully detailed history of who made changes and when. Many organizations have no master ledger of all their activities; instead, records are distributed across internal units and functions. The problem is reconciling transactions across individual and private ledgers takes a lot of time and is prone to error.

 

In a blockchain system, the ledger is replicated in many identical databases, each hosted and maintained by an interested party. When changes are entered in one copy, all the other copies are simultaneously updated. So as transactions occur, records of the value and assets exchanged are permanently entered in all ledgers. There is no need for third-party intermediaries to verify or transfer ownership.

 

“Smart contracts” may be the most transformative blockchain application. These automate transaction approvals as negotiated conditions are met. For example, a smart contract might send a payment to a supplier as soon as a shipment is delivered, and the 3-way match is completed. If the product had a GPS beacon, it would automatically log a location update that, in turn, would trigger receiving data. Some IoT devices can even record if there was a change in temperature or shock damage.

 

When the Internet cloud emerged and started achieving widespread use, technologies like XML were predicted to replace EDI. Rumors of the death of EDI have been greatly exaggerated. The short answer is that EDI works. Companies have invested in it over many years. It may well have been moderately painful to get it up and running, but now it works. Even today, a certain set of core EDI messages (around the buy-sell-ship-pay transaction lifecycle) have and continue to enjoy widespread adoption and are almost universally required by major retailers and manufacturers. It is very prevalent in the Freight Forwarder community. The good news is that Blockchain feeds of all of these data sources.

 

Consider the situation today with B2B networks: Suppose a given supply chain process involves a buyer, seller, and third-party logistics provider. Today, information flows between these entities are typically one-way and point-to-point, either through EDI or XML-based messages or other mechanisms, such as API-based interactions. It is often the case that a buyer and seller might exchange certain messages, but an intermediary logistics service provider doesn’t see those messages. Or a seller and logistics provider might exchange certain messages not exchanged with the buyer. Events representing the exchange of B2B documents, for example, could be recorded on a blockchain and made visible to all participants in a supply chain process. In addition, blockchain could record supplemental events, such as those provided by IoT and smart devices, providing a more detailed synthesized record of all information flows. The actual exchange of B2B documents that occurs today can continue to operate as is, and a blockchain could simply provide a shared visibility “overlay.”

 

Such platforms will save the global shipping industry billions of dollars a year by replacing the current EDI and paper-based systems, which can leave containers in receiving yards for weeks. What if tariff codes, classification data, origin information, import and export certificates, customs values, clearance status, and all further required information about goods were available for all involved parties to access and complete through one unique ID, anywhere and anytime, and protected against manipulation thus delivering the same significance as certificates, seals, and signatures?

 

Permissioning inside blockchain gives you the confidence that you can control your information and grant access only to those you want to grant access to.

 

Lakehill Partners has a long history of systems integration and business process redesign. Let us help you manage the way forward.

 

For more information on this subject, please contact Antony Francis at antony.francis@lakehillpartners.com.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal