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22+ Reasons Your Small Business Is Keeping You Up at Night

May 30, 2022 By Jan Triplett

Owners are often insomniac. Photo by Olivia Townsend.

Owners are often insomniac. Photo by Olivia Townsend.

News 8 reporter Harlan Schmidt interviewed me about why Austin is a good place to start a business in 2010. I told him it was Austin’s “can do & it’s ok to fail” culture. And it is also about the fact that we have a highly educated population which means we can learn from our mistakes. I would still say that.

Then he asked me what needs to be done to improve our ability to sustain businesses. After all, it is not about starting — anyone can start one. It is about keeping it going — although not necessarily growing as large as, say Dell. [Read more…]

Filed Under: Business Improvement, Business Management, Growth Readiness Tagged With: administration, Austin, bookkeeping, business bloopers, business challenges, Dunkin Donuts baker commercial, environmental issues, financial management, fiscal management, government, healthcare, marketing, News 8, operations, owner responsibilities, planning, records management, regulatory compliance, Sales, small business, small business mistakes, startup business, sustainable business, vision

Upgrading Your Providers for your benefit and theirs — BSC Wisdom Webinar recording

February 18, 2022 By Jan Triplett

The February BSC Wisdom Webinar and Work Session focused on Providers — how to choose, evaluate, and manage them better for both of you. Attendees added some great ideas from their own experiences. Check it out here: https://bit.ly/WisdomWebinar-UpgradeProviders-2-17-22.

Filed Under: Business Building, Business Growth, Business Ideas, Business Improvement, Business Management, Business Tools, Growth Readiness, Planning & Vision, Resources, Small Business/Entrepreneur History Tagged With: Benefits of Upgrading Providers, BSC Wisdom Webinar and Work Session, Challenges of Upgrading Providers, How to Manage Providers, Jan Triplett

10 ways to give employees what they want

July 15, 2021 By Jan Triplett and Daniel Diener

Even the biggest “carrot” can’t necessarily motivate staff. You need to find out what will.  This picture is of the historical site of the Carrot Campaign, Port Hardy, British Colombia. Canada. It’s a symbol of government road building promises dangled in front of islanders since 1897 according to Wikipedia. (Photo by Diesel Demon http://www.flickr.com/photos/28096801@N05/3933107980/sizes/m/)

Do you know what motivates your employees?

Your employees should be grateful for their jobs, right? Satisfied? Motivated? But, they seem hesitant. It’s as if they’ve just put their heads down and are trying to bull their way through each day. How can you lead them if they aren’t motivated? You can’t.

What’s your Employee Leadership IQ? IQ as used here stands for Information Quotient. How’s yours when it comes to understanding and working with your staff? Leaders lead people; managers manage things. If you’re going to have a successful business, you have to lead successfully. To lead successfully, you want to hear and understand their priorities and motivators.

There are plenty of studies about understanding motivation. One of the most basic is the Ohio State University scholarly study (https://archives.joe.org/joe/1998june/rb3.php), a version of which I have used for years with everyone from police departments, to government employees, to small businesses. This 2020 blog from Smarp, the Top 15 employee motivation tips, has an excellent infographic that is worth studying. Jeff Miller’s 2017 article in Inc., 3 Important things you need to know about motivation, is more manager-focused than employee-focused but can be useful. The most useful research is to do your own. Keep reading for my recommendation.

However, it really comes down to really hearing what your employees have to say and responding to their needs and desires. One motivator doesn’t usually cover everyone because everyone is unique. There is one truth about motivated people, they motivate others. They motivate people to stay with you and new people to work for you.

Doubt this uniqueness? Want to measure your Leadership IQ? Here’s a simple and quick little experiment using the Employee Priority Motivator Tool™.

EMPLOYEE PRIORITY MOTIVATOR TOOL™

This list originally came from an informal class, Understanding and Working with People, offered at the The University of Texas at Austin but its origins go back even further to a study by James R. Lindner (https://archives.joe.org/joe/1998june/rb3.php). You may want to add to the list based on ideas from your employees, team leaders, or managers. I recommend you at least keep these 10.

Instructions.

  1. Using the tool above, rank each item from 1— 10  in terms of what you think are the motivating priorities of each employee.
  2. Then ask supervisors or managers to do the same thing.
  3. Finally ask each employee to rank the list for themselves. You can also ask them to rank the list for teammates.
  4. Now, compare what you thought, what supervisors thought, and what employees said about themselves and others.

There’s almost always a huge disconnect. When we have asked clients to do this, the owners, managers, and team leaders seem sure they know beforehand what motivates their employees. They are almost always surprised with what people say. Even in tough economic times, the employee motivator is not what they or you might expect.

If there isn’t a big difference in your results, congratulations! You’re on course to understanding and motivating your people. This will make leadership a lot easier. We are motivated by what will get us what we want (or value) within our unique timeline.

To get or keep employees motivated, keep checking. You also want to make sure they get what they need or show them that there’s real progress being made in that direction.

My final thought is: no matter what, take some action to find out what you need to do to motivate people. Don’t just jump in and hope you’ve got your employee motivation right. That’s a great way to waste a lot of money and effort.

Filed Under: Administration, Business Growth, Business Management, Business Process, Business Tools, Employee Productivity, Leadership, Planning & Vision

6 Ways to Improve Your Sales Projections

June 16, 2021 By Jan Triplett Leave a Comment

Measure sales carefully to be profitable.

Measure sales carefully to be profitable.

Your sales projection formula is key to more accurate financial projections and to the success of your business.

Sales projection formulas are always wrong. Here are six ways to improve them.

Sales projections are wrong because…

  1. Sales projections are not supposed to be right. They need to be relevant.
    They’re a snapshot. They are a specific point in time, based on relevant data and criteria and are defensible within limits. They give you an idea of what to expect each week or month or year. Improve your sales projections by making sure you don’t accept the projected sales numbers without question — including your own numbers. The answers you get from salespeople in terms of what they think will close have to be reasonable and with some sort of basis not just hype and hope. [Read more…]

Filed Under: Business Building, Business Development, Business Growth, Business Management, Business Process, Financial Management, Financials, Marketing, Marketing Strategy, Sales, Sales Strategy Tagged With: Financial Projections, Platinum Profile™ Customer, Sales Projection Formula, Sales Projections, SBU, Strategic Business Units, Suggestive Selling

Stakeholders Gone Wild

July 22, 2020 By Jan Triplett 1 Comment

Stakeholders can be useful to you but can go wild as well. Photo by cone_dnm

Stakeholders can be useful to you but can go wild as well. Photo by cone_dnm

Stakeholders: can’t live without them and sometimes can’t live with them.

They are customers, providers, allies, employees, colleagues, the government, the media, competitors, influencers and many, many others. After reviewing a stakeholder map example that had 105 entries, I came up with at least 50 more. [Read more…]

Filed Under: Business Improvement, Business Management, Business Process, Customer Loyalty, Sales Tagged With: Crossing the Chasm, Platinum Profile Stakeholder™, Stakeholder, Stakeholder Map, The Long Tail

What’s better for growth: a partner or a strategic alliance?

May 19, 2020 By Jan Triplett Leave a Comment

Partner or Strategic Business Alliance? Photo by Giorgio Montersino.

Partner or Strategic Business Alliance? Photo by Giorgio Montersino.

Get a partner or set up a strategic alliance — which is better for your business growth? Many business owners want a “partner” to  share the load. Partners exert a lot of control no matter how little of the business they own. Use a strategic alliance instead to grow your business and  keep more control.

What is a Strategic Alliance?

“If we are together, nothing is impossible. If we are divided all will fail.” Winston Churchill

The most accepted definition of a strategic alliance is that it’s “a formal or informal agreement between two or more individuals or entities to achieve a common goal”.

In 2005, companies reported that 18% of their revenue was generated through strategic alliances. The economy has changed but there are still thousands of alliances formed each year and are critical as we re-think business post COVID-19.

According to Ard-Pieter de Man and Dave Luvison, authors of Collaborative Business Models: Aligning and Operationalizing Alliances (from Business Horizons Volume 62, Issue 4, July–August 2019, Pages 473-482), “the big challenge is to align company interests with alliance interests”. This peer-reviewed article is definitely worth reading and thinking about especially for larger organizations.

It pays to know more and think more before deciding that a strategic alliance is right for you.

[Read more…]

Filed Under: Business Ideas, Business Management, Business Process, Business Trends, Financials, Funding, Legal, Marketing, Marketing Strategy, Planning & Vision, Resources, Sales, Sales Strategy, Vision Tagged With: Business Alliances, Business Culture, Business Development, Business Growth, Business Strategy, Handshake Alliance Strategy™, New Business Opportunities, Partnership, Strategic Alliance, Successful Alliances

4 Parts to a Platinum Customer Profile System™

May 8, 2018 By Jan Triplett 2 Comments

There are 7 potential customer types you could have — Platinum, Gold, Silver, Bronze, Lead, Concrete, and RAW (Radio Active Waste). But you should have only the best, the Platinum Customer. They give you money and a lot more.

If you aren’t satisfied with the value of your current customers, make better choices by setting up a Platinum Customer Profile™ identification system. This is more than just “target” or “niche” marketing. The four parts of a Platinum Customer Profile™ are demographics, psychographics, behaviors, and geography. [Read more…]

Filed Under: Business Growth, Business Management, Growth Readiness, Planning & Vision, Sales, Sales Strategy Tagged With: ACT, Buy In Process™, Buying Behavior, Buying Cycle, Buying Georgraphy, Demographics, DIY Sales, Do Nothing Sales, Ghost Competitors, Metrics, Network, Niche Marketing, Platinum Profile™, Psychographics, Radioactive Waste, Sales System, Salesforce.com, Salespeople, Selling Cycle

Inspiring 5-Star Holiday Business-Related Films

December 1, 2017 By Jan Triplett

You can be entertained and inspired at the same time this holiday season or any time of the year with these business-related films. What a combination.

Even your family and friends will enjoy them.

So will your employees. You might want to have a movie party or film festival  instead of what you usually do to celebrate the season.

Some of these holiday films are old and some are new but they have one thing in common: they will leave you with ideas, a smile and maybe a happy tear or two. Best of all none of these are snarky. The people really care about each other, instead of trying to rip each other apart or outdo each other. These are all 5-star!

1. Holiday (1938) is all about vision and sticking to your guns. Cary Grant and Katherine Hepburn show that money doesn’t mean everything and that being true to your vision — even if it’s unorthodox.  We know, and the characters know, that making your vision come true can be painful but rmore rewarding than following the herd and what is expected.

2. Miracle on 34th Street (1947 Maureen O’Hara & John Payne) is what good customer service should be all about — giving people the opportunity to buy if it’s the right choice for them. It’s about believing in yourself when others don’t. Yes, I believe in Santa Claus (or at least what he stands for.)

3. Desk Set (1957 Spencer Tracy and Katherine Hepburn) is a tale of  trade secrets and technology that can backfire good intentions. It demonstrates the need to recognize the employee grapevine we all have — even if we only have one employee. Every well-meaning owner should watch it if they are planning major changes to their business. And, remember what they learned!

4. We’re No Angels (1955) Humphrey Bogart, Aldo Ray, and Peter Ustinov become temporary employees and use unusual methods to help out a well-meaning business man. Think about what your employees do for you and be thankful.

5. Other People’s Money (1991) Danny De Vito and Gregory Peck point out the good and bad of corporate takeovers. Darker than the rest of the films listed and not holiday-driven, it is highly relevant today as current businesses struggle with the issue of what is good for employees and what is good for shareholders who are also employees. It’s a thinking movie that lends itself to discussions between employees and management and even other stakeholders.

6. The Man Who Invented Christmas (2017 Dan Stevens & Christopher Plummer) is not just about creatives like Charles Dickens. Most owners go through business blockages from time to time and live with businesses that always don’t cooperate. They can be messy and inefficient. Downright unprofitable and scary. When you go back to your roots and use the resources that you are exposed to, great things can happen.

We hope you will add to the list and watch some of these treasures. Be sure to share them with others.

Filed Under: Business Ideas, Business Improvement, Business Management, Customer Service, Financial Management, Small Business/Entrepreneur History, Vision Tagged With: business vision, Business-related films, customer service, Employee Film Festival, Inspiring Entrepreneur, takeovers

Leveraging Existing Customers in Contract Negotiations

November 3, 2017 By Jan Triplett Leave a Comment

Rabbit vs. penguin. Who do you think would win in a negotiation? Image by Daniel Voyager3.

Rabbit vs. penguin. Who do you think would win in a negotiation? Image by Daniel Voyager3.

Contract negotiations and re-negotiations can be risky business. Both parties go into it with the assumption of the potential for conflict. If you are the provider, you do have a secret weapon: your existing customers and their contracts.

These existing contracts give you precedent that you can use in the negotiations. This is especially true if you do business with a government entity. As my colleague Sandra Stenzel, founder of the Bid Resource Centers in Texas that became the model throughout the US has often said to clients, “the government wants the lowest responsive, responsible bid”. That translates in contract negotation to “we want the best deal” — unspoken is “than you give anyone else”.

In our case, our client was faced with a customer who wanted the same terms as the government got and not an increase in price from the last contract. Reasonable, but not in line with the contracts of their other clients. Our client’s goal was to provide parity with his other non-government contracts for the same work. Also reasonable and necessary for his growth in order to simplify his pricing structure which was definitely not standardized. [Read more…]

Filed Under: Business Growth, Business Management, Financials, Legal, Pricing, Sales Tagged With: Contracts, coupons, Daily Deal, discount, Negotiation, Pricing, Pricing on internet sales, Robinson-Patman Act

Bosses Who Blab Can Kill Their Business

June 28, 2017 By Jan Triplett Leave a Comment

 

Do you know a boss who talks too much? Artwork by Matt Devicious.

Do you know a boss who talks too much? Artwork by Matt Devicious.

Bosses who talk too much or blab can hurt their businesses more than any cyber security leak ever could. The results can be disruptive enough to kill sales, drive away staff, prevent being granted a patent, or potentially kill the company.

They can also be harder to stop because frequently the boss doesn’t realize they’re doing it.

Big Mouth Examples

Here are eight of the worst blabbermouths and what happened (or could have happened) to their businesses. See if you recognize these or maybe you are guilty yourself.

• Sharing Secrets

The food manufacturer responded to a simple question from someone she just met by revealing her secret way to solve a major production problem. She was too proud of what the company had done to keep quiet about it. Good product but the idea of protecting trade secrets was foreign to her. [Read more…]

Filed Under: Business Building, Business Development, Business Improvement, Business Management, Leadership Tagged With: Blabbermouths, Cyber Terrorists, Defamation, Foot in Mouth Disease, Gambardella v. Apple Health Care Inc., Harrassment, Harris v. Forklift Systems, Pricing Irregularities, Trade Secrets

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You suggest and choose the business topics. Dave Nave, Dave Nave & Associates, and Jan Triplett, CEO, BSC lead the open discussion with ideas, feedback, and examples from all attendees and make connections.
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SAM (Small and Mighty), OUR BSC LEGISLATIVE WATCHDOG, SUGGESTS:

Pay attention to what is happening in your city, state, and at the federal level. Ask questions. Vote!

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