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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

28+ Business Permission to Operate “If” Clauses

November 6, 2018 By Jan Triplett

Iceberg with a question mark is a good metaphor for rules and regulations for businesses.

There’s a lot below the surface when it comes to Business Permission to Operate

Anthony Palomba didn’t know about the “Business Permission to Operate If Clauses” when he started but he does now. He started Thakgnosis, which means “to know peace” but he hasn’t found time for that as a new business owner.  The business is located in Austin, Texas, but it would have been the same no matter where he was. The Business “If Clause” is everywhere and affects all businesses of every size.

What is this nemesis? Who is this desperado, this spoiler, who steals the joy of business ownership? It’s all the other “stuff” that is required in order to do business besides providing products and services to customers. The biggest culprit: compliance.

The Business Permission to Operate If Clause is translated and understood to mean “you have our permission to do business here if you….” (fill in the blank). It can be costly — as much as $83, 019 in the first year and it doesn’t get better. Older businesses spend 40 hours on average dealing with federal regulations and another 40 on state and local regulations.  Non-compliance is expensive averaging $30, 651 in fines. These figures come from the January 2017 Small Business Regulations Study conducted online by the National Small Business Association. This doesn’t even mention the other certifications, requirements, orders from industry and professional groups who also control permission. It may be correct to be a little skeptical about the figures (only 1000 survey respondents) but whatever they are, they certainly impact the attitude and behavior of business owners like Palomba.

The Business Permission If Clause has been around forever — since commerce began. It is what gives every business owner the permission or right to have a business in a community and serve its people. It goes by over twenty-eight different names and 160 times more when you translate those into the major languages of the world. The two most common names “rules” and “regulations”. (See list below.)

Business Permission If Clause 28+ Terms

•       Regulation

•       Ordinance

•       Order

•       Permit

•       License

•       Rule

•       Certification

•       Code

•       Law

•       Legislation

•       Licensing

•       Restrictions

•       Treaty

•       Evaluation

 

•       Standards

•       Statute

•       Goal/Objective

•       Practices

•       Procedure

•       Provisions

•       Requirements

•       Package

•       Audit

•       Policy

•       Act

•       Contract/Agreement

•       Tradition

•       International Terms for all of the above

 

Over twenty-two different groups plus international groups by country, decide external governance — not just the local, state or federal government control that permission. (See list below.)

Governing Bodies Who Control or Influence the Business Permission to Operate If Clause

•       City

•       County

•       State

•       Region

•       Federal Legislature

•       Licensing Agency

•       Trade Association

•       Professional Association

•       Home Owners Associations

•       Regulators

•       Grant Providers

 

•       Agency/Dept

•       Location owner/developer

•       Audit

•       Chamber

•       Council of Gov (COGs)

•       Insurance Providers

•       Financial Institutions

•       International Agencies

•       UN

•       EU and other groups of countries who  have agreements

•       Individual Countries (not including the US)

 

Big Problem: Keeping Up with Business Permissions

The biggest problem for new owners as well as more experienced owners is keeping up with all those names and all those external governance permissions. It is a moving target but something to add to the MUST DO Task list.

There are some general realities about them that are worth repeating to all businesses:

  • Laws remain on the books after no one follows them or believes them.
  • Conflict in governance exists because there are conflicting rules.
  • Probably two-thirds of proposed rules won’t apply to you — one third will — so you need to read them all to find that one third.
  • Government rules originate from those who gain enough power to make the rule (citizens, Unions, countries, those with a lot to gain) not from those we elect; professional rules originate from leaders of the organization and their goals.
  • You will have to make choices to obey or not based on your own ethics and moral perspective.
  • You will be in violation at some point.
  • You will have to pay the price of your decision to comply or not to comply.
  • External governance is one of the hardest parts of being in business.

It’s easy in an election season to focus on the candidates and forget about what also matters to business — those neglected Propositions. Each one has the potential to become the next Business Permission to Operate If Clause because they affect your business, your workforce, your customers, and your community. Don’t do that. Do your homework. Pay attention to them and encourage others to really think about them before they vote.

Filed Under: Infrastructure, Legal, Planning & Vision, Small Business/Entrepreneur History Tagged With: Business Permission to Operate, External Governance, Permission to Operate, Small Business Governance

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

Business Owners Hierarchy of Needs

June 22, 2013 By Jan Triplett and Daniel Diener Leave a Comment

What motivates business owners? It depends on where they are in the owners' hierarchy of needs.

What motivates business owners? It depends on where they are in the owners’ hierarchy of needs.

You’ve probably heard of Maslow’s “Hierarchy of Needs”. He identified how a person’s needs dominate motivation and behavior and that there is a specific order in which they should be met.

His theory suggested that the basic needs (physiological, safety, love and belonging) had to be met before the individual will desire and pursue higher levels of needs (esteem, self actualization, and self transcendence).

If a need is not met, the individual will feel tense and anxious. Although people may have several needs at any time, one will dominate their actions. [Read more…]

Filed Under: Administration, Business Building, Business Development, Business Ideas, Business Management, Business Process, Financial Management, Marketing, Marketing Strategy, Networking, Planning & Vision, Research, Sales, Sales Strategy, Small Business Research, Vision Tagged With: A Networker's Guide to Success, Business Growth and Development, Business Owners Hierarchy of Needs, business transference, Employee Training, Exit Strategy, financial management, Government Compliance, marketing, Maslow, Maslow's Hierarchy of Needs, Platinum Profile Customers, Processes & Procedures, Ramping Up, Sales, Scalability, Team

IRS Tax Calendar: Protection for Small Business

January 5, 2013 By Jan Triplett Leave a Comment

Get the IRS Tax Calendar for the safety and protection if you're a small business owner or self-employed.

Get the IRS Tax Calendar for the safety and protection if you’re a small business owner or self-employed.

Protect your small business with this year’s IRS Tax Calendar. This is also known as “The Tax Calendar for Small Businesses and Self-Employed” (Pub. 1518, Catalog Number 12350Z). It’s a scary world out there!

It’s back in print. Hurrah! We’ve missed having them. We used to give these out each year to our clients because they are really valuable. They have also been known to cause nail-biting and hair-pulling. Unfortunately, all the Spanish language wall calendar print versions are gone and will not be re-printed. Maybe next year they will print more since Hispanic businesses are one of the fastest growing startup groups. [Read more…]

Filed Under: Business Management, Financials, Government Legislation, Planning & Vision, Research, Self Employment, Small Business Advocacy, Small Business Champion, Small Business Research, Small Business Taxes Tagged With: 1974 Executive Order 11821, Cost of Tax Compliance for Small and Large Businesses, Daniel W. Diener, Hispanic Businesses, Impact of Regulatory Costs on Small Firms, IRS, IRS Calendar Connector, IRS Pub. 1518 Catalog Number 12350Z, IRS Tax Calendar for Small Businesses and Self Employed, IRS Tax Calendar Tool Application, Mark Crain, Nicole V Crain, Regulatory Right-to-Know Act, SBA Office of Advocacy, Self Employed, small business, Small Business Tax Protection, Tax Compliance Research, US Tax Code Hours to Complete, White House Conference on Small Business, Willie Nelson IRS Tapes

7 Ways to Have a Strong 4th Quarter Finish

December 4, 2012 By Jan Triplett Leave a Comment

Still time for 4th Quarter growth in your business. Photo by ItzaFineDay.

Still time for 4th Quarter growth in your business. Photo by ItzaFineDay.

You deserve to have a strong 4th quarter finish. It’s time to harvest what you have reaped all year.

If you still need to sew some seeds to accomplish goals, we recommend the following: [Read more…]

Filed Under: Business Building, Business Development, Business Management, Planning & Vision Tagged With: 4th Quarter, Business Planning, Business Priorities, George Gissing, Goal Setting, Wall Street Journal

Federal Contract Opportunities Shrink by 18K+ in October

October 13, 2012 By Jan Triplett Leave a Comment

Small Business Administration Office of Advocacy supports small business.

Small Business Administration Office of Advocacy supports small business.

Are you a small business? Do you provide goods or services to the federal government or want to? Starting October 24, 2012, you will have over 18,000 new competitors for federal contract opportunities with the potential of even more competitors after November.

According to the Small Business Administration Office Of Advocacy, the Small Business Goaling Report, 2012  reported that in fiscal year 2011, 21.7 % of federal government small business eligible purchases went to small businesses.

Now, contractors will have to work even harder because their competitors are larger and stronger. That’s because effective October 1, 2012, Federal agencies and programs must use the United States Small Business Administration (SBA) small business size standards that are based on “NAICS 2012″. These are  modifications adopted by the Office of Management and Budget. They include 76 new industries and changes to 11 sectors. Oddly, the public can comment on this “adopted requirement” until October 19, 2012. This has big implications for federal purchasing, loans, etc. [Read more…]

Filed Under: Business Ideas, Business Management, Business Trends, Government Legislation, Legal, Planning & Vision, Resources, Small Business Advocacy, Small Business Champion Tagged With: 13 CFR 121, 48 CFR Part 19, Are You a Small Business or a Mouse, Business Regulations, Competition, Electronic Code of Federal Regulations, Executive Orders, Federal Contracts, Federal eRulemaking Portal, Federal Procurement, Federal Small Business Loans, Government Procurement, Independently-owned Business, NAICS 2012, NAICS Codes, NAICS Sectors, SBA Loans, Size Standards Methodology, Small Business Administration, Small Business Administration Office of Advocacy, Small Business Advocate, Small Business Champion, Small Business Size Standards, Texas Small Business Advocate, Unlevel Playing Field, What's New with Size Standards

Overcoming 5 Business Challenges in Tough Times

September 9, 2011 By Jan Triplett Leave a Comment

Business Challenges: What Goes Up Must Come Down

Sir Isaac Newton statue from Trinity Chapel. Photo by Harlequeen.

Sir Isaac Newton statue from Trinity Chapel. Photo by Harlequeen.

Sir Isaac Newton proved it. David Clayton-Thomas wrote about it in the “Spinning Wheel” song. BS&T (Blood, Sweat & Tears) and Dame Shirley Bassey covered it in their albums.

Songwriter & singer Dame Shirley Bassey.

Songwriter & singer Dame Shirley Bassey.

How many ups and downs has your business experienced? Since we started our business, we have been through seven ups and downs – oil, banking, real estate, savings and loans, dot.com, Wall Street, and now real estate again. It has caused us to refine and redefine our business at least that many times.

If it’s a part life, it does not make sense just to try to survive this one. Another wave is coming. If you own a business, the wave that could take you under could be something global like this “Great Recession” or something unique to you and your business. So be watchful; be prepared for those business challenges that are out there.

[Read more…]

Filed Under: Business Management, Leadership, Planning & Vision, Pricing, Sales, Small Business/Entrepreneur History Tagged With: Albert J. Bernstein, Austin, Blood Sweat & Tears Band, business challenges, Business Success, Business Survival, Business Ups & Downs, Confidence, Dame Shirley Bassey, Downturns, Great Recession, If poem, Informed Leap of Faith, Jataka Tales, Little Red Hen, Neanderthals at Work, planning, Platinum Profile Customers, Radio Active Waste Customers™, Rudyard Kipling, Sir isaac Newton, Spinning Wheel Song, Sydney Craft Rozen, Texas, Trust, vision

6 Situational Outcomes™: Because Not Every Customer Wants a Solution

February 3, 2011 By Jan Triplett 1 Comment

Your best customer wants something specific to happen when they use your product or service.

Your best customer wants something specific to happen when they use your product or service.

It’s common wisdom that what people want is a solution. There is even a school of sales training and many books around the concept of “solution selling”.

I disagree. Not everyone wants a solution, i.e. something solved.

Sometimes they want and need something else. Not everything is a “problem” for a customer; sometimes, it’s a “gap” that needs to be filled. I talk to my clients about “gaps” not “problems”.

I referred to these five valued outcomes in my “Best Practices in Pricing” session at ProductCamp Austin. (My slides from the session are on Slideshare .)

In my 30 years experience, there are actually six different results a customer values. The one to stress as a benefit and to base your product or services features depends on the Platinum Customer Profile™ of your best customers. [Read more…]

Filed Under: Business Management, Marketing Strategy, Planning & Vision, Pricing, Sales Tagged With: Austin, Benefit, Best Practices, Business Bank of Texas, Customer Values, Customer's Point of View, customers, Deceptive Trade Practices Act, Dorothy Leeds, Features, Gerald Nadler, Pricing Concepts, Pricing Glossary, Pricing Strategies, Pricing Webinar, ProductCamp Austin, Reed Holden, RISE Austin, Sales, Situational Outcomes™, Smart Questions, Solution, Take Away, Tech Ranch, Thomas Nagle, Worth Reading.

Best Pricing Practices: 3 Right & 3 Wrong Ways to Price

January 12, 2011 By Jan Triplett 4 Comments

Price right & reap your reward. Cartoon by Roger Stewart, Porthole Productions.

Price right & reap your reward. Cartoon by Roger Stewart, Porthole Productions.

I have proposed  a topic, “Best Practices in Pricing”, for ProductCamp Austin. If you’ve never been or ever heard of it, it’s a great day of free business information for product managers, business owners, and those thinking of starting a business. Attendees select the topics the day of the event so they get to hear what they are most interested in that day.

Although the session has sold out, there is a waiting list. I encourage you to get on it. For more information on Austin Product Camp, go to http://productcampaustin.org. For information on my session on Pricing and the 39 other great sessions, go to http://bit.ly/e6chc0. [Read more…]

Filed Under: Business Improvement, Business Management, Financials, Growth Readiness, Marketing Strategy, Planning & Vision, Pricing, Sales Tagged With: Austin, Best Practices, Competition Pricing, Contignecy, Cost-based Pricing, Flinch Point, Hassle-factor, Platinum Profile Customers, Pricing, Pricing Skills, Pricing Strategy, ProductCamp Austin, Profitability, Right Ways to Price, Texas, True Total Costs, Value-based Pricing, Wrong Ways to Price

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ALERT!

• BSC's Weekly Reinventing Business Nationwide Forum , Thursdays, noon-1 CDT. Come learn and share your expertise.

 

• Business Success Center Profit Mover™ advisory team program can provide a unified approach to growing and managing your business to create double profits & increasing your management efficiency. Call 512-933-1983 to set a meeting to see if it's right for you.

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