Steps to Entrepreneurial Success

There has rarely been a more challenging time to work for a large corporation. Layoffs, pay freezes and the elimination of retirement and other benefits are daily occurrences. More and more people are deciding to start their own businesses. Unfortunately most of them fail within two years. While there is no one secret to success as an entrepreneur, there are step that every entrepreneur should follow to increase their potential for success.

Focus. It is easily for entrepreneurs to lose focus. Make sure that your new business has a mission statement. Print it and post it on your office wall and even on your bathroom mirror. Everything you do must directly support your mission.

Strengths. Focus on doing what you do best and what you are passionate about. Just because there may be a market opportunity for something does not mean you should peruse it. Follow your strengths.

Strategy and Business Development. While early stage companies are built with one or two people doing all the work, focus on the strategy and on business development as much as you can early on. Do not delegate these to contractors or employees once you have them.

Branding. Develop a brand, stick with it and build on it. Many new companies jump from brand to brand to brand and never have an identity to build on for marketing and name recognition.

Resources. Do everything you can yourself initially to reduce expenses. But if there are areas where you have no skills or experience contract it out to the best people you can afford.

Partnerships. Businesses – even new businesses – can grow quickly thought partnerships. Take advantage of those who have established distribution networks that you can build utilize. But remembers, partnerships should be entered into carefully (due diligence to establish that there are common values, goals, a business win/win).

Value. Even new businesses should not undervalue their services and products. Everyone wants something for nothing. It is important to establish a rule of thumb regarding when to walk away from potential clients and deals.

Metrics (or scorecard). All new businesses, even one person start-up operations, must establish clear business objectives. Performance needs to be tracked against those goals on at least a monthly basis. Metrics are essential to the success of the business.

Starting a new business is tough. By following these rules combined with a customer focus and persistence, any new business can grow and become successful over time.

George F. Franks, III is the President of Franks Consulting Group, a Bethesda, Maryland management consulting and leadership mentoring practice. George has over twenty-five years of experience working with companies of all sizes plus not-for-profit organizations and individual leaders. He is a member of the Institute of Management Consultants (USA) and many other professional and non-profit organizations. Franks Consulting Group is on the web at: http://franksconsultinggroup.com

George can be contacted at: gfranks@franksconsultinggroup.com

Business, Leadership and the Writers' Strike

The end of the writers’ strike, which brought the world of entertainment to a near standstill in the USA, brings several points to mind for managers and executives in all industries and markets.

- Understand the needs of your suppliers – both internal and external.
- While the bottom line is often shareholder value, it is essential to understand those who contribute and how they benefit the overall enterprise.
- Listen.
- If you say “no”, make sure you understand all the potential consequences.
- Never underestimate the power of any group (writers, customers, regulatory agencies, production workers, parts suppliers, etc.) to bring your business to a halt.
- Always have a “Plan B” and ideally a Plan C” too.
- Even after you say “no” be willing to negotiate.

Obviously many articles, white papers and books will be written about the writers’ strike. Perhaps even a couple of movies too. Hopefully, managers and executives beyond the world of entertainment will learn some lessons from the event.

Business Etiquette 101

Today, most people pay little attention to social or business etiquette. While some elements of traditional etiquette may seem dates and pre-“high tech”, they are worth reviewing – and incorporating into your daily business life.

Telephone calls

With the exception of “cold calls”, all calls received should be returned within no more than twenty-four hours. This applies to “internal” and “external” calls. Of course, calls to customers – current and potential – should be returned first.

Office Visits

When visiting someone’s office, whether a customer, boss or “internal” customer, take no more time than is absolutely necessary. Treat other’s time as if it were your own.

Bids

When you bid on a job, follow-up directly with the potential client or customer. When you are in receipt of a bid, follow-up with the vendor or consultant whether they win it or not. If the bid is delayed, communicate this fact to the vendor or consultant.

Resumes

When you post a job opening and you interview someone by telephone (screening) or face-to-face, follow-up the interview with either a call or e-mail. When you have selected a candidate, let those you interviewed who did not get the job know that you selected someone else.

Meetings

Schedule no more meetings than absolutely necessary. Make your meetings brief and to the point with an agenda and a time limit.

Conference Calls

Schedule conference calls when they are most convenient for all participants. If you have participants globally, schedule them at different times to share the inconvenience among all participants. Send out an agenda and time limit in advance. Make sure all participants are on time and remain for the entire call.

Customers

The customer is first in all things. Ahead of the boss. Ahead of subordinates. Ahead of suppliers. Even ahead of your family and personal life. They pay the bills. Do not ever inconvenience a customer.

Email

E-mail is both a blessing and a curse. Those who worked prior to e-mail remember regular mail drops and office couriers. Respond to all customer e-mails within no more than twenty-four hours. Respond to all other e-mail sent directly to you (excluding “spam” and mass group e-mailings) within forty-eight hours. Only address emails to those who absolutely need the information (response, request or whatever) within them.

Time

Respect the time of others. If you are going to be late, call them to let them know. If you must leave a meeting early, let the “owner” of the meeting know in advance. And if an appointment or meeting must be cancelled, let the participants know as far in advance as possible so they can rearrange their schedules.

Business etiquette may seem basic but increasingly, business people think of themselves and not others. Not their clients or customers. Not their employees. And not their vendors or suppliers. Business etiquette is often rewarded by others behaving in a similar manner. Take the first step by making an example through your actions and those of your team.

George F. Franks, III is the President of Franks Consulting Group – a management consulting and leadership coaching practice. Franks Consulting Group’s clients include businesses, associations and other non-profit organizations and individual leadership. George is a member if the Institute of Management Consultants (USA). He can be contacted at:
gfranks@franksconsultinggroup.com
Franks Consulting Group is on the web at:
http://franksconsultinggroup.com

Business Card Do’s and Don’ts

The business card is one of the most used and least understood tools in business today. Whether CEO of a Fortune 500 Company or founder and part-time CEO of a web-based start-up, the business card is an effective communication and marketing tool. But like any tool, it must be used properly. The do’s and don’ts of business card etiquette, while not the key to wealth and success are helpful to prosper in a business or organization of any size.

The Business Card. If you work for a mid-sized to large company or organization, the style and format of the business card will have been decided for you. If you have your own company or organization, then keep the business card traditional in size and shape. Have them printed with all your key contact information in additional to you company or organization’s name, logo and tag line. For those who order and design their own business cards, I highly recommend the services of VistaPrint. They are hard to beat in terms of ease of use, support and price. You can get 75% Off Premium "Custom" Business Cards at VistaPrint.com!

When to Carry Business Cards. Unless you are going swimming or otherwise actively engaged in sports, carry your business cards. Do no limit carrying them to work days, the office or business functions. Some of the best opportunities for business networking are at the least likely events or times.

How to Carry Business Cards. Some people carry business cards loose in their pockets or their purse. The best thing to carry them in is a business card case. These are available in metal and leather. I carry the leather one made by COACH and it has served me well. The metal ones are acceptable also as long as they are no bigger than the business cards.

When to Offer Your Business Card. Some people whip out their business card every time they meet someone at work or at a work related function. The best times to offer your business card are:

- When someone asks for your card.

- When you ask someone for their business card.

- At the END of a meeting with a client or potential client before they leave.

- If someone asks for your contact information (business or otherwise).

- At the end of an air flight if you have talked with the person sitting next to you.

- If you dine next to someone outside of your company at a professional or networking function (business-related), you may tell them that it was enjoyable talking with them and offer them your card as you shake hand and leave.

Business Card “Don’ts”.

- Don’t give your business card to people who work with you. If you are that unmemorable you may need a professional coach.

- Don’t give your business card to people at a reception or networking function unless they ask for yours or your contact information.

- Don’t drop them in bowls for raffles as you will only be contacted by someone trying to sell you something.

- Don’t give them to others to hand-out for you.

- Don’t leave them on bulletin boards or in stacks at any place other than your own desk – and only then if you meet face-to-face with customers or clients.

- Don’t hand them out to anyone at a church service (social functions are acceptable) or at funerals.

Old Business Cards. Old business cards make great book marks and also work well for “to do” lists.

Business cards are both a blessing and a curse. Until everyone passes all contact information through technology, we will still have a tool called the business card. Know when and how to use them as an effective business development and communication tool remains essential to success.

George F. Franks, III is the President of Franks Consulting Group - a management consulting and leadership coaching practice. Franks Consulting Group is on the web at:
http://franksconsultinggroup.com
George can be contacted at gfranks@franksconsultinggroup.com

Why Engage a Consultant?

Why should any business, association, non-profit or other organization, regardless of size, engage and utilize a management consultant? Most owners of small business believe no one knows more about their business than they do. Most non-profit organizations, with the exception of the very largest ones, believe they cannot afford a consultant – it’s just not in the budget. CEOs of mid-sized companies often believe that the kinds of activities performed by management consultants can and should be carried out by their own management on top of their day-to-day responsibilities. And CEOs and senior executives of large global corporations, while generally more open to management consultants that their counterparts with small and mid-sized companies often resist engaging management consultants either due to their corporate ego or in view of cost controls.

So what should a company engagement a management consultant?

- Management consultants bring an independent perspective.

They value of having a new and different perspective for a business or non-profit organization is invaluable. Most organizations, regardless or turnover and bringing in “new talent”, are caught up in the day-to-day of how they perform any function or activity.

- They often have specialized skills in areas such as strategy, finance, operations, human resources or marketing.

With the exception of the very largest companies and corporations, most companies and non-profit organizations have members of their staff wear multiple hats and perform a variety of functions. As such they end up not being experts in any one of those functions or roles. Consultants often specialize in a function or type of activity.

- Management consultants work from the perspective of best practices and use these as a benchmark for evaluation and recommendations.

Regardless of how much companies and non-profit organizations know about their industry, their competitors and marketplace, they rarely have the time, resources or the inclination to benchmark against others. Best practices – a term that has been greatly overused – is a area where consultants can identify who does various functions and activities with excellence and compare (or benchmark) that against any client. While best practices change from field to field and year to year, the concept continues to reap dividends for those who utilize it either internally or through a consultant.

- They can provide additional resource in specialized areas for a limited period of time to support a project, initiative or change such as an acquisition or divestiture.

Let’s face it, even in good times, businesses and non-profit organizations do not have the resources – meaning staff – to do all the things they need to do. They need to generate revenue or raise funds. They need to delight their customers or members. They need to deliver on the core activities as defined in their mission statement. As such, there is a need for additional resources for everything from fine-tuning to a complete re-engineering of processes. Consultants – who are brought in for a set period of time and for a given amount of money can fill the gap for even the most budget constrained business or non-profit organization.

While the reasons to engage management consultants are numerous, more often than not, these four are key to the decision-making of businesses, associations, non-profits and other organizations of all sizes.

George F. Franks, III is the founder and President of Franks Consulting Group, a Bethesdsa, Maryland management consulting and leadership coaching practice. Franks Consulting Group's clients include associations and other non-profit organizations, businesses of all sizes and individual leaders. More information on Franks Consulting Group is on the web site:

http://franksconsultinggroup.com

George can be contacted via e-mail at:

gfranks@franksconsultinggroup.com