Tag Archives: Be Bold

Business Development Mastery

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Business owners LOVE the idea of being able to lead from their raw, untamed and according to them, shockingly accurate instincts.  The very idea of being able to understand their business, customers and market without the need for conscious reasoning, feeds their inner Gordon Gekko. IE: The need to feel like a business rock star. Sadly, such beliefs are nothing more than an illusion, rarely translating into a business model that will take the world by storm. Greed, as it turns out, is not  so good after all (click on the photo to link to this famous line from the movie, “Wall Street”).

Michael Douglas from the movie, "Wall Street"

“Wait a minute, Im not a greedy person!” Im not speaking of “greed” in the traditional sense. The kind of greed I’m talking about is far more insidious and hidden. Its the kind of greed that craves instant results and quick fixes, absent any kind of accountability. Its a greed for “getting more” without truly doing the Due Diligence that “more” requires. Exceptional business development is born from an already strong business model that takes courageous and yet well thought out steps, to go to the Next Level. A good grocery store is just a good grocery store. But a good grocery store that changes the rules of the game, transposing a mundane task into something utterly fun and engaging, that would be (CLICK)– Central Market.

 

Step #1: Break Down Your Business Into Profit Centers
Every business of any size is typically driven by several if not many, “Profit Centers”. A Profit Center, simply stated for our purposes, is source of revenue. For example, a hotel may break down their revenue streams into room rentals, food/concession, meeting rooms and conventions/group profit centers. In reality, they probably would have a far more complex profit center scheme, but that should give you an idea of the concept.

Step #2: Seek To Understand Every Aspect Of Your Business Model
Know your numbers, know your customers, know your sales patterns, know your revenue trends, know your expense trends, know EVERYTHING there is to know about your business in great detail from A-Z. The better you factually understand your business, the better equipped you will be to build a rock solid business foundation from which you can then take to the Next Level.

Step #3: Transform The Status Quo Into Setting The Standard
A well built, properly managed business model that is on solid ground and thus craving new opportunities is the position you want to be in. List the five things that almost everyone in your industry offers. List the five things that almost no one in your industry offers but that you strongly suspect your customers would greatly appreciate and/or enjoy. List the five strategies that your industry typically uses to keep and wow customers. Now list five ways that you could use to wow and keep customers that is at least TWICE AS ENGAGING as what the industry typically delivers.

Once you have some idea of how you want to take your business to the next level, do so as effectively as possible. Click here to learn how. But in the meantime, please understand that exceptional business development is born from strength, not pipe dreams. Know your business inside-out. Solidify your business model as stable and credible. Then and only then, will you be prepared to effectively transform the status quo into something much more.

Food For Thought-
Bob Olmstead

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Ground Hog Day

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The alarm clock shatters the dark silence. Bewildered, Joe falls out of bed. The heavenly smells of dark roast call to him, pulling him ever closer to the coffee pot. Fast forward; he see’s his daughter off to school. Fast forward; a text arrives from his wife, “dont forget Suzy has soccer practice tonight”. Sigh. The phone rings violating the silence of his overwhelm. Three fires to put out at work, an hour to make it all happen. As the owner and Chief Executive, the buck stops with him. Fast forward; his company has a record breaking year. It’s a good thing. No, really, it is. Another extended moment of silence… time stops… a blank stare out the window, “how did this all get so complicated?” He snaps out of it and the cycle repeats. Its Ground Hog Day, the movie version.

“All that you need is twenty seconds of insane courage. just literally twenty seconds embarrassing bravery and I promise you, something great will come of it.” 
Benjamin Mee (played by Matt Damon) from the movie, “We Bought A Zoo”.

Going Rogue is about refusing the play the game by everyone else’s rules. Thinking outside-the-box; seeking solutions that elevate the standard; spitting in the face of convention while it attempts to strangle the life out of your soul; demanding more then the status quo; a moment of insane courage to take the path less travelled; these are the things that mold and shape a life well lived, a business well built, leadership that transforms. Life happens, how you live it is a choice.

“Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference.” 
The Road Not Taken, a poem by Robert Frost

Are you ready to Go Rogue?™

Food For Thought-
Bob Olmstead

PS: Spread the Word!!!  How, you ask? Just click one of those buttons below, which will connect you to Facebook, Twitter, Tumbler, Digg- there’s even one for emailing this blog to your network. Also by subscribing, each new post lands directly in your email inbox. Many thanks!

What Kind Of “Branded Experiences” Do You Offer Employees?

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Branding… a single word with as many meanings as there are flavors of Ben & Jerry’s.  http://www.benjerry.com/flavors/our-flavors/  However, in my view, branding is most about the types of experiences you offer, which extends to your company culture. Like a meticulously crafted ice cream, your culture should be as delicious and memorable; rich in diversity, overflowing with imagination and always making you want for more. By this standard, how would your organization’s work environment measure up? Better yet, how do you think your employees would answer that question? There’s no right or wrong, just answers that, perhaps, could inspire you to elevate your game.

It has always struck me as odd that a company would sink a great deal of money into the act of getting customers; stupendously gorgeous logos, cutting edge advertising, strong product and/or service offerings and more- only to moderately invest into the workforce charged with the responsibility of bringing those marketed promises to life. We dedicate ourselves to inspiring fierce customer loyalty, but do we apply the same level of passion to inspiring fierce employee loyalty? You see both your customers and your employees have one very important thing in common, they both have deeply felt needs, known and unknown to them. Your ability to meet those needs, to provide meaningful and engaging experiences that endear these human beings to you, that is what true branding is all about.

I created the term Power Branding to create a far more accurate and real world view of what branding has become in the Social Media Age. Branding today is as much about offering meaningful experiences, as is it about positioning strategies and slick ad campaigns. You will need to deeply connect with your customers and, your employees alike. Notice I stated, “deeply connect” as the criteria. Branding is about building sustainable relationships that then grow into what you become known for, meaning- your brand. Logos can’t do that!

I cannot tell you how many times I have run into frustrated business owners that do a great job with customers, only to fall short in terms of their growth potential and aspirations. What would be the most common cause for this? They call all in when it comes to their customers, but hold their cards close when it comes to their employees. Put another way, they have tremendous passion for what they do, but not nearly enough passion for the people they work with to get the job done. When I help a client Power Brand their firm, I help them elevate all of the experiences they offer or need to offer, from the inside-out.

What does Power Branding look like in action, in the area of company culture? Lets take a look at an organization that truly gets it, living these ideals every day. Bazaarvoice  http://www.bazaarvoice.com, is consistently ranked as one of the best places to work in Texas. They are not a former client nor do I have any affiliation with them on any level. At least not at the time of this writing. But I absolutely love what they have done with their organization. The culture of Bazaarvoice is every bit as important to their overall branding strategy, as is their marketing or anything else they do well. Check it out:

http://www.bazaarvoice.com/about/culture
http://www.bazaarvoice.com/blog/2011/05/20/measuring-the-value-of-killer-company-culture
http://texasceomagazine.com/features/brett-hurt-from-austins-bazaarvoice-talks-about-the-importance-of-culture/

And if your curious about the CEO and co-founder of Bazaarvoice, Brett Hurt, a man who is very passionate about company culture, I encourage you to follow him on Twitter:  @bazaarbrett

Now that you’ve been able to see what Power Branding your employment experiences looks like in action, I have a question for you. Have you ever struggled with any of the following?

  • Understanding how to integrate the various generations into your work environment
  • Finding and retaining utterly amazing talent
  • Staying on the cutting edge of your industry
  • Customer service and/or retention
  • Remaining relevant and fresh
  • Inspiring the same kind of passion in employees, that you feel as an owner

What if I could help you solve ALL OF THOSE issues without you ever having to hire me? Of course hiring me would only increase the results you get… but I digress. The answer is simple; build the kind of culture, offer the kind of work environment, that has people standing in line just dying to work for your organization. Give people a true and genuine voice. Sincerely allow people to create and fully participate in the solutions. Celebrate success big, not reckless, just big- in ways that are emotional, fun and memorable. Give your team a cause, a heartfelt reason, to give your organization far more then they would normally give, versus merely demanding it. In short, be something more, a whole lot more, then just a job.

My last acid test, I promise, but this one will be really tough. Ready? If a potential employee that you passionately want to hire were to get a job offer from you and then another offer from Bazaarvoice, for the same money, who would win? I know, I can be a pain.

Food For Thought-
Bob Olmstead

PS: Spread the Word!!!  How, you ask? Just click one of those buttons below, which will connect you to Facebook, Twitter, Tumbler, Digg- there’s even one for emailing this blog to your contact list. Also, by subscribing, each new post lands directly in your email. Many thanks!