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“The Keys to Success” – CEO Think Tank®'s December 2008,“Un-Marketing” Event The Importance of Innovation
Marco Lentini, Avanti Food Corporation
According to Marco, a great business starts with great ideas. He advocated that two of the greatest contributors to great ideas are one’s personal experiences and passions. Look for inspiration and creativity in unexpected places, he told the group, when traveling, in art or history. It’s the sum of these life experiences that give individuals their unique perspective and drive the ideas that create new businesses – and give entrepreneurs an outlet for their creativity and passions.
The Journey of an Entrepreneur
Chris Burkhard, CBI Group
A long-time entrepreneur, Chris shared his perspective on the growth and evolution of a company past startup. There are many decisions that must be contemplated with almost any business as it grows. And flexibility and a willingness to adapt and change are critical from Chris’ experience. He shared a number of insights that he believes are instrumental in navigating growth including:
- Invest in good ideas – but judiciously,
- Recognize the various phases of business growth and adapt to them,
- Choose your “number 2” very carefully,
- Accept that as your business changes, often it comes at a price,
- Know that what got you there won’t necessarily get you where you want to go.
Filling The “Seats”
Helene Rodriguez, The McConnell Group
There may come a time, Helene told us, when the demands of your business outgrow your capacity to single-handedly manage it. The decision to hire a “number 2” is problematic for many small business owners. The willingness to relinquish any aspect of decision-making related to the business, not surprisingly, often represents the biggest challenge. For those who decide the benefit of having a “number 2” outweighs the cons, there are a few things to ensure:
- Be clear about your business strategy and create timelines,
- Know what you are willing to pay and design an appropriate compensation plan,
- Develop performance measures, and—most importantly, be clear with direction and be willing to let go. Don’t second-guess yourself.
Valuing Relationships
Emmy Miller, Liberty Business Strategies
According to Emmy, the key to getting and keeping clients is to value and cultivate relationships and to nurture them over time. She also urged the audience to do two things:
- Use “peripheral vision” to see and understand the various needs of your clients and,
- Rely on “balcony vision” to step back, see what’s happening in your own business and how it might need to change to serve your clients better.
Offering and sustaining value for your clients, she shared, is a fundamental component of establishing long-term customer relationships which will in turn, grow and sustain your business.
Leveraging Vertical Markets
Eric Janson, Parallel Edge
Parallel Edge has been successful in large part because it has leveraged the vertical market of Engineering and Architectural firms that it started in over a decade ago. According to Eric Janson, the challenge in a vertical market is that it’s often difficult to distinguish your company from others. It is extremely important from a growth strategies perspective to:
- Find your strengths – from your clients’ perspective,
- Provide the best service that you can, utilizing those strengths and,
- Build and nurture relationships so that the word will spread.
All industries are close-knit at some level and people talk. Take advantage of that and a vertical market strategy can be very successful.
Open Book Management
Paul McGrath and Larry Waddell, 5K Logistics
Paul and Larry discussed the value and impact of educating and engaging employees in the fundamentals of the company’s financial performance and including them in monthly financial review meetings a.k.a. Open Book Management. In addition to reducing risk, by implementing more stringent accounting and reporting practices, they were able to get the organization focused on driving performance. The results:
- A 30% increase in Gross Margin dollars,
- Staff lead performance review meetings,
- Staff is focused on performance and,
- Better decisions are being made in all areas.
The Power of Quarterly Themes
Jeff and Jim Stanch, Runnemede Plumbing, Heating, Cooling & Electric
Sometimes when we try and fix a problem, we inadvertently create a new one. That was the case with the Stanch brothers. In an attempt to address a customer service need, Jeff and Jim expanded their hours of operation to be more “customer friendly” – but - this solution involved two shifts and their staff began having communication breakdowns, which could have resulted in productivity decline. To address the issue, the brothers instituted several new business practices from “Mastering the Rockefeller Habits”, e.g. (2100 Leagues Under the Sea theme to achieve 2100 billable hours), they unified their organization, clarified communications and achieved record productivity. |
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Playing to Win: Four Business "Secrets" to beat the Economic Odds in 2011
“I wish I had known” is an all too commonly heard after a major economic disruption. We all learned through the last year or two that “hope is not a strategy”. So what can you do to capitalize on the economic landscape and position your business for success? Join us on Wednesday, November 3 rd to find out! Click here for more information and to register. Still struggling to build momentum in 2010? Wondering how to kick start your business for 2011?
Check out this video and see this powerful and practical business education designed to drive profitability and growth - in action! And for more information, e-mail us at info@ceothinktank.com Wondering what all the excitement was about at our latest "Dining With the CEO"
event? Click here to check it out!
CEO Think Tank: The Un-Newsletter (HTML)
Summer 2010 The CEO Think Tank® Value Proposition (DOC)
If you missed our last “Un-Marketing” event, “Creating the Awesome Experience” and wanted to take a look at the Value Prop that we created with Kevin Daum’s help, click here. Announcing Business Improvement, LLC.
We’d like to formally announce the launch of our advisory arm, Business Improvement, LLC. Co-founded by Cheryl Beth Kuchler and Doug Diamond to serve the diverse needs of small business owners and emerging enterprises in the greater Philadelphia area, Business Improvement helps CEOs, executives and management teams implement a proprietary suite of best practices that both supports growth and increases profitability. For more information on our full suite of offerings, check out our website at www.bizimprovement.com.
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We'd like to welcome our newest members and clients:
* Jim Wiley, President of the Wiley Group
* Ryan Clark, President of PeopleShare
* Eileen Wainwright, Vice President of LiquidSpoke, Inc.
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