The biggest mistake you can make in a down economy!

Did you know, that if you increase your marketing during a recession that your business will benefit not only now but when we come out of one?

Do you know by how much?

Now this is the staggering bit - your business will benefit by a 285%!  Yes that's over TWO HUNDRED percent.

Why? I suspect because you will be a familiar face.  People know you exist and as businesses typically cut back on marketing when times get tough (further increasing the problem) you are a much louder voice in a quieter crowd.

So, why oh why do businesses cut back on marketing?

True advertising can be expensive, but this is not the only tool available to you if money is tight... there's telemarketing, networking, sending press releases, contacting existing clients asking for referrals, writing articles for local magazines, public speaking, developing strategic partner networks... and those are just the ones that spring to my fingertips as I write this. 

Using the (maybe) quiet time between servicing customers to promote yourself in free ways that cost you nothing but time, makes not only business sense, but saves jobs and improves the short and long health of your business.  And that helps everyone.

Entrepreneurship 101

So what is an Entrepreneur?

I don't know about you but I've heard the word thrown about like candy recently and that got me thinking.

So with fingers poised and at the ready I attacked the net and did some digging.  Besides being millions (I'm not joking) of definitions I also managed to find several lists of qualities.  Depending on whose list you check out there are anywhere between 10 and 29 qualities that go towards defining an entrepreneur. 

From the information I gathered and my own personal experience I've pulled together my top twenty and will be looking at each individually over the coming weeks.

As a business coach with http://www.brightestspark.com I regularly come across each attribute in the existing and new entrepreneurs I work with.  We all have some of the qualities inherent within us and can learn and develop others.  The question is which qualities do YOU need in YOUR business, career or life?  

Choosing when and which to use comes with practice, and the way in which you use that skill is deployed is dependent on the situation, environment, culture and personality type you are dealing with.

So without further ado here's my top twenty:

1) Creativity and capacity to innovate

2) Vision and capacity to inspire

3) Decisiveness, urgency and patience

4) Integrity, honesty and reliability

5) Ability to cope with failure

6) Drive to achieve and grow

7) Persistence in problem solving

8) Total commitment, determination and perseverance

9) Orientation to goals and opportunities

10) Taking initiative and personal responsibility

11) Sense of humour

12) High stress tolerance

13) Seeking and using feedback constructively

14) Team builder with the ability to recognize the efforts of those brought on board

15) Self-confidence and self-control

16) Don't like to be penned in or controlled  - they have trouble working for anyone else, they like to be boss!

17) Make decisions and are not afraid of making mistakes

18) See obstacles as opportunities

19) Speak their mind

20) High energy

So how close are you?

Coaching through recession!

As a business coach with www.brightestspark.com I work with many different types of business.  Right now I have noticed that more and more people are thinking of realizing their dream of starting a business as the work opportunities dry up with other organizations.

Start up is a unique phase in every business and every business has gone through it.  Starting your own company usually means that unless you are in a partnership or have REALLY good connections you will be doing EVERYTHING in your fledgling enterprise and probably with limited funds.  Also the person you meet up close and personal is... yourself!

You find out how easy you are to manage and where you will hide in order not to do things!  And your success will depend on how you deal with your internal as well as your external blocks.  Coaching someone through this phase is a delight and something I enjoy immensely. 

And when someone finally 'gets it', i.e. what entrepreneurship really means, then you hang onto your hat because you know it's going to be a wild ride.

Letter to Minster Day

As promised this is a copy of the letter e-mailed to Darcy Rezac, MD of The Board of Trade regarding the US proposed protectionist policy.

I was surprised to find out that my views were as strong as they are... but I stand by what I say.  I think it's a short term knee jerk reaction rather than a long a sustainable long term strategy.

Hopefully they'll reconsider their position and support trade rather than cut it off at the knees.

Jules

Dear Minister Day

I wish to speak to the concern I and many of my fellow business colleagues share around the current proposed protectionist plan in the US and how this can potentially impact not just ourselves, but also the long term economic health of the US and the global economy.

Protectionism is, in my view, an economic knee jerk reaction that addresses issues with only a short term view.  If it persists or spreads the danger is that the wheels of trade will cease to be lubricated as goods and services stop passing across international borders and any 'recession' or 'economic down turn' will last longer and result in tougher, harder times for peoples, organizations and governments across the globe.

By keeping global trade alive and thriving economies increase the number of potential markets for their own goods and services, thereby helping their own manufacturing and services community weather any economic storm.  I would be very surprised if anyone actually wanted the problems caused by the instability and alleged poor judgement of the financial sector to last any longer than need be.  Closing borders to trade and the potential domino effect that would cause, in my view, would do exactly that.

A much more practical solution for the US and other world economies to consider would be to invest in their companies (manufacturing and service) by helping them to innovate, upgrade and compete.  This coupled with real governmental help in accessing new opportunities abroad and then cultural training/support to facilitate appropriate marketing strategies to sell to new trading partners will open doors and ensure future success.  These steps will also have the added benefit of updating and strengthening the manufacturing and service base upon which countries rely.

Rather than closing down trade opportunities, shutting down innovation and stopping marketing activities, economies need to do the opposite in order to thrive.

There is a whole world out there, I would suggest it is foolhardy for any country to turn their back on such a remarkable opportunity, let alone one with such an impressive record of innovation and market awareness that the US currently enjoys.

I do hope they re-consider their position and choose to lead the world in their forward thinking and sustainable economic strategies.

Yours sincerely

2010, US Protectionism and a very slutty Carmen

Well what a week!

This has been one of those weeks where my feet have hardly hit the tarmac.  I was fortunate enough to attend a good friends 2010 presentation that left me gasping for air - do you realize exactly HOW BIG the games next year are going to be?  I had no clue and am considering leaving Vancouver for the duration ... although I know that my curiosity will get the better of me and I'll end up staying just to see all the fun and games around the city.

Working with entrepreneurs and small businesses as I do, I feel a little shamefaced that I haven't clued in sooner.  Now I have, you'd be surprised how many e-mails I sent to clients and close friends all of whom can benefit directly from the games.

Then on Wednesday I received a mass e-mail from the MD of the Vancouver Board of Trade asking for comments to pass onto Minister Stockwell Day regarding the US's proposed protectionist stance.  Again another surprise as I was able to rattle off a reply in literally no time at all - I never realized I had such strong views on the matter.  The next post is a copy of the e-mail sent, feel free to let me know what you think!

And then finally I was treated by my husband (who also arranged a baby sitter!) when we went out Thursday night t0 see the Opera Carmen.  The Israeli woman who played Carmen played her in a delightfully slutty way and was just wonderful.  Made me want to take up singing again... although whether I'd ever be able to reach the dizzy heights of a pure and clear top A is doubtful.

All in all not a bad week as it was one in which I discovered more about myself and this amazing city which I call home.  

I'm now looking for ways to expand my business into 2010 - JV anyone?  Wish me luck.

Jules

That's not 'Just Business" that's BAD BEHAVIOR

It’s happened to me... I wonder if it’s happened to you? You are sat with a friend in a coffee shop and over your double latte whatever, they start to tell you of something they or someone else has done at work.

A piece of skulduggery that is so evil, planned and underhanded it leaves you breathless and wondering if there is a knife about to be plunged between YOUR shoulder blades. Your friend concludes the story with a ‘but that’s just business’ as though that makes the behavior justifiable.

Your friend then watches you closely, gauging your reaction. Inside you are repulsed, 'Oh My God.' you think, 'Who are you?' but on the outside what do you do? Do you tell them what you think or do you nod sagely in an understanding way while making a mental note to tread carefully or even cut that individual from your life?

Maybe you agree, that ‘just business’ justifies behavior that would get a two year old on the naughty chair or a teen grounded for life.

I think it might be an idea to look at business. Is it a means to an end or a social function?

If it’s a means to an end in an of itself, then that begs the question what is the end? Global domination by one company? Is that where we are heading. And what about people? Will we all be employed by the same organization? What if you were fired or decided to leave where else would you go? What would your life become? And if it was the only company wouldn’t it follow that it would also govern? A scary thought. But surely that’s what the monopoly and merger laws are trying to prevent.

So what if business is a social function? A way for people to connect, find meaning in their lives and develop a way of life? It sounds a bit obvious but if there were no people there would be no business.

Personally I believe that business is the fuel of our lives; the self-expression, a way to support us, achieve our dreams and I for one am passionate about it.

As a business leader and an executive coach who works with entrepreneurs and emerging leaders daily I can affirm that many people agree with me.

When an entrepreneur starts a business they generally look to bring the best of themselves into their vision and use their entire self to do that. The good business practices they have experienced they adopt, the bad they typically run screaming from in the opposite direction. That bad manager they had becomes the thing to avoid at all costs

Business to me and a lot of other business people does not excuse psychopathic or sociopathic behavior. There is another way to do business and it starts with one person.... you!

Yes you. You have the ability to connect to who you are, your passion, your core values and your own set of beliefs and ethics; and you have the power to share them with the world.

When someone says ‘well that’s just business’ they are usually justifying behavior they themselves find questionable. They are looking for your approval, or justification.

So are you willing to give it? And if not, what do you plan to say the next time you hear a friend or colleague say ‘well that’s just business'?