Defensive Driving on the Road to Success (Part 2)

Perhaps the graphic that we've used in this post will serve to illustrate how important it is to gather and quickly process the information coming to us. Try not to let it distract you as you read! (smile)

Navigating your way of the highway of life as an entrepreneur holds additional risks and challenges. In this post, Scott Sheris provides another glipse into what it takes to successfully navigate the road towards SUCCESS!

We trust you'll enjoy this contribution that's been kindly provided by my friend, Scott Sheris from Colorado Springs, Colorado (USA). We'll be featuring this series over the month of June and invite you to add your comments and/or reaction to the ideas that the stories generate.

Scott's contact information can be seen at the end of this post.

Thank you for allowing us to share your series with our audience, Scott!

Best wishes on your entrepreneurial journey ...
- Jim, for the Pro-Vision Solutions Inc. TEAM.

Here's Scott's second post in this series ...

Today’s thought: defensive driving (2) - “Get the Big Picture”

The second point made in defensive driving classes is to “Get the Big Picture”.  It makes sense! When you are only looking right in front of you, you limit your vision and may not get all of the information you need to make the best decisions.

On the other hand, when you look down the road, and around, you gain much more information.  You’ll have a clearer picture and a much better understanding of what decisions you need to make, and more time to make them.

Getting the big picture, though, also includes knowing what we are doing.  How fast are we going? Which lane are we in? And so on. If we don’t pay attention to what we are doing, we still won’t have the big picture, and we may again end up in a ‘bad spot’ on our road to success.

So, for life, consider what you are doing.  Figure out what’s REALLY going on personally and emotionally.  Then, once that’s done, look out to the road ahead.  Remember to look as far as you can to “Get the Big Picture”. That will help you make the right choices to stay on track while avoiding hazards along the way!

Scott Sheris is a writer from Colorado Springs, Colorado (USA) who’s primary focus is personal core development. His mission is to (H)elp (O)ther (P)eople (E)xcel – helping to bring HOPE to others as they begin to change their lives in new ways.

To contact Scott, or see more of his work, please visit his website at:
https://sites.google.com/site/pcdspecialties

PLEASE ADD your comments regarding this topic - we'd love to hear from you!

Defensive Driving on the Road to Success (Part 1)

It's funny how things can happen in one area of our life that provides us with new insights and success in another area of life. 

For the entrepreneur there's a definite connection between aspects of their personal life and that of the business. There are many valuable business lessons we can learn as we travel this often winding and challenging road towards BUSINESS SUCCESS!

Here's an interesting contribution that's been kindly provided by my friend, Scott Sheris from Colorado Springs, Colorado (USA). Thanks for providing this Scott! We'll be featuring this series over the month of June and invite you to add your comments and/or reaction to the ideas that the stories generate.

Scott's contact information can be seen at the end of this post.

Thank you for allowing us to share your series with our audience, Scott!

Best wishes on your entrepreneurial journey ...
- Jim, for the Pro-Vision Solutions Inc. TEAM.

Here's Scott's first post in this series ...

Today’s thought: defensive driving (1) “Always Aim High”

In defensive driving courses, there are 5 practices to get safely from point A to point B while minimizing risks on the road.  It makes sense that these points should also apply on the "road to success."  So let’s ‘buckle up’ and get ready for a few defensive driving tips to help you on your road to success!

The first tip is to “Always Aim High”.  Be looking 20 seconds down the road to try and pick up hazards and other changes far enough ahead to be able to safely do something about them, without losing too much momentum.

Travelling for 20 seconds at 40 mph will take you just over a quarter mile, so there should always be plenty to keep an eye on.  Not everything needs the ‘eagle eye’, but you need to check just long enough to be aware of potential problems when you get to that point in the road.  Then you can make adjustments as needed to avoid trouble.

Your "20 seconds" on the road to success may be a day, or a week equivalent.  Be looking at your path/plan, and the environment you are working in to see similar hazards, such as a potentially bad relationship/partnership.  Of course, try not to be harsh, although behavior frequently reveals the truth regarding others.  You may need to speed up, slow down, or even take a detour to avoid getting in with the wrong people.

We already know where we want to go and which route we want to use to get us there.  Practicing this tip, to “Always Aim High” will make sure we stay safe during our trip, while making good and reasonable progress!

Scott Sheris is a writer from Colorado Springs, Colorado (USA) who’s primary focus is personal core development. His mission is to (H)elp (O)ther (P)eople (E)xcel – helping to bring HOPE to others as they begin to change their lives in new ways.

To contact Scott, or see more of his work, please visit his website at:
https://sites.google.com/site/pcdspecialties

PLEASE ADD your comments regarding this topic - we'd love to hear from you!

DON'T FORGET THIS in your BUSINESS PLAN!

YOUR HELP would be invaluable! So I’m ‘reaching out’ through my various social media channels in order to get some quick feedback. I'm also asking you to ‘share’ this request with those in your circle of contacts.

I’ll be speaking with a group regarding the importance of having a PLAN for their new businesses. Many will not have thought about potential problems they’ll encounter along the way. As you’ve likely experienced, having prepared in advance will save precious time when the situation calls for an alternative plan.

Could you please share a few thoughts on the importance of planning?

“What area could cause a new business owner their biggest challenge, and in 20 words or less, what could they do in advance to minimize the potential negative impact?”

Please choose one of the following areas, together with your suggestion:
      A) Customers; 
      B) Financing; 
      C) Location; 
      D) Managing; 
      E) Production; 
      F) Staffing; 
      G) Suppliers; 
      H) Other (Please identify the potential area of challenge)

* IF you provide your contact information, we’d be pleased to appropriately acknowledge the valuable suggestions that come forward and provide you with access to a summary of the feedback! 

Thanks in advance for your assistance. Your comments can be added below, or sent to us via one of our social media channels.


Cheers,
- Jim Ewing

Pro-Vision Solutions Inc.
Edmonton, Alberta (Canada)

Business Success BLOG:  http://BusinessSuccessBlog.blogspot.com/
Mentorship BLOG:  http://ProVision-Mentorship.blogspot.com/
YouTube Channel:  http://www.youtube.com/user/ProvisionMentorship
Linkedin Profile: http://www.linkedin.com/in/JimEwingProVision

Facebook:  facebook.com/JimEwingPVS
Twitter:  JimEwing_PVS

WHO is responsible for CUSTOMER SERVICE?

One of the key fundamentals for any business or organization is to know who their customer is, and to make sure they look after those customers with excellent customer service. While that seems very clear and should be understood by everyone within the organization, why is it that so few people actually focus on looking after the customer?

Customer service is about knowing your position in the marketplace and meeting, or exceeding their expectations. It’s all of that, and finding creative ways of doing so in order to contribute to the profitability, or viability of your organization.

It's about knowing your TARGET AUDIENCE and consistently creating a positive customer experience - one that not only keeps them coming back, but has them delighted to refer others.

WHO’s responsibility is it? If your business has a customer, CUSTOMER SERVICE is YOUR responsibility. Because, without the customer ... you have no business!

We'd like to follow-up on this post with your input, comments and suggestions on how to provide excellent customer service.  Please feel free to add a few of your thoughts to this post and we'll rework the top responses into a new post and circulate to our audience!

Thanks in advance for 'working with us' in this!

In closing, if you’ve ever felt like you were all alone as you walk this entrepreneurial road, let us encourage you to tap into the wealth of expertise that’s available to assist you. Many organizations can help point you in the right direction, and we would also be very pleased to assist in this regard, particularly when it comes to aspects of business start-up, growth, development and mentorship.

Please let us know if we can help you and your organization or group in moving forward with their business hopes, dreams and aspirations. Let's start the process with a conversation. We're looking forward to hearing from you soon.

The MOST Important Question for Business Owners ... Ask: WHY?

We had such great response to this topic on Facebook that we decided to post it here and copy some of the comments that quickly came in ... Thanks for that great feedback!  

Let's continue the discussion and invite others to add their comments to build on this fundamental 'starting point' for ANY BUSINESS ... 

Here is our original post, followed by a couple of the early comments and suggested links provided by friends and colleagues:

WHY?  It’s such a simple question! It’s likely the FIRST question we asked in life, and one that always LEADS to new discoveries and innovation.

WHY is a question that EVERY potential entrepreneur should ask when thinking of starting a business venture.

• WHY this product or service?
• WHY is this problem or challenge occurring for my customers?  
• WHY would potential customers purchase this solution from me?
  

WHY – it’s a great question!  It’s the “STARTING POINT” that can lead to a brighter and more successful future!

As we work with communities and organizations, we take them through the various STEPS of small business planning and development. We start with the question WHY, and lead them through a process that points them towards SUCCESS.

IF you need a process that leads to successful small business start-ups and engages the skills and expertise available within your community, LET US ASSIST YOU in making your community the ‘location of choice’ for them to establish, grow and prosper!

SEND us a quick note as your “FIRST STEP” to START the process!

AND HERE are some of the early comments and suggested links that were provided by friends and colleagues: 

Barry Matthews: Great post Jim Ewing <https://www.facebook.com/JimEwingPVS>   If you haven't already checked out the Simon Sinek video, it is a great explanation of Why ...

Jim: Thank you Barry. I appreciate the link to this video. I've heard Simon Sinek speak on this before and agree that there's great value in taking this approach. Again, much appreciated, and YES, I recommend giving this a view!

HERE’S THE LINK TO THE SIMON SINEK VIDEO CLIP: http://www.youtube.com/watch?v=u4ZoJKF_VuAhttp://www.youtube.com/watch?v=u4ZoJKF_VuA


 
Greg Douglas: Test. Always test.

Try to sell it.  To actual customers - NOT friends and family who will often say "yeah, great idea. People will buy that/People need that"

Ask if they would buy it and back it up with their wallet - ask for the sale, or their advice is meaningless. I learned that the hard way.

I tend to avoid friends and family when I'm in the early stages for this particular reason.  

I guess that's the "Ready. Fire. Aim." in me.

If you can actually sell it, you may be on to something and keep pushing.....


Jim: Great points, Greg. We love our family and friends, and (hopefully) they love us as well. The truth is that they are more inclined to believe more in 'us' than in the actual viability of the business concept we're trying to launch. It's therefore imperative that we obtain objective outside perspectives … and there are so many great ways the entrepreneur can gain that valuable input. Thanks Greg!


Peggy Zubyk: Asking WHY is also the beginning of the learning process towards making the connections between the individual task at hand and how that task fits into the bigger picture.  I find this concept is one of the hardest to grasp for the 20-something design staff I mentor.

Jim: Thanks Peggy. Mentoring is something that I’ve found adds so much to the development of people within the organizations where they work. A mentor helps new individuals ‘come up to speed’ and accelerates their growth, allowing them to very quickly become more productive within the workplace.

So for business owners and entrepreneurs, how much more important is it for them to have a mentor? (smile)  ... I think the answer is very clear and I truly enjoy helping to facilitate that process for organizations interested in developing to their fullest potential. 

  

NOW, it's your turn! 

Let's hear from you AND encourage others to join the conversation. Please add your comments and let's further discuss the importance of understanding "WHY" as it relates to SUCCESS in BUSINESS. 

FOUR GREAT REASONS to Attend the Business StartUp Seminar Series ...

Have I got you confused or wondering what I'm talking about? (smile)

OK ... SURE, I'm talking about a specific BUSINESS START-UP SEMINAR SERIES that's going to be starting in March of this year, BUT (stick with me on this) ... please allow me to expand upon this, and point out WHY this type of community-based event can be so helpful for those considering a business venture in ANY COMMUNITY! 

Here are FOUR GREAT REASONS:

1st - While many may think that having a business of their own is something that they'd like in the future, registering to participate in a series like this is a very tangible first step towards making it happen.  

2nd - Attending events like this is where you'll find out what's required, not only in general terms, but you'll get some specifics that relate to your community. 

3rd - In a group setting like this, you'll meet others who likely have similar questions (and perhaps some 'fears') regarding what's involved. 

4th - In addition, as you go through the learning process together, you'll discover that you're not along on this journey - that there are others you can call on to help guide you along the way.

Of course, different communities have different needs and requirements; that's very true. So a Seminar Series in your community is going to be different in many ways from this one that I'll be facilitating in Sherwood Park, Alberta.  

* This upcoming series will provide participants with a real focus on developing a business plan. Personally, I think a big challenge for many would-be entrepreneurs is to overcome the mindset that says, "I don't think I need a business plan."  There are in fact, several very good reasons that I believe you should have one! I'm looking forward to hearing what the various business experts and successful entrepreneurs speaking in this series will have to say regarding the value of a business plan! 

In closing, ASK around in your community if similar events are planned.   

BTW - If you or someone you know is thinking of Starting a Business in Sherwood Park, Alberta or within the Strathcona County area, please pass on this link to their upcoming seminars. 

The series is being hosted by: the Sherwood Park & District Chamber of Commerce, and Strathcona County Economic Development and Tourism 

Sponsors include: ATB Financial, KPMG Enterprise, and RBC Royal Bank

Because making good use of cash is important in launching a business, there's even an "Early Bird" registration rate that's available until Monday, Feb. 17th

Thanks for sharing this information where you feel it's helpful and would be appreciated. 

* More details regarding the Business StartUp Seminar Series in Strathcona County can be found at:

BONUS: Here's a link to a video I did for The Business Link a few years ago. The content is still very appropriate as a 'high level' overview of what goes into a "Business Plan" although the URL for the organization has changed.  CLICK HERE to view the video.

"Perseverance" - Don't Give Up!

The successful entrepreneur knows what it is to keep going after their vision, even when it seems like everything is working against them!  Talk about persistence and perseverance! 

Where are you with the pursuit of your entrepreneurial dream? Don't give up ... PERSEVERE!

I came across some great quotes that had been assembled and thought I'd share a few with you on the topic of "Perseverance". 

Many of the following were found at: http://www.quotegarden.com/perseverance.html

* Why not share a few that have been meaningful to you, or perhaps relay a story of perseverance that you could share with our readers? It would be great to add your comments to this collection. Thanks in advance! 



The difference between perseverance and obstinacy is that one comes from a strong will, and the other from a strong won't.  ~Henry Ward Beecher


The road to success is dotted with many tempting parking places.  ~Author Unknown


When the world says, "Give up,"
Hope whispers, "Try it one more time."
~Author Unknown


Don't be afraid to give your best to what seemingly are small jobs.  Every time you conquer one it makes you that much stronger.  If you do the little jobs well, the big ones will tend to take care of themselves.  ~Dale Carnegie


Nobody trips over mountains.  It is the small pebble that causes you to stumble.  Pass all the pebbles in your path and you will find you have crossed the mountain.  ~Author Unknown


When you come to the end of your rope, tie a knot and hang on.  ~Franklin D. Roosevelt


Consider the postage stamp:  its usefulness consists in the ability to stick to one thing till it gets there.  ~Josh Billings


The greatest oak was once a little nut who held its ground.  ~Author Unknown


Fall seven times, stand up eight.  ~Japanese Proverb


Perseverance is the hard work you do after you get tired of doing the hard work you already did.  ~Newt Gingrich


If one dream should fall and break into a thousand pieces, never be afraid to pick one of those pieces up and begin again.  ~Flavia Weedn, Flavia and the Dream Maker, © Flavia.com <http://www.flavia.com/>


He conquers who endures.  ~Persius


You can't go through life quitting everything.  If you're going to achieve anything, you've got to stick with something.  ~From the television show Family Matters



The race is not always to the swift, but to those who keep on running.  ~Author unknown, in reference to Ecclesiastes 9:11, "I returned, and saw under the sun, that the race is not to the swift, nor the battle to the strong, neither yet bread to the wise, nor yet riches to men of understanding, nor yet favour to men of skill; but time and chance happeneth to them all."


It's not that I'm so smart, it's just that I stay with problems longer.  ~Albert Einstein


Perseverance is not a long race; it is many short races one after another.  ~Walter Elliott, The Spiritual Life


People are always blaming their circumstances for what they are.  I don't believe in circumstances.  The people who get on in this world are the people who get up and look for the circumstances they want, and, if they can't find them, make them.  ~G.B. Shaw, Mrs. Warren's Profession, 1893


There is no telling how many miles you will have to run while chasing a dream.  ~Author Unknown


The drops of rain make a hole in the stone not by violence but by oft falling.  ~Lucretius


Don't be discouraged.  It's often the last key in the bunch that opens the lock.  ~Author Unknown


Saints are sinners who kept on going.  ~Robert Louis Stevenson


If we are facing in the right direction, all we have to do is keep on walking.  ~Buddhist Saying


Life is not about how fast you run or how high you climb but how well you bounce.  ~Vivian Komori


You learn you can do your best even when it's hard, even when you're tired and maybe hurting a little bit.  It feels good to show some courage.  ~Joe Namath


I may not be there yet, but I'm closer than I was yesterday.  ~Author Unknown


Keep on going, and the chances are that you will stumble on something, perhaps when you are least expecting it.  I never heard of anyone ever stumbling on something sitting down.  ~Charles F. Kettering


One may go a long way after one is tired.  ~French Proverb


Never think that God's delays are God's denials.  Hold on; hold fast; hold out.  Patience is genius.  ~Georges-Louis Leclerc


Our greatest glory is not in never failing, but in rising up every time we fail.  ~Ralph Waldo Emerson


Problems are not stop signs, they are guidelines.  ~Robert Schuller


Vitality shows in not only the ability to persist but the ability to start over.  ~F. Scott Fitzgerald


With ordinary talent and extraordinary perseverance, all things are attainable.  ~Thomas Foxwell Buxton


As a means to success, determination has this advantage over talent - that it does not have to be recognized by others.  ~Robert Brault, www.robertbrault.com <http://www.robertbrault.com/>


Most people never run far enough on their first wind to find out they've got a second.  ~William James


Difficult things take a long time, impossible things a little longer.  ~André A. Jackson


Don't let the fear of the time it will take to accomplish something stand in the way of your doing it.  The time will pass anyway; we might just as well put that passing time to the best possible use.  ~Earl Nightingale


Success seems to be largely a matter of hanging on after others have let go.  ~William Feather


Look at a stone cutter hammering away at his rock, perhaps a hundred times without as much as a crack showing in it.  Yet at the hundred-and-first blow it will split in two, and I know it was not the last blow that did it, but all that had gone before.  ~Jacob A. Riis

Tapping the Expertise of Trusted Advisers ...

One of the things that I discovered many years ago is that you can not be ALL things to ALL people.

So why is it that so many entrepreneurs feel they can boldly move forward without input and advice from the broad array of professionals, experts and potential mentors? 

  

Recognizing the need for this type of specialized expertise as businesses grow and develop, one of the programs that I’ve been very pleased to have helped develop in Alberta, (Canada) introduces entrepreneurs to many of those areas of expertise. What’s more, it’s a totally FREE service, provided without cost or obligation on the part of the businesses that access the service!

The Business Link's “Guest Advisor Program” provides entrepreneurs with the opportunity to speak with business management consultants, business coaches, lawyers, accountants, and financial representatives who volunteer their time to discuss the business owners concerns. Think of it as an introduction to the variety of business services available to from within the private sector. It’s an opportunity to discuss specific business situations with a professional in a neutral location and can provide great insight into how working with a professional can assist in the development of that business.

More information on the “Guest Advisor Program” can be found by CLICKING HERE.


Continuing with the theme of connecting with various professionals to assist the entrepreneur, here is another portion of that great article we saw in the Ivey Business Journal a while ago. As mentioned in earlier posts, I was drawn to the catchy title: “That’ll Never Work: Six important lessons from successful entrepreneurs” while preparing to facilitate a group of potential entrepreneurs who were working through the business planning process.

The article was written by Dennis Fortnum, Canadian Managing Partner for KPMG Enterprise.  I contacted the good folks at KPMG Enterprise and asked for permission to use a few of these terrific stories in this BLOG. Thank you very much for that approval. Let me also recommend that readers seek out and acquire a copy of the book.  It brings together the success stories of 19 Canadian entrepreneurs and a few of them were highlighted in the article that I’ve mentioned.

FYI - A few additional details to assist those who are interested can be found at the end of this post.

This BLOG POST features one of several stories from the article and provides some valuable lessons that these entrepreneurs learned as they made their way towards success!

In this particular story, Dennis Fortnum underscores the importance of recognizing when the expertise of others is necessary and beneficial for your growing venture.

Tapping the Expertise of Trusted Advisers

Entrepreneurs often require a steady hand to guide them, but they rarely realize it. Not only do most of the entrepreneurs in “That’ll Never Work” admit to wanting to know how to make the right decision every time, many said at one time they believed their employees in fact expected them to be all-knowing.

As Natalie Macaulay, partner and UK managing director of leadership consultants Emerge Learning puts it:

“There’s a difference between leadership and management. Often, leaders move up through the ranks, through what Emerge Learning calls individual contributor roles. They become experts in something and suddenly they find themselves at the helm as leader. One of the first steps they must take to become an engaging leader is to get rid of the notion that they’re supposed to know all the answers. In fact, they need to accept they will never have all of the answers. From there it’s about personal growth and helping leaders to be comfortable in their own skin, because you can’t lead a team if you have insecurities about your own performance.”

Most of the entrepreneurs in the book cited the need for one or several mentors, consultants or executives with broader business expertise than they had. They recognized—sometimes just in time—that they needed the perspective of someone who had witnessed more of the ebb-and-flow nature of business.

Trying to know everything is not only impossible, it’s exhausting, and detrimental to the business. While it may be scary to admit a need to defer to other experts inside or outside the company, it is an essential skill for any businessperson.


In closing, if you’ve ever felt like you were all alone as you walk this entrepreneurial road, let me encourage you to tap into the wealth of expertise that’s available to assist you. Many organizations can help point you in the right direction, and we would also be very pleased to assist in this regard, particularly when it comes to aspects of mentorship.

* For FREE information information related to Mentorship, "click" on the links for our Mentorship Blog and our YouTube Channel.

 
Please feel free to add your comments and suggestions to help other in moving forward with their hopes, dreams and aspirations.



NOTES: (As mentioned earlier)

About KPMG Enterprise’s book, “That’ll Never Work” - readers will discover 19 outstanding stories from Canadian entrepreneurs. These are men and women who took their vague idea, turned it into a winning one and built a workable business structure around it. Perhaps most impressive is the fact that all 19 have also been able to do the near impossible: keep their business intact and thriving for years, or even decades.


The Article by Dennis Fortnum: The article was seen in The Ivey Business Journal and at the time, was found at: <http://www.iveybusinessjournal.com/author/dfortnum>         
    Strategy | March / April 2012 <http://www.iveybusinessjournal.com/the_post_issue/march-april-2012>

The book, “That’ll Never Work” and related information: At the time of preparing this post, there was a significant amount of information related to the book found at: http://www.thatllneverwork.ca/

Financing is Key - and a Key is Your Business Plan

One of the most popular topics people ask me about when it comes to starting or expanding a business relates to gaining access to funding.

Every business requires some money in order to properly launch and develop, but many entrepreneurs seem to get frustrated and stall when they come against the first rejection of their funding request. But we need to get beyond that, and find out why the funding source came back with their negative response. Each interaction with them (or the next potential source) is an opportunity for you to learn more about their expectations and ability to assist you with your plans. Learn from each experience, rework your business plan and prepare to present your case. Remember – lenders are not investors in your venture, and venture capitalists are not looking for the same things as lenders. Tailor your proposal to meet the expectations of the reader.

I’ve mentioned in the past that I came across a fascinating article in the Ivey Business Journal a while ago. As I was preparing to facilitate a group of potential entrepreneurs through the steps involved in the business planning process, my eye was drawn to the catchy title: “That’ll Never Work: Six important lessons from successful entrepreneurs.”

The article was written by Dennis Fortnum, Canadian Managing Partner for KPMG Enterprise.  I contacted the good folks at KPMG Enterprise and asked for permission to use a few of these terrific stories in this BLOG. Thank you very much for that approval. Let me also recommend that readers seek out and acquire a copy of the book.  It brings together the success stories of 19 Canadian entrepreneurs and a few of them were highlighted in the article that I’ve mentioned.

FYI - A few additional details to assist those who are interested can be found at the end of this post.

This BLOG POST features one of several stories from the article and provides some valuable lessons that these entrepreneurs learned as they made their way towards success!

In this particular story, Dennis Fortnum illustrates how very important it is to be persistent. When it comes to attracting the capital you require for your venture, your business plan is a great resource to help make your case! 
 

Financing is key

Stephen McIntosh, owner of Factory Optical/Optiks International/EyecandyOptiks, started his business in the summer of 1999 with, as he describes it, “considerable opportunity for failure.” He had a $30,000 debit balance at his bank and owed legal counsel $20,000 for having helped him complete his acquisition of some existing facilities and employees. He also owed his vendor $30,000 for the working capital left in the company and the assets he was buying.

But, during this incredibly challenging period, he managed to stick to his guns during a standoff with his new bank, making sure he negotiated the right deal.

“During the purchase I was trying to establish banking facilities in Regina by telephone from London [Ontario]. After securing the private equity funding necessary to fund the purchase of the company, we needed an operating facility to finance working capital. I was referred to a very young and inexperienced banker in Regina who pleaded our case to his adjudication group, but the result was an authorization of only half the monies I required, subject to the personal guarantees of my 17 equity investors.

This was a true deal breaker; it would have fundamentally undermined the spirit of equity investing. After all, I had gone out and pleaded, begged, and borrowed from friends and family, and it had taken 17 people to reach the $560,000 purchase price for the company, in consideration of which I provided them a 49 per cent collective interest.

As an alternative, this young banker allowed me to rewrite the credit application myself, and we were provided double the original funding requested with no personal guarantees to speak of. We were now capitalized to go forward.

McIntosh’s determination paid off and 12 years later his business has grown from one to 17 stores and from $500K to $20 million, with a plan to reach $30 million over the next couple of years.

McIntosh’s refusal to accept the bank’s initial offer and to return to secure the required financing allowed the company to execute on its business plan, ultimately becoming the successful business it is today.


In closing, let me encourage you to use your business plan as the central repository of the key information you will use in your financing proposals, strategic relationships with others, and in the ongoing management of your business.

Please feel free to add your comments and suggestions to help other in moving forward with their hopes, dreams and aspirations.



NOTES: (As mentioned earlier)

About KPMG Enterprise’s book, “That’ll Never Work” - readers will discover 19 outstanding stories from Canadian entrepreneurs. These are men and women who took their vague idea, turned it into a winning one and built a workable business structure around it. Perhaps most impressive is the fact that all 19 have also been able to do the near impossible: keep their business intact and thriving for years, or even decades.


The Article by Dennis Fortnum: The article was seen in The Ivey Business Journal and at the time, was found at: <http://www.iveybusinessjournal.com/author/dfortnum>      
    Strategy | March / April 2012 <http://www.iveybusinessjournal.com/the_post_issue/march-april-2012>

The book, “That’ll Never Work” and related information: At the time of preparing this post, there was a significant amount of information related to the book found at: http://www.thatllneverwork.ca/

Working “on” the Business, rather than “in” the Business ...

I came across a fascinating article in the Ivey Business Journal a while ago. As I was preparing to facilitate a group of potential entrepreneurs through the steps involved in the business planning process, my eye was drawn to the catchy title: “That’ll Never Work: Six important lessons from successful entrepreneurs.”

The article was written by Dennis Fortnum, Canadian Managing Partner for KPMG Enterprise.  I contacted the good folks at KPMG Enterprise and asked for permission to use a few of these terrific stories in this BLOG. Thank you very much for that approval. Let me also recommend that readers seek out and acquire a copy of the book.  It brings together the success stories of 19 Canadian entrepreneurs and a few of them were highlighted in the article that I’ve mentioned.

FYI - A few additional details to assist those who are interested can be found at the end of this post.

This BLOG POST features one of several stories from the article and provides some valuable lessons that these entrepreneurs learned as they made their way towards success!

In this particular story, Dennis Fortnum talks about something that I also feel is very important – having a business plan that helps you to focus your resources on the things that are going to make a difference for you and for your business.


Working “on” the Business, rather than “in” the Business

Some owners can get mired in the details. They become so heavily immersed in managing all aspects of their company’s day-to-day operations that there isn’t time for anything else. Clearly, careful management is critical to business success, but taken to an extreme it sometimes impedes owners from realizing their long-term vision. For some, clarity and perspective come with a step back and a bit of introspection.

Jory Lamb, president and CEO of software company VistaVu Solutions, went through the most critical time in the history of his business between 1999 and 2000.

After leaving a promising career as an accountant, Jory Lamb had learned so many lessons about running his own business the hard way. He had put thousands of hours into just staying afloat when cash flow was tight. Exhausted and mentally defeated, he did something not many in his situation would do; he took a vacation.

“I went away for six weeks, which is a huge amount of time for someone with a company that is technically insolvent. My family loaned me enough money to cover the bills for six weeks. It was love money. I took this money and I said to the people working for me, “You work with our creditors and make sure that the payments get made. These are the dates. Please, just make sure it happens.”

I went to Australia, where I had a lot of “windshield time.” I took buses, backpacked, and just kind of followed the countryside. And I read like a madman, searching for an answer to my many questions. One of the books I read was The E-Myth by Michael Gerber, which asked whether you planned to work in your business or on your business.

I remember I was in Townsville and there was this huge cyclone. It washed out the road and the bus was stuck. We couldn’t go back or forward, and I had nothing but time on this bus. I remember thinking right at this point, “If it’s going to be, it’s up to me.” I had to decide I was not ready to quit. I needed to pull myself back up and make this thing work. I needed to listen. I needed to learn. At that moment, everything changed. A light went on…

I wrote out a plan, communicated it, and got focused. As a business, we were building a bit of everything, always scrambling. What we needed to do was build a few things well. We shed work we were doing just a bit of but weren’t good at, and all of a sudden it started to make a huge difference.

But I had to stand on the precipice. If we hadn’t faced bankruptcy I think somehow, some way, I would have rationalized bobbing along, not really making a good living, not really performing well as a company. Somehow that would have continued to be acceptable and I wouldn’t have had to go out and sell and do the things I wasn’t enjoying as much. But there was no choice. It was a great thing.”

Though he almost learned this lesson too late, Lamb’s decision to step back, gain some perspective and re-focus his energies on a more precise set of tasks and goals saved his business.


In conclusion, let me encourage you to develop a business plan that will help you deliver the maximum from your businesses for the benefit of those who are important to you.

Please feel free to add your comments and suggestions to help other in moving forward with their hopes, dreams and aspirations.



NOTES: (As mentioned earlier)

About KPMG Enterprise’s book, “That’ll Never Work” - readers will discover 19 outstanding stories from Canadian entrepreneurs. These are men and women who took their vague idea, turned it into a winning one and built a workable business structure around it. Perhaps most impressive is the fact that all 19 have also been able to do the near impossible: keep their business intact and thriving for years, or even decades.


The Article by Dennis Fortnum: The article was seen in The Ivey Business Journal and at the time, was found at: <http://www.iveybusinessjournal.com/author/dfortnum>        
    Strategy | March / April 2012 <http://www.iveybusinessjournal.com/the_post_issue/march-april-2012>

The book, “That’ll Never Work” and related information: At the time of preparing this post, there was a significant amount of information related to the book found at: http://www.thatllneverwork.ca/

Collaborating to Achieve Business Success

 I think we really do ourselves (and others) a great disservice when we choose to not cooperate and collaborate with others. Not only would COLLABORATION help each of us to get things done, but we would likely find better ways of achieving those objectives.

Think back for a moment to the world that our grandparents knew as children. Much of what we have today was inconceivable to them - it would have seemed to be sheer fantasy, and yet today so many of the conveniences we enjoy are considered commonplace. Who knows what advancements will be available to our grandchildren!

“There are FEW LIMITS more difficult to overcome, than those we impose upon ourselves.”

Individually, there comes a point where we reach our own PERSONAL LIMITS. Collectively, we tap into the skills, knowledge and expertise of others and significantly increase our capacity, and for all practical purposes find that there are, "NO LIMITS".

I like the quote from Zig Ziglar who said, “You can get everything in life you want, if you will just help enough other people get what they want.” (Secrets of Closing the Sale - 1984) 

TELL US YOUR STORIES - SHARE YOUR EXPERIENCES ...

We'd love to hear from you with your comments that demonstrate "COLLABORATION" to find success!

IN FACT - Let me quickly mention that "Collaboration" will be one of the Key Mentorship Characteristics that we'll be highlighting in our Mentorship BLOG. Feel free to review some of the previous posts there and add to that discussion. A link is provide for our Mentorship BLOG:  http://ProVision-Mentorship.blogspot.com/  

Jared Smith, Principal at "Incite" with his insights on Business Success!

 

Jared Smith, Principal at Incite shares some of his 'insightful' comments related to Business Success! 

This is something that Jared knows from personal experience and in having developed very successful working relationships within the business community, and beyond! 

It's been a while since I got together with my friend, Jared Smith, Principal at Incite.  I had occasion to follow up with him regarding the most recent video upload that came from a previous interview. That discussion was primarily around the topic of Mentorship, but we also talked about Business Success!  Jared added a lot of great thoughts on the topic of Business Success and keys to success in business. We're very pleased to be able to now make this video available through our YouTube Channel.

In speaking with Jared off-camera, he talked about Incite's relationship-driven approach to customer care, and how it has resulted in meaningful, long-term client relationships with profitable and sustainable marketing strategies. Further, he said that Incite uses a model that leverages people, connections, ideas, and experiences, in ways where their team of professionals help valued clients extend those same powerful concepts to the varied audiences they serve. (Sounds like a 'successful' approach to me!)

To be very truthful, I need to thank Jared for encouraging me to ‘step into’ the world of social media! It was really only after the two of us had a discussion over lunch that I took a serious look at developing our current social media channels. And as a side note, although it's hard to believe, we’ve now got about 4 hours of edited interviews on our YouTube Channel. It’s been a lot of fun and we trust that the information provided has been of value to those we connect with ... and beyond that, that it will be helpful to those within your circle of contacts!

BTW - I just went back and viewed Jared's video interview that was uploaded some time ago on the topic “Mentorship” ... it has a lot of great comments that are still valid today.  That first video can be seen on YouTube at: http://www.youtube.com/watch?v=Y3Aw-xHLwpI

To find out more about Jared Smith and Incite, please visit their website at: http://www.incitemarketing.ca/

NOW, here is the link to the most recent video upload featuring Jared Smith on the topic of Business Success.

CLICK HERE TO VIEW VIDEO:   URL Link: http://youtu.be/q1wgZs1cXQ0

BE SURE TO ADD YOUR COMMENTS TO OUR BLOG - WE'D LOVE TO HEAR FROM YOU AND SHARE YOUR THOUGHTS WITH OUR AUDIENCE!

 

RISK and DARING

   

Those who dare NOT … don't. 

But those who are willing to take a RISK … 

STEP OUT ...  

and DO!

When you think of someone who is a RISK-TAKER, you may think of those involved in extreme sports or skydiving.  I work with entrepreneurs and business owners every day.  They too are often considered risk-takers, yet the truth is that they have usually thought long and hard about the steps they have taken. 

Those who start their own business are often called RISK takers. While there is some degree of risk attached to being an entrepreneur, having researched the opportunity and completed a through business plan will help to reduce the risk. This allows you to consider the potential impact associated with many of the variables you may face. It will help you to make better decisions when you need to face the changes that occur along the way. 

 

PLANNING is a KEY to SUCCESS. In business, you need to have a plan or you'll soon find yourself being pulling in a thousand-and-one different directions and being totally ineffective.

When it comes to business decision-making there is much that is involved. What is a DARING move for one person may be commonplace for another. A portion of the assessment will consider questions such as:

- What are you prepared to INVEST?

- What can you afford to LOSE?

And it's NOT always about the financial investment either. The impact of the decision should also consider the amount of TIME and ENERGY required to incorporate the change, as well the potential impact that will result on the organization's IMAGE and REPUTATION.

SO, if you are looking at several OPTIONS in front of you, WHAT suggestions would you offer others to help them with which ONE do you choose? 

A Closing Thought: With carefully planning, you'll have a better understanding of which direction is better for you to travel, and you'll reduce the risks of becoming a 'victim' along the way.

"THINK, THINK, THINK, THINK, THINK!"

My 3 year old grand-daughter had just opened up a box. No sooner had the puzzle pieces landed on the floor and her little hands go into action. Each piece is quickly repositioned to reveal its image. Raising her hands toward her face, she uses them to tightly cradle her head, eyes now fixed on what is before her. Scanning the array of shapes and colours, she encourages herself towards success with that 'famous mantra' that so many of us have used, "THINK, THINK, THINK, THINK, THINK!" (SMILE)

It’s usually a good idea to THINK about something before attempting to do it.  It's an approach that works well when used prior to engaging in extreme sports such as mountain climbing and BASE jumping, but it also applies to so many other aspects of our lives, including business. 

Here's a great poem that I feel really captures the essence of the potential that our thinking can unleash!

“If you think you are beaten, you are;
If you think you dare not, you don't.
If you'd like to win, but think you can't
It's almost a cinch you won't.
If you think you'll lose, you've lost,
For out in the world we find
Success being with a fellow's will;
It's all in the state of mind.

If you think you're outclassed, you are:
You've got to think high to rise.
You've got to be sure of yourself before
You can ever win a prize.
Life's battles don't always go
To the stronger or faster man,
But soon or late the man who wins
Is the one who thinks he can.”

― Walter D. Wintle

For the entrepreneur, I encourage developing a business plan before launching or expanding a business.  It’s nice to think-through the situations that you might face and consider how you would deal with them, prior to them actually happening.

As for my grand-daughter ... It didn't take long and she had the pieces properly assembled to complete the puzzle that she was working on! Did she do it all by herself? Well ... Grandfathers are there to help - sort of like a good Mentor, right? (Of course she did it!)

Thinking ... and Planning – Plan to THINK about it!  :)

NOW - How about sharing a few of your thoughts about what's involved in the PLANNING and THINKING for your business? We'd love to have your comments!

ALWAYS deliver on your PROMISES

Here’s one way to move your business towards SUCCESS!

“Always deliver on your PROMISES to customers.”

PROMISES are commitments that we make to others, in this case – our valued CUSTOMERS. When we break our PROMISES to them - it likely does more to hurt us, and our reputation, than it does to hurt them. When we COMMIT … be very sure that we can DELIVER. Deliver just a little bit more and you'll DELIGHT your clients.

That’s the road that will lead to SUCCESS!

PLEASE ADD your comments regarding this topic - we'd love to hear from you! 

 

What about Creativity?

When it comes to CREATIVITY, you've likely used it many times over the years and in various challenging situations that you've faced in business. 

My experience has been that many of us will continue to trudge down the well-worn path - doing the 'same old, same old' without giving things a second thought. But there are a few (thankfully) who will put in that extra degree of effort and try something new. They are in no way guaranteed success, but because they are willing to take a risk, they have the opportunity to be successful ... and with it, the opportunity to be a difference maker.
 

It was just over a year ago that I attended the Annual Conference for Economic Developers Alberta and met Todd Hirsch, Economist with ATB Financial. I posted an item to this BLOG in January 2013 that mentioned some of Todd's comments and I thought this would be a good opportunity to revisit some of the other ideas that are mentioned in his work.

I think that Todd Hirsch brings an interesting perspective to the challenges facing the business community and he raises some great point in his book - “The Boiling Frog Dilemma: Saving Canada from Economic Decline”. Co-authored with Robert Roach, the authors place considerable focus on what they've labelled the New Canadian Entrepreneur - someone who is actively seeking to become more creative and takes concrete actions on ideas that have value.
 

For example, on page 158 of the book - there is an interesting discussion related to creativity, and the statement is made that, “a creative person is one who purposely tries to look at a problem or a situation in a new way. Creativity is not the same as the capacity for imagination. To actually be creative, you have to get off your butt and do something. So, one of the traits of a creative person is the willingness to take action on an idea, an impulse or a hunch.”

Here are some suggested activities from the authors to help us become more creative:

Easy – reading something different, flipping through a magazine on a topic you normally wouldn’t be interested in, taking a different route to work, or home from work.
 

Medium – attending an artistic event that would be out of the norm for you. That might be going to a rock concert, opera, or a conceptual art exhibit. Consider spending some time playing with a child under five and entering into their world of make-believe. Volunteering for a non-profit organization in your community.

NOW - What are some of the valuable lessons that you've learned through the development of your business?

Would you be willing to share some of those lessons and thoughts with our audience?

Here is your opportunity to ADD a few comments, tips or suggestions to assist others in a number of KEY ASPECTS that will impact their business and help them realize their own BUSINESS SUCCESS!
 

What suggestions or input would you offer to HELP                                     a fellow entrepreneur when it comes to "engaging" their CREATIVITY ???

Thanks in advance for adding your comments!

(Remember - your comments don't need to be   l o n g   to make a BIG difference.)

* Be sure to add your contact information to your response so that we can let others in our circle of contacts know how to reach you!