The 6 Excuses Entrepreneurs Use To Justify Their Struggling Business

He that is good for making excuses is seldom good for anything else. 

~Benjamin Franklin

Still juggling excuses to justify your struggling business? You are not alone—not by a long shot. But it’s time to face them, once and for all.

Many of our struggles as entrepreneurs are a direct result of the excuses we make up. It’s almost like a convoluted badge of honor that goes something like this: “You think you have it bad? I have it really bad.” Come on, enough is enough already. Here's the big six excuses that I hear day in and day out from entrepreneurs, and more importantly, how to fix them.

1. The competition is too established

What you are saying here is that you are simply throwing your hands up into the air and admitting that you don’t believe you can compete head-to-head with them. The fix for this? You need to realize that in business, you don’t need to go head-to-head. In fact, it is to your advantage to make new rules and approach your business in an entirely new way. Drop the excuse and change your approach.

2. I don’t have the money

Cash is simply a shortcut to getting things done. Without cash, you can still achieve the same results; you’ll just need to get innovative. Stop using cash (or the lack thereof) as an excuse, and start getting innovative. Haven’t you heard? Necessity is the mother of invention.

3. I am too old (or too young)

This is a common excuse, but there is no “ideal” age at which to grow your business. You are alive, so there is no better time to grow than now. And, the only thing guaranteed is that tomorrow you will be a day older—so start now. There have been successful entrepreneurs that run the spectrum of ages. Colonel Sanders started in his mid 60's and Mark Zuckerberg started as a teen. Both made enterprises worth tons of money.

4. I don’t have enough experience

Experience takes you down the path of repetition. Experienced entrepreneurs often get into the dangerous trap of repeating the past, just because it worked back then. But that doesn’t guarantee that it will work now. Consider that lack of experience to be your greatest asset, because it can bring about new approaches that experienced entrepreneurs are blind to.

5. I don’t have enough time

This is one I hear all the time. “If only there were 28 hours in a day, I would be rich!” Here’s the deal: everyone has the same amount of time in every day. You simply need to choose your priorities. When you don’t have enough time, you are simply choosing something else to devote your time to. It’s a choice, not an excuse. (Just for grins, keep tabs on how many hours you sit in front of the television or Facebook for a week. That will show you how much time you really have available to dedicate to your business!)

6. I’m just not there yet

This may be the most insidious excuse of all—it puts you on the hamster wheel for life! And, as I know from personal experience, you will never be “there.” Entrepreneurship, like anything else in life, is about the journey. The rewards will come, but they won’t always be monetary (which seems to be almost the only measure of progress that entrepreneurs use). The rewards may be that you simply demonstrate courage, or that you achieve entrepreneurship. Stop using excuses and just go for it. Saying you are not there yet is just one more excuse. You are there. Right here. Right now.

Article Source:http://www.openforum.com/articles/the-6-excuses-entrepreneurs-use-to-justify-their-struggling-business?extlink=sm-openforum-tw

10 pieces of management conventional wisdom you should ignore,especially in a weak economy

With uncertainty in the market, many business leaders are focused on “playing it safe.” By following conventional practices, they may be taking a far more dangerous route. While it is important to rely on best practices, some may be short-sighted and hold your business back from achieving its true potential. 

As CEO of Beryl, a company that manages patient interactions for hospitals, we have a unique culture that has resulted in extremely low turnover and engaged employees who deliver exceptional customer service, resulting in loyal customers who allow us to continue to grow our business. We’ve challenged conventional wisdom to protect our culture at all costs. As a five-timeInc. 5000 company that continues to meet our business goals, we have no regrets. 

To that end, over the past few tough economic years, we’ve chosen to ignore these 10 common practices:

1. Outside capital is necessary. In January 2010, I signed a letter of intent to sell a majority interest in the company to a private equity firm. In the end, I walked away from the deal because I realized that bringing in a financial partner with a short-term view of financial performance could have a negative impact on culture, which has been a key ingredient in our success.

2. Never fire a client. A very large customer put our employees in the position of violating their core values. This customer charged clientele for something they didn’t buy, and when it received complaints, wanted Beryl to try to talk them into keeping the product—a prospect we felt would compromise our integrity. As a result, our employees voted to fire the customer. While the loss of income had a short-term financial impact, we realized that ignoring our core values was a slippery slope that could significantly impact our business in the long term. Core values are the one thing in our business that never changes. If we go outside those lines, we can lose the trust of our employees and our customers.

3. Keep talented employees, even if they aren’t a culture fit.  At Beryl, we had an operational leader with a great resume and tremendous experience.  However, the employee was not able to gain the trust and buy-in of other employees.  Great ideas will only take you so far.  Ultimately, we fired that employee because her leadership style was not a fit for our organization.

4. Don’t hire during a recession.  If there is one positive for employers during a recession, it is the availability of great talent. We have hired more than 100 net new employees since 2008, many of them senior leaders with extraordinary experience that have helped take our company to the next level. 

5. Avoid spending money on “fun.”  When times are tight, it seems difficult to justify spending money on things like a holiday party.  However, these activities foster employee engagement, and help reduce employee turnover. 

6. Scale back on training and education.  Spending on training and education directly benefits both employees and employers.  Employees enhance their skill set and feel good about the company’s investment in them, and businesses benefit from more productive and engaged employees.  

7. Keep benefits to a minimum.  When businesses started experiencing pain at the start of the recession, many reduced employee benefits such as their 401K match. At Beryl, we doubled our 401K match to show employees that we were committed to them in the long-term. Actions like this have helped us maintain low turnover.

8. Grow by acquisition. Certainly there are more stories about failed mergers and acquisitions than successful ones.  It is even more challenging when culture is important.  During a recession, it may be tempting to acquire a struggling company with promise.  However, it is rare to find another company that shares your value set. While it is possible to infuse your culture within the new organization, it creates a significant distraction and risk, since it isn’t always possible. Instead, we’ve focused on organic growth. 

9. Stay focused on your product or service. People buy relationships—not just your product or service. You can enhance the relationship by elevating the conversation to a topic that is important to you and your customers. At Beryl, we also have The Beryl Institute, which engages healthcare leaders in the broader discussion about patient experience.  Ultimately, we all have a product or service to sell, but it’s listening to and talking with customers and potential customers that helps get us (or even keep us) in the door.

10. Put customers first. It seems counterintuitive, but employees should take priority over your customers. When employees have a high level of job satisfaction, it translates to excellent customer experiences, which results in growth. This isn’t to suggest that you should ignore customers, but rather that your customers will benefit more when you focus on your employees. 

In a recession, it is especially tempting to try different approaches, even if they challenge your core values. No one knows your business better than you. Resist the urge to be a lemming. Know the trends. Watch the trends. But charter your own course.

Article Author: Paul Spiegelman

Article Source:http://www.inc.com/articles/201109/beryl-companies-paul-spiegelman-lead-your-own-way.html

5 Ways To Thrive In A Overcrowded Industry

3 real stories

Back in 1994, an excited Tony Ellison sat down with a few friends to tell them of his plans for a new company. Just minutes into the meeting, one of his friends interrupted Ellison, and with a blank stare shrieked, “Tony, are you insane?!”

His friend was rightfully worried. Ellison, a veteran of Wall Street, was planning to leave his job to start an e-commerce company selling office supply products. Huh?

“The industry was already crowded with the big guys like Office Depot and Staples, and back then, no one really knew what e-commerce was; but I had read papers suggesting how big the Internet was going be an how it would be a great way to conduct business, so I went for it,” says Ellison.

He soon launched Shoplet.com and turned a profit within the first three years. Today, the company supports 70 employees and is wildly successful.

Entrepreneurs Thomas Hoebbel and Michael Carney also know what it takes to succeed in a crowded marketplace. In 2001, Ithaca, New York-based Hoebbel launched a photography company titled Thomas Hoebbel Photo~Video; and in 2009, Carney, a CPA based Chicago, founded MWC Accounting. Both companies are going strong.

I sat down with all three small business owners to learn the five best ways to thrive in market saturated with like-businesses.

1. Focus on a niche

Hoebbel is a theater and music buff, so when he started his photography company, he focused on his passions. He called up studios, theaters and concert venues and offered his services. “I soon established a reputation for being the best at that niche in the area,” he says.

According to Hoebbel, it’s important for small business owners to think hard before choosing a niche.

“Don’t just go out there and pick a niche because you think it will work—instead, go with what you love and are really good at. Eventually, you will be seen as the expert in a specialized area,” he adds.

2. Study the market and fill gaps

Upon launching Shoplet.com, Ellison wanted to differentiate himself in the market and solve customer problems at the same time. He knew of a company that helped streamline procurement processes for large businesses, but was too expensive a solution for small business owners. To solve this problem, he developed a free online procurement platform for the little guys.

"In the old days, admins had inefficient processes for collecting purchasing requests and didn’t have a way to keep track and manage inventory—the system we set up allowed them to do it and do it for free,” he says.

Ellison launched the product and small businesses flocked—a lesson for other small business owners in saturated markets.

“Come up with a unique value proposition that helps you gain a competitive advantage in the marketplace,” he suggests.

3. Network, network, network

Carney was a 28-year-old with public accounting experience when he launched his company. Without any clients, he focused on one thing: Pounding the pavement.

“I knew I wanted to focus on small businesses, so I started with my own network and took people out for coffee—I would ask them how they got started and just build a relationship, not focus on the hard sell,” he says.

His plan worked. After numerous coffee dates, he had a nice roster of clients—and recommends the same strategy to others.

“You really need to get out there and let people know who you are. Don’t just think people will find you—that will take way too long and you won’t have any money by the time it happens,” he says.

4. Diversify your offerings

When the economy tanked in 2008, Hoebbel was ready. “I diversified and created a Web-based marketing video department in my company,” he says.

His plan worked and carried his company smoothly through the recession.

“I recommend small business owners be ready to innovate and change your business for the better; if you diversify you could open up a whole new business stream in a similar industry,” says Hoebbel.

5. Focus on customer service

Yes, customer service is a key ingredient to the success of any company—but it is especially important to those in saturated markets.

“I want my clients to enjoy working with me; I’m never happy unless they are happy—and sometimes that means I have to go back and reshoot something on my own time, but I’m OK with that,” says Hoebbel.

Great customer service doesn’t mean offering low-ball prices, he adds. In fact, undercutting the competition can come back to bite you later on.

He says, “Not everyone is going to go for the cheapest price. Remember: You want people who value your service and are willing to pay you for it—if you are the cheapest person in town you will get the cheapest clients in town.”

Article Source:http://www.openforum.com/articles/5-ways-to-thrive-in-a-overcrowded-industry

Article Author: Katie Morell