I was recently having lunch with a private company CEO and the topic of private equity came up. When asked if he had ever considered seeking a private equity partner to fund and support his planned growth initiatives, his answer was expectedly, “No, we don’t want to sell the business yet. We want to focus on growing the business.”
While I can certainly appreciate his perspective, that opinion is consistent among many business owners and leaders. Namely, that private equity is primarily a liquidity mechanism, not a preferred tool to fund and support company growth. Moreover, many business leaders often see their growth plans as incompatible with private equity, which they associate with high leverage and limited financial flexibility.
This perspective of incompatibility was also on display during the recent presidential election. Private equity firms were broadly characterized as opportunistic value extractors, rather than enablers of company growth and job creation.
While the purpose of this article isn’t to defend private equity (there certainly are some firms worthy of this negative characterization), significant evidence exists to suggest that, in general, private-equity-backed companies experience proportionally greater growth. This is particularly true for small-to-medium-sized businesses.
Private capital a key to growth
According to studies performed by GrowthEconomy.org between 1995 and 2009, U.S. private-capital-backed business grew jobs by 81.5 percent and revenue by 132.8 percent, compared to 11.7 percent and 28.0 percent, respectively, for all other companies.
In California, over the same period, the story was even more favorable to private equity. Private-capital-backed businesses grew jobs and revenues by 123.1 percent and 155.2 percent respectively, compared to 11.3 percent and 26.4 percent for all other California businesses.
While each situation is unique, there are many reasons why private-equity-backed companies experience greater growth.
Access to capital
With the continued tightness in the credit market for small-to-medium-sized businesses, private equity can be a source of capital to support growth initiatives.
Additionally, private equity firms often have preferred relationships with lenders, giving businesses more access to attractive and flexible debt financing where appropriate. With greater access to capital, companies can more quickly, nimbly and opportunistically implement growth initiatives.
Strategic guidance and ongoing operational support
A private equity partner can provide much-needed strategic and operational resources to support the company’s growth initiatives and ongoing operations. This often leads to more thorough and refined growth strategies, as well as more effective plan execution and implementation.
Private equity firms often have large networks of industry experts and experienced operators that they can bring to bear to support company growth and operations.
Increased capacity for acquisitions
Private-equity-backed companies are significantly more acquisitive than other private businesses. Acquisitions can be an attractive source of growth, allowing companies to increase their customer footprint, expand geographically, create greater scale and enhance capabilities in a relatively short time frame.
However, successfully identifying, executing and integrating acquisitions can be very difficult. Many business leaders don’t have the time or experience to effectively pursue acquisitions. Private equity firms generally have expertise executing acquisition strategies and can be valuable partners in supporting companies as they identify, negotiate, execute and integrate acquisitions.
Private equity can be a compatible and effective tool to support and achieve company growth — not simply a mechanism to achieve liquidity. While private equity is not appropriate in every situation, and not all private equity firms are growth-oriented, business owners and leaders should carefully consider a private equity partnership when evaluating their ongoing growth initiatives and funding options.
Josh Harmsen is a principal at Solis Capital Partners (www.soliscapital.com) a private equity firm in Newport Beach, Calif. Solis focuses on disciplined investment in lower middle-market companies. Harmsen was previously with Morgan Stanley & Co. and holds an MBA from Harvard Business School.
Smoothie budgets were drying up everywhere, and Frank Easterbrook was one of the first to realize it.
The owner and CEO of Juice It Up! — a chain of juice and smoothie bars, franchised by LLJ Franchise LLC — watched throughout the recession as the discretionary spending of consumers slowed to a trickle. With less money to cover bills and groceries, many households could no longer afford trips to the ice cream parlor or smoothie shop. It didn’t take long before Juice It Up! felt the pinch.
“As people lost their jobs, they stopped purchasing discretionary products, like things that were considered treats,” Easterbrook says. “Items like smoothies were just not being purchased at the level they were prior to the recession.”
The downward spiral only picked up steam throughout 2009 and into 2010. Cash dried up, forcing about half of Juice It Up’s locations to close. What was once a chain of 180 stores had dwindled to 90 by last year.
“My company was on many of those store leases as a guarantor,” Easterbrook says. “So in many cases, I became the last resort for the landlord, and I had to negotiate millions of dollars’ worth of lease settlements to get through the recession. It was something we never could have anticipated.”
The company has emerged from the recession intact and is attempting to re-enter growth mode, but the effects of the recession remain. Easterbrook’s skills as a leader were put through a severe test over the past four years. He and his staff had to find new and creative ways to market their products, boost morale for all 1,200 corporate and franchise employees, and protect the corporate culture that he and his leadership team had worked so hard to build and maintain.
Take initial steps
As revenue started to dry up, Easterbrook took some steps to try to solidify the company’s financial outlook — most significantly, he suspended some franchisee royalty payments to the company, and he negotiated rent reductions with commercial landlords, saving money for about 85 percent of the remaining Juice It Up! franchise locations.
But perhaps the most critical action taken by Easterbrook and his team involved advertising. Saving money in the form of reduced expenses gave franchisees some relief, but no retail entity survives without a steady supply of consumer dollars. Despite the steep uphill battle in front of them, Easterbrook and his franchisees had to lure customers in the door and get them to buy the product.
“Though we reduced royalty payments, we kept the advertising payments and fees coming in, because we felt we had to advertise heavily if we were going to get through this tough time,” Easterbrook says.
“Simply put, we had to have the means to let people know that we are still here. So we added to the advertising cash pool, and advertised using methods such as billboards and local television ads. We wanted to maximize the reach into our communities, to maintain our presence with consumers.”
Easterbrook gives his franchisees some degree of control over their advertising approach via a local store marketing, or LSM, program. The program allows franchise owners to tailor local advertising to their market.
“We have a lot of templates there for franchisees to use, where they can incorporate their own name and local information into the advertising template, then take that to the printer,” Easterbrook says. “It includes items such as coupons that they can distribute, posters to hang in the store and some other materials. We do try to give them a great deal of freedom with what they can use and materials they can create.
“But the freedom only comes after we’ve looked at the material and reviewed it, and decided that it fits the look and feel we want to see in our stores. The control we exercise is strategic-level control, but the specific implementation is up to the franchisee.”
Giving your field associates a reasonable amount of control over the marketing of your brand is important, because they know the customers the best. You do want the message to remain consistent with your brand and values, but you need to allow some flexibility regarding how your brand is related to potential consumers in a given geography.
“You need to understand who your core customer is, and focus your advertising on reaching that customer,” Easterbrook says. “But it is an awfully broad question, because each product can have its own demographic. Previously, I had worked in the food industry for Mars and Nestlé, two big companies that do a lot of advertising and spend a lot of money. We worked hard to understand who our customers are and to identify the most effective ways of reaching those customers.”
Throughout his career, Easterbrook has focused on an advertising strategy that creates multiple touch points with consumers. It’s something he brought with him when he came to Juice It Up!, and he continued to develop that strategy as the recession created an even more pronounced need for the company to appeal to consumers.
“In some cases, your strategy might consist of media coverage like radio and television, and other times, you might find it more useful to go the print route with coupons and Valpak mailers,” Easterbrook says.
“One area where we found some traction was bus stops, which kind of goes hand-in-hand with advertising on billboards. In most areas, the public bus stops have small shelters, so people can wait under a roof if it’s raining. Inside those shelters, there are places for paper advertisements, and we started advertising in there. It’s about finding a lot of methods to connect your brand to consumers.”
Illustrate your vision
During a crisis as severe as the recent recession, you’d be excused by most for going into survival mode, eschewing any large-scale plans in favor of merely reacting to whatever the economic climate throws at you.
That might help your company weather the storm from a financial perspective, but it won’t do anything to salvage team morale or reinforce your culture. In those areas, you still need to show your people that you have a vision — not just for getting out of the crisis but for prospering once you’re on the road to recovery.
At Juice It Up!, Easterbrook wanted to reinforce a message of stability throughout his franchise network. He wanted his franchisees to know that the tools and infrastructure for future growth were still in place and that the company planned to expand when the climate was right.
But for the duration of the recession, and despite the fact that Juice It Up! was losing franchises, he wanted his remaining franchisees to know that the corporate entity was stable and still capable of supporting its franchise network with whatever resources deemed necessary.
“As this recession started to cover us like a blanket, they just needed to know that we were going to be there,” Easterbrook says. “So we had a series of meetings, some in a face-to-face setting, and I found those to be very important.
“As the leader of the company, you need to be visible. You need to demonstrate your interest and concern for them and their businesses. Some of our franchisees have effectively invested their life savings in the company, in their stores, so I needed to assure them that we were going to be there, and we’re going to get through the recession together.”
Easterbrook used the meetings, and other communication opportunities, not only to reinforce his vision and promote a feeling of stability but to also maintain a dialogue aimed at developing a constructive relationship between the leaders at the corporate level and franchise operators. Strong interpersonal bonds form the basis for the working relationships that can help your company endure a crisis with its culture intact.
“Relationships are really critical to withstanding the kind of thing that we went through,” he says. “It becomes a function of establishing your core values and communicating those core values and maintaining a very high level of professional and personal integrity. If you are a person of high values and you practice and communicate those values and you live those values and you combine that all with honesty and integrity, people know you’re genuine.”
External marketing and internal communication produce the combined effect of reaching all three of the constituencies that Easterbrook needed to reach: consumers, franchisees and corporate associates. With all three constituencies engaged and aware of Easterbrook’s plans to bring Juice It Up! through the recession, the company was able to endure the crisis and is now emerging with a focus on the future.
“Our core values that we follow are quality, responsibility, mutuality, efficiency and freedom,” Easterbrook says. “We feel that each one of those impacts one of the three stakeholders that we have, which really leads to us establishing the way we operate. We strive to provide value for the money that our consumers spend with us and to assist franchisees in maximizing their investment. All of the programs we have and the communication we do is aimed at achieving both of those objectives.”
How to reach: Juice It Up!, (949) 475-0146 or www.juiceitup.com
The Easterbrook file
Frank Easterbrook, owner and CEO, Juice It Up!
History: I started as a small investor in Juice It Up! when the company was founded in 1995. The company had 25 stores by 1999, and in 2001, I bought out all the shareholders and focused on becoming a franchisor. We had grown the company to 180 stores in 2008, just before the recession hit.
What is the best business lesson you have learned?
Accept failure. Treat it as a lesson. When you open a store that doesn’t survive, you don’t look for someone to blame. You look to discover the lessons that you need to learn, and you debrief everybody on those lessons. You learn the things you did right and the things you did wrong. When you have a problem, don’t avoid it. Face the problem, make a decision and learn from the consequences.
What traits or skills are essential for a leader?
You have to be a person of values and integrity. If you have that, you will be someone that people will respect and listen to, so those are very important traits to have.
What is your definition of success?
Everybody has a different definition. Mine would be continual improvement. If you are better tomorrow that you were today, you will naturally become more successful. Things can’t stay the same. They’re either improving or declining, so if you want to survive as a business, they have to improve. As the head, you have to identify those areas for improvement.
Diversify your marketing strategy.
Understand your customers.
Refine your messages.
If you are interested in becoming a cutting edge company with respect to communication, your phone system and email have become old news. The latest and greatest trend around communication is what the industry refers to as “unified communications.”
Unified communications (UC) is the integration of real-time communication services such as instant messaging (chat), presence information, telephony (including IP telephony), video conferencing, data sharing (including Web-connected electronic whiteboards, a.k.a. IWBs or interactive white boards), call control and speech recognition with non-real-time communication services such as unified messaging (integrated voicemail, email, SMS and fax).
“UC is not a single product, but a set of products that provides a consistent unified user interface and user experience across multiple devices and media types,” says Zack Schuler, founder and CEO of Cal Net Technology Group.
Smart Business spoke with Schuler about the highlights and advantages of some of the key components of UC.
What are some key features of UC?
There are some great aspects of UC that can improve communication at your company. These include:
Instant messaging (IM): IM has evolved from an Internet-based social tool, to a corporate collaboration tool. At Cal Net, we use IM to get a quick answer to a quick question. Rather than using email as IM, which many companies do, we choose to use IM itself. IM has to become part of the culture, and when you need a quick answer to a quick question, it’s our tool of choice. Email has a less critical response expectation than does an IM. To take IM a step further, if you implement what are known as ‘federation services’ you can connect to a clients or business partner’s IM system while still remaining in your IM interface.
Video conferencing: In its simplest form, video conferencing can be two people talking back and forth using an inexpensive Web cam. In its more elaborate existence, video conferencing can be a multiple camera setup in a conference room, connected to another conference room, over high-bandwidth private lines that produce very crisp high-definition video. The big value in video conferencing is to save time and money on travel, and to have a better communication experience with the ability to read facial and body language. Once part of your culture, it is a very effective tool.
Presence: Within many of our tools, such as IM and SharePoint, there exists a tool known as ‘presence.’ Presence is simply where a person is located and what they’re doing. This can include the city they are in and whether they are available, in a meeting, on a phone call, traveling, or whatever categories you deem appropriate. For example, when I look at our presence dashboard now, two of my employees have ‘do not disturb’ marked. Internally, that means ‘I’m working on something, so don’t IM me, call me, or stop by my office unless it’s an emergency.’ Presence is an effective tool for letting your coworkers know where you are and what you’re doing.
Data sharing or interactive white boards: These components of a UC system can prove to be invaluable when you are working with someone at a remote location. Let’s say that you’ve got a meeting with a coworker in New York and you are brainstorming on a work flow diagram. You can simply launch a Web chat through your UC client, and then through the client, one person can take over another’s desktop. You can share a particular document or you can bring up an ad-hoc white board and begin scribbling notes. This is a very effective tool for collaboration.
Unified messaging (UM): Imagine getting your email, voicemail, texts and faxes all in a single inbox. This is unified messaging. In my case, if someone leaves me a voicemail message, it arrives in my e-mail inbox as a .wav file. Double clicking the .wav file plays the voicemail back, which is far simpler than using my telephone to pick up the voicemail. If I’m out of the office, the voicemail is delivered to my mobile device, and once again, with the click of a button, I’ve got my voicemail. Faxes arrive in my inbox and in the form of PDF documents.
When used across an organization, UC can be a very effective set of tools to boost productivity and have an overall better communication experience.
Zack Schuler is founder and CEO at Cal Net Technology Group. Reach him at ZSchuler@CalNetTech.com.
Insights Technology is brought to you by Cal Net Technology Group
Every hour, an estimated 150 people are diagnosed with cancer in the U.S. The lifetime probability of an invasive cancer is 44 percent for men and 38 percent for women. But thanks to significant medical advances and a greater emphasis on preventive measures and healthier lifestyles, cancer death rates continue to decline.
Smart Business turned to prominent medical oncologists-hematologists, Merry Tetef, M.D. at Saddleback Memorial Medical Center and Jack Jacoub, M.D., medical director of thoracic oncology at Orange Coast Memorial Medical Center, to learn more.
What are some of the risk factors?
Preventive measures like not smoking, a healthy weight and diet, and plenty of exercise can help reduce your risk of cancer. While other risk factors — age, ethnicity, family history and inherited genes — cannot be changed, MemorialCare’s genetic counseling services help patients determine their risk for diseases, including several cancers that can be inherited.
Screenings such as pap smears help detect cervical cancer, colonoscopies can identify colon cancer and PSAs may determine the likelihood and treatment of prostate cancer. Laws that restrict smoking and education on associated risks are stemming lung cancer.
Can these advances be accessed locally?
MemorialCare Cancer Institute at Orange Coast Memorial and Saddleback Memorial — nationally accredited as Comprehensive Community Cancer Programs — offer the latest technologies, therapies and treatments. These include PET/CT, low-dose CT, automated whole breast ultrasound, MRI and dedicated breast MRI; sophisticated robotic surgery; the region’s only hospital-sited CyberKnife robotic radiosurgery system and advanced radiation oncology.
MemorialCare Breast Centers are long-time leaders in diagnosis and treatment of breast cancers and our physicians are highly regarded in every cancer specialty. Patients can access ongoing cancer research protocols and a wide variety of support services. Through the interdisciplinary treatment planning conferences, specialists review new or difficult cases and develop treatment plans suited to each patient’s specific needs.
What can be expected in the future?
Vaccines like those used to prevent cervical cancer in women may be effective in other cancers as well. Emerging treatment technologies, techniques and drug discoveries continue to help us more accurately treat cancer, and with fewer side effects. Myriad cancer therapies and treatments are in varying stages of development as researchers continue to learn more about cancer cell biology and new treatment options.
Pharmaceuticals are being created to better kill tumors by cutting off their blood supply. There is hope that therapeutic vaccines might help activate a patient’s immune system. Gene sequencing looks for specific DNA mutations that occur with different types of cancers and may lead to new treatments. Physicians are beginning to use knowledge gained by research to look at an individual’s family history and DNA to predict cancer risk. Personalized screening for those at higher risk might help diagnose cancer at its earliest stage. Doctors will be better able to customize treatment, choosing the most effective treatment and avoiding those that will not work.
Can businesses improve employee health?
Businesses can help by encouraging their workforce to take advantage of cancer screenings. Offer wellness, healthy foods and exercise programs. Partner with your local hospital cancer center to offer on-site education. Our memorialcare.org website provides online risk assessments and tools as well as information on cancer prevention, screenings, diagnosis and treatments.
MemorialCare Health System, a not-for profit, integrated delivery system, includes six top hospitals — Long Beach Memorial, Miller Children’s Hospital Long Beach, Community Hospital Long Beach, Orange Coast Memorial, and Saddleback Memorial in Laguna Hills and San Clemente; medical groups — MemorialCare Medical Group and Memorial Prompt Care; the Independent Practice Association (IPA) Greater Newport Physicians; retail health; ambulatory surgery centers; and numerous outpatient facilities throughout the Southland.
Merry Tetef, M.D., is a medical oncologist and hematologist at Saddleback Memorial Medical Center. Jack Jacoub, M.D., is medical director of thoracic oncology at Orange Coast Memorial Medical Center.
Insights Health Care is brought to you by MemorialCare Health System
Enforcement of the Foreign Corrupt Practices Act (FCPA), which addresses the bribing of foreign officials, has increased significantly against both large multinational companies and small, private, domestic companies.
“If you’ve been hearing about the FCPA but haven’t addressed it fully, there is a reason to take the concern seriously from a reputational risk perspective and because you could face serious criminal and civil consequences if there is a breach,” says Jason de Bretteville, a shareholder at Stradling Yocca Carlson & Rauth.
There is also reason to be familiar with foreign laws. U.S. legislation, he says, only regulates bribes to foreign officials, which can include any employee of a government-owned or controlled entity. Foreign legislation, including the U.K. Bribery Act, doesn’t maintain this distinction and prohibits potentially corrupt payments to both foreign officials and private counterparties, highlighting the need for due diligence.
Smart Business spoke to de Bretteville about ways to limit FCPA exposure.
What are the highest areas of risk U.S. companies may tend to neglect?
One area businesses often discount is the risk posed by foreign distributors. Companies tend to mistakenly assume that if their title transfers to a foreign distributor, there is no risk posed to them if the distributor engages in corrupt payments, and that’s not the case.
The lack of understanding of a counterparty’s ownership structure is another risk. For example, in China and former Soviet-bloc countries, there is government ownership of what Westerners may assume are purely commercial entities. You may think you’re engaging — having a dinner or entertaining — a private party but, in the view of U.S. regulators, you’re entertaining a foreign official.
One evolving risk area is engaging in cooperative research with academics. They may hold dual positions and privileges at foreign academic institutions that could render them a foreign official.
What else is affecting the need to pay greater attention to FCPA?
The merger and acquisition market is heating up, including more acquisitions of foreign companies. These foreign businesses may not have a compliance culture or the same policies as many U.S. companies. The acquirer may face difficult questions of whether to go through with the transaction, and when or whether to disclose any pre- or post-acquisition conduct to U.S. regulators.
Further, reconciling U.S. policy with those in foreign jurisdictions can be difficult. For instance, the U.K. Bribery Act addresses not only foreign officials but also corrupt payments to private counterparties and does not allow an exemption for minor ‘grease’ or facilitation payments. It has more expansive jurisdictional limits and would appear to allow for the prosecution of U.S. entities with a relatively small footprint in the U.K.
How can companies best address this risk?
First, conduct meaningful due diligence on all business partners. Determine their potential to be viewed as a foreign official, understand who they are, their ownership structure and their shareholders.
Second, determine an efficient and practical means of mitigating risk. Have the party commit to comply with your code of ethics and restrictions on corrupt payments, and have as much transparency as possible regarding what work they’re doing on your behalf that may involve foreign officials. Also, any payments to any officials made on your behalf need to be used for wholly legitimate purposes, and not to facilitate sales to government customers or obtain government approvals — permits, licenses, customs clearances — in inappropriate ways.
How might compliance policies fail?
Too often, companies implement overly complex or one-size-fits-all compliance procedures that don’t address specific risks in a way that allows for meaningful risk mitigation. Policies not designed in a way that is intelligible or useful to people in the field can invite non-compliance.
An effective policy provides for simple ways to deal with concerns that may arise in the field and encourages people to find effective business solutions. Having an overly cumbersome policy on the shelf doesn’t help anyone. In fact, it can hurt.
Jason de Bretteville is a shareholder at Stradling Yocca Carlson & Rauth. Reach him at (949) 725-4094 or firstname.lastname@example.org.
Insights Legal Affairs is brought to you by Stradling Yocca Carlson & Rauth
When I meet with business-to-business and professional service clients to discuss their marketing strategies, one comment that consistently arises is “No one buys professional services through the Web.”
While that may be true — you don’t typically buy an accountant online as you would a product through e-commerce — how your brand is perceived most definitely will impact a prospect’s buying decision.
Decisions to work with professional service firms don’t happen overnight. They take time. And because of this, any B2B organization must ensure it is “seen” in the strongest possible light before the sale actually occurs.
In fact, it’s just as important to not lose prospective customers because your organization is perceived as weak or subpar as it is to convert a prospect into a client.
The simple truth is that you never know at any given time who is researching your brand and through what channel. Having a consistent brand message, whether they’re looking to engage you now or somewhere down the road, helps you to not lose them before they need your solutions.
To accomplish this, you must get your brand messaging across in a consistent manner across multiple channels.
So how do you that?
First, a solid marketing strategy must include a website that clearly articulates the brand message and value proposition of your services — and it has to be on the home page.
It also should include supporting content that allows a prospective customer to quickly understand who you are, what you do and why you’re different.
For example, let’s say you’re an accounting firm. Being able to articulate why you are the best at providing risk management solutions for clients can help you differentiate yourself in the marketplace.
Providing and highlighting content that explains your service, along with case studies and client examples that include measurable results, is a smart move. It allows prospects and site visitors to get a feel of what it would be like to work with you.
Additionally, your website should offer prospective clients an easy way to contact you — either through a phone number or a simple contact form that includes a name, email address, phone number and short explanation of the prospect’s business problem.
Beyond your website, other channels to consider include social media, which includes LinkedIn, Facebook, YouTube and Twitter. In these social media channels, you need more than just simple company pages. Instead, you should offer visitors relevant and current content that consistently supports the brand message and your organization’s value proposition, along with company information and executive profiles. And it’s extremely important to continually be “active.”
Using the same accounting firm as an example, it could utilize consistent content around recent changes to government policies, updates on recent business wins or sharing a solution that helped one of its clients overcome a business challenge across all social media channels.
And when that information isn’t timely, something as simple as new hire announcements or employee promotions will show visitors and followers that there is activity within your brand — and your organization. It makes you “active,” which makes you more attractive to prospects.
Other channels to think about include mobile or tablet experiences, print marketing and event sponsorship. Every channel you can imagine should be used to express your organization’s brand message because there are always people watching.
So while your clients may not choose or buy their professional services online, they will evaluate your brand even prior to consideration. And while it’s impossible to measure what clients you may lose by not having this strategy in place, it is clear that a solid marketing strategy of this type can save you from losing consideration — even when you don’t know you’re being considered.
David Fazekas is vice president of digital marketing for Smart Business Network. Reach him at email@example.com or (440) 250-7056.
According to The Business Dictionary, attitude is: “A predisposition or a tendency to respond positively or negatively towards a certain idea, object, person, or situation. Attitude influences an individual's choice of action, and responses to challenges, incentives, and rewards (together called stimuli).”
The words that jump out as important in this definition are:
- Positively or negatively
In light of this, we can say that when we respond to things with a positive attitude, that response influences positive action in us and others. We can also say that the opposite is true.
We could end this article right now by simply saying – As a leader, manager or executive in business; do the former and not the latter. But if you are like me, I bet that you could use some “how to” examples and tips.
Here they are, six tips for having a positive attitude in business:
1. Keep an open mind. Always be open to the possibility that a life change you have refused to consider might be the key to transforming your life for the better.
This type of attitude impresses your colleagues. Why? Because most of them have been faced with the same challenge and chose to not change. Their attitude towards the change has been clouded with self-doubt and lack of courage.
When you are willing to keep an open mind, you are responding positively to the challenge of a life change that has the possibility of a great reward.
Be different than those around you. Be open.
2. Be proactive, not reactive. A reactive individual is at the mercy of change. A proactive individual sees change as a part of the process and takes action to make the best of it.
Having a proactive attitude requires work. You must be able to think ahead and anticipate. It involves being involved.
In business (and life) you cannot simply sit back and let things just happen as they will. In truth, you could, but that attitude is a negative response that influences negative action, namely, reaction.
Do a little mental work beforehand. Get in the game and be proactive.
3. Go with the flow. Present an easy, casual and friendly attitude that shows your flexibility, yet at the same time portrays your persistence in the face of obstacles and adversity.
This is not the negative “sit back and let things happen” attitude described above. Persistence in the face of obstacles and adversity is what sets it apart.
Having an attitude that is easy and casual, without stepping outside the bounds of proper etiquette and being friendly, is some of the best advice I can give to leaders in business.
Be persistent while going with the flow.
4. Think big. If you think small, you will achieve something small. If you think big, then you are more likely to achieve a goal that is beyond your wildest dreams.
When we allow ourselves to have an attitude that pushes boundaries and explores possibilities, we draw in people who have the same attitude. In other words, by thinking big we find big thinkers.
Want to have a team full of big thinkers? Want to have meetings where ideas are shared and positive plans are made? Want to grow leaders out of your team and promote them to new heights in their career? It all starts with your big-thinking, boundary-pushing, dream-inspiring attitude.
Go ahead – think big.
5. Be persuasive, not manipulative. Use your persuasive talents to persuade others of your worth. Don’t use it to convince someone that others are worth less than you.
Have you ever had a manipulative boss? Have you ever had a persuasive boss?
6. Enter action with boldness. When you do something, do it boldly and with confidence so that you make your mark. Wimping out is more likely to leave you stuck in the same old pattern and immune to positive change.
In the end it’s all about getting things done – with a positive attitude. As leaders, we need to be able to move and work with a certain sense of boldness. A boldness that inspires us and those around us to reach for new horizons in all we do.
It’s obvious, action is better than no action – but bold action that leaves a mark is what we should be doing in our life and business.
Do something and do it with a bold attitude.
Attitude really is everything in business. It is the force that empowers us to respond positively to the challenges we face on a daily basis. It allows us to enjoy what we do as we do it. It builds us and our teams.
DeLores Pressley, motivational speaker and personal power expert, is one of the most respected and sought-after experts on success, motivation, confidence and personal power. She is an international keynote speaker, author, life coach and the founder of the Born Successful Institute and DeLores Pressley Worldwide. She helps individuals utilize personal power, increase confidence and live a life of significance. Her story has been touted in The Washington Post, Black Enterprise, First for Women, Essence, New York Daily News, Ebony and Marie Claire. She is a frequent media guest and has been interviewed on every major network – ABC, NBC, CBS and FOX – including America’s top rated shows OPRAH and Entertainment Tonight.
She is the author of “Oh Yes You Can,” “Clean Out the Closet of Your Life” and “Believe in the Power of You.” To book her as a speaker or coach, contact her office at 330.649.9809 or via email firstname.lastname@example.org or visit her website at www.delorespressley.com.
Should hard-nosed, thick-skinned, ice-water-running-through-their-veins executives who live and die by facts and profit and loss statements believe in things they can’t totally understand and certainly can’t explain?
We have all been there. At various times, for virtually inexplicable reasons, an undertaking that has been struggling suddenly takes a 180-degree turn and begins an upward trajectory. There was no indication from the numbers, substantively nothing extraordinary was changed, but all of a sudden, it’s as if the sun, moon and stars all aligned and you are heading toward Fat City.
Of course, we’ve all experienced the converse, when everything seems to be jelling and all of a sudden out of the blue your project takes a nosedive, plummeting to earth faster than the fastest falling star — or the stock market crash of 2008.
Even though you fancy yourself as tough as nails, you must hope against hope, experiment with unusual fixes, devise out-of-the-box solutions — do just about anything, including making promises to a higher power, along the lines of, “Let me get through this, and I’ll never ______ again.” (You fill in the blank as it is best kept between you and the great power in which you believe.)
Don’t get me wrong I don’t really believe in the good fairy or the ability to make everything better with the wave of wand, but I do very much believe what the famous New York Yankees manager Yogi Berra once said, “It ain’t over till it’s over.”
There is “magic” when some inexplicable ingredient kicks in that enables the best leaders to continuously generate “what if I try this” scenarios and then, out of nowhere, one of those ideas turns sure defeat into a salvageable success. Is this skill and intelligence at play? To a certain extent, yes, but there is more to it than that. The only thing I believe about unadulterated pure luck is the explanation from that overused phrase, “The harder one works, the luckier he or she gets.” The real answer more likely is a combination of knowing how to run a business: using your head, your heart and your gut to tackle a dilemma, recognizing that on any given day one of these faculties will get you through a difficult issue. On a great day when all three kick in, it’s almost as if it were magic, and you start hearing sounds that become music to your ears as the needed solution suddenly emerges.
In reality, the “magic” is having faith in the people with whom you work, maintaining a strong belief that for most of the seemingly insurmountable questions there are answers, trusting that good things do happen to good people, and knowing that every once in a while the good guys do win. This doesn’t mean becoming a naive Pollyanna. Instead, it all gets down to not throwing in the towel until you have exhausted all possibilities and logically and systematically explored all the alternatives, some of which may be very nontraditional.
This approach is also a direct reflection of positive thinking and mindfulness, which is the practice of purposely focusing your attention on the present moment and ignoring all other distractions. In essence, some psychological studies have shown that when one is committed to success and has the discipline not to let the mind travel down a negative path, the brain can focus on producing unique solutions. Using positive psychology techniques can result in intense absorption that can lead to coming up with unlikely fixes. Some shrinks call this increasing mental flow. I call it a little bit of magic.
My simpler explanation for this phenomenon, which I’ve written about many times, is that success is achieved when you combine preparation, persistence with a bit of perspiration, along with a few ingredients that can’t always be explained, including having a little faith.
My advice is don’t always worry about your image of being a buttoned-up, corporate type. Instead, when the going gets particularly tough, it’s OK to become a Dorothy, as in the “Wizard of Oz,” click your heels twice and quickly repeat to yourself, “I believe, I believe.”
Michael Feuer co-founded OfficeMax in 1988, starting with one store and $20,000 of his own money. During a 16-year span, Feuer, as CEO, grew the company to almost 1,000 stores worldwide with annual sales of approximately $5 billion before selling this retail giant for almost $1.5 billion in December 2003. In 2010, Feuer launched another retail concept, Max-Wellness, a first of its kind chain featuring more than 7,000 products for head-to-toe care. Feuer serves on a number of corporate and philanthropic boards and is a frequent speaker on business, marketing and building entrepreneurial enterprises. Reach him with comments at email@example.com.
A unique new book with an unorthodox, yet proven approach to achieving extraordinary success.
What does it take to grow rapidly and effectively from mind to market?
This book offers an unconventional philosophy for starting and building a business that exceeds your own expectations.
Beating the competition is never easy. That’s why it requires a benevolent dictator.
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Also available wherever books and eBooks are sold, and from Smart Business Magazine and www.SBNOnline.com. Contact Dustin S. Klein of Smart Business at (800) 988-4726 for bulk order special pricing.
Effective content strategies empower you to get the right message to the right people through the right channel at the right timeWritten by Dustin S. Klein
Everybody’s telling you that you need a content strategy, but what exactly is content strategy?
An effective content strategy coordinates all of your organization’s messaging — internally and externally — and gets the right message to the right people through the right channel at the right time.
When it works, people are motivated to interact more with your company. You attract new prospects. And you increase opportunities to secure new clients and expand existing business relationships.
Your content may consist of feature stories, press releases, videos, Web content, blog posts, books, whitepapers and even case studies. Essentially, it is everything and anything that discusses your business, professional expertise and ability to solve clients’ problems. It includes news about your organization and human-interest stories that feature your employees.
You can deliver your content through traditional media (newspapers, magazines, radio or television), a corporate website, YouTube channel, Facebook page, e-book, TV show, movie or social media. It is quite literally every single way you digest information online, offline and on the go.
Any content strategy starts with understanding your audience. Learn who that audience is, what different groups are in it and what messaging resonates most with each group.
Every audience comprises two unique segments — those who support you, such as vendors, investors or employees, and those who use your services, including clients and engaged prospects.
It’s also important to take a hard look at this list and ask, “Who is missing from this picture?” By doing so, you may identify new prospect streams to target that you previously had overlooked.
Next, identify your key messages. What is it that you want people to know about your organization and why?
Start at the most macro level so that your brand message becomes part of the content — the part everyone receives. Then get into the specifics. As you do this, you create a series of customized messages for each specific group in your audience.
Third, recognize that not everyone digests information the same way. Learn the best channel or channels to use for each group. Some like to read it — in print or online. Others prefer to watch or listen to it — live in-person or through a mobile video. And still others prefer their information delivered in 140 characters or less.
What works for your website visitors doesn’t necessarily resonate face-to-face with people at a trade show or conference. And print ad messaging may not be aimed at the same people who devour industry whitepapers or read thought leadership articles in trade publications.
The actual format of the content won’t matter as long as it provides the “why” people should care about your organization, frequent your establishment, buy your products or services, or use your solutions. If you accurately match message with audience and channel, you’ll do just fine.
Effective content strategy can quickly become a powerful tool in moving your business forward. Treat it as you would any highly critical strategic business initiative.
Dustin S. Klein is publisher and vice president of operations of SBN Interactive, publishers of Smart Business magazine. Reach him at firstname.lastname@example.org or (440) 250-7026.
When the economy dips into a recession, companies have two basic responses: hunker down to weather the storm or be aggressive by attacking weakness in competitors and opportunities in the market. I have always preferred the latter approach.
During the past two years, our company made several important acquisitions and recruited top talent to forge a new business that positions us as a leading provider of a full range of marketing services for clients ranging from manufacturers and professional service firms to nonprofits and consumer products companies. I am pleased to announce the official launch of SBN Interactive, our content-driven interactive marketing firm.
SBN Interactive is the culmination of months of planning and hard work. It combines our long-standing expertise in creating award-winning content with our intimate knowledge of the latest marketing trends and tools. More importantly, it allows us to leverage our expertise in offline and online marketing to drive measurable business results for our clients across the full range of marketing channels: Web, mobile, video, social and print.
Today, customers move seamlessly across online and offline channels and expect the experience to be consistent, connected and available when they want it and how they want it. What does that mean in practical terms? It means that businesses need to deliver a consistent brand across the spectrum of marketing channels that their customers use. Some prefer print, others video, still others social media. Regardless, marketers need to present the right message to the right customer through the right channel.
Our team of interactive marketing strategists, content strategists, content creators, designers, developers, optimization experts and technologists understand and embrace this. They collaborate to develop strategies and solutions that meet the specific business goals of our clients. From custom magazines and website content optimization to social media strategies and fully outsourced marketing services, they have the expertise — and dozens of proven tactics — to help move the needle for a business.
At the heart of everything we do is our core competency: content. Content drives differentiation, and there are few organizations that exist or are organized in a way to efficiently deliver relevant content in the context of the connected world we live in. But we, at Smart Business, live and breathe content on a daily basis.
We have spent more than two decades working with and writing about some of the most successful business people in America, from iconic business builders like Wayne Huizenga and Les Wexner to maverick billionaires like Ted Turner and Mark Cuban. Now, we are putting those same skills — and many more we have developed over the years — to work for other companies.
We will still continue to bring you management insight, advice and strategy from the best and brightest business minds in the pages of Smart Business. However, thanks to SBN Interactive, we now have a more direct way to help businesses like yours meet their goals and prosper.
I invite you to learn more about SBN Interactive by visiting our website at www.sbninteractive.com or by contacting me directly at email@example.com or (440) 250-7034.
Fred Koury is president and CEO of Smart Business Network Inc. Reach him with your comments at (800) 988-4726 or firstname.lastname@example.org.