Keeping In Touch

One area that I am seeking solutions for in my business is the art of staying in touch with potential and current clients. I say art because there really are no rules to satisfy everyone. Some people are online folks, some people would prefer a phone call, others really like the personal one-on-one chat, while others just want a handwritten note every once in a while. Some people want to hear from you on a regular basis while others would rather hear from you with major news only (which is not good for business). The worst thing business owners could do is to not contact their customers at all.

I actually have a good idea of how I want to keep in touch with my customer base and have been playing with solutions to do it well and efficiently. Of course, I consider this blog a tool. Since I'm currently working on multiple business ventures, I'm considering a blog for each of them. They are not only good for keeping in touch with customers, they also present a good way to journal this journey of business ownership and to keep up with new discoveries I

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Do You Know What Your Customers Want?

A few months ago, I developed a market research survey and shared it with a few organizations to see if I thought of an idea that would fill a market need. I had this grand idea to expand my business offerings in a way that would combine the talents of me and one of my neighbors, an event planner. I did not get many responses to that survey but the answers I received confirmed the need in a way that was greater than I expected. People would be willing to pay more for the service than I initially assumed and would put more time into it as well.

This type of market research simply justifies any ideas you may want to take to market. It is good to do to see if there are people in your target demographic who will pay for it, how much they will pay for it, and what they will expect out of it.

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Blacks in Business: David Steward

David Steward of St. Louis, MO (1951- )

David Steward is founder and chairman of World Wide Technology, a St. Louis, MO based firm that specializes in supplying technology and supply chain solutions to customers around the world. It is considered the second African-American owned firm to reach the billion dollar revenue mark in the 1990s (the first was TLC Beatrice International, a global food and beverage distributor led by Reginald F. Lewis in 1987).

After rising in corporate America with companies like Missouri Pacific Railroad and Federal Express, David Steward scratched his entrepreneurial itch and founded (or actually bought) his first enterprise, Transportation Business Specialists in 1984. The function of this business utilized his background in the transportation industry and knowledge of accountancy. With the opening of his second company, Transport Administrative Services, he was able to capture a higher margin business within his same value chain in the transportation industry by pursuing larger corporate customers.

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The Chain of Revenue

Over the last few weeks, I have been reviewing the services my company offers and where the greatest potential sources of revenue are. Determining my company's value chain and its place in it will allow me to better explore where I can capture a higher profit margin or even determine a new service/product offering, to enhance the service I provide for my clients (and capture more revenue).

The value chain can best be defined as the link of activities involved in creating, distributing, and maintaining an end product or service. These activities range from the acquisition of raw materials to providing after-market service. This business framework was made popular by Harvard professor Michael E. Porter in his book Competitive Advantage.

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What is the business equivalent of the Olympics?

Over the last week, I have really been into the 2010 Vancouver Olympics. I have never really watched the Winter Olympics before, but from the opening show to pair figure skating and so on, these games have really caught my attention. I have been impressed with how many of these athletes have competed and end up giving their personal best (according to the announcers). The camaraderie of the country teams and their pride to represent their country is outstanding. Outside of when I participated in sports in high school, I don't think I have heard the US National Anthem so much, not since I was in elementary school in Illinois.

I have watched these games wondering where the business equivalent is. I know the Grammys and Oscars are for entertainers, but what about people in business. Is our success only measured by the amount of profit we bring in? There are competitions such as SBA National Small Business of the Year and top lists here and there that measure so many different factors (from Working Mother's and Black Enterprise's many lists to Inc. 5000 to Fortune 500 and so on) - would these be the equivalent?

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Blacks in Business: Dr. Farrah Gray

Farrah Gray of Chicago, IL/ Las Vegas NV (1984 - )

Farrah Gray is a success story out of Chicago, IL. He began his entrepreneurial journey at the age of 6 years old! He made $1 million by age 14. Now, 25 years old, with experiences in real estate, consulting, writing, motivational speaking, philanthropy and much more, this serial entrepreneur has done in 19 years what many MBAs dream to do - and he hasn't reached his peak yet. See below for a 20/20 piece on Dr. Gray:



Lessons we can learn from this young man:

• Create the change you want for your life. There is no greater motivator.
• Fear can also be a motivator. Use fear as motivation to get on the other side of it.
• Diversify your business/investment portfolio so that all of your eggs are not in one basket.
• Give, give, give and you will receive.
• Never underestimate what a determined young person can achieve.

Black history month: Annie Malone

Annie Malone of St. Louis, MO (1869-1957)

Annie Malone was a pioneering African-American who some say was actually the first African-American millionaire in the United States (Madam C.J. Walker worked for and was trained by Malone prior to her entrepreneurial journey).

Around the beginning of the 20th century, Malone developed the first chemical straightening product to not damage African-American hair. Since she could not use traditional channels methods of selling products given the racial climate of the time, she became innovative and adopted door-to-door sales, in-person demonstrations, and marketed through the Black press. When she was ready to grow nationally, she hired local agents in cities across the country (and even the world) to do the same thing - providing opportunities similar to what we would find in network marketing today.

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Never take "no" for an answer

This week was full of my attempt to expedite one of my business concepts to launch next week instead of later this year or early next year.  My bright idea was to do it out of my house on a trial basis while I build traction and later take it out into a location more viable for city traffic. I had a written profile of what I wanted for the business but with minimal details and nothing near a comprehensive business plan. Unfortunately, I ran into a stumbling block that may actually be a blessing.

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Business mentors needed!

If you were not aware, January is National Mentoring Month. Mentoring is something that is near to my heart. I have created two mentoring programs and led a couple more. I think mentoring is so very important and is in line with the "it takes a village" belief for growth in a person. I am continued pursuit for the right mentor for me - in the meantime, I will preach the gospel of being a good mentor.

For 2010, I have been mulling over some mentoring possibilities to influence younger people without neglecting my own children or family. Some possibilities for business professionals to mentor include (listed in order of increasing responsibility):

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Check Your Sanity

Last night, I had the pleasure of being on the "Create Your Economy" conference call hosted by the Urban League Young Professionals of Philadelphia.. It featured Ephren Taylor, CEO of Capital City Corporation and Dezmon Landers, Co-Founder of A1 Marketing Corporation. Here is a recent CNN interview with Ephren Taylor:


Great nuggets there too, but I digress. Back to the conference call - These gentlemen provided

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Hello 2010!

Today represents the first day of posting to Cardinal Rules in 2010. After a short break, I bring to you a continuation of my last post - my initiatives for 2010. Listed below are a few of my goals with limited detail. I am excited (and nervous) about each and the prospective results that will come of them.

1. Buy Local Program - I am exploring the creation of this program for my home city. There does not seem to be one here but it seems that one would do well here. Also, having a business directory like this would support our population much more beyond sourcing needs. I will have this proposal completed in first quarter 2010.

2. New Business Concept - I am developing a new concept for a drop-in child care facility. Again, there are not very many facilities dedicated to this service located in my home city. My parents used this concept when I was young and I thought it was really fun. In the last few years that I have been here, I have encountered many moms who desperately needed this type of service but had to find alternative means to care for their children (including bringing them to work). The closest center to my area of town is 20 minutes away.

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The Risk of Failure

The risk of failure has probably been one of my biggest hurdles throughout my career. I have created successful programs and received recognition for them, but there is much more happening in my little brain than I let on. I have so many ideas all within the premise of my personal mission:

To leave a legacy which will enrich the lives of others in my community, to bring my community closer to prosperity, using my God-given talents and spiritual gifts – all to magnify the glory of God and edify his kingdom.

I wrote this mission in 2002 and still believe in it today. The "how" is what I have struggled with since that writing. I have put in time and learned so much since then... I know my calling is in entrepreneurship...


So back to my original topic - I have many ideas for what to do with my time in 2010, I just have to get out

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When You Give, You Receive

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 Tonight, I went to see the movie Invictus and was blown away by its storytelling, its overall message, and most of all Clint Eastwood! In case you do not know, Invictus is based on the true story of how former South African President Nelson Mandela used the game of Rugby to unite his nation after the fall of Apartheid. As I was watching the movie, I saw lessons that could be used in business and any other leadership role. Really, I just gathered lessons on how to be a better human being.


One lesson that I would like to share with you is about giving. This rugby team was struggling in the beginning of the movie. At one point, President Mandela ordered the team to do rugby clinics in the local neighborhoods - teaching others the game they were so passionate about. The team unwillingly participated but ultimately had a good time and began winning some games! I drew several nuggets from this storyline, but want to highlight one...

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Announcement: First Webinar of the New Year

On Tuesday, January 5, 2010 at 1pm, YB Consulting will be hosting the webinar - Financial Planning for Your Small Business. This webinar is for those who do not understand business financial planning but want to learn how to create financial projections for their business.

This is sure to be a highly interactive webinar - the audience size is limited to ensure this!

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Review and Renew in 2010

Any current business owner should have gone through the goal-making process for your next fiscal year by now, especially if that begins in January. If you're a procrastinator like I can be, maybe you have not done this yet. Honestly going through a process of assessing the current state of your business, identifying any issues and needs, then planning for the next year is a vital process for company growth. I plan to have a solo company retreat on Sunday to really assess YB Consulting and all the other pieces of my career path to understand what I really want to do in 2010. If I do not do this, it will hurt my business and future plans which ultimately hurts my family -not an option.

If you think your company does not have goals, you are mistaken. There are a few basic goals that all businesses will choose from in their next fiscal year:

• Grow Revenue. Revenue growth can be accomplished through increasing current sales and/or adding a new product or service. It may require the addition of new resources but this could be a good thing.
  
• Reduce Expenses. Expense reduction can be a difficult task. It may involve reducing the products or services you offer, changing suppliers or even the quality of supplies, relocating your place of business to a cheaper venue, maybe even reducing your staff.
  
  
  

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Entrepreneur Evangelist

I have spent more than a few years advocating for, encouraging, and teaching small business ownership to people in my community. Over the last year, I have been doing this evangelism strongest with some of my closest friends, neighbors, and former classmates. The environment has been ripe with corporate downsizing and life awakenings. Given my background, they come to me for advice and I freely give it (literally).

Entrepreneurship is not only good for the business owner, but also his or her community. A commonly referenced 2004 study by Civic Economics, Inc showed that in Chicago, IL, $1 spent at a locally owned restaurant would yield 27% more back to the local economy than a chain restaurant. When it came to retail, the benefit was increased to 63% when comparing local to national chains, and 90% more for services (uhem). This is because the local firm is more likely to use local suppliers and spend profits locally as well whereas the national firm sends many expenses back to their out of state headquarters to pay for overhead and is likely supplied by out of state vendors. The benefit is called the "local multiplier effect".

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Business Trends in 2010

So you are interested in starting your own business but are unsure of where to start. Maybe you are not loyal to your current industry and want to start fresh. Or you know your industry has opportunities, just are unsure of what is best to pursue now. Well, Entrepreneur Magazine published a great list of the top business trends that are thriving in this economy. When you look at the list, it is in line with other top lists regarding the best jobs to pursue in this economy.





Trends include:

1. Taking advantage of industries that are currently in chaos. Finance, real estate, healthcare - these are all industries that have taken or will take a beating over the year. There are exposed vulnerabilities that smaller companies (i.e. start-ups and other entrepreneurs) could take advantage of if they plan strategically.
2. Green. This industry has been growing over the last couple of decades but may have finally received its due in this one. Rising energy prices and greater concerns about global warming drive the green industry to become more popular than before. Even if you open a practice specializing in helping businesses in this industry, you will likely have your pick of customers.
   

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Entrepreneurship in 2010

January is a time when many people decide to pursue new goals and include business ownership as a priority. Business support professionals will receive calls from more people who want to start their own business in January than in any other month of the year.  Entrepreneur is finally being recognized as another job function like doctor, lawyer, accountant, etc.


If you are not currently an entrepreneur but have been contemplating it for quite some time, NOW is still considered a good time to start a business! Why do I say now you might ask...

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Video of the Week: Startup BootCamp - Venture Capitalist Hemant Tenaja

Venture Capital Funding Today

There can not be a discussion on business financing without talking about venture capital or angel investing. These forms of business financing are widely known but hardly achieved. It is very difficult to get but still possible according to VCs Change Their Tune, an article written earlier this month by the Wall Street Journal. American Express' Open Forum released a great article on the state of venture capital today. The strongest advice from the article was:

1. know where funding is hot and where it is not
2. know your audience (venture capital firms that you are pitching to)
3. make sure your pitch is on point (practice, practice, practice)

To understand what industries or ideas are getting funded, you must stay in the know. A few resources that can help you do that include:

• National Venture Capital Association: Trade organization for venture capitalists. Provides a ton of information regarding the industry and everything involved.
  
• New York Times - DealBook: Provides current stories on venture capital deals and other large investments taking place on the national stage. This active blog not only provides great stories, but also provides tools for you to remain in the know using any forum you need.
• Twitter: A search on venture capital provides a host of conversations about this funding source. You can create a list of those you deem as experts or follow the list of someone you trust.
• Venture Capital at Alltop.com - Summarized list of venture capital blogging resources across the internet

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