Three-Step Business New Year Resolution

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Have you managed to count how many blog-posts / articles / references out there with

some spurious link to New Year Resolutions?

There are a lot. And just to throw my tuppence-worth at it, I have decided to indicate a few

small tips for your delectation, on how you can put yourself on track for 2012.

So, Christmas might have been a proper 'holiday' for you? Or at least a few well-earned days off

after a hectic year. In any case, the New Year provides great opportunity and timeliness to

reassess, rethink and restart.

What does this mean for the average business? Simply that you use the occasion of a new year to

review your progress [you may have done this before Christmas, if you're organised] and chart

this against your business objectives. It is key that you identify the gaps where plans / strategic

objectives fell flat or didn't reach their potential.

As a simple 1,2, 3 - think about it this way...

Purpose: What is our / my purpose in this pursuit?

Vision: What will 'great' look like? What will the business look like [e.g. clients / positioning]?

Plan: How am I going to achieve my / our purpose and vision?

Small Businesses Need a Partner, Not a Mentor

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“Mentoring” is a regularly used ‘buzz-word’ in the context of small business development supports, however, in actuality, it’s often not what a start-up or SME needs to support its growth, claims IBI. Working alongside these individuals or collectives has provided IBI’s Olwen Dawe with a clear insight of the success in adopting a different approach – that of a ‘business partner’.

Established in 2010, Irish Business Intelligence supports start-ups [collectives and individuals], as well as SMEs in development ‘mode’. IBI provides strategy, planning, messaging and general business management advice to their clients through a practical and supportive service. Their delivery model focuses on acting as a partner rather than a mentor – simply because “it is more helpful, more hands-on and more interactive. Mentoring is hugely beneficial also - however we are responding to the feedback we’ve received from clients, which points to a far more long-term solution for them”.

So – what is the difference between these approaches – pedantics? According to Dawe, it’s simply a case of providing small businesses with advice and practical support – and empowering them to manage and run their enterprises. “Mentoring has become so much of a focus for SMEs and start-ups – they don’t always know what exactly they should be getting, or asking for – being a Business Partner sets the tone and deliverables for both parties – and that’s the way it should be. Both are accountable and have clear objectives – simple as that.”

What is the positive impact for the individual or SME engaging a Business Partner? Moreover, why would they set about working with one? It’s a case of managing a skill-gap, Dawe explains: “one of the hardest lessons to learn in small business is that you can’t and don’t know everything. It’s also difficult to admit that, starting out, you need a second pair of eyes, a second opinion. Our approach is hands-on: essentially, becoming your business partner, working with you and providing the advice in a respectful, honest way”.

IBI works with many of the State enterprise support organisations, and extols the virtue of small businesses researching what is available to them “unfortunately not all the support mechanisms are clearly labelled as applicable – so it’s a case of doing your homework, and asking questions – however these supports are there for small businesses to get up-and-running, and they shouldn’t be shy in asking”.

No Plan? No Future...

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I regularly come in contact with plan 'anxiety' when meeting start-ups and SMEs for coaching sessions. It's the 'ah, well' or 'emmmm' juncture in the meeting, the sharp intake of breath or deer-caught-in-the-headlight moment, and quite often, the crux of the issue for the business's growth.

So - why should anyone really be bothered with a business plan? WELL - because it's at the core of developing your business idea, growing it and understanding how you're going to operate it. It contains milestones, targets, objectives and financial requirements - ensuring that your business has a clear trajectory and path to success.

The core strategic plans of a business in terms of finance, marketing, personnel, operating style [and much more] are all contained in a business plan. In essence, trying to start a business without one is akin to attempting a journey to an unknown destination without a map: you might get there eventually but it's going to take you a very long time, and you may end up in some very strange places along the way [and keeping fuel in the tank may prove a very costly experience].

To those of you currently experiencing a nauseous feeling, be calm. The good news is, a business plan doesn't have to be five hundred pages long, and in fact, some of the most succinct and practicable plans are short, to-the-point, clear, strategic and focused with strong measurable, deliverable objectives.

A final [and most noteworthy] point: don't let your business plan fester or gather dust, remember that it's a living document, and therefore should be kept alive by review, analysis and most importantly, by learning from what didn't work and why. Your plan should reflect where you are and where you're going... it should be stretching, whilst being realistic too.

So... how are you feeling now?

A Market in the Gap?

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I was really compelled to pen something bite-sized about this topic, having flagged it myself at the recent "Mayo Ideas Week" boot-camp, and then heard Anne Butterly of Easydry at the "SMEs Doing Business in Europe" seminar last weekend.

Any one of you who knows an entrepreneur, or has listened to one talk about their business idea, understands the drive, passion and sheer fearlessness involved in their 'project'. Their energy is extraordinary and knows no-bounds, and they verge, sometimes, on the obsessive end-of-things.

However, all-too-often, this drive, stamina and conviction can lose its momentum, as a result of one thing... lack of research.

When starting her business, Anne Butterly had all the same traits I've mentioned, as well as a large dollop of awareness - an awareness of the importance of ensuring she had a market. Not simply a possible market - but one ready, willing and open to her product.

Identifying the nuances of the market you're entering, as well as those already 'entrenched' in it, and any issues your product may encounter PRIOR to launching it is, simply, key. There are very few ways of identifying this type of information without conducting research, analysis and gleaning insight - and while the thought of it might frighten you [I don't want to find out it won't work] - ignorance is not bliss when you've invested in a product or service which simply isn't market-ready when it launches.

So I must reiterate... make sure you have a "Market in the Gap" [thanks Anne!] by doing your homework on its prospective client, competition, location, collaborators etc... don't risk throwing away a good business idea as a consequence of being ill-prepared.

There's always time for mindfulness...

Copyright: Mindful Productivity [www.mindfulproductivity.net]

On the off-chance that you missed my collaboration with Be Rowland of Mindful Productivity, here's a timely reminder!

Many of you busy-business-bees will guffaw at the notion of mindfulness in business, and the role it plays in productivity - however, laugh no-more, my dears - it really does make a difference.

Be practical with yourself: how much of your day do you spend pontificating on the what-ifs, who's-responsible, will-I, won't-Is? If you're being honest with yourself - more time than you'd care to mention. Can you see why it's unhelpful? Or do you think of it as productive?

It's easy to understand why some might consider not being mindful as a way in which to manage the stresses, impacts and pressures of the day - WRONG - constantly parsing what might happen actually ADDS to your stress levels. Being in the now, or mindful, gives you the opportunity to realise potential and expand ideas.

Of course, sometimes it's hard to prevent the default setting (hence why Be's reminders are so handy!) - however understanding the benefits of mindfulness can help rectify this. Accepting what is happening at any given time allows you to see past it and decide the next step.

If you'd like some more handy hints and tips on mindful management check out the "5 Ways to Flow with the Go of Business".

What a difference one year... two months and about ten days... makes!

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So - that's roughly the amount of time since my first blog-post as newly 'freelance' [err, for that, read 'unemployed']. Setting out, I really hadn't a clue where I was going or how I would plot my course onward.

I remember being very kindly advised by a friends' husband that I should 'enjoy' this time out and really make the most of it, I'd never get this time over again. Unfortunately, I couldn't take it on-board; for me, the notion of using the time to relax, reflect or simply dedicate time to myself, was not an option.

Thankfully - after the many glitches [most of which are documented on this blog] - tears, gnashing of teeth, etc - things started to take shape. One thing is for sure, the period I spent re-orientating myself [around a month] pointed to the absolute importance of family and a network of friends and colleagues. Not that one would ever forget it, but personal insights and objective opinions of those you value and trust in times of crisis, are incredibly valuable.

To those who listened, consoled and supported me... [and understood my moments of ire!], you know who you are - THANK YOU.

It only remains to say that - while there are 'miles to go before I sleep' [thank you, Robert Frost] - the lessons learned along the way have been invaluable. I know that there will be an abundance more to assimilate, and yet more testing times to come, but I'm hopeful that attitude and belief will continue to guide the way for me.

"You either got faith or you got unbelief, and there ain't no neutral ground"

Bob Dylan, 'Precious Angel', Slow Train Coming

Can you 'productise'?

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It may sound technical, however the notion of 'productising' your service, as an SME, is quite simple.

When businesses start out, they often commence trading on the basis of offering a portfolio of products or services, and can overlook the necessity of long-term planning and organisation of services in this context [as well as how operationally feasible it is to deliver, ongoing]. With a small client base, the wider and less generic service portfolio can be sustainable, however in long-term scenarios, it thwarts growth.

As businesses grow and develop, their 'portfolio' may become unmanageable as client bases widen and expectations remain high. This is where the idea of productising can make a huge difference.

Think of your current clients - do they all require the same product or service? Are the services you provide them bespoke to their needs? Do you offer a suite of services which are mutually beneficial to clients?

If you can clearly identify groupings and clear service / product needs per group, you can begin to productise.