Had a light-bulb moment? Write it down...

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I can't tell you how many times I've been at meetings, seminars, training sessions or simply in conversation - and heard the famous line - "oh, I thought of that too... exact same idea actually!".

The fact is - that person probably did have the exact same idea... however, the reality is, just as you're thinking of something, you can be guaranteed many others are too.  When you have a light-bulb moment [as so many of us do] - act.  Write it down, assess it briefly, and decide what to do with it.  Don't leave it in the archive of your brain, a hostage to someone else's action!

The difference between positivity and realism... and why you need both in business...

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We're all too aware of the necessity for a positive outlook in times of challenge and strain, however it's also important to be equally aware of when positivity must be tempered by realism.  You do need both!

Positivity: the power of positive thinking, the backdrop to potential, and often the route-map to success.  What about realism? it is the arbitrator,  the risk-evaluator and the clarity between positivity and possibility.

Why do you need both? Positivity acts as buoy, a support and a ballast - it's there to help you ride out the challenges and keep focused on solutions.  Realism, on the other hand, is the sensible 'head' that asks the questions that positivity often ignores.  Things like: how likely is it we'll win this project? Can we really scale this new product on our own or do we need help?  Positivity says yes to both - realism says: let's go for it, but let's also evaluate our risks and be more measured, what's our strategy and how will we do this?

Inspire yourself to action...

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Every day, we have an option - to feel motivated, to feel despondent, to feel disappointed... or to get ourselves in the right frame of mind to take action and achieve.

The entrepreneurial mindset can sometimes be compromised by incoming objections, irritations or obstacles...  It's par-for-the-course! The only way to manage these challenges is by continually developing renewed focus and inspiring yourself to action... Go to it!

Looking Back & Learning: The Lessons of Start-Up

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Having worked with start-ups and SMEs for many years now [not mentioning the years I worked in them!], I can say, undoubtedly, there are lessons to be learned from the experience of starting up.  Some are simple things - the 'shoulda, woulda, coulda' actions that would have saved time or resources.  Other lessons might have made more defining impacts on the trajectory, focus or growth of the business...

Much of the posts written about business development, planning and strategy, focus on looking forward [which is a good thing!] however a lot can be learned from what has or hasn't worked, and why that might be the case.  I'm a big fan of Eric Ries' "StartUp Lessons Learned", and find his views on innovation in start-up development laudable and forward-thinking.  Ultimately, learning from what hasn't panned out as we'd planned or hoped can provide us with rock-solid foundations for growth.

Based on many of the conversations I've had with SME clients, here are the top five "if I had my time over again" reflections, which, hopefully some of you might recognise [and act on!] or for those of you starting out,  utilise as a starting point for your business plan/ R&D:

Spent time on carving out a tactical research project [without becoming obsessive]
Typically, there are four areas start-ups simply despise at the outset: research, financial planning, marketing and business planning.  Research is normally #1 on this list.  Why? Because it involves subjecting yourself to an uncomfortable set of objectives – asking the questions of your target audience you may not want to know the answer to… doing surveys… desk research… and analysing competitors.  The reality with research? It is a VERY necessary evil.  Why? Because what you don’t know will always hurt you.  Often start-ups head in one of two directions: either into an abyss of obsessive research [which has no start or end], or the ‘head-in-the-sand’ stance [my business doesn’t need research, it’s just that amazing].
My advice? Don’t become a research obsessive; do carve out a simple, strategic plan to conduct research which is relevant, targeted and clearly identifies the defining answers you need to determine your market scope, size and long-term potential.

Refined the USP
Here’s one most businesses battle with at start-up, and during growth.  What is it, exactly, that makes us unique, different and what’s the value-add for my customers…? Well, the answer is: if you don’t know, how do you expect your customers to know?
Frequently businesses define, redefine and refine their USP – which can also change with time, depending on new offerings, products or services – revising your business model can also change your USP.
Where should I start? Think about ‘NOSE’ – customer needs and outcomes, and your solutions and evidence – what is compelling about your offering? Start with ten words and whittle it down.  Remember: your USP should be succinct and impactful.

Done the number-crunching [and sought the right financing]
A tough one, and certainly a topical issue these days.  However, not digging deep and ensuring your business has enough financial fuel in the tank could stress it beyond recovery.  Many businesses at start-up spend time on ornate, fancy spread-sheets [sometimes not developed by the people involved… tsk, tsk] which bear little or no relationship to the business’s actual finances – its projected income and outgoings.
You don’t need to be an accountant… suffice to say, you should be conservative in your projected income [based on research and planning] and somewhat more generous with your projected outgoings.  Do get help, like all other areas of start-up, if you don’t know how – ask for help from a mentor / consultant.  It’ll be worth it!

Thought bigger
This sentiment often comes with experience – and the realisation that your goals may have been set a little lower than was justified…
Get yourself some audacious aims… if your long-term vision doesn’t make you feel a little jittery, it’s probably not big enough!

Built a growth plan / strategy
Often the idea of ‘growth’ at start-up is considered too “far off” – it really isn’t considered… wrong.  Growth is the very essence of business development, and you need a plan / strategy to achieve it.
Even when you’re just getting going, know what growth looks like... and build a plan to guide you along the way.

… and finally, remember the key for any business: plan, do, review.

A Prescription of Positive Economics for Personal Financial Freedom

I first met Susan Hayes just over two years’ ago, when she was a guest speaker for the network I was running at the time.  To say Susan provides a hefty intravenous shot of positivity through everything she does, is an understatement.  However, as we all know, positivity is a vastly abused and misunderstood word these days – so it’s important to contextualise Susan’s version of it.  It’s an attitude of reality tempered by change and possibility – of newness and active engagement in making a difference in ones’ own economy.  In essence, Susan – the Positive Economist – is just the sort of person a lot of us should and could do with listening to a lot more right now.

So, when I received my copy of “The Savvy Woman’s Guide to Financial Freedom” around Christmas time, I was delighted to muse through its pages and learn more about the behemoth so many of us struggle to attain: financial freedom. 

The reality of personal finance is: we all have different objectives [as with every element of our lives] and this is something Susan clarifies right at the outset.  Hankering after what you think is financial freedom is worthless if you don’t know what your financial ‘temperature’ is.  Tackling the blockages, personal obstacles and individual fears is your next key step and from there – it’s a straightforward case of identifying the best strategy for you, the individual, to attain your personal financial freedom goals. 

Ultimately, Susan’s clear, focused and straightforward methodology is the winning foundation for this book.  Whilst you can just as easily come across Susan in the Sunday Business Post or on Vincent Browne discussing current economic issues, she is equally at home equipping women with the techniques necessary to decide what their financial aims are, and how they best go about achieving them. 

Working in a related discipline to Susan, in enterprise and economic development, I am a major advocate of strategy – in delivering projects, objectives and outcomes - and the same rationale can be taken in achieving personal goals.  “The Savvy Women’s Guide…” offers its readers a real opportunity to take their financial temperature, understand their goals and values, manage their personal ‘limiting beliefs’ and identify the best strategy for financial freedom.

When Susan appeared on TV3 shortly after the launch of the book – she was asked why she had chosen to write the book just for women – her answer was simple: that she knew their challenges best, and felt she could offer them the help they needed to achieve their financial goals.  I have to say, I think the opposite sex are missing out… but also reckon this isn’t the last book Susan will write!

I’m very fond of a quote [which has a multiple of variations] of Henry Ford’s – “whether you think that you can, or that you cannot – you’re right”.  This is true of many decisions we make in life – to start or grow a business, learn a language… or improve our financial outlook.  If you think you can’t, the chances are – you won’t.  If you think you can – you’ll identify a way in which you can.  If financial freedom is a goal of yours? Get this book.

The Real Meaning of Strategy In Business

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Normally, at this point, a blog about strategy will contain a pithy clipping from Sun Zu’s “The Art of War” … (“Tactics without strategy is the noise before defeat” is a favourite).

It’s hardly surprising that this recurring theme appears, given that Sun Zu’s statements of strategy and tactics contain very resonant themes when it comes to strategy in business.

However! The question for most businesses – SMEs in particular – is how or why strategy applies to their business (queue mutterings of “I just want to get on with it…” or “that sounds very corporate to me”).  The reality is, as Sun Zu infers, not knowing why your business is heading in any specific direction (or the role resources, objectives and plans are playing in it) is almost definitely going to bring about the wrong outcomes.  In some cases, rather unfortunately so.  It doesn’t matter whether you’re a Fortune 500 company, or a start-up operating from a shed in your back garden… without strategy, you’re likely to be setting out on a collision-course of risk and disappointment.

So, what is the real meaning of strategy in business? Opinions vary, and strategies change to suit different times in a business’s trajectory – guiding focus and resources to suit its point in the life-cycle.  From my experience, here are some key roles for any business strategy:

1. To provide you, your team and any other relevant stakeholders with clarity regarding the purpose, focus and objectives of the business
2. To ensure financial, marketing, sales and operational targets are met – clarity, again, being the key focus
3. Communication, collaboration, and cooperation: to develop buy-in, commitment and focus within your team (if you have one – if you’re a sole trader – to ensure buy-in from key stakeholders, partners, funders etc.)
4. To shore-up growth by highlighting a clear path for the future and allocating the right internal and external supports in realising same
5. To provide an effective means for challenging, evaluating and re-strategising decisions, objectives and growth – as well as business model, marketing, financial planning and other key operational mechanisms.

Obviously, there are other associated positive outcomes for businesses implementing clear strategies.   For starters, they don’t suffer from the ‘fear factor’ as often: mainly because if something lands, meteor-style out of left field – their business strategy is resilient enough for them to ‘pivot’ (as Eric Ries talks of in Lean StartUp) or adjust the sails.  Growth becomes easier to map-out and manage:  every business experiences ‘growing pains’, but they are easier to manage when the growth trajectory is clear.

So, what could strategy mean for your business? Well, you could open yourself up to the opportunities that are potentially hidden from view right now (the clarity argument), you might also be able evaluate your ‘message’ (the purpose argument) and all of a sudden, your team, stakeholders and other valuable individuals may begin to facilitate your trajectory because they get it.

Strategy acts as the blue-litmus test for your business, not simply by being put in place, but through evaluation, regular progress reviews and continual objective appraisals… re-strategising the strategy, if you will!

Don’t shy away from the ‘s’ word, it could revolutionise your business

Getting the message?

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Are you getting your own message?

Because if you're not, the chances are, your target audiences and stakeholders aren't either.

Cast your memory back to this post [What the fudge is a value proposition?] and ask yourself if you know the: value, features, benefits, compelling arguments "why you should" of your product or service... and your NOSE [customer needs and outcomes, and the solutions and evidence you can offer].

Remember: clarity is at the core of successful business. Make sure you've got it!