TrevorNelDailyOnline

Last month over 460 registered businesses were closed 'in liquidation'. Over 40 000 have gone this route in South Africa since 1990.

So here are some key questions to help fire up your business… and yourself.

Is your business a little tired, stagnant, in trouble?

Perhaps it’s time to get someone to take a fresh look.

Someone other than you.

You are too attached, too emotional, too concerned, too set in your ways to take an objective view of how your business fits into the big picture… in short, you are tired too!

This is where you need to turn to your ‘Board of Advisers’… people that you can look up to and trust as successful business entrepreneurs in their own right.

No business owner can afford to be without these critical ‘sounding boards’ who have felt your pain in reaching their own heights of success.

They are all around you, in your community, in your church, in your local business forum, in your accounting firm… successful people doing their little bit to put something back into the lives of others.

Get to meet them. Get to know them.

See how you can help them!

One day you’ll need their advice… and they’ll be there for you.

Or, then again, you can call on a business turnaround specialist… a professional consultant who brings fresh analysis and ideas to your business for a fee or for an equity stake in your business recovery.

But don’t leave this step to the last minute because even a team of 30 of the world’s best professional divers can’t save a sinking ‘Titanic’ when it is on its way to the bottom.

Regardless of whom you choose, there are 10 simple strategic questions that an adviser should ask and formulate into a turnaround solution.

What motivated you to start your business?

Recapture the initial excitement, motivation, underlying factors and drive that led you to opening the doors of your business on your first day.

How did you attract your first customers?

Revisit your initial marketing and sales processes.

Review your original messages on your original advertising and brochure material.

Why did these customers buy from you then?

Reflect back to your perception and excitement of those first sales and support your reasoning with testimonials from satisfied clients.

Why do customers buy from you today?

Review the perception and feelings you have on current sales and support with current testimonials or comments.

Conduct some basic market research questioning of your last 20 to 300 customers.

What marketing methods do you currently utilize?

List the different methods being used and allocate the percentage of business being derived from each.

What is your personal contribution to sales?

Compare your current sales activities to your original personal sales contribution at start-up.

What is truly UNIQUE about your product or service?

Analyse what makes you proudest of your business, product or service and what differentiates it from your competitors.

Describe your KEY Target Consumer?

Explain who they are, the lifestyle they lead, and what makes them your key target consumer.

Where is your KEY Target Consumer located (i.e. Demographics)?

Identify the specific local, regional, and/or national locations of your current… and potential… consumers.

Where would you prefer to generate increased revenue… from new
customers or existing customers… and why?

This will help identify your understanding, approach and attitude to marketing strategies for recovery and growth.

I had a glorious day yesterday in which two things stood out.

1. I am working flat out on learning how to develop and deliver my own business community website... and I was just thinking '..isn't it amazing how, when the student is ready, the knowledge is already there available for you'.

I have got so sick and tired of having to rely on people who never deliver, or who deliver to their own medoiocre standards, that I have decided to back-up my strategy of working with others by making certain I understand what they do so that they can't pull the wool over my eyes. In the tech world this is relatively simple to do... if you are motivated.

What I have discovered is that most IT specialists (well, particularly the ones that I have had the misfortune of dealing with) are learning on the fly anyway..! Think about it, how skilled can one be if the knowledge you had yesterday is rendered obsolete by a new technology development today. If I get to know today's new technology... I am more skilled than the 'expert'. Until tomorrow, that is! I just love these amazing times where SPEED is LIFE... :-)

2. I got another little rap on the knuckles from one of our local community leaders for calling on our local service providers to raise their standards. I am not being too popular with these people for pushing for a serious raising of the bar in our fantastic community initiative. They all point to where we came from as a comparison.

Boy, this really riles me. It's like someone saying, with a self-congratulatary pat on their back, that they have raised the bar 100%... when I know, and they know, that they have raised it from 6 inches to 12 inches..!!!! I'm not one to be fooled easily. Me... I have got it set at 7 foot for a warm up.. ;-)

Have these people got problems, or what..? Raise that bar... raise those standards... it makes for an interesting challenge. What else is there to make life interesting..?

Yesterday I shared 10 guidelines for business success... and the first pointer - The business of business is profit - raised some incredulous comment from some in my inner circle.

'Who doesn't know that?' was the cry. Well, let me tell you almost everybody I meet in business, who is NOT the founding director or the CEO with his reputation on the line, forgets this simple mantra - The business of business is profit.

As amazing as it sounds, the reality is that most people are focusing on employee-related issues of just keeping their jobs, trying to get enough done to make it through to knock-off time, concerned about missing their lunch-break or tea-break... and avoiding taking any decisions that might get them into form of trouble. They tend to waste your time with 'all talk and no delivery'.

The sad fact, in my experience, is that most people in business are sadly living from hand-to-mouth looking to keep the wolf from the door. These people cannot and do not focus on the concept of generating a BIG profit.... the argument can be made that such people are merely a 'necessary cost', as opposed to 'evil', which reduces the potential profit in a business.

It is rare indeed to find an employee who focuses on generating a profit for their business.

Profit, on the other hand almost invariably comes from business decision-makers taking BIG decisions, innovating for opportunity, designing and developing new and better products and services, collaborating with customers and services, and networking with other BIG decision-makers in business.

Business entrepreneurs have to make their living in a rapidly changing world where competition is rampant and consumers, inundated with a myriad of choices, change their buying patterns in a flash.

One of the positive spin-offs of such uncertainty is that there is always a new opportunity for savvy entrepreneurs to develop new ideas to meet new trends and market demands.

Often, the biggest profits come from the simplest ideas that make it to the market and which appear so obvious to everyone after the event. Being ready to snap up these opportunities requires business entrepreneurs to be mentally prepared to understand what is needed to succeed. Here are some guidelines:

The business of business is profit. Don’t let anyone tell you anything different. The scorecard of a business is measured by the profit that it generates. Everything you do in your business should be intended to lead to profit.

Pay yourself first. You can do nothing for society by bankrupting yourself. Let creation of wealth, personal growth and development be your primary objective for you and those who are associated with your enterprise.

Be innovative. Make it your continual goal to think of ideas to change the world and add value to society, and then put them into action.

Be aware. Constantly scan international news releases, web links and industry bulletins to identify new trends and subtle twists to ‘old faithful’ income generators.

Think BIG. It takes just as much time and effort to launch a small business project as it does to work on a big project… go for the BIG idea.

Think SPEED. Speed to market is the battle cry of successful entrepreneurs in the 21st Century. Be prepared to move from idea to implementation in a matter of weeks.

Do It Now! Be ready to complete your business plan, marketing plan, test market research and produce marketing material within a matter of days.

Don’t be afraid of failure. The more you keep yourself aware of trends and on the ‘bleeding edge’ the more projects you are going to put into action. Many of them will fail. Keep trying until you find your winner. Then keep trying some more until you find your next winner. Welcome failure!

Massive action. Give every resource and commitment you have to producing significant results in 90 to 120 days.

Be inspired. Look for ways to add UNIQUE twists to commonly accepted products and services. Use simple technologies to create a ‘WOW’ affect.

Be enthusiastic. Consumers can sense your enthusiasm in delivering a quality product or service. If it is really that great, you will be really enthusiastic.

Be persistent. Set your eyes on each goal and don’t stop until you achieve what you want to achieve.

Guarantee your quality. Stand by the quality of your product or service with your personal guarantee.

It can take anything from 20 to 45 minutes just to leave our community in peak traffic hours in the mornings... only to hit standstill congestion on our main arterial roads.

Many people spend up to 3 hours a day in stop-start traffic to get to and from work.

And... to add insult to injury, our local petrol price in South Africa hit a new all-time high this week of over R5 per litre.

Factor in the wasted time sitting unproductively in a vehicle for 3 hours and day... and the toll on business just keeps rising every day.

So why are not more people 'commuting' online from home via the Internet... and leaving their car in the garage? The extra couple of tankfuls of petrol saved are enough to get 24/7 broadband Internet access and all the technology one needs to communicate with key business decision-makers, both locally and globally.

It seems that rising petrol prices might just 'fuel' an increase in online commuting to the work-office and back. Maybe then I can network with more business decision makers from my own home office.

I was at a local community executive meeting the another night where an attempt was made to call me to order for highlighting who and what was responsible for poor standards of delivery in our community.

The comment was... 'You can't say that, it's not the way to do it'.

My effective comment was... 'Says who... who wrote the way to "do" open voicing of one's displeasure for incompetence and mediocrity in service delivery?'

Well, whilst I am none too popular (what's new) the responsible individual got the message straight between the eyes... and has multiplied his performance by 1000%.

So, who says you can't voice your open opinion - in front of the 'accused' - as to who and what is dragging your community down. No one... certainly not, if YOU have proven your integrity, credibility, and passion in delivery of your own actions on behalf of your community. You have to be on unshakeable ground to be able to do this.

Never fear annoying and upsetting the fragile egos of people who talk and don't deliver... they get with the program or get out of the way. They can always attempt to get rid of you if they want... but they will have to be good at what they do to do that.. ;-)

The phrase... 'stupid git'... comes to mind as I read the story of the fool of a businessman who got taken in by a 419 scam. I wrote about this scam on this forum - You've Gotta Be Joking... Of Fools And Money - back in March.

First, let's get over the definition of the word 'git' : A person who is deemed to be despicable or contemptible... "the British call a contemptible person a 'git'" - rotter , dirty dog , rat , skunk , stinker , stinkpot , bum , crumb , lowlife , scum bag , so-and-so. See also: disagreeable person, unpleasant person.

Now here is the story of a 'stupid git' who deserves to lose all of his money - Businessman duped in 419 spam-scam.

Anyone who believes that they can buy easy, cheap money or goods without considering the skullduggery that must have been involved (robbery, drugs, extortion, murder, etc.) is not only unethical in their behaviour in society... but they are FOOLS... and they deserve to be parted from their money.

I have absolutely no sympathy for this type of individual in society.

Only 4% of all businesses survive past 10 years (Michael Gerber - The E-Myth)... 96% fail in their first decade.

Is there a coincidence then that, in this writer's opinion, probably as many as 96% of all busness-to-business meetings are unlikely to result in any future business being conducted at all.

As incredible as it may sound, if truth be told, most business entrepreneurs will recall too many a business meeting that proved to be a TOTAL WASTE OF TIME..!

To rub salt into the wounds, the all-too-painful fact is that face-to-face business meetings are extremely costly... costing into the many hundreds, and even thousands, of rands.

In the U.S. the average cost of a business-to-business sales call was calculated at $329 (Cahners Research 2001)... demonstrating that an average of 5.12 sales calls were required to close a deal of $35 000.

Power Business Networkers know that unproductive meetings are a waste of time and money..!

And... they know that most business meetings are unproductive..!

The Power Business Networkers objective therefore, is to ensure that 9 out of 10 of their meetings are PRODUCTIVE.

Here's how Power Business Networkers do it:

1. Understand The Psychological Challenge

Every businessperson is 'selling' something... all believe they have a quality product or service to provide. And yet, almost everyone they will be selling to will have a natural aversion to being 'sold'.

Power Business Networkers understand that this is just 'life'. They understand the natural barriers to selling (the 5 key reasons why people don't buy) are... no need... no money... no hurry... no desire... and no trust. And... that these 5 reasons will win out in 96% of all business meetings.

Power Business Networkers also recognise that most people have 'bad hair days' in their businesses, more often than not. A person's bad attitude for the day can lead to anyone being the '..wrong person, at the wrong time, in the wrong place'.

For all these reasons, most unsuccessful business entrepreneurs end up walking away from these meetings with their tails between their legs... and no hope of any future business potential for their quality products or services.

2. Reframe Mindsets - Ask The Right Question

Power Business Networkers understand the real nature of the psychological challenges of a business meeting... they know that most people don't like to be 'sold'... and that most meetings end up being unproductive. So, they prepare by asking themselves the right question: 'If I cannot make a breakthrough with my product or service at this meeting... if the odds are against me today... what will make this meeting productive..?'

3. Change The Odds In Your Favour

Let's face facts... YOU are a Director, a Business Owner or a Decision-Maker... why do you want a meeting with other Directors, a Business Owners and Decision-Makers? The answer is simple... more sales... more profits... more growth..!

And, what do these other Directors, a Business Owners and Decision-Makers want from a meeting with you? More sales... more profits... more growth..!

So, if your products or services don't make a breakthrough at your meeting, for whatever reason... what do you have left to make your meeting productive for both parties?

Simple... it is your CONTACT network. It is the people you know... your circle of influence... your inner circle.

Power Business Networkers understand that they always have something of value to offer besides their products and services... THEMSELVES... and the people they know..!

Power Business Networkers never leave a meeting without asking ..'what can I do for you? ..or 'how can I help you to succeed'? The effect is to ask: 'How can I help you... if not my product or service, who or what do you want or need to help you generate more sales... more profit... more growth?' ..or 'If I had a magic wand for your business right now... what would your wish be..?'

Power Business Networkers understand that someone, somewhere, in their contact network might well be able to make each meeting productive... if only just to build a relationship of trust for future meetings... and to add another quality business contact for future use.

Aaaahhh... and the 2010 FIFA World Cup goes to South Africa.

Boy, am I proud, SO PROUD.

Just watching the DREAM TEAM of our 3 Nobel Prize Laureates Nelson Mandela, Desmond Tutu, and De Klerk and our current President - Thabo Mbeki - in full force in Zurich on Friday... every South African has the right to be justly proud.

Today, the announcement that we are going to host the country is just another indication of how God is smiling on our country. We live in a miracle nation... and are experiencing miraculous times.
It's great to be a South African. What an exciting 6 years vision and aim we have for our future.

God Bless... :-)

I love the BBC Prime program - Faking It - because it is proves categorically that you CAN change your life in 30 days.

Last night we watched a 30-ish tatooed yobbo of the skinhead/punk variety... a bicycle courier (sounds like a fancy name for a mailman to me)... as he was thrown into the deep-end of England's high-brow polo-playing fraternity.

He had never ridden a horse before... and we watched the seemingly impossible task of getting him ready, in just 4 weeks, to play an official game of polo in front of a high-society audience... and to fool 3 expert polo-playing judges of international repute.

He did... not one of them picked up that he was the 'fake' when comparing him to other players of 7 years experience.

The key to me is that this little program has consistently shown how people can be taken out of their current lifestyles and develop a completely new and different set of skills in just 30 days... that's exciting..!

I'm busy finalising the value proposition for an online/offline business community... I need to ensure that I establish a reasonable fee for access to quality business network connections and research information, and the thought just struck me... what is the cost of not knowing..?

What a great question... what is the cost of not knowing..?

Get the answer to that right and you can make a fortune in the information business.

Let's say that you were paddling down the Rio Parana (a little metaphor for your River of Life)... with no map... and you come across a fork in the river. You have to decide whether to go left or right. On the island creating the fork, you see a little Brazilian urchin with a lemonade-type stand. Above it is a badly-spelt notice that says IFORMACION $1000.

Would you pay to find out what the information is..?

Or would you choose a path and keep paddling..?

What is the cost of not knowing...?

Well, what if 200 metres around the corner you were sucked into the pull of the Iguassu Falls..?

What is the cost of not knowing... NOW..?

But, what if you chose the right course and travelled along your way blissfully unaware that you were ever in any danger.

As I think about it, I am beginning to answer my own question.

To the person being swept over the waterfall... the cost is priceless... he WOULD have paid anything for the information... but now it's too late. He paid nothing and paid the highest price.

So, the right time to establish the price was at the point of highest need to make a decision.

The paddler needed to be educated on the need. The young Brazilian urchin needed to create a need, an urgent desire for the information.

Like a sign that says 'Choose the wrong course and you DIE... choose the right course, you LIVE... for $1000 I have the information you need'.

Would you pay it..? Maybe... maybe you'll try to bargain the price down. But, I think, at some point.. I'll pay something if I am educated on the cost of not knowing..!

So that answers my question... what will people be prepared to pay for information..?

It's all about marketing... creating a need... stirring up a desire where it didn't exist before... :-)

I found some interesting thoughts on these three weblogs... which might stimulate some further thinking. Although I wonder if academics can ever come up with a real-world business solution for anything... have a look at what I mean.

http://blogs.salon.com/0002007/2004/03/18.html

http://www.elearnspace.org/blog/archives/001576.html

http://ondecidingbetter.editthispage.com/2004/01/22

Cleaning out my PC took longer than I thought... very frustrating... I WILL share the links I have picked up to help me get back up to speed.

In the meantime... a significant UN report claims: 'Almost 21,9 million South Africans live below the national poverty line of R354 a month.'

Said one commentator, "..the number of South Africans living below the poverty line of R354 in 2002 is still almost half of the total population."

Excuse me while I THINK about this... something has to be done... any ideas..?