Will You Add? - Business

Using Strategic Thinking for Global Entrepreneurs - Nu Leadership Series
“Too many leaders act as if the sheep... their people... are there for the benefit of the shepherd, not that the shepherd has responsibility for the sheep.” Ken BlanchardHow does a small business owner strategically expand his business for a global market? Are international markets only reserved for larger companies? Clearly, this issue of expanding into international markets is not easy nor cheap. I read an interesting column on this subject by Jim Hopkins in USA Today. He provided a good case of why it is possible for small businesses to expand internationally.Although I supported his position, I felt some vital factors were missing. His column showcased a list of small business successes. I agreed with his list, which included outstanding entrepreneurs, such as Oprah Winfrey and Bill Gates.Some readers may view these success stories as mere luck. This perspective would not be true. However, these individuals were slaves to their visions. Successful entrepreneurs think strategically when engaged in a global environment.Many of these famed business owners started with smaller organizations. Today small businesses are experiencing the realities of a slowing economy. According to a 2004 Small Business Administration (SBA) study, 580,900 small businesses opened in 2005, and 576,200 closed. The SBA noted that 67 percent of these new companies were able to survive at least 2 years while 44 percent survived at least 4 years.Exemplary organizations think strategically. Recently, my consulting firm, PMLA, released the results of a qualitative study to examine better ways of improving the success rate of small businesses in the public sector. Case examples of four successful companies involved in contracting with the federal government were evaluated.The study revealed four critical tasks necessary to achieve a competitive advantage: (1) inspire vision, (2) define core competencies, (3) apply strategic thinking, and (4) connect with employees. Therefore, successful entrepreneurs move beyond good planning to a strategic thinking mode in order to sustain and grow their businesses.Reference: Hopkins, J. (July 31, 2006). Ready to start your business. USA Today. Small Business Section.© 2006 by Daryl D. Green

ry quickly lose credibility. Keep in mind, that this loss of credibility will also carry over to future press releases. Journalists will remember a source. They will remember a name. They will remember a web site. If you leave a bad taste in their mouth, they will remember this experience. This means the next time you submit a press release, which may be accurate the second time around, will not be looked at by a journalist that remembers you as someone that will embellish a story. Do not embel

Merchandising To The Trysumer
It’s hard to remain immune to the sheer abundance of choice that we have. The era of affordable luxury ushered in by Target is now in full swing. H&M slashed the price of runway style, IKEA allows everyone to have a full house of furnishings, and what we can’t find around the corner is available 24x7 on ebay.All this cheap chic is creating a wave of consumerism that is based less on passion than experimentation. If individuals are on the fence about that ensemble and its price is right, they’ll buy it, more than willing to abandon it if it doesn’t work. The search for love is being replaced by the search for new.Welcome to the era of the Trysumer. According to “Trendwatching,”“Freed from the shackles of convention and scarcity, immune to most advertising, and enjoying full access to information, reviews, and navigation, experienced consumers are trying out new appliances, new services, new flavors, new authors, new destinations, new artists, new relationships, new *anything* with post mass-market gusto.”This kind of purchasing ushers in a new era of selling. Lifestyle brands are used to high-styled photography as the mainstay of their advertising. But Trysumers are more likely to respond to marketing that lowers the barriers of decision for a quick purchase. Trysumers will respond to retail experiences that allow them to try out products before they actually buy them. Welcome to sampling as a traditional advertising medium.Retailers can easily take advantage of this trend in-store, but at NYCA, the full-service San Diego-based marketing agency where I am vice president/director of strategic planning, we know there is much a retailer can do with the marketing mix to make sure Trysumers are engaged. Bag Borrow and Steal’s whole business model is based on the bet that consumers will rent designer handbags at a far faster rate than they’ll purchase them. If a customer likes a certain bag, she can purchase it at a “used” price. Sephora opens the cosmetic world for customers to try any product they wish on their own terms before making a purchase. And pop-up retail formats are opening to give fashion brands a sense of showcasing parts of the product line as a way to give consumers a taste of what the flagship stores are actually like.The online world is proving to be a very efficient way for Trysumers to get their information fixes. You can “try on” new clothing or styles in SecondLife, and even though an avatar is nothing like a real body, the sense of interaction with a brand is tangibly there. The myriad of consumer reviews allow consu

Section 1 – Content is Key
We cannot stress enough the importance of a well written press release.

While you are writing your press release, keep your target audience in mind. At the same time, keep in mind that part of your audience will be an editor, reporter or journalist. This is important as these are the individuals that if they like your story, will publish it giving you another arm of exposure.

Ensure that the first paragraph of your press release answers the important questions such as Who, What, When Where and Why. You have one sentence not to loose the editor/journalist.

The content within your press release should be accurate, easily readable and to the point. A well written press release does not need to be a novel. Remember the point of a press release is to entice the reader or journalist to contact you for further information. You do not need to tell your Companies entire life history. In fact, shorter press releases (usually between 175 – 300 words) tend to receive more exposure, if written well. Why? Because many trade publication journalists may be looking for a short informative piece of information to fill a spot within a magazine, paper or web site. Have you ever seen short snip-its within the side of a magazine, or down the side of the page on a web site. Guess where the information comes from.

A carefully written and informative press release will be sure to capture the eyes of journalists. Make sure you take your time, and edit your release carefully.

Section 2 – Do Not Embellish or Exaggerate Your Press Release Grammar
As we already know a well written press release, with perfect timing will give you the exposure everyone is looking and hoping for.

Now that you have written your press release, submitted it for distribution and are receiving phone calls and emails about it, you will no doubt have some questions to be answered.

If your press release is written with embellishments, you will very quickly lose credibility. Keep in mind, that this loss of credibility will also carry over to future press releases. Journalists will remember a source. They will remember a name. They will remember a web site. If you leave a bad taste in their mouth, they will remember this experience. This means the next time you submit a press release, which may be accurate the second time around, will not be looked at by a journalist that remembers you as someone that will embellish a story. Do not embell

Who Do You Want to Be When You Grow Up?
When business people converse, the terms “small business owner” and “entrepreneur” are used interchangeably as if they mean the same thing. Yet I discern two very different connotations. Is this a matter of semantics? Or is there an important distinction to be made?According to government statistics, “small businesses” comprise the vast majority of enterprises across North America, most of which close their doors before their fifth anniversary. What is more interesting to me is that I have never seen a government study that discusses the flailing “entrepreneur.” Then again, perhaps the only people who write about entrepreneurs are entrepreneurs.I have an admission to make. I expect less from a small business owner than I do from a self-proclaimed entrepreneur. Think about it this way: if you were just introduced to someone at a local networking event, and he asked what you do, which of the following answers are you most likely to give?“Hi. My name is Joe. I’m a small business owner.”OR“Hi. My name is Joe. I’m an entrepreneur.”The first statement feels a bit more comfortable, doesn’t it? The second one, however, conveys a forthrightness that seems to presuppose a certain level of professional achievement. It is too bad that so many “small business” people are reluctant to admit as much to themselves or to their colleagues.Yet the presupposition of success—to know precisely what “success” looks like and then to act as if you have already arrived—is precisely what separates the boys from the men. While everyone around them is obsessing over interest rates; while their cohorts are fumbling over new legislation; while the competition is cutting prices hoping to win back customers; and while the world stands agog, entrepreneurs forge ahead as if such matters are but trite inconveniences. They can afford to do so because their professional endeavors were never predicated on the status quo in the first place.I think there is an important lesson to be learned here. If you operate a “small business,” you must eventually decide who you are going to be as you walk in the world, as you sleep at night, as you transact with clients, and as you talk about what you do with your friends and family. For the world will reflect back to you whatever you expect it to. When you expect the status quo, you can do nothing but plan for and allocate resources to facilitate the status quo. You will become the quintessential, anonymous small business owner who eventually shuts his doors after discovering that the status quo genera

nt questions such as Who, What, When Where and Why. You have one sentence not to loose the editor/journalist.

A carefully written and informative press release will be sure to capture the eyes of journalists. Make sure you take your time, and edit your release carefully.

Now that you have written your press release, submitted it for distribution and are receiving phone calls and emails about it, you will no doubt have some questions to be answered.

Reaping Profits Through Advertising
The consumer today is bombarded with a wide range of products and services. With the concept of globalization taking root and a firmer shape with the changing times, the options that a consumer has are unlimited and mind-boggling. And of course each entrepreneur strives to provide the best possible deal that he can for the consumer, thus making a decision becomes even tougher for the consumer. As a result, the best and the only way of dealing with this uncontrollably mushrooming competition is by devising a proper strategy on how to advertise your business. Again, with the various options available in terms of the advertising medium deciding how to advertise your business can also prove to be a difficult decision. At the same time, with the increasing accessibility of the Internet, entrepreneurs can now tap markets that were not accessible so far.Advertising online versus classified ads To truly capitalize on the increasing Internet usage you can opt for advertising online and can devise an effective online marketing campaign. In fact advertising online, that first started as a trend, has now to a large extent become an absolute necessity as the reach of the internet is much larger than that most of the other advertising mediums. In fact, till a few years back a classified ad was considered the best means of propagating business and increasing returns but that assumption has now altered. With the changing economic scenario and the easy accessibility of the Internet, the number of entrepreneurs advertising through a classified ad is gradually declining while advertising online is gaining popularity, across the world.Understanding classified ads and the advantages of free classified advertising As mentioned above, newspaper classified ads, till some time back were considered as one of the most effective means of tapping the market potential that was available. Newspaper classified ads actually help an entrepreneur to tap the local market and are thus highly targeted. More importantly, an entrepreneur needs to understand that if newspaper classified ads are designed after a thorough study of the market, they still hold a mass appeal. A number of newspapers also offer free classified advertising packages and schemes, to attract advertisers.Free classified advertising can be a very good means of communicating with the consumer if an entrepreneur is only looking at local markets. At the same time, since a large number of companies would try taking advantage of the free classified advertising opportunity, the advertiser would have to ensure that his camp

rds) tend to receive more exposure, if written well. Why? Because many trade publication journalists may be looking for a short informative piece of information to fill a spot within a magazine, paper or web site. Have you ever seen short snip-its within the side of a magazine, or down the side of the page on a web site. Guess where the information comes from.

A carefully written and informative press release will be sure to capture the eyes of journalists. Make sure you take your time, and edit your release carefully.

Now that you have written your press release, submitted it for distribution and are receiving phone calls and emails about it, you will no doubt have some questions to be answered.

Become A Professional Life Coach
No successful football team can function without an effective coach—and, increasingly, businesses are finding that they cannot prosper without a coach guiding their path. The same philosophy holds true for individuals who believe that they need a strong coach to help motivate them to make the most of their lives.Because of this, individuals with an entrepreneurial bent are increasingly turning to business and life coaching as a full-time pursuit. Not only can they derive great personal satisfaction by encouraging business professionals, busy moms and dads, and marriage-minded singles to strive to attain dreams—they can also earn an impressive income doing it. The International Coach Federation estimates that full-time business and life coaches can now make more than $100,000 a year.Since the field of business and life coaching is in its infancy, there are no distinct rules concerning educational requirements—although, generally speaking, a successful coach must have at least a bachelor’s degree. Obviously, the higher your level of educational achievement, the greater the demand for your services. In addition, accredited coaching programs offer certification for individuals looking to enhance their credentials.Professional coaches help to motivate individuals to set attainable goals and to accomplish tasks. They are skilled communicators who are part cheerleader, part drill sergeant. In addition, they can help people to find their passion, whether it be in business or in recreation. Areas of interest for professional coaches include helping to instill leadership skills in others, helping to guide individuals in their personal relationships, and assisting people with financial planning.Those who go into the field of personal coaching find it to be an incredibly rewarding experience. It’s often a way for individuals to give back to their communities, helping both business owners and heads of households to be happier, more productive people.

dit your release carefully.

Now that you have written your press release, submitted it for distribution and are receiving phone calls and emails about it, you will no doubt have some questions to be answered.

Four Steps to Better Performance Reviews
Direct reports—people who need direction and leadership—rely on their leaders to give them feedback and mentoring, not just management and evaluations. However, these people who most need their boss’s help frequently lack the guidance that would enable them move to the next levels of success—theirs, their team’s and the company’s. Too often leaders are not prepared or trained to conduct an appraisal that stretches performance and ensures their direct reports’ development. Instead, the appraisals become confrontational and judgmental; goals are not clear; neither person is prepared; and the discussion occurs when it’s too late to do anything about the problem. Today’s organizations demand more from their leaders. Therefore, a well thought out performance appraisal system, clear expectations, reviews that inspire, and action plans are critical to the individual’s and organization’s success.Create the SystemThe advantages of an effective performance appraisal system are many: better performance, improved relationships, coordination of personal goals and business objectives, identification of high potential individuals, and justification for monetary rewards. However, much depends on the efforts that go into crafting the system.The first step is to have clearly defined job descriptions that specify the tasks, functions, and responsibilities of each job. What does it take to do this job right? What are the success indicators? What are the derailers? Answers to these questions form the foundation for deciding behavior-based competencies for the particular job, the area of the organization, or the company as a whole.Many organizations start by defining roles and responsibilities as they relate to the level the person holds in the organization: executive, manager, or employee. Other companies choose competencies that address certain areas of the organization, such as accounting, manufacturing, human resources, or sales. Once decision makers decide how to measure performance, they are ready to identify specific behaviors that demonstrate competency in relevant areas and to choose the scale that makes sense for them.Usually competencies relate to one of four areas: ability to get results, capacity to form relationships, decision making, and leadership. Specifically defined competencies might also include business acumen, customer focus, coaching, integrity, vision, communication, teamwork, flexibility, technical skills, and innovation. Once the company decides on 8-10 competencies, the next step is to establish the rating scale.T

Make sure if you are using facts and figures to enhance your story, that you provide sources of these numbers where you can. The reason for this is simple. It adds credibility. If you publish figures or information, even though the information is accurate, people may go with the theory “it must be to good to be true”. Again, although completely innocent, may lead to appear stretching the truth. And again, this will lead to your press release possibly being overlooked in the future.

If the information is true, and you cannot back it up, if possible go conservative and inform them when they contact you. This may not always be possible, but remember, you do not want to turn a journalist/editor off.

Section 3 – Grammar
Please make sure that your press release has been read, edited and re-read before submission. A poorly written press release will be a very fast turn off for any journalist or editor. A poorly written press release will also be a negative reflection for any Company.

By doing so, you will be able to catch any grammatical errors. Although some of the best writers will occasionally miss grammatical errors or typos, by making sure you read, edit and re-read your press release, you drastically reduce the chance for error.

Print your press release. By printing your press release and reading a paper copy, you are more likely to catch any errors. This works great for press releases that may be a little on the longer side.

Perhaps have a coworker or friend review your press release. Sometimes another set of eyes may catch an error. Although you may have read and re-read your work, sometimes when you are extremely focused, you may tune an error out.

Wait until the morning and re-read your press release. You would not believe what a difference a night of sleep can do for you when you are writing. When your bright and fresh, re-read your press release to ensure that it is exactly how you wan

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