Archive for the 'Business' Category

What Long Overdue Tasks are Holding Your Business Down?

Tuesday, July 18th, 2006

Running a business is a crazy experience at best, with a billion things happening at any moment. Despite great time management techniques, impeccable organization, and 12 hours of dedication a day, stuff that should be done tends to slip by when its not urgent. Some things you never do get around to and they become hidden friction slowing your business success down.

Perhaps your website still talks about a business location or product that no longer exists or the design needs a facelift? Maybe your bookkeeping need to be updated, preventing you from seeing the sales information you need? What ever happened to that fantastic sales letter you were going to write? Why haven’t you signed-up for that training course that will allow you to offer a new service? When’s the last time you have tested new marketing copy? Have you backed up your data lately?

Devote some time this week to air out the closet and take a very close look at all aspects of your business. Catch those missing items that could be turning customers off, undermining your sales, or waiting to cause a disaster. Something as simple as an outdated copyright date on your website can needlessly hurt your professional image (I’ve been bugged many times about forgetting to update this). Make a nice list of everything that needs to be done and then incorporate the tasks into your action items for the next week or two.

This is a project that I’m participating in this week too. Here are just some of the items that I’ve caught:

  • Update About and Contact pages on this blog.
  • Transfer all domains to my main registrar account.
  • Enter last two months of PayPal transactions into accounting software.
  • Check all websites for outdated information.
  • Try several optimization ideas.

What weights will you be taking off your business this week?

Bag the Elephant: How to Win and Keep Big Customers

Sunday, July 16th, 2006

Reading is key to having new ideas to fuel the expansion of your business. I currently have 30+ unread business books that I’m slogging through, many of which have provided me terrific ideas to utilize in my business. Sometimes I come across a book that I feel is worth mentioning on this blog, and having read Bag the Elephant by Steve Kaplan I can happily say that this is one of those books.

The book is all about the dream of many small business owners - bagging that large corporate customer that will provide steady revenue and skyrocket the growth of the company. Through 200 well-written pages Kaplan presents a practical plan for doing just that. He demystifies the process involved from start to finish in a blueprint that any small business owner can follow, spelling out the big and small points of interacting with a giant company and its bureaucracy.

What really sold me on this book and the techniques inside is the practical approach it takes. Kaplan has bagged his own elephants, with the first ever being Proctor & Gamble. He draws on this experience heavily within the book, with the Proctor and Gamble account being the focal example as Kaplan lays out his plan. In addition to the usual high level business recipes that business books love to provide, he shares indispensible tricks that he picked up along the way such as the time he got his status upgraded from supplier to contractor to get his own security badge (allowing him to setup and attend meetings far more easily than the competition).

It goes without saying that a truly large contract is a breakthrough for a company and properly managed it is the start of a truly booming business. This plan provides an amazing playbook to draw from to accomplish this and to do so without collapsing the company along the way. Kaplan makes sure to cover how to manage the relationship and the critical mistakes people make that could cause the deal to destroy them. Everything within the book is highly readable too, making it one of the scarce non-fiction books that are hard to put down.

I highly recommend picking this title up as I can’t imagine any business owner not being able to learn a significant amount from it, whether you are eyeing your first elephant or are looking to expand your impressive client list.

Mind Mapping: A Powerful Technique For Business Planning, Taking Notes, and More

Saturday, July 15th, 2006

Two months ago I was introduced to a fascinating technique called Mind Mapping. This is a rather unique way of arranging ideas visually which makes it very easy to understand, work with, and expand on complex data. I have been using it extensively in business planning and software design, and that’s only the tip of the iceberg for a technique that can be used to take effective notes in class, plan events, manage your personal life, plan out a resume or novel, organize feedback, create documentation, establish goals, and so much more.

A picture is worth a thousand words, so here’s an actual mind map:

Mind Map Example

Click for a larger version. This is a sample map of the college application process, courtesy of the Mindjet mind map library.

Mind mapping is very simple and has the following general structure:

  • Start with a single central topic.
  • Create topics around the central topic and connect back to the central topic with lines.
  • Each topic can have its own topics branching out.
  • Symbols and images provide additional information.
  • Notes can be added in a callout balloon form or another technique you prefer.

Doing this on computer is great because any good mind map program will continously re-arrange the map to fit all the topics that you are adding. If you are drawing it then you have to make sure to leave enough space to come back and fill in topics. Mind maps are highly visual so having an aesthetically pleasing technqiue or a highly graphical program is a tremendous bonus.

So What’s So Great About This?

Mind maps make it mentally easy to work with large sets of information. Rather than presenting a linear list (which creates a false hierarchy between items on the same level), it creates a balanced set of topics with only their real hiearchy represented. Other articles can do a better job of explaining the scientific theory behind this, but from personal experience I can attest that this is a far easier way to ingest the information presented.

This non-linear representation also applies to how a mind map can be filled out. Topics can be added anywhere as the map grows, creating a wonderfully flexible system for brain storming, taking notes, or creating outlines, all of which are processes that the brain doesn’t perform linearly. To see the difference try out mind maps then try using lists in a word processor for another exercise.

The freedom to add images, icons, and notes allows a single topic to be assigned significant meaning. In the case of computer software, topics can contain entire paragraphs tucked away behind a “has a note” icon, provide links to web pages, and even contain checkboxes to indicate completion. It’s a very flexible format that encourages creativity.

The Business Advantage

Mind maps can be applied in many business scenarios since they are perfect for mapping out a thinking process. From effectively organizing information in a meeting, finding the right vendor, or mapping out the company vision, the technique works. It’s no wonder that the commericial mind mapping applications are so expensive. Customers are corporations that can afford the price tags thanks to the benefits that the technique provides and a lack of lower-priced competition with the same additional features.

I have a lot of gripes with the traditional business plan, including the very structured and linear nature of the usual template. A huge mistake is trying to fill this thing out directly, and having attempted this many times I’ve decided that it’s just not possible to do so in a way that has substance. Such business plans are really just the executive summaries of a long process. It’s what you show to potential investors or your banker. So how do you actually put together the information that will eventually be placed in the Generic Business Template? Mind mapping is one such effective way.

It’s not difficult to imagine how you would layout a business plan with a mind map. Your central topic is your company name, and the next level of topics are all the usual business details:

  • Values/Mission
  • Product/Service
  • Market Research
  • Competition
  • Marketing
  • Sales
  • Operations
  • Human Resources
  • Financials

Each of these would then have as many of their own topics as necessary to map out the business plan outline. You can attach notes and images as you see fit to create a meaningful outline for yourself. You can then turn it into a traditional plan for your banker, but feel free to refer back to the map itself for your own planning needs.

Note: I would attach a vision statement of the business directly to the main topic as a sort of subheading, since everything that branches out from the main topic is being driven by this statement.

Mind Mapping Resources

To learn more about the technique visit some of the links below:

Wikipedia Article: good overview and contains a great list of available software.
Innovation Network: article that demonstrates mind map technique step by step.
Mindjet Library: tonnes of sample maps. Requires the Mindjet software, but the reader is available free. This is a great place to get ideas on how to use mind maps.