HONESTY

Say you're at a small dinner party.  You introduce yourself to your dinner companion.   She tells you she’s a doctor. 

As you chat each other up you're developing an overpowering urge to ask a personal medical question.  Before the chocolate tart is served you’re describing the itchy rash on your left arm, or if the humming in your right ear deserves medical attention.     

I’m no doctor but that scenario pretty much describes my life as a lifelong entrepreneur and micro business consultant. By the time I've graciously accepted the extra scoop of vanilla bean ice cream on my tart my dinner companion is talking about small business issues or an entrepreneurial idea. 

Not a problem; it’s a conversation I love having.  But because I have it so often I’ve for certain noticed patterns.

For instance; one is about money.  Usually it’s money versus social mission or social consciousness. 

Take last weekend. 

While listening to voicemail I hear the sweet voice of one of my really good girlfriends.  Apparently she’s had some fabulous “light bulb” of an idea and she’s simply bursting to share it with me. 

I can tell by her energy she’s not wanting “friend Penny” to return this call.  Instead, she’s dying to talk to Penny; the small business consultant.   

I return her call. She shares her idea.  As it’s explained the idea sounds totally mission-driven.  Basically it’s an idea that works to bring solution to difficulties and hardships within a population. 

So I start discussing for-profit versus nonprofit organizations.  I’m having conversation around using surplus revenue to achieve social goals rather than focusing on distributing profitability.                

I’m knee-deep in that conversation when I hear verbal bits and pieces coming from her that start sounding much more like dollar desire rather than the initial conversation focused on a people-helping-people program.

I have this conversation a lot. 

And I hate to admit it but it’s usually from women. 

For some reason we're still hesitant to admit we're as profit-driven as the next person.  And even when we are interested in assisting those in need, we want compensation for our effort. 

And the sad reality is that until we're able to own it (our money love,) we won’t be able to create it.     

Want to know the easiest way to resolve the profit/nonprofit problem and move forward on your business planning?   

Ask yourself a simple set of questions. 

If you received no financial compensation would you still do the work? 

Which comes first on a priority list; COMPENSATION or CAUSE? 

Let’s say there’s a nonprofit that already exists in your area of interest.  Could you simply volunteer your time?  Or would you still need your startup?     

If you never made a penny from your effort, would the idea still be exciting for you?    

   

Why Business Plans Don't Work

The easiest way to make a business plan work is by working a business plan. 

That sounds simple. 

Until we remember that the fastest way to guarantee a diet will work is by working the diet.  The easiest way to write a book is to write a book.  And the easiest way to get in physical shape is by getting in physical shape.

All this makes us remember we don't do that execution part so well.

It seems that when the excitement around growing a business (or losing weight, or writing a book) starts to wane, discipline needs to kick in.

And that’s usually the kicker.   

I've been in the business of writing business plans for a couple of years now.  About 6 to 8 months ago I noticed a disturbing trend. 

My clients would be excited as I handed over the tightly-bound body of work, along with the thumb drive, containing their strategy for growth and profitability.  They were impressed with the sheer size of the finished document and realized that all of our meetings matched to all of my research and creativity had coalesced into this personal, particular strategy. 

But my guess is that as they read the plan they realized that I’d not handed them magic.  Success was not going to manifest by clicking their heels three times.    

On the contrary, with plan in place it was now time to roll up their sleeves and start the real work of growing a business.

And it’s at this point they meet with frustration.

Because the hardest part of any journey is the first step.  

I personally think it is part self-discipline and part prioritizing that fuels the inertia. Also many of the business plans I write are for clients that have busy businesses already and are looking to expand that  business – time may be an issue as well.      

So I came up with an idea.  I now add a separate document to every business plan I write and deliver to my clients.  I call it an Implementation Timeline.   

This implementation tool is the step-by-step blueprint that executes the plan and turns those financial projections into real cash. 

It’s very much like giving your day structure by creating a prioritized “to-do” list; an implementation tool will give you daily direction. 

Not sure how to create your implementation tool?

Try starting with your marketing objectives.  Your marketing objectives represent your success path. So when the objectives are satisfied through a step-by-step plan it’s reasonable to assume you have manifested your projected revenue. 

Ask yourself a series of questions to start creating the tool.  What do I need to do (every single step.)  When do I need to do it?  Who needs to help me? What resources do I need?  Etcetera 

Creating an implementation tool is arduous work.  But if you take the time to create the tool and the discipline to work the tool you're rewarded with success.

And, after all, wasn't success the whole point of writing the business plan?        

Run Your Own Mile

What does “one-off” mean?? 

My friend Tony was sitting in the Dallas airport and read a couple of articles on women and entrepreneurship.  Which made him think of his favorite entrepreneur; me!  So he sent the links. 

I just opened them.  One is on the top 25 women of Twitter – all looking very white and very professional. 

The other link was an article called Startup Diaries.  It was about an entrepreneurial woman who'd just won IBM’s Smartcamp in Dublin.  The article tells us that winning will help seed fund her company.  

So I'm reading this article and Vicky (owner of the winning company) states that because of her goals (“to build a high growth, global business”) she needs support that is beyond “one-off” technology boot camps.     

I stop reading and Google, “one-off.”  Turns out it’s chiefly British.  And it means something that is not repeated or reproduced; happening once.  So in regular speak, she needs more than a one time technology instruction to grow her global company.    

Sometimes when I’m simply living my fairly unglamorous day-to-day existence; attempting to grow my business and service my clients I am not motivated by these articles.  Actually they can be a little bit of a downer.  

How can I possibly “win” when I don't even know the vocabulary?  

But then I am reminded of the “rose-colored glasses” phenomenon and that these articles are never the whole story. 

Maybe even more importantly I draw back on what my wise son once said in reference to exercise, “Mom, don’t lose you in what other people are doing.  Run your own mile.  Stay in your own lane.”  

Sage advice.             

Conflict and Cash

Scenario One 

I decided that Pinterest might be a good platform for my consulting business MARGIN.  So I added a board I named, “FOR THE ENTREPRENEUR.”     

On my personal boards my pins consist of things I liked or objects of desire. 

But with the entrepreneurial board I pin consciously because the pin is meant to share useful information.  Curated from corners of the web I attempt to pin material that is inspiring, profit-generating, motivating, problem-solving, strategy building and at the same time, visually entertaining.    

On the other hand I have a friend who is the queen of the “repin.”  Never leaving Pinterest to find board content - if she’s not seeing it on Pinterest already you won't see it on her boards.  Her effort is minimal, but she is quickly gaining momentum and her following is rapidly mounting.     

Scenario Two

I’m involved in a 13-week webinar supported by a nationally known nonprofit association.  Our instructor who owns her own consultancy is excellent as she plows through tons of information and online marketing concepts. 

Last week we spent a good amount of time discussing blog posts.  During that discussion she said something that had my full attention.    

She said we all get stymied occasionally when it comes to post topics.  Her suggestion was to find a relevant online article.  Copy and paste it as your blog entry while giving full credit to the original source. 

Next edit the article by giving it a new title and subtitles that enhance or optimize your website.  Add your name, address and phone number (nap) at the end of the post.  Blog post finished.  Done in less time than it takes to let your fingers find the home keys and create that snazzy new optimized title.   

Confusion/Conclusion

I’ll admit to being just a little confused and disillusioned.  I’m looking for balance. . .and I'm not sure I'm finding it.   

Surely there’s value in the repin; you're sharing information with a new group of friends who possibly couldn't find the info on their own.  But never to take the journey beyond the site in search of fresh content doesn’t feel right either. 

The same goes for the cut-and-paste blog post.  Certainly there’s room for borrowing and sharing content, but I thought the whole notion of a blog was a platform for original thought. 

I know an artist with a form of Muscular Dystrophy who still pushes through the stiffness in her hands to create her striking black-and-white illustrations.   

With razor-sharp scissors, and an eye focused on perfection, my barber takes an hour trimming my hair making certain I leave with a perfectly sculpted afro.  

I know bakers who talk all day about whether they should use Mexican or Madagascar vanilla in their delicious, from scratch, cupcakes. 

And I know results-driven consultants who work tirelessly to deliver original product that gives clients innovative, solid strategies. 

Are these craftspeople relics?  Is it all about the shortcut; has the scenic route been oversold so much so that it’s lost its value?   

I suppose it drills down to a personal inventory.  How do I want to make a living?  What values and beliefs supervise our behavior and become our guiding light?      

As usual there’s no right and wrong.  And for certain on this one I don’t know the answers.   I'm just asking the questions. 

   

Getting Rich is Easy

I travelled back to Austin late last Wednesday after a week-long trip that combined responsibility with a little relaxation. 

On Thursday I unpacked my suitcase and attempted to readjust to the screaming, oppressive moist heat of July in Austin.  In the late afternoon I was so totally wiped out I fell asleep in my desk chair almost slamming my head into the computer.  Decided it was time for full surrender so I took a two-hour sofa nap. 

By Friday I'd beaten the heat and the fatigue and was back to my early morning exercise routine.

But something else was going on and I could feel it gnawing around my emotional edges.  A dull flat feeling was starting as an internal whisper.   I know from experience if left to idle these random downer feelings will quickly develop into a full-fledged existential crisis and a real confidence killer.   

It was time to change the state of my inner entrepreneur.    

In my younger years I used to coddle these negative feelings by feeding them big doses of “victim talk” and washing it all down with cups of extra-hot Earl Grey tea.  Now I take charge by becoming my own “tough love” coach. 

Here’s my prescription for squashing the funk and getting back to feeling fine.  And the good news is it takes just a little time to make a world of emotional difference.

1.  Shift your focus by listening to your favorite motivational speaker.  Even though I love people like Tony Robbins, Zig Ziglar, the late Jim Rohn and the phenomenal Les Brown – the “who” really doesn't make a difference as long as they inspire you[1].       

2.  For times like these have at your disposal a stimulating, encouraging prayer, meditation, verse, or poem that you read aloud as many times as you need to.  You'll start feeling the feeling.

3.  Movement and posture seem to be important to the process.  Sit up straight.  Stand up tall.  Go for a short walk/run/bike/swim. 

But there’s a key to changing your emotional state. . .YOU'VE GOT TO DO IT!  

The motivational speaker Jim Rohn does this funny thing when referring to getting things done, making money, or living the life you desire. 

He’s says it’s easy to do it.  But it’s also easy not to do it.  The things that are easy to do are also easy not to do. 

I mention this because it’s easy to change your state.  It’s also easy not to change your state.  It’s easy to feel vibrant, full of expectation, excited about spotting possibilities and seizing opportunities. 

On the other hand it’s also easy to feel victimized, disappointed and confused.  And it’s even easier to stay in that energy while you attempt to “figure out the problem.”     

Vibrant and alive versus confused and depressed.

You decide which “easy” you want to live. 

---

[1] Have to give a shout out to Tony however – he talks a lot about changing your emotional state.    

What’s in it for me?

Sometimes I see websites with cute names and clever taglines.  The homepage is emblazoned with company copy; telling the visitor what awards they've won, how excited people  are with their services or how to find them all over the web.  They graciously invite us to sign up for everything. 

But I can’t or I won’t sign up until I figure out what’s in it for me. 

And this is the sales thing.  It’s so easy to forget that we're attempting to promote and sell our product to humans.  And as humans one question reigns supreme; how are my needs being met?  

It’s all about self-interest.  So where we love the pretty colors and clever company names it’s not enough. 

You'll get your target market’s attention if you remember to sell the benefit, not the features.  I know that’s really old school but it’s also proven.  Make the case to your customer or client that they'll feel smarter, healthier, prettier or wittier with your product or service and they'll follow your lead. 

Indulge me as I throw out one more pertinent old school adage; “Don't tell me what you do, tell me what you can do for me. “  

Hiding in plain sight. 

Now, let’s talk about finding your audience. 

I have a new entrepreneurial group I want to serve.  I have the information they desperately need and can deliver that information in a communication style that connects.  But I'm not certain where they hang out.  

How do I find them and grow the market? 

It’s really very easy.   Find someone within the market and ask them where they go for information.  Where online?  What magazines?  Radio stations, etc.  Interview people within the market and they'll tell you all you need to know.   

Then plant your seeds in that soil and prepare for a harvest.   

Resist Temptation

There are so many gigantic decisions to make when you're in business it’s easy to go into overwhelm.   You probably have tons of examples but let me paint a picture.    

Let’s say you need to make a decision on something as important as a lease.  You see an appealing space but can't decide if the location works or if the square footage warrants a five-year commitment. 

You're thinking it might be a good strategy to share the space with other entrepreneurs especially in the beginning but you’re a little uncertain with regard to the type of arrangement you desire.   

It might also be a good idea to get a contractor in there to look at the space before you sign, especially because you're a little concerned about the leasehold improvements.  The landlord said she'd give you two months free for leasehold but still you're uncertain even about that deal. 

You're stressed, bewildered, crazed.  At times like this it's tempting to go shopping. 

If you're a baker you go to the nearest restaurant supply and buy stuff.  Baker’s racks, sheet pans, and bundles of boxes.  You make jewelry?  You need more wire, more glass, more everything.  Or you're a service business then let’s just go into the Apple Store and see what new piece of technology is promising magical returns.     

It’s really easy to rationalize this type of runaway spending.  You need this stuff.  Maybe not today (or tomorrow) but certainly the way your business is expanding it will all come in handy.  Right?

Well, wrong.  We've all done it.  But the net, net, net of this situation is that it ties up valuable cash.  And we know cash is king. 

When we're stressed and can't figure out the next right thing to do we have a tendency to zone out and do something that makes us feel in control.  But don’t find the false feeling of control with your wallet. 

In the long run it only serves to tie up your working capital.  So while you're in this fragile state of mind its best to stay away from the shops that carry the supplies and small equipment, the costly promotional items or the fun phones.   All that spontaneous spending may results in unnecessary inventory or needless gadgets.  Neither of which will pay the rent.   

Maybe I can help with the stress.  Well, not really me, Chip and Dan Heath.   These are the same guys who brought us that wonderful marketing book; “Made to Stick,” which is still in my Top 10 list of business books.  This is their newest title:

This should help but if it doesn't I have one more suggestion.  Change into your exercise gear.  Strap on your running shoes and go for a run.  It’s guaranteed to clear your mind and possibly allow the right answer to expectantly pop in.