New York State Fair Advice
Like thousands of New York State citizens, I made my annual visit to the Great New York State Fair this weekend. As a professional event manager, I’m always amazed at this well organized, multi-week event. As a business owner, I’m always keeping my eyes open to learn new business insight from Fair vendors.
Like every year before, my family visited one of our favorite vendors – the maple syrup booth in the Horticulture Building. Not only did I order one of my favorite treats – a maple syrup snow cone – but I noticed how every year their menu gets larger as they diversify their tasty product offerings. You used to only be able to order a maple snow cone. A few years later it was maple cotton candy. This year their expanded menu included maple slushies, soft maple ice cream, and maple ice cream shakes. I appreciate their diversity but found myself overwhelmed with the choices – there were too many great options.
The innovation of this business’ product line has created loyal customers in a market of a thousand fantastic food options. Their expanding product line makes our family spend more money with them every year. Producing quality products – whether they are old or new creations – always draws us back.
Today’s Wednesday Wisdom is to remind you that diversifying your product line with quality items can keep your clients guessing, content and coming back for more. Think about how you can diversify your product or service offerings in the near future.
Inspiration For A Hard Business Day
The beginning of the beautiful month of September inspired me this morning to write an inspirational piece in my blog today. It is meant to inspire women entrepreneurs who just came out of a slower business season; are facing a tough business decision; or are in need of hope to get through the day. I hope it provides peace, wisdom and of course, inspiration, to you today and in the near future.
Surrounding my peaceful home office are seven glorious one hunderd year old maple trees. They bask in the glow of morning sunlight with their rich green leaves bellowing in the breeze. As I gaze upon their majestic lines, I realize they have withstood a hundred years of blossoming spring energy, mid summer warmth, changing hues of autumn and the bitterness of wild winter winds. They have survived the seasons. They are strong. They remain peaceful and majestic through time. They provide witness to those of us who glance upon them that although our personal and professional lives have seasons of renewal, peace, hope and hardship, we will survive and stand majestic in our own rights, ready to face another dawn.
Economic Upswing Advice
Some experts say the economy is showing some signs of an upswing. A woman entrepreneur asked me if this was true what she should be doing righ tnow to move forward successfully. If this is true, what should entrepreneurs be doing to move forward successfully.
In my opinion, whenever there is a major change in the marketplace, I think it makes sense to conduct competitive research to see what has occurred in your specific industry and with your major competitors so you can position or reposition your business. An entrepreneur can investigate if the economic slowdown has affected other companies offerings, pricing, market strategy, and positioning. One might discover other enterprises have implemented creative plans to stay solvent including pricing changes, new marketing angles and innovative services. Some might have closed. Entrepreneurs need to understand whose is still left, what they have done to survive and where they stand in the mix.
A business owner might find they should continue operating the way they have always done business to be successful or they might need to make alterations based on their research. It’s hard to know where you stand unless you do some examination. After you have, you can adjust your business plan and move forward confidently and successfully. Don’t leave yourself guessing, do the research and know for sure.
Personal Attention
When I opened my mailbox today I was pleasantly surprised to find a hand written envelope from one of the colleges we toured the week prior. Our 19 year old tour guide took the time to write my son a personal thank you note. Included in the note was his personal business card in case he had further questions about the college. Not only was I impressed with this young man during our tour, I was equally impressed by the hand written note thanking us for visiting the campus.
The lasting impression of his effervescent personality, knowledge of the campus and follow-up told me this college means business and recognizes the fact a high level of personal attention to prospective students can endear a prospective student and family to their institution and increase their enrollment numbers.
As women entrepreneurs we should remember this example the next time we are courting a prospective customer. Personal attention, going the extra mile to answer their questions and thanking them for their consideration in becoming a client might be just what we need to secure them as a new client – just like this young man and college did for us. When you think about it there really aren’t a lot of bells and whistles needed to seal a deal. Sometimes all it takes is a genuine approach in making your client feel like you value their time and consideration. Showing appreciation goes along way.
Opening The Door
In preparing some really interesting topics for the October Women TIES Retreat, I had a chance to speak to three women who made it into the “million dollar club.” All three performed the same action in order to eventually get into this exclusive club. Although they will talk more about their personal stories and lessons learned in a couple months, what was universal in their growth was the fact they couldn’t reach the million dollar sales figure on their own.
As women we are so use to doing everything by ourselves – we multi-task, we obsess, we perfect, and we work ourselves to the bone thinking we can do the work better than anyone else. We become so use to the pace and demands we put on ourselves, we don’t see we are really limiting our growth.
A universal element in the stories of the women who have reached high levels of success was hiring and transitioning work to a valuable assistant. This one decision was integral in helping them expand operations.
Recently I thought of the old adage, “When one door closes, another door opens,” when talking to a woman saddled with a big business decision. Sometimes we have to close the door on doing business the same way we’ve been doing it for years to move into a brighter future. Walking through a door might be a much easier transition than hiring someone to take over some of our responsibilities, but they both require trust in what lies ahead not dependency on what lies behind.
Change can be scary – hiring someone to help you grow your business might be scary too. But not making the transition can be just as frightening if it means losing market share, clients and sometimes your sanity.
Today I hope you’ll move positively forward through open doors to keep growing as an entrepreneur. You can’t stay behind and hope status quo is good enough – because it isn’t. Entrepreneurship is constantly about challenge. Growing your company means growing yourself and challenging yourself to take the next step you know you have to take to walk into a new space where you can flourish.
Business Success Strategies 13 – 15
Today’s blog focuses on the last three pieces of advice to share with women entrepreneurs striving to succeed in business. These are the last of the fifteen success strategies that helped me grow and sustain my fifteen year old event management company, Five Star Events (www.five-star-events.com). I hope you find them useful in helping you grow your own enterprise.
Keep Your Prices Right
Over fifteen years I have altered my event management prices to reflect changes in the economy, adjustments to competitors and alterations in my budget. There also came a time when price increases had to stop in order to stay competitive in the marketplace. A wise entrepreneur must be diligent in analyzing their profit margin, understanding the ever-changing business market, and knowing where the best price point is for their customers.
Collaborate
I’ve always been an independent thinker and someone who achieves a great deal of work in a short period of time. Collaborating on events or projects with other individuals was something I shyed away from until a couple years ago. Now collaboration is something I embrace with the right people and with the right business purpose. Realize when opportunity knocks and seize the chance after evaluating the pros and cons of the opportunity. Not every proposal will be the best one for you and your company, but sometimes the right one can open up a world of great financial rewards and corporate growth.
Be Inspired
Less than a year ago, I realized women more than men love to be inspired. We thrive on inspiration. It’s one of the reasons I use the word so much when I refer to Women TIES. I haven’t found a man I could inspire yet – not even my husband or sons – but I sure have found an amazing amount of female clients and associates I could inspire. Realize that not only is it important to inspire others in your work, but take time to be inspired. Inspiration opens up the mind and soul allowing us to think creatively and expand the possibilities that lie in front of us. Sometimes it helps to inspire us to keep running our company for another 15 years!
The Power of One
As I strolled along the beautiful grounds of a historic institution listening to the peppy admission counselor frantically give a presentation on college life there, I became frustrated at the rushed pace and the fact our guide didn’t realize she had the power of selling a $45,000 a year transaction to a group of parents and prospective students. After the rush of the tour and not feeling like we saw everything there was to see, my son and I strolled over to the ivy covered athletic building to learn more about the college’s athletic programs. There we experienced what I called “the power of one.”
Greeting us at the main desk was a student who offered to show us around the complex. When we asked her about their basketball program, she said “I’m sure our varsity coach would be willing to talk to you about it.” Within a blink of an eye and not enough time to let panic settle over my shy 6’4″ son, we were whisked down a hallway to the veteran coach’s office. The coach greeted us warmly, invited us into his office, shut the door and spent 30 minutes discussing their program and what they look for in a scholar athlete. When we walked away from the unexpected meeting, I realized how one person can change an entire perspective about an institution or company by simply taking enough time to talk.
As entrepreneurs we are so rushed. Sometimes like the tour guide we rush through our sales pitches, hurry through prospective client phone calls, or dash through customer complaints because we have other things to do. Sometimes our employees don’t take enough time to make our customers feel like they are worth the time because of their own list of responsibilities. But as entrepreneurs we must train ourselves and our staff to be that “power of one” within our own organization. Just like the veteran coach, we must take enough time with a potential or current customer to slow down, show interest, be informative and answer their questions and concerns.
Today remind yourself that you and each of your employees have the power of being the one person who can change the course of a transaction for your company. You have the power in taking enough time to turn someone into a new customer, the power of taking enough time to create loyalty in existing clients by slowing down to listen and the power of sending a positive message into the business community with each constructive communication you make with someone. This week I encourage you to be the “power of one” and watch its impact.
Business Success Strategies Seven – Nine
Today we are publishing three more success strategies to help women entrepreneurs succeed in business. The strategies come from fifteen years of business wisdom and experience. We hope they inspire you to higher levels of entrepreneurial success. Let us know if they work for you.
Analyze Your Long Term Success
Three years into running Five Star Events was when I decided to perform an extensive review of my past successes and failures to plan a better road map for my company’s future. Sometimes a longer perspective on the rise of your company can give you insight into future planning. Although yearly planning is advised and wise, sometimes the longer look gives you a better sense of where you have been and where you want to continue to go.
Surround Yourself with Women Like Yourself
Being a fifteen year entrepreneur has as much to do with the encouragement and wise advice from other women entrepreneurs as it does from my own efforts. From day one, I surrounded myself with other women in business who had expertise, energy, and intellect to inspire me to my own higher levels of success. Because of this, I created Women TIES (http://www.womenties.com) knowing how helpful women can be for each other. Surround yourself with strong women who believe in you and your endeavors.
Have Advisors
I couldn’t have survived fifteen years in business if I didn’t have wonderful business advisors helping me stay on track. Joan Powers of the Small Business Development Center has been my advisor for Five Star Events. Her excellent advice and support over the years gave me what I needed to prepare business plans, conduct research on new ideas, and act as a sounding board when I needed one. If you haven’t used the SBDC for your business before, you are missing out on one of the best complimentary business services offered by the government.
Branding and Finding Your Niche
As a new business week begins, so does the continuation of the fifteen success strategies I learned as an entrepreneur since starting my first company in 1995. Today topics on branding and niche building are the pieces of advice I share with women entrepreneurs to help them in their entrepreneurial endeavors.
Brand Your Company Name and Logo From the Start
When I created my company I knew I wanted a name that represented stellar service and events. I also wanted a name that could help a graphic designer create the right logo. For fifteen years, I have had compliments on the name and logo – Five Star Events (http://www.five-star-events.com) because both represented the quality of the events I produce and the brand of the five star symbol. I’ve stayed consistent with its look which has helped to brand my image in my business community. Think carefully when you begin your business that the name and logo can stand up through time.
Know What You Stand For
Throughtout my career I always worked for excellent customer service businesses. This training helped me create a mission statement for my company that is built on offering the best customer service to my clients. Understanding what you and your company stand for makes your products and services easier to sell since part of your pitch should state your core business principles. Make sure you know what you stand for and sell it everyday.
Create a Niche
Fifteen years ago I was willing to take on any size event for any type of client. After understanding best where my strengths were as an event management company, I slowly tweaked my services towards more of a niche within the event planning field specifically focused on excellent organization, management and logistics. Understanding my expertise in the field, helped me create a niche in the event planning market making it easier for me to recruit and keep clients. It also helped me turn away clients who weren’t right for my company. Know who you are and what you do best and then sell and deliver it to your customers.
Business Success Strategies Four – Six
Here are the fourth, fifth and sixth success strategies I learned over the past fifteen years as a woman entrepreneur. Yesterday we shared the first three strategies and in the following days we’ll share the rest. Hopefully they will help other women business owners succeed more successfully in business today.
Put More Money Into Your Business
Many times women start off underfinancing their operations. We are either too wise or too nervous to invest alot of money in something we just begin. But as our confidence grows in our enterprise, we need to increase our confidence in borrowing money to expand our operations. Ten years after becoming an entrepreneur when I created my second company Women TIES, I invested ten times the amount of money I did when I started Five Star Events to make sure I could expand from the beginning. I was not that confident in 1995.
Become an Expert
About five years into my business I knew I had an expertise in my industry and as a woman entrepreneur to position myself as an “expert in the field.” By understanding I was an expert with valuable information to share, I was able to promote myself as a speaker at many events. The promotion led to more promotion which eventually led to a “brand” I created for myself. When it came time to pitch the column for the Post Standard, they knew who I was because of my earlier efforts to let others know I was an expert in my field. Brand yourself as an expert and see what transpires.
Take A Month Off
A few years ago I had a medical condition that forced me to take a three month sabbitical from my businesses. The first two months were taking care of myself physically but the last month was taking care of myself mentally. I needed that month to refocus and reenergize myself as an entrepreneur. It was the most enlightening month of my life. In clarity I saw my future, created bigger dreams and found confidence to move forward with Women TIES, a notion I had thought about in 1998! Sometimes only in the quiet of the day can we create a bigger future. If you can find some time to yourself and explore the possibilities.
Women TIES 