Whether I’ve been investing in real estate, creating restaurant quality meals for carryout, or working with hundreds of small/mid-sized company owners, one facet of my success stands out: CHOICE. I have had to choose how I spend my energy and intellect and you have to do the same. Choices abound. It’s the owner that chooses … Continue reading The One Powerful Trait That Will Help Owners Create Growth
Shake Things Up to Achieve True Growth What do a jeweler, a niche consultant and a CPA firm have in common? They all have told me recently that they need to shake things up. That exact phrase was used by owners of quite different businesses. What did they mean and how can their lessons help … Continue reading How to Shake Things Up for True Growth
Cultivating is Exciting I hope you feel, as I do, that cultivating growth is exciting, optimistic, and positive. When I work with owners to cultivate relationships for growth we get enthusiastic about creating ideal conditions that foster growth with their buyers. The point is that cultivating buyers should be joyful and exciting, even as it … Continue reading Cultivate Your Buyers for Evergreen Revenue Growth
“Yes, but” “Yes, that’s a great idea, but I don’t have time.” “Yes, I see that has value, but it won’t work here.” “Yes, we need to do that, but it will have to wait until we finish what we’re doing now.” “Yes, I’d love that, but I don’t see it happening any time soon.” … Continue reading Eliminate the Two Most Anti-growth Words to Ever Cross an Owner’s Lips
Beware! Tangents May Be Disguised as Opportunities Business owners and chief executives are a hardy lot. They get up each day excited to create value that serves their buyers. I’ve been working with them for years and the most successful ones never say ‘never.’ They don’t dismiss new options because that’s not the way they … Continue reading How to Avoid the Three Tangents that are Disguised as Opportunities
McDonald’s iconic Big Mac is 50 years old in the summer of 2018. It’s hard to think of many other products that are so familiar, so ubiquitous in the US and globally AND that are 50 years old. So much of what’s front and center in our lives is less than 20 years old.
What’s interesting to me, as a leading advisor to owner-run companies, is that the 50th anniversary is not causing a great deal of happiness. The Big Mac is not the icon to millennials that it has been to their parents and grandparents. Its competition is what’s known as the “better burger” such as at Shake Shack and Five Guys. Away-from-home eating trends have clearly moved in the direction of fast casual, which means food that is more healthful, allows for complete personalization as a matter of course, and just bit more expensive. But observers do not see McDonald’s pivoting from the Big Mac any time soon.
I’ve been reflecting on the companies I’ve advised and how they recognized when the time was right to pivot away from their own tried-and-true into a new type or group of offerings. Here are some powerful examples:
It’s perfectly understandable that your company would offer ways to fulfill these needs or wants.
Unfortunately, you get into the habit of selling a la carte: one item at a time, priced individually. This forces the buyer into a sequence of asks, and, more critically, it allows them to look elsewhere each time.
The most powerful source of new revenue is your current buyers. I have worked with hundreds of owners to capitalize on their current buyers and this is often where we start:
Think of your business like a neighborhood. A cozy one, where everyone is friendly. And they all know you.
That’s how you bring buyers in and keep them. Visit them–don’t wait for them to visit you. Give them small gifts. Say ‘hello’ often, even if you’re passing by.
Make it clear that the neighborhood wouldn’t be the same without them. And they will feel the same about your company, again and again.
I’m often asked to help owners overcome a deficit or problem that is holding their company back. Once we do our work, they see great results. They tend to like talking about their success.
What if you are enjoying success in some areas? Do you circulate your good news, or do you just think that’s business as usual and don’t bother?
I recommend that companies broadcast their good news often. It’s especially valuable to let people inside the company know the good news. And your customers will feel validated that they’ve chosen your company.
The time for good news is now. What are you waiting for?
Catalysts are persons or things that precipitate change. Think of a catalyst as a stimulus, a spark or an impetus. Bringing new catalysts to your company daily would create huge momentum, wouldn’t it?