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
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:
Four of us placed orders at a restaurant and the server said she’d bring rolls and hush puppies. She returned with 3 plates, 3 rolls and 3 hush puppies. When we asked, she said they only come with orders for main courses. One of us ordered two small plates, which doesn’t count, although her bill would be the same as the others.
Does your company have similar policies that put internal minutiae ahead of customer satisfaction? Take a close look and make changes.
Another owner told me her company revenue was flat—i.e., “stuck”— but then backed away from that and pushed me away. For her, being stuck felt like an admission of years of bad decisions. It was a harsh and uncomfortable judgement and she closed herself off to new opportunities.
New website, new book, new ways of working– all of these are refreshes for my company. The essence of a refresh is building on what’s already working. You create news paths in and around. You metaphorically open windows to let fun and light in. You clean out dead wood. Years ago I was inspired by … Continue reading Is It Time for Refresh?
How likely are you to hire a lawyer whose legal matters are unfinished? A CPA whose financials are a mess? A poor wealth manager? Whatever you offer to buyers, if you want credibility, you need to be an exemplar. I was reminded of this while re-reading a book about business growth. In every conversation I … Continue reading Do You Practice Your Own Advice?
Did you know that 90% of buyers across all industries would make additional purchases from a company if the company asked them to? Most companies obviously don’t know this because they don’t ask. One hallmark of true growth is identifying repeatable practices that then become built in to the company’s behavior. They are habits and … Continue reading 20% or More: This Repeatable Tactic Increases Revenue