CLIENT ATTRIBUTES, CASE STUDIES AND CLIENT WORKSHOPS
CLIENT ATTRIBUTES
Business Start Up
You've decided to start a business. You are working hard to determine which strategies are best to deploy to get a quick start and to ensure the long-term success of your business venture.
Small Business (Revenue to 20 Million)
Your business has sales ranging up to 20 million. You employ anywhere from 2 to 100 people. As a small business owner you are responsible for managing all aspects of your company and wear many hats including but not limited to sales, marketing, management, production, customer service, human resources, quality control and logistics. Driving sales growth and projecting revenue are always challenging as is establishing effective marketing techniques and ensuring substantial customer retention and satisfaction. Effective employee management, productivity, motivation,compensation and retention are essential to your business but not always given the constant attention needed. Consistent attention to innovation and changing markets can sometimes be overlooked due to the daily demands of your business.
Mid-Size Business (Revenue Between 20 to 200 Million)
The size of your company (20 to 200 Million Revenue and 100+ employees) enables it to do quite a plethora of things better than a small business. Its relative larger size compared with small companies provides you with deeper pockets and other resources for weathering difficulties, funding innovation, marketing and sales efforts, customer satisfaction initiatives and methodologies, employee training, and hiring key talent. At times the thought may enter your mind that a relatively smaller sized company compared with your enterprise may allow them to be more agile and put them in closer contact with customers enabling them to retain a bit more of the original entrepreneurial spirit and intent.
Your company is focused on revenue growth, launching new products or services and or putting more effort into sales and marketing and diving deeper into technology to help your business.
Businesses in this category have a consistent need to re-invent themselves, make sure their product or service is giving their customers an optimal and a desirable experience and making sure the focus is always kept on keeping the right personnel in place to make this happen.
Your company is focused on revenue growth, launching new products or services and or putting more effort into sales and marketing and diving deeper into technology to help your business.
Businesses in this category have a consistent need to re-invent themselves, make sure their product or service is giving their customers an optimal and a desirable experience and making sure the focus is always kept on keeping the right personnel in place to make this happen.
If your business falls into any of the above categories or situations contact us
Smith Business Consulting Group
(248) 553-7000 will take your business to the next level.
Smith Business Consulting Group-Our Attributes
1) We try to ask the right questions.
It is impossible to solve a problem without asking questions. Often times the difficulty lies in the fact that what seems to be the problem is not really the problem. There are usually complicating factors at play beneath the surface, and they are not always obvious. The only way to understand what is really happening is to know which questions to ask. Not all questions, and for that matter not all answers are significant or relevant to the problem at hand. It is easy to get flooded with data, facts, and explanations. Knowing which questions to ask allows the consultant to efficiently sift through the mass of potential information and hone in on the true nature of the issue. This is both an art and a science. It is a skill comes from years of experience combined with sound judgment and good intuition.
It is impossible to solve a problem without asking questions. Often times the difficulty lies in the fact that what seems to be the problem is not really the problem. There are usually complicating factors at play beneath the surface, and they are not always obvious. The only way to understand what is really happening is to know which questions to ask. Not all questions, and for that matter not all answers are significant or relevant to the problem at hand. It is easy to get flooded with data, facts, and explanations. Knowing which questions to ask allows the consultant to efficiently sift through the mass of potential information and hone in on the true nature of the issue. This is both an art and a science. It is a skill comes from years of experience combined with sound judgment and good intuition.
2) We try to listen for what is not being said.
Consultants are usually trained to listen. They take good notes. They are great at assembling, analyzing and presenting facts. They are great at putting together impressive PowerPoint presentations. However, this approach relies heavily on whatever information is overtly provided by the client. It puts the burden on the client to assess all the facts the consultant may need and to express them clearly. A great consultant will guide the client through the process, will read between the lines and understand what is not being said and whether what is not being said is relevant or not. A great consultant will sense when the relationship between key decision makers is difficult and will know how to navigate those complexities. He or she will know how to prompt the client for their view of the problem, its causes and implications.
A highly perceptive consultant is a great consultant.
Consultants are usually trained to listen. They take good notes. They are great at assembling, analyzing and presenting facts. They are great at putting together impressive PowerPoint presentations. However, this approach relies heavily on whatever information is overtly provided by the client. It puts the burden on the client to assess all the facts the consultant may need and to express them clearly. A great consultant will guide the client through the process, will read between the lines and understand what is not being said and whether what is not being said is relevant or not. A great consultant will sense when the relationship between key decision makers is difficult and will know how to navigate those complexities. He or she will know how to prompt the client for their view of the problem, its causes and implications.
A highly perceptive consultant is a great consultant.
3) We have an increased level of investment and support.
In any consulting engagement, the client has a need and the consultant provides a service which meets that need. On one level, the extent to which the client is invested in the process determines how successful the project will be. Because the client is paying the consultant, it is assumed that the client does indeed care about the outcome of the project. However, a great consultant will also be invested in the success of the project. Here is how it works. In most cases, a consultant’s role ends once the final recommendation is presented to the client. Since the consultant has no direct control over whether the identified solution is adopted, technically his/her job is done. The consultant can walk away at this point. Unlike a good consultant, a great consultant will provide ongoing support around whatever action results from the final recommendation. For great consultants, completing the project and getting paid is not enough. Their contribution to their clients’ success provides great professional and personal meaning to them, and that is why they will often continue their support as long as the client needs it. A pretty PowerPoint presentation that gathers dust on a shelf is not a satisfying experience for either client or consultant.
In any consulting engagement, the client has a need and the consultant provides a service which meets that need. On one level, the extent to which the client is invested in the process determines how successful the project will be. Because the client is paying the consultant, it is assumed that the client does indeed care about the outcome of the project. However, a great consultant will also be invested in the success of the project. Here is how it works. In most cases, a consultant’s role ends once the final recommendation is presented to the client. Since the consultant has no direct control over whether the identified solution is adopted, technically his/her job is done. The consultant can walk away at this point. Unlike a good consultant, a great consultant will provide ongoing support around whatever action results from the final recommendation. For great consultants, completing the project and getting paid is not enough. Their contribution to their clients’ success provides great professional and personal meaning to them, and that is why they will often continue their support as long as the client needs it. A pretty PowerPoint presentation that gathers dust on a shelf is not a satisfying experience for either client or consultant.
We would like to invite you to discuss your business and find out more about all that Smith Business Consulting Group can do for you,
contact us or (248) 553-7000.
contact us or (248) 553-7000.
Case Studies
1) Client-Plastics Manufacturer
Small plastic manufacturer sales to existing customers were relatively flat and gross profit margins were declining.
The Goal:
To grow sales through existing customers and improve gross profit margins.
Action Items:
Results Achieved:
Within 6 months, material costs were reduced by 17% and profit increased 26% without any additional spending on marketing and lead generation. Revenue through existing customers increased 22% versus prior year. By year end, net profit margins were 2 times the industry average.
2) Client-Automotive Repair Facility
While revenue at this 4-bay facility was growing steady at 5%, net profit was down over the past three years. Profit margins were declining and well below industry average.
The Goal:
To continue to grow sales while improving profit margins and net profit
Action Items:
Results Achieved:
Within 5 months, average customer transactions grew from $274 to $328, a 16% improvement. At the same time, gross profit margins increased from 21% to 37% and net profit increased 14%.
3) Client-Wholesaler
Company invested a lot of time and money generating leads, but only converted 11% of those leads to actual paying customers.
The Goal:
To increase sales conversion rate without discounting or eroding margins.
Action Items:
Results Achieved:
Within 8 months, the conversion rate on new leads increased from 11% to 27% – more than double – without discounting. By focusing on ideal prospects, turning down sales where appropriate, and consistently using the sales process, the average sale per customer increased 43% and overall revenue increased 22%.
4) Client-Cleaning Service
This residential and commercial cleaning service client was experiencing a decline in sales, margins and profit. Customer turnover in the residential market was a lot higher than the industry.
The Goal:
To grow sales and profits in the residential market, improve service levels, efficiency and customer retention rates.
Action Items:
Results Achieved:
Within 5 months, residential cleaning sales increased 15% and average customer retention increased from 3.9 to 5.2 months. The increased sales and improved efficiency (systems) generated a net profit improvement of 56% — even with the increased labor from hiring a part-time assistant.
5) Client-Office Supply Company
Sales and margins were eroding due to intensified competition, inconsistent marketing and poor pricing administration.
The Goal:
To grow sales in all categories and increase overall profit margins.
Action Items:
Results Achieved:
Within 3 months, overall revenue increased 32% and profit margins grew by 12%. Monthly specials and customer ‘stay connected’ efforts helped the business grow sales in cleaning supplies and furniture categories, producing higher margins.
6) Client-Financial Services Company
As a relatively new professional in the field, client struggled to attract and convert new customers for the business.
The Goal:
To generate high quality leads for financial services and improve conversion rates to build sales.
Action Items:
Results Achieved:
Within 3 months, leads doubled and conversion to face-to-face meetings increased 35%. First quarter revenue / sales increased 51% versus prior year.
7) Client-Specialty Medical Practice
Client has a great reputation for quality patient care and expertise in his field. While the practice showed consistent growth, employee turnover and administrative issues were consuming too much time and hindering long-term opportunities.
The Goal:
Improve efficiency and reduce employee turnover to increase revenue and profits without sacrificing quality patient care.
Actions Items:
Results Achieved:
Within 12 months, the number of patient visits increased 22% without expanding the hours of operation or sacrificing quality care. The employee turnover is no longer a problem and the staff continues to take on and manage more day-to-day responsibilities, leaving the doctor to focus on patients and other profit growth opportunities.
8) Client: Small Manufacturer
Company had an excellent reputation for quality and on-time delivery. While they generated over 250 NEW leads per year, they were only converting 6% of those leads to actual sales – a waste of time and money.
The Goal:
To increase sales conversion rates without discounting or sacrificing profit margins.
Actions Items:
Results Achieved:
Within 3 months, the sales conversion rate increased from 6% to 16% and the average customer transaction increased from $710 to $1,161, indicative of the higher quality customers they were attracting. Overall sales increased 14% during this period without discounting or eroding margins.
Small plastic manufacturer sales to existing customers were relatively flat and gross profit margins were declining.
The Goal:
To grow sales through existing customers and improve gross profit margins.
Action Items:
- Analyzed quote estimates versus actual cost for materials and labor hours, to identify gaps, improve quote assumptions and realized profit margins.
- Streamlined and systematized purchasing of raw materials; established multiple suppliers in all key areas.
- Refocused sales efforts on ideal target customers, higher margin products and repeat orders from existing customers.
- Developed and implemented an account management process for all existing customers; monitored sales by account on a monthly basis.
Results Achieved:
Within 6 months, material costs were reduced by 17% and profit increased 26% without any additional spending on marketing and lead generation. Revenue through existing customers increased 22% versus prior year. By year end, net profit margins were 2 times the industry average.
2) Client-Automotive Repair Facility
While revenue at this 4-bay facility was growing steady at 5%, net profit was down over the past three years. Profit margins were declining and well below industry average.
The Goal:
To continue to grow sales while improving profit margins and net profit
Action Items:
- Developed a unique selling proposition and guarantee based on company’s strengths – and modified our advertising to reflect the change.
- Increased prices of certain services based on value and competition.
- Documented service delivery process – and integrated checklists to insure a consistent buying experience for all customers.
- Used reminder system to reinforce full range of service.
Results Achieved:
Within 5 months, average customer transactions grew from $274 to $328, a 16% improvement. At the same time, gross profit margins increased from 21% to 37% and net profit increased 14%.
3) Client-Wholesaler
Company invested a lot of time and money generating leads, but only converted 11% of those leads to actual paying customers.
The Goal:
To increase sales conversion rate without discounting or eroding margins.
Action Items:
- Clearly defined ideal customers and established criteria for screening quotes from new prospects.
- Modified marketing and sales communications to reinforce benefits and value (instead of features like everyone else).
- Developed and consistently implemented multi-touch sales system that incorporated the quote process.
- Used tracking system for leads from new and existing customers.
- Created quarterly campaigns to stay connected with warm leads – those that had a potential need, but didn’t buy earlier.
Results Achieved:
Within 8 months, the conversion rate on new leads increased from 11% to 27% – more than double – without discounting. By focusing on ideal prospects, turning down sales where appropriate, and consistently using the sales process, the average sale per customer increased 43% and overall revenue increased 22%.
4) Client-Cleaning Service
This residential and commercial cleaning service client was experiencing a decline in sales, margins and profit. Customer turnover in the residential market was a lot higher than the industry.
The Goal:
To grow sales and profits in the residential market, improve service levels, efficiency and customer retention rates.
Action Items:
- Analyzed current customer base, pricing strategy and cost related assumptions; modified pricing.
- Clearly defined ideal customers and modified messages to reinforce benefits, not features.
- Re-allocated marketing dollars to improve return on investment.
- Developed and implemented checklists and systems for operations team – to insure consistent service delivery.
- Developed job descriptions, goals and training for crew leaders and teams to get everyone on the same page and establish standards for all.
- Hired a part-time assistant to help owner with residential sales and daily administration, so he could focus more on commercial growth and building the business.
Results Achieved:
Within 5 months, residential cleaning sales increased 15% and average customer retention increased from 3.9 to 5.2 months. The increased sales and improved efficiency (systems) generated a net profit improvement of 56% — even with the increased labor from hiring a part-time assistant.
5) Client-Office Supply Company
Sales and margins were eroding due to intensified competition, inconsistent marketing and poor pricing administration.
The Goal:
To grow sales in all categories and increase overall profit margins.
Action Items:
- Updated and cleaned up customer database for ease in marketing to existing customers.
- Developed a stronger value proposition, with clearly defined benefits, to stop competing on price.
- Expanded value-added services, including free same day delivery to local market.
- Refocused sales efforts on ideal business customers and premium products – and implemented a sales process to convert more without discounting.
- Implemented a monthly marketing program to promote products in all categories – to both stimulate sales and build awareness for the full range of products and services.
- Developed a system for monitoring supplier price changes and modifying retail prices, online and in store, as appropriate.
- Increased prices on select products and established gross profit margin guidelines to assist sales people in quote preparation for businesses.
Results Achieved:
Within 3 months, overall revenue increased 32% and profit margins grew by 12%. Monthly specials and customer ‘stay connected’ efforts helped the business grow sales in cleaning supplies and furniture categories, producing higher margins.
6) Client-Financial Services Company
As a relatively new professional in the field, client struggled to attract and convert new customers for the business.
The Goal:
To generate high quality leads for financial services and improve conversion rates to build sales.
Action Items:
- Defined ideal clients and create a niche market and stronger USP (Unique Selling Proposition) for services so they could stand out in a crowd of many.
- Modified messages and expanded alliances to support her niche.
- Created and consistently implemented a multi-touch sales process to move prospects from interest to meetings to sale.
- Implemented a quarterly ‘stay connected’ program for warm leads in their pipeline.
- Established and tracked goals for both activities and results.
Results Achieved:
Within 3 months, leads doubled and conversion to face-to-face meetings increased 35%. First quarter revenue / sales increased 51% versus prior year.
7) Client-Specialty Medical Practice
Client has a great reputation for quality patient care and expertise in his field. While the practice showed consistent growth, employee turnover and administrative issues were consuming too much time and hindering long-term opportunities.
The Goal:
Improve efficiency and reduce employee turnover to increase revenue and profits without sacrificing quality patient care.
Actions Items:
- Analyzed and modified systems, including patient intake and care, billing and office administration procedures to facilitate training and delegation to staff.
- Revised position descriptions with clearly defined roles, skills, and associated measures for success.
- Developed and implemented a recruiting and hiring system to attract and bring in quality people.
- Communicated business goals to the team and developed a performance bonus program for all employees – to get them engaged and focused on continuous improvements.
- Implemented an employee appraisal system that supports employee personal and professional development.
- Replaced poor performers with individuals who are committed to patients, the business and each other.
Results Achieved:
Within 12 months, the number of patient visits increased 22% without expanding the hours of operation or sacrificing quality care. The employee turnover is no longer a problem and the staff continues to take on and manage more day-to-day responsibilities, leaving the doctor to focus on patients and other profit growth opportunities.
8) Client: Small Manufacturer
Company had an excellent reputation for quality and on-time delivery. While they generated over 250 NEW leads per year, they were only converting 6% of those leads to actual sales – a waste of time and money.
The Goal:
To increase sales conversion rates without discounting or sacrificing profit margins.
Actions Items:
- Clearly defined our ideal customers and specific criteria based on customer needs and company strengths.
- Developed compelling reasons (benefits) to choose the company, and reinforced this within all our marketing and sales efforts.
- Modified advertising and re-allocated dollars to improve lead quality.
- Developed and implemented a multi-touch sales system which included adjustments to our quote process.
Results Achieved:
Within 3 months, the sales conversion rate increased from 6% to 16% and the average customer transaction increased from $710 to $1,161, indicative of the higher quality customers they were attracting. Overall sales increased 14% during this period without discounting or eroding margins.
We would like to invite you to discuss your business and find out more about all that Smith Business Consulting Group can do for you,
contact us or (248) 553-7000.
contact us or (248) 553-7000.
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Client Workshops
BUSINESS IDEA GENERATION AND INNOVATION WORKSHOP
Ideas are the lifeblood of any business' innovation effort. However, many organizations simply use suggestion schemes and idea boxes, which don’t always generate innovative or actionable ideas.
This 1-day Idea Generation workshop shows how to generate more high-value innovation project ideas, including product and or service innovation, process innovation, current, future and potential customers focus and more. You will learn how to use a variety of advanced ideation techniques, and how to consistently generate useful and productive ideas for growing your business.
BUILDING EMPLOYEE TRUST AND MOTIVATION LEADERSHIP WORKSHOP
Managers and Business Owners in the workplace have a unique role to play with multiple and continuously evolving responsibilities. They must instill a high-performance mindset in employees while creating a culture whose foundation promotes allegiance, teamwork and competitiveness for the betterment of the business whole.
Employees desire to know what is expected of them and be given the opportunity to grow and achieve advancement, rather than be told they are not qualified for new roles and responsibilities. Employees want to believe that their leaders are focused on their and the team's betterment. However, the triggers that motivate employees to achieve are sometimes unique for each.
This 1-day Employee Trust Building, Motivation and Leadership Workshop will help Managers, Business Owners, Supervisors and anyone who manages people to be more effective, productive and successful with the sometimes daunting task of employee management and motivation.
START-UP ENTREPRENEUR BUSINESS MODEL COMPONENTS WORKSHOP
Components of this workshop are:
Component #1: Your Revenue Model
In a nutshell, this is your strategy to generate revenue. What you plan to sell, and what will convince people to buy. Value propositions, positioning, effective messaging, product/market fit. For example, when I say “Victoria’s Secret”, what comes to mind? Yes — good or bad they have a clear understanding of their revenue model and communicate it well. Although most business owners get the importance of this in theory — why do so many struggle? Perhaps because they really don’t get it after all. Do you?
Component #2: Your Gross Margin Model
Yes — important for you to know how much of the pie you get to keep from each sale. Do you know your piece of the pie? For example, Walmart and Costco know they run low gross margins. Their value game is one of low pricing, so they can’t mark up their products by an exorbitant amount and still play the value card. However, let’s look at the legal service industry. It has, on average, a gross margin of 93.22 percent, according to Butler Consultants. Although I am not advocating you jump into the legal game, it’s critical for you to understand your own gross margin model. Can you see why?
Component #3: Your Operating Model
If you’re Costco, it’s slash and burn the expenses. Which is why they operate out of huge bare warehouses with pallets stacked high of goods. No thrills, no frills, stack ‘em high, watch ‘em fly. However, if you’re in the legal service industry, it’s all about high style and lavish surroundings. Ever visited a big law firm on the top floor of a downtown New York highrise where both the views and service is breathtaking? Both businesses operate and make decisions based on the knowledge of their operating model. Do you have a clear understanding of yours?
Component #4: Your Working Capital Model
Indeed, ‘cash is king’. Do you understand your cash flow requirements? As you may or may not know, cash flow is significantly different than ‘revenue’. For example, if you operate a bricks-n-mortar retail store on the main street in your town, you experience first hand the need for cash. You must spend cash to fill your store with product so it’s available when a customer walks in ready to buy. Thus, inventory sucks up a tremendous amount of your working capital. However, if you’re an author who strictly sells downloadable books online, your need for working capital is significantly different. Laptop, pair of pajamas and an account with Amazon can theoretically produce millions of downloads to create a significant cash stream.
Component #5: Your Financing (or Investment) Model
Number one roadblock I hear business owners complain about is lack of capital. Yes — it sometimes does take money to make money. But not always. So to understand the difference is key. For example, say you want to build a better hotel chain than Marriott or Hilton. Well, I can tell you this — you’re going to need some serious upfront financing to even stand a chance to pull it off. However, let’s say you plan to change the world by teaching people how to play the ukulele. Buy a video camera, launch a WordPress website and watch your video lesson series at $79 per take off like wildfire. Total capital investment? About $500.
Yes — extreme examples here. But your success is greatly dependent on your understanding and mastery of these 5 components of your business model.
This 1-day Start-Up Entrepreneur Business Model Components Workshop will help to determine if your core fundamentals are out of kilter, because if so, then so is your business. Careful evaluation, planning and execution of these core items can truly mean the difference between success and failure specifically in a Start-Up.
START-UP ENTREPRENEUR BUDGET CONSCIOUS MARKETING COMPONENT WORKSHOP
Some Elements of this workshop are:
Focusing on the customer experience. This will typically be my first answer to many questions. The reality is if you build an outstanding service or product people will use it, they will talk and others will come. This is singlehandedly the best way to build viral leverage into your model. Staying close to your core user base, engaging in learning from their actions and feedback, and iterating to improve on the experience you're delivering at all times. There is always room to be better.
Creating cross promotions/exposure. Segmenting your target user bases and brainstorm places where they congregate -- both online and offline. Thinking about how you can introduce your site into their community. Are you targeting parents? Perhaps you can promote through after-school programs, pediatrician offices and local businesses addressing kids, among other places. This can start as something simply as offering literature about your site at these locations. If your site offers a value-added service (relative to their core audience), perhaps these businesses will be open to profiling your site on their customer-distribution platforms. Most people and businesses are interested in continuing to engage their audiences via content, so give them something to talk about.
Establishing content strategies. Establishing your brand as a subject-matter expert. Can you identify platforms where your customer is and offer an authenticity and relevant point-of-view through added content? For example, if you're a social network focused on health and wellness, think about other sites or places where your target users go to educate themselves on that topic. Can you approach those places with an offer to author a weekly "experts" column, which should be something that is additive to the experience they are already delivering to their user, while also promoting your community. Again most all smart business owners are looking to enhance their own customer experience and touch points, so contributing supplemental material to them it stands to be a win-win.
Building virality into your product/experience. User get user strategies continue to gain importance in most consumer business marketing plans. What sort of touch points can you build into your offering that lend themselves to sharing? In the case of building presence for a social network in particular, are there relevant questions a new user can pose to his or her existing community, inviting them to answer or engage on the platform? Or are there actions taken within the platform -- anything from signing up for group activities, establishing dates to extending invitations -- that can be shared out naturally to others raising their awareness of the network?
Getting media exposure. Good old-fashioned media exposure is still relevant. Crafting a business and consumer story for your company and thinking about the most relevant places to distribute. There is a lot of noise out there these days, so being sharp about your angle and thinking about why someone should or would care to publish or read your article. Giving them something personal, noteworthy and authentic to dig into. If you can't attract top-tier press, that's okay. Starting with a thought provoking and stimulating blog is fine, meanwhile building a base of support and moving on from there.
This 1-day Start-Up Entrepreneur Budget Conscious Marketing Components Workshop will show how to market in efficient, low-cost ways, as it is incredibly challenging to build a long-term sustainable business on paid marketing alone.
Careful planning and execution of these core items can truly mean the difference between success and failure specifically in a Start-Up.
Ideas are the lifeblood of any business' innovation effort. However, many organizations simply use suggestion schemes and idea boxes, which don’t always generate innovative or actionable ideas.
This 1-day Idea Generation workshop shows how to generate more high-value innovation project ideas, including product and or service innovation, process innovation, current, future and potential customers focus and more. You will learn how to use a variety of advanced ideation techniques, and how to consistently generate useful and productive ideas for growing your business.
BUILDING EMPLOYEE TRUST AND MOTIVATION LEADERSHIP WORKSHOP
Managers and Business Owners in the workplace have a unique role to play with multiple and continuously evolving responsibilities. They must instill a high-performance mindset in employees while creating a culture whose foundation promotes allegiance, teamwork and competitiveness for the betterment of the business whole.
Employees desire to know what is expected of them and be given the opportunity to grow and achieve advancement, rather than be told they are not qualified for new roles and responsibilities. Employees want to believe that their leaders are focused on their and the team's betterment. However, the triggers that motivate employees to achieve are sometimes unique for each.
This 1-day Employee Trust Building, Motivation and Leadership Workshop will help Managers, Business Owners, Supervisors and anyone who manages people to be more effective, productive and successful with the sometimes daunting task of employee management and motivation.
START-UP ENTREPRENEUR BUSINESS MODEL COMPONENTS WORKSHOP
Components of this workshop are:
Component #1: Your Revenue Model
In a nutshell, this is your strategy to generate revenue. What you plan to sell, and what will convince people to buy. Value propositions, positioning, effective messaging, product/market fit. For example, when I say “Victoria’s Secret”, what comes to mind? Yes — good or bad they have a clear understanding of their revenue model and communicate it well. Although most business owners get the importance of this in theory — why do so many struggle? Perhaps because they really don’t get it after all. Do you?
Component #2: Your Gross Margin Model
Yes — important for you to know how much of the pie you get to keep from each sale. Do you know your piece of the pie? For example, Walmart and Costco know they run low gross margins. Their value game is one of low pricing, so they can’t mark up their products by an exorbitant amount and still play the value card. However, let’s look at the legal service industry. It has, on average, a gross margin of 93.22 percent, according to Butler Consultants. Although I am not advocating you jump into the legal game, it’s critical for you to understand your own gross margin model. Can you see why?
Component #3: Your Operating Model
If you’re Costco, it’s slash and burn the expenses. Which is why they operate out of huge bare warehouses with pallets stacked high of goods. No thrills, no frills, stack ‘em high, watch ‘em fly. However, if you’re in the legal service industry, it’s all about high style and lavish surroundings. Ever visited a big law firm on the top floor of a downtown New York highrise where both the views and service is breathtaking? Both businesses operate and make decisions based on the knowledge of their operating model. Do you have a clear understanding of yours?
Component #4: Your Working Capital Model
Indeed, ‘cash is king’. Do you understand your cash flow requirements? As you may or may not know, cash flow is significantly different than ‘revenue’. For example, if you operate a bricks-n-mortar retail store on the main street in your town, you experience first hand the need for cash. You must spend cash to fill your store with product so it’s available when a customer walks in ready to buy. Thus, inventory sucks up a tremendous amount of your working capital. However, if you’re an author who strictly sells downloadable books online, your need for working capital is significantly different. Laptop, pair of pajamas and an account with Amazon can theoretically produce millions of downloads to create a significant cash stream.
Component #5: Your Financing (or Investment) Model
Number one roadblock I hear business owners complain about is lack of capital. Yes — it sometimes does take money to make money. But not always. So to understand the difference is key. For example, say you want to build a better hotel chain than Marriott or Hilton. Well, I can tell you this — you’re going to need some serious upfront financing to even stand a chance to pull it off. However, let’s say you plan to change the world by teaching people how to play the ukulele. Buy a video camera, launch a WordPress website and watch your video lesson series at $79 per take off like wildfire. Total capital investment? About $500.
Yes — extreme examples here. But your success is greatly dependent on your understanding and mastery of these 5 components of your business model.
This 1-day Start-Up Entrepreneur Business Model Components Workshop will help to determine if your core fundamentals are out of kilter, because if so, then so is your business. Careful evaluation, planning and execution of these core items can truly mean the difference between success and failure specifically in a Start-Up.
START-UP ENTREPRENEUR BUDGET CONSCIOUS MARKETING COMPONENT WORKSHOP
Some Elements of this workshop are:
Focusing on the customer experience. This will typically be my first answer to many questions. The reality is if you build an outstanding service or product people will use it, they will talk and others will come. This is singlehandedly the best way to build viral leverage into your model. Staying close to your core user base, engaging in learning from their actions and feedback, and iterating to improve on the experience you're delivering at all times. There is always room to be better.
Creating cross promotions/exposure. Segmenting your target user bases and brainstorm places where they congregate -- both online and offline. Thinking about how you can introduce your site into their community. Are you targeting parents? Perhaps you can promote through after-school programs, pediatrician offices and local businesses addressing kids, among other places. This can start as something simply as offering literature about your site at these locations. If your site offers a value-added service (relative to their core audience), perhaps these businesses will be open to profiling your site on their customer-distribution platforms. Most people and businesses are interested in continuing to engage their audiences via content, so give them something to talk about.
Establishing content strategies. Establishing your brand as a subject-matter expert. Can you identify platforms where your customer is and offer an authenticity and relevant point-of-view through added content? For example, if you're a social network focused on health and wellness, think about other sites or places where your target users go to educate themselves on that topic. Can you approach those places with an offer to author a weekly "experts" column, which should be something that is additive to the experience they are already delivering to their user, while also promoting your community. Again most all smart business owners are looking to enhance their own customer experience and touch points, so contributing supplemental material to them it stands to be a win-win.
Building virality into your product/experience. User get user strategies continue to gain importance in most consumer business marketing plans. What sort of touch points can you build into your offering that lend themselves to sharing? In the case of building presence for a social network in particular, are there relevant questions a new user can pose to his or her existing community, inviting them to answer or engage on the platform? Or are there actions taken within the platform -- anything from signing up for group activities, establishing dates to extending invitations -- that can be shared out naturally to others raising their awareness of the network?
Getting media exposure. Good old-fashioned media exposure is still relevant. Crafting a business and consumer story for your company and thinking about the most relevant places to distribute. There is a lot of noise out there these days, so being sharp about your angle and thinking about why someone should or would care to publish or read your article. Giving them something personal, noteworthy and authentic to dig into. If you can't attract top-tier press, that's okay. Starting with a thought provoking and stimulating blog is fine, meanwhile building a base of support and moving on from there.
This 1-day Start-Up Entrepreneur Budget Conscious Marketing Components Workshop will show how to market in efficient, low-cost ways, as it is incredibly challenging to build a long-term sustainable business on paid marketing alone.
Careful planning and execution of these core items can truly mean the difference between success and failure specifically in a Start-Up.
We would like to invite you to discuss your business and find out more about all that Smith Business Consulting Group can do for you,
contact us or (248) 553-7000.
contact us or (248) 553-7000.
Telephone And Skype Consultations
As business consultants at Smith Business Consulting Group we understand many of the challenges you face when running your company, time and finances are finite, and you have to excel with the resources you have available. The need to work smarter than your competitors has never been more critical. The use of video conference consulting (Skype) eliminates the time and expense of consultant travel and lodging while also allowing for increased scheduling flexibility. A number of client's business concerns and challenges can effectively and thoroughly be solved via video conferencing or telephone. Depending on your needs Skype or telephone consultations may be an effective alternative to having a consultant travel to your location.
We would like to invite you to discuss your business and find out more about all that Smith Business Consulting Group can do for you,
contact us or (248) 553-7000.
contact us or (248) 553-7000.
Take An Assessment Of Your Business's Health
By Looking At These 12 Areas
1. Mission, Vision and Values
How clearly articulated are your company’s Mission, Vision and Values? Is it well understood by your team? Are the actions of team members congruent with your Mission, Vision and Values? Do you have a cohesive strategy for growth? Is it well communicated throughout the staff and team members?
2. Corporate and Legal Structure
If a corporation is not kept in good standing with its incorporation, operating agreement, minute book, etc., the liability protection of the corporation can be diminished or lost.
3. Financial Health and Credit Review
What is the present state of the company’s finances, Income Statement, Balance Sheet and Cash Flow? Will the company be able to raise the money needed to grow and fund its working capital needs?
4. Sales Process and Sales Management
Does the company have an established process for generating leads and converting leads into sales? Can management predict future sales based on current performance indicators? Is there a plan for hiring, and training sales people and sales managers?
5. Management and Employee Relations
Does the company have the talent it needs to succeed now and in the future? Can the company recruit and retain the talent it needs to grow? Is there a plan to train and develop the best people so that they are able to reach their full potential? Do we provide them with timely feedback on their performance? Are the rewards in line with the industry and best practices?
6. Markets and Competition
How well does the company know its customers? Is there concentration in one customer/industry/etc. that could be a concern? Are the product/service offerings clearly shaped toward the key demographics and psychographics for each customer segment? How is the company positioned vs. competitors & substitutes? How was the pricing decided on? Is the company selling through the right channels?
7. Products and Production
How are sales & profits distributed amongst the products? Are products/services seasonal? Are improvements available in lead-time, on-time delivery, or quality? How do features & benefits compare vs. competition and substitutes?
8. Intellectual Property
Is the company protecting its intellectual property fully? Does it have a process for identifying and registering trademarks, copyrights and patent disclosures?
9. Material Contracts and Agreements
Does the company have long-term contracts with key employees, suppliers and customers?
10. Regulatory Compliance
Is the company in compliance with all applicable laws and regulations?
11. Tax Status
Is the company in compliance with tax laws and making payments on-time? Are all reasonable efforts being made to lower tax liability?
12. Insurance
Does the company have all prudent risks covered? Does coverage overlap? Are premiums competitive?
How clearly articulated are your company’s Mission, Vision and Values? Is it well understood by your team? Are the actions of team members congruent with your Mission, Vision and Values? Do you have a cohesive strategy for growth? Is it well communicated throughout the staff and team members?
2. Corporate and Legal Structure
If a corporation is not kept in good standing with its incorporation, operating agreement, minute book, etc., the liability protection of the corporation can be diminished or lost.
3. Financial Health and Credit Review
What is the present state of the company’s finances, Income Statement, Balance Sheet and Cash Flow? Will the company be able to raise the money needed to grow and fund its working capital needs?
4. Sales Process and Sales Management
Does the company have an established process for generating leads and converting leads into sales? Can management predict future sales based on current performance indicators? Is there a plan for hiring, and training sales people and sales managers?
5. Management and Employee Relations
Does the company have the talent it needs to succeed now and in the future? Can the company recruit and retain the talent it needs to grow? Is there a plan to train and develop the best people so that they are able to reach their full potential? Do we provide them with timely feedback on their performance? Are the rewards in line with the industry and best practices?
6. Markets and Competition
How well does the company know its customers? Is there concentration in one customer/industry/etc. that could be a concern? Are the product/service offerings clearly shaped toward the key demographics and psychographics for each customer segment? How is the company positioned vs. competitors & substitutes? How was the pricing decided on? Is the company selling through the right channels?
7. Products and Production
How are sales & profits distributed amongst the products? Are products/services seasonal? Are improvements available in lead-time, on-time delivery, or quality? How do features & benefits compare vs. competition and substitutes?
8. Intellectual Property
Is the company protecting its intellectual property fully? Does it have a process for identifying and registering trademarks, copyrights and patent disclosures?
9. Material Contracts and Agreements
Does the company have long-term contracts with key employees, suppliers and customers?
10. Regulatory Compliance
Is the company in compliance with all applicable laws and regulations?
11. Tax Status
Is the company in compliance with tax laws and making payments on-time? Are all reasonable efforts being made to lower tax liability?
12. Insurance
Does the company have all prudent risks covered? Does coverage overlap? Are premiums competitive?
We would like to invite you to discuss your business and find out more about all that Smith Business Consulting Group can do for you,
contact us or (248) 553-7000.
contact us or (248) 553-7000.
How Small Business Owners Are Limiting
Their Own Chances Of Success
Many Small Business Owners Are Still Not Adopting Modern Technology And Marketing Approaches
Just over one in two SMB owners (51%) use technology to help with accounting operations, this dwarfs technology utilization
for appointment booking and scheduling (39%), customer relationship management (34%), point-of-sale systems (25%),
and acquisition marketing (14%). Additionally, more than half of SMB owners do not have a website (52%)
or even measure the results of their marketing programs (56%).
Yodle Survey 2013
Just over one in two SMB owners (51%) use technology to help with accounting operations, this dwarfs technology utilization
for appointment booking and scheduling (39%), customer relationship management (34%), point-of-sale systems (25%),
and acquisition marketing (14%). Additionally, more than half of SMB owners do not have a website (52%)
or even measure the results of their marketing programs (56%).
Yodle Survey 2013
We would like to invite you to discuss your business and find out more about all that Smith Business Consulting Group can do for you,
contact us or (248) 553-7000.
contact us or (248) 553-7000.
SMITH BUSINESS CONSULTING GROUP
Business Development, Marketing & Management Consultants
Specializing In Start Up, Small And Mid Size Business Consulting
248-553-7000
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