There are two key ingredients required for a small business. Vision and the Execution of the Vision. It really is that simple!
Vision
Vision is not a an abstract concept or dream. Vision is a clear picture and focused snapshot of your business opportunity today and in the future. I am now on my third business. I started with a Design and Communications Agency called iGroup back in 1987, sold this company in 2000 and then started Bluetree Direct in 2001 and sold this company in 2007. With iGroup we were going in five directions – all good but none did really well until we focused on developing eLearning applications. With Bluetree I had a clear and focused vision that came through many discussions with clients in the field. We reviewed many marketing opportunities with small business and finally focused on automating direct mail campaign using a web application that created the direct mail piece online sending prospects to a personalized landing page (PURL’s). No one did this well and we found a niche and delivered. We partnered initially with HP and then with Canada Post before having multiple offers to sell the business. Bluetree Direct’s applications are used world-wide today from IBM, The Royal Bank of Canada and The New Zealand Post to power marketing for thousands small businesses. Our focus was always the same. Create a scalable self-serve application to support the marketing efforts of small business. Bluetree Direct was purchased by Pitney Bowes who have accelerated these opportunities globally. We never moved from our original focus, we just made it easier for small business to use online direct marketing tools.
Without a clear vision you will waste away. The joy and passion small business ownership will ebb away and every day at work will quickly become just ‘another job’. This can quickly change with some simple steps;
a) Take some time off – at least week
b) Read some information on your business – find out what competitors are doing. I am never afraid of competitors, they are liek you and me. They will tell you by their success if there is even a market for what you do! There is always room for another company with vision and a focus on a specific niche.
c) Map out a 5 year plan on where you want to go and prepare a detailed financial model and business plan.
d) Maintain the plan and adjust as your focus becomes clearer. Blog or write out changes monthly to become more acutely aware of your vision
e) Use advisors and listen to them. You will not succeed long term with-out them.
You will be surprised how your thinking will change, take the time to be aware of your business environment.
Execution
Execution is the fuel taking our vision to its final destination. Execution is taking our business plan within a defined time period and delivering on it. Now it does take wisdom education and experience – but we all have to start somewhere and we can ALL do it. When we procrastinate on the delivery and ‘defer’ your passion will decrease and the trust of your partners, advisers and employees will lessen. Procrastination is a small business ‘killer’. Eventually as your fuel is used up your vision will pass, passion will decrease and you will be living day by day with little hope. People will lose trust in you and then it will be like turning around the Titanic.
Here are few things I have learned over the past 20 plus years regarding execution;
a) Partner with a larger company, even if they share in the revenue of your product or service you will learn a lot about things you would not even have considered – its like getting an MBA on the job. With Bluetree we partnered with HP, they taught the importance of the small business market, measurement and scalability.
b) Be diligent. Do not make quick, impulsive decisions. Check with your advisors. You must have at least 48 hours thinking time before a major decision is made.
c) Take risk – you have to take well calculated risks. You cannot be so careful as to make no decisions at all.
d) People are everything. They are your true capital. Position them wisely, give them opportunity and vision. Let them fail. Give them the chance to execute as well. Fire the lazy people ASAP. Meet weekly with your staff – communicate vision. Let your team deliver on the execution. You cannot do everything (they call people like that micro-managers).
There is a lot more I can say, but these are highlights from my personal experience. I love marketing and working with Small Business. Its a personal passion. I have started my third direct marketing business in 2008 called WhiteCloud Marketing.
I can write more but I am looking for your feedback first – looking forward to your comments.
1 Comment
August 3, 2009 at 12:09 pm
Great advice Tim. Would love to read more.