Growth and Succession Planning - The Big Decision

What is your Big Decision?

CBC is now broadcasting Season 2 of its new show The Big Decision which is a spin off from The Dragon’s Den.

The candidate’s on CBC’s The Big Decision programs have, to date; been well vetted and weekly they bring the different struggles of running a business in Canada to the forefront.

The present format has Arlene Dickinson and Jim Treliving alternate weekly, with both having the opportunity to invest in the companies that they are examining. All companies are given specific direction and have approximately 2 to 3 weeks to accomplish the tasks.

This is the second of our analyses of the programme to highlight what Canadian business owners can learn.

So let’s examine week 4 episode of season 2:

In this episode, Arlene finds 2 companies that have lost their way. Both companies are looking for cash investment to allow for a business turnaround. But interestingly, this episode illuminates the sticky problem of succession and the inner struggles between family members and their lack of knowledge to actually make the proper decisions for running the business.

Overview: Redwood Apparel

Faced with cutthroat competition, Scarborough, Ontario-based Redwood could see their "100% Made in Canada" clothing line shut down. With a history spanning three generations, owner Kathy Cheng will need Arlene to keep her family legacy alive.

Redwood feels that they must find a niche market in corporate apparel in order to survive the competition from low cost producers outside Canada. Dad has built his business without marketing aids and is reluctant to let his daughter chase her dream even when she gets a fat preliminary order from Sears.

At Redwood, the daughter is poorly equipped to run a business. She has no grasp of the numbers and is given a failing grade in marketing.

The Test

At Redwood, the two tests were to revamp the amateurish sales brochures and to move the company to the retail apparel market.

Arlene brought in a top notch retail executive to mentor Kathy Cheng. The executive recommends going after the retail sector but Kathy snubbed her nose at her recommendations. She never revamped the corporate brochure or the direction of her marketing focus.

The executive secured a presentation to Sears but Kathy’s presentation was pitiful at best but; Sears did place a trial order for the Heritage line of 3000 units in both men and women’s as Sears recognized in the sales pitch that price was secondary to being nimble in the marketplace.

Dad withheld support and funds for new marketing material and they snubbed the recommendations by industry expert to move into the retail market.  Redwood Apparel did not complete any of Arlene’s tests and she pulled the plug and did not invest.

Overview: Viberg Boots

Across the country in Victoria, BC, a footwear company attempts to get a grip on their evolving product line. Once known strictly for their tough men's footwear, Viberg Boots has expanded to offer more fashionable products, leaving owners scrambling to keep up with demand. Will the owners reshape their business and rise to Arlene's challenge? Or will they be given the boot?

Redwood Apparel  of Victoria faces the challenge of go big or go home. The eighty year old boot manufacturer’s market for logging boots has collapsed with slowing demand in the forest industry. The son wants to chase the fashion market but Dad is squeamish about a market he does not know.

Arlene recognises that there are leadership problems with the son in Viberg who stares at the ground while talking to his Dad or Arlene especially when people disagree with his ideas. He has strong character but lacks confidence and this shows up in many situations of the episode.

The Test

At Viberg, the three tests were to prove firstly that they could manufacture a high quality but feminine boot – a complete departure from the thoroughly masculine, working market being served. The first efforts were pronounced a failure by the footwear consultant hired by Arlene and the son responded to the criticism by sulking and walking out of a meeting.

A second effort was better, sufficient to convince Arlene. But Viberg failed miserably in the 2nd test – to get out of their comfort zone and demonstrate their products to new markets. They were invited to a party to feature their product at an upper scale shoe store in Vancouver to possibly get their boots on a celebrity and get a photograph. They decided not show up and did not even call to advise that they were not coming.

Arlene did try on a new pair of ladies boots and  because Viberg regrouped and built a secondary pair of boots  as suggested by the expert Arlene decided to invest.

Conclusion

Quickly Arlene established the root of the problem; that both Dads discounted the views of their children but don’t see an alternative to the driving of the business over a cliff.

The other side is that in either instance the family members: the children did not have the skill set to behave like business people and in both instances looked more like spoiled children not getting their way.

At Redwood they continued doing business in the same old way while at Viberg they were willing to regroup after their initial mistake and create a more feminine product.

In both scenarios this week the experts were brought in but the kids in both situations literally thumbed their nose at the recommendations. They did not seem to grasp that the experts recommended by Arlene would actually help the business grow.  But of course that would mean they would have to accept that they cannot know all the key areas of their business themselves and must look for outside support.

I am happy that this theme has been examined on The Big Decision. Too many companies face the dilemma of growth tied into succession planning. Many business owners are nearing retirement age but the children are ill equipped to run any business or have no interest in replacing the long hours endured by previous family members.

In their present state neither Viberg nor Redwood could have been sold on the market for anything like their real worth without changes. And to have worked an entire career building something to see it sold for next to little profit would be the ultimate slap in the face.

Bringing in outside assistance to help turnaround the business and address the issues highlighted in this episode could have improved value; or give the much needed stimulus for change to the owners; and in both scenarios with the right business coach could have educated the children to run the business.

I highly recommend this programme for any business that is looking to expand their knowledge and get great insight into what will help you Build Your Business or begin the first step of a business turnaround.

All episodes can be viewed on line – Click here

Article written by Andrew Gregson and Donald Robichaud

What is your Big Business Decision?

CBC has recently launched a brand new show The Big Decision which is a spinoff of  The Dragon’s Den.

What we like about the show is the substantive business acumen that can be derived from the show.

Canadian business owner’s can actually learn something about the running of a business and get a handle on how business investors think without the theatrics of The Dragons Den. (I am sure some businesses are chosen on the Dragons Den because it makes good television and not necessarily a good business idea)

The candidate’s on CBC’s The Big Decision program have to date; been well vetted and weekly they bring the different struggles of running a business in Canada to the forefront.

The present format has Arlene Dickerson and Jim Treliving alternate weekly, with both having the opportunity to invest in the companies that they are examining. All companies are given specific direction and have approximately 2 to 3 weeks to accomplish the tasks.

The format of the show is as follows:

Each 1-hour episode of The Big Decision documents two Canadian businesses desperately in need of expert advice and a cash injection. With the banks calling in their loans and financiers tightening their wallets, Jim and Arlene are their last hope.

If the companies can rise to the challenge of changing their ways, they could be given a life-changing investment from two of the most revered business leaders in the country. At the conclusion of each episode, Jim and Arlene have to decide whether they’ll invest in one, neither or both of the companies vying for their cash. 

So let’s examine week 3 episode:

Jim Treliving has very considerable business skills,   and an ability to get to the heart of business problem in very short order. On CBC’s Big Decision, Treliving met with a brewery in Aldergrove BC., and a manufacturer of screws and bolts in Winnipeg, Manitoba.

Overview: Dead Frog Brewery – Independent Brewery

Jim chose to invest in the brewery because he could roll in some financial controls very easily and the owners still had a passion for the business.

They needed sales help – the NEW campaign they designed was innovative but amateurish. They responded well to Jim asking for reduction in the number of labels they manufactured from 10 to 6 (Like a sample 6 pack …no charge for the marketing idea!!!).

Their 10 lines of beer surely contributed to the quality control problems that bedeviled the small brewery and quickly they made an effort to make their production line more efficient by eliminating unnecessary product movement and by making the line flow naturally and smoothly from vat to door.

The absence of good financial information and a business plan were exactly the things that Treliving could bring to the table and make the company perform well so he decided to invest.

Overview: Westland Steel – manufactures screws and bolts

The fastener company on the other hand could have been salvaged but only by an injection of very hard work. After Treliving asked his questions and poked around the plant, the plant managers tinkered with the sales incentives. But the sales people had just gone on record as saying they had nothing to sell. They didn’t have the cash or credit to buy the raw materials for their orders.

Jim sensed the company’s lack of direction. The complete absence of leadership from anyone in the plant, the deadness behind the eyes of management and the energy to find to find a solution was missing. Jim knew that. To save the company he would have to drop in tons of cash and parachute a new General Manager into the building with a remit to overhaul the company from top to bottom. That would have taken months and perhaps years.

Further, the state of the company’s finances would have meant a partial receivership (a Chapter 11 in US speak) in order to buy time to re-arrange the finances and seek accommodation with suppliers and landlords. . At the very least Jim’s money would have had to finance the purchase of raw material.

What intrigued me about the fastener company is that in spite of the huge slowdown, nothing for the salespeople to sell, and no plan, they still had revenues of $200,000 per month. With that kind of revenue most companies are salvageable. With that kind of revenue, jobs could have been saved. It would have been a long turnaround project with some pain all around but do-able.

Conclusion:

At the fastener plant, there could have been the satisfaction of seeing the back end of delivery truck shipping to a customer. At the brewery, you could always crack open a beer on a bad day!!!

What is evident so far in the first three episodes this season of The Big Decision is the lack of direction by management for any business plan, sales plan, marketing plan and company direction.

It is very interesting to watch the reaction of business owners when they are asked to do specific tasks by Arlene and Jim.  Some of them cannot take direction and due to their inflated view of themselves lose the opportunity to get investment money and put their whole livelihood at risk.

Jim and Arlene are very successful business people who know how to run successful businesses and they are not willing to put up with people who are not keen to change and grow.

I highly recommend this show for any business that is looking to expand their knowledge and get great incite to what will help you Build Your Business.

All episodes can be viewed on line – Click here

Article written by Andrew Gregson and Donald Robichaud

If you need help with your  business give us a call.

Donald Robichaud
President
Floodlight Business Solutions Group
1-888-768-9415
http://www.floodlight.ca 

Build Your Business

Reaching your business goals in 2012

The first half of 2012 is over and we are well into the summer months.
This is a great time to review your business goals for the year and your results for the first half of the year. Are you on track?
If so, great!
Pat yourself on the back.
If not, Why?

What do you need to do to get back on track and ensure success for the balance of 2012?

I’ve had many discussions with business owners and entrepreneurs in small to medium sized companies and some are struggling to find new leads, close sales, and grow their business. In fact, some are losing market share or seeing sales decline, and aren’t sure what to do. When I ask if they’re experts in their field or whether they have a plan, I get all types of answers from, “I’m not sure what to do”, to, “I’m not smart enough”, or even worse, “It’s the market’s fault”.

If you’re not an expert in your field and fully confident of your products and services, then your customers and potential customers will sense your weakness and not be motivated to purchase from you.

Many businesses are held back because key people in the organization lack the skills to manage effectively and deliver results or, they lack the ability to utilize new technologies like the internet to leverage their business.

To be a successful business in this challenging climate you must to continue to stretch yourself and learn new skills. You are the key to your own success! You need to have an open mind and become and expert in your field. And the only way to do this is to continue learning and growing. Here’s how:

1. Write down the top ten must improve areas of your business for 2009.

2. Now divide the top ten in to the following areas of Sales, Marketing, and Operations.

3. You will notice that one area will become painfully obvious in that you need more work to do.

4. Now go buy a couple of books to read in that obvious area. (Possibly Marketing).

5. Monday to Friday get up early every morning or shut off the TV early at night and read every day for one hour.

Five days a week for one hour. Write down the things you like and implement them as soon as possible.

5 hours x 26 weeks = 180 hours dedicated to learning.

To really achieve any goal or to learn a meaningful new skill, we need to discipline ourselves to stay on track until it’s accomplished. There are several ways to effectively track your goals.

•Keep a list and review your goals regularly, preferably daily

•Break down a goal into action steps

•Measure your results by establishing key performance indicators

•Set new goals and repeat the above

The investment in learning will pay multiple dividends for the balance of 2009 and help you to “Build your Business”.

8 FREE ways to Build your Business

There are a number of methods that you can use to build your business. Many of these methods may already be in use but they are rarely used as part of a total marketing system so they are not used consistently.

When you begin using any marketing strategy as part of a system, then it becomes a positive source for the growth of your business.

Most businesses have methods of marketing; however, most do not pay close attention to the results and frequency of implementation. The key to remember is that when something is part of a system, then it is repetitive therefore multiplying the effectiveness and guaranteeing significantly better results.

The best way to implement your marketing strategy is to use this guide and make sure that you answer the questions that are part of each concept.

The goal of you answering the questions is simple. If you take the time to answer the question, even if it is just in your head, you will take yourself to a higher level of awareness of how you are working in your business.

MARKETING WEAPONS

1. Business Cards – Your business card should have key contact information and must be distributed to everyone you meet. The goal of giving your card to everyone is placing you in the subconscious mind of everyone you meet.
Q: Do you give your card to everyone you meet or just people that ask you about your business?

2. Ask For Referrals – Everyone you develop rapport with both inside and outside your business should know what you do and be able to refer someone to you. The best way to get a referral is to give one first. It will pay major dividends for you.
Q: How many people you know who are in business that would appreciate a referral? What goes around comes around!!!

3. Have a Clearly Defined Message – Make sure that everything you do has a message about who you are and/or what you do. Hone your Elevator Pitch!!
Q: What is your message? What do you specialise in? Who is your target market and what are your services? What problems do you solve?

4. Voice Mail Marketing – Make sure your voice mail has special marketing statements. It is very important to place some type of reminder for the listener to ask you about something specific about you or your products.  An example of a voice mail marketing system is at the end of your greeting, you add the statement “Don’t forget to ask me about….!”
Q: How do I get people to ask me about my competitive advantage?

5. E-mail Marketing – This is very similar to voice mail marketing. Every e-mail you send must have as part of your signature, a special offer or a marketing message!
Q: What does your e-mail signature look like?

6. Testimonials – It is a must for you to get testimonials from your clients and referral sources. Your website and marketing material should contain a customer quote. These quotes give customers sub-conscious references to your services and the quality of them.
Q: How many testimonials do you have and are they from different types of sources so you can attach them to the appropriate marketing piece?

7) Community Involvement – Get involved with your community and increase your exposure. Individuals that participate in community activities tend to be compelled to want to help other members of the activity because of the common bond that is shared.
Q: What organization could you join that would surround you with the type of people that either could use your services or refer you to people that could benefit from your services while simultaneously giving something valuable back to your community?

8). Accessibility – Make sure you are easily reachable. Make clear to your clients the best way to reach you along with the best times to reach you. Add on your voice mail message specific times that you will be returning phone calls so clients know when to expect to hear back from you. When you return clients messages when you say you will, your credibility grows and so do the quality of your referrals.
Q: How much time do you need to answer your messages and when would be the best time of the day to answer your messages and return client calls? Do this daily.

Implement each one of these simple marketing weapons and “Build Your Business” in 2012.

Donald Robichaud
President
FloodLight Consulting - Build Your Business - 1-888-768-9415
http://www.floodlight.ca/
http://donaldrobichaud.blogspot.com/

Social Media Marketing ..Is it for You? Lets get Social!!

Social media marketing is the process of promoting your site or business through social media channels such as:

Social media marketing is the process of promoting your site or business through social media channels in Kelowna, Ottawa, Kingston, Toronto and throughout Canada.

• Micro blogging (Twitter)
• Business Networking (LinkedIn)
• Social Networking (Facebook, MySpace)
• Photo & Video Sharing (Flickr, YouTube)

This is a powerful strategy that will get you backlinks, attention and a great amounts of traffic.

There is no other low-cost promotional method out there that will easily give you large numbers of visitors, some of whom may come back to your website again and again.

Tradtional marketing like TV, Radio and the Newspaper are having their market share reduced.

If you are selling products/services or just publishing content social media marketing is a potential method that will make your site profitable over time with the appropriate strategy.

Those who ignore the benefits of social media usually fall into three categories;

1. the ones who don’t know much or anything about social media
2. the ones who are interested but don’t know how to use it
3. those who don’t believe in the value that a social media strategy can bring to any site or business.

Which one are you? Let's Get Social!

For more information contact:

Donald Robichaud
President
FloodLight – Build Your Business
250-768-9415
http://www.floodlight.ca/
http://donaldrobichaud.blogspot.com/

New Internet Marketing Trends - Social Marketing

Internet Marketing or Online Marketing is a new way to promote your product and services through the web.
Your core marketing strategy stays the same as you raise your visibility in the target market while increasing sales and profits.

Today, Internet Marketing is considered the fastest and most economical medium for promoting product and business growth.

Internet marketing strategies cover various services such as search engine optimization (SEO), search newsletters, email marketing, copy writing, web development, blog posting, social media sites, pay per click and numerous others.

And now the power of social media, team buying and twitter, have changed the landscape of how people are finding out about local merchants in Kelowna and throughout Canada.

One internet marketing strategy that has caught on quickly is the Groupon and Twongo models, now in operation in Kelowna, Canada. This new marketing avenue harnesses the power of team buying and can truly drive more new business to your door.
These new marketing avenues are essentially an online coupon service with an immediate call to action, providing a platform to coordinate and facilitate group buying by consumers of retail business products.

The consumers are members of the local community who have chosen to join a free subscriber list. The products are provided by local business vendors seeking to increase their sales and to expand their consumer/client base by accessing the larger subscriber list.

Example One:

In one promotion 250 new visitors went to the website of a local pizza retailer and 157 vouchers of $25.00 were purchased by the subscribers within a 24 hour period. In the last two months, 67 of the sold coupons have been redeemed and his business was exposed to people who were not previously aware of his pizza business. At the end of 30 days the he received a cheque from the online services for his portion of the coupons sold.

In a previous marketing tactic, a door knocker promotion was used and 15,000 homes were targeted. In this venture $900.00 dollars of advertising capital was spent and only 18 coupons were redeemed.

In the past three years this pizza merchant has used radio, TV and print. At no time did any of these traditional marketing mediums issue back a cheque to this merchant.

Example Two:

In another case a local shoe merchant used Twitter to tweet out that he was having a 50% off sale and did so at 1:00 pm. By 3:00 pm the same afternoon he had eight people visit his store and 10 pairs of shoes were sold. He is now a frequent user of Twitter to keep his customers in the loop.

The same merchant used Twongo and the power of team buying to sell 230 discounted coupons against the purchase of regular priced shoes.

All money raised by the merchant was donated to the local food bank at Christmas and his store was featured on radio and in print, while donating $2,300 dollars to a great cause.

The marketing power of the internet has grown very fast in a short period of time and there is a whole new generation of shoppers who are looking for great value and great service.

Your job as a retailer in this internet age is to decide how you will market yourself so you can “Build Your Business”.

Donald Robichaud
FloodLight – Build Your Business
Kelowna / Ottawa
Email
1-888-768-9415
http://www.floodlightconsulting.com/

Kelowna Business Coaching Business Consulting: OBRG Networking Event Thursday November 25th – Wo...

Kelowna Business Coaching Business Consulting: OBRG Networking Event Thursday November 25th – Wo...: "We have all heard it before is there such a thing as work life balance? What simple things can you do to grow your business without leave ..."

Are you harnessing the Power of the internet to Market and Brand your business?

An Internet business coach teaches you how to successfully manage your business and then use the Internet to market, brand and promote your business online.

So much information exists today about marketing on the internet that it's difficult to know what to do or whom to trust. If you own any type of business, your search is over -- you've come to the right place!

At FloodLight we bring you the very best, most effective Marketing and Branding strategies that work for any service business and help you Build Your Business.

We help you get found on the Internet with proper copy and then, teach you how to set up your own marketing campaign that will deliver results.

Every single Marketing and Branding strategy discussed has been proven to effectively work for all our clients to help grow their business and increase the traffic to their websites.

Isn't it time you stopped struggling to make money and use the power of the internet to improve and grow your business through proven strategic internet marketing techniques proven to work for businesses just like yours.

For the price of costly Monthly Search Engine Optimization fees you can become a more savvy online business owner.

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Click here to get started today!

- Or call

1-250 -768-9415 Kelowna, Canada, USA, North America

Kelowna Online Marketing

Internet Business Coach / FloodLight

FloodLight Touch Point Marketing System

With 80% of buyers visiting your website before deciding whether or not to contact you, and with websites greatly growing in influence since 2005, the importance of your website cannot be overstated.
Your potential clients make decisions quickly as to whether they call you or ultimately buy from you.

Think of your website as the hub for your Marketing and Branding activities. No matters what marketing you are doing—direct mail, email, referral generation, PR, cold calling, etc.—it is driving buyers to your website. Your website is the portal clients and prospects are using to learn more about you and your services.
They are searching for information to validate you as a professional in your field.
Your potential clients have a need for your service and your website must offer a solution to their problem. You must be able to speak to the challenges your clients are facing.

If they find what they are looking for they will take action. Your website is the place they go to form an impression of you and interact with your brand.
Overall, your website can serve to:
1. Establish that you are professional: through professional design, writing, and arrangement of content.

2. Establish that you are worthy of consideration: through an overview of your services, your client list, biographies of your professionals, and Testimonials or case studies that show how you have helped clients and delivered on your promises to do what you said you would.

3. Establish yourself as a thought leader: through articles, tools, publications, videos, and other resources to help build credibility, reliability, and trust—all essential elements necessary to win clients.

Marketing on the internet is a multi-step process with many Touch Points and the first step is, that 80% of buyers are making............ is to visit your website.

What will these potential buyers like, what will they see, and will you offer a solution to their problems.

Will they be interested enough to send you an email, sign up for a news letter or pick up the phone to call you and start a discussion with you?

Or

Will they move on to your competitor’s site and offerings?

Your business future is lying in the balance.

Contact us today and start Marketing and Branding yourself so you can be found.
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FloodLight Consulting - 250-768-9415
http://www.floodlightconsulting.com/
http://donaldrobichaud.blogspot.com/

Why use a business coach to help build your business?

Online Internet Business Coach specializes in helping you increase your Sales, Marketing and Branding activities while running your business more effectively. We focus on modern technologies to hook you up online and then meet with you on a weekly or monthly basis to help you build your business.

A Business Coach works with you to build the essential skills that you need to run your business in a thought provoking process which helps you build core business competencies.

A Business Coach will assess your needs, assist you in setting your business development goals and ensure you become more accountable for what should be your most important work, the work of developing your business.

A Business Coach provides you with objective feedback about what you need to do to get your business on track. A healthy business coach relationship provides you honest ongoing assessment of your Business Development Activities, assisting you to focus your efforts on the areas that will have the greatest long term positive impact on your business. The development of you!
At FloodLight Consulting work with you to develop solutions to help increase sales and profits while enhancing and optimizing core business competencies.

As a result of coaching, clients set better goals, take more action, and make better Sales, Marketing and Branding decisions.


Contact us today for a complimentary coaching session to assess your specific needs.
250-768-9415

Donald Robichaud
FloodLight Consulting Kelowna, Canada, USA, North America
http://www.floodlightconsulting.com/

Still not sure about Business Coaching??

As a business coach “I'd like to learn about your situation and priorities for building your business and if appropriate ...

..to explain how FloodLight Consulting -  Business Coaching  might approach these issues, then if there looks as though there might be some common ground, to agree how we could move to the next stage."

The next step is yours !!
Give us a call or send an email for a complimentary coaching session where we will assess your needs.
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Donald Robichaud -FloodLight Consulting

250-768-9415

http://www.floodlightconsulting.com/ http://donaldrobichaud.blogspot.com/