Product Launching

Microsoft launched the Office 2010 and SharePoint 2010 this week. I attended a Microsoft launch event and found the integration with SharePoint on-line services to be a nice upgrade to the current Microsoft on-line services. The on-line services upgrade is scheduled to be available sometime in the 3rd quarter, but the office 2010 product also includes some useful outlook and office integration features.

I have included a useful comparison document found at the following Microsoft link: go.microsoft.com/?linkid=9690494

Milestone Advisors can assist you further analyze the Microsoft product launch by looking at your business strategy and technology plan.

Jack Stack believes the economic recovery is under way. In fact, he asserts it has been for quite some time. He then warns - if you don't have a business strategy or business plan developed and in place to take advantage of the upswing, you may miss it completely.

It may be difficult to believe, particularly in our tiny worlds where we still hear about small businesses struggling for capital or individuals losing their jobs. So, where does Stack get this perception from and what evidence is he using to support it?

"I’ve been speaking eyeball-to-eyeball with entrepreneurs all across the country — in places like Pittsburgh, New York City, Richmond, Va. and Fresno, Calif. — and when I ask them how they did in the fourth quarter of 2009 or the first quarter of 2010, I keep getting responses like, “amazing,” “fantastic,” “record-breaking” and even “best we’ve done in years.”

Yet it seems we're all a little afraid of admitting things might be getting better. Maybe for fear the the worst is yet to come, just as we've allowed ourselves to breathe easy.

But there is firm evidence pointing to companies around the country once again experiencing growth. Stack uses his own company as example, SRC. He admits he had spent so much time reflecting on the economic collapse that when portions of his operations were experiencing new growth, he missed it completely.

Another sign he claims to see -- an increase in lead times, the period ordering something and actually receiving it. This means more and more orders which means more money being spent. Can we get two huge thumbs up for that.

"If you’re still not convinced, do some research of your own. Ask your customers and peers how they’re doing (and tell us in the comment section below how you’re doing). Do your own eyeball-to-eyeball research. Just as importantly, start putting together a strategy to take advantage of the recovery whenever you believe it’s going to hit. If you keep looking in the rear-view mirror and forget to look at what’s headed your way, not only might you miss a golden opportunity to build your business, you might just give your competitors the chance to move ahead of you or, worse, to eat your lunch right out of your hands."

We'd love to hear what you're seeing, hearing and experiencing yourself that either confirms Stack's assertion or proves it wrong. Please share, do you think we're in the midst of recovery? What evidence do you have that supports your claim?

Depending on your answers this might be the perfect time to initiate buying a business that supplements current operations, compiling new financial projections or rebuilding your financial model for the improving economy or to begin the product launch plan you put off when the bottom dropped out of the market. Any way you look at it, it may be time for action!

I don't eat mayo on anything - I'm a mustard girl all the way, spicy mustard more specifically. Mayo has always grossed me out. It's not about the calories, after all, when one consumes either mayo or mustard a large beef patty with cheese is typically involved as well. To me, mayo just looks like it immediately clogs arteries. To Jerry Murrell, founder of Five Guys Burgers and Fries, mayo is an essential part of his business philosophy.

When selecting all of the ingredients to be used in his burger chains, Jerry and his four sons (hence the name) tasted 16 different brands of mayonnaise. Now THAT is the kind of commitment to quality that provides for future success. Jerry serves only the highest quality ingredients, regardless of cost to the company. Using fresh instead of frozen meat not only costs Jerry, it costs his customers. The result? They don't care. Sales for 2009 topped out at $483 million. People would rather pay more for burgers made from the best that taste great.

It is Jerry's unwavering dedication to making sure his products taste good, his employees are treated well and his stores are clean that has launched Five Guys into the world of franchising that actually works.

Jerry simply knows how things should be done and doesn't compromise, something every small business owner should pay attention to whether they're just formulating their business plan or business strategy or they are preparing for a new product positioning. What aspect of the business are you passionate about? How do you believe things should be done? Take advice from others, yes, but stay true to your vision. Even if it requires you ingest far more mayo in one sitting than is natural.

What's one thing you have been committed to since starting your business or just starting your career? For more insight from Jerry Murrell, check out Inc. Magazine's 'How I Did It' piece highlighting one of the best burger chains ever.

In a recent post by Seth Godin, he talks about some issues with internal attitudes that can really cripple an organization's effectiveness and level of success. I think every business, large or small, suffers from sort of attitude problem. Sometimes they can be small and limited to specific department, sometimes they involve large egos and other times they involve employees not wishing to take responsibility for aspects of business that go beyond their daily duties.

Seth believes an attitude of WE is missing and I have to say I agree. It's convenient to view ourselves and our roles as separate from others in different departments. But the truth is we're all tied to the financial success of where we work, a harsh reality highlighted by the economic troubles of the last few years. It's easy to forget this simple concept in the bustle of the day to day but it's important to remember.

Adopting a can-do attitude won't just benefit you, but the company at large (which in turn, benefits you again). Seth writes,

"Product launches, innovations and initiatives by any organization work better when the key people agree on the goal, believe that they can achieve it and that the plan will work.

Do we have a cynicism shortage? Unlikely.

Successful people rarely confuse a can-do attitude with a smart plan. But they realize that one without the other is unlikely to get you very far.

Count me in. Let's go."

What's your current company culture like? Do you and most of your staff have a can do attitude as well as the understanding that they're responsible for the success of operations just as you are? An organization assessment is a practice that can help you answer both questions above. As a result you might find that you're rewriting some of your business strategy documents or business plans, incorporating values that will improve attitudes and cut down cynicism.

Many of our clients are start ups or young companies with fantastic ideas on very tight budgets. It's not an easy process to start a company, become profitable and maintain that growth. Never mind initiating efforts to garner public exposure for your wonderful company and recruiting brand ambassadors through strategic marketing efforts.

There may be a new trend in public relations that will allow smaller operations or start ups to begin PR efforts on a tight budget. In a recent Inc. article a Los Angeles-based PR agency is offering a bundle of services for a flat fee, sort of like your phone bill. You pay a monthly fee and receive a specific amount of anytime minutes, nightime minutes and text messages. Except with these PR services, you won't be charged overage fees.

The packages vary but can include such things as media list building, pitch creation, 20 press releases a year and basic wire distribution. The minimum commitment for their services is three months and the longer you do business with the firm, the more tailored your service package bundle can become.

PR is an extremely powerful tool that can help point your operations in the right direction for profitability. Reaching out to the public should be a key element in any marketing strategy, product marketing plan, new product positioning or product launch plan.

Any marketing professional worth their salt these days not only understands the importance of the Internet and technology to deliver a company's message and solidify their brand identity - they're incorporating these new platforms into their company, their marketing plan strategies, product marketing plan or marketing communication strategy.

But a truly smart, savvy marketer is going on step further and seeking out the next wave of Web 2.0 innovations that can bolster, aid or make more efficient their marketing outreach.

I did some research and found what some believe to be the emerging social media tools (via Social Media Examiner) that will continue to change the way we do business (and the tools we use to do it).

1. Foursquare
This location-based social network/gaming application is rapidly gaining users and mindshare.  Users “check in” at local businesses and earn rewards for frequently visiting participating establishments. Business owners can get value out of Foursquare by offering incentives for users to check in, such as special offers for repeat visitors.

2. Google Buzz
This is Google’s latest entry into social networking. Buzz allows users to post status updates and upload pictures and videos to a Google profile, not unlike Facebook and Twitter.  A user’s network is formed by contacts they interact with frequently on Gmail.

3.Loopt
Another location-based social service, Loopt aims to connect its users with their friends by visually displaying their location and availability on a localized map. Users can connect with friends in the area, see reviews and recommendations of restaurants, and find events in the area that might be of interest. Businesses have tapped into Loopt’s location data to offer targeted promotions.

4. Blippy
Blippy aims to connect people around the purchases they make. Blippy publishes the amount and location of customer purchases (with user permission), which the rest of the community can then react to.

5. Groupon
This site offers “collective buying power” by providing deals to groups of people who buy products and services in bulk from participating retailers.  The site uses social networking to get users to share offers with their communities, in order to reach the target number of customers the “Groupon” requires to activate. Businesses could gain exposure and new customers by making offers on the site.

The options or opportunities for creative innovation or implementation into your marketing plan, marketing process or strategy with the above tools are endless. Whether you're revamping a brand and plan to utilize giveaways and promotions as part of a product launch plan, all of the above are technologies that should be explored.

Why do you have a blog? Is it to garner publicity and brand recognition in a cost-efficient manner? Is it to drive sales and growth? If so, you might be going about achieving those things in the wrong way says Joel Spolsky, founder of Fog Creek Software and management columnist for Inc. Magazine.

In his most recent column, Joel asserts that too many blogs focus simply on the companies themselves, new hires, acquisition announcements and other company events. This type of communication doesn't recruit regular readers or garner interest in actually doing business with your operation.

Joel asks, what's the proper formula to turn a blog into an area that helps generate revenue?

The answer:

"...an entrepreneur's blog has to be about something bigger than his or her company and his or her product. This sounds simple, but it isn't. It takes real discipline to not talk about yourself and your company. Blogging as a medium seems so personal, and often it is. But when you're using a blog to promote a business, that blog can't be about you. It has to be about your readers, who will, it's hoped, become your customers. It has to be about making them awesome." (Advice from well-known game developer and author, Kathy Sierra)

There you have it. Blogging should be about making those you seek to serve or do business with even better.

As you develop a marketing communication strategy that incorporate business blogging, be sure to align your communication with the needs of your audience just as you would in any other marketing activity (new product positioning or development, product launch plan, etc.)

Every company has a different approach to communicating internally. Meetings are used to discuss company issues as well as brainstorm to develop plans for clients and delegate responsibilities for the execution of said plan.

Getting together is necessary to discuss the latest market research forecasting, new financial models or a product launch plan. Yet, sometimes they simply equate to lots of talking, little doing.

Yet, when run effectively, meetings put everyone on the same page and foster positive relationships throughout a company as well as the resulting creativity that occurs when minds meet.

MarketingProfs offers actionable advice to run a meeting that doesn't waste your time or your clients' time.

    •    Set a clear agenda when you schedule the meeting. The best outcomes happen when everyone is fully prepared to discuss the topic at hand.

    •    Ask for full participation. Instead of letting one or two voices dominate the conversation, create a collaborative environment in which all ideas are welcome. "Encourage everyone to speak up," he suggests, "but respect those that require time to process what they're thinking by not putting them on the spot right away."

    •    Don't lose track of time. According to Stephens, you should set a limit—and stick to it. "When the time is up," he notes, "the meeting is over. If you didn't accomplish [your] goal you'll plan accordingly next time won't you?"

    •    Establish what each participant will do next. Make everyone accountable by distributing an immediate summation of each team member's responsibilities.

I would recommend adding an area to your business communication strategy or strategic plan that deals with internal interaction and meetings. Establishing best practices for regularly occurring meetings will foster positive communication and increased productivity.

In recognition of Black History Month, Entrepreneur has compiled a list of the most iconic black entrepreneurs in history and dubbed it 'The Soul of Small Business'.

1. Oprah Winfrey (this should have been blatantly obvious)
Her story is incredible, her beginnings meager and her success unprecedented. Oprah reinvented daytime TV and transformed her personality into a brand with sheer innovation.

2. Berry Gordy
Gordy transcended racial lines of jazz, R&B and soul music when he developed the interracial 'Motown Sound' later leading him to found the iconic Motown Records.

3. Madam CJ Walker
The daughter of slaves and no stranger to personal tragedy, Walker developed her own product (a scalp conditioning/healing formula) and became the first female, self-made millionaire in the U.S.

4. John Johnson
The founder of Ebony and Jet magazines, Johnson provided African Americans with their own mainstream media outlets.

5. Cathy Hughes
Hughes developed and grew Radio One to the tune of 65 stations after being denied financing by 32 banks.

6. Russell Simmons
Simmons is an icon and attributed with making hip hop an acceptable and often applauded part of America's mainstream pop culture.

7. Magic Johnson
Yep, he's a basketball star. But he's also a smart investor. He's developed movie theaters, restaurants and coffee shops in urban areas in an attempt to revitalize their neighborhoods.

8. Tyra Banks
Beautiful to look at and smart too. Banks has become a media mogul, developing wildly successful TV shows, dabbling in music and movies and creating camps to teach young girls self-worth.

Here's what to take away from their examples.

Oprah is a marketing machine and it's all based on who she is, inserting bits of yourself or your personality into your company's marketing communication strategy or marketing strategy plan may give you that slight edge.

Both Walker and Johnson created something brand new. Innovation will help you lead the way in your industry accompanied by a product development business plan.

Cathy Hughes struggled to secure bank financing and won the battle. It's not an easy process but you only need one yes.

Venture capital is alive and well (and it can do good!), we know this thanks to Magic.

As for Tyra and Russell Simmons, they welcomed new technologies and adopted advancements in the media to launch their brands.

The best place to learn can often be the past.

Post Super Bowl several discussions are bound to occur. Why the team who won was so deserving. What decisions were made by the opposition that led to their downfall. What the future looks like for the league. And inevitably, what everyone favorite commercials were.

My favorite this year was Miller High Life's spot that gave four small business owners a chance to shine and show off their humor. What a great idea! To begin with, this concept of buying a spot and advertising for another entity (let alone advocating for small businesses) generated more media attention and exposure than any of the other commercials did buy simply airing commercials during the big game. Because of the gesture, Miller Coors have probably solidified some passionate brand ambassadors for life.

Big business advocating for small business. We certainly don't see that a lot but when it happens, we should publicize it. I believe Miller Coors' efforts are proof that corporate America realizes that an essential part of our economic recovery will be small businesses launching, surviving, growing and thriving.

This is a truth we believe in at Milestone Advisors which is why we do what we can to extend accounting advice, facilitate the market research process, build product development business plans and equip thought leaders to bring to market new products and services, fulfilling their passions and dreams.

So, we tip our hats to Miller Coors and their Miller High Life commercial. We hope to see more advocacy for small business in the future.

Ah, I laugh even as I type it but let's ask ourselves the recent question posed by Inc. all the same, 'What Business Lessons Can We Learn From Avatar'? More specifically, what can entrepreneurs learn from the man behind the curtain (if you will), legendary director James Cameron?

Here are some takeaways...

It took Cameron 10 years to make Avatar. Sure, some startups launch quickly and the money follows soon after. That's rare, building something substantial that stems from your passion and results in a quality product takes time. Long term thinking will benefit you and your company.

Cameron first conceived and wrote Avatar in the mid '90s. His vision was incredibly detailed and in effort to stay true to the original concept, he waited years to raise the funding necessary to do so. Getting your own vision to stick to will provide you with the fortitude needed to execute and achieve your goals.

The film has grossed an estimated $1.6 billion thus far and is still in theaters. It cost $500 million to make. The takeaway, invest. There's a time to be thrifty and there's a time to spend money in order to make it. You just need to figure out what time it is for your operations.

We're not suggesting you throw your financial model out the window, but the way Cameron has handled this blockbuster hit could be incorporated into your current business strategy, new product positioning or global marketing strategy.

He thinks big, he acts on passion and he most certainly gets results.

In one of his more recent posts, the always opinionated columnist for Fortune starts out discussing sleep patterns. He reminisces about when he was a young professional just starting out, he firmly believed he required a full eight hours of sleep in order to function well on the job. If he didn't get it, he just knew deep down his productivity was going to suffer.

Now he points out that his job requires him to consistently switch living, functioning and yes, working, between two timezones. Therefore, he has learned to work effectively and produce desired results without the famed and restful eight hours. He then makes this assertion:

"I may be wrong here, but I think most of senior management, in corporations and governments alike, function on something like this very same sleep schedule. Work all day. Stay up late. Get up early. I wonder what it does to our decision-making processes. Actually, I don’t have to wonder. I know what it does. It makes people a little bit grouchy, more impatient, more solution-oriented, with shorter attention spans and a greater need for visual, auditory and sensory stimulation. We are never tired. We are always tired. And if we stop moving forward, we sink in the water, like sharks. They don’t sleep much either, do they. Maybe that’s why they’re one of the few species to survive while so many others have fallen to the wayside. And why they pretty much run any corner of the ocean they choose to inhabit, come to think of it."

I think he's right and I like the analogy here. That's why entrepreneurs succeed. They're the people whose passion burns so hot, they can't sleep at night and instead are up working on a global marketing strategy for a product launch plan that details a new brand no one has ever heard of. These are also the people who drive the economy and why America as a whole can be the global competitor it is - we can't concentrate on tonight's Leno when we know there's an organizational development strategy that needs to be laid out. During Sunday's sermon we're running through our company's numbers and reminding ourselves that a new finance model needs to be created. The wheels are always turning, the desire to achieve is a constant.

So yea Stanley, I like it. We're sharks.

Dogswell: a five-year old company that markets dog treats worth $17 million

Ambition: to edge it's way into the natural dog food market, competing directly with such major brands as Purina and Iams

Issue:the owner of the company launched too quickly and anticipated returns that never materialized. Also, in expanding the company's identity and focus, he forgot to utilize many keys in his previous marketing strategy that had allowed the original operation to enjoy success. Therefore, he is facing his first red ink on bank statements. His first reaction was to generate more funding and line up investors. However, that's not always the right answer.

I would weigh-in and say this is a fairly common occurrence. Many companies launch with just one product or focus and as they get to know their customers, they respond to additional needs they might have as well as conduct consistent market research or analysis. What are other companies in my market selling? How have they expanded their market line? 

Too much focus is placed on expanding and doing so immediately, without the proper planning, research or analysis taking place first.

What do the experts say?

Be more disciplined
A lot of emphasis was placed on researching the initial product but not enough was done in researching the current market, competitors or a market research plan in general. Conducting market tests would even be helpful. Simply not enough has been done to fill out an entire business model or business strategy plan.

Don't lose focus
To make your company a true competitor, you want to stand out, specialize in something. While it's natural to want to compete with major retailers with what you deem a superior product, it may be better to stick to a niche, that way you can completely dominate the area.

I’d like to spend some time touching on a technology solution that continues to grow in maturity -  “Cloud Computing.”  The basic concept behind Cloud Computing is being able to consume technology solutions as your business needs them without the typical capital investment needed to purchase software or hardware. The name, like many other titles given to tech products, gives a visual picture of your hardware and software solutions being provided somewhere out there in the cloud of virtualization. You will hear other names being used to help differentiate what specific type of cloud solution is being provided; Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) both describe the operating environment. Another popular alias for cloud computing you may recognize more since the launch of Salesforce.com is Software as a Service (SaaS).  Although the technology architecture and consulting service may differ with each type, the benefits of a robust environment with economies of scale are the same.

Gartner identified Cloud Computing as one of its top 10 strategic technologies for 2009. These technologies are enabling businesses to access tools and solutions that would have previously been cost prohibitive or put a significant drain on cash. What I find compelling is that although many large enterprises are using this ‘pay-as-you consume’ technology solution, according to Forrester Research, small and medium size businesses are not. Why are operations with more limited resources not taking advantage of this new advance in technology that brings advanced solutions to your finger tips without a heavy investment? Is it likely that most small companies don't have a CIO or Part-Time CIO helping to make these decisions? What can be done to encourage small businesses to incorporate these technology solutions in their strategic plans? Tell me what you think.

As I type the above title the image of Scar perched on a cliff preaching to his heard of loyal hyenas about his extensive planning and maligning to steal the throne away from Simba in the Disney classic, The Lion King instantly pops into mind.

The kind of preparation I'm talking about is slightly different. Over the course of the past two years, we have seen CEOs of private companies manage conservatively, holding back plans for expanded operations, product lines or service offerings.

Add to that how difficult it's been to secure bank financing in days of late, with lenders cautiously screening loan applicants and reluctant to doll out any amount, regardless of how small.

Scar isn't that far off, if you have grand plans for your venture as he did for his 'regime', it's going to take extensive preparation. When you want to make a move forward with plans, you'll want it to happen swiftly and effectively. The key to achieving that: be prepared.

Here are some things to do in said preparation:

1. Invest in technology
Small and inexpensive improvements (particularly with all the free technology available today) may help your company run more efficiently, equipping you to handle increased business when you roll out new offerings.

2. Snap up talent on the cheap
We're all aware that with the economy in its current state there is a surplus of great talent in the job market who need jobs, turn the positive into a negative and hire these individuals at a discount.

3.Ramp up training
Take some time to evaluate current staff, give them both positive and constructive feedback and see what ways everyone can improve in anticipation of coming change.

4. From strategic partnerships
It doesn't cost much to meet other professionals for coffee once or twice a week. Dedicate some time to forging bonds with people who may be referral sources down the road.

5. Get to know prospective customers
Once again, efforts in this area shouldn't cost you much while spending time with them and getting to know their needs may allow you to tailor offerings to deliver more efficient services.

(The above points are taken from an Inc. Magazine article)

While these all sound like simple steps to take, combined, they can become an overwhelming to-do list. It's important to organize these initiatives into a strategic business plan. This preparation can also be a part of a marketing plan or product launch plan.

Scar isn't that far off. He has some big things he wants to achieve and he's cautioning others involved in his operations that they all have to have the mindset of preparation, meaning, there is a lot that needs to be done to position his plan for success just as there is a lot a company must do beforehand to prepare for good things down the road.

Who said Disney couldn't teach us lessons in good business practice?

Small business lending has been a popular topic of conversation ever since the bottom of the economy dropped out. A recent article in the Indianapolis Business Journal pin points the decrease of Small Business Administration lending in Indiana at 17 percent. In addition, SBA lending decreased by 64% at three of the four of Indianapolis' largest lenders.

The piece seeks to explain why and how this decline in lending occurred, providing more detailed answers and explanations than the standard answers that have been furnished as explanations thus far. Here are a few of the insights:

1. Banks are being conservative in their lending practices. After all, the current economic state is in part due to banks doing the exact opposite and approving loans much too freely.

2. Another potential explanation -- small businesses themselves are being more conservative by not taking as many risks (expanding operations, launching new products etc.) therefore the overall demand for small business loans isn't as high as usual.

3. Some small business' credentials have taken a hit along with the economy. Many companies who could have qualified for an SBA loan three years ago can't get anywhere near the front door of the bank, nor are they interested in trying.

Many Indiana banks expect SBA loans to increase over the course of the coming fiscal year. A trend that would bode well for the local as well as the national economy. These banks also say they're anxious to receive an influx of small businesses seeking their backing. However, some local companies say otherwise.

The IBJ interviewed one small business owner who said his requests for start-up funds was met with little enthusiasm and what he deemed were unfavorable terms. The challenge that we've seen at Milestone is that banks typically haven't been interested in discussing additional debt for businesses with or without the SBA credit enhancements.

It's our hope here at Milestone Advisors that small business lending will experience an upturn in the next few months. We hope to have many conversations with small business owners in the near future who are seeking bank financing for a new start-up, to expand operations or support a whole new brand. We can't wait to help you get started, determine the best corporate finance strategy for you, discuss how best to navigate through the SBA loan process in Indiana and the best ways to put funding to work for you.

When looking to start your own business, it's a good idea to check out some of those who have come before both in the industry you're seeking to break into as well as some that are completely unrelated. You want to get a feel for what has worked and what hasn't in an effort to put together a strategic plan to be used as a roadmap for the first few years of operation.

Here are some insights I found interesting from Fortune's interview with the founder of True Religion jeans, Jeff Lubell.

1. Don't be afraid of powerful people
Lubell shares that when launching his brand, he approached some higher-ups at Gap to obtain private funding without a real introduction. While I completely agree with the sentiment, in all aspects of life actually, I think introductions to potential investors are important, whether you're tapping private investors or securing bank financing. Yes, don't be afraid to go after the big fish but do some research regarding the proper avenues to approach them. Private funding and investors can be the key to successfully launching and sustaining your business. From the very beginning interaction with these individuals should be one of mutual respect to foster a lasting, positive relationship.

2. Skip the prototype
Instead of designing a sample line and shopping it around to various retailers, Lubell had 14,000 pairs of jeans manufactured before he had met with one potential customer. While it's clear this worked for his endeavor, I don't think it's sound advice for everyone. If you're going to be selling a product, you have to make sure you have buyers before sinking capital into production.

3. Comp the sales staff
Now here's a great business strategy. Lubell gave free pairs of jeans away to sales representatives in stores that agreed to carry True Religion on a trial basis. After they started wearing them around their respective stores, stock sold out. It's one thing to get your product into a store, it's a completely different factor to get it endorsed. And could there be a better endorsement than people actually wearing or using your product? Are you going to believe a salesman trying to sell you on the new Ford Taurus if he chooses to drive a Nissan? Of course not. But if he drives one himself, you're far more likely to listen.

Lubell has many more secrets of success that are worth taking a look at, particularly if you sell or manufacture a product. However, the main point is importance of research. Both of what other entrepreneurs are doing well and what decisions have caused them to fail. By conducting this kind of business analysis you can identify strategies you might never have thought of otherwise as potential plans that can positively affect your operations and bottom line.

If you don't have the time do this kind of industry research and analysis, I suggest hiring someone who can. The beauty of a company like Milestone Advisors is that we have been out in the field for years, observing what the Jeff Lubells of the business world have done to catapult a brand or decisions that have tanked their sales. It's this broad experience that allows us to provide clients with business planning and analysis that can position entrepreneurial operations to succeed.

Business strategy – we all know it’s essential to have one in place when launching a new company, product or service offering. But what about two years after the launch? Did the strategy provide for issue this far into the future? Has your strategy been revisited?

Planning for the success of a company should be an ongoing and fluid task. A true strategic plan should keep a constant eye on competitors, analyzing not only what they’re doing and how it affects your company but what the industry trends are on a daily basis.

The questions who are we, where are we going and how do we get there should be asked frequently, reassessing your answers consistently as, odds are, they will inevitably change.

Small businesses and entrepreneurial start-ups can only benefit from being aware of what their goals were in the beginning, if they have, in fact, achieved those goals and what a new set of objectives should be.

Just as strategies should be reassessed so should their accompanying business plans. The moment you become complacent with your strategy could be the same moment your competition sticks their neck forward and attempts to pass you by.

Meet our marketing guru, Jeff Chapman. A runner, father and an avid photographer Jeff has been a welcome addition to our team of Indianapolis business consultants as a senior level advisor.

Buying a business or adding services? Jeff can help you create and plan for a new product, conduct marketing research and analysis, strategically bring said product to market or oversee your outsourced creative – streamlining your marketing efforts and managing your brand.

Jeff has worked for over twenty years in marketing departments where he regularly oversaw new product/service development, new product launches, brand identity and management campaigns and strategic planning/business development. His Indianapolis strategic planning extends to such companies as Thompson Consumer Electronics, Brightpoint, United Healthcare and the Indianapolis Motor Speedway.

Agency experience is another facet of Jeff’s resume setting him apart from other marketing experts. He has represented a vast array of clients in retail, manufacturing, health care, insurance, banking, distribution and technology.

This exposure to the marketing needs of both business-to-business and consumer companies gives Jeff a unique prospective that often provides our clients with a significant competitive edge.

If you are a leader, here are 10 great questions posed by Bill Taylor, the cofounder of Fast Company.  

1. Do you see opportunities the competition doesn't see?  Or, are you out-thinking your rivals?
2. Do you have new ideas where to look for new ideas? Consider looking at other industries for thoughts about new segments, products, etc.
3. Are you the most of anything?  Your company (or product) can't be everything to everyone, so who is your target and what are you doing to separate yourselves in the eyes of your customer?
4. If your company went out of business tomorrow, who would you miss and why?  Or put another way...what really matters?
5. Have you figured out how your organization's history can help shape it's future?  Learn from the past and use it to evaluate future options.  
6. Can your customers live without you?  If the answer is yes....right NOW would be a good time to figure out how to change that view, and quickly.  
7. Do you treat different customers differently?  Remember, not all customers are created equal.  Focus on those that are core to your product and mission.
8. Are you getting the best contributions from the most people?  Surrounding yourself with a team of advisors and having a sense of humility is critical.
9. Are you consistent in your commitment to change?  Set your vision, manage your financial plan and be the constant driving force in your company.
10. Are you learning as fast as the world is changing?  Simply stated, what are you doing to stay sharp?

As you think about these questions, how will you take your answers into your role within your organization?  Whether you are a CEO reviewing your business strategy, a CFO modifying a financial plan, or a manager developing a marketing strategy for a new product launch these are thought provoking questions are sure to get you thinking about your organization.