Remember a while back when we addressed the value of walking a mile in someone else's shoes to gain fresh perspectives that might help you run your business better? Well, it appears some CEOs have actually done this - as a recent Fortune piece highlights. The participants, Maxine Clark (founder and CEO of publicly held Build-a-Bear) and Kip Tendell (cofounder and CEO of the privately held Container Store).
And yes, just as we anticipated, these retail veterans found they gained a great deal from the experience. Spending time in someone else's realm, dealing with their daily challenges shook things up and while dealing with employee issues, product questions and in-store management issues, they found themselves continually stumbling across ideas and inspiration that they could incorporate into their own operations.
Here's a peek at a few of their takeaways:
Clark, for instance, appreciated how the Container Store acknowledges sales associates for a job well done with Post-It notes left on lockers. Kendell, meanwhile, liked Build-a-Bear's "Strive for Five" technique, which is designed to sell each customer five items. (via MarketingProfs.com)
True leaders know that real ideas must come from a variety of experiences, sometimes you need to take on something completely new to move to another level. Innovation comes from so many places, from crazy situations to mundane tasks, maybe even, from spending time working in a different industry.
To me, the above insight is part of the beauty and value that our Indianapolis consulting services team here at Milestone Advisors brings to our clients. We have worked in a variety of industries, been tasked with an array of projects. Outsourcing bookkeeping, we've done that. Providing market research forecasting for a new business plan or endeavor, we've done that too. What about building a technology architecture to streamline a company's work flow and make them more efficient? Been there. With or staff's diverse backgrounds, we've done it all which better equips us to advise and inspire. What can we do for you and your operations?
Sometimes I am completely overwhelmed by the constant deluge of information flowing at us from all directions. I think it's fantastic that we live in a time where literally any question can be answered by clicking in the Google search box and that we so readily share information with each other. Tips, tricks, trends, criticism and advice are being conceived, developed and published every minute. How do you sort through all the information and adopt quality strategies?
Willa Plank of the
Wall Street Journal asserts you do so by
following trends, not fads. Her three key reflections are below:
1. Listen to customers, and make minor tweaks, not major alterations.
2. Try new technology on for size.
3. Consult in-the-know colleagues.
These may not be what one would call revelations but they do insert some pragmatism in an age where we can easily get caught up in the excitement of a new fad or tool we see being used (the 'everyone's doing it' syndrome).
Listening to customers is necessary, but subtly incorporate their suggestions in your marketing plan or business strategy by adding a new tactic. Don't rework the entire thing.
Technology is the great equalizer for many companies. Pull out your old technology architecture and identify areas where you can upgrade or try something new (SaaS anyone?)
Get in touch with those who have gone before. Speaking with strategy consultants or management consultants (Indianapolis business consultants to be exact). They've often launched or led their own operations and enjoy helping others do the same.
After all, following fads can lead to some bad things.
In my December blog post, “Scale Business Operations – Conserve Cash” I discussed Cloud Computing as a consideration for conserving cash. As I assist companies with their business plan and technology architecture, a consideration I regularly recommend for delivering the needed business applications is a Software-as-a-Service model.
SaaS is a model that involves the delivery of software solutions in a form different from the traditional, on-premise client-server solutions that have dominated the software industry. With SaaS, a third party hosts the application and end users access applications over the web. With high speed secure networks, end users enjoy high performance and reliability, while outsourcing the management of and purchase costs of hardware, networks, application updates, backups, database administration and licensing, etc. The net result to the company is a monthly expense that conserves cash and is typically a lower overall cost. The software company who delivers the solutions via SaaS can offer these services more efficiently with economies of scale. Additionally, you benefit from lower support costs because the applications are running on servers they control, without multiple hardware and software versions that must be supported and maintained with the traditional on-premise licensing model.
If you are in a situation where you have outdated technology that needs to be refreshed or have an application that may be on a very old release, I would consider looking for a SaaS solution in your business plan.
A recent piece in Fortune called
'Clash of the Technology Titans' discusses key industry players and moves each are making to add increased functionality and offerings that in turn, challenges others who may specialize in those areas. Sound confusing? In a way, it is.
The companies discussed include all of the largest computer and networking organizations; Cisco, Hewlett-Packard, IBM and Oracle - and each one of them wants to own the entire space and in order to do so, are buying up smaller companies to add to their lists of service offerings and run competitors off the map.
"It's the industrialization of IT," says Pacific Crest Research's Brent Bracelin. "In the new world that will come about in the next three to five years, you'll buy the entire stack. Will you buy it from IBM, from Cisco? From HP? That's what the battle is all about."
The good news you may ask? With these massive companies competing for every business sector's loyalty, small business owners are going to see competitive pricing on a variety of different technologies. This may make it easier to run our companies and have the best tools possible at our dispense.
With the possibility of more and cheaper technology solutions out there, you may want to begin work with a technology strategy consultant who can assess both your needs and the various platforms offered by these 'titans', determining what's best for you, building an effective technology architecture that can be incorporated into a revamped business strategy.
Normally the concept of in-fighting is perceived as a negative. In this case, it's ideal for the small business owner.
Doug provides strategic planning and execution as they relate to technology initiatives for our clients, Doug Allgood. While Doug has extensive experience in technology architecture and design, product and portfolio management as well as business plan development and implementation – there is much more to know about the man who can train your IT director or help you develop your own proprietary technology.
Hobbies:Doug is an all-around fan of outdoor activities, particularly those involving water. He enjoys kayaking, sailing and boating with his wife and children whenever possible.
Favorite Travel Destination:
Ah, the great American West. Doug prefers to road trip it to Denali, Yosemite, Olympics or Sedona.
Food he can’t live without:
Why, Starbucks of course! Pair the coffee with some almond M&M’s and you have Doug’s favorite snack.
Technology he can’t live without:
Doug hates to be one of the millions who profess addictions to their PDA’s but admits he’s thankful for his Blackberry Storm and the ease it brings to doing business.
Favorite read:
When reading can turn into a weekend getaway, Doug brings along books like, “The Carrot Chaser”, “What Would Google Do?” and “Who”.
In his own words, why he does what he does:
“I feel that I have been gifted with an innate ability to find solutions for difficult problems. Often times, technology has been the enabler of a solution. Today, we might call this something like, innovative solutions. Working with businesses to grow revenue and improve their bottom lines is rewarding. I have been blessed with the opportunity to work with some great coaches and mentors over the years as I have spent time at Fortune 500, multi-national and smaller high-growth companies. My experiences in handling issues where the solutions were not achieving the anticipated results and managing through those challenges to get a goal or company back on track has kept me balanced and showed me where my true talents lie.”
I found this great
post that compares essential aspects of Confucius' teachings to blogging advice, but in all truth, the basic elements of the advice can be applied to the way we do business in general. Here's a run down of highlights:
The essence of knowledge is having it, to apply itIf you aren't sharing information or knowledge you have with your clients or audiences, what good does it do anyone? You'll improve your relationships with both groups if you provide them with quality expertise and they will be more likely to look to you for solutions in the future (whether that be in the form of purchasing your product, reading your book or going into business with you).
Everything has beauty, but not everyone sees itYou can't satisfy everyone. Some people will hate my blog posts. Some investors won't like your new product development strategy. Outside vendors may not appreciate the technology architecture currently in place. You can't please everyone and you never know what will speak to people and what won't.
When anger rises, think of the consequencesNegative comments come with the territory when blogging. They are also fairly standard when you run any business, whether it's service or product driven. It's natural to get upset when anything you do is negatively interpreted but take some time before you respond to it. If you hit back immediately, the consequences may be greater than you can handle.
Check out the original post to see more classic quotes from the great philosopher and how they can apply to blogging or business.
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.
I realize it's after Thanksgiving but I have always viewed the entire holiday season as a time to give thanks. It's the only time of year we make travel arrangements and put our every day lives on hold to spend a significant block of time with the people we grew up with, the people who have helped us shape our characters. For some reason, when we around these people it causes us to reflect. Maybe it's because spending time with them reminds us of our past, our roots and we naturally compare or contrast that to who we have become and the lives we have created for ourselves in the new place we call home, the people we are during the 9-5 work week. The holidays are a wonderful time because they bring us all together and coming together with these key people in our lives causes self reflection.
Well, it's not quite Christmas but a little past Thanksgiving and I have been doing some self reflection, comparing the person and professional I had hoped to be, thinking about business and our country's economy.
I think there is a lot to be thankful for, I have landed at a company staffed with intelligent people whose driving mantra is to help small businesses and entrepreneurs help themselves. Milestone Advisors seeks to assist those who may lack in specific areas of expertise by providing them with an opinion backed by years of C-level experience without the high salary of employing someone at that level. Our purpose is to serve the small business community in any are where they may require strategy beyond their experience including part time CFO service, help with accounting, marketing strategy or even a technology plan/architecture.
There is nowhere I would rather be than with a firm whose work bolsters the local small business and economy, in turn, doing their part to contribute to our nation's economic recovery. Much of which will rely on small businesses and innovation to create new markets, products and to support them, new jobs. I am grateful to be a part of Milestone Advisors, to be a part of helping people realize their ideas, form companies and experience success with their operations.
Now is the ideal time to look back as a small business owner and see how far you've come. Does your current vision still match up with what you now work towards? Have you achieved what you thought possible by this time? Has anything changed in your approach? Do you need to revisit your strategic plans and make adjustments for the coming year? Take some time to think about your vision for your company and compare it to what has become reality. And don't forget to take some time for a bite of pie and to take in some classic lines from It's A Wonderful Life.
Happy Holidays.
There's a snow storm, a power outage. Your computers are fried, you lose your Internet connection and much more. Do you have a plan in place to ensure your business can continue operating smoothly even if disaster strikes?
Technology is a great enabler for small companies to grow top line revenue and improve margins. It also serves as the vehicle for many small businesses to deliver their products or services. A technology architecture that includes a diaster preparedness plan will allow a business to grow and its IT needs and capabilities to follow suit. In order to adapt to change and keep costs under control, organizations must have a clearly defined approach to technology infrastructure.
Many questions should surround purchasing or developing technology solutions including: do I have the right solutions to scale my business, am I getting the most value for my investment, can new technologies be applied to my business to improve profit margins and so on. Milestone asks these key questions, not only crafting a strategy to improve operations but assisting with implementation.
Providing small business owners with complete information concerning technology options can lead to more predictable costs, lower project risks and more successful business strategies. Milestone offers technology services spanning from providing an executive coach to educate/advise current IT staff, leading special projects or fulfilling the role of a CTO or CIO.
Here at Milestone Advisors, we recently announced the expansion of our suite of services to encompass business consulting in the additional areas of marketing and technology.
The decision to do so has been made possible by several industry experts joining the Milestone team, one of whom is Doug Allgood.
The addition of Doug to the company will equip Milestone Advisors to provide strategic planning and execution as they relate to technology initiatives. Doug brings with him extensive experience in technology architecture and design, product and portfolio management, acquisition and integration of companies as well as business plan development and implementation.
Doug has held leadership positions at various corporations leaving substantial footprints in terms of positive change. At Ontario Systems LLC, Doug restructured their professional services division, brought 5 new products to market in less than 2 years, improved profit margins by 40 percent and left the organization with a new technology architecture in place to sustain future product development.
While Doug's past achievements are incredibly impressive, we are excited to witness the positive impact and results he will no doubt produce for our clients.
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