Does Your Company Have Roots?

As a small business owner, it's essential to build a strong company from the ground up, but sometimes we're focused on building only one of the following:

1 External Factors-Marketing and advertising

2 Internal Factors-Product development and operations

Small business owners often get side-tracked on doing only the things they love to do the best, but without careful planning of both internal and external factors, your company won't achieve it's full potential. It's easy to work on the fun stuff like creating your business name and marketing materials, but it requires more discipline to develop and implement intelligent operations-practices that will help sustain and grow your company for long-term success.

Other than the "External Factors", have you considered the "Internal Factors"?

• Finance - financial plans, budgets, bookkeeping / accounting, legal, so that you remainfinancially viable

• Market Research - continued efforts in gathering information about your customer and your competitor

• Product Development - continually improving your product / service to meet the needs of your customers

• Employee / Contractor Relations - making sure that you've not only recruited the best talent, but that they're motivated, productive and fairly compensated for their efforts

I like to call the "Internal Factors", the roots of a company. Without roots, your company won't be able to weather any storms and trust me, there will be storms and you best prepare for them.

Analogy

Consider the foliage of a tree, as being the "External Factors" that everyone sees. They provide beauty for eyes, shade from the sun and a home for animals. Now consider the roots of a tree, as being the "Internal Factors", that provide strength and stability. If your tree has roots and a storm does come, your tree won't come down. It may lose it leaves, but be assured that your tree will bud again next spring. If your tree has no roots and a storm does come, you will lose the entire tree and be left with a big hole.

Keep Swimming Little Fish!

Do You Work By The 2/3 Full-Rule?

Twenty or so years ago, a well-seasoned and successful business associate of mine gave me some free advice. The advice was to fill my workday so that it was only 2/3 full and leave 1/3 open for the unknown. At first, I felt that this type of scheduling was unproductive, but I quickly learned that it was essential to running a successful company.

Imagine a day filled with back-to-back meetings and calls, and the action items that would come as a results of them. If your day is filled to capacity, when will you get to returning subsequent calls, writing proposals, fulfilling requests, answering questions, actually running the day to day operations of your company, putting out fires or even take on new business? The answer to that would be to work 60 hours a week and if you work 60 hours a week, stress would increase and quality would decrease.

If you work by the 2/3 full-rule, you will dramatically increase the quality of your service and decrease your stress.

Analogy

I have a fish bowl on my desk with two gold fish in it and if I fill the bowl with water to the very top, it would over flow if I added anything to it. I wouldn't be able to add another fish, or move around the pebbles and the fish would have to swim very carefully without making any quick movements, otherwise everything would spill over. If I keep the bowl 2/3 full, then there is room for the fish to swim freely and room to add others.

Give your day, room to grow!

Keep Swimming Little Fish!

Smart Fish Swim In Schools

As a little fish in the pond of big businesses, it's vital to your existence to swim in schools with others instead of running like a lone wolf.

6 Little Fish Reasons Why You Should Swim With A School

1 Little Fish Fact:

Fish that swim alone will be eaten by their predators.

1 Little Fish Philosophy:

There is safety in numbers. Be sure to belong to a business group of professionals where you can share best practices and not be destroyed by the larger competition.

2 Little Fish Fact:

Swimming in schools increases the chances of finding food easily.

2 Little Fish Philosophy:

When you belong to a business group, the other members will have the opportunity to get to know you and refer business to you.

3 Little Fish Fact:

Fish only swim in schools with fish of the same species.

3 Little Fish Philosophy:

I'm not saying to be part of a group of competitors, instead be part of a group of complementary businesses that can feed you and that you can feed in return.

4 Little Fish Fact:

Fish that swim in schools conserve more energy.

4 Little Fish Philosophy:

When you belong to a business group you learn from other people's mistakes, so that you don't have to make them all yourself.

5 Little Fish Fact:

Fish that swim in schools are able to swim in unison and never collide with each other.

5 Little Fish Philosophy:

You are better able to reap the benefits of your business group if you are kind and respectful to the others in the group.

6 Little Fish Facts:

Fish that swim on the inside of a school are better protected.

6 Little Fish Philosophy:

If you're a consistent member of your group, you'll be in the hub and those in the hub will receive most of the attention and the leads.

Keep Swimming Little Fish!

Are You A Little Fish In The Pond Of Big Businesses?

Now that I have my feet or should I say "fins" wet with having written a few blogs, I can now say that I have officially launched my little fish philosophy blog. It's about good business principles that help create and run a successful company.

If you haven't already visited my website www.littlefishbigpond.ca, I can tell you that it is about supporting smaller companies with business development and marketing strategies. As a little fish in a big pond myself, I can tell you that there will always be bigger businesses out there than yours who have larger market shares than you do, but that shouldn't stop you from being proud, passionate or successful!

Little Fish Philosophy Tips For Success

1 Little Gold Fish Fact:

Goldfish can live in very cold water and in ponds that are frozen over.

1 Little Fish Philosophy:

As a little fish in the pond of big businesses, you have the ability to endure harsher conditions.

2 Little Gold Fish Fact:

Goldfish can live 20 years or more and the oldest ever recorded was 43.

2 Little Fish Philosophy:

Your business has longevity, so plan to be around.

3 Little Gold Fish Fact:

The colours of a goldfish comes from their skin not their scales. Their scales are transparent.

3 Little Fish Philosophy:

Let you clients see your true colours, the real you. Don't hide behind your brand - you are your brand.

4 Little Gold Fish Fact:

Goldfish kept in dark places will loose their colour, but will have more vibrant pigmentation in the sunlight.

4 Little Fish Philosophy:

As a small business owner, it's essential to be out in the open where people can see how bright you really are.

5 Little Gold Fish Fact:

Goldfish are able to see ultra-violet and infra-red light. This also means that they have a greater spectrum of visual colours.

5 Little Fish Philosophy:

You are able to see not only such detail, but you are able to see opportunity where a big business may not.

6 Little Gold Fish Fact:

Goldfish usually tend to live in groups.

6 Little Fish Philosophy:

Always network and be with people who support you.

Keep swimming Little Fish!

Beauty Is In The Eye Of The Beholder

Once a client recognizes that a supplier has the exact skills needed for the project and the supplier recognizes the opportunity they have with that potential client, what else helps to cement that business relationship between the two? ...The x-factor - an intangible connection, a mutual understanding, trust, honesty, a kindred vision and personalities that work well together.

When you've found that connection, don't let others persuade you otherwise! If they try, it's probably because they didn't have the same connection as you did and that's OK. Not every business relationship is the same. You just have to remember not to be that person who does the "persuading otherwise". If you are, then be certain that you've discredited yourself.

Analogy

Your friend has just found the person of their dreams and for months, you've heard nothing but wonderful things about them, but when you finally meet them, you decide they aren't your type. That's correct...they're not your type, they're your friend's type. It's not about you, it's about them. Beauty is in the eye of the beholder, so why would you want to be the one who comes between true love.

There are just as many clients as there are suppliers who can equally deliver, so concentrate on finding your own business relationships with that x-factor without destroying someone else's connection.