Debunking “Good Business Advice”
March 20th, 2009 Filed under: Uncategorized — Small Home Business AuthorWhen I started my own business four years ago, I did everything in my power to ensure success. I listened to shrewd business advice from a vast number of professionals. I diligently watched or listened to television and radio programs, networked like crazy, and attended a plethora of business seminars. I read an abundance of books on success intelligence and learned how to work smarter, not harder. All in all I gained a lot of excellent knowledge throughout the process. There was, however, five pieces of business advice I came across through various channels that I have to say I respectfully disagreed with.
I heard people say, “You have to watch what’s happening in the marketplace and keep an eye on your competition.” To me, this basically meant following trends. It seems whenever people see a new device, discover a new service, or hear a new catchphrase, the ever-so-predictable bandwagon becomes overwrought with a copious number of disciples. We tend to be a nation of trend followers who refuse to challenge ourselves and come outside of our comfort zones. Only the true leading entrepreneurial spirits are willing to dance naked. Instead of spending your time tracking the moves of your competition, perhaps you would be better served by honing in on and then playing to your company’s strengths. In other words, be a leader not a follower. If you are good, there is no competition.
I also heard that responding to request for proposals (RFPs) takes an inordinate amount of time and always seems to go to the lowest bidder. Or, that RFPs are only put out because companies require a minimum of three bids and that the return on investment (ROI) is minimal at best. I think these assumptions are just that, assumptions. Here’s some common senseif you don’t have the time or knowledge to respond to one, hire a professional. You can always use the first professionally written RFP as a general template for future responses. At the very least, you are getting your name in front of a prospective client regardless of winning the RFP or not. The next time around, you will be remembered. I know a dozen companies that thrive financially on winning RFPs, which ironically is the bulk of their business. Never underestimate the ROI of an RFP. I’d mention here that my company offers this service, but that would just be shameless self-promotion [wink wink], but in all seriousness, though, it’s also how we know they work.
I heard a lot of people talking about how they had to “specialize”. While I agree you should aspire to be a respected expert in your field, I still don’t think you should ever limit yourself to any new potential business by pigeonholing yourself. I am a strong supporter of specializing in one area, but diversifying your marketing initiatives to amplify your strengths in other areas as well. In other words, stop specializing and start optimizing. You’ll be surprised at the new markets you can penetrate.
Additionally, when you are sending out email blasts, I learned not to categorize my emails into different lists of target markets. I use each and every email address in my database, because I never know where a potential client may come from or whom the person on the receiving end may know. I have received business from people who had my email forwarded to them by someone else on my mailing list.
I was also surprised to hear that people were still cold calling. They called it “a necessary evil” (cringe). Says who? This practise is archaic, has the lowest ROI imaginable, and is just plain exasperating. How many telemarketers have you wanted to reach through the phone and choke? Cold calling has much the same effect. There are plenty of other ways to gain new clientele that are much more effective and won’t result in you huddled up in the fetal position in the corner of your office. There is a plethora of networking organizations you can join to get the ball rolling. Then, I would highly recommend you utilize social media to the best of your ability. Applications such as LinkedIn and Ecademy have been built for just such networking, and you can link them to all your personal social media sites like Twitter and Blogger. These programs allow you the opportunity for a pre-introduction prior to meeting or calling a potential buyer, not to mention a much nicer way to do it. If social media is not your fort, I think you should learn. My business went international because of it.
I also came across people who said they liked to “under promise” what they could do for a client, then “over deliver”. Is this ethical? I think this is a manipulative way to do business and would only set you up for unrealistic expectations in the future. I think if you provide excellent value, deliver what you promise, perform to the best of your ability, and always respect your clients, you’ll have a pretty good service to offer.
For the most part, my research did allow me to tap into the mother lode of infinite wisdom from a good number of excellent resources and for that I am grateful. I have learned over the years that there is never one path to success. It is a journey of discovery and process, creativity and strength, trial and error. You have to trust your gut instinct, be willing to stand out in the crowd, and never waver from your dreams. As for me? I strive for perpetual and unlimited growth, both professionally and personally. Who says world domination is a bad thing. It seems to be working for Oprah.
Casey A. Johnson
CEO, StoneCastle Communications
Casey A. Johnson, B.A. Dipl. (Journ.) is a strategic writer, published author, columnist, and communications specialist
