Tag Archives: small business

Leaders, Don’t Expect Everyone to LIKE You

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Listening to the radio news this week, I heard again that President Obama’s approval rating is continuing to drop. Whether it is his handling of economic issues, healthcare, congress, or a post Labor Day address to school children, we are a nation divided.  Some people love him, some people don’t, and many are stuck somewhere in between.

Now, the purpose of this note is not to open a discussion on whether President Obama is worthy of approval or not.  We’re going in a different direction.  We’re exploring what to expect as a leader in the business world.

I have been through my share of leadership training throughout my career, and there is one thing they rarely if ever tell you.

When you are a leader driving change or making tough decisions – there may be people who will REALLY not like you.

It does not matter how great you are as a speaker, how authentic you are as a person, how charismatic a leader you are, or even how solid your strategy is.

Eventually you will bring about a change that threatens someone’s sense of balance, personal well being, or sense of security through your decisions, and they will make their displeasure known – LOUD AND CLEAR.

Sometimes you can predict and plan for it, and sometimes you can’t.  Blow ups can occur over major issues and decisions or the seemingly trivial.

But be prepared – sooner or later is bound to happen!

This illustration from Pollster.com really helps put things in perspective.  The President’s approval rating hit its peak after the election but before he was actually making any true presidential decisions.    Once his decisions.

This challenge is not unique to Presidential Leadership.

All Summer, legislative leaders across the country have struggled with tough decisions on budgets that won’t balance, whether to raise taxes or not, and where and how much to cut in programs that directly effect no win issues like education, social services, and hampering economic recovery by a heavy tax burden – remember – no economic recovery – no job recovery!

Difficult decisions and cuts lead to public outcries from all sides, as exemplified in this July 25th article and video from CNN.Money.com.

And, as soon as they think they have the problem solved, new gaps open or new conflicts arise, including Gubernatorial Vetoes.

Today’s environment is definitely not a pleasant one for political leaders at any level.

Shifting to Business

As business leaders, we deal with our own sets of issues and decisions every day.

Some are large and some are small, but at any level of authority we often have to make tough decisions that will not be viewed positively by everyone.

Here are some lessons I have learned along my leadership journey:

The higher up you are on the leadership ladder, the broader the reach and scope of your decisions and the more people you affect positively and negatively.

The closer an unfavorable action get’s to an individual’s personal life, the more vocal the dislike can become.

Listen to your detractors – sometimes they are voicing something you need to hear that your friends and supporters are not telling you.

Deal with detractors respectfully, even if they do not return the courtesy.

You can’t take it personally – even if their attacks turn personal.

Logic rarely trumps emotion when change hits close to home for people.  Especially when that emotion is concern or fear.

While you may try to work with your detractors, you have to eventually to move on.  To paraphrase President Harry Truman, as a leader, the buck will stop with you and you will need to do what you think is best.  And then, you live with it.

Luckily, most leaders will have more supporters than not.  But eventually, somewhere along the way – you will find those few that will not come around.  And when you do, just remember, you are not alone.

Most of us have been there at one time or another.  It comes with the territory.

Thanks for stopping by.   Stay Tuned.

Joan Koerber-Walker

Missing the Innovation Train

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Innovation – doing something in a new way to make life better for the people who matter – is a wonderful thing – unless you happen to be the one who missed the train when it pulled out from the station.

KOERBERThat’s what happened to a once great family business, Koerber’s Beer.

Hey – you may be thinking – that name sounds familiar.  Yes, Koerber’s was once our family business run by my grandfather William G. (Bill) Koerber and his brothers.

Koerber’s Beer and the other brands, including Friar’s Ale and later a new innovation, Malt Liquor led the brand portfolio.

Grandpa’s brother, Clarence “Click” Koerber, invented malt liquor and began production at the Grand Valley Brewing Company in Ionia, Michigan some time around 1937. Great  Uncle Click named his magic brew Clix Malt Liquor.

The family business managed to survive through two World Wars, Prohibition, and the Great Depression.  Instead, it was an innovation in the brew master’s art that led to it’s demise.

That change was the imagepractice of increasing the preservative content in beer and ale.  By adding additional preservatives, competing breweries were able to ship their beers for greater distances, store the product for longer periods of time, and increase shelf life for distributors and retailers taking advantage of major economies of scale.

There was only one problem, it affected the taste of the beer.  Koerber’s brand was associated with Age, Strength, and Purity.  Grandpa, as brew master was sure that no one would buy let alone want to drink the lesser product.   And Grandpa was wrong!

By 1949, the last bottle of Koerber’s beer was crated and shipped from the plant in  Toledo, Ohio.  The factory was closed.  What today we would call a series of micro breweries, Koerber’s, and it’s sister company Grand Valley Brewing could not compete with the mega brewers who had emerged.

By the time I came along, in 1960, the only Koerber’s beer that was still in production came from the mini brewery that was hidden behind the secret wall in the Dutch Room off the boat well in Grandpa’s home at Grayhaven on the Detroit River. But that’s a story for another day.

So when you hear the whistle blow and see the innovation train pull into the  station, be sure to have your ticket ready so you can board.  You don’t want to be left behind!

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Asking for Help…

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Often one of the most important lessons we learn as business owners, innovators, and leaders is how and when to ask for help.

In 2001, I was VP of Global Supplier Contracts at Avnet, Inc. a Fortune 500 global distributor of electronic components and computers.

I had an idea for a new kind of business and took the idea to Avnet Chairman and CEO, Roy Vallee. We discussed the potential benefits to the company and what I wanted to do to make it happen. He told me to “…take the idea and run with it. Take it as far as you can and come back to me if you need help.” There are 3 components to this advice:

1) develop new ideas;

2) plan and take action;

3) ask for help.

At the time, for me, #3 was the MOST important. Up to that point, I had done everything for the project on my own. To make it viable, I had to find the people and resources that I lacked and get them to be part of the solution. A year later, Avnet decided that the time was not right to proceed with the project. But I was not ready to give it up.

So, I  took Roy’s advice and asked for help.

First I asked Avnet’s permission to take some of the ideas I had developed and create my own business. They said yes.

Then I looked for and found the best people and resources to partner with to build that business. They said yes too.

The result, CorePurpose, Inc. has been supporting other businesses in their journey along the growth path since July of 2002. Our whole business is built around having the right resources and knowing how to get help when you need it.”

Applying the Lesson

For many of us, asking for help is not an easy thing to do.  Many still believe that asking for help makes you appear weak or out of control.  Contrary to this belief, asking for help at the right time and for the right reasons is NOT a sign of weakness, but rather can be a sign of confidence, strength and savvy resource management.

Few organizations or projects succeed without some form of assistance today – be it leadership, financial, supply chain, staffing, technology resources, or a myriad of other needs.  Interestingly, the strategic process we go through in developing our program or project can also be a great process to follow when determining how to go about finding the right help at the right time.

Develop new ideas

Look at each step of your current strategic plan or program map.  Identify the areas where the process or program can be strengthened through outside support or other partnerships.  Look at each step of your process not only in light of how a strategic partner can benefit you but also how, by working together, the partner will benefit too.

Plan and Take Action

Evaluate the things that you are doing that might be done as well as you are currently doing them or can be done even better by others.

Start by identifying outside resources for non core activities and then evaluate how you can better utilize your existing resources by redeploying them into core areas of strength or differentiation within your organization.  Strategic partnerships like these are a resource investment for you and the partner.  Be realistic in calculating the ROI for both parties.

Put together presentations you can make to potential strategic partners with a focus on how each of you will benefit from the partnership.  Then build your target partner list and start scheduling the presentations.

Asking for help.

Following this process, asking for help moves from sending out an ‘S.O.S.’ or distress call to proactively building relationships where both parties benefit.  Now, you are  not just asking someone to help you with a business challenge, you are offering to help them overcome one of theirs.

So, don’t be afraid to ask for help.

Look at your business on a regular basis to determine how by asking for help, you can make your business stronger, more cost efficient, or more financially sound.  You’ll never know, until you ask!

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Recipe for Growth – A Pound of Leadership and a Dash of Innovation

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In today’s economy, wouldn’t it be wonderful if there was a magic recipe for growth?  Just pull out your business cook book, follow the instructions, pop it in the oven and enjoy success.  Unfortunately it’s not quite that easy.  If it was, we would all master the recipe early and reap the benefits.

j0402524[1]But in reality it is not that simple.  Business success requires a unique mix of ingredients and process that fluctuates with changes in our internal and external business environment.

I remember, when I was a kid, my Grandmother telling me, “If you want to eat, you need to learn to cook.”  Well, in the world of business – the same can be said.

Each recipe starts with a goal in mind.

You have a physical or mental picture of what your desired result will be whether it is scrambled eggs, a mushroom quiche, or chocolate chip cookies.

The second section is the list of ingredients

If I am making my favorite, warm, gooey Chocolate Chip Cookies – there are some basic foundational ingredients   – butter, sugar, flour, eggs.

I need a leavening agent like  baking soda or baking powder to make my batter rise.

Flavoring – like vanilla or almond extract

And differentiators like chocolate chips, nuts, coconut, or raisins to make my cookies stand out.

I also need to focus on the quality of my ingredients to ensure a great result.  Lot’s of people may have the same recipe – but the quality of the ingredients I use can make my cookies better than the rest.

Apply Energy

And then I need to apply just the right amount of energy to make it all blend together. Plus a different kind of energy to bake it into a finished product.

Results

Only when the cookies are out of the oven, cooled, and in my mouth will I know if I have obtained the desired results. If it’s not perfect – I can always try again.

Applying it to business.

When it comes to our businesses the processes are not that different.  We need…

A goal – that clear picture of what we are trying to achieve.

The right base ingredients – a product, a  service, a market to serve and people to do the work.

A leavening agent – No baking soda here – this the the values that you and your people employ as you follow the plan.

Flavoring – your marketing and communications strategy

Differentiators – the unique aspects or innovations that you bring to the equation and to your customers.

To Add Energy – in the right proportions at the right time – and that’s where leadership comes in.   Not enough energy and your result is half baked.  Too much and your result is burned to a crisp.

Don’t forget to focus on the quality of your ingredients to ensure a great result.  Lot’s of people may have the same recipe – but the quality of the ingredients you use can make YOUR BUSINESS better than the rest.

There is a recipe after all.

You just have to keep experimenting until you find yours.

So, what are you going to mix up and pop in the oven?

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Do you know my name?

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If you passed me on the street, would you know my name? Would you call me by it? If you needed what I had to offer, would my company name be one that came to mind?

clip_image002[4]There are few things more powerful than a name. It links to our actions, our reputation and to the history of who we are. In days of old, continuation of the family name was a key goal of lord and serf alike. It was all they had to guarantee they would be remembered after they were gone. Today, both individuals and companies focus on a name as a brand, hoping to link what they stand for and what they do to the name they carry.

Our name connects us to others.

Many companies have recognized the power of the sharing of names between employees and customers. Last week I had lunch at the Macaroni Grill. Our server came over to the table and introduced himself, saying “Hello, my name is David” as he pulled out a crayon and scrawled his name right on the table. He went on to welcome us, ask what we would like and assure us that he wanted us to have a good time today and to call for him by NAME if we needed anything at all. Other businesses, including Sam’s Club and Safeway have taken the practice one step further. Each employee has a name tag which allows us to call them by name. They use technology and our name on membership cards to thank us by name for coming to their store. The Safeway at Chandler and 40th Street has been where I do my weekly shopping since we moved to the Valley of the Sun in 1992. Through familiarity and the regular exchange of names, we have come to know each other.

Al is always available with a smile to help me find a special ingredient or item. Linda has been ringing up my orders for years.  If I see her behind one of the registers, that is the direction my cart veers – even if the line is shorter on row over.  Steven is often there to help me take my overloaded basked to the car and fills me in on the things he has been doing or how his family is getting along.

Within a short drive from my home, there are six supermarkets within a very small radius, including another Safeway. They all have coupons, bargains and specials. But I always go back to the same one. Not because it is closest or cheapest, but because we are on a first name basis and I know that I can get what I need there. It is not just store policy, or a marketing gimmick. It’s a connection.

What’s in a name?

When I launched my own business in 2002, I had to answer a lot of questions. The most important being…what was our reason for being in business? This broke down further to… what would we offer, who we would serve and how we best serve them.?

My personal passion was innovation, doing something in a new way to make life better for the people who matter. Helping other organizations create innovative ways to achieve their business goals became the central focus of our company – our core purpose.

When I started to research possible names, it all came back to who and what we were. We had a strong, motivating drive to our core purpose. We helped others discover and capitalize on their core purpose in innovative ways. We became CorePurpose, Inc.

Today, companies come to us to help them refocus, to grow, to make the most of what they have, or find the things they need to realize their own core purpose. We get calls from around the country and around the world asking about what we do and how we do it.

Our name and our reputation brings customers to our door.  The work we do brings them back.  ~ Joan Koerber-Walker

What about your business? What does your name say about you? What do people think of when they hear it?

If you do not know, there is a simple test.   Ask the question! Most people will be happy to tell you what they think and are pleased to be asked. You might be surprised what you hear. What your customers tell you is what they perceive your purpose and value to be.

What they think of when they hear your name matters the most. Their perception of your business and the value it brings when linked to your name becomes your brand. If you like what you hear, maximize the message in the marketplace. If you are not hearing what you want – you may have some work to do.

Just as a business brand links your name to what the markets perceives you to be, you have a personal brand that links your name to how those around you see you. What you do and how you do it becomes tied to your name. Your personal brand may change depending where you are. In my case, when I am around the school or at the hockey rink, I am well known as Chris Walker or Nick Walker’s Mom. My brand is directly linked to theirs. My claim to fame is directly linked to what they do and who they know. In the business and philanthropic community, my brand is more closely linked to the personal values I exhibit in my work with customers, organizations I volunteer with, or associations I belong to. In the case of my personal brand, what they see is what I get. What I do becomes what my personal brand is perceived to be.

Ask yourself – what is my personal brand? Ask your friends. You might be surprised by what you hear.  If you like the answers you get, build on it. If you don’t like the answers, get to work.

So, do you know my name? Will I know yours? Whether you look at this question personally or in terms of your business, the answer may be one of the most important ones you ever hear.

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

How big of an impact can one thing make?

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I remember my grandmother quoting the poem “For the Want of a Nail…” to me as a child. Her message to me – all things great and small can have tremendous impact on the success or failure of what we are trying to achieve”

For want of a nail,

V-Trak Nails 5 Citythe shoe was lost.

For want of the shoe,

the horse was lost.

For want of the horse,

the rider was lost.

For want of the rider,

the battle was lost.

For want of the battle,

the kingdom was lost.

And all for the want of a horseshoe nail!”

 

Anonymous

Grandma looked at life as a series of chapters, each full of choices, opportunities, goals and challenges. When one chapter ended, another commenced. You might not have control of all the twists and turns of the plot, but you could make a huge impact on how the story turned out.

So, why write an article about business – and that’s what this is – with old proverbs and messages learned at Grandma’s knee? Because we often make business and business decisions much more complicated than they need to be!

Many of the lessons we learned early on in our lives – when things were simple – can have a significant impact on business success. Simple lessons like –

  • Look both ways…
  • Listen to your teacher
  • Look out for your brother
  • Don’t cry over spilt milk
  • You’ never know until you try
  • If you fall down – get up
  • You’ll never finish if you don’t get started.

Our lives and our businesses are made of a continuous series of little things – some that may seem important at the time but have little impact in the grand scheme and others that seem insignificant but can have a long and lasting affect. The trouble is that we lack perfect intuition or the crystal ball to determine what the important things are right now.

There may be some pretty big questions that you are be facing in your life or business in today’s economy.  It pays to keep in mind that the simplest answers are often the right ones and, as in the case of the nail, one small thing can make a big difference. 

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

The Difference Between Knowing and Doing

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One of the great secrets to getting better results in your business is the difference between knowing something and doing something.

j0398745[1]Very often when you read a business book, blog or article, you may say to yourself, “I know that already.” And, you probably do.

The question is not if you know it – but rather, are you doing it? Are you using the knowledge?

As we build our strategy for better business results we must USE all we know and apply it to where our business is and where we want to take it to.

Next time you read about a business strategy or process improvement and recognize it as conventional wisdom, take the next step and try to list the ways that you and your company are actually demonstrating it.  You might be surprised what you find.

Ask Yourself…

Are we doing this?

Are we consistent?

How can we do this better?

The key here is the “WE”. Very often we assume that since we know what to do, others in our organization also know – and it is not always true. The key is to share what you know with your team and to act on it – together.

  Thanks for stopping by.  Stay Tuned.

Joan Koerber-Walker

Want to Grow your Small Business? Be Bankable.

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Just as plants need water to grow – growing companies need cash.   Why do you think they call it liquidity.

j0434131[1]So many times small business owners have trouble raising the cash they need to grow – not because it is not available but because they did not follow some basic steps to make their company bankable.

We know that as individuals, we need to develop a credit history, pay our bills on time, and start small with our personal credit and build it up as we go.  Why do we expect our business to be any different.

Here are some tips you might want to consider if you want to improve your bankability:

1.  Your tax advisor may be saving you money on taxes and destroying you future ability to get a loan.  Banks look at historical documents like your P&L, Balance Sheet and TAX RETURNS as part of the data they use to decide if you are credit worthy.  They need to have confidence that you will be able to repay what you borrowed.  Year after year of tax returns showing little to no profits is NOT a way to inspire confidence in your banker.

2. Get a personal business banker.  It’s free!  Of all my professional services providers – accountants, auditors, lawyers, etc.  Only my personal banker spends the time to counsel me without handing me a bill for his services at the end.  Plus – the more they know about my business, the more likely they are to introduce me to other businesses that might help my business grow or go to bat for me when I need it.  When we grow – they grow as more money goes into my accounts and their bank.  Its a win-win situation.

3.  Start small and work your way up.  Open a line of credit for a reasonable amount to begin.  Use it – pay it off.  Use it – Pay it off.  Show the bank that you know who to manage your credit relationship wisely and they will often reward you with higher lines of credit.

4.  Understand the different types of credit and diversify your portfolio.  Many banks have great resources on line to help you calculate  the type of credit that is right for you.  A good example is Comerica Bank – one of the top small business lenders in the country.   Go to www.ComericaBank.com  and click the Small Business or Corporate tabs based on your company size.  It is full of great information PLUS calculators to help you determine the right type of credit for what you might need.

5. Monitor your progress.  Talk to your personal business banker.  Know what your Dunn and Bradstreet profile says about you.  Create a credit portfolio and manage it like you do your stocks and other investments. 

So you might want to work on your business credit – you never know when you might need it!

Thanks for stopping by.  Stay Tuned…

Joan Koerber-Walker

Show me the money…

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Over the last few weeks I have been on what some say is an impossible quest.  Raising capital in today’s economy.  The journey is not a new one and the road has many twists and turns.  It’s taken me from the coffee shops of Phoenix, to the islands north of Vancouver and the mountains of Winnipeg.  From Singapore to Europe and back to Arizona again.

[youtube=http://www.youtube.com/watch?v=BJS_zTnUiBc&hl=en&fs=1]

The two projects could not be more different. 

One – a biotech company is pre-revenue with a vision of detecting dread diseases, including cancers, before the disease can spread and harm the ones we love.  SBIR funding and early stage capital has taken them far in the lab, but now to commercialize takes funding from the equity markets or strategic partners if we are to make vision  reality.

The second – a manufacturing company – has product, inventory, a proven system, an experienced sales and management team, AND, best of all, customers. 

In multiple conversations, across multiple continents, in the quest for money, the secret is to find the RIGHT partner and show them the value.  Only then will they ‘show me the money.’

I have not reached the end of the quest yet, but I am learning along the way.  Here are a few of the lessons I have learned:

1.  Be creative – funding streams can come in all forms from traditional lending and equity, to more creative funding streams like loan guarantees and debt conversions.

2.  Be passionate – if you can’t get excited about what your opportunity- how can you get an investor excited?

3.  Be flexible – they have what you need.  You can’t call all the shots.  Know what points you can flex on and those you can’t without jeopardizing the success of the business plan.

4.  Do your homework – not just on the company you are working to build but on the needs of a potential investor.  What do you need and when.  What do they need and when.  Look for strong matches.

5.  Reach out to your network and listen.  You’d be surprised who knows who or who’s done what in the past.  Your network can connect you to the perfect partner if you take the time to listen.

So wish me luck along the journey and stay tuned…

The Economy and Your Economy

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When you view the world news on The Economy, its pretty dismal as recounted in the attached report from the Associated Press. [youtube=http://www.youtube.com/watch?v=rib6oprOsuo]

The important thing to remember is that WE are the economy. And while the Federal Government, Wall Street, and the Big Banks clean up their act, it will be up to all of us, the entrepreneurs and small business owners to innovate, expand, create jobs, and save jobs.

As I make my way around the valley and talk to companies across the country and around the world. I am seeing some incredible things. Small businesses and entrepreneurs are creating innovative products and services – the kinds that can pull us out of this economy the old fashioned way – with American spirit and entrepreneurial ingenuity.

Here are just a few:

[youtube=http://www.youtube.com/watch?v=jDNW7GzWNXA]

  • Imagine a Convenience Store open 24-7 that has when you need but is totally automated. This video shows the first one in the US. Now there are three and soon to be more. Check out Shop24 and be sure to view the video press releases. This cool technology may be coming to a corner near you some time soon!
  • How about having a guardian angel looking over your company or property with video surveillance and live reporting. That’s what Iveda Solutions is doing. Click their link and see what this cool Arizona company is up to.
  • GangPlank in Chandler in Chandler has created an incredible environment where entrepreneurs can gather for learning, support, and even locate their new business.

So don’t let all the doomsday news from The Economy keep you from being innovative, reaching out, working with others, and continuing to build up Your Economy. The opportunities are out there!