Archive for the ‘Medication’ Category

When is the best time to do business?

Wednesday, October 8th, 2008

The answer - when everyone else is hiding!

Like now!

mogoose head up When everyone else is pulling their heads back down, stick your head up and out. Get yourself noticed - big time.  Rise above that cringing pack of frightened business owners and tell the world, and especially your customers, that YOU, at least, are still there for them!

It’s obvious really – as businesses start to hide, so the marketing clatter fades, leaving more space for your messages to be heard more easily. And, in all probability, regardless of trading conditions, your clients, customers and patients will still continue wanting, and needing, the goods and services you have on offer. 

Okay, so doing business is always a risk - even in good times. But, unless you are in ‘Securities’ or ‘Financial Services’ of some description, this is no time to suddenly become irrationally conservative.  Simply apply standard business criteria as always.

On the ‘plus’ side, see this current ‘crisis’ as a huge opportunity for you to reach out to your ‘audience’ and offer even greater value than ever before, thereby immediately exceeding their expectations and cementing loyal relationships.

But it’s not just about offering greater rewards, better guarantees, discounted prices (heaven forbid), freebies, or whatever – it’s much deeper than that. Your clientele don’t want to talk to your products and services.  They’re not only buying your products and services - they are buying YOU.

So, in times good or bad, show your human side. And, especially in difficult economic times like this, make sure you really do understand their economic and personal concerns - relate to them at a personal level. Demonstrate that not only can you provide the solutions they need, but that you can also provide better value because you are still there and able to empathise with their respective predicament.

Remember, it is always, always about THEM, not you. And there are many ways to show them you care – more of which in a future blog.

When everyone else is being ultra-cautious and doing nothing, isn’t this the time to move your business from good to great?

So, get out there, on the ‘front line’, and give it a positive and jolly good go – that way not only will you succeed in the short term, but also you will be well placed to literally ‘take off’ when the economy revives.

Richard C

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Where is the answer?

Saturday, August 2nd, 2008

Many of my clients, and you, the readers of my blog and web-site, will know that the one ‘big essential’ to business success that I have always kept harping on about is having the right ‘mindset’.

I’ve worked with many dozens of ‘would be’ entrepreneurs over the years, but few ever achieve their ideals. Most are full of superficial dreams but have little genuine belief or passion, and often even less application – the result, a demoralising self fulfilling prophecy.

But for those that have the right mindset – WOW! For them even the sky is no limit and I just love working with these guys.

And I will let you into a little secret here, something that few people know – I got so frustrated at one point about 10 years ago that I even got myself qualified as a ‘DISC’ behavioural analyst and started putting some of my clients through the psychometric testing process to try to find out what was ‘blocking’ their paths to success. But even that didn’t change the final outcome.

But why am I telling you all this?

Because your success is important to me, so important that I want to share with you something different. It’s some recent work done by Paul Gorman.

Paul is a UK based ‘business guru extraordinaire’ with many years of front line experience. I’m fortunate to know him personally – and he’s a true inspiration to all who come into contact with him. He’s someone, I believe, who has so much to offer in the world of, not only achievement in business  but, achievement in life generally.

But guess what?

He too discovered, and was deeply saddened, that the vast majority of his seminar attendees never achieved what they declared they wanted.

So he began digging deeper – into the mind.

And what he discovered so amazed him that he decided to wind down his ‘business marketing’ services as a ‘waste of his precious time’.

He will be a great loss to the business community. But on the plus side he will be concentrating on something much more fundamental to business success. He’s become fanatical about solving this ‘problem of mindset’ and is now truly resolved to encouraging us to learn how we can develop both ‘the mind and the person’ so that we can identify and achieve what we truly want in life.

How else do you define ‘success’ other that it being the achievement of what you set out to do.

Below is an extract from one of the pages on his web-site.

This Is Why Only 1-2% Of Seminar Attendees,
Including Business Owners, Ever Apply And Benefit
From What They Learn

I do not believe that I can teach you one thing. You shouldn’t believe that you can teach me one thing.

However, if I look to draw forth from you your individual interests, fascinations, passions, joys and desires to be, to create, to achieve, then and only then am I a value to you as an educator.

This reveals why—no matter how much business or marketing strategy and technique you ‘learn’—no matter how much effort, time and money you invest in trying to make your business a success—and no matter how deeply even I were to counsel, advise and help you—you will not benefit unless what we are doing is drawing forth your true passions and desires.

This is why entrepreneurs attend business and personal development training programmes until the mass of information they have had pumped in is so great they almost burst, yet only 1 or 2 percent actually apply and benefit from it all.

This is why you have, by degree, not been able to realise your dreams of success and wealth despite putting in extraordinary effort for years, even decades.

It is about to change for you, rapidly and for good.

Do visit his site, The Science on Natural Achievement Ability. Click here - http://scienceofnaa.com

And this, Paul says, is only scratching the surface. There is deeper stuff still that he’s not even begun to release – but will in time.

If nothing else, his words will get your mind working.

After which, resolve to achieve, and get out there and let the money come to you - that’s the smarter way.

Richard C

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Slow down – to achieve more!

Friday, July 25th, 2008

It often happens happens, but never was it more poignant than a few years back when I was caught in yet another traffic jam – with an important meeting to attend.

I’m sure you’ve heard the phrase “You’re going so fast you’re standing still” - a phrase amusingly thrown at someone rushing around in a frenzy, but hardly achieving anything. And I’ll wager a bet that it often applies to you also – during your busy busy days at work.

But back to my traffic jam!

I’d left with plenty of time in hand and had been making good progress towards my destination – my driving mind on auto-pilot as I considered the issues and the outcomes of the meeting ahead. Road Works

Suddenly the brake lights on the vehicles ahead started flashing blindingly as the traffic slowed – and slowed - until it finally stopped. A little judder forward as the cars bunched up – and then nothing.

Five minutes went by – I switched off my engine. Then it was ten – then twenty. Extreme agitation set in as I reached for my mobile phone to contact the venue – I was now very tight for time. But suddenly the traffic started moving. With an audible sigh of relief I started my engine, raced forward 30 yards - and stopped again – nothing was moving.

I picked up my phone, dialled the number – but the absence of a dialling tone soon made me realise I had no network coverage! I was never going to make the meeting now – and I couldn’t even tell them why. I felt sick – literally.

So I pulled the car over to the side of the road, got out, and strolled across to the roadside hedge. There was a farm gate, which I opened, and closed slowly behind me as I looked for somewhere to sit down.

Deep with worry – I’d spent weeks setting up this very important deal – I found myself settling down beside a thicket of trees. I shut my eyes, depressed, and resigned to failure. If only I’d left a little earlier – gone a different way – organised a different venue – later in the day - if only – if only . . . .

A flurry of wings just above me made me look up. It was a pair of blackbirds, and their loud, persistent, and variable conversation took me away from my problems as I watched them flit playfully from branch to branch.

I hadn’t noticed until then, but the day was a glorious spring morning – full of sunshine and warmth.

The field in front of me was littered with contented grazing ewes, their spring lambs bouncing around as they tested their new-found legs. The bigger lambs were playing games together, interspersed with panic-felt bleating when they realised they had ‘lost’ their mothers – all of them oblivious to my problems. My attention was drawn to the graceful and majestic flight of a heron as it glided down to the river below – the river it shared with a couple of busy mallard and their young fledglings that scurried in and out of the reeds.

The uneven rustle of leaves above in the gentle breeze completed the peaceful chorus of the countryside, as did the delightful spring flowers beside me complete a tranquil picture.

Here was pure nature, a part of me, a part of each and every one of us, that I had forgotten about and ignored as my business increasingly consumed my life. I thought about my wife, and my young children, growing up with a father too busy to give them the love and time they deserved – lost years I would never recover - unless I changed the way I did things.

It was late afternoon by the time I had picked myself up to walk back to the car.

And I drove straight home – I’d not been home this early in years.

And, instead of my usual “goodnight” to slumbering bodies, I found alive, joyful, loving children, their hugs just so wonderful and free. We all ate supper together, played games, and enjoyed ‘the moment’ late into the night. And the next day I took off too - to spend exclusively with the family.

Thanks to that traffic jam, on that fateful day some years ago now, I’d been forced to ’slow down’ - just long enough to realise I had all my priorities upside down. Life, with the family, should come first - work is just a means, not a purpose.

I did win that contract (and still have it), even though I didn’t make the meeting – they were chasing me - and I was then the one ‘in control’. And when you are ‘in control’ the decisions you make are more rational, strategic and effective than those ‘reactive’ short term survival tactics applied when working under pressure.

Make no mistake, I still continued to work hard - but never again did ‘work’ consume or intrude into MY time. My ‘appointments’ with myself and the family were as important as my appointments with my clients.

So, my ‘advice’ to you, if you are finding life hectic, is to ’slow down’ and check up on your priorities - before it’s too late. Take some time out, on a regular basis - I still do - to think about and re-assess your position and your longer term dreams - and what you need to do or change to get there.

Do that, and you will discover something very remarkable - that the more time you give yourself, the more strategic and efficient you become, and the more profitable your business becomes.

So, on that note, go work smarter

Richard C

PS - Whenever I hit a traffic jam now, I simply smile, say ‘thank you’, and relax - just try it a couple of times! (Remember, it’s not the event that causes stress - it’s your reaction to that event that is the stress.)

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Maintain Attitude and Altitude, or you will surely crash

Thursday, September 6th, 2007

I was directed this week to a survey done by the Bank of Scotland, aimed at identifying the attributes displayed by Britain’s more successful small business owners.

Why is it that surveys done by the banks are so bland - they never seem to produce any really stimulating results? Is it PC to not upset any of their clients perhaps? Anyway, this survey was unexcitingly ‘par for the course’.

After analysing over 4000 interviews they decided that there were four distinct business personalities looking after Britain’s SME business sector.

One in five entrepreneurs in Britain is a ‘high flyer’

High flyers’, approximately 17% of those surveyed, were identified as those business owners who demonstrated strong and consistent growth for their businesses over the past three years. They tended to be successful business leaders with an optimistic outlook on the UK economy and were investing in the future.

Steady Growers’, at 35%, were identified as owners achieving moderate growth for their businesses over the past three years with a fairly optimistic outlook on the economy etc.

Survivors’, also at 35%, experienced little or no growth in the last three years and expected their performance to remain much the same for the following year or so.

And finally, ‘Strugglers’ at 13%, fortunately representing the smallest group. These are business owners that have experienced no growth over the past three years and tended to be pessimistic about the prospects for both their businesses and the economy.

So, nothing exciting there! But if you are interested in reading the survey it is available on their site – see link at end

What was interesting, but didn’t surprise me

Of the ‘strugglers’ group, more than one in five of its businesses were over 20 years old, and they had found more difficulty running their businesses over the past five years.

Contrast that to the ‘high flyers‘ group where most of the businesses were under five years old.

Passion

Does this remind you about my article of 18th July in which I discussed passion. And, how, after being hammered by bureaucracy, long hours, poor returns or whatever, and being held ‘hostage’ to their business, the owner’s passion is inevitably cooled, resulting in the business’s decline towards failure.

To me, this survey revealed an unintended ‘gem’ - clearly supporting the view that once you’ve lost the passion for your business, you will continue to struggle – maybe for ‘20 years’ or more according to the survey, or until the business (or you) finally fails.

So, what’s the Answer

Become a high flyerIf you are being held ‘hostage’ to your business, break the shackles – and get your life back. Either find some way to rekindle that passion (talk to me about how) or get out and start another business with a fresh passion. Make a decision now - desert the ‘strugglers’ and join the ranks of the ‘high flyers’.

You’ll be surprised at how reinvigorating this can be on your life, and the lives of those nearest and dearest to you.

Now, go make some money the smart way!

Doctor Richard C.

Link to bank survey

Bad Debts: a “sitcom”

Thursday, August 30th, 2007

I stumbled across a new slant on the acronym “sitcom” this week - which stands also, I believe, for “single income, two children, oppressive mortgage”.

Engaging though this acronym may seem, it embodies the undertones of a very sinister reality too –

Three years ago domestic debt stood at approx £1Trillion, after doubling over the previous five years. Figures now indicate that private sector debt, up a further 35% at £1.345 Trillion, has now overtaken UK Gross Domestic Product - we owe more than we make.

Average personal debts now stand at 1.62 times personal income.

The Bank of England calculates that debt service costs have now surpassed their previous peak, set in the early 1990s, when interest rates were much higher than today, and that 7.7% of households are struggling to pay their mortgages. Owners have increasingly transferred borrowing from credit cards to their mortgage to try and make ends meet, which is fine when house prices are rising and interest rates are low - but house prices are no longer rising and interest rates are no longer low.

Too much debt: Quick Sale?We haven’t yet entered a period of falling house prices, but a major (and usually bullish) building society reluctantly admitted this week that prices are unlikely to rise by more than ‘wage inflation’ at best next year. But what if house prices do fall?

With wage growth already at a four year low, a tilt into recession remains a strong possibility.

And this is not just a UK problem, as volatility in stock markets across the world reflect the growing unease internationally.

But hey, why the economics lesson?

Cash overdue - risky businessBecause it’s time to issue a warning, especially to businesses in the SME sector. It’s time that you made sure your ‘cash collection’ systems are strong and that the amount of outstanding money owed to you is maintained at an absolute minimum at all times. Deal only with customers who keep their account in order – not only does it show that they respect you, but importantly you minimise potential bad debts and consequent losses.

Don’t get caught

To recover from a ‘bad debt’ of say £5,000 for example, might require NEW sales of perhaps £33,000 (on a net profit margin of 15%) – not an easy task at the best of times, let alone in a recession.

Lets not beat about the bush on this one.

Cash critical. Without cash you can’t pay your suppliers – and without suppliers or labour your business is ‘dead in the water’. Cash is the life-blood of your business – the very substance that keeps it going. And having cash to hand is the only way that you will survive recessionary conditions when they arrive.

So be prepared. And if you need any help in improving, designing and implementing cash controls, you know where to come – just give me a call.

Now, go make some money the smart way!

Doctor Richard C.

PS
Your new policy on debtor management could also
be ‘sitcom’ – ie
for a “Secure Income, Take Cash, Otherwise Misery”

PPS
I am in the process of writing a ‘guide to cash survival in difficult times’ (title still to be decided) so keep in touch if you would like a copy.

Be truly passionate . . . . . .

Wednesday, July 18th, 2007

Indeed, new to the sport of blogging, it is interesting to read the feedback and comments received on the initial posts. Thanks to Kent, Fred, Karin, and others, but the one that really got me thinking this week was from Hugh Hollowell. He said ‘ the idea of personal responsibility is the hardest thing to get across to new business owners’ and quoted “If it is to be, it is up to me.”

Hugh, I don’t think it’s the new business owners that are the problem - maybe they lack training and management skills - but it is the longer standing business owners that are the biggest problem. But “why”, is the $64,000 question. And I’ll tell you what I believe is the answer later on.

Deviating for a moment, something I got involved in for a number of years, and loved doing, was helping out a group of schools with their ‘business week’ during which students in their final years thought up and developed business projects, albeit only in theory and ‘in play’. What was so uplifting, and so delightful, was to experience their open, innocent minds. Wild minds that knew no boundaries, minds that roamed into the unknown, and minds that were unconstrained and explored the incredible and the impossible. “Wow”, is all I can say.

These kids (and they were only in their mid teens) were motivated to try anything, passionate about their ideas, and were untainted by bureaucracy and commercial impasse.

Although hard work, it was one of the most ‘refreshing’ weeks of my year.

Now, shut your eyes for a moment, and cast your mind back to when you first started in business. You were enthusiastic, had fresh ideas that you thought no one could resist, and you couldn’t wait to get started every day. You talked passionately about your service, product, or treatment to every prospective customer who dared to come near you. Your passion and sincerity ‘wooed’ them into becoming a true customer. Your customers grew, your business grew, and your sales even began to match your expectations. Things were looking good.

But then, after a year or so things began to get more difficult, and indeed started to go wrong.

And the chances are that you didn’t have the necessary solutions, the skills or the training so that you could put these things right. And that’s not necessarily your fault – it’s both a failure of the educational system and, to a lesser extent, nonsensical bureaucracy, that leaves you, and many others like you, completely disarmed.

As an example, how often have you seen the ‘new’ corner garage being set up a young mechanic who thought he could have a better life running his own business, having been employed the previous 10 years in a large garage or car repair business? Full of enthusiasm, dreams of making more money than ever before, and technically highly competent, the young entrepreneur starts off with a ‘whoosh’. But then, after a while he ends up competing with his rivals on price, working long hours, and forfeiting a life with his family, and realising too late that he has got it wrong. He’s swapped a 7 hour / 5 day week, a reliable income stream, and time with his family and friends, for something he wasn’t expecting. What he’s got instead is a endless 18 hour / 7 day week, fluctuating and unreliable income, and no time with his family and friends. Finally the combined pressures of commerce and family commitment force him out of the game . . . and next time you drive by, he is gone!

So what went wrong? The answer is quite simple. He lost his passion - focussing on servicing his clients beyond their highest of expectations.

Instead of directing his efforts to working on the business strategy he spent his time doing the work the business did (i.e. fixing cars). Customers, once the centre of his attention, began feeling neglected and moved elsewhere. Then, worried about money, having enough customers, and whether his prices were too high, he kept lowering his prices to attract more business. Consequently, to make ends meet, he had to work the huge extra hours that, not only robbed him of his family life but, drained him mentally and physically, until he could no longer find the reason ‘why’. And finally, with all passion for his business gone, he gives up.

And so it is with many businesses. In fact research will tell you that 80% of new businesses will fail within five years of starting. And although these researchers will, quite rightly, point to numerous ‘external’ factors and reason for the failures, I believe the true cause for the final demise of most businesses will, in almost every case, be the entrepreneur’s loss of passion for that business, for whatever reason.

So Hugh, the solution, I believe, to business owners, both new and established, taking responsibility to drive their businesses forward, rests absolutely and proportionately in the degree of passion that they retain for their respective businesses.

Be truly passionate, 210% passionate, about what you do,
or get out and do something else.

Without your passion to drive your enthusiasm and energy, you can never be successful in business. You cannot provide the greatest of value and result to your customers if you are not absolutely passionate about what you do for them. Your profitability and success in business is a consequence of your actions, not the purpose of your actions.

Now, go make some money the smart way!

Doctor Richard C.

Comments are always much appreciated, but please allow me time to reply - I am busy Company Doctor, spending most of my time with my clients.