Lifestyle: Do what Dogs do

I'm sure the majority of you are thinking to yourself, what does he mean, do what dogs do?  Well, I will explain my logic behind this phenomena that has been peeking my curiosity over the last 4 years.  I'm definitely not saying people should go around and "evacuate" all over the neighborhood, I'm talking about how a dog appreciates life no matter what they are doing.

If you own a dog I believe you would oblige with what I'm saying here, unless you are not present and happy in your own life, then all vision would be cloudy, including your mind.  But for those of us that do appreciate what our pooches have to offer, much of what I'm going to say will make complete sense at least on the surface.  Granted the following will be based on my personal experience of owning a dog and interacting with other dogs at dog parks and friends/family's houses, etc.

So what do I mean, do what dogs do... For starters when you're out walking your dog, and they're all excited just to be out walking around the neighborhood, smelling all those wonderful smells, lifting their leg or squatting to pee on stuff - they are in heaven - nothing else matters.  Now, at that very moment ask yourself how happy am I right now, or what am I thinking about.  My dog is elated to be outside walking around, smelling and peeing on stuff, while I'm thinking about or stressed out about something that happened earlier or worse, something that hasn't happened or may not even happen in the future.

Another example would be when you take your dog (aka best friend/li'l homie) to the dog park, or a friend comes over with their dog, and the dogs are are so excited they can't even contain themselves, tails are wagging, whining, etc.  Now, when was the last time YOU were this excited to see a friend or family member?  I'd argue a long, long time ago, if ever.  How about when you come home from work after an 8 to 10 hour day, who's at the door waiting for you to come inside wagging their tail?  Yep, your dog.

Dog's are masters at living in the moment, granted they have no concept of time, and appreciating all the basic aspects of life, the little things that actually matter, which many of us forget.  Most of us (humans) get caught up in our heads, thinking about the past and/or future, when none of it really matters.  Well, as long as you've learned from the past and don't continue to make the same mistakes.  And the future, well that's out of our control, most of the time much of what we think is going to happen in the future does not even come to fruition; thus, causing you to miss all those smells and wonders of mother nature that all animals appreciate - and since dogs are usually the ones that live amongst us and are apart of our daily lives, we should take notice of how they react to their environment and enjoy life, and make an effort to understand why this is.  It will change your perspective, at least for a moment, and that's a start.

So next time you're out walking your dog take the time to smell, look around, and who knows, maybe even pee on a tree or two! (that last one is a joke, hahahaha)

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Business Strategy: True Company Identity

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I see this far too often when consulting and communicating with friends and clients who own/run startups and small to mid-sized businesses - NO true company identity.  The lack of company identity is at the top of the list when it comes to failing small businesses and/or start-ups, and should be addressed from the initial launch if possible, as the longer this goes on, the harder it is to fix.  There is far too much competition in today's global economy to not have a company identity. What I mean by true company identity is: What type of product/service do you offer?  How much does it cost?  Who are your target demographics?  Is your product/service of poor, good, or great quality (hopefully good to great)?  What type of culture does your company have?  Does the branding of the company portray what you do?  etc.  The point is, potential and current clients must be able to identify with your product/service quickly, so when they are searching for it they can immediately identify what it is you do and what your company is about.

Now, I understand the fact that running a small business or start-up is extremely difficult (I've been there) and it truly is survival of the fittest.  In order to make bills and bring in cash many owners become frantic and will except any and all work, service a diverse set of clients, etc., as long as they are comfortable doing the job, selling the product/service, etc. However, this is only a short-term strategy and usually ends up costing the firm in the long-run.  For instance, let's say you have a small business with 5 or less employees, including you.  This is not a lot of people and one would assume your access to resources such as capital are minimal to nonexistent; therefore, everything you do needs to be calculated in such a way that nothing is going to waste (time, money, people, etc.).  Granted this is a lot easier said than done, when the reality and fear kicks in and you need to make X amount to make rent this month, things begin to scatter and unravel.  I'm sure many of you have been there, as I've seen it one too many times.  This is the reaction of a small business owner who has failed to create, implement, and communicate a true company identity prior to all the panic and fear setting in, I call this " survival mode", doing anything at all costs.

The problem with lacking an overall company identity, as stated above, is the issue of panic and fear will be reoccurring.  Yes, you may have a good month or two and think to yourself (or thank higher power) your problems have been solved.  Well, chances are this will happen again and again, and you will have a bad month or two in a row, then what?  The reality is, yes, you took in any and all jobs that you and your employees skill-sets can handle, however, your company is still lost and new and potential clients will not find you if your brand and company is all over the place.  So make sure  when it comes to true company identity you have one.

A new start-up or small business does not have the time nor the resources to continue down this path, so make sure your next venture, or this one, has been branded as such that it can be easily identifiable  to everyone - exactly what you do, your product/service, etc.  And once its identity has been determined commit any and all resources towards securing a favorable market share in that space.  Once a desirable market share has been obtained, then, and only then should you attempt to extend your product/service line, target markets, etc.   This is not to say, a company should not be thinking ahead and working towards a viable and sustainable vision for the company at all times; or taking on jobs that are not in line with the identity; if you have the time and resources by all means take on the work as long as it's not obstructive to your day-to-day operations.  And if you have dedicated yourself and your company towards this identification and things have not gone as planned, then adjustments need to be made accordingly.  However, I firmly believe that if a company has done its research and its leaders have properly created a true company identity, all resources are dedicated and focused on obtaining market share in that space, the company has positioned itself for success and a chance for survival, at least throughout the growth phase.

As always, I'd love to hear your comments on this topic, True Company Identity, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Ciao,

ModernManTellsAll
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Lifestyle: Lost Nature

Nature is all around us, and yet so many of us choose (subconsciously or consciously) to be surrounded by technology (all day) and consumed by the daily grind of work, family, social media, traffic, TV, shopping, etc. It's almost as if we forget it's even there, or what our backyards, parks, beaches, forests, etc. look like and have to offer.  I know for me it took a separation, if you will, from my last employer to even get to the beach, which is only 15 miles away!

For the last two years I was pursuing my MBA, studying 25-35 hours/week and working 45-50 hours/week, with barely any time for my dog let alone myself.  Now, I know some of you have families to care for, but that is not the point, as it is the same no matter what way you look at.  So for two years I never made it to the beach, and I have access to some of the best beaches in North America by way of Los Angeles.  Sad isn't it?! The first Monday I had off, the first thing I did was drive to the beach and chilled, kicked back, listened to the ocean, surfed, read, etc. for a few hours, and the entire time I was thinking, man how is it that it took this long and something as extreme as parting ways with my old job to get here.  I know this is how many of us live and I'm here to tell you to stop and look around as much as you can - go out into nature (hiking, beaches, parks, lakes, etc.), time passes bye so fast that we'll be old before you know it.

Nature for me is like recharging the batteries.  I try and go out on hikes at least four times a week - mornings are best.  Granted living this close to Griffith Park affords me the luxury of having access to great trails, and in the mornings there's barely anyone there.  And those that are all smiling and happy to be outside walking their dogs, with friends, by themselves, no matter what they all smile and say hi and good morning.  There has to be something to it, as for me, starting my day this way enables me to appreciate the little things I am lucky enough to have.  Things such as my health, being able to run and climb hills, my happy ass dog, living in a city where I can disappear into nature in less than 5 minutes, friends, family, etc.

One of my favorite things to do is go off on a "side-trail" where most people will not hike, and hike up to the top and just sit there; take in the silence, well sometimes, as it is still LA and there are police choppers flying around on occasion, but they'll eventually disappear.  Even still, sitting up there, away from the concrete jungle and random people that are stressed out, missing life, hate their jobs, and on their phones non-stop is enlightening - even if it's for 10 or 20 minutes.  Not to mention it really slows things down, at least for the amount of time you are out taking in nature - 20 minutes could feel like an hour in "the real world".

If you really think about this it truly makes sense, we as humans have only been this disconnected from nature for around 100 years, in most cases much less.  I am not here to tell you to abandon your smartphones, laptops, iPads, etc., as I am all for technology and it's purpose and functionality.  As a matter of fact I consider myself a connoisseur and extremely tech-savvy.  Furthermore, I appreciate all that it does and will do for humans in the future.  The amount of information that is instantly accessible; the connectedness across the globe, efficiency, productivity, etc.  However, I am saying for your own well-being you should go out and enjoy nature as much as possible.  Think about all the time you spend in a day on Facebook or checking your phone just to find out you missed nothing; that email was spam; you already saw those pictures of your friends kids; or read some absurd post by someone that lacks the expertise/knowledge to speak on such a subject, etc.  I'm sure you get the point.  

Add up all that time you spent in your day and then spend that amount of time out in nature, whether it be 10 minutes or an hour - believe me it will be well worth it.  Chances are you will become far more productive at work as well.  Remember, you are in control of your time and your life - no matter what responsibilities you have.  If you manage your time properly, you will have time to go out and appreciate what nature has to offer.  I bet it's more inspiring than what you'll find online (most of the time).

As always, feel free to leave any comments as they will be read and replied to.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Until next time...

ModernManTellsAll

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Marketing Strategy: To social media or not

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To use social media or not?  This is a question virtually all firms (small & large, public & private) in all industries should be asking themselves, and if they are not, they better start.

Flashback 10 years (web 1.0) ago and this question would not even had been an after thought, as many of the top social media applications did not even exist, or were barely in their infancy.  That said, some people/firms did see the advantages and effectiveness of what social media channels, namely Facebook, YouTube, and more recently Twitter, have to offer, enabling the competitive advantage of a having a head start.  The numbers alone on Facebook, Twitter, and Youtube were/are hard to ignore, even 5 or so years ago.

Now, in 2014, or web 2.0 as they say, the numbers are impossible to ignore, where YouTube now gets over 1 billion unique visits a month and 100 hours of video uploaded per minute! Facebook has well over 168 million unique visitors per month.  Twitter has over 48 million unique visitors per month.  LinkedIn (my favorite) is now at over 38 million unique visitors per month.  Pinterest now has over 38 million unique visitors per month as well.  Tumblr is now at over 24 million unique visitors per month.  Instagram has well over 200 million unique visitors per month.  Google+ now has over 105 million unique visitors per month.  There are countless other social media platforms out there, with new ones popping up everyday, however, many do not last, nor are worth spending valuable time and money on.  That said, the above are all well established social media sites, I did leave out Vine, which can be considered as a viable option as well, but not one for the majority of people/companies reading this post.

OK, so we know there are billions of people across the globe scouring the aforementioned social media sites, so which one(s) do you use?  Yes, it can be overwhelming when sifting through the various options social media has to offer, and they all have their own unique functionalities, audiences, communication techniques, etc.  For instance, not everyone that has a Facebook account will have a Twitter account; or someone that's on YouTube and Instagram may not use Pinterest, etc.  Therefore, a company must decide which social media platforms are the best options for their company and industry.

Choosing the right social media platform(s):

First of all, a business owner/marketing manager must ask the important/critical questions: Which social media platform(s) will garner the highest ROI?  What social media applications are my target audience(s) using at this moment?  What is the best way for the firm to go about courting new potential consumers?  What type of product(s)/service(s) does your company sell/offer?  What are the most effective communication techniques to apply on each individual platform? How much time/resources do we have to allocate towards social media? Etc.

Once the target social media platform(s) has been identified, then, and only then, should a strategy be developed.  But first, the business owner/marketing manager must become accustomed to the functionalities and nuances of the platform(s), and if they are not they should (must) find and hire someone that is well versed in social/digital marketing.  Some companies can get away with hiring social media interns as this is was common place a few years back; however, I would not recommend this as many times these interns will lack the awareness and knowledge of your industry and by the time they learn and understand it they will be long-gone; or they only make it a week or two and then you have to find another.  This process alone can prove to be quite costly, not to mention wasting your valuable time.  Nowadays, many colleges and universities are providing majors in social media/digital marketing, or at the very least, are incorporating social media/digital marketing classes into their Marketing programs.  I know when I was pursuing my MBA (as a Marketing major) at Northeastern University, we were required to take a digital marketing class, which proved to be extremely valuable.  As I stated above, all the social media platforms have their own ways of connecting and communicating, and not understanding this will result in a huge waist of time and more than likely - capital.

Moving forward, now you (or someone that does) have a firm understanding of which social media platforms work best for your company and the industry you are competing in.  Furthermore, you have analyzed and done some research on how they function and the nuances of how to communicate.  It is a great idea to checkout your direct competitors to see what they are doing (as far as content) and how they are gaining followers (potential customers), and which social media platforms they are using.  Usually this is a good indication of which ones work best, particularly if you pay attention to industry leaders that have a large number of followers and likes/shares.  Now it is time to develop an Integrated Marketing Campaign/Strategy, which is an entire different topic, and should be done by a trained professional or under the consultation thereof.

To Social Media or Not:

So the question is, to social media or not? Considering the alternative, I'd say it is not only wise to begin (if you have not yet) implementing a social media campaign (even if it's just an individual platform), but also is necessary if you plan on growing your business, increasing brand awareness and market penetration now and well into the future.  Not to mention the fact that social media is a great and affordable way to be creative and brand your company to your liking.  That said, if you are clueless as to how to utilize social media, or do not believe it is effective, I would recommend speaking with a marketing professional(s), researching online blogs, articles, competitors, etc., prior to allocating time during your work day to figure it out or "play around" as it can be extremely time consuming - hours could go bye before you even realize how to post a proper "Tweet".  In closing, I believe social media, when utilized properly, with an effective Marketing Strategy, is the most efficient and effective marketing tool to be implemented to date.  And as time goes bye this "web 2.0" is only going to grow exponentially, so to answer the question - YES, you should start using social media and get connected to your customers ASAP.

I'd love to hear your thoughts on this, so please do not hesitate to leave comments - I'll read them all!

PS - If you would like consultation on the implementation of social media and Marketing Strategies, feel free to email me at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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Business Strategy: Know your competition

There are many articles online (LinkedIn, independent blogs, etc.) and in informative magazines and publications (Entrepreneur, WSJ, Harvard Business Review, Fast Company, Text Books, etc.), which will tell you how to run a business, manage a start-up, what to do, what not to do, etc.; however, I'm going to tell you, it is just as important to know and understand your competitors.  It amazes me that in this day and age, where the global economy is fully entrenched in all industries, information is readily available and accessible to all - many companies still choose to operate as if they were the only firm in that industry.  You can have the best business plan in the world, but, if you are unaware of the competitive landscape (who your competitors are and what they are doing), that amazing business plan may be all for not.  You may even risk the possibility of a savvy (established, innovative) competitor, who is aware of you and your business model, to copy and implement it before your business even has a chance to get off the ground.  

I would like to introduce and explain some realizations that have come to my attention along my professional career and as I was perusing my MBA from Northeastern University.  

Global Economy:

The first of which is obvious but should not be ignored or discredited, the fact that we are now in a global economy, every industry is experiencing increased competition, and as the years go bye it is increasing exponentially due to third world countries, namely the BRICS nations; all of which are experiencing emerging economies as their access to resources and technology grows.  Many of these countries operate under their own proprietary laws and, maybe more importantly, have access to cheap labor – enabling companies to make products which are similar for much cheaper than in established 1^st world countries. 

Access to Technology & Lower Barriers of Entry:

Access to technology and lower barriers of entry go hand-in-hand as the former enables the latter.  The access to technology has essentially leveled the playing field when it comes to competition.  A small independent start-up now has the potential and access to the same technology as a major firm, which was not the case 10 or 20 years ago.  For one, technology (computers, internet, marketing channels, etc.) came at a much higher cost in the past.  Now the majority of people/businesses are able to purchase a computer and the internet, build a website, and market their product all with minimal capital investment.  A first-hand example of this would be the music industry.  The music industry was really the first to feel the effects of this in the early 2000s with Napster and other file sharing platforms, which essentially destroyed the major record labels.  I’m not saying whether this is or is not a good or bad thing, as the record labels failed to adapt and innovate quickly to the changing landscape; therefore it was of their own doing.  Fast-forward to today, where now every artist, composer, band and record label (large and small) has access to the same technology and clients for that matter, making for a highly competitive market place.  Furthermore, lower barriers of entry (affordable hardware and software) have been a major factor as well in regards to increased competition. Although the music industry was the first to be hit by this phenomena, it is a reality for all industries, and business owners must take notice.

Access to Information:

Access to information coincides with the above as it is technology based, however, it deserves its own explanation due to the fact that it is still fairly new and very important when analyzing and understanding your industry's competitive landscape.  In the past companies would have to rely on “insider” data or having to wait for a particular competitor’s TV/Print Ad to air, well that is no longer the case.  Now everyone has instant access to all the vital information they need – including websites, financial data, marketing techniques/strategies, operational methods, personnel, territories, etc.  Everything can now be accessed via the internet by searching company names, industry related keywords, social media, etc., so there’s no excuse not to “do your homework” (you may actually come up with an innovative idea along the way) and research as much as you can about what the competition is doing – smart companies are doing it everyday so don’t wait!  

Conclusion:

All of the above factors have led to increased competition and, in many cases, market saturation.  This trend will only continue as more and more countries and small innovative start-ups enter the global economy.  This does not mean that starting and/or running a business is not a good idea – quite the contrary, as it is a great idea (for certain people)!  The costs to start and run a global business is at all time lows, at least for those that know and understand how to leverage the above factors to their benefit.  Those that do not, and are stuck operating in an outdated business model will not survive in today’s world where you are either in the lead or falling behind.  And when you fall behind it can drain capital quick as you try and catch up - and when you do catch up, the competition may have already moved on to some other innovative business model or product/service.  Everything moves fast, including your competitors, so don't assume you are the only one out there, or implementing these techniques.  Remember, always try and stay in the lead or at least a close second.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Enjoy the ride!

ModernManTellsAll

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Entrepreneur: Choose your Business Partners wisely

Follow @modernmantells

One of the most important and critical decisions you will have to make when starting a business is who to partner up with.

There are many reasons why or why not to choose someone, some more obvious than others.  This blog is intended to breakdown what I believe are the five most important factors to thoroughly analyze and consider prior to moving forward with a decision. 

So you have a great idea for a new business, whether it’s an incremental innovation on an existing product or business model; or one that is brand new and/or is radically disruptive, chances are you wont be able to do it on your own, and I would not recommending doing so.  Therefore the question is: who’s the best man/woman to approach? 

Most people's first instinct is to work with someone that they know very well (friend or family member).  This may seem logical (initially) assuming you get along with this particular person(s), have known them your entire life, share the same interests, etc.  However, there is much, much more to selecting a business partner other than how well you know or "think" you know them, as things/people change when other variables enter the "frey" (e.g. money, egos, growth path, vision, exit strategy, personal goals, equity share, personal life, etc.).  As a matter of fact, choosing a business partner is kind of like dating (per say).

Personality:

Running a start-up is a roller coaster, you will experience many highs and lows, ups and downs, so you'll need someone that can roll with it and not let it bother them too much.  In fact, it is good to have someone that can make light of the situation (as long as it's not too serious).  Furthermore, their personality should complement yours, just like in a relationship you need balance.  If you're personality is super outgoing and forward, you'd want someone that is more laid-back and reserved. Everyone that has been involved in a start-up will tell you there are always issues and when there's not, there's one right around the corner; so you want to be able to rationally discuss the strategy on how to fix the issue with someone, and keeping the atmosphere light is extremely helpful.

Reliable:

This one is very important, particularly to me as it's a pet-peeve of mine.  It really irritates me when I am supposed to meet with a client or business partner and they are always late - time is precious to all of us as life moves very fast, especially in today's world.  The last thing you would want is to start a business and partner with someone who can not manage their own time.  To me this is a HUGE red flag.  As I stated above, when running start-ups issues are always showing face and when they're not, one is right around the corner.  Imagine how frustrating this would be if you had to handle the majority of them on your own, or had to wait to hear from your partner who is nowhere to be found.  This can sour a relationship/partnership quickly, not to mention the waste of time and capital - I've seen it first-hand.

Knowledge/Intelligence:

What I mean by this is, you want to partner with someone that either/or has knowledge of the industry and current landscape you are planning on entering and competing in; and/or has knowledge of some other aspect of the business which you are not an expert in or have little knowledge of (e.g. marketing, operations, sales, strategy, etc.).  Again, forming a business partnership is usually a long-term commitment and you want both partners to provide valuable insights consistently, and coming from a different perspective is always helpful.  Intelligence simply means that as described by its definition - the ability to learn and understand things; nothing is worse and more frustrating than dealing with incompetence, particularly in a business partner let alone an employee.

Resourcefulness:

This one is also extremely important, especially when launching a start-up, and as technology continues to take over all businesses, large and small.  When choosing your business partner you want someone who has a large diverse network and understands how to maximize its potential.  The majority of start-ups are boot-strapped and have minimal expendable capital to allocate to other resources other than immediate needs for day-to-day operations; thus the importance of having access to a diverse network.  Just as an example, you will need legal contracts drawn up; well these can be quite costly if you go in cold and do not know someone or someone who knows someone.  A friend of a friend may refer you to an attorney friend of his/hers and they may offer a discount or even pro-bono, who knows.  Further, there are countless reasons to contact people outside of your immediate circle, and with social media a diverse network is now more accessible than ever - easier to connect to professionals in all walks of life.

Vision:

When I say vision, I mean the vision of the company; does their vision coincide with your vision?  Where do you and your business partner envision the company being in a year or two or five?  What is your goal?  To build and sell quickly?  Grow organically and commit to a long-term plan?  License out the technology or product?  Bring in outside investors?  This is something that should be discussed at length prior to committing to an agreement with a potential partner.  If your vision conflicts with your potential business partner's, the relationship will go south very fast, and more issues will arise and compound - turning a potentially successful business into an unsuccessful one.  Furthermore, it is good to discuss the "what ifs".  What if this happens, what do we do?  What if that happens? etc.

Conclusion:

In the end, you want to work with someone that is not necessarily your best friend, but someone that understands what it takes to make a business successful.  You want someone you can depend on, bounce ideas off of, provides valuable insights, can laugh and keep things light; someone who is flexible and not hard-headed, is highly competent and can maximize their resources effectively and in a timely manner.  For the record, I left out an obvious one - TRUST - on purpose, as it is applicable to everything you do in life; if you don't trust someone, you should keep them at a distance, and definitely NOT do business with them.

This is my first independent blog so I know it's not perfect, but I enjoyed it and there will be more to come, along with some posts from other friends which I trust. HA!

Feel free to leave comments as I'm very interested in hearing what you have to say.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

~Peace

ModernManTellsAll

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