Category Archives: Marketing

What’s Your Plan B?

If you already have a disaster strategy in place for your business, congratulations! Yours is one of the few that does.

What do we mean by a disaster strategy? Think for a minute about the worst thing that could happen to your business today? Or tomorrow or the next day or a week or a year from now?

Have you considered the implications of that crisis? Have you derived strategies to deal with whatever happens?

Being prepared for worst case scenarios means you have a Plan B.

Let’s assume you have one client that represents 60% of your company’s business volume and, because that client loses a government contract, they have to end your relationship and cancel your pending orders. What do you do?

Odds are you have to scramble to replace that loss of business. That means:

pushing the sales force to close more deals;
driving potential customers to get off the fence and commit;
trying to expand work orders from the other 40%;
perhaps reducing the work force temporarily;
finding another buyer for the materials you’ve already ordered;
potentially suing the client for outstanding order fulfillment;
offering incentives to potential customers to come on board; and,
increasing your marketing and advertising exposure, among other tactics.

So what should a Plan B look like?

Take a look at your industry and come up with a ratio of what percentage of your business should be devoted to one customer. By taking the time to think it through, you will most likely come up with the answer on your own. The key is to find a natural balance that maintains cash flow while sustaining strong customer relations. It could be 100 customers who each represent one (1%) percent of your business, ten that each account for 10%, four that are 25% each, or thousands that account for miniscule percentages of your overall business volume.

Think about the pitfalls and benefits of each scenario, and the multiple variations.

From the crisis perspective, losing one of those 100 customers only impacts one percent of your business while losing one of the four means a fourth of your business is lost. It would probably be much easier to add one percentage point to one of the other 99 customers than to get one of the remaining three (or all 3) to pick up the difference from losing 25% of your business. If you’ve got thousands of customers, what contingencies are in place for dealing with a major product recall or harmful defect? Improper action could have a significant impact on your customer’s loyalty.

The actual disaster you plan for may never happen to your business, and that’s okay. By taking the time to think through the repercussions and responses, you consider variables and prepare for actionable contingencies. It’s a process that prepares you for events beyond your control. Whatever they may turn out to be, you can cope with the consequences much more easily.

It is wise to review your disaster strategy occasionally, depending on the potential severity of the impact a crisis could have on your business. What do you do if your building catches fire and employees are hurt? What if flooding occurs or a tornado strikes? How do you react if there’s a groundswell of negative publicity about your company in the social media outlets? How do you handle a shareholders’ takeover attempt?

Diversifying your product line or adding additional services can also be part of your Plan B. When you have a single service or product, your company is exposed to market swings, economic downturns, consumer trends, and a myriad of other factors that can impact your business.

Plan B may also be a long, hard look at your financial status, a frank discussion with bankers, accountants, investors, and shareholders and taking steps to sell or close the business. Obviously, if the conditions are poor, selling may mean only minimum offers.

What happens if a trojan horse virus or malware shuts down your entire computer system – order processing, client records, and everything is contaminated? How long will you be down, or technically out of business? This is less of a treatise on the importance of backing up your data as it is on having a plan in place to deal with this potential crisis.

Brand Irons can help you put together a comprehensive disaster plan or crisis management strategy. Call us at (920) 366-6334 for an engagement consultation.

Protecting Your Brand

Classify this as a “Did You Know?” blog entry.

If you are concerned about protecting the proprietary material related to your business, talk to your legal counsel about the steps you can, and should take. Your attorney may refer you out to counsel who specializes in copyrights, patents, and trademarks, but it’s worth the effort to ensure your investments retain their value.

An example would be putting copyright information on your business documents. You can insert the © that indicates “copyright” in your document, along with a date and an identifier, such as © 2013, Brand Irons. While we don’t pretend to be attorneys, we do believe that simple act sets precedent.

As we understand it, where the legality gets sticky is if you pursue a violation through the court system, you have a far better chance of getting a favorable judgment if that copyright has been registered with the Copyright Office of the Library of Congress. The fee may be as little as $35.

If you’ve talked to someone who either has or has tried to obtain a patent, you have probably heard pros and cons about the merit of having one on your product or idea. These are processed through the U.S. Patent & Trademark Office. The key to having a patent on your invention is less about the filing process than it is about protecting your concept and product from being stolen by a potential competitor. This is where your legal counsel can provide a valuable service.

If you have a patent, as we understand it, you should obtain signed non-disclosure and non-compete agreements with any parties interested in learning more about it. The key is the signature and the date, especially if there’s an expiration attached to the document. This, as we’re sure your lawyer would tell you, is the first step in protecting what you have. You must then take every other step necessary to ensure you enforce the provisions of your patent protection. Again, consult and engage your attorney to handle these efforts for you. You want counsel handling these matters so you can run your business.

When it comes to protecting your brand with a trademark, there’s a 7-step process to start with on the U.S. Patent & Trademark Office’s website. From a protection standpoint, having a mark on your logo, service or product name indicates you have taken steps to protect the theft of your brand identifiers. Will it deter knock-off competitors? It should if the potential rival has scruples and business ethics, but remember that competition in our global economy relies on following the leader.

Yes, you should be flattered that someone is mimicking your brand concept. You should also be aware they are diluting the market by causing confusion among consumers who have yet to establish their loyalty to your brand. Setting the precedent of shutting down imitators sends a strong message through the marketing world that your brand is, indeed, your brand and one that will be protected at all costs.

Will there be emulators? Yes. Will there be loopholes in sustaining your legal rights to copyrights, trademarks, and/or patents and in protecting your brand? Yes.

Your strength in these matters lies in the strength of your brand. The more you create a unique identity that consumers associate themselves with, become and remain loyal to, the stronger the case becomes for your brand.

Another aspect of this topic that we’ll leave you with is that you should have a strategy in place for dealing with legal attacks of this nature. Consider it a crisis, perhaps relatively minor but with potentially significant long-range impact, and be prepared to deal with it.

Think of it this way: If you discover someone has launched a product with a similar purpose and knock-off logo, you’re already suffering damage. The sooner you can nip it in the bud, the less significant the potential repercussions. And remember, Brand Irons is here to help you establish and protect your brand.

Brand Your Work – Work Your Brand

Are Your Employees Engaged?

We’re not talking about whether they’re getting married. We’re writing about how involved they are in their work. A recent column by Anita Bruzzese in USA Today, which was also reprinted in the Green Bay Press-Gazette, struck a chord with us and, in our opinion, relates to marketing yourself and your business.

One of the more intriguing items in the column was that a Gallup survey found that 70% of workers are not engaged or actively engaged at work.

The piece delves into the concept that a large percentage of people have a job just to pay the bills and would rather be doing something else. Think about your employees for a minute. They may be doing an excellent job, in your opinion, but deep down they’re thinking about what they would rather be doing. Heck, they may already be doing it and hoping for a big break so they can leave you behind.

Bruzzese writes about Tama Kieves, an attorney who quit her legal practice to pursue her passion as a writer. A friend “got her thinking: If she was so good at something she didn’t like, imagine the success she might have doing something she loved.” It took some time, but eventually a publisher made Kieves an offer for her book, speaking, and coaching opportunities. The law career became an item on her resume.

If you ask your employees whether they are satisfied with and challenged by their work, what are the odds you’ll get a straight, honest answer? They will, in their own mind, at first question why you’re asking. Then they will wonder whether they should tell you what you want to hear or the truth. Keep in mind, they may be one and the same.

Ask about their hobbies and what they like to do with their free time. You may discover a latent talent you can encourage and, in turn, nurture their love of a paycheck from your company. You may also discover a true passion that may lead to an eventual departure from your company. Think of the option that incorporates their passion into your business model; it may be a whole new line of products or services you never thought of.

The gist of Bruzzese’s column, in relation to your employees and marketing your business, is that you must find ways to ensure they are engaged with what they’re doing. We have often seen excellent sales people get promoted to sales manager and wind up failing miserably. They are good at selling face-to-face with customers or prospects, but lack the drive to effectively engage with other sales people. They’d rather be out on the street instead of pushing people, and paper, around.

Perhaps it should be part of your hiring process to determine what your candidates are most excited about and if they are passionate about coming to work for your company or if they like the wage and benefits package. Where do they feel they could make the greatest contribution to the corporate mission? Your challenge, obviously, is getting the right fit and sustaining the engagement and the resulting productivity.

There may also be a time when it’s worth spending a few minutes (perhaps an hour or two) to reflect on where you are as well. Bruzzese’s column cites some points at the end from Kieves that stimulate such self-reflection.

When you think about that 70% ratio from the Gallup survey, it’s easy to understand why so many workers are not engaged. Teenagers working in fast food restaurants are only there for a paycheck and because they were unable to find any other employment. You may find a rare case where they aspire to management, but their career path usually leads in other directions. Take that out to virtually any industry or business and chances are the percentage of 70% disengagement holds true.

Since they’re now no longer with us, I can admit that I hated mowing my grandparents’ lawn. I would do virtually whatever I could to find an excuse or disable the lawn mower to get out of the job. Ever wonder how many accidents at work happen because the employee is unhappy and wants to do something else? There are professionals who can help you ensure that you do everything possible to engage your employees.

Next week we’ll spend some time on the impact social media can have on your business.

Why Does Water Taste Different?

A perspective on where our water comes from.

Okay, you’re wondering what the heck how water tastes has to do with marketing your business, and it’s a good question. The answer will be revealed.

Water should taste the same, right? It’s a clear liquid without additives, so it should have a uniform texture, consistency, and refreshing appeal to the palate.

Every business is the same, right? There’s a reason for existence, a leadership team, incorporation, sales team, products and/or services, and marketing to reach the audience.

The answer to the question about every business is obviously false. Now, some non-business people may believe every business is greedy and therefore evil, but what they fail to realize is that a business would be unable to provide them with a product or service if it was unable to make a reasonable profit. Even non-profit organizations need to have money to operate. Even franchise operations are different.

As a marketing professional, I prefer to avoid reference to particular franchises (unless it’s a client and we’ve been given permission), but let’s consider one whose logo features certain-colored arches. There is a level of consistency one expects from this franchise, wherever one of the company’s stores may be located. That premise implies that each of the fast food stores under that umbrella is the same. Wrong!

The variables range from location (inner city vs. highway exit) to management, staff, volume of traffic, and the make-up of the surrounding neighborhood. Patrons frequent one store over another for quality of food, speed of service, cleanliness, friendliness, price, and convenience, among other factors.

Let’s flip back to the variables that have an impact on water. Think where the water comes from in the first place. It’s absorbed into clouds and comes back to earth as rain, which then filters through the ground into an aquifer or runs off into a stream, river, lake or other body of water. As the natural rinsing agent it is, water brings along minerals, dirt, pesticides, and other “stuff” into whatever container it flows. Unless we extract it ourselves from a lake or stream, water is usually processed through a filtration system and pumped into a water tower or other pressure tank to flow into our homes so it’s there when we turn on the tap. Some municipalities treat the water with fluoride or other chemicals and some leave elements such as certain levels of iron in the water.

So, the bottom line is water can taste different depending on where it comes from, especially in terms of what container holds it. Water in plastic bottles all seems to taste the same, but it depends on if it was bottled at a spring or through a municipal or business processing system. Some of us can drink tap water and love the taste, where others may find the iron content too high or dislike the city water’s flavor.

Personally, I have grown accustomed to drinking water from a stainless steel bottle, which reminds me of drinking cold water from a stainless scoop dipped into a milk can from my days working on a farm. I try to avoid filling the landfill with plastic bottles, even if they are recyclable, but if it’s my only choice, plastic fits the bill.

The point of this is that your hamburger, product, or service is going to taste different to every consumer. In the case of the burger, it could be the quality of meat, percentage of fat, how it’s cooked, or the accompaniments such as the bun, condiments, vegetables, and whatever else someone likes on their concoction. You need to know, as much as you can, what your customers want and deliver it in such a way that differentiates you and your business from the competition … and build loyalty to your brand!

That means you need to know what your brand is.

Is it tap water? Well water? River water? Spring water? Or run-off?

When you need help finding the source of your water, contact Brand Irons for guidance.

Are You Really Who You Say You Are?

There are business owners out there who believe they, and their business, are one thing when they really are something else. The problem creeps in when they start telling people who they are and the customers (and the public in general) discover the business is entirely different than how it’s portrayed.

This, on the surface, appears to be a public relations disaster waiting to happen. It is more commonly known as marketing myopia, and can be corrected. That’s the good news!

A common example is the owner of a business that sells insurance. The type of insurance has little significance, primarily because whatever the type of insurance is offered to potential customers, roughly half of the population will have an adverse reaction to the term “insurance.” The same percentage, give or take a few percentage points, applies to car sales, real estate agents, consultants, plumbers, and virtually every other occupation. Why? More on that later.

Think about insurance in its most basic form for a minute. Insurance is protection for the purchaser from some accident, death, or the negligence of some other party. Except in the case of dying, the owner can rest assured that his or her property is covered against a loss. When the policy holder dies, the insurance is intended to take care of loved ones, although it can never replace the companionship that is lost.

What is the end result of having a policy? Peace of mind. The ability to sleep well at night. Reduced risk in case of loss. Protection. What is that insurance agent selling, from the customer’s point-of-view? Pick one of the above, such as peace of mind.

Before we move on to other examples, let’s go back to the reason why so many people have an adverse reaction to various professional occupations. If you had a painful experience in the dentist’s chair when you were a child, how positive are you likely to feel about dentists in general? Over the years since, you’ve probably shared your uncomfortable experience and fear with countless other people. You probably wait to go see a dentist until you have cavities or need a root canal, which creates another less-than-pleasant experience … and the cycle continues.

Any person who’s had a bad experience with an insurance agent or policy claim has done the same thing, so the more types of insurance and agents that are in business, the greater the chances of bad experiences. We tend to forget the good experiences, so it becomes natural to have apprehension about various occupations, especially those involving sales. People don’t like to be sold; they like to make their own decisions.

Consultants are another good example. Business owners shy away from consultants because they have the single perception that a consultant is going to cost them money. The truth is a consultant should help a business make money!

Let’s look at some more examples.

If you operate a tavern and someone asks what you do, do you tell them you run a bar or serve alcohol to get people drunk? Maybe. Would it sound better if you explained that you’re in the business of providing entertainment in a fun, relaxed environment? People can drink alcohol anywhere. What you provide is an experience.

As a restaurant owner, do you tell people you run a restaurant? Yes, it’s true that’s what you do, but what they’re really looking for is the answer to why you do what you do. Try telling people you provide delicious food and exceptional service in a family friendly or cozy, candle-lit environment … whatever’s appropriate for your establishment. The right answer is far more likely to pique a person’s curiosity and be interested in giving you business than the fact you run a restaurant.

A carpet cleaning business helps people keep their living spaces clean and healthy.

A website company creates a global presence and market place.

A gas station enables car owners to keep driving their vehicles.

A plumber reduces the risk of water damage or ensures a clean supply of drinking water.

It’s our hope this has opened your eyes, and minds, to taking the time to think about what it is provide as a product or service to customers. A manufacturer of baseball bats turns pieces of wood into sporting equipment but, from the consumer’s perspective, offers a quality product to play a game at a professional level.

Contact Brand Irons if you’d like some help sifting through the jumble of what you offer so you can concentrate on telling people what it is you provide to them

Is It An Interruption?

When I teach one of my Time Block Management classes, I ask participants what they view as the biggest time wasters in their lives. Phone calls invariably tops the list of things they see as wasting their time at work. They are in a productive frame of mind, working on an assignment, and their phone rings. They have to stop what they’re doing and respond to the phone call without any knowledge of who’s calling and why or how long the interruption is going to keep them from their task. The call is a source of irritation.

Until we take the time to determine who is calling and why. When I ask participants about the calls and we dig deeper, more often than ever it is a customer calling to discuss some aspect of the company’s products or services that they’re concerned about. Think about this in terms of your own business, however large it might be and however many employees you might have. Who’s calling? Usually, it’s a customer who believes in you and your company and wants to re-order, expand services, or get questions answered.

So, is it an interruption? Or is it what most business owners consider customer service to take care of your customer’s needs?

When participants realize the true nature of the “interruption,” the call is less of a distraction than a function of their responsibilities in business.

Far too often, we have seen this problem crop up in customer service situations across the board … beyond the annoying phone call. Your business is about your customers, and customers should be the primary focus of what everyone (including you if you’re the owner) in the company does. What do you have without customers?

Wait staff should be focused on the customer and avoid any time spent chatting with friends (via text, phone call, or face-to-face) when customers are expecting to be served. Customers are more patient with servers if they realize they’re taking care of other customers than standing around waiting for orders. Customer service representatives should be calling clients if there’s a lull and they are waiting for clients to call them. Sales representatives should be taking care of customers, offering suggestions on how to improve their business and get a greater return on their investment instead of bitching about the economy or poor business conditions. How many sales people have you seen griping about a customer’s phone call when they’re trying to generate their weekly sales report? Interruption?

Can you count how many times you’ve been at a retail cashier’s station waiting to pay for your purchase while they’re talking to someone on the phone? Management needs to help those cashiers understand that cash in the register is more important than trying to offer directions to an impatient caller … or consoling a friend who’s had a bad date. And how often have you gotten the evil eye or a disgruntled look from the cashier who believes your request to be taken care of is interrupting their life? How could you be so rude?

Etiquette is still important in business!

What about when you’re meeting with a prospective client, or existing customer, and you receive a text message or a phone call? Do you glance at the text to decide if you need to respond? Do you take the phone call and interrupt your meeting, at the possible expense of losing the client or prospect you’re meeting with for being rude? Those are choices you have to make with the understanding of the potential impact on the relationship.

An easy solution is to leave your smart phone in your vehicle or office when you’re in a meeting, even if you use it to schedule appointments. Your memory should be good enough to enter the information after the meeting. Think, too, about the perception people have of you when you take a phone call or text during a meeting or conference. You may believe it’s an important call, but it’s an interruption to those around you and they will think you must feel important because you took the call when, in reality, they wonder why you even came to the meeting or conference if the phone call or text was that important to you.

What interruptions also do is tell the third party observer tons about your business and the brand you exhibit. Ignoring your phone and concentrating on your customer or your prospect’s needs instead of interrupting the moment speaks volumes about your concern for your customers. Having someone who can answer phones in person instead of shifting a caller into an automated system where they may become even more disgruntled or, even worse, look elsewhere for products and/or services makes a lot of sense. Think about how you and your employees manage your time and take care of your customers.

If you’re interested in a brief introduction to Time Block Management or how Brand Irons can help resolve these potential problems, contact us for an initial consultation.

Does Your Message Get Through?

The ability to communicate your message clearly and to have it understood by those who receive it comprise the foundation of your marketing efforts. What value is there in your message if it fails to get through to the people you want to “get it”?

Companies that advertise on TV or radio or any other medium and that claim it doesn’t work have, invariably, failed to communicate their message properly. What do we mean?

First, it is critical to know what your message is, or should be. If you’re in the insurance business, for instance, you may believe you’re selling policies to protect people and their assets. In reality, you’re offering those clients peace of mind or the ability to sleep well at night, knowing their assets are protected and their family is safe.

Quick, what’s the name of the insurance company that insists “You’re in good hands”? The tag line communicates the message that the company is going to take good care of its customers.

What we see, far too often, is a commercial touting the company and how long it’s been in business rather than the value it offers to the consumers who work with its products and/or services. What message are you sending?

Let’s step back a minute. If your message is unclear, go back to your business or strategic plan and revisit what it is you are selling. Clearly define your products or services, and then try to see them from the viewpoint of the consumer. What is the potential purchaser of your product or service looking for? What is their motivation for buying what you offer? Change your perspective and you will be astonished how the appearance of even the simplest item can be changed.

On a recent drive following a passing thunderstorm, the sunset to the west was a beautiful golden globe offset by white clouds against an azure sky with sunbeams radiating through the breaking cloud cover. It was a gorgeous, captivating scene. When you looked to the east, the perspective was markedly different, yet strikingly beautiful with a full-bodied, bright rainbow bursting through the darkened storm clouds over the lake.

Let’s take a minute or two for a brief exercise in the power of clear communication. After you read the following description, close your eyes and imagine the scene if you haven’t created it as you read. Then visit the real description at the end of this blog.

Imagine a kitchen table with a vase of flowers on it. A cat jumps up on the table and knocks over the vase of flowers.

Read about the real description later on.

When you have a clear picture of what you offer to the consumer, think of it in terms of how you can convey the message of your offering in the most favorable way. What is your call to action? What do you want the consumer to do? Usually, it’s that you want them to call and schedule an appointment, stop by your place of business, or go online to order.

How you communicate the message is critical to driving business. This, however, is where we also need to take the time to determine who it is we most want to receive our message. Your target audience. Diapers are for babies, but it’s their parents who make the purchase. Who are the best prospects for consuming your product or purchasing your services?

Mostly men or primarily female? Under age 18 or older than 65? Do they fit any of the in-between adult age demographics – 19-24, 25-34, 35-44, 45-54, or 55 and older? Are they physically active? Do they drive a car? Where do they live? What level of education do they have? Do they read newspapers? Watch TV? Text? Feel free to add categories to your demographic profile, because the more distinctly you can define your audience, the more targeted your message can be communicated to that specific group of people.

Now you’ve done all this and put your message out there. Does it get through? Monitor your results. Ask people how they found out about you. Ask what intrigued them about your message. Talk to your customers and get their feedback. Those are steps that will help you verify your message did, indeed, get through to the right people.

Remember, too, that there are independent, third party professionals such as those of us here at Brand Irons who can assist you in evaluating if your message is getting through. We can also help you derive strategies for making sure it does.

Back to the cat on the table scenario. What shape was the table? What kind of flowers were in the vase? Was there a table cloth on the table? What color was the cat?

Virtually every one of you reading the original sketch came up with different answers for each of these questions. While it seemed the scene was clear, the communication left room for you to enhance it with your personal experience.

Try this version for clarity: Imagine a rectangular kitchen table with a butcher block top and white legs. There are four white ladder back chairs positioned on each side of the table with seats that match the table top but have blue-and-white checked cushions tied on. There’s a clear glass vase on the table with three red roses that are just starting to open up on it. A white, domestic short-hair cat named Snow White jumps up on the table. She goes over to the vase and, instead of knocking it over, reaches into the vase with her right front paw, dips it in the water, pulls it out and licks the water off her paw and jumps down.

While this may seem extreme, communication is important to make sure your customers get your message the way you want them to receive it.

Making Choices & Getting Business Advice

New to owning a business?

You may find the following information valuable, and certainly of interest, even if you’ve already been in business for a number of years.

Every business owner needs advice on occasion. The key is knowing when to ask for it.

It is said you are never alone if you have a deck of cards. Start playing solitaire and someone is bound to tell you what to play where.

If you believe you can make your own decisions without counsel, go right ahead. Even if you do receive a professional’s expert opinion, you can always choose to ignore it and make your own choices. You own the business, so every decision you have to make is ultimately your responsibility. You reap the rewards or bear the blame.

One of our clients was looking to raise more capital. The company was solvent and generating close to $1 million in annual sales. More funds were needed to complete some upgrades, so the owner was curious about options. We discussed the ins and outs of venture capital, issuing stock, private equity investors, and traditional financing options for the investment the company was seeking. We had experience as licensed investment representatives, so we had a grasp of the basics. We continued the discussions as time moved forward and, eventually, the client was able to get some of his better clients to invest in the company and accomplish their shared objectives.

Was it our professional counsel that turned the tide? All the client needed was information to make an intelligent decision, and the right choice for the company’s survival. The client got advice from other sources as well, and used the accumulation of information to choose wisely.

In many cases, the advice is free because of the relationships business owners have with the resources available to them, whether vendors, friends, or business associates. In other cases, the counsel is part of the overall service the business owner is contracted to receive. Is one better than the other? Only the person receiving it and using it to make their business decision can determine that. There are occasions where the more expensive advice is better than that offered without cost, and the reverse can be true, too.

Back to the issue of knowing when to ask for advice. Your accountant should be consulted before you ask your banker to extend you a line of credit, so you know what your cash flow looks like for repaying the loan and other reasons. Your legal counsel should be asked to review legal documents before you sign them, just to protect your assets, if nothing else. There are other professionals and business associates out there that you can ask for opinions about a variety of topics, from buying company vehicles to advertising campaign strategies and from charitable contributions to lobbying legislators.

If you take the time to get the information you need, you are far more likely to make a better, wiser, and more profitable decision for your business. The secret: Knowing where to get the information and being able to interpret that knowledge to gain wisdom.

The Mantra of 7 T’s

How often have you made a decision and later realized you made a mistake? It happens more often than you think, especially in this era of Instant Gratification (IG). While the term is used less often, the desire for speedy results remains a staple in the lifestyle of younger generations, many of whom are successful business owners.

Decisions are made with incomplete information. Choices are made without thought of consequences. Stress is elevated with the likelihood of errors being made. Speed is the driver, and the end result is … often … a waste of time.

Enter the mantra of the 7 T’s: Take The Time To Think Things Through!

There was a familiar saying when I was doing production work that is appropriate: “If you don’t have time to do it right, when will you have time to do it over?” Quality is often the casualty when speed is preferred. Bob Guest, a good friend and co-worker at the U.S. Junior Chamber of Commerce, ran the organization’s printing operations. He was often quoted as telling staff members you could have your choice of three options: Quality, Speed, or Cost … but not all three.

To explain further, if you wanted something printed quickly, you either paid more to have a high quality piece produced fast or got a piece of inferior quality because the price was your main consideration for getting it done quickly. If quality was most important, you paid more to have it produced quickly or had to be patient if the cost needed to be controlled. And if the cost was your primary concern, you sacrificed quality to get your piece done quickly or got superior quality with a longer lead time from start to finish of your printing project.

Now, you could have all three if you took the time to think things through and planned to get the highest quality within your budget provided you gave the printer enough time to get it done in time to meet your deadline.

Weigh the variables. How essential is it that you make a decision now? Can you take an extra five minutes, or an hour or two to get more input or gather more information and make a better decision? Have you taken the time to think that choice all the way through? Is there a better alternative?

Something else to think about: How much time (and money) will it cost you to overcome the wrong decision?

If you’ve narrowed your choices for a new vice president of finance to three candidates but you believe there may be a better person to fill the slot, do you choose one of the three or put off the decision and look for other options?

Keep in mind that at some point you need to make the decision. Taking time without deciding can, on occasion, result in a decision being made on its own, and that’s okay. Procrastination is a choice. You need to realize, however, that if the ultimate choice falls in your lap, you must decide at some point. The time you allocate to making the choice depends on the importance of the decision.

Deciding where to go for lunch can be made in seconds, depending on the factors of speed, quality, and price as well as what your taste buds are craving. Choosing a new member for the corporate board of directors requires time to interview, check backgrounds and references, and other vetting procedures such as potential contributions to the corporate culture before the selection is weighed.

The mantra of the 7 T’s also involves seeking outside professional counsel or market research when appropriate. The Brand Irons team is a good resource to help you and your business think things through because we can play devil’s advocate and we always look at your scenario from the perspective of the consumer.

Take some time and think about it.

Work On Your Business

A friend recently reminded me of a four-quadrant diagram that, I believe, traces back to Steven Covey and emphasizes where most business owners spend their time … versus where they should spend it. It ties in to the concept that you – as a business owner – need to spend more time working on your business than in your business.

Easier said than done.

Urgent Important Chart The words in one of the quadrants (non-colored) identify tasks that are Not Urgent and Not Important. These are busy work tasks; work you do to make yourself look busy or that are simple and easy to accomplish. They can give you a false sense that you’ve accomplished something that day, but when you look back you realize it was wasted time.

Another quadrant (bottom left in grey) identifies tasks that are Urgent and Not Important. These, in general, involve the priorities of others. They have come up against a deadline, for instance, and are scrambling to find solutions. It’s important to them, and urgent because they want your input to handle the urgency of the situation. When you delegate authority, you must also delegate responsibility for making decisions, meeting deadlines, and accepting the consequences of actions.

The third quadrant lists tasks that are Urgent and Important (top left in brown in my diagram). In my book, these tasks are symptoms of crises. It’s a publishing deadline or a situation requiring an executive decision or things will begin to fall apart, such as a public relations crisis. This is probably the most stressful aspect or area of operating your business, and it’s the area where proper prior planning can reduce the stress and the impact of crisis situations. It can be minimized with a plan you should develop in the Important but Not Urgent quadrant (top right in green).

The beautiful “Work On Your Business” quadrant outlines tasks that are Important and Not Urgent. This is where you need to spend the majority of your time, working on tasks that are important to growing your business and moving in the right direction toward long-term profitability … including your eventual retirement or sale of the business. The sense of these items not being urgent enables you to relax and focus on the important nature of your work without that sense of urgency. You can slide into other quadrants as needed, but the most value to your company comes from working in the Important but Not Urgent area.

Try to spend as much time in that quadrant as you can.