Kim's BizBlog

...Plan to Fail.  You know the old saying. 

When it comes to starting a business,  it's easy to fail the very first step in planning, the business plan.  Business plans are a true beating!  Executive summary this...mission statement, that.  Then, you add a bunch of market analysis and profit and loss type of rigamaroll in the middle and it's enough to drive you batty.

Here's the real beating to me, it helps to keep updating the thing.  I wrote mine, then hid it away for a couple of years.  Not wise.  You really should keep it handy and look at it every once and a while.  I've been told it's good to do a full review, then revise it every year.  I think it's a good idea because it brings your focus back where it needs to be.

The business plan is fresh in my mind because I'm reviewing and refreshing mine right now.  Actually, I've found it's going to be easier to re-write the thing.  That's how much dust I had to sweep off mine.

Here's the positive:  I really wish that I had made myself do this every year.  My industry didn't exist when I started.  I've now got competitors, a really good feel for the market and what my market truly needs.  Not to mention, I know what kind of marketing has worked and what hasn't.

Sure, all of these things are in my head and I keep them in mind as I go about the day-to-day, but actually putting it on paper and building graphs & charts (because I'm a big graph/chart person!) changes everything.  It gives me a detailed map of where my business and the market is right now.  It makes me face the weaknesses of my company and the strengths of my competitors so that I can build a plan to combat those areas and build market share.  It reminds me of where my company is strong and my competitors are weak so that we can continue to grow in those areas.  Otherwise, we're just plodding along without any real direction.

So, remember as much as the business plan sucks to write in the beginning, it's the regular review and revision of that original business plan that will pay you back two-fold.  And, trust me, once you start "living" your business and your market, the review of the business plan becomes fun!

Tip (from my experience):   I'm a visual person so the written business plan was very dry to me.  I found that sketching out my website before I wrote my business plan, helped immensely.  Think about it:  Your home page contains your mission statement.  You generally have a page listing your services with pricing in mind or your pricing is listed right online.  You have descriptions of the products/services you offer.  You have information about how the company came about.  And, you have to keep your market in mind as you sketch out your site to appeal to that segment. It doesn't cover everything, but it's a great start in visualizing your company and how it could function.  You have to sketch out your website before you hand it to your web developer anyhow, why not?  And, you can include the sketches in your plan!      

...Plan to Fail.  You know the old saying. 

When it comes to starting a business,  it's easy to fail the very first step in planning, the business plan.  Business plans are a true beating!  Executive summary this...mission statement, that.  Then, you add a bunch of market analysis and profit and loss type of rigamaroll in the middle and it's enough to drive you batty.

Here's the real beating to me, it helps to keep updating the thing.  I wrote mine, then hid it away for a couple of years.  Not wise.  You really should keep it handy and look at it every once and a while.  I've been told it's good to do a full review, then revise it every year.  I think it's a good idea because it brings your focus back where it needs to be.

The business plan is fresh in my mind because I'm reviewing and refreshing mine right now.  Actually, I've found it's going to be easier to re-write the thing.  That's how much dust I had to sweep off mine.

Here's the positive:  I really wish that I had made myself do this every year.  My industry didn't exist when I started.  I've now got competitors, a really good feel for the market and what my market truly needs.  Not to mention, I know what kind of marketing has worked and what hasn't.

Sure, all of these things are in my head and I keep them in mind as I go about the day-to-day, but actually putting it on paper and building graphs & charts (because I'm a big graph/chart person!) changes everything.  It gives me a detailed map of where my business and the market is right now.  It makes me face the weaknesses of my company and the strengths of my competitors so that I can build a plan to combat those areas and build market share.  It reminds me of where my company is strong and my competitors are weak so that we can continue to grow in those areas.  Otherwise, we're just plodding along without any real direction.

So, remember as much as the business plan sucks to write in the beginning, it's the regular review and revision of that original business plan that will pay you back two-fold.  And, trust me, once you start "living" your business and your market, the review of the business plan becomes fun!

Tip (from my experience):   I'm a visual person so the written business plan was very dry to me.  I found that sketching out my website before I wrote my business plan, helped immensely.  Think about it:  Your home page contains your mission statement.  You generally have a page listing your services with pricing in mind or your pricing is listed right online.  You have descriptions of the products/services you offer.  You have information about how the company came about.  And, you have to keep your market in mind as you sketch out your site to appeal to that segment. It doesn't cover everything, but it's a great start in visualizing your company and how it could function.  You have to sketch out your website before you hand it to your web developer anyhow, why not?  And, you can include the sketches in your plan!      

...Plan to Fail.  You know the old saying. 

When it comes to starting a business,  it's easy to fail the very first step in planning, the business plan.  Business plans are a true beating!  Executive summary this...mission statement, that.  Then, you add a bunch of market analysis and profit and loss type of rigamaroll in the middle and it's enough to drive you batty.

Here's the real beating to me, it helps to keep updating the thing.  I wrote mine, then hid it away for a couple of years.  Not wise.  You really should keep it handy and look at it every once and a while.  I've been told it's good to do a full review, then revise it every year.  I think it's a good idea because it brings your focus back where it needs to be.

The business plan is fresh in my mind because I'm reviewing and refreshing mine right now.  Actually, I've found it's going to be easier to re-write the thing.  That's how much dust I had to sweep off mine.

Here's the positive:  I really wish that I had made myself do this every year.  My industry didn't exist when I started.  I've now got competitors, a really good feel for the market and what my market truly needs.  Not to mention, I know what kind of marketing has worked and what hasn't.

Sure, all of these things are in my head and I keep them in mind as I go about the day-to-day, but actually putting it on paper and building graphs & charts (because I'm a big graph/chart person!) changes everything.  It gives me a detailed map of where my business and the market is right now.  It makes me face the weaknesses of my company and the strengths of my competitors so that I can build a plan to combat those areas and build market share.  It reminds me of where my company is strong and my competitors are weak so that we can continue to grow in those areas.  Otherwise, we're just plodding along without any real direction.

So, remember as much as the business plan sucks to write in the beginning, it's the regular review and revision of that original business plan that will pay you back two-fold.  And, trust me, once you start "living" your business and your market, the review of the business plan becomes fun!

Tip (from my experience):   I'm a visual person so the written business plan was very dry to me.  I found that sketching out my website before I wrote my business plan, helped immensely.  Think about it:  Your home page contains your mission statement.  You generally have a page listing your services with pricing in mind or your pricing is listed right online.  You have descriptions of the products/services you offer.  You have information about how the company came about.  And, you have to keep your market in mind as you sketch out your site to appeal to that segment. It doesn't cover everything, but it's a great start in visualizing your company and how it could function.  You have to sketch out your website before you hand it to your web developer anyhow, why not?  And, you can include the sketches in your plan!      

...Plan to Fail.  You know the old saying. 

When it comes to starting a business,  it's easy to fail the very first step in planning, the business plan.  Business plans are a true beating!  Executive summary this...mission statement, that.  Then, you add a bunch of market analysis and profit and loss type of rigamaroll in the middle and it's enough to drive you batty.

Here's the real beating to me, it helps to keep updating the thing.  I wrote mine, then hid it away for a couple of years.  Not wise.  You really should keep it handy and look at it every once and a while.  I've been told it's good to do a full review, then revise it every year.  I think it's a good idea because it brings your focus back where it needs to be.

The business plan is fresh in my mind because I'm reviewing and refreshing mine right now.  Actually, I've found it's going to be easier to re-write the thing.  That's how much dust I had to sweep off mine.

Here's the positive:  I really wish that I had made myself do this every year.  My industry didn't exist when I started.  I've now got competitors, a really good feel for the market and what my market truly needs.  Not to mention, I know what kind of marketing has worked and what hasn't.

Sure, all of these things are in my head and I keep them in mind as I go about the day-to-day, but actually putting it on paper and building graphs & charts (because I'm a big graph/chart person!) changes everything.  It gives me a detailed map of where my business and the market is right now.  It makes me face the weaknesses of my company and the strengths of my competitors so that I can build a plan to combat those areas and build market share.  It reminds me of where my company is strong and my competitors are weak so that we can continue to grow in those areas.  Otherwise, we're just plodding along without any real direction.

So, remember as much as the business plan sucks to write in the beginning, it's the regular review and revision of that original business plan that will pay you back two-fold.  And, trust me, once you start "living" your business and your market, the review of the business plan becomes fun!

Tip (from my experience):   I'm a visual person so the written business plan was very dry to me.  I found that sketching out my website before I wrote my business plan, helped immensely.  Think about it:  Your home page contains your mission statement.  You generally have a page listing your services with pricing in mind or your pricing is listed right online.  You have descriptions of the products/services you offer.  You have information about how the company came about.  And, you have to keep your market in mind as you sketch out your site to appeal to that segment. It doesn't cover everything, but it's a great start in visualizing your company and how it could function.  You have to sketch out your website before you hand it to your web developer anyhow, why not?  And, you can include the sketches in your plan!      

Believe it or not, one of the smartest things I accidently did in my baby focused business was start it before I ever had a baby.  Not only have I had the time to cultivate the business and make great contacts, I've been able to approach the business objectively. 

I assist my client's based on my years of research and observing and talking to many parents.  I've learned that no parent, baby or household is the same.  When you come to the table with only your experience instead of understanding these differences, you can actually end up annoying the client.  Afterall, the one thing that expecting Moms and Dads are not lacking is advice from other people. 

Instead of bringing my experience with babies and having to learn the business side, I brought my experience in business and learned the baby side.

The experience that I brought to my business was my ability to assess and broker between two parties.  For years, I acted as a liaison between network owned and operated television stations and the advertising agencies and clients whose ad buys kept these stations in business.  I do the exact same thing now between expecting parents and vendors.

It took me a couple of years to realize the  accidental genius in my decision.  I relied heavily on Moms to assist my clients.  One day I overheard one of my Moms giving advice that didn't match what I had learned from every other Mom I knew.  Not that she was wrong in her advice, she was just recommending a product that she couldn't live without.  Evidently, she was a rarity.  It was then that I revised the way we approach clients.  I now encourage my employees with children to set their experience aside, learn all other sides of the topic, then bring their experience back in as it applies.

One of the reasons I was so insecure in my abilities when I first started is because of what others were saying to me, "You don't even have kids, how are you going to start a baby planning business?"  I listened to those people and kept playing those tapes. 

I now feel proud of our process and the way we approach our clients.  My goal when I walk into a client's home is to properly assess their lifestyle, then recommend options that would fit best within that lifestyle based on my experience with other clients like them.  I don't know if I could say the same if I had started the business after I had kids.

One thing I've noticed in business, teeny or gargantuan, is that you have to try to predict the next big thing when it comes to your business.

The scary thing about business is that very few stick around forever.  This is especially true of small business, but think of all the larger businesses that have gone under or are currently struggling.  

Blockbuster is a great example.  Now, I've not studied Blockbuster in depth, nor have I discussed this with the few friends who work or have worked in the corporate offices, but as an outsider looking in, it is interesting to look back at their decline.  

Aside from a few marketing faux paws such as the "No Late Fees" campaign, Blockbuster seemed to be behind the competition in their own game.  While they were dominating in the walk-in video rental segment, the competition was creating a better formula.  If I recall correctly, the "No Late Fees" campaign was actually in response to the rise of Net Flix.  Not long after, they launched their own on-line rental service, but the company that should have been first, was late to the dance.  Net Flix had already branded themselves as the online rental resource.

Currently, these video kiosks such as DVD Now are everywhere.  You can't pass by one of these things anytime of day without seeing people lined up renting or returning a movie.  Makes you wonder why Blockbuster or even NetFlix didn't think of this.  Blockbuster could sure use the decrease in overhead and NetFlix knows that they're weakness is the delay in receiving movies, what a genius solution that fits everyone.

Perhaps, both companies wanted to stick to what's working now.  But, I believe this is regressive thinking.  We have to keep moving forward in our businesses and renewing our products/services with the times. 

Recently, I read an article on Arby's and how they were late to the 'budget menu' phenomenon.  They haven't been able to recover from this lag.  McDonald's is an example of always thinking forward.  With the recession, they knew that consumers would need an alternative to the $8 latte.  Their line of coffee and iced coffee drinks are now helping increase their bottom line.

I find this most difficult as a small business because it takes all we have to take care of what the consumers want today.  But, if we're not taking the time to think of what and how they'll purchase tomorrow what we're doing today, won't matter. 

In case you don't know, my team and I have been working on a web series called Project Peekaboo for the past two years.  The first series finally launced over the summer. 

I love the production process.  I have a degree in Broadcast Journalism.  But, this task has been difficult.  Being on camera as a business owner feels weird and narcissistic.  But, more than anything, the extra work that producing this series entails is overwhelming.  On top of my day-to-day business, I now have to act as writer, producer and production asssistant arranging every detail of each series.  I'm lucky to have the assistance of a great team and production company, Crew Media.  And, my duties won't be permanant, but it's true for now.  So why are we doing this?  Because it's necessary to survive, that's why.  As much work as it's adding to my plate, I know it's the right move based on the market.

For years I brokered air for television networks.  I would never sell any other form of ad space because I believe in TV.  I believe in the power of signt, sound and motion to create emotion and evoke a sale.  It works.  If you can pinpoint your target audience with little waste, I think it's the most efficient form of advertising you can purchse.

Problem?  Because of the nature of my business, the medium is not the most efficient form of advertising for Peekaboo Design Group.

Solution?  Anyone can now harness the power of TV (to steal a catch phrase from GE) due to the internet.  And, that's just what we're doing.  The intent is to show our audience exactly how we've defined the new concept of baby planning using our signature service of the surprise baby nursery as a feature.  The result we want is to add value to our service so that potential clients feel comfortable with our team and our processes making us the first ones they think of calling when they find out they're expecting baby. 

If you have a business or you're thinking of starting a business, you must be thinking in moving pictures, that's video friends!  Online video in business has gained momentum in the last few years but, I predict, it's about to sky rocket.   You don't have to produce a full-blown web series as we've done.  Perhaps just a simple welcome video or vignettes outlining your most popular products/services.  How-to's are also extremely popular.

I'm calling the web series appraoch, alternative online marketing.  Alternative programming is a term used by networks to define reality programming.  We're just bringing that to the web and putting a business spin on it.  This method of reaching your target market through online entertainment has now sparked interest in the business community.  We're now packaging the idea so that we can help other small business owners.  If you'd like to learn more for your company, please e-mail us at:  alternativemarketing@projectpeekaboo.com.

One of my favorite small business books is The E-Myth Revisited by Michael Gerber. 

I hated it the first time I read it because I couldn't figure out where I was supposed to get the money to pay all of the salaries that I needed to follow his model.  I've recently "revisited" the E-Myth Revisited, about 2 years later, and I have to say I think he's right.  One of the main themes that runs through out the book is that of The Entrepreneur, The Manager and The Technician (defined below).  His point is that if you consider yourself a "technician" who started a business to work in, than you didn't create a business.  You created a job.

The Entrepreneur - Turns the most trivial condition into an exceptional opportunity.  He's the visionary.  The entrepreneur lives in the future, never in the past, rarely in the present and he craves control.  He likes, "What if's" and "If when's."

The Manager - Without the manager there would be no planning, no order, no predictability.  The manager lives in the past.  The manager craves order.

The Technician - Doer.  Lives in the present and loves the feeling of things getting done.  He wants control of the work flow.  Thinking is unproductive.

The author goes on to say that if you want to be the technician in your business, you need to close your business.  Pretty harsh words.  The idea is to create a system that you plan to grow into.  Not that you can't be the technician to start, just don't plan to stay there.

I bring this up, because I'm tired of my technician role!  How 'bout you?

pic from Izismile

As my business is evolving, I'm finding myself confronted with the same personalities that I found when I first started, doubters.

Starting a business is hard (wah wah), but if you have a clear vision and a clear path to make that vision a reality, don't let anyone stop you.  The worst that can happen is not failure, the worst that can happen is always looking back and thinking, "What if I hadn't listened to the doubters?"  

Several times in the course of my business I have veered from my original vision because I listened to my doubters.  Do you know what happened?  My competitors beat me to the punch.  Turned out my vision was correct, but I insisted on letting the negative hold me back.

See if this sounds familiar.  When I (hypothetically) hover above my business in order to look down and see the whole picture, I don't see my to-do list for the day, month or even year.  I see my to-do list for the life of my business.  I see my business as it will look in 10 years, whether I own it at that point or not.  Then, I work backwards from there...down to the pen sitting on the desk of the assistant answering the phone and how that pen will be paid for.  I truly believe that this is the kind of foresight that it takes to create a successful business.  And, I believe that you either have the ability to see the 'big picture' or you don't.  I'll tell you in a few years which group I fall into!  But, there's only one way to find out.

Often times, it's incredibly difficult to get others to trust in your vision.  But, I'm finding this is crucial.  Anyone who is not working with you in achieving that vision, is working against you.  They're dead weight.  I don't have time to explain everyday why processes are so important or why we're working on things that might not look profitable today.  They don't have to see the vision themselves or understand it, but they do have to trust the person driving that vision.

This goes for family and friends, too, by the way.  If family and friends don't support your vision, I'd suggest not trying to hold them down and give them involuntary Lasik!  Change the subject and move on.  Surround yourself with people who do support your vision.

Why am I sharing this with you?  Because I've recently come to the realization that my biggest obstacles lie in me putting too much faith in my doubters and not enough faith in my vision.  I can understand and forgive my doubters for doubting, but I cannot forgive myself for letting them guide my course.  

All this said, here's my mantra for the week:  Never lose sight of your vision.  Write it out.  Seek advice.  Plot the path to get there.  Put the people in place with the experience to help you get there.  And, move forward like your life depends on it ignoring the nay sayers.

Now, go get it!  

I'm incredibly bad at setting boundaries in my personal life.  But recently, due to some tough decisions I'm making as my business prepares to grow, I'm realizing that these same boundaries must be set in business as well.  Maybe even more so, hence, "it's nothing personal, just business."

Because of this, the coolest thing is starting to happen.  I'm begining to really see myself as separate from my business.  It's a little like having multiple personalities.  I'm not making decisions based on what works for Kim.  I'm making decisions based on what works best for my business and its' employees, which is an extention of Kim.

This may sound like common sense, but believe me, lines can easily be blurred.  For example, my husband and I received great service at brunch today and decided to give a better than normal tip.  We were able to make this decision because it only affects us.  But, if I have an employee who goes above and beyond, it's not as easy just to hand them a "tip."  Any extra revenue in a business is meant to be reinvested into that business in order to grow the business and, in turn, secure the jobs of my employees.  A little extra to a good server means we may not eat out again this week.  A little extra paid to an employee could equal the amount you're short in rent money one month.

This doesn't mean that I can't reward good employees, or use that money for new equipment, research and development or testing products.  It just means that I have to make sure that there is more than enough to keep us moving forward before I do.

I may have understood this conceptually for a long time, but now that my "big picture" is starting to come into focus, the boundaries in my business are also becoming more clear.