FM Walsh & Associates Inc.

My column in this month’s edition of Make it Business talks about how branding can drive sales for any company and it doesn’t involve spending tons of money. I talk to a branding expert who defines 3 key things to consider when building a brand:

1. Define who you are.
2. Stand out.
3. Be clear on who wants what you have.

Read the whole article.

This week I presented the ’10 Deadly Sins of Business Development’ at an RBC
Seminar for Women Entrepreneurs. It was a group of bright, high-energy
women running successful businesses who I found very inspiring. What I
found interesting was how many heads around the table started nodding when I
talked about sin #9 – Not Asking for What You Want. Nearly every woman in
that room admitted that they were terrible at asking for what they wanted.
They fear imposing on people, they think they will hear the word ‘No’. And
it is true, you may hear the word ‘No’ sometimes. But never asking for what
you really want guarantees a ‘No’ every single time. Ask for what you want
– the whole thing – not just bits and pieces. Don’t just ask for what you
think you might get. Ask for what you really WANT! I think you will be
pleasantly surprised at what you end up getting. And asking builds your
confidence. Go for it!

A lot of business owners put their focus on growing sales which is a good thing, but it is not the part of the equation for success. The other equally important part is managing your cash flow. 82% of business failures are actually due to poor cash flow management. I admit cash flow is not very sexy and doing a monthly cash flow statement seems optional, especially in the beginning when your sales are low. But businesses can be generating revenues and still go broke due to poor cash flow management. Tim Berry, President of Palo Alto Software, and a writer for Entrepreneur.com has written a great article - 10 Critical Cash Flow Rules - a good review for every business owner.

In Peruvian culture, life is much simpler. Much of life revolves around the planting and growing cycle for corn – their main food staple. They have a saying: “If it doesn’t grow corn, don’t do it.”
I got to thinking about how that principle also applies to business. To be as successful as possible, you have to always be aware of where you focus your time, your energy and your money. We all have limited amounts of each and those who are most successful in business are masters of focus.

Look at everything you do on a daily basis. If it does not make your business more fertile (i.e. more profitable), if a prospect or a marketing tool does not provide a yield (a return on your investment), if you find yourself doing things that do not nurture you as an entrepreneur, stop doing it.

Running a successful business is like growing a good crop of corn – only focus on those activities that will help you achieve your goal. As for the rest, hire someone else to do it, or (gasp!) just don’t do them at all! Get focused on what you want and then only do things that are going to support those accomplishments.

Trendwatching has come out with their Top 8 Important Consumer Trends for 2008 for businesses to capitalize on.
They are:

1. Status Spheres – status is the main buying factor

2. Premiumization – developing high end products and services in every industry

3. Snack Culture – catering to the craving for instant gratification

4. Online Oxygen – reach and touch consumers online in new ways

5. Eco-ionic – bold new design and green credentials catch customers

6. Brand Butlers – less emphasis on advertising and more on marketing that takes care of the consumer

7. Make It Yourself- more people wanting to create and personalize products

8. Crowd Mining – use customer input and sweat equity to build your brand. Check out Netflix movie ranking accuracy prize contest to see how it’s done.

Whether you run a small or big business this report has some great ideas for building business in 2008. Happy New Year!