New eBook: Don’t Perfume The Pig

When you are ready to sell your business, will your business be ready to sell?

Selling my business 11 years ago taught me many lessons that I learned in the process and in the years since. Distance from “the hurricane” of running a business has many benefits.  I have tried to distill those lessons and what I see and hear while working with so many business owners over the course of my career. The result is this little eBook: Don’t Perfume The Pig. My hope is that, when you are ready to sell your business, you will be better prepared than I was.

As with my first book, I think it is important to deliver practical information in a quick read with as little “filler” as possible.  I hope you find it valuable, a good reference and something that will start your thinking about your own business and what you want it to do for you.  

I also hope you will share it with as many business owners as you can. 

Click here to download “Don’t Perfume The Pig” as a FREE PDF.

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My special thanks to the great Kevin Cornell for the amazing cover design.

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Life Is Too Short To Be A Boring Company

Spotted this on the blog of Dustin Curtis and thought it was a great find. Despite Groupon getting clobbered in the public markets, the sentiment and approach to how they think about their business and the purpose they want it to serve is terrific.  

From their S1 filing (Emphasis added is my own):

We want the time people spend with Groupon to be memorable. Life is too short to be a boring company. Whether it’s with a deal for something unusual, such as fire dancing classes, or a marketing campaign such as Grouspawn, we seek to create experiences for our customers that make today different enough from yesterday to justify getting out of bed. […]

We believe that when once-great companies fall, they don’t lose to competitors, they lose to themselves—and that happens when they stop focusing on making people happy. As such, we do not intend to be reactive to competitors. We will watch them, but we won’t distract ourselves with decisions that aren’t designed primarily to make our customers and merchants happy.

Innovating Around Your Customer Waiting Time?

I just finished re-reading Tom Kelley’s excellent book: “Ten Faces of Innovation.” It remains one of my favorite business reads. There is a section towards the end of the book that focuses on “the subject of waiting – an unavoidable element in most customer journeys- and I believe that the way you manage those critical wait times can make all the difference in how your company is perceived.

Too few consider that the entire time your current or potential customer is waiting for you they are interacting with your brand and your company.

Mr. Kelley points out a variety of strategies to keep people informed, as they wait, that mainly center around music/messages on hold and that friendly voice that tells you your expected wait time. These options are certainly better than dead air but they have existed for over 10 years. It’s simply old news and really doesn’t dramatically change the experience of waiting. If I am waiting for you, I am already inside YOUR customer experience. So… make it an experience! There simply has been too little innovation in customer waiting time.

And there is an opportunity for you to seize.

If you do not know where waiting is occurring within your customer experience then that is the first place to focus on. Find out and write them all down. Figure out what they are doing while they are waiting. Are they on hold? on a line? Are they lost in the dark while waiting for a delivery? You don’t need to put together a task force for this or have a bunch of meetings. Grab a pad, call 10 customers and ask them.

What information could you be giving them during this time that would make that time truly valuable and memorable? Implementing innovation in just this area will make an enormous impact. Make it a goal to implement just 1 new tactic In the next 30 days. Repeat as necessary.

The Mind Of A Leader

The mind of a leader must be free—a mind that can dream and imagine. All new things were born in dreams. A leader must have the courage to be a nonconformist, just like a scientist. He must dream, even if he dreams alone or if people laugh at him. He must not let his heart falter.

- Shimon Peres

The Simplicity Of A Light Switch

Virtually every network we have, the water network, the telephone network and the electric power network has enormously complex components that are hidden from consumers. Consumers have rather simple devices that access these enormously complex networks. In the PC era, we had a complex devices connected to a complex network. With the Internet, this all started to change. We could take all of the complexity out of the end user devices and move that complexity back into the network and then supply consumers with a very, very simple device. 

-Larry Ellison, CEO, Oracle

The above commentary has stayed with me for some time as the impact of the core idea is enormous. Too often we look to show off the complexity of the network we are delivering to show how much we know about it. That may make us feel better, but it is exactly the opposite of what a consumer or business is really looking for. It is not what they value. 

So the challenge for us all is to look for complex networks in what we do and begin a relentless mission to deliver it with the simplicty that rivals a basic telephone, water faucet and light switch. 

 

The Power & Glory Of Asking For Help

Everyone talks about doing the right things to minimize the risks of their business.  But here is the problem, owning a business is risky. And the risks that become real are never the ones that we plan for.

So, as they say, shit happens to businesses and it will happen to yours. Sometimes they are modest annoyances and other times they threaten the existence of your company. But more often they are a steady series of market changes that exert downward pressure on your business. And they do this so slowly that by the time you notice how far into the abyss you are, there is no way back.  And the reason we don’t realize it is because, as my favorite saying goes, “it is hard to read the label when you are stuck inside the bottle.” So we grind along, alone, inside the “bottle” that is our business as our business becomes a lonely grind.  Worse, we business owners are external optimists as we feel it easier to say “it will all get better” in public while we worry in isolation over whether that will be true. “It is lonely at the top” is about as true a saying as there is. 

There is another bad element at play here.  Business owners hate to ask for help. Somehow, asking for help means that they are not doing a good enough job or admitting that someone else may know something that they do not.  Or, they think, it is the same as admitting failure.  I know this because I have been there and have felt all of these emotions.  But, fortunately, I realized that one can’t do the heavy lifting that is needed to turn an organization of any size around all alone. It takes an outside perspective.  It takes someone that will tell you the unvarnished truth and “read the label” for you.  But most of all, it takes an outside person, or a team of them, to roll up their sleeves and get the hard,and sometimes ugly, work done that must to get done. And get it done with the  fanatical urgency it requires.

Because, here is the important point, asking for help is not a sign of weakness or failure. A lot of people are counting on you to do whatever is necessary to save the business and make it thrive again. And I am not talking about your bank (They actually could care less and that is why you need to ask for help before your bank tells you to. But that is a topic for a different post). 
As with anything, there is a right way and a wrong way to get a business turned around. Done right, the business will feel like yours when it is done. Yours without the worry and stress of wondering if each week will be the last or what other “shoe will drop” when you answer the phone or open your inbox. No more driving to and/or from work frustrated that a lot was said and done but the business still feels stuck.  Sound familiar?

And that is why I do what I do. I went through all of these pains and, it turns out, I did not have to.  I asked for help just before it was too late and am forever sorry I did not ask for it even sooner. I would have saved myself (and those around me) a year or two of extreme stress and worry. 

And so I will continue to push against the conventional wisdom that business owners never ask for help until it is too late.  That they are afraid to admit they need some real help. Those that feel that they would rather “go down with the ship” can certainly choose to do so… with my condolences. 

But there are many who realize that having a set of helping hands and minds on their side is the bravest and smartest move they can make to realize their biggest hopes and dreams for themselves, their business and those that rely on it.  They just need to know that there is the right kind of help available and there is an approach, that is more practice than theory, that will make business fun to run again. 

If you appreciate the power and glory that comes from asking for help, I look forward to meeting you sooner rather than later.

 

Seek Defining Moments

“Instead of setting goals, seek defining moments. Those are the real tests, because you have to be willing to fail in a pressure situation in front of other people. That fear holds all of us back, and that’s the toughest thing about aging. With age, you see people fail more. You see yourself fail more. How do you keep that fearlessness of a kid? You keep going. Luckily, I’m not afraid to make a fool of myself.” – Hugh Jackman