While many entrepreneurs tend to think first of selling products or services to consumers, far larger markets exist in selling to other companies. Those sales, known as business to business, or B2B, roughly account for ten times the sales directly to consumers. So if you are undecided about what kind of business to launch, and are looking for larger, more consistent markets for selling your products, consider business to business. Continue reading “Plans for Business-to-Business Ventures”
If you are interested in the theories of business strategy covered in the blog post below, you may want to read Henry Mintzberg’s excellent book,Strategy Safari: A Guided Tour through the Wilds of Strategic Management. For example, Mintzberg and his co-authors provide a more lucent (and compact!) description of Michael Porter’s Five Forces Model than does Porter himself!
The demise of the cozy and friendly book store was well told in the Meg Ryan/Tom Hanks classic, You’ve Got Mail. Tom Hanks shows up in character as Joe Fox, and his Fox Books mega-store pounds the quaint little store owned by Kathleen Kelly (Ryan) out of business. Even as the movie graced screens in 1998, we watched the real life rise of twin titans Borders and Barnes & Noble as they dominated the book seller scene, crushed the small business booksellers, and absorbed the struggling mall vendors Waldenbooks and B. Dalton (remember them?) .
The Little Shop on the Corner submitted to a Borders-like megastore like Borders
Don’t you remember places like Ryan’s Little Shop on the Corner, where you could talk to someone who knew every book and would happily fill your order within the week? We got our answers and stole away to find the book we needed cheaper– and in-stock– at Borders, B&N, or — just as likely — at Wal-Mart.
But as Ryan’s shop keeper might say, what goes around comes around. Just this week, Mike Edwards, the President of Borders announced that the company would enter Chapter 11 Bankruptcy. Battered by poor sales, continuing financial losses and heavy debt, the company will close about 200 of its 642 remaining stores and lay off about 6,000 of its 19,000 workers.
At its peak in 2003, Borders operated 1,249 stores under the Borders and Waldenbooks names, but now it will soon prune itself down to a third of that number. Its annual revenue has fallen by about $1 billion since 2006, the last year it reported a profit.
“You’re at war,” Hanks told Ryan. “’It’s not personal, it’s business. It’s not personal it’s business.’ Recite that to yourself every time you feel you’re losing your nerve. I know you worry about being brave, this is your chance. Fight. Fight to the death.”
This week, Borders announced it was losing the war. Citing reduced customer spending and a lack of liquidity, Edwards says the company “does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term.”
Strategic Thinking
Let’s turn to Michael Porter’s Five Forces model to understand betwixt which rocks and hard places Borders now finds itself. Porter recently wrote that “ In essence, the job of the strategist is to understand and cope with competition. Often, however, managers define competition too narrowly, as if it occurred only among today’s direct competitors. “ In addition to the competitive forces evident in today’s competitive landscape, Porter stresses the importance of the additional four “forces,” as shown in the graphic below.
Competitors: Borders has effectively conceded the brick and mortar book market here in Chapel Hill to Barnes & Noble. To get our big box book fix, we Tarheels will have to drive an additional four miles east toward a B&N in Durham, or a bit south toward Cary to the B&N sitting just outside the megamall. For commoditized best sellers, we’ve got plenty of options at Wal-Mart, Target, and the grocery store. And of course, we’ll always have Amazon! And the Kindle. And the Nook. And whatever else Steve Jobs is up to…
Barnes & Noble entered the on-line sales in time to play second banana to Amazon. Borders didn’t open an online store until 2008. Too little too late. Big-box bookstores have struggled, as more people buy books online, in electronic form, or at grocery stores or discounters such as Wal-Mart
Substitutes: In Porter’s Five Forces model, substitutes are thought of as challenges from other industries. In this case, there are a remarkable number of industries beginning to infringe on the turf of the bookseller. Amazon and the internet, sure, but what about the telephone industry, for goodness sakes? You can read books on your smart phone now! And why wouldn’t Starbucks begin to feature content for readers next to the featured CDs they already offer. Why, they could hand you a classic book on a thumb-drive you can start reading before your latte is finished.
Look how the dreaded yellow and red posters have ruined the elegant wood and brick interior at the Chapel Hill Borders!
Buyers: Clearly, consumer habits are changing, our culture irreversibly affected by innovations in technology. Next time you fly, walk up and down the airplane aisle and look to see what people are doing. I see 20% watching movies on laptops, 15% listening to music on their iPhones, 30% reading a book or magazine, and as of today, a full 35% are reading their Kindles, iPads and Nooks. (Yes, these statistics are entirely made up by the blogger, but the point of my story is nonetheless true.) Suffice it to say, consumer habits are changing, and changing fast.
New Entrants: Here in the second decade of the 21st century, internet services and electronic book readers are hardly new entrants. Best guess for the future, look to the Apple iPad. Once upon a time, a company called Wang enjoyed modest success selling dedicated word processing machines, until consumers realized they could do the same tasks – and so much more – on personal computers. The makers of Kindle and Nook know this, but as they work to add functionality to their machines, look for the iPad and other tablet computers – not to mention our smart phones – to take market share from the dedicated reading tools.
Suppliers: Some publishers have already stopped shipping books to Borders altogether. But of Porter’s five competitive forces, the supplier base has the least impact on current market dynamics. The relevant suppliers are the book publishers, authors, artists and other content providers. Traditional publishers stand to lose along with Borders, and continue to fall into the black hole already populated by the uh, record companies (remember them?)
Back to the Little Shop on the Corner
You May Not Be Interested in Strategy… But Strategy Is Interested in You… Leon Trotsky
So as we see, the game of strategy is being played around us all the time and we are all actors in the play. As Trotsky said, we may not be interested in strategy, but strategy is interested in us, and will continue to affect our everyday lives. We can learn from this war over book-selling and apply insights to our own businesses and other endeavors.
Whatever business you are in, the winds of change are blowing your way too. What to do?
Anticipate the future. How will changing technology affect you? What do you need to do to mitigate this threat?
Set up barriers to entry. How can you lock in your customers and stave off competitive threats? Perhaps push your strategic approach to greater customer intimacy?
Attack competitor weaknesses. Come to think of it, there is some room in the Chapel Hill market just now for a little bookshop on the corner. As you’ve read, Borders has gone away. The wicked witch is dead.A smaller, more nimble competitor can take advantage of still-profitable market fragments. In fact the up-start competitor enjoys several competitive advantages, as I have written about here:The Strategic Advantage of the Upstart Competitor
That’s one of the biggest mistakes you can make as a consultant. It doesn’t matter what industry you’re in, whether you’re a marketing, management, or public relations consultant (or any other type of consultant for that matter). The client of today has almost infinite possibilities to choose from when it comes to selecting a service provider to help them. And if you fail to give them an overwhelming reason to do business with you, they simply won’t.
Today, at the click of a mouse, a potential customer can leave you and your business in the dust as they scoot off to find someone that does a better job of catching their interest and engaging them. So how can you stand out in such a crowded consulting marketplace? Let me introduce you to the Unique Selling Proposition – widely known as the USP – and how your business can benefit from it.
A USP is a memorable statement about your product or service that gives your customers a compelling reason to buy from you. There are two components to the USP.
It must be “unique”, meaning the claim you make should only be able to be made by you or at least be original, ie. none of your competitors are making it.
And it must include a “selling proposition”, the reason why your customer should buy your product or service.
When every business in your industry is saying the same thing: “High quality” “Customer satisfaction” and all that other hoopla… the best way to differentiate your business is by making your difference stand out.
Let’s take a look at one of the most memorable USPs around: “When your package absolutely, positively has to get there overnight.” That one statement from FedEx, repeated all through its marketing and advertising, over time propelled them to the top of their industry.
Let’s take a look at another one: “Fresh, hot pizza delivered to your door in 30 minutes or less.” Dominoes dared to be the first to make a bold promise to the consumer about delivering pizza right to their door and getting it there in a timely manner.
The key to a winning USP is to make sure that you not only state what is unique about your product, but also how it benefits your customers. To create a USP for your consulting business take a look at your competitors and try to find gaps of unfilled customer needs around things like the guarantee offered, speed of service, superior quality, and better prices to name a few. Don’t just use those words as jargon though, figure out what your customers want that no one else is offering or talking about, and then craft your USP in easy to understand language so that it speaks directly to your customers.
The next step is getting the word out. Include your USP in all of your marketing materials, advertisements, signs and other communications. Remember, your potential customers aren’t looking for more options. They’re looking for the right one. Stand up, stand out and you’ll be well on your way to attracting more business.
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Michael Zipursky is a marketing consultant and co-founder of Business Consulting Buzz – a site that features articles, interviews, tips and more to help you set your consulting fees and become a more successful consultant.
Imagine that you could dump all the words of a million books from the past 500 years into a giant database, and look to see how various words have waxed and waned in usage over the centuries. You could look and see when archaic words like thou and yon disappeared from popular usage. You could identify the year the word internet first appeared, and when people started saying garbage instead of rubbish.
Oh… You can do that now?! Yes, the Google Monolith has indeed scanned more than a million books into a searchable soup, and we can now play with this facility using something called the Google Books Ngram Viewer. Let’s put the thing to work and examine our favorite topic: Strategic Planning. In the graph below, we can see the degree of usage of the words planning (in red) and strategy (in blue) since 1860.
Google’s Ngram Viewer shows that planning is falling from favor as strategy rises.
Doesn’t that picture tell a story!? As you see, planning took off just after the turn of the 20th century. In the world of business theory, a notion called “scientific management” was proffered by one of the first management consultants, Frederick Winslow Taylor. This approach, now referred to as “Taylorism,” sought to apply a scientific discipline to management practice. During this same era, the field of Psychology was dominated by an equally mechanistic view of mankind, called Behaviorism. In 1913, John B. Watson published what is known as “the Bahaviorist Manifesto,” and said that “the behaviorist… recognizes no dividing line between man and brute.” There was no need to consider a concept such as “consciousness,” said the behaviorists, as human behavior could be understood as a sequence of cause and effect, of stimulus and response. With enough control over the variables in our environment, it was thought, we could predict the future… and we could plan for success!
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A funny thing seems to have happened, as you see in the graph, at about 1976. Planning peaked and began to fall in favor, while strategy began a triumphant rise. My hypothesis? That’s when one of our most original management thinkers, Henry Mintzberg, started writing and publishing his observations on what does and does not work in the real world of business and organization. Mintzberg shows that strategy cannot be planned because planning is about analysis and strategy is about synthesis. This is why, he asserts, the process has failed so often and so dramatically.
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Strategic planning is an oxymoron. Strategic thinking does not lead to a plan, it leads to a strategy. Rather, planning must follow strategy. If you don’t want to call it operational planning, call it “Planning that Follows Strategy.”
Henry Mintzberg, The Rise and Fall of Strategic Planning
Mintzberg argues that organizational strategy is often “emergent.” That is, answers to strategic questions do not arrive like the result at the bottom of a math equation. Rather, strategy emerges and changes as the strategist observes the world and reflects upon the dynamics of the competitive environment. Of course, there is debate among experts as to what exactly constitutes strategic thinking. Michael Porter, perhaps the most widely cited expert on organizational strategy, says that “strategic thinking rarely occurs spontaneously.” As if to prove his point, Porter provides a dry, methodological approach to the quest for competitive advantage and organizational strategy. Porter provides a set of strategic analysis tools that are serious and rational enough to make any Taylorist or Behaviorist proud. And granted, I have often found Porter’s framework and methodology useful in understanding the competitive dynamics of an industry.
But a quick study of the History of Strategy provides a blinding flash of the obvious: Successful strategy-making is most often an “emergent” process. Employing the emergent approach, the strategist maintains an open mind as to the future direction of the organization, and seizes the moment when opportunity matches organizational capability. In the end, strategy-making must be thought of as a creative process, as rich in spontaneity and magic as any other art. To apply these notions to our own decision-making , remember that strategic thinking is a yin and yang of left and right brain thinking. To engage in strategic thought, think and reflect on the big picture – the diverse players and forces in your environment. Think about the future. Use your left brain’s capacity to generate rational questions and answers. Use your right brain for intuition and wisdom.
Since every business has competitors, every business plan needs competitive analysis — also known as competitive intelligence.
Direct competitors provide more or less similar products or services, such as coffee shops. Indirect or generic competitors provide different things, but customers will often choose between them. For example, nearby restaurants may offer different eating options, but compete for customers. Shall we do Chinese or Mexican tonight? Incidentally, another form of competition is for customers to opt out entirely. Shall we eat pizza at home tonight?
Here’s how to do competitive analysis:
Identify Major Competitors
Find out from potential customers how they currently get their needs met. What products or services do they already consume that your offerings might be better, cheaper, more convenient? Figure out the 3-5 “best” competitive choices for your target customers, and study them intensively.
Visit in person or online, shop anonymously, read up about them in the trade and popular press, talk to industry experts. Try to get a solid but objective handle on each firm’s strengths and weaknesses, particularly relative to your customers’ preferences. Determine the key success factors for this industry.
Prepare Competitive Profiles
Next, write a brief profile of each major competitor, summarizing information such as products, markets, facilities, pricing, marketing strategies, and finances. Carefully assess how each competitor might or might not pose a competitive challenge to your firm, and what you would do to overcome that threat.
Create Competitive Matrix
Finally, prepare a table or spreadsheet to summarize your findings. On the left side of the table, list the most important success factors — such as product reliability, customer service, capital investment, distribution channels, pricing, and so on. In the next column, weight each success factor so that the total adds up to 1.0. Then, in the remaining columns, list each of the major competitors. Working across the table, rank from one to five each competitor on each of the success factors, then insert a column to weight your rankings, which is obtained by multiplying the ranking by the weighting. At the bottom, add up the weighted values to create an overall assessment of which competitors represent the most serious challenges to your company.
Use this competitive analysis to help you decide how to position your business to compete (or cooperate) most effectively with your primary competitors. It’s not that hard if you follow these steps, or you can bring in a consultant to do this as part of your business planning process. More information at: https://staging.management.org/mrktng/cmpetitr/cmpetitr.htm
The strategist is one who is concerned about the future of his or her personal, family or organizational life, and spends time and thought considering the best possible direction upon which to set forth. Yes, this makes us all strategists.
Abraham Lincoln used the language of empathy and metaphor to communicate strategy to the Amercian people.
Strategy is, simply, chosen direction. Smaller, perhaps, than the mission or purpose of an individual, group, or organization — strategy can nonetheless be considered the directions we choose in our quest toward mission fulfillment. To establish direction, a strategy must be articulated to others.
That is, in addition to establishing a course for the future, one must get others on board for the ride. Influential strategists Gary Hamel and C. K. Prahalad posit that strategic leaders must not stop at analysis and resolve, they must spend quality time engaging others in understanding the chosen strategy.
So as a planner of strategy, you too must spend considerable time communicating… expressing… teaching… articulating. You must find ways to lead, inspire and move others. How to do this? Let’s look to one of the greatest communicators in history, Abraham Lincoln.
Lincoln’s deep empathy for the people of America motivated him to agonize over finding just the right words to truly articulate his vision of the future. Gary Wills points out in Lincoln at Gettysburg: The Words that Remade America that in Lincoln’s three minute address during the dedication of the Gettysburg cemetery, he reestablished the meaning to which Americans attribute the Constitution.
Surely, you recognize the words, which began: “four score and seven years ago our fathers brought forth on this continent a new nation conceived in Liberty and dedicated to the proposition that all men are created equal.”
This brief introductory sentence encapsulates what we now remember as what the American Civil War was about – freedom and equality for all people. Gary Wills and other historians tell us, though, that until Lincoln spoke these words, these ideals were not what the war “was about.” Wills says that today the Civil War means, to most Americans, “what Lincoln wanted it to mean.”
The majority of Southerners fighting in the war were not slave owners. Rather, many believed that they were fighting for a “way of life.” Larger issues such as the dynamics of the Southern economy also contributed to the situation. At the 1864 gathering at Gettysburg, Lincoln knew that he needed to articulate what the nation was fighting for — and he did.
Lincoln’s facility for expression — his “way with words” – enabled him to frame the meaning of the war for the people of his day in a manner that would empower Americans to frame their quest for civil rights a century later, and to the present day.
Lincoln’s use of the Declaration’s phrase about all men being equal elevated the notion to a single, supreme proposition about which we must all agree. Wills says that “by accepting the Gettysburg Address, its concept of a single people dedicated to a proposition, we have been changed. Because of it, we live in a different America.”
Now from Lincoln back to you. Remember that you are surely the master strategist for something. Whether we are talking about your own life, that of your family, or that of an organization you help to lead, it is important to articulate a desired direction for the future. To talk about the future in the manner that Lincoln did, try the following:
1) Don’t just state facts and numbers. Speak in emotional terms in order to connect with other people. Talk about the meaning of the places and accomplishments toward which you travel. A great way to bring emotion and meaning into your words is through story telling. Lincoln was a master story teller, endearing him to those around him. For more on this, look for an article called Story Telling that Moves People containing an interview with Robert McKee, in the June 2003 issue of Harvard Business Review. You can download it from HBR.org, or write to me at markrho@mindspring.com and I’ll send you a synopsis.
2) Use metaphors and imagery to convey a larger meaning. Lincoln’s well known metaphor that “a house divided cannot stand’ served to perfectly state his strategic position on matters of cessation. As another, Lincoln’s use of the phrase “the mystic chords of memory,” invoked a rich and spiritual understanding of how the American people are connected to each other… people of the north and south… people of the past and the present. A metaphor always draws the reader or listener from a specific matter in the here and now to a more general and larger truth to be told. For more thoughts on the use of metaphor in strategy, see my blog post called Metaphors Be With You: The Strategist as Poet.
One of the common challenges in business planning is that one often has a better handle on predicting expenses than revenues. It doesn’t mean you’re 100% sure about what your costs are going to be, but for many folks, when they start looking at sales, it’s a crap shoot. As a result, many business plans tend to “make up” revenue numbers to show a profit, confident that they’ll somehow get there. Most business plans I read present revenue numbers that are more fiction than good prediction.
Break even analysis is one way around this dilemma. For that, all you need are two numbers: estimated annual fixed costs (that one’s often pretty straightforward), and something called unit contribution. Fixed costs reflect those expenses that you’ll incur regardless of sales levels. It normally includes things like salaries and benefits, space, technology costs, accounting/legal/marketing, and so on. Unit contribution, on the other hand, represents how much of each unit or dollar of sales you get to keep — after subtracting all variable costs required to produce that unit, typically accounted for as cost of goods sold.
The basic break even formula is fixed costs divided by unit contribution. The result is the number of units that need to be sold to cover all your fixed costs. If you sell fewer units, then you lose money; more, you make money. An alternative version of break even analysis divides fixed costs by unit contribution percentage, which leads to the dollars (rather than units) that need to be sold to achieve break even.
Once you have that break even number, you can evaluate whether it’s practical to at least reach that level of sales. Be hard nosed about that. Compare it other businesses that you’ve researched. In many cases, this might be enough to demonstrate that your plan is not workable, as least as you have thought about it so far. Or it might just provide you with enough confidence that hitting that number will be relatively easy.
Either way, unless it includes revenue projections that are rock solid, every business plan should include some kind of break even analysis. Don’t leave home without them!
Alfred Chandler -- Author of The Visible Hand: The Managerial Revolution in American Business
The historian Alfred Chandler of Harvard Business School wrote a seminal book published in 1977 on the history of strategic decision making at the highest levels of Corporate America , including DuPont, General Motors, Standard Oil and Sears Roebuck. The book was called The Visible Hand: The Managerial Revolution in American Business. In this work Chandler proclaimed a maxim for the ages that has been followed as doctrine by strategists and consultants alike ever since. The maxim:
“Structure follows Strategy.”
That is to say, all aspects of an organization’s structure, from the creation of divisions and departments to the designation of reporting relationships, should be made while keeping the organization’s strategic intent in mind.
Strategy, of course, lines up the arenas and markets in which a company will compete, proclaims a targeted customer base, and asserts the matters by which the company will seek to differentiate itself. Chandler described how the successful progress of mid-twentieth century General Motors can be attributed to the strategic foresight of Alfred P. Sloan, who laid out the famous divisions of GM: Chevrolet, Pontiac, Oldsmobile Buick, Cadillac – listed here in order of pricing segment and lined up with market segments — so that each division could seek to please an intended customer segment. This is structure following strategy. Chandler showed that the need to reorganize — or to “restructure” — is triggered by a strategic shift driven by new technologies or market changes.
The way that you organize your company or organization to optimize the pursuit of strategic objectives is an important part of organizational design. Other design elements, such as hiring and personnel development practices, communication and decision-making systems, reward, recognition and renewal systems, all must be aligned around the chosen structure, but first you must decide upon the optimal structure for attaining your strategic objectives.
When considering a change in organizational structure, keep in mind the following criteria for a good structure:
Aligns the organization to best follow strategic direction
Allows for clearly defined roles and responsibilities
Clarifies who makes what decisions.
Enables clear accountability.
Minimizes handoffs that affect the customer experience. Minimizes the customer “runaround.”
Minimizes handoffs that create confusion over who is responsible for what outcomes.
Pulls together the people who most need to work closely with each other.
Allows information to flow unrestricted to those who need it.
Creates manageable spans of control.
Is augmented by informal channels of cross boundary communication.
Generally, there are five ways to structure a company or corporation: Organize by Function, Product, Customer Segment, Business Process, or Matrix. Here are the pros and cons of each:
Microcredit offers great promise in helping the world’s poor. The basic idea is that a small loan, say $100, can help someone in the developing world buy some goats or a sewing machine, and use that asset to earn a living, plus pay back the loan. The idea has proven so successful in Bangladesh and other countries that one of the pioneers of microfinance, Muhammad Yunus of Bangladesh, of the Grameen Bank, earned the Nobel Peace Prize in 2006 for developing this idea.
Incidentally, microfinance refers to a wide range of beneficial financial services provided to the poor; microcredit specifically relates to providing very small loans, which are called microloans. And while we’re in the “micro” area, microenterprise refers to very small business organizations, typically 1-5 employees.
Microfinance has also been used to some extent in the developing world as well, including the United States, but with some additional twists to fit different circumstances. A good resource on this work comes from the Aspen Institute’s Field Program. One place where you can participate yourself is through Kiva.
The recent problem with finance concerns its role in India, where it is a big player in the rural areas. The problem is that the cost of developing and servicing these loans can be high. As any banker will tell you, it’s a whole lot more efficient to service big loans than small loans. And tiny ones are the most expensive. And so that’s why in India interest rates for microloans can be as high as 30%, which can put a big burden on the borrower. And, if the microfinance company finds ways to improve efficiencies and increase collection rates, it can also be very profitable.
In any event, in India there has been quite a revolt against those high interest rates, putting the entire sector on notice that it must reform its ways or face extinction from government regulators, and organized campaigns not to pay back loans with unreasonably high interest rates.
In the old days, people raised money for their start up ventures in traditional ways. They put in their own money and sweat equity. They borrowed against home equity, insurance policies, and credit cards. If they were lucky, they also got money from friends, family, even “angel” investors. They collected gifts, loans, forgivable loans (“pay me back if you can”), or even equity in an informal sense. Sometimes banks helped out, but usually only with personal property or personal assets as collateral. A very few received support from venture capitalists.
Flash forward to today, and while all of those sources are still commonly used, new possibilities have opened up. New funding strategies have emerged via the Internet such as crowdsourcing or crowd funding.
The basic idea is that instead of just asking your friends and family to seed your business, you ask The World. No longer are you limited to whom you know, or defined by the whims of conventional financing sources. Moreover, by getting the word out online, you can start that all-important word-of-mouth marketing campaign before you open your doors.
While hardly widespread, this approach is emerging as an option for some entrepreneurs.
Two noteworthy examples are Kiva, which allows people to make loans to small businesses in the US and abroad, and Indiegogo, which has raised millions of dollars in 150 countries for worthy causes. Awaken Café is a start up business launched with this kind of help.
But do your research before going too far with this. While asking for donations is generally fine, soliciting investments from the general public without proper registration with the appropriate regulatory authorities can get you into deep, deep legal trouble. I’m not a lawyer, but I’ve been told that virtually any solicitation that includes offering a share of the profits is considered a regulated security. Beware!
Here are some places to get more information about crowd sourcing and crowd funding: SocialEdge, Wikipedia, YouTube, or Indiegogo. Good luck!
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