Monthly Archives: December 2011

December 28, 2011 · 4:45 pm

Why So Negative?

Key Concept ~ Ever wonder why people focus on, and in fact seek out, the negative in things?  This trait was set into motion some tens of thousands of years ago as our brains evolved to help us survive in world full of predators.

What is it about the negative that engulfs our attention as human beings?  I can write and publish an article online with a positive headline and three or four hundred may read it, but if I publish an article with a negative sounding headline I often see several thousand people reading it. It is something I wondered about for years until I began developing Leadership Development programs employing horses for experiential learning nearly four years ago. In our professional development programs we spend a fair amount of time exploring the recent stream of research from the field of neuroscience to help clients understand how we connect, engage, and motivate those around us.  Delving into this research, in combination with specific, ground-based exercises with horses, allows greater self awareness and social awareness to emerge; two fundamental competencies of Emotional Intelligence (both of which contribute to improvements in self management and relationship management capabilities).  Research demonstrates that 80% of success in life, regardless of the endeavor, can be traced to our level of Emotional Intelligence.  The remaining 20% is based upon our level of cognitive ability.  When we integrate this perspective with research from the field of Applied Behavioral Economics, a very different picture of human beings, prospects, and markets emerges.

So what is it about our human nature that draws us to the negative with such fervor?  It turns out an ancient part of our brain, the amygdala, continues to play its role as our primary sentinel when it comes to sensing danger to our survival.  Even if today’s threats are no longer represented by a stalking, saber-toothed tiger looking for its next meal.  This ancient part of our brain is a key trigger for our survival mechanisms, and it cannot discern between a real threat of danger (the tiger) or a symbolic threat from our contemporary times.  Research shows that when we feel fear, what is known as the amygdala hijack occurs (think of road rage as a great example).  When this happens a cascade of biochemicals is released that prepares us for flight, fight, or freeze response to the perceived danger.  When this occurs, all of our cognitive abilities shift to focus on the threat.  The higher functioning parts of our brain are all drawn to the task of survival.  Our ability to create, connect, adapt, and quite literally think clearly evaporates in an instant.

Unfortunately, our culture relishes fear.  It is used to motivate and manipulate us in politics, advertising, the media, and quite often, within companies.  It is, to a great extent, what has brought us to the place we are today.  We’re truly at a threshold.  We stand at the nexus of history where we can consciously choose the path we wish to take going forward.  We can stay the course and continue to see our environment, society, and economy losing ground for the benefit of a select few.  Or we can choose a new path; one that engages and supports a sustainable, thriving future for us all.

Each of us has the power to initiate this shift in perspective, but we must break the cycle of fear.  Fear begets fear, and research from Developmental Biology demonstrates a shocking fact.  When an expecting mother is under emotional stress, the fetus will compensate for this emotional and associated hormonal environment by developing a larger hindbrain (our ancient, survival driven brain) and a larger body.  When an expecting mother is nurtured, supported, and happy, the fetus will develop a larger forebrain (the higher functioning, cognitive brain) and a smaller body.  Nature’s wondrous blueprint for us, an intelligence beyond our comprehension, can adapt in real-time, and in times of duress, can actually enable us to take a step backward, evolutionarily speaking, in order that a subsequent generation may take a giant leap forward.

Why is this important for entrepreneurs?  We are the leaders of our endeavors.  We set the tone for how we do business and why we’re in business.  With our success comes a responsibility towards all that we encounter.  Moving our selves and our businesses beyond the manipulative and destructive use of fear inevitably benefits us all.

© 2011, Terry Murray.

 

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December 22, 2011 · 6:29 pm

Three Simple Questions That Will Help You Avoid Costly Missteps in 2012

Key Concept ~ Successful, growing businesses are highly aware of where they are, what they’re doing, and why they’re doing it.  As you look to make strategic improvements in any facet of your company for next year, here are three simple questions you should ask yourself and your team to help ensure sustainable growth.

I don’t know about you, but 2012 flew by for us at Performance Transformation, LLC™.  As we were reviewing our accomplishments against our 2011 strategic plan, I found myself asking us the same fundamental questions that have served me well for over seventeen years.  Since 1994, I have reviewed, consulted, coached, or written well over 100 business plans, strategic plans, sales launch plans, and the like within both the startup and corporate community.  Over that period of time I discovered three simple questions that can cut through the superfluous and strike at the strategic imperatives that are essential for success.  I hope you find them as helpful as I have over the years!

1.)  How does this contribute acknowledged value for our customers?  Every process and activity within your firm should be able to answer this question with decisiveness and clarity.  This is helpful for reviewing entrenched activities as well as evaluating new initiatives.  If any activity isn’t delivering tangible value that your customer acknowledges and embraces, why are you doing it?  Research into worker productivity demonstrates that in many circumstances associates are only contributing to the creation of customer value approximately 50% of their time at work.  This single question can help you dramatically improve productivity, intra-office communication, and organizational focus on serving your customer base.

2.) How do we know that?  During my executive tenure at STERIS® Corporation this was the legendary founder and CEO Bill Sanford’s killer app!  How one answered this question during strategic review meetings with Mr. Sanford would make or break a career in 30 seconds or less.  This single question ensured we validated every assumption we had about our customers and marketplace with real-world evidence.  Here’s the challenge for each of us…we all have what I call a blind bias.  It is a conditioned pre-disposition to see the world through a myopic lens based upon our own recent experiences and tendency to fall for the law of small numbers.  When we are attached to an outcome, we can unknowingly shade our judgement as to the probability of success based upon recent success or failures and a tendency to see trends in sample sizes that are not statistically significant.  For example, when watching a baseball game and a career .300 hitter coming to bat is 0 for 4 late in the game we tend to think that hitter is due for a hit.  Statistically speaking, this isn’t true.  A sample size of four or five is not large enough to reflect their lifetime tendencies.  Asking this one question when any assumption is presented as fact can avoid sending the entire company down a dead end street.

3.) How does this cultivate emotional and cognitive engagement, both internally and externally?  This is my most recently added critical question.  It is based upon decades of experience combined with three years of research into what differentiates breakthrough performance from mediocrity.  It takes into account the mission-critical importance of cultivating passion and excitement for your business.  Research conducted by Gallup® and published in the Harvard Business Review® supports this perspective.  Company’s that engage both their employees and their customers, on an emotional and cognitive basis, enjoy a 240% improvement in financial performance.  Additional research from the field of Applied Behavioral Economics supports this as well.  Economic decision making, even in a business-to-business setting, is 70% emotionally-driven, with the remaining 30% based in rational thought.  In an age when we are bombarded by anywhere between 3,000 and 5,000 marketing messages a day, cultivating authentic relationships with your customers and prospects is more important than ever.

These three questions should not be reserved for annual reviews of performance or in creating new strategies.  Use them throughout the year, whenever you come across a questionable activity that may look sensible on the surface (we’ve always done it this way) but doesn’t feel right in your gut.  You’ll be amazed at the focus and clarity these questions can delivery throughout your organization!

© 2011, Terry Murray.

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December 20, 2011 · 8:42 pm

Understanding The Real Cost of Launching a Field Sales Team

Key Concept ~ Launching a field sales team is a key investment in driving sustainable growth.  But it is expensive.  Here’s some compelling research on just how expensive it can be.

You’re finally ready.  You’ve worked diligently for years leading your company to this point.  The time has come to launch the field sales team.  It is the inflection point for growing startups.  How you plan, target, validate, train, and execute the launch will be the single most important driver for success.  This is especially true if you’re an investor-driven startup.  As you ramp into your launch you’ll be burning time and other people’s money until you achieve sufficient market traction to break even.  Speed to traction is mission-critical due to the high cost of field sales professionals.  How expensive are they?  Here’s some interesting research from the book, “Outsourcing the Sales Function, The Real Cost of Field Sales”, by Erin Anderson and Ph.D. and Bob Trinkle (The Thomas Corporation, 2005).

The authors took a hard look at sales productivity, defined as face-to-face selling time.  What they found was rather astounding.  Out of a 365 day calendar, a typical, business-to-business sales representative will spend 132 days in the field.  Here’s the breakdown of their days not in the field; Weekends -104, Holidays -8, Vacation Days -10, Sick Days -5, Sales Meetings -20, Trade Shows -8, Office Days -78.  The second thing they examined was the effect of windshield time.  Their research demonstrated the typical sales rep spends between 2 to 3 hours per day actually selling to prospects when in the field.  Boil this down and you quickly realize a typical, b-to-b sales representative is contributing somewhere between 33 and 50 actual face-to-face selling days per year.

Let’s say your fully burdened, average cost per sales rep is $100,000 per year (this figure can easily run $120,000 to $180,000 per year, depending on the industry and geography).  At $100K, your company’s cost per hour of actual, face-to-face selling time will run somewhere between $250 and $378 per hour, per representative.  At this very real, hourly rate, you’ll want your sales representatives firing on all cylinders.  That’s part of why your pre-launch planning, targeting, validating, and training is so crucial when it comes to time to traction.  Investing in a highly engaged, performing sales professional is expensive; but not as expensive as a poorly performing one.

The other challenge to achieving time to traction is the natural lag built in to creating a traditional sales organization.  Once you have the capital to move forward, you’re ready to find your sales leader.  Depending on the scope of the launch and particular industry, this could take months, involve recruiters, relocation expenses, etc.  Then there’s a bit of acclimation time before your new executive or manager is ready to build his or her team.  Then there’s the sales/customer support interface that needs to be addressed, the collaterals need to be created, targets should be set and databased, and a training program needs to be developed.  Now you’re ready to hire your sales reps.  And of course, they will have a learning curve in the marketplace as well.  Depending on your sales cycle, this can easily add five to six months of lag time and expenses prior to initiating sales traction from the time you were financially ready to launch.

For many firms, crossing this threshold is the single most important initiative they will undertake.  It is the sales engine that will drive the company to success or sputter out along the road to market.  Plan for it like the company’s life depends upon it…it does.

© 2011, Terry Murray.

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December 19, 2011 · 3:44 pm

Five Strategic Tips for Driving Sales Growth in 2012

Key Concept ~ The seeds for sales growth are sewn long before you make the call.  Here are five strategic sales tips you may wish to consider as you prepare for 2012.

Remember all those manipulative selling techniques we were taught in the 1980s?  Do yourself and your prospects a favor and try to forget them.  If you really want to ignite sales growth in the coming year, be authentic, be transparent, focus on building relationships, and strategically position your sales efforts for success.  Here’s a list of five things you can start doing today to prepare yourself for a fantastic 2012:

1.) Review Your Prospect Targeting Methodology ~ One of my oldest clients, custom sales solutions company SalesForce4Hire, LLC®, devised a brilliant approach to targeting called IA2®.  In order to qualify a buying influence as a true prospect they must have the intellectual capability to embrace your value proposition, the ability to pay for your product or service, and the authority to make the purchase.  If a target only has one or two of these attributes they are considered a buying influence and not a true prospect.  By focusing your energy on true prospects you will achieve greater efficiency in your efforts to drive sales growth.  This doesn’t mean you ignore buying influences.  In many cases, especially with high-priced products or services, a group of individuals will have input into the purchasing process.  But by focusing first and foremost on the final authority you’ll be able to accelerate the sales cycle by not spending excessive time trying to cultivate buying influences that cannot make the final decision.  Learn their concerns, and look for the secondary emotional gain they will achieve by doing business with you.

Remember, the lessons from the field of Applied Behavioral Economics have demonstrated 70% of economic decision making is emotionally-driven, with the remaining 30% based in rational thought.  Research published in the Harvard Business Review supports the strategic nature of this perspective.  Companies that embrace the lessons from Applied Behavioral Economics were shown to experience 85% greater revenue growth and 25% greater profit growth over their competition that doesn’t embrace this perspective (in a one year period of measurement for the study).

2.) Assess Where You Achieved Sales Traction ~ Take a close look at the profile of the prospects you converted to customers in 2011.  Can you identify why?  Knowing where you succeeded and where you didn’t, and why, will help you fine tune your efforts going into next year.  Was there are certain market segment that embraced your value proposition faster than others?  What resonated with your new customers?  Have you followed up with them to truly understand why they went with you, or even more importantly, why they didn’t go with you?

3.) Look For Correlations ~ With this information in hand, can you discern if any correlations exist?  Are there similar reasons certain prospects went with you or decided upon another vender?  Try to gauge customer resonance from their perspective.  Remember, while you may be in business to sell your particular solution, your customers are in business for an entirely different reason.  Compare and contrast your customer base and look for commonalities that you can leverage elsewhere as you move forward.

4.) Prioritize You Focus ~ Once you’ve conducted this analysis, decide where you’re seeing your greatest return on investment and prioritize your efforts going forward.  This is probably the single most challenging decision small business owners must make.  It is so tempting to chase every dollar, but when you mindfully evaluate where you’re seeing the best traction and why, and discipline yourself to focus on prospects that are in alignment with you, you’ll move your firm towards sustainable growth.  Why?  You’ll build a base of customer-advocates for your firm.  The power of word-of-mouth, peer-to-peer endorsements, and cultivating a source for future referrals is invaluable.  You literally cannot buy that kind of press.  Stay focused, get as close as you can to your customer base, and listen to them to help guide your growth.

5.) Employ Execution Metrics ~ The old adage, if you can’t measure it, you can’t manage it, is especially true in sales.  While we lead people, we manage processes; and sales is one of your most critical processes.  Use the identified correlations, sales trends, and other tangible gates to measure and manage your sales pipeline.  As you begin doing this, you’ll develop keener insights into your marketplace and how you’re sales processes are aligning and motivating desired behaviors with your prospects.  This process improves over time, but it is imperative that you initiate some sort of metric to provide visibility of your firm’s sales trajectory.

I’m confident if you begin employing these five tips you’ll quickly see an uptick in sales and a lower cost of customer acquisition.

IA2 is a registered trade mark of SalesForce4Hire, LLC®.

© 2011, Terry Murray.

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December 16, 2011 · 10:21 pm

The Changing Landscape of Angel Investors ~ Five Strategic Tips to Differentiate You from the Crowd

Key Concept ~ I read an interesting article on the Wall Street Journal’s website today discussing the shifting landscape of Angel Investors.  Having worked in the investor-driven startup world for more than a decade, I’ve witnessed many of the changes firsthand. Here are five strategic tips that will help you differentiate your venture from others competing for the same Angel dollars.

After a recession-driven down swing for seed-funding, the Angel Fund sector has bounced back.  Data reported by the University of New Hampshire’s Center for Venture Research (a wonderful resource that I’ve used for years…and my alma mater) indicates 39% of the $8.9 billion Angels have invested through the first two quarters of this year has gone to seed-stage funding.  This is up considerably from the 26% of the $8.5 billion invested through the first two quarters of 2010.

While this bodes well for entrepreneurial start-ups, the bar has been raised.  Angel Funds are being more diligent in their scrutiny of potential deals.  A gap still exists for later-stage funding due to the retreat of Venture Capital from smaller, albeit highly viable, deals.  Much of this is due to two things; Sarbannes-Oxley (which elevated the accounting costs for taking a company public via an IPO), and the rather anemic IPO market of the past few years due in part to the volatility of the stock market and nervous investors.

Having conducted due diligence for both entrepreneurs seeking funding, as well as for several Angel Funds themselves, I’ve been able to capture a perspective from both sides of the street.  Here are five key strategic tips you should consider before you seek funding that will help you clearly differentiate your venture from competing opportunities:

1.)  Conduct Your Own Internal Due Diligence Before Seeking Funding ~ Start pulling together your due diligence binder today.  You will need to address and document all aspects of your business prior to securing funds.  You don’t want to be running around during the Angel’s due diligence process looking for information or documentation.  If you’re unfamiliar with the facets of due diligence, you’re welcome to take a look at an earlier blog series I wrote on Sales and Marketing due diligence from an Angel Investor’s perspective.  You will also need to address your operating procedures, regulatory compliance, insurance, strategic plan, and financial pro forma, as well as document historical performance.  Going through this process before you seek funding will help you master every detail of your business prior to meeting with potential investors.

2.) Address and Document Leadership Team Competencies ~ Research demonstrates that upwards of two thirds of startups that fail do so because of deficiencies in management, execution, and leadership.  Unfortunately, I’ve witnessed this on more than one occasion.  I can honestly say I have never seen a startup fail because the technology failed.  If failure occurs, the fault almost always lies at the feet of senior management.  Yet, very few startups are conscious of  how to differentiate their leadership team’s critical competencies.  In evaluating leadership teams, Angels primarily rely on past performance, success in similar markets and environments, and intuitive discernment.

Here’s where you can take it up a notch.  Conduct validated assessments of the leadership team and document the results.  I suggest assessing leadership competencies, leadership style, emotional intelligence competencies, and a personality/psychological assessment.  Include 360◦ assessments as well.  If you identify any deficiencies, address them through the use of professional development plans and executive coaching, or in extreme situations, find a more suitable replacement.  This single tip will put an enormous distance between your self and competing investment opportunities.

3.) Validate Your Sales Assumptions ~ No one would think to go to market without first building a prototype, but companies rarely test-drive their sales processes prior to a major market launch.  By employing a small, scalable pilot project in a representative market or two, you will be able to extrapolate critical information pertaining to growth.  Testing your assumptions in the real world will validate the sales cycle, potential barriers to entry, customer adoption rates, your cost of sales, and the effectiveness of your value proposition.  This will also enable you to fine tune your infrastructure and sales support functions to optimize your customer’s experience.  Engage your target prospects early in your development process to ensure you’re on the mark as well.  A 3◦ calibration early in development, based upon validated customer input, can help you avoid a 45◦ adjustment months down the line.

4.) Prepare a Professional Pitch ~ This is one of the most critical gates an entrepreneur must navigate.  You must understand what motivates potential investors and tailor your presentation accordingly.  If you make it to the pitch (usually a series of pitches of ten minutes or less conducted for the fund members) you need to knock it out of the park in your first few at bats.  While the Angel Fund sector is growing, it is still a relatively small neighborhood.  Angel Funds now share information and spread investments across multiple funds to disperse risk.  The point is, they talk.  If you flame out once too often, you’re done.

A couple of things to keep in mind…follow the 10-20-30 rule.  No more than 10 pages, no more than 20 words per page, no smaller than 30 font.  And follow this formula; tell them what you’re going to tell them, tell them, and summarize what you just told them.  And pitch with passion!  The discipline of Applied Behavioral Economics shows us that 70% of economic decision making is emotionally-driven, with the remaining 30% based in rational thought.  If you’re not passionate, no one else will be.  And finally, if you’re not a professionally polished presenter, hire someone or find someone to make the pitch for you, with you by their side.  I’ve seen promising ideas fizzle before they’re funded because of poor communication skills.

5.) Strategically Align Your Exit Strategy with the Portfolio Needs of Large Competitors ~ Keep in mind, investors get in to get out.  Angel investors have, in recent years, gravitated towards more market ready companies than seed-funding. Companies that are in the starting gate and need the capital to fund sales.  This is starting to come back around, but remember, Angels like to fund revenue generating activities…not overhead.  Don’t go into this thinking you’re going to be the next blockbuster IPO.  That road is long, hard, expensive, and requires adequate scale to justify an investment bank’s time and investment in underwriting.  Instead, look to the major competitors in your market.  Where’s their sweet spot?  Where are they focusing?  What potential gaps might they have in their portfolio to achieve their goals?  Can your business fill that gap? For most investor-driven startups, the exit will be in the form of a Merger or Acquisition (M&A).  Buying small companies that have delivered innovation is a active strategy of large companies.  Not only is it often cheaper for them to buy versus develop, but it is quite often faster, too.

If you follow these tips you’ll already be ahead of 90% of your competition for funding.

© 2011, Terry Murray.

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December 14, 2011 · 5:22 pm

Sixty Unexpected Business Lessons Learned Along the Way

Key Concept ~ As entrepreneurs, we all learn lessons we may not have anticipated when we embarked upon our journey.  Here’s a thought-provoking list of the unexpected lessons sixty different entrepreneurs learned as they engaged in their marketplace.

I was recently asked by business strategist and best-selling author, Carol Roth, to contribute to a blog exploring unexpected lessons entrepreneurs have learned as they engaged in their marketplace.  Ms. Roth just posted the blog, which you can read here.  Like most lists, I think you’ll find several points for reflection on your own experiences and perspective.  For me, the unexpected lesson was the role the human spirit has in driving breakthrough performance.

I’ve found that by keeping an open mind, being present, allowing yourself to follow your intuition and then validate it, and detaching ourselves from specific outcomes (which are often projections of our unconscious mind), we can often discover success on a level we never anticipated.  This doesn’t mean we shouldn’t diligently plan for our success; it is imperative that we do so.  What it does mean is when we engage our marketplace with authenticity. When we operate from a place where our vision and intention are in alignment, remarkable opportunities will begin to unfold.  Our human spirit provides us with the creativity, resiliency, and adaptability entrepreneurs need to survive and eventually thrive.  It is as natural a part of human beings as emotions, cognitive abilities, or our senses.

I hope this list of unexpected lessons triggers some self-reflection on your own experiences.

© 2011, Terry Murray.

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December 8, 2011 · 6:49 pm

Helping Our Veterans Succeed as Entrepreneurs

Key Concept ~ I came across an article today about VETransfer, Inc., an entrepreneurial incubator specifically tailored to support our veterans attempting to launch their own businesses.  I strongly encourage all of us to support such initiatives!

Photo Courtesy of Precision Photography of Honolulu.

Some of you may know my firm, Performance Transformation, LLC™, runs a pro bono program for veterans, active military, and their dependents called Warriors in Transition.  The program is designed to impart Emotional Intelligence competencies in support of our military personnel and their families as they attempt to navigate the deployment cycle and transition back to civilian life.  To date, we’ve conducted these workshops in Florida, Arizona, and Hawaii and will be expanding in other regions as we enter 2012.

The program Mr. Lasser and his team have created at VETransfer, Inc. is to be commended!  Research into entrepreneurial success rates clearly indicates that entrepreneurs that served in the military are more likely to succeed than those that never served.  In my experience, much of this variation can be attributed to the fact that veterans lead from a perspective of service and self-sacrafice.  This, combined with the self-discipline, emotional resiliency, attention to detail, and teamwork that is literally drilled into service members uniquely prepares them for the challenges entrepreneurs inevitably face.

I encourage all of us to support initiatives like VETransfer, Inc.  Over two million American citizens will have been deployed to Iraq or Afghanistan once these conflicts wind down.  Our veterans deserve the same opportunities they’ve helped preserve for the rest of us through their selfless service.

© 2011, Terry Murray.

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December 6, 2011 · 3:50 pm

“Screw Business As Usual” ~ Sir Richard Branson on Embracing a Transformational Approach to Business

Key Concept ~ Sir Richard Branson, Founder and President of Virgin Group®, just published his new book, “Screw Business As Usual”.  In his book, the iconoclast entrepreneur identifies the global shift in attitudes towards businesses and explores how doing good and doing well as a business can be a force for positive social and environmental change.

Last year at about this time, we were diligently working on the final touches for “The Transformational Entrepreneur ~ Engaging The Mind, Heart, & Spirit For Breakthrough Business Success” in order to meet our publication deadline in February of 2011.  After more than twenty years of executive engagement, with corporations, investor-driven startups, and as a strategy consultant, and three years of writing, rewriting, and editing, we were almost ready for press.  Writing the book afforded me the opportunity to express a business philosophy that had evolved in a broad landscape of industries and companies over a substantial period of time.  A philosophy that goes beyond traditional business practice to fully embrace the human continuum in the workplace.

My eclectic background enabled me to see many businesses from a variety of perspectives, which eventually brought a certain clarity as to what drives business success or failure.  I came to realize the key to success, both now and in the future, lies in an organization’s ability to fully engage their associates and customers by aligning and optimizing their leadership, strategy, and organizational culture.  In doing so, an organization mobilizes and unleashes the creativity, adaptability, and resiliency that often resides just below the surface in many companies; in the heart, mind, and spirit of each human being that works there.  When this occurs, an accretive, collective, organizational consciousness emerges that creates a momentum all its own.

This isn’t woo-woo conjecture.  One of the key tenets of Quantum Physics is Non-Locality.  Through experimentation, quantum physicists have been able to demonstrate repeatedly that electrons can make a quantum leap across space and time without the benefit of a signal.  This quantum fabric, if you will, interconnects everything.  At the sub-atomic level, energy, matter, and even information don’t behave in accordance with the Newtonian physics of gross bodies, or what we see everyday in our reality.  These subtle bodies, of which we can place consciousness, follow the laws of quantum possibilities.  There is an inter-connectivity and continuous interplay occurring constantly that we can barely conceive.  Mystics speak to this, quantum physicists do so with their equations, and entrepreneurs and business leaders can tap into this perspective as well.

When we become aware of our inter-connectivity, a new empathy can emerge.  One that elevates our perspective, our consciousness to another level. When we lead from this higher consciousness, our authentic, transformational leadership combined with mindful strategy and a creative, engaging culture will ignite breakthrough performance.  Doing good is good for business, and this is the main theme of Mr. Branson’s new book.  He points to a new consciousness emerging around the globe.  One that is shifting expectations towards businesses that will demand an appropriate, competitive response.

Here’s a brief excerpt from Mr. Branson’s interview with Forbes discussing his book:

“Now as we’ve moved into this new radical age of transparency fueled by social media, people all over the world are demanding that business reinvents itself and becomes a force for good in the world. The entrepreneurs and businesses that will thrive are those who will embrace this new “age of people” and make sure that they listen, learn and deliver to all their stakeholders, including Mother Nature.”

This resonates with the intention of Transformational Entrepreneurship.  One in which the vision of doing well intersects with the intention of doing good.  Make no mistake, this is the coming wave in business.

I highly recommend this book!

© 2011, Terry Murray

 

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December 5, 2011 · 5:34 pm

Stoking the Fires ~ Sustaining Your Intrinsic Motivation

Key Concept ~ Walking the entrepreneurial path is very similar to undertaking The Hero’s Journey.  It is fraught with risks, confronts you with the unknown, and on many levels, it is a path you must walk alone.  During our most challenging times we must dig deep within to find the strength and courage to persevere.  Feeding and sustaining your intrinsic motivation can help you maintain your focus and energy on achieving your goals.

Spring comes at an odd time here in Florida.  Now is the time we begin to feel cooler weather, lower humidity, and flowers burst into color all around us.  Our streets and shops are filled with tourists and snow birds, relaxing and enjoying this glorious time of year here in Florida.  When you combine this with the fact that my office looks out over the water, and through an open window at that, it is easy for me to find myself in that same mental state we all found ourselves slipping listlessly into each spring during our school years.  I find my eyes closing as the breeze wafts over the bay, the migratory birds nesting and swooping amongst the Ospreys circling as they fish the waters below.  Our local Bobcat wanders along the shoreline on occasion, the sight of which drops my shoulders as I exhale a calming breath at the wondrous, natural world, just outside my window.

It has been a vital year for us.  One filled with workshops spanning from Florida, to Colorado, to Montana, and Hawaii.  A year that saw the publication of my first book, the launch of two blog sites, and the production of numerous videos, not to mention the substantial growth in the number and quality of our entrepreneurial coaching clients.  The temptation at this time of year is to simply head to the beach, roll out the towel, and settle in for a long, winter’s nap in the warm sun.  Unfortunately, the rest of the world moves to a different rhythm.  This is the planning time of year.  The time of the year when our firm must be firing on all cylinders in order to position ourselves for our work in 2012.

Inevitably, we all experience this at some point.  When we just want to relax a bit, taking our foot off the accelerator, and coast for a while.  Unfortunately, the vast majority of us entrepreneurs cannot afford to do so, especially at crucial times during the year.  So how do we rekindle the fires that burn within?  No flame burns eternally without a source of fuel.  For entrepreneurs, that fuel is our intrinsic motivation.

When my embers begin to burn low, I remind myself why I took this path in the first place.  First and foremost, I want to make a positive difference in the lives of entrepreneurs.  I want to help accelerate their success and hopefully make a small, but substantial change in the way we do business.  Through my work, I try to illuminate a better path towards success.  One that benefits the greater good while providing opportunities for sustainable, business success.  There’s a movement afoot, quietly gaining momentum for this perspective in the world.  In fact, Sir Richard Branson, the founder of Virgin Group, LTD®, just published his own book, “To Hell With Business As Usual”, calling for the same perspective to emerge.  Not simply because it is the right approach to take, but because it is good business!

Second, I want to be able to have the flexibility, on occasion, to sit and stare out my window at this time of year.  So even when I find my mind wandering a bit and I struggle to stay the course, I remind myself as to the reasons I chose this path in the first place.  We can get so busy, so immersed in our drive to move forward, that we can lose sight of the good and positive impact we’ve had during the course of the year.  Take a minute to reflect on this, and remind yourself why you decided to become a Transformational Entrepreneur in the first place.  It will help stoke the inner fires that sustain your efforts towards the realization of your goals.

And every once and a while…go to the beach.

© 2011, Terry Murray

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December 1, 2011 · 4:13 pm

The Five “P’s” of Strategic Planning

Key Concept ~ We’re probably all familiar with the concept of the Five P’s of Marketing, but a similar perspective can be placed upon the critical nature of the Strategic Planning Process.  Here’s my take on the Five P’s of Strategic Planning…

The critical nature of mindful strategic planning cannot be overstated.  For entrepreneurs, conducting a solid, annual strategic planning process can literally mean the difference between long-term, sustainable success and stagnation.  Here are some key concepts you may wish to consider as you engage in your process.

1.) Perspective ~ When I refer to mindful strategic planning I’m speaking about a dynamic process of spirited debate from alternative perspectives.  One in which we challenge our assumptions, and challenge each others’ assumptions.  Our perspective of what we perceive as reality is strongly influenced by how we’ve been socially conditioned throughout the course of our lives.  When we solely associate our selves, our image of who we are, with a belief or long-held perspective that has been conditioned into us it can create blind spots in our self and social awareness.  When entering into the planning process you will be well served to reflect upon this human conundrum.  Are you clinging to self-limiting thought processes?  Is your vision clear, broad, and deep or do you have the blinders on?  Surrounding yourself with an eclectic, diverse team can help minimize the risk of planning from a narrow perspective.  But this only works if you create an atmosphere which encourages thoughtful dissent and you support your team in such a way that you encourage risk taking and the questioning of long-held beliefs.

2.) Process ~ The most common misconception I hear from aspiring entrepreneurs relates to the value of one’s strategic plan.  While the resulting document itself is an important management tool that helps keep everyone aligned and moving forward it is the planning process itself that is most valuable.  I learned a long time ago that the questions we ask ourselves during the process are often more important to our success than the answers we come up with at the time.  Another common shortfall is the planning of a task without digging into the underlying process that task requires for sustainable, consistent success.  If you don’t understand your critical processes they will be highly variable and erode quality.  You can determine the weak points in your process by mapping out the stages and handoffs of each process in the organization.  You’ll be amazed at the level of clarity this can deliver.

3.) Passion ~ If you’re not excited about your strategic trajectory, no one else will be either.  Recent research from the discipline of Applied Behavioral Economics has demonstrated the importance of engaging your prospects, associates, customers, and potential investors on both an emotional and cognitive level.  Approximately 70% of economic decision making is emotionally driven, with the remaining 30% grounded in rational thought.  The fact of the matter is, how people feel about your business is more important than what they think about your business.  Passion resonates!

4.) Persistance ~ The strategic planning process is an iterative process.  You wont come to the right conclusions on your first pass.  You’ll need to comb through your plan multiple times in order to find clarity and the strategic leverage opportunities for your core competencies in your target market.  Work on your plan, then set it down.  Sleep on it.  Come back to it fresh and see what jumps off the page.  And work your plan throughout the course of the year.  Refer to it often and be prepared to calibrate it as you learn more about you firm’s position in the competitive landscape.

5.) Performance ~ Upon completion, implement your plan!  I cannot tell you how many times I see clients engage in a great planning process and then, upon completion, immediately go back to what they were doing before they created their plan.  Your strategic plan should be a living document!  Done well, it works.  I know, I’ve seen this from many vantage points over the past twenty years.  It is your single most important tool for success.  Use it and measure your performance against your stated objectives.

Entrepreneurs are continuously seeking to capture competitive advantage.  When you consider the SBA reports that less than 50% of nascent entrepreneurs begin a planning process you can see this can be your immediate leg up over much of your competition!

Now, get to planning!  It will be the most important business activity you do all year.

© 2011, Terry Murray.

 

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