| In
the News
"Consultant
earns money by saving it" was the title of the
article about Management One® affiliate Ken Seawell
of Seawell Business Solutions LLC in the Detroit area.
The article, printed in the Detroit News, described
how Seawell has helped small to mid-size businesses
save thousands and increase profit margins. Testimonials
by clients went on to explain how the (Management One®)
tools and procedures benefited their businesses. Great
press for Ken and his clients!
Newsweek
quoted Stacey Pecor, the owner of Olive & Betty's,
in a recent article concerning the the latest in what
is hot in the fashion world. Olive & Betty's in
New York is a client of M1 affiliate Page Keel, President
of Page Keel Company.
Affiliate
Tom Licking's (Consulting Concepts) client Levy's of
Nashville is celebrating its 150th anniversary this
year. It is to owner David Levy's credit that the business
has established such longevity. Instead of sitting back
and doing just what had been done throughout the years,
Levy recognized that a successful company must adapt
to the changes in the market and the business world
on the whole. Congratulations and many more generations
of success.
Growth Strategy
A
common belief is that size is what matters and that
every business must expand to grow. The truth is, you
can be better off focusing your growth instead of expanding
beyond your basic identity. That means a company selling
phones possibly may not be better off adding computers
to its product line. A men's store may not be making
the right move to add women's clothing too. Focus on
your core competency, direct a narrow target market
and build your brand.
In
the 80's, department stores ruled and manufacturers
went on a rampage to diversify. During the 90's, the
fallacy of that trend became apparent. Companies divested
extraneous businesses. Most major department stores
struggled or looked to bankruptcy protection to survive.
Niche or specialty businesses flourished.
Examples
are many but a couple of good successful, focused companies
included Starbucks and Victoria Secrets.
The
reasons that a narrow and deep approach work are many.
The market can be identified and limited. Reaching that
narrower market is easier and less expensive. Being
known for one thing is easier to brand and be remembered.
Staying focused allows your staff to develop more expertise
and knowledge. Buying more of one thing allows you to
negotiate better prices. Finally, it is easier to dominate
a smaller market -- success, margins and profits come
to those who dominate their market.
So
when you develop a growth strategy with your Management
One® affiliate, he or she will be careful how you
expand.
Does
Your Business Walk the Talk?
Does
your business walk the talk? That is, does it stand
behind its values? A company defines itself to its customers
by the values that it practices within the business.
These values are embedded in the organization by the
model created at its highest levels. They are then reflected
in the principles, standards, morals, ethics and ideals
represented by everyone in the company. How a company
behaves visibly -- to its customers -- is directly related
the values it embraces.
Why
is this important? When an organization has clear and
defined values, decision making at all levels is easy.
For example, at a local Blockbuster video store there
is a huge sign at the counter that states the employees
are authorized and empowered to make decisions to satisfy
their customers. When the manager there was asked if
the sign had any real meaning to her or if it was just
another marketing ploy, she responded that the company
values its employees and trusts them to make the right
decisions. She went on to say that she worked for Blockbuster
for over seven years and loved her job.
This
is a case where a company walks the talk. Does your
company have clear and defined values? Management One®
works with companies to develop their values and embed
them at all levels in the organization. As other M1
clients have found, the benefits are enormous.
Quote of the Day
“Fortune
is not on the side of the faint-hearted.” -- Sophocles
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