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BDC Webinars – one just passed on economic outlook, one coming December 1st on optimizing for online

November 26, 2020 By Patricia Dent Leave a Comment

Economic Outlook

I was able to attend the BDC economic outlook – and did take notes. The presentation was a joint presentation by chief economists Marie-France Paquet from Global Affairs Canada and Pierre Cléroux from BDC with insight into the global and domestic economic outlook.

If you would like to have a copy of my notes – please email me at patricia@growvantage.com. Three trends were identified: The acceleration of online sales, focus on shopping local and concern for santization.

Webinar on December 1st –

The growth of online sales has only been accelerated by COVID-19. On December 1st, BDC experts will present a step-by-step approach for optimizing your website to attract and convert customers. Do not miss this opportunity to discover the secret to online sales success.

The growth of online sales has only been accelerated by COVID-19. Nearly 85% of Canadian consumers now buy on the Internet, and almost 60% of B2B buying decisions take place online before a salesperson is contacted.

Register now If you want more information on how to expand your business in new markets, please visit our website here. Sincerely, Your BDC team

Registration link: https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/webinars/customer-experience-secret-online-sales-success?utm_campaign=GAC-Navigating-New-Global-Economy–Thanks–24-11-2020–EN&utm_medium=email&utm_source=Eloqua

 

Filed Under: Blog Tagged With: online, sales

Do I pivot or stay the course? Checklist for Marketing in Uncertain Times

April 10, 2020 By Patricia Dent Leave a Comment

Today I spoke to one of our colleague’s groups about marketing during uncertain times. This definitely is a time that qualifies, when everything is disrupted and you may or may not be able to work. Here are some guidelines to help:

When times are uncertain we need to take another look at two areas of marketing:

  1. The buying psychology of our customers and changes in their needs and priorities.

  2. Dealing with how we want to show up in the world.

Marketing Strategy Checklist: Part One – a Changing Market

Take stock of where you are:

  • Who do you serve? (Describe your customer):
  • What product or service do you sell to your customers?
  • What problem/need does your product or service solve for your customer? (Think transformation)

Where do your customers stand? Are they still buying, slowing down or at a dead stop? Buying during economic downturns often comes back to the basics. Examples:

  • If you are selling groceries – still buying. People still have to eat.
  • If you are cleaning peoples’ houses – dead stop. In this situation you cannot go into peoples’ homes safely (for you or them).
  • What if you sell jewellery or clothing:? (Do your customers still have disposable income?)

What is the right thing to do?

  • Is it even appropriate to sell something? How do you feel about that? 
  • Do you need to deeply discount your product or service?
    • My take?
    • People still need services – so selling isn’t a bad thing (especially if people continue to need your product. For example – food is a necessary product.
    • But it is important to give back to those who cannot afford to buy.
    • Allow for different methods of payment rather than deep discounts. Discounting may change the perceived value of your services – which may not have changed
    • Can you offer a helpful mini-program at lower cost or free in the interim?

Does this situation mean that you have to change something?

You have 3 choices to make in this situation. If demand is reduced…

1. I am not going to do anything different – I’ll wait it out

    • What are the things to consider?  (Like available cash, reducing expenses, maintaining lines of communications)
    • Bottom line: If you cannot work in your business, work on your business.
      • Business development strategy
      • Marketing, products, customer communications
      • get ready

2. I need different customers (my existing customers don’t need/want my products)

Who could different customers be? 

 ________________________________________________________

  • For example: Downtown Barrie restaurants are delivering meals and drinks to customers who have cash flow and appreciate good food/wine
  • Another example in Ottawa: Restaurants are cooking for local food bank clients. So many need support and the local food bank doesn’t have enough capacity.

3.  Change my product/service

    • for my existing customers: whose needs have changed
    • to expand to new customers (people who are still employed or have cash flow)

What could that product be?

______________________________________________________________

  • For example: A handy person cannot go into peoples’ houses. However they could start a delivery service for seniors who are at risk (and go back to renovations later)
  • For example: Factories are retooling to produce medical equipment/keep their workers
  • Is there a product or service you could provide to the medical community, first-responders, essential workers (or others who are still employed?)

Marketing Strategy Checklist: Part Two – Your Brand/Image

  • What is your image or positioning in the market? That is what people like/think about you, your products, vision, voice on social, and package design? Why people buy from you…

            _________________________________________________________________________

  • How do you want to show up for your people when times are uncertain? Be the kind of business you want supporting you…
  • Empathetic
  • Positive
  • Helpful… tips
  • Hopeful
  • Practical
  • Business as usual
  • Humour
  • Reporting (informing)
  •  Warning (reinforcing info)
  • Other? __________
  • Communicate with your customers: Social, email , blogs, by phone, video….Check in on how they are doing and keep the lines open.

Filed Under: Blog

WHAT DO WE DO NOW? ADVICE ON DOING BUSINESS IN COVID-19

March 28, 2020 By Patricia Dent Leave a Comment

WHAT DO WE DO NOW? ADVICE FOR DOING BUSINESS IN COVID-19 :

Recording is available:

https://drive.google.com/file/d/1Eeslaw7MS3cVgZXZz1zfD-yiy9WabZ7Z/view?usp=sharing

Thank you for your donations to the Barrie Food Bank! We donated a total of $400. ***

Business is changing so rapidly it’s difficult to keep up. How do you survive and move forward in this very volatile environment? 

Thank you to our speakers:

  • Chris Adams, Founder & Managing Director at Adams Hamilton,  HBEC Mentor, Board member, Barrie Chamber of Commerce
  • Darryl Simpson, Operations Manager, ESS Direct Inc.
  • Jeff Nixon, Accountant, NVS Professional Organization (formerly Lardner Nixon)
  • Kristen Rayner, Advisor | Managing Partner, Acorn To Oak Financial
  • Patricia Dent, Business Mentor and Director, Grow Vantage Inc. and Past President of the Barrie Chamber of Commerce

Each speaker will dive into their area of expertise. You’ll hear how others are coping with the sudden change in how we need to do business and discover strategies for:

  • Practical ways to increase your marketing and brand presence to remain top of mind
  • Pivoting your business to find revenue, like getting online
  • What to do for employees and your HR situation
  • Business financial strategies (and an update on government sources of help)
  • What did businesses do to get through the 2008 recession?

***The Barrie Food Bank is already experiencing an increase in the number of people who are accessing their services. They cover Oro, Springwater, Innisfil and Barrie. Before COVID-19 started, they already had 7500 active files. This has already increased.

Filed Under: Blog

Surviving 5 causes of “Start-up” ups and downs (and avoiding as many as you can)

August 9, 2019 By Patricia Dent Leave a Comment

The start-up journey can be a roller coaster experience for new entrepreneurs. Here are 5 major areas that new entrepreneurs need to look at to manage the ups and downs of a new business, based on my experience training 18 groups of start-up business owners and mentoring over 3,000 entrepreneurs and would-be entrepreneurs over the last 9 years.

Why are there bumps along the path?

Starting and growing a business means stepping out of your comfort zone to try new paths. In my experience there are 5 major ways that new entrepreneurs can struggle with as they start a business:

  1. Lack of start-up research about the market for your product or service, your target market and what it will take to start a business (and the rules!)
  2. A limited savings buffer, to weather the initial roller coaster of cash flow.
  3. Lack of coaching or reliable peer mentoring. A start-up raises lots of questions. Without an expert to turn to (someone who keeps up-to-date), some entrepreneurs make it up (“it seems logical”); depend on their gut; depend on Google; or ask people they know – even if they don’t have experience).
  4. Developing an entrepreneurial mindset and the motivation to propel you forward. When you start a business your confidence is tested and self-doubt can rise to the surface.
  5. Breaking new ground: This is a journey of learning when you lack business ownership experience. Learning is critical and your employee experience may not cut it.

Did you research your start-up?

When I see future entrepreneurs with business plans that are not completed (or not completed well) it’s obvious that often even the key factors are overlooked in the excitement of starting a business.

Take your product or service as an example:

Say you know what kind of business you want to have and the products/services you would like to offer…

 

 

  • What problem or desire will your product/service solve?
  • And who are the clients who want this solution?

If you don’t know your product BUT you know the people you want to serve:

  • Have you determined the problems or desires you will solve?
  • Have you developed a product or service to do that?

Is there demand for this kind of business? (In other words, do enough people have an issue/desire for which your product or service is a solution?

Tip: Beware of a solution that has no demand! Although it seems counter-intuitive, and new ideas or products seem like a good idea, the first one to market has to educate that market about their solution. That usually takes much longer at higher marketing costs than a product with proven demand.

Do you know what is involved in producing your product or service? Will your budget handle it?

How will you deliver your product? In person? Online? Through subscription? One-off?

How will you market your product/service? (When your potential clients need your product/service – where will they find out about it?)

What will you need to have in place to be ready to start?

Did you put aside enough cash?

  • We lovingly refer initial cash flow as “the financial valley of death” –in the first year of business
  • You are going to spend money to set up your business but sales are often sparse while you learn to find and sell to your potential customers.
  • When you have learned what works, you will start making more money…

 BUT… how are you going to eat in the meantime?

  • How much cash is enough? It will depend on a number of factors, e.g.
    • Have you put aside enough savings to support yourself for 6 – 12 months (understanding that the first year is usually very lean)
    • Do you know how much money you need to start up your business?
    • If you need to… can you maintain an income source while you start-up? (That is, and still have enough time and energy to launch your business while you continue a job?)
    • Can you manage your household costs based on the earnings of a partner (or are you to sole earner in your family?

TIP: Before you leave a job and if you own assets, arrange a line of credit. Don’t use it until you need it – but your credit rating as a new entrepreneur will often not allow you to take out a loan or line of credit until you can show several years of success in business.

Do you have a mentor or a coach?

When you head off into the unknown, it’s helpful to take a map and a compass with you to stay on point, and go in the right direction. If you have never started a business, how do you know what that direction is?

You don’t know what you don’t know in so many areas of operation that are outside the field you have focused on as the core of your business. It is those areas that can trip up new entrepreneurs.

Coaching programs like Grow Vantage are unique in that they provide a combination of good information (straight from the mouths of successful entrepreneurs!), coaching on demand and peer mentoring. Mentorship can be part of university programs, and form an important part of serving start-up entrepreneurs at city/provincial supported business centres. Why? Research studies show that it makes a difference.

In the absence of mentoring, entrepreneurs can meet uncertainty with logic (that sometimes doesn’t apply)

When faced with a new challenge, new entrepreneurs often make it up; guided by logic or advice from people they know. That can have consequences: some good, some unexpected. For example, what may seem logical to a new entrepreneur may be unacceptable to the expectations of a federal tax department.

Do you have an entrepreneurial mindset?

 

Mindset is a critical factor in achieving success. Successful entrepreneurs have a mindset that contributes to growth. New entrepreneurs may experience challenges to this mindset:

 

 

  • Fear of failure: Our culture doesn’t support “failure” as “learning” and yet, the most reliable way to learn to try – and when we don’t succeed – to learn from our mistakes. (One of my favourite quotes from Abraham Hicks is: “When a little child who is learning to walk falls down, we don’t say: “Get up you little dummy”. We know that this is how he finds his balance [and learns to walk]”
  • Fear of success: Something that we don’t often talk about but entrepreneurs can ask themselves… is what happens if this all works? Will I be able to handle it?
  • Carol S. Dweck, Stamford University, and author of Mindset identifies the characteristics of a Fixed compared to a Growth mindset. The latter allows people to focus on the process and continue to try, versus suffer when a goal isn’t immediately reached.
  • There are a myriad number of personal vulnerabilities that can surface when people are challenged by new and demanding situations.

What do you do about this?

There are three strategies that are helpful:

  • A coach or accountability partner who can help give you perspective, if you falter
  • Educate yourself on mindset and expectations of what it will take to be successful
  • Don’t go on this journey alone. If your partner is not supportive – find someone who is.

What do you have to learn?

Knowledge helps improve your odds of success

  • There is a lot of information on the Internet, although there are many different ideas and opinions online, with information that is often more theoretical than practical.
  • You can take courses.
  • You can find a mentor or coach who has valuable business experience to help guide you.
  • You can and should learn from your own experience as well.

All of these steps give you more information than you had when you started out. Our bias at Grow Vantage is to learn from actual entrepreneurs who have been in your shoes. There is no substitute for real world experience from someone who has conquered the ups and downs!

Your employee experience may not cut it:

  • You might have been in charge of an entire project from beginning to end as an employee, and that is great experience, however an organization supplies other staff for knowledge and support (e.g. financials, marketing, distribution, or legal). At first you may be on your own.
  • In your business: Do you have others to bounce ideas off? A more established company has a few more hands. Again, start-up entrepreneurs are often on their own.
  • As an employee, if your project doesn’t work out, in most cases, you will still get a paycheck. In your business, that doesn’t happen if your idea doesn’t bring in revenue.
  • How deep are your pockets? Maybe not quite as deep as those of an established company.

It takes time to learn anything new. And practice to establish business patterns that work! But the only patterns you know as a new entrepreneur are those you’ve read about or have been told about. Most of what you will have to do is new.

Here are some more guidelines:

There are skills entrepreneurs have to learn to survive and thrive. Later you can hire for missing skills. But as the “engine” of your business, there are needed skills a business owner has to have:

Keep Trying:

Early stages of business require thoughtful experimentation. “Throw stuff against the wall” is

a piece of advice I often give to new entrepreneurs – with one addition: When you try something out or throw it against the wall – pay attention to what happens afterwards!

Looking for patterns is the key to learning: Testing a pattern will confirm whether or not you keep doing it

Do more of what gives you results – and avoid what doesn’t.

  • Avoid getting stuck on an unproductive idea that you really want to work!
  • Get traction: Keep track of your efforts, reinforce what works, avoid what doesn’t

Depending on your ability to learn, the ups and downs you experience in year 1 can last through year 2 and maybe longer. When we train entrepreneurs our mission is to prevent or lessen craziness and develop stable patterns in marketing, sales and business growth.

The faster you learn, the faster you will grow

Accept and embrace that you will make mistakes  

There are other obstacles apart from these 5 areas of skill development of course. Article after article lists many things that are critical skills new entrepreneurs should develop to succeed in their business.

Whether or not you think you’re prepared, this is new territory. You are having experiences you’ve never had, and expectations you haven’t yet had to fill.  In fact in most cases they are so far from your experience – it is no wonder there is little or no point of reference as you launch your company. The question is then, if your employee experience does not prepare you for being a business owner, how can you prepare yourself?

Have a question? or a comment? Please let me know

Patricia

patricia@growvantage.com

Filed Under: Blog Tagged With: Business growth, business research, coach, entrepreneur, mentor, mindset, productivity, start-up

So…. What Have We Done This Year???

December 24, 2018 By Patricia Dent Leave a Comment

As business begins to wind down (later than usual this year, don’t you think?) I find myself thinking about 2018 and what it meant for me and Grow Vantage.

There are a lot of things to think about when you are looking back…just below there is an end of year exercise to help you take inventory of your 2018 accomplishments.

But first… a few thoughts that arose as I’ve looked back:

I’ve had a lot of discussions with Grow Vantagers (GVers for short) about how to banish distraction, stay on top of time, and go further (as quickly as possible). So I thought it would be a good subject to get into. Here are a few guidelines to think about:

  • Get a hold of your time. Grow Vantagers do an exercise that’s all about deciding what’s important (and whose “to do” it really is). We also want to get out ahead of what’s really important – so prioritize.
  • Create a structure and stick with it (for your day and your week): Day to day can slip through your fingers – so it’s also about structuring your time. I personally use a version of the Pomodoro technique for focusing my activities in mini work periods. I use lists to frame my day, time blocks to get work done, and I assign specific tasks to specific days.
  • Even so… my head can be turned by bright, shiny objects… so get a hold on discipline. GVers know that the way we process information is wired into our brains (courtesy of our Communications and Understanding Personalities classes)…but we also know we can be trained. Self training and discipline are really, really, really important. (I’m borrowing a phrase from my granddaughter… who is absolutely correct. Some things just are).
  • Horse blinders for humans? (Photo courtesy of Daniel at Pexels!) Anyone who has been around horse racing knows that some horses need blinders to focus their eyes on the track ahead and avoid being distracted by their peripheral vision. They can be affected by bright, shiny objects too! So someone has some up with headgear for people who want to stay undistracted…. (Check out a story that was published in October by the Boston Globe – link below). I don’t know if we need to go that far… but if someone has an idea for blinders on the inside of my head… please let me know.
  • Divide social from work: Being an entrepreneur can be lonely. And the truth is we need other people to hang out with, laugh with, get honest feedback from, and spark our imaginations. I have just made a decision to move my office home – for 3 reasons: to cut back on distractions, to qualify for growth funding for the future and to channel funds into digital marketing. Classes will still be held at Suite Success, and I’ll miss the day-to-day hallway chats, but I’m still committed to meet with you all… and this is getting serious about how I spend my time.

As you look back this year,  try an exercise our GV Mastermind did recently: “How did you do?” Leave a comment and let me know your ahas!

  • I rocked these things….
  • I stopped being afraid… (aka: I let go of….)
  • I learned these things (accompanied by… joy? pain? surprise? duh?)
  • I started these things…
  • I finished these things…
  • Now, what is still unfinished that you really want to get done? (This is the start of your story for 2019, apart from the new ideas that are out there waiting for you to embrace).

As you wind down, I also want to send you wishes for a wonderful holiday season (however you may celebrate it) from our our family to yours…

P

https://www.bostonglobe.com/ideas/2018/10/19/innovation-week-horse-blinders-for-humans/wCbx2Fdaz3BVxCRPKdfcuO/story.html

Filed Under: Blog Tagged With: Business growth, Distraction, productivity, self-growth, year end accomplishments

Grow Vantage feature: Congrats Brent Foster (GV45!)

August 10, 2018 By Patricia Dent Leave a Comment

Brent Foster (GV45), ex military, family guy and Pop-A-Lock business owner was recently featured in the Franchise Canada magazine. Great article for a great company!

Not only do they unlock houses or offices when keys are left inside, misplaced or broken; they also unlock vehicles. They have a PAL program that unlocks kids and pets from locked cars – and they drop everything to do it. Across North America Pop-A-Lock has rescued hundreds of thousands of children and pets through this free community service.

Here is the article: https://franchisecanada.cfa.ca/the-first-year-pop-a-lock-security-professionals/

Drop me a message or email if you or one of your Grow Vantage colleagues are being recognized… we would like to recognize you too!

Patricia

Filed Under: Blog, Entrepreneurial Journey

A one hour free consultation with one of the Siva Creative team!

April 16, 2018 By Patricia Dent Leave a Comment

Hi everyone

Mallory Steele (GV45) if offering GVers an hour-long consultation with herself or a member of her team, if you need some help with web-related questions. This is a generous offer that may help demystify the world of online.

Contact Mallory at mallory@sivacreative.com or Siva Creative at 705-716-1676.

Thanks Mallory & Siva team!

Filed Under: Blog

How are you starting off the new year?

January 2, 2018 By Patricia Dent Leave a Comment

There are a lot of podcasts and video messages out this week about end of year planning and looking forward to 2018. As I have been processing my own plans for the new year, I’m also reviewing my current list of gurus (those people I follow because I respect their wisdom).
Here are a few of my current favourites to share with you as we start off the year… and I look forward to sharing yours on January 4th at our first Alumni Lunch of the year (see below)!
Chris Brogan reminds us that we can’t have empty shelves when people want to buy from us (he was comparing some retail stores to Amazon at the time). He talks about a mandate for 2018:
“The new year is upon us.And I don’t really mean just the calendar.The sun is coming up on an age where people will measure your ability to serve them based on three specific categories you’re definitely not tracking today: 
  • Velocity – how fast can you deliver what you sell?
  • Friction – how easy is it to do business with you?
  • Connectedness – can I communicate with you and/or other buyers?
How you answer all of this, how you build and align your efforts and interests to serve this will determine your success or failure in 2018.”
For several years, I have also followed Chris’ 3 words process at the beginning of January.He picks three words that will form a personal guidepost for what he will do in the coming year.They have to have meaning and there are some interesting rules around that (see the link to Chris’ blog below…).
Other advice?
John Reese advises us to create a “to do” list. John puts the tasks that will be achieved the fastest at the top of his list to avoid being slowed down by the involvement needed to complete one large task.That’s different from Brian Tracy’s advice: “Eat that Frog”(or even better:“If you have to eat two frogs eat the ugliest one first” (see link below).
Reese again:
  • Focused execution: Avoid being totally distracted by new ideas…. shiny objects to entrepreneurs. What about what you have in play already? John says that what already generates results should be your focus. Cut out the noise: that is distractions … Facebook, browsing, research, clutter…
  • And of course rewarding yourself… hmmm. What if you were to establish a reward system for working in a focused way, or taking the steps that will help you achieve your goal? I’m up for a bribe My favourite one, when I’ve finished something on my list is to grab a cup of coffee and read a chapter or two from my latest book for 15-30 minutes. That’s freedom to me. What about you?
  • Figure out how to be productive: I like the Pomodoro technique (modified a bit). What technique will you use?
Nandapani talks about the importance of focus and directing the energy you spend. Sad to say for a recovering multi-tasker, but multi-tasking doesn’t generate results.
Jeff Walker: One of my long term favourite authors and entrepreneurs (so much so that I’ve joined one of his masterminds to help me launch Grow Vantage online).In his latest message he suggests a planning framework that analyzes existing conditions, what your environment looks like, what’s coming down the pipe and what you want for your future… Are you analyzing your past year?
What do you believe about yourself? Success Magazine consistently features articles on being successful… including a Les Brown YouTube episode from October this year in which he encourages us to set goals in 3 major areas: personal goals; your financial freedom number; and your social contribution goals. He asks: What will be different because you showed up?
I believe in making aspirational goals. One of my past mentors – Natalie Sisson – encouraged us to develop BHAGs (Big, Hairy, Audacious Goals). After all if you only dare a little, even if you achieve your entire goal, you’ll only achieve a little. If you aspire to something BIG, chances are even if you don’t get there – you’ll have achieved a lot more.
So please join us Thursday – or leave a comment to let me know your goals for 2018!
And in case you are interested in reading or viewing the original posts, here are some links:
Chris Brogan: http://chrisbrogan.com/3words2018/
John Reese: https://itunes.apple.com/us/podcast/the-wacky-mind-of-john-reese/id1263790515?mt=2
Brian Tracy: https://www.briantracy.com/blog/time-management/the-truth-about-frogs/
Jeff Walker: http://jeffwalker.com/blog/
Nandapani: https://www.youtube.com/watch?v=iapX9xiDAFY
Les Brown: https://www.success.com/videos/youtube/the-story-you-believe-about-yourself-determines-your-success?mpweb=574-5279824-742241676
Natalie Sisson: https://www.nataliesisson.com/
Btw are you curious about my three words? Go create your own words first… then let’s share.
What are the Alumni lunch details?
Date: Thursday January 4th, 2018
Where? Market Grill, 140 Mapleview Rd. W in Barrie
Time? 12 noon – 1:30 pm

Filed Under: Blog Tagged With: goals, plan, productivity

The 5 Habit Checklist to take your resolutions from idea to action

January 18, 2016 By Patricia Dent 2 Comments

You were motivated. You made resolutions at the beginning of January.

But weeks later, how are your resolutions? Alive and well? Or already a thing of the past?

There is no simple method to take your well-meaning goals from an idea that actually bears fruit, even something you are passionate about. It’s the action that makes it real.

No amount of enthusiasm or determination by itself will help you achieve your goals. You are going to have to approach goal setting realistically. You’re going to have to change your behaviour. And that’s the catch.
Try comparing this 5-point checklist against your goals to see if your goals are falling apart.Read More

Filed Under: Entrepreneurial Journey

Making resolutions…

December 31, 2015 By Patricia Dent Leave a Comment

This time I’m really going to turn over a new leaf…

So many of the people I’m following are talking about starting off the new year …with a resolution, a plan, a new you. When you’re in the trenches it all sounds hopeful – but a little daunting.

Hopeful, because let’s face it; we would all like a magic wand (or a magic process) to wipe away all our mistakes, bad habits, and the shortcomings we experience as entrepreneurs. And sometimes making a new resolution or a new plan feels like magic. It isn’t really magic, but yet we approach New Year’s resolutions as if we have the silver bullet in our hands.Read More

Filed Under: Entrepreneurial Journey

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