Posts Tagged ‘business’

Many of my clients and friends know that I sold a book in 2009…and that I then had to write the book per my Byzantine contract with HarperCollins.  What you may not know is that writing a book and learning the business of publishing has given me a huge amount of insight into the other businesses I work with and, by extension, my own.  Here are some highlights from the journey:

If you’re gonna do it, do it right.  Lyrics from a Wham! song?  Yes.  Good advice?  Yes.  When I decided to take the plunge and follow my dream of getting published, I did it the long, hard way.  I researched agents, wrote a killer query letter, and suffered through a failed attempt to sell a similar book before landing this deal.  It took three years, but it was more than worth it.  My book is going to get the audience…and the chance…it deserves.

Know your audience.  One of the first questions I ask my clients is “who’s your audience?”  When they don’t know (or don’t want to bother finding out), I know we’re in trouble.  The same thing applies to writing a book.  Luckily, having a crystal-clear picture of my audience and my ideal reader has been a great organizing principle as I write.  When I get lost, I think of my ideal reader and what she wants to read.  This works equally well in marketing and business.  If you lose sight of your audience, you can’t be surprised when they don’t respond to your message.

Know your limits.  I admit it:  I’m a workaholic.  Adding this project (a massive undertaking that my business partner has started referring to as “Erin’s pregnancy and childbirth”) to the already-huge workload of running a start-up was slightly ridiculous.  I’ve managed to do it, but there have been bumps, primarily three bouts of bronchitis that finally necessitated a solid week of rest without any work whatsoever.  If I could do it again, I’d set stretch deadlines and more realistic ones to keep myself better-paced and better-rested.  I see this tendency in the owners and employees of the companies I work with…people who tend to favor work rather than work-life balance.  Everyone has limits, and that’s okay.  Better to set an attainable goal and reach it than one you can never meet.

The best work is collaborative.  Can I tell you how scary it was to receive my first reads and edits on The Heroine’s Bookshelf? I’m talking white-knuckled, terrified reading as I searched for the worst possible rejection of the work I’d labored over with such love and care.  Though I’ve been a professional writer for years, I really dreaded the editorial process before it began.  But going through the process has reminded me that this book is a team effort.  It wouldn’t have sold without my agent’s hard work or my editor’s championship.  Once it’s complete, I’ll rely on legions of copy editors, designers, typesetters, publicists, sales staff, and others to help make it a success.  The pleasure of the process…of opening yourself up to criticism and change…is profound.  And I find it’s the same for my clients.  It can be scary to bring in a consultant, to stare change in the face and back it up with that checkbook.  But once the process becomes collaborative, you usually have the support and insight you need to keep on going.

What have you learned from the projects you pursue outside of work?

Wanna learn more about my book?  Do it here!

Image courtesy of Library Mistress

And here I thought Friday would be just another day.  Instead, it brought news of Vladimir Ponorovsky’s crazed e-mail tirade to employees of Paradou, his chichi Provençal restaurant in the Meatpacking District of Manhattan (warning: not for the faint-of-heart or the can’t-stomach-profanity crowd).

In a word: wow.

Of course the former waitress and restaurant employee in me cringes to read something like this, as does the foodie.  But it is my inner marketer who really starts to do some cartwheels when faced with an e-mail of such passion and drama.  Ponorovsky may be a successful business owner (for now), but it strikes me that he has much to learn about business.  Like:

• You can’t afford to treat subordinates (or anyone else) like poo. I worked in Big Law for many years in a supporting role.  I can’t tell you how many first-year attorneys I’ve seen crash and burn, treating support staff inappropriately, yelling and screaming, and acting like jerks.  Surprise, surprise…every single one of them experienced the inevitable “computer problems,” slowdowns, and dismissal of their oh-so-important projects by the same people who would bend over backwards to help more polite and thankful attorneys.  The result?  Pissed-off judges, incensed managing partners…and stagnant careers.  Ponorovsky has made a classic business mistake here:  underestimating the value of the very people who he needs on his side.  Terrible, terrible idea.
• Angry people are really good at spreading the news, especially on the Internet.  Back in the day, it could take years for bad news to travel around the country via Pony Express or smoke signal.  Today…not so much.  An email like Ponorovsky’s is easily disseminated with the click of a button.  And the Internet is a really good archivist.
• Respect matters.  People hem and haw about the decline of respect in a society that has condensed interaction down to 140 characters or less.  But the backlash against Ponorovsky demonstrates that people actually do value respect…to the extent that they’d log on to Yelp and give a one-star rating to a restaurant they’ve never visited just to get their point across.  By disrespecting his staff, Ponorovsky has dealt Paradou a terrible blow.  No matter how delicious their food, the restaurant will never be able to live down its reputation as a place that doesn’t respect its workers (or, by extension, its customers).  Inexcusable.
• Think hard before clicking “send“.  I’ve been guilty of this, too:  jumping the gun on a newsletter with typos or an e-mail that doesn’t quite hit its mark.  If the Ponorovsky/Paradou debacle has taught me anything, it’s to take a moment to pause before I shoot off anything that will represent me or my business.  Is a moment’s relief ever as valuable as your brand?

My sympathies go out to those who have chosen to remain employed at Paradou.  And my hat is tipped, just for a moment, to a man whose very public gaffe may just help us minimize ours.

Photo courtesy of hans.gerwitz

Spring 2009 is all about social media education, and Twitter is on the tongues of everyone from devoted power-users to confused newbs who can barely use a mouse.

Despite all the hype, news programs and even devotees haven’t quite hit their mark.  I keep running across the same question over and over again…why should I care about Twitter?  Who gives a hoot about whether you had a croissant for breakfast, anyway?

In lieu of writing a thesis on the subject (and if you really want to hear the advanced reasoning behind my use of Twitter, pretty please come to my new Twitter class June 25 and July 9), I’ll give some simple answers.

Why should you care about Twitter?

It’s all about conversation.  If you aren’t having a conversation with your potential clients and colleagues via social media, you’re missing the boat.  Twitter doesn’t just give you an unprecedented chance to engage with your base…it allows you to start, shape, and exert a degree of cotrol over the conversation that just can’t be achieved by a press release, a sound bite, or an advertorial.  And the options are endless:  you can talk directly to your base, ask them questions, gauge their opinions, solicit their feedback, be helpful and offer advice.

It’s happening.  Whether or not you like it, Twitter has taken off in a big way.  Does every business need Twitter?  No way.  But don’t dismiss it because it’s new, trendy, and admittedly overhyped.  The amount of creativity and excitement generated by Twitter is truly energizing and engaging…if you know how to use it properly.

It’s opportunity.  Opportunity to find out what your customers and your colleagues care about.  Opportunity to make mistakes, hone that brand, and get deep into voice and vision.  Opportunity to dip your toe into a huge conversation and watch it morph before your eyes.  Opportunity to be on the cutting edge before it changes into something else (just look at the evolution of hashtags over the past few months). And, yes, opportunity to get business.  I can count twenty or more instances in which Twitter has brought me business or allowed me to refer business to someone else in the last two months alone. Now that’s opportunity.

Sure, you may think you don’t care about whether your client had a donut or a croissant for breakfast…until you use that fact as the launchpad for a personal conversation.  Twitter can seem scary:  it’s immediate, vast, and fast.  It’s also vibrant, thrilling, exciting, maddening, and hilarious.  Go ahead…dip that toe in.

Readers, why do you care about (or shun) Twitter?

Photo courtesy of godsmoon

“In this economy” (the new way practically every statement made by a human in March 2009 begins), companies are scrambling in an attempt to determine the proper use of their marketing budget.  And it ain’t easy, especially if you’re a solopreneur, a small business owner, or any other variety of human with a pulse and a finite pocket.

But are you really in over your head?  Is it time to hand off your marketing, or can you keep doing it yourself?  It depends.  Here are five signs you’re ready to take the plunge:

You’re insane. My favorite definition of insanity?  Repeating the same actions over and over and expecting a different result.  If your marketing routine isn’t producing results, you may need an outside eye (or some outside assistance) to determine where to cut the fat and where to ramp up the effort.

You’re (over)reactive.  True marketing results come from consistent and measurable actions, not reactions to every trend, shiny object, financial flutter, or bump in the road.  If you have slipped into reaction mode, you may need a dose of reality and some externally-enforced priorities to help you rein your marketing efforts back in.

Zzzzzzzzzzzzzzzzzzzzzz.  If this is your reaction to the news that it’s time to market your business, you’re not alone.  Marketing (especially in a down economy) is not a cakewalk.  In fact, marketing can really, really suck.  However, if the slightest mention of a marketing task makes you want to crawl back into bed with your jammies and evade reality, you are likely in need of intervention and assistance.

You’re hurting. You know those growing pains you got when you were a kid and your muscles and bones were shooting upward and outward and all over the place?  They can (and do) wallop a business.  Transition points — going national, expanding your staff, changing your client base, raising your rates — are healthy, but they can place immense stress on your business, your budget, and your time management skills.  Shore up your resources and get help to bridge the gap and transition with ease.

You’re superhuman.  Wait, doesn’t that mean you can do your marketing yourself?  …Not necessarily.  If you take on too much, something will have to give.  Usually it’s those all-important routinized marketing tasks that fall to the bottom of the to-do list.  If you have trouble prioritizing marketing, it might be worth handing it off while you focus on saving the world.

Photo courtesy of gruntzooki

VOCO is privileged to be a sponsor of the Rockies Venture Club, one of the most interesting groups for entrepreneurs and venture capitalists in the area.  Last night I attended their (jam-packed) monthly meeting.  The theme was How To Give Wings To Your Fledgling Company:  Angel Investing In 2009, and the panelists — Kelly Burton, moderator, of Investment Avenue, Robert Fenwick-Smith of Aravaipa Ventures, and Rob Morrison of Coherent Investments, were on the ball.  Here’s a quick recap of the panel:

What’s the view for angel capital in 2009?  How has it changed from 2008?

Morrison:  We have lower risk tolerance.

Fenwick-Smith:  We can’t count on the money that’s been flowing around historically…angels are now focused on cash-flow positive businesses above all else.

What do you look for in a company before investing?

Fenwick-Smith:  I focus on near-term prospects in green technology.  Angel investors, unlike venture capitalists, can’t afford to play the numbers game.  We’re looking for companies that have a plan.  I find the obsession with exit to be formulaic — you have to think about how to create a business that pays dividends, not one that will be acquired.

Morrison:  As an angel, I’m motivated by the viability of a business and its team.  Is the entrepreneur bringing hard questions to me?  Do they understand and clearly state their own expectations?

What capital sources do you recommend?

Morrison: I like to see how far my dollar can be stretched.  Capital efficiency is key.  The support of friends and family is somewhat of a necessary endorsement in these times.  Support from a federal program such as Small Business Innovative Research grants can be key.

What makes entrepreneurs stand out during the due diligence process?

Fenwick-Smith: PowerPoints make no difference to me!  Polish doesn’t count…90% of the strength of a potential investment is in its people.  I’m looking for attitude, how they answer questions.  The figures are always wrong, but I accept that innate optimism and instead go with my gut.

Morrison: You have to remember that there’s no specific point in time where due diligence starts or ends.  It begins the second you meet for the first time.

Is Colorado still fundable?  Where does Colorado stand in the angel investment mix?

Morrison: The ecosystem for business still exists, but it’s harder to penetrate.

Fenwick-Smith: We’re in a climate right now that fuels startups.  Colorado is definitely a brighter spot for sustainability and organic products, and the big VCs come here often, which is a good sign.

Is there a hot industry or trend for investors?

Morrison: The hottest industry is the one in which you have the most passion or knowledge.  Still, I’m seeing growth in entitlement healthcare, military, and energy, especially with this new administration.

What are your recommendations for entrepreneurs?

Fenwick-Smith: Hunker down.  It’s gonna be a difficult year, no matter what stage you’re at.  It will take longer to receive your POs, and most businesses will either be affected by, or use, the recession, resulting in a slowdown.

Morrison: Go for partner wealth.  Look for money, look for help — and understand what it is you need.  Partner well and you’ll do well.

What’s the role of failure for entrepreneurs? Do you ever tell them to quit?

Morrison: It’s basically required. I’ve been in situations where plans have been reshaped to the extent that the founders want to quit.

Has the economy affected angel investors’ appetite for investment?

Fenwick-Smith: In my experience, it’s harder than ever before.  Why would I put money in an illiquid investment when today I could buy discounted or distressed real estate and turn it around?  It has to be the right project and right team, even more so today than ever before.

Morrison: The appetite for investment hasn’t changed, but the risk-to-revenue ratio has.  I’m now looking for profit versus exit.

Photo courtesy of Aunt Owwee

In the world of woman-owned businesses, it’s rare for a fierce entrepreneur to also act as a hub for everyone and everything cool in about a million-mile radius.

As will surprise nobody who knows her, Heather Clark of Calluna Events does just that.  Not only does Heather conceive of and design incredible parties, weddings, anc corporate events, but she connects people with vendors, resources, and each other to create a truly noteworthy experience.

I first met Heather through we2e, a women’s networking group for female entrepreneurs founded by Heather herself.  In a smart move, she decided to up the ante and capitalize on her great social networks to bring together women who have something major in common.  In the years since I’ve met her, I’ve found Heather to be a complex personality and a class act.  When we eventually get around to our ribbon-cutting/very belated grand opening, Calluna will most definitely be the company we turn to.  Meanwhile, feel free to contact her if you need a classy, cutting-edge, or just plain fun celebration!

Ah, technology.  Gotta love server outages, lost e-mails, and communication glitches.  The fact that we’ve had record cold temps here in Denver and Boulder doesn’t seem to help.

In the midst of all the pre-holiday frenzy, it’s important to give back.  We put a lot of thought into the potential of holiday gifts this year…after all, we want to thank our friends and our amazing clients for their support and patronage.  Still, it just didn’t seem right in this economy and given the struggles of people less fortunate than us.

Instead, we decided to donate money to two of our favorite charities, World Vision and Heifer International.  We love their proactive focus on eradicating poverty and supporting business in developing countries through a diverse set of programs that really make a difference in the world. Yes, our clients can still expect some pretty cards and some holiday cheer…with a purpose.

What do you think about holiday gifts?  Has your holiday mentality changed this year?  What charities do you support?