Archive for June, 2010

Size Matters

Anyone who says otherwise is lying

There’s a big white elephant in the room (or sometimes a tiny white elephant in the room) and that is size.  You keep hearing people say that size doesn’t matter- in business, in social media, sometime in boxer briefs- but let’s call it like it is- it’s not really true.  When you get to the debate of quantity vs. quality, the real answer is that both matter.

If you look at the people who say that size doesn’t matter, they usually fall into one of two categories

1-     They have size.  It is easy to patronize everyone else with the “size doesn’t matter speech” when you are in the “big” category.

2-     They don’t have any size.  On the other end of the spectrum, if you aren’t well endowed (in business or otherwise), you want to create a justification for being small and start believing your own delusions.

In social media, people say that size doesn’t matter- it is better to have a few loyal fans than 50,000 big ones.  I call bullshit.  You want to have both.  The big number, although perhaps not truly indicative of your following, establishes credibility that helps you secure partnerships, other followers and more.  Of course, you want the quality fans too, but that doesn’t mean you should favor one over the other.  Three loyal fans, unless they have a lot of influence (and money) are not the be-all-end-all to your business.

The same is true with business.  Scale establishes credibility, which in turn helps you to secure better clients, vendor terms and relationships, service provider relationships and more.  This doesn’t mean that you have to be the biggest company in your geographic region, but being micro is going to have disadvantages, plain and simple. 

And in other areas where you hear that the motion of the ocean is more important than the size of the boat, well that may be true, unless the boat is so small that you have no idea when it is in the harbor.

The point is that size does matter.  You don’t have to be the biggest participant, but you have to have some critical mass to establish credibility in your selected domain.

Wednesday, June 30th, 2010
Posted in Business Strategy | 13 Comments »

How Adaptable Is Your Business?

Can you adapt your product, service, marketing and/or business model to meet customer needs?

Times change, people change and wants and needs sometimes change too.  To have longevity in business, you need to be able to adapt to changes.

Things will never go 100% as planned in business.  A lot of the time 90% doesn’t go as planned.  A key to survival is to be able to change and adapt your business quickly and skillfully.

Take the product Lysol.  It is a household name in disinfecting and has been around for decades.  But before it was disinfecting household surfaces, it was marketed to women as a way to eliminate odors from their “hello kitty”- yes that’s right, Lysol was first sold as a douche (and as a form of contraception, nonetheless).  After women realized that wasn’t the kind of tingling they wanted in their nether-regions, Lysol was adapted to become one of the most successful household products around.  Don’t believe me?  Here is an actual ad from a movie magazine from the early 1940s.


From Modern Screen Magazine, November 1946

So, if your products and services are causing unwanted feelings in or from your customers, see what you can do to change.  Maybe you can tweak your marketing, your customer service or other aspects of your business to make it more relevant to your customer base. Don’t be afraid to think outside of the box (tasteless pun totally intended) and adapt to new market conditions.

Monday, June 28th, 2010
Posted in Business Strategy | 11 Comments »

Guest Blogs, Television and More!

I have been busy on the “Interwebs” providing a variety of business insights to some really cool people and media.  If you missed any of these, please check them out:

Guest Post: The 9 Stages to Social Media Acceptance
Via Erika Napoletano’s Redhead Writing Blog (which is one of my favorite blogs, so definitely peek around- not for the faint of heart)

Video of my Interview with Alisyn Camerota on Fox & Friends
(Ok, it’s television, not the Interwebs):

A huge thanks to Mary-Lynn Foster and George Krueger of BIGG Success for helping me grab this (another favorite site and podcast!)

Guest Post: Lost Your Job? Don’t Start a Business…Yet
For FoxBusiness.com

Video Interview with NY Times Best Selling Author Michael Port
Michael interviewed me on my new book, The Entrepreneur Equation- he is writing the foreword

Video: Should you be an entrepreneur and are you a Santa or an Elf in business?
Interview with Mike Michalowicz, the Toilet Paper Entrepreneur

Hope you find these helpful and valuable…more to come!

Wednesday, June 23rd, 2010
Posted in Business Strategy, Media | 3 Comments »

Breaking Through Your Fear and Circumstances: Carol Roth Interviews Lolly Daskal

From The CarolRoth.com Entrepreneurship Interview Series


This interview is a bit of a departure from the rest of the series, but with an equally strong message.  Lolly Daskal shares her personal story of overcoming the most limiting circumstances to achieve great success.  Cut off from her extremely religious family, homeless and without a dollar in her pocket, Lolly followed her passion to become a successful artist in Paris.  She talks about her journey, her struggles and ultimately, re-inventing herself as a successful coach and speaker.  I think for anyone who feels limited by circumstances or personal fear, you will find Lolly’s story very motivating.

Lolly and I cover a number of topics in our interview, including:

-Letting Lolly share her story of becoming homeless and orphaned at age 16;
-How she overcame her circumstances to follow her passion;
-Why you have to be prepared to face success;
-How you can overcome your fear in business;
-How to break through the victim mentality;
-How Lolly professionally reinvented herself and what you can learn from that;
-And more

We also talk a bit about Lolly’s Branding Your Story program.

You can listen to the player below (it may not show for some of you) or click here to download or stream the MP3 file.


You can connect with Lolly at www.LollyDaskal.com.

Feel free to leave comments here as well and I will pass them on to Lolly.

If you are not already on my mailing list, fill out the form below to be alerted when I post future interviews (we have an amazing slate of interviews coming up) and to get free extra CarolRoth.com Entrepreneurship Interview Notes, only available to my mailing list.  And don’t worry, I only send out newsletters when there is something major to inform you about.

Sign up now to get your free Entrepreneurship Interview Notes from Carol on her conversation with Lolly Daskal and other thought leaders:

Tuesday, June 22nd, 2010
Posted in Business Strategy | 9 Comments »

The Four-Letter Word You Should Embrace

Not being afraid of the “H” word

Four-letter words often get a bad rap.  And having bit of alpha-male energy myself (being my father’s only son, as he so affectionately refers to me) one of those four-letter words that has made me very uncomfortable in the past is “Help” (not the direction that you thought I was going, huh?).

Progress doesn’t happen solely on the back of one person, so why are so many of us afraid of asking for help?  Is it that we feel that asking for or receiving help is a sign of weakness?  Or perhaps we don’t want to feel obligated to someone else.  Whatever the root, for those of us accustomed to giving help, asking for some is often very uncomfortable.

I have been so fortunate to be able to embrace this four-letter word over the past nine months and in turn, receive input from a variety of very smart and interesting people.  What I have learned is that receiving help doesn’t make you weaker, it can actually make you better (of course, if you don’t abuse asking for it).  I have been able to learn quickly and efficiently.  I have been able to get to know people on a different level.  I have been able to forge new relationships.  And I have been able to advance my personal and professional goals. 

The weakness in asking for help isn’t the word, it is the feelings that we associate with it, rightly or wrongly.  My weakness was not asking for help- I was actually weaker when I was unable to go outside of my comfort zone and be vulnerable.

For those of you who have given me help when I asked (and in some cases, when I didn’t ask), thank you- you have made me a better person.  I hope that this will encourage others to ask for help, even when it is way outside of your own comfort zone.

And for everyone else, perhaps you will at least see the good side of four-letter words!

Monday, June 21st, 2010
Posted in Business Strategy, Homepage | 14 Comments »

Four Ways Restaurants Can Improve the Customer Experience

And what you can learn from their mistakes

It’s no secret that I really like to eat and that I spend quite a bit of time in restaurants.  However, there are four things that occur in far too many restaurants that make it clear that they aren’t totally focused on the customer.  Here are my four tips to restaurants from the customers’ perspective: 

Take (and honor) reservations:
Time is our most precious and fleeting resource.  So, I don’t want to spend it hanging out in the waiting area (or bar) of your establishment, unless that was my predetermined plan.  Make sure that you take reservations to show that you value your customers’ time and when they show up, seat them at or very near the time of the reservation.  A 7:30 reservations should not mean 7:50 seating.

Write down my damn order:
When I go to a restaurant, I am well aware that I am not in a Jedi Mind Academy.  I am not impressed by memorization skills- I am impressed when my order comes out correctly.  So, have your waitstaff write the order down the first time.  Oh, and for brownie points (and by brownie points, I mean me not sending the food back), check the food against the written order before you bring it to the table.  Double points if your staff actually knows who at the table ordered each dish!

Stop leaning over me while I eat:
This is my #1 restaurant pet peeve and ranks in my top five peeves in life.  When I am enjoying a meal, I want to enjoy a meal.  I don’t know if waiters think are helping by clearing others’ plates, leaning over me and having their dandruff fall into my meal, or if it is just their way of rushing to turn the table.  Either way, it sucks (and in many cases, it is kinda gross).  I don’t want you leaning over me or my food, I don’t want you to bump into me, I don’t want to have to “excuse you” while you rearrange crap in front of me and I don’t want everyone else to have their plates taken away and have me be the “which of these kids is doing his own thing” at the table by being the last one left with a dish in front of me.

Don’t ask if you don’t give a flying ______:
If you are the manager, host, waiter or anyone else on the restaurant staff and you come by the table to find out how things were, then you should actually care.  If I have feedback that you don’t want to hear, deal with it or don’t ask the damn question in the first place.  Or if I give a compliment to the staff, make it clear that you are glad to get it.  If you are going to go through the motions to check on the customer, then you should want to act upon feedback. 

The takeaway:  What each of these issues demonstrates is how far removed many business owners are from their customers real wants or needs.  Restaurants aren’t just about food, they are also about an enjoyable social experience.  Make sure that you look at your business from your customers’ perspective and determine what needs (other than the obvious) you are really filling for them.

 
Do you have any restaurant peeves?  Share below!

Thursday, June 17th, 2010
Posted in Business Strategy, Customer Service | 7 Comments »

Stop Being A Business Slut

Nobody wants to buy the cow when you give away the milk for free 

Do you have slutty tendencies?  I think many of us have been there at one point in our business (or perhaps even personal) lives.  Being a business slut is giving your time, money, effort, services, etc. away- over and over again- for free or at a significant amount less that it’s worth because you don’t value yourself and what you bring to the table.

How many times have you discounted what you do and offered to provide something that you should be paid for totally for free? 

Now, I am not talking about helping out a friend, colleague or even stranger from time to time (in a business sense, of course- get your mind out of the gutter!).  I advocate being generous, but there is a difference between generosity and slut-hood.  I am talking about not knowing where to draw the line.  I am talking about giving away a free scoop of ice cream (or a frickin’ hot fudge sundae) even after the free pink spoonful worth.  I am talking about discounting your services because of a lack of confidence and purpose.  Those are the hallmarks of a true business slut.

Sluts make life hard on everyone because they set a dangerous precedent. 

If these words don’t inspire you, watch the following video “Pay the Writer” by Harlan Ellison (which I was alerted to via Twitter by Jason Seiden via @frankroche of ifractal) who will hopefully reinforce why those who are willing to give “it” away create a tougher playing field for the rest of us.


Will you stop being a slut?

Tuesday, June 15th, 2010
Posted in Business Strategy, Homepage | 7 Comments »

Unsolicited Business Advice: Why I Hate Whole Foods

And what your business can learn from their mistakes

Last year I did a guest post for Rich Gallagher’s Point of Communication blog on why I love Trader Joe’s and alluded to what they do better than the competition, but now I want to talk about what the competition is doing wrong- specifically Whole Foods.

We take food pretty seriously in my family and since I don’t cook, having our favorite brands of packaged food, as well as pre-prepared meals for my husband to heat up in the microwave, is fairly important to us.

I am in what can be best described as a bad relationship with Whole Foods.  While I have cut way back on the amount of time I spend there, I just haven’t been able to fully quit them.  I shop at Whole Foods about once a month, solely to get those brands I can’t find anywhere else.   They do a really good job at stocking new and interesting “healthy” food brands.  That is where my compliments end.

To say that Whole Foods is sort of expensive is like saying that fire is sort of hot.  A box of Annie’s Bunny Fruit Snacks that I can buy at Target for just over three bucks cost $4.69 at my local Whole Foods (they are pretty tasty, by the way, if you like food made for eight year olds).  For that pricing premium, you would figure the customer service would be outstanding, right?  It isn’t- it actually sucks.

I have been to probably a dozen stores in four states and the floor employees have been generally useless, clueless and sometimes downright rude.  They act as if they are doing you a favor by letting you shop in their store (not quite the premium experience).  Today’s shopping trip including me doing what looked like some weird interpretive dance to reach around an employee blocking off the entire refrigerated fruit section to pick up part of a watermelon, not being able to get through two other aisles because of employees blocking them off and an employee with a large moppy-broom thing (I’m sure that’s not the actual name of the tool, but I am not very domestically inclined) that tried to cut me off as I was headed across the back aisle when he wanted to go across my path towards the front of the store.  There is no “Excuse me” or “After you, miss” or actually any acknowledgement that you even exist as a customer if a Whole Food employee is trying to restock, mop or do some other task.  It is somewhat like an obstacle course of employees, which could be fun in a setting other than a grocery store.

If you need help (like I did when trying to locate a product they had moved for the fourth time this year), you better hope you have some free time on your hands.  And the potentially cool aspect of having samples of different products to try (like cheese or cookies) isn’t that great when all that is out there are crumbs.   

While the checkout girl was fairly cheery, the entire experience every single time is just god awful.  It’s my own fault for going back, so my quest now is to find someplace else to buy my Wallaby Down Under yogurt and end my bad relationship.

So, what can your business learn from my abysmal Whole Foods experience?  Make your customers feel special.  It is easy- Trader Joe’s does it (and they have great value prices) just by having helpful, friendly, knowledgeable employees.  I could be a raving fan and lord knows that I am a customer that spends ridiculous sums on the things I really like (just ask the staff at the BCBG store), so make sure you are treating your customers in a way that makes your entire value proposition enjoyable.  Otherwise, you may just find that your customers ending your relationship.

Monday, June 14th, 2010
Posted in Business Strategy, Customer Service, Homepage | 10 Comments »

Customer Communication: Are You Being Clear, Part II?


Make sure you are clearly articulating your value proposition to your customer. Answer the “What’s in it for me?” question for the customer.  And then make sure that you have for sale what you are selling…

Thursday, June 10th, 2010
Posted in Business Strategy, Random Musings | 1 Comment »

Taking Business Advice From Someone Who’s Just Lost Their Virginity

Doing something once doesn’t make you an expert 

There are a lot of “experts” running around out there that know just enough to be dangerous.  One area that really scares me is the number of entrepreneurs who have sold a company that they built and are now spouting off M&A and business sale advice.  I mean, you don’t lose your virginity one day and then go author the sequel to the Kama Sutra, right?

M&A and selling a business is as much an art as a science.  Not to say that you can’t learn something from another person’s singular experience, but every business situation is different.  Maximizing value in a sale depends on the industry, the type of buyer (financial or strategic), the business’ market position, margins, customer concentration, sales mix, historical financial trends, growth projections and a whole host of other factors.  Trying to take one special situation and applying it to your business may give you a helpful tip or two, but shouldn’t be the be-all, end-all of advice for you.

The takeaway- don’t take business tips (or sex tips) from someone who has only done it once.

Wednesday, June 9th, 2010
Posted in Business Strategy, Homepage | 2 Comments »