Have you ever stopped long enough to consider what business you are in? I do not mean what business is your business in, but what business are you in. I would suggest that regardless of the product or service supplied by your company you are (or should be) in the business of managing your business.

 No doubt you have heard that you “should work on your business not in your business” and if you are like most people you either continue to spend far too much time “doing” the detail work of your or you take the idea of working on your business far too literally and assume that means you should pay no attention to the detail at all.

 Why do owners become engrossed in “doing” the detail of their business? In truth I do not know. Perhaps like me you were raised to believe you should be “doing” something and thinking, reading, planning, holding productive meetings with your staff does not count as “doing.”

 Whatever the reason be sure of one thing. Your habit of becoming involved in “doing” the detail of your business is costing you money, perhaps huge amounts of money. If you wish to maximise the value of your business you should be developing strategy, directing and concentrating upon marketing.

 Some owners go too far the other way. They hear that they should be working on their business and not in their business and take this to mean they should have nothing to do with the detail at all. If you manage to grow a sizeable business without paying attention to any detail I will be surprised. You will also face the ever present danger that your business does not operate the way you believe it does. You will always face the danger of something going badly wrong.

 Not only the devil, but also much of your profit is in the detail.

 So what is the happy medium?

 Do not spend your time “doing” the detailed work of your business.

 Do spend your time looking at the manner in which the detailed work is carried out. Ensure you have efficient and effective systems for completing the detailed work whether you are involved or not. Put reporting systems in place so you will know if things are not working as you expected.

 Your business is a system, or it should be. I realise that entrepreneurs do not usually like systems but systems will set you free.

 Once the systems are in place you can spend your time maximising the value of your business by developing strategy, directing and concentrating upon marketing.

  Have a GREAT Day!

Stuart Lockley

I have two daughters.  One at University and the second will soon be there. A couple of days ago I sat and wondered what advice I would give them (assuming they asked) if they decided to go into business or indeed start their own business.

 As I thought about this question I realised there were only four things they needed to learn and only three things they needed to do if they were to make a success of their own business. Everything else is noise. The things not on the list may need doing but you should not be wasting your precious time doing them.

 So what four things would I tell my daughters to learn to do?

 1.  Learn to read a set of accounts.

I am not suggesting keeping the books just learning to read some accounts. Everyone I have ever met in business who cannot read a set of accounts is at a disadvantage. How can you go about learning this skill? Obtain the latest set of published accounts from a number of public companies and analyse one set each week, or each fortnight. You will soon find you are more skilled in this area than most people in business. If you are unsure where to start try paying your accountant to teach you the basics.

 For the accountants amongst you, why not organise a course for your clients in order to teach them the basic knowledge they require?

 2.   Learn to organise and manage people.

You cannot build an organisation by doing everything yourself, it is simply not possible. It is essential you learn to get things done through other people and hence you must learn to manage your staff.

 One of the biggest mistakes most business owners make is trying to take every decision and know everything that goes on within the business. Follow this route and you will simply restrict the growth of your business and give yourself an ulcer from stress

 3.   Learn how to sell.

Selling is of course key to growing your business and at least in the early stages you may be required to do all of the face to face selling yourself. If you do not already have the direct sales experience take steps to improve your skills. Hire a trainer, buy and read books on selling. Learn.

 4.   Learn direct response marketing.

Direct response marketing, rather than institutional marketing is the key skill you must learn if you wish to grow your business. For all but the largest of companies institutional marketing, otherwise called brand building is a waste of time money and resources. The one thing that will set you and your business apart from your competitors is improved direct response marketing.

 You will build your brand by selling more product or service, not by spending on brand building advertising.

 Once again, if you do not currently have the skills you require in this area it is time to take steps to remedy the problem. Start reading books, attend courses or hire someone who knows how to grow your business and learn from them while they show you what to do.

 Those are the four areas in which you must be constantly increasing your skills. Everything else is noise, a distraction from what you should be doing.

 From the above it follows that in your daily activities as a business owner you should spend your time on three activities.

 1.   Directing your staff.

If you become involved in the day to day detail of your business you will lose your way. You will be unable to see the wood for the trees, you will be unable to create a vision of where your business is going and spend your time moving towards it. Your time should be spent creating systems not operating them.

 2.   Agent of change

Your business will never grow unless it changes and improves in a constant way. The only person in your business who is likely to drive the necessary change is you. If you do not bring about change you will look back in three or five years time and realise that the market and your competitors have left you behind.

 3.   Marketing

The key ingredient for driving your business forward is your marketing. You cannot simply ignore this or leave it to someone else. If you want your business to grow you must take responsibility for this activity. As I said earlier, if you are unsure what to do to improve your marketing then start learning or hire someone to help you.

 All the other activities you are engaged in each day are simply a distraction.

 Spend a little time analysing your day to find how you spend your time. How much of your day is spent on the activities which will move your business forward and how much is spent on noise and distraction?

 The answer may just give you one of the reasons why your business is not moving forward as quickly as you would like.

 Have a GREAT Day!

Stuart Lockley

Almost every business owner overlooks the single most valuable asset they own. They spend thousands if not millions of pounds creating this asset then ignore, neglect and abuse it.

 Of the business owners who do understand what their main asset is, very few will care for it, cherish it, protect and develop it while appreciating that this asset is the foundation of everything they do with their business.

 If your factory or offices were to burn to the ground today you would of course want all of your staff to get out safely, but what is the one thing you would want to ensure survived?

 Personally if my office were to burn down I would like to walk away with a computer disk in my pocket that contained the database of all my customers and prospects.

 With your customer database you can always start again. Without your customer database your business is finished.

 Very, very few business owners grasp the next point but it is of supreme importance so please do not allow it to just slip past you.

 Your purpose as owner or CEO is simple……

 To make a sale to a new customer not to make a sale, but to obtain a new customer and to create a responsive customer list. To nurture, protect, cherish and develop that customer list. To treat those customers as you would your best friend and to provide the best and highest value you can to those customers so they do not wish to go elsewhere and as a result stay with you forever, and then…..

 Sell them something else.

 The business should be geared to the objective above. Everything else is noise.

 As much of your time as possible should be directed to the above objective. Everything else is a potential waste of time.

 Yes I understand there are many other things that have to be done to run a business but I am willing to make a friendly wager with you.

 Over the next few weeks keep track of your time and then see just how much is devoted to the above objective and how much is devoted to dealing with the “noise.” I suspect you will be surprised.

Have a GREAT Day!

Stuart Lockley

I cut the lawn over the weekend. I realise there is nothing surprising or exciting in that. This is the time of year when the lawn grows quickly and requires frequent cutting. I am not a great gardener. I am happiest sitting in the garden with a book and enjoying the wide variety of bird life. It is a standing joke with my oldest daughter that it just happens to be raining every time I wish to cut the lawn.

 The lawn mower comes out, the lawn is cut, then I make myself a cup of tea and sit down on a garden bench to enjoy the sun.

 Unfortunately there is just one small problem……

 This is the time of year when the grass is seeding and as a result some grass seems to grow very long and tough, far too long and tough for my lawn mower. As I looked across the lawn I could see long strands of grass just daring me to ignore them. I tried very hard to concentrate on my book but eventually accepted that I was going to have to do something about the grass. So out came the strimmer and I started to work my way across the lawn cutting down every strand of grass that dared to rear its head.

 Eventually the job was complete, the strimmer was safely put away and I was sitting on the garden seat ready to enjoy my handiwork.

 After a while I noticed something. There were strands of grass dotted around the lawn that I had missed. Strands of grass that I could see from a distance but which had been “invisible” when I stood over them.

 As I sat looking at the lawn I realised something.

 Most business owners run their business in a similar way to the manner in which I had cut the lawn.

 Most business owners spend their time engrossed in the doing the detail of their business and as a result they cannot see the wood for the trees. In fact they can only see the few trees they are concentrating upon at the time.

 If you are busy doing the detail you will miss the big picture and as the CEO you are they only one in your business who is really in a good position to look at the big picture.

 Does this mean you should ignore the detail? Absolutely not. The profit is in the detail. You should pay attention to the detail and ensure the detail is being dealt with effectively, but you should not be engrossed in doing the detail.

 I think you will never grow a large business if you are engrossed in doing the detail of your business. You will miss far too much, just as I could not see blades of grass which needed cutting because I was too close to them.

 You must stand back from your business and look at the big picture.

 Suggestion.

Schedule a day out of the office within the next two weeks. When that day comes do not tell anyone in the office where you are. Turn your mobile off and go do something for yourself. Play golf, go fishing, just go do whatever you enjoy doing and spend a little time away from the detail of your business while you consider the big picture. Schedule at least one day each month when you do a similar thing. You may be surprised what you begin to realise about your business.

  Have a GREAT Day!

Stuart Lockley

Near where I live is a village with a bakers shop.  I go there to buy my bread for a couple of reasons, the parking is easy and I like the particular granary bread I can buy there.

 This particular shop is part of a national chain. At least I think they are a national chain because there seems to be at least two or three of these shops in almost every town I go to. I am sure you would recognise the name if I told you.

 The particular shop I visit does not have any competition (no need for more than one bakers shop in the village) which is just as well. If I could conveniently buy my bread from somewhere else they would lose at least one customer.

 Why?

 Is the shop dirty? Absolutely not.

Are the staff rude? No they are polite and helpful although the entire staff seems to have changed recently

Is there something wrong with the product? No, in my opinion very good bread.

 So what is the problem?

 Have you ever noticed how you will at times accept large problems and just get on and deal with them while apparently small, little niggles drive you away.

 Well the devil, and the profit is in the detail.

 I like to have my loaf sliced once I have purchased it. The shop has a machine that slices the bread. All very nice and convenient except for one small problem.

 Have you ever noticed what happens to bread when you cut it with a knife which is not sharp enough? Instead of allowing the knife to do the work you start to apply pressure and the bread becomes squashed.

 Well, the blades on the bread cutting machine in this little bakery shop are not always kept sharp enough. As a result the staff often apply too much pressure to the bread while slicing it and it becomes squashed.

 You might think I am being very fussy and picky and perhaps I am, but I do not like my bread being squashed. The thing is that if I could find another shop to purchase my bread from I would and I am probably not the only customer who feels the same way.

 The cost of ensuring the blades on this bread cutting machine remain sharp is probably not very high, but clearly the best interests of their customers is not high on the agenda.

 How many little, niggles do your customers encounter each day? Little problems which may drive them away, or result in a smaller purchase than might otherwise take place. How much would it cost you to correct these little problems and provide a greatly enhanced service to all of your customers?

Have a GREAT Day!

Stuart Lockley

I am reminded of something I read some time ago. I cannot remember where I read it, or who wrote it and I have probably got the quote wrong but it was something along these lines:

 Everyone overestimates what they can achieve in a day or a week, and underestimates what they can achieve in a year or five years.

 Unfortunately because of the disappointments that continually come from not achieving the things we think we could achieve in a day or a week most people are inclined to give up on the dreams they could achieve in a year.

At first reading you may think the following story has nothing to do with marketing, or growing your business. Give the story some thought and you will see there are not only valuable lessons for your business but for your life in general.

The Daffodil Principle

By Jaroldeen Asplund Edwards

 Several times my daughter had telephoned, “Mother, you must come and see the daffodils before they are over.” Finally, I promised, reluctantly. I’d driven only a few miles when the road was covered with wet, grey fog. As I slowly executed the hazardous mountain turns, I was praying to reach the turnoff. When I finally walked into Carolyn’s house, I said, “Forget the daffodils, Carolyn! There is nothing that I want to see bad enough to drive another inch in this weather!”

 ”I’ll drive,” Carolyn offered. In a few minutes, we were back on the Rim-of- the-World road heading over the top of the mountain.

 We parked in a small parking lot adjoining a little stone church. I saw a pine needle covered path, and an inconspicuous, hand lettered sign “Daffodil Garden.” I followed Carolyn down the path. Then we turned a corner. It looked as though someone had taken a great vat of gold and poured it down every crevice and over every rise. Even in the mist, the mountainside was radiant, clothed in massive drifts and waterfalls of daffodils. A charming path wound through the garden with several resting stations, with Victorian wooden benches and great tubs of tulips. It didn’t matter that the sun wasn’t shining. Five acres of flowers!

 ”But who?” I asked Carolyn. “Just one woman,” Carolyn answered. “That’s her home.” On the patio we saw a poster. “Answers to the Questions I Know You Are Asking” was the headline. The first answer was simple. “50,000 bulbs.” The second was, “One at a time, by one woman, two hands, two feet, and very little brain.” The third was, “Began in 1958.”

 There it was. The Daffodil Principle. For me it was a life changing experience. I thought of this woman, who, more than thirty five years before, had begun one bulb at a time to bring beauty and joy to an obscure mountain top. No shortcuts, loving the slow process of planting. She had changed her world. Her daffodil garden taught me about learning to move toward our goals and desires one step at a time, learning to love the doing, learning to use the accumulation of time.

 ”It makes me sad in a way,” I admitted. “What might I have accomplished if I had thought of a wonderful goal thirty-five years ago and worked away at it all those years. My wise daughter responded, “Start tomorrow.”