November 12th Discussion Recap on The Goal by Goldratt and Cox

Dear Book Club Attendees,


Thank you again for participating in our quarterly Business Book Club Discussion meeting. I enjoyed being the moderator for this interesting and diverse group!

The discussion was lively and interesting as each of you shared the focus of your goal setting during these last few days of the year. You identified goals targeted at:

 Understanding and delivering on the needs of the customer
 Re-establishing or revitalizing customer relationships
 Pipeline development of business prospects that maximizes 2010 financial success

In this challenging economy, you identified strategies needed for the goal setting and goal attainment process, such as:
 Visualize your goals
 Set flexible goals, don’t get overly structured and inhibit your ability to respond to a changing business climate
 Ask trusted advisors to review your goals, such as an accountant or business advisor
 Review progress against your goals regularly, make necessary adjustments
 Assess your environment continually, look for new opportunities and refine your goals accordingly
 Instill confidence in yourself and your team in achieving your goals

Lastly, we discussed the benefits of having a “Goal Buddy” – a trusted partner that holds you accountable, while providing you encouragement for attaining your goals!

I wish each and everyone of you the best holiday season ever!

Sincerely,
Sue Smedinghoff

Differentiation by Maximizing the Customer Experience

I recently read a Harvard Business Review article, Discovering New Points of Differentiation by Ian C. MacMillian and Rita Gunther McGrath. Like the book The World is Flat, they discuss the need to compete by differentiating yourself/your business. But many of us immediately focus on those tangible means of being unique in the marketplace -- the tangible features of the products and services we offer. But what about the customer experience? Isn't this an extension of our physical product or service? What is the customer's experience each and every time they interact with us? How well are we meeting their needs during the sales or purchasing process? Are all their needs being addressed during the delivery of our product or service? What other needs do they have once they’ve received our product or service? Do we really understand the full scope of your customers’ needs and know how to fully satisfy them? Can you compete more effectively by better understanding and addressing their needs across each and every interaction?
Here’s one way I’ve addressed a customer need: To satisfy the stringent paperwork requirements of one my training provider customers, I created a project completion checklist that lists all required documentation. Now, as I complete each professional skills training session, I use this template to ensure that I send each and every required document in the project closure packet. This simple solution has expedited their paperwork processing, allowed them to be reimbursed more quickly and best of all, has permitted me to exceed their reporting goals and become a preferred training provider for them.
What strategies do you use? Share strategies you use with your colleagues by posting a response below.

 

Using Technology to Stay Connected

Welcome to the IL SBDC Business Book Club's blog.  As we discussed in our August 20th discussion meeting, technology advances have eased the barriers for individuals to compete globally, as well as, the need to extend your network of business contacts -- this blog addresses both of these concepts. 

This blog is a way for you to stay connected with your Business Book Club colleagues and keep the discussion alive and relevant for each of you.

My objective with this blog is to continue the discussion on our topic and offer you other resources/ references to expand your knowledge.  Your participation is critical!  Let me know what you think by adding your comments!

Sue

August 20th Discussion Recap on The World is Flat by Thomas L. Friedman

Dear Book Club Attendees,

Thank you again for participating in our inaugural Business Book Club Discussion meeting. I enjoyed being the moderator for this interesting and diverse group!

The meeting was a wonderful opportunity to hear how the changing competitive landscape is affecting each and every one of you and your strategies to stay competitive.

A recap of some of the key points of the meeting:

· To stay competitive, your business needs to be well managed and financially healthy (many marginally run businesses have gone out of business)
· Failure of competitors has created opportunities for others and neutralizing (somewhat) overbearing buyers (i.e. auto parts industry)
· Technology advances has eased the barriers for individuals to compete globally – still critical to make a “connection” in your business (people like to do business with people)
· Extend your network of business contacts/referrals – use a variety of techniques, such as, professional networking organizations, LinkedIn, Facebook or other technology tools
· Be an “expert” in 3 things – keep it simple, but current
· The changing competitive landscape is requiring new business skills: Collaboration, Ability to Synthesize, Coordination, Direct/Specific in Communications and Ability to Translate Needs.

Lastly, as a closing statement, remember when we were children we needed to “clean our plates” because there were children in developing countries that were starving. Now we need to do our homework, because there are children (or adults) ready to do our jobs!

Sincerely,
Sue