Say YES! to Success Peg Stookey – Founder of Legacy Connection

29Apr/100

Strategic Growth

This month we're talking about the Strategy of Growth.  There are those that kind of float along and there are those that have a plan.  Who do you think gets to the goal faster?

A couple posts ago (Are YOU Ready) I talked about being prepared to launch a  second location as a strategy for growth.  If you remember, I suggested that it makes sense to prepare your business for growth by putting numerous things in place that would be needed for expansion-even if you have NO desire for such expansion.  WHY? It will help you grow a more efficient, profitable and valuable business (something you've heard from me before and will hear again---over and over!!).

SYSTEMS are a critical part of EFFICIENCY, PROFITABILITY and BUILDING VALUE into your business.  What is a system?  Basically, it's a documented process that is critical to the operation of your business and is frequently repeated or utilized.  A system can really be any process in your business.  Some argue that something as simple as answering the phone is NOT a system.  I disagree!  The devil is in the details, as they say!

In eMyth Revisited, author Michael Gerber talks about the value of systems.  He says that building systems into our business is a great practice because it helps us to document a process so that the least expensive, most qualified person can do the job.  This is a franchise principle that all can model.  Let's take phone answering as an example.  You may have a set way to answer the phone and feel it's important to your overall brand.  To create the process you practice with various approaches: super friendly, more professional,  or somewhere in between.  You might want a lot of information in the greeting: "Hello, this is Peg Stookey with Legacy Connection, you're entrepreneurial success community!  How may I help you?"  or very simple, "Hello, this is Peg".

Now, how do I want an employee to answer the phone?  Is it important?  Tony Jeary says that "Life is a Series of Presentations" (in his book with that title).  You bet it's important!  This is the first impression that someone might get of my company and if I'm not there to leave that impression I want my employee well trained to do it for me.  Now, as entrepreneurs, we're beginning to see the value of systems: EFFICIENCY-I don't have to do everything myself.  I set my company up for growth, knowing that my employees or contractors will have documentation to follow.  I will be able to engage the least expensive person (that is qualified) for the job, know that they will be well trained and can follow the step-by-step process that I have detailed.

Less expensive employees=more profit.  Greater efficiency=more profit & more enjoyment! How about "value"? Glad you asked!!  What is your exit strategy?  Are you building a business to have a job, run it into the ground, sell, pass to your kids, put a manger in place while you go to the beach and retire?  If you're intention is anything but to run it into the ground, you'll want to build value into your business.  DOCUMENTED systems will help you do that.  The next generation of owner/manager needs to see that they can run the business as well or better than you have.  Why is this important if you're  simply planning to use your business as a job?  Hmmmmm-another great question that I'm so glad you asked!  If you hang out with us long enough, I believe that you'll change your tune.  I think that you'll begin to see that it makes much more sense to build a business that has "Legacy potential" and can be passed to another generation of owner.  Will you be ready when you come to this realization?  Or, will you have to backtrack?

You see, I believe in preserving "universal energy".  If you're building/growing a business, you know what I mean.  IT TAKES A LOT OF EFFORT TO BUILD AND GROW SOMETHING FROM SCRATCH OR NEAR SCRATCH-in the case of a franchise or licensing arrangement.  You are laying the foundation for future growth.  If you're doing it, it's worth doing it right!

All for now....

Peg

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23Apr/103

Teaching Moments_Purpose/USP_May2010

NOTE to reader: This is a continuation of a series originally published in the NEC Chamber Navigator

Success Tools for Sustainable Growth: Purpose

Before we dive into our Growth discussion I’d like to introduce you to our development program, Legacy ACCESS.  This is the core educational platform of Legacy Connection and the primary reason that I have the privilege of writing for you today.  ACCESS is an acronym that tells the whole story:

  • Accelerated: This program helps YOU accelerate your success by proactively guiding your entrepreneurial development rather than standing by and watching you go back to the school of hard knocks again and again.
  • Community: So important to accelerating YOUR success is our Community Approach.  We leverage the knowledge, connections, support and accountability that comes from being surrounded by people that are doing the same thing: proactively building and growing a successful, sustainable business. Additionally, Community is vital to our educational programming.  We design learning activities for our large and small groups that, again, leverage the knowledge, experience, etc. of your peers.  Alone you are limited; together WE are boundless!!
  • Centered: There are SO many challenges to being a business owner.  We utilize numerous success tools to help you maintain focus: Vision, Purpose, Strategy, articulating your USP (Unique Selling Proposition), and many more.  OH-did I mention ACCOUNTABILITY?  What happens when you tell someone that you’re going to do something?  YOU DO IT!!!!
  • Entrepreneurial: This is not simply a category of business.  It’s a MINDSET!  A mindset that can be developed and utilized by business owners, service providers, employees, parents and nearly every other person that is interested in taking control.  One important goal of our development process it to help our participants to transition from the more common “employee mindset” to the more empowering “entrepreneurial mindset (AND skill set!).
  • Success: We encourage YOU to define YOUR own success.  In general though, we seek to be more efficient, profitable and valuable businesses.  We see that sustainability, or lasting success, is a common goal of our members.  How do YOU define success?
  • System: First, this is a process of development.  It won’t happen overnight.  Would you really expect a process that creates sustainable success to be an overnight wonder?  Second, we put a great deal of emphasis on building and documenting systems within your business.  Systems will directly affect the efficiency, profitability and value of your business.

Now that you know a little more about our underlying philosophies, you probably want to know something really useful-right?  That’s fair!  Our development system has 4 phases: Discovery, Beginning, Growth and Innovation.  We’ll be talking about and working on Growth for the next 3 months.  This month, I’d like to help you “center” your Growth strategy by first asking about your Purpose.  Can you clearly articulate it?  Do you know why it’s good to do so?

First things first: the WHY.  Success is directly proportional to your level of passion around your purpose AND your ability to communicate it to your customers, partners, advisors, etc.  Here’s a tool that will help with the communication.

Building YOUR Unique Statement of Purpose

  1. Will the focus be on you or your business?
  2. Who is your target customer?
  3. How do you help them?

Now, put it together:

______________________ helps____________________________

(“I” or the biz name)                               (target customer)

to/with_____________________________________________________.

(what do you do for customers?)

e.g. Legacy Connection helps entrepreneurs build and grow successful, sustainable businesses.

CHALLENGE: Get this down to 10 words or less!  (It took me 5 years to get mine this clear.  I REALLY hope that you can beat that record!)

NEXT MONTH:

  • Legacy Community meeting on May 6th.  Check out www.legacyconnection.com for details.  While you’re there, sign up for our FREE newsletter to get more tips, updates, etc.
  • Growth Strategies: Identifying and Developing Systems!

If you have any comments, suggestions or questions please direct them to Peg Stookey at peg@legacyconnection.com.

To YOUR success!

Peg

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23Apr/100

Teaching Moments_Beginning_March2010

NOTE TO READER:  I've decided to post the articles that I'm writing for other groups within this blog too.  This way, we can share the learning and encourage more interaction.  Here's the first one that I wrote for the NEC Chamber Navigator....

The Beginning is a Delicate Time……

This is how Dune, the movie, begins.  Whether we’re starting a new business, a new project, a new relationship or a new responsibility it’s important to get it right!  Beginning has an important job.  It sets the stage for what is to come.  It paves the path of future success.  In terms of entrepreneurial development, it lays the foundation for successful and sustainable Growth.

The NEC Chamber and Legacy Connection are experiencing an exciting Beginning, one that will offer you, the member, greater insight, accelerated development and sustainable success. WHO WOULDN’T WANT THAT?   Our mutual goal is to provide more access to support, resources and continued education for the small business owner* so that they can grow, or continue to grow, into a healthy, sustainable business; becoming more efficient, profitable and valuable at exit. Again, WHO WOUNDN’T WANT THAT?

We’ll be rolling out the details of this program but for now we want to begin by inviting you to

  • the March 17th Leads networking meeting-Peg Stookey, founder of Legacy Connection, will be presenting more details about this opportunity
  • the April Legacy Community meeting
    • April 1st, 8:00 AM (first timers info session), 8:30-10, meeting
    • 4555 Lake Forest Dr. Blue Ash, NW corner of Reed Hartman and Pfeifer, suite 650
  • Go to www.legacyconnection.com, learn more about the organization, their dedication to entrepreneurial success though continued education and register for the Legacy Connection newsletter where more information will be communicated.

*This program is described as entrepreneurial development and is valuable education for small business owners, inventors, non-profit directors, intra-preneurs (employees with an entrepreneurial role) and those that work with the above.

Peg will be sharing a Teaching Moment in each of our monthly newsletters.  These “lessons” will be reflective of the Legacy ACCESS entrepreneurial development cycle, or phases, of a healthy, sustainable business: Discovery, Begin or…Begin Again, Grow!, and Innovate!.

With that introduction, Peg would like to share a teaching moment with you…..

The Beginning is a delicate time but what if you find that you didn’t get it right the first time?  That you didn’t pave the path of future success?  That you aren’t achieving successful and sustainable Growth?  This is a place that many experienced business owners find themselves today and I have great news for you!  It may be time to give yourself permission to Begin Again!

Beginning Again may not sound like something that you want to do.  Who would want to return to high school or to the first few days of a new job?  Sometimes, as the business owner, you have to stop, reflect on your goals, your performance and ask yourself, “Do I go forward with the model that has been successful in the past (but is no longer) or do I take the time to reflect, measure, readjust and…. Begin Again?”

Whether you’re in the process of Beginning, Beginning Again or simply making a few changes to your business model there are some teaching moments to share:

  • The realization: You must come to a point where the writing is on the wall.  You HAVE to do something.  Keep you eyes open for the signs that change is needed.
  • Due Diligence: Research, research, research!
  • The commitment: DECIDE to give it a shot, to give it your all, to put everything you have into making the changes you need.
  • Follow-through: Make a plan and put the plan into action.
  • Measurement: Track your numbers- religiously.
  • Community: Surround yourself with a strategic, purposeful community. Asking for help is hard, but accelerated success is rarely seen in a vacuum.  You can’t do it alone-or at least, you can’t do it very well or very fast by yourself. On the flip side, do you have something to offer a community member?  What or who do you know that could prevent mistakes and hardship for someone else?

Next month…we’ll be discussing the next phase of entrepreneurial development: Growth! If you have any comments, suggestions or questions please direct them to Peg Stookey at peg@legacyconnection.com.

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18Apr/100

Changing it up!

Hello!

We're working on our website in order to reflect a new approach to our message.  You're going to see me talking about a Community with a Cause much more frequently.  Before I do though, I wanted to capture the text from the home page that we currently have posted.  I think it's important information and is background for our "cause".  Here's what I'm taking down:

As individual business owners, can we positively affect our economy? We say YES! AND-we're not alone. Carl Schramm, CEO of the Kauffman Foundation, in an address to the National Business Incubation Association, says that "there's no other answer than "entrepreneurship" to dig us out of our current economic crisis AND begin the climb to economic GROWTH. He goes on to say that most economists and politicians don't think this way, are vehemently opposed to such thinking and only believe in the old way of building an economy. Is this as frightening to you as it is to us?

We believe in the power of the individual entrepreneur. We believe in YOU!

Each entrepreneur’s journey is unique, a reflection of our drive, ambition, willingness to risk and the creative energy that moves us forward. From the day we begin considering the possibility of owning our own business through start-up, growth, innovation and exit, many of us rely solely on ourselves to take the steps necessary to reach our goals.

Small business failure rate statistics show that this is a dangerous tact. We believe that, just as "it takes a village to raise a child”, it takes a connected, purposeful community to support and grow a business to it fullest potential. You might wonder what "purposeful community" means. Very simply, we are a community with a strong sense of "purpose" around small business success. Our purpose is centered on raising awareness of what it takes to succeed. Think about it-ALL FAILURE IS ULTIMATELY DUE TO LACK OF AWARENESS, is it not?

I hope you'll continue to support our cause by reading, participating in discussion and thinking about joining our community (with a cause!).

To YOUR success!

Peg

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9Apr/100

Are YOU Ready?

Are YOU Ready?

Last week at our Legacy Connection meeting someone asked a very important question of another attendee: "Are you ready?"  I've been thinking about these 3 simple words all week and am hoping to create some discussion around them.

A year or so ago, my friend, Cecilia Rose of Eventurous, came to speak at one of our meetings.  Cecilia is a great event planner but an even better business owner.  One of the lessons that she left me with was that the universe does not give more than someone can handle.  This applies to business as it applies to life.  She told me that her business FINALLY started to take off once she got her bookkeeping and other financial affairs in line.  In fact, it happened so quickly so that she could only credit the universe for her new-found success.

So, I ask again, "Are YOU ready?".  I know that it's tempting to say, "YES!", "Bring it on!", "Flood me with your business!".  Few are going to say, "Wait just a minute-I need to be sure that I'm ready for the success you bring."  I wish that some people that I've worked with would have done that.  I can think of one time in particular that someone cost me great harm and a good deal of money by not holding back.  It was a time when I asked, "Can you do this?" and they, of course, said, "YES, I CAN!".  Guess what-they couldn't.  It turns out that they had never done that kind of work before but couldn't admit it for fear of losing the business.  In the end, they lost my business as well as ALL credibility.

"Are YOU ready?"  If thousands of customers came knocking tomorrow, could you handle it and handle it well?  Do you have the systems in place, the ability to bill and collect money, the personnel to help, the cash flow needed, the energy to finish; the vision, foundation and support structure to sustain this growth?

Here's a very simple test to see if you're ready: Create an expansion plan.  It doesn't matter that you don't plan to expand anytime soon. "Pretend" that you're going to establish a 2nd location in, let's say,  Indianapolis.  It could be that you sold your first franchise or that you're going to put a local manager in place.  Try it and you'll see why this exercise is SO valuable!

Launch a 2nd Location in Indianapolis

  1. Review your business plan (you have one don't you?????).  What are the basic pieces of your business that you will need to replicate in Indy?
  2. Outline your business model.  How do you make money?  Get your outline down to the fundamentals of what you do.
  3. Post your vision and purpose so that future employees and customers CLEARLY understand your business.
  4. Create a strategy for the expansion: what is 1st, 2nd, 3rd, etc. to do and by when. (Don't forget to create a marketing plan based on LOCAL information.  What works in Cinti might not work in Indy!)
  5. It's likely that you'll need training, operations and HR manuals.  How will your franchisee, manager and other employees know what to do when you're not there?
  6. Don't have manuals yet?  Begin with systems.  Identify and document them (gather them in a 3 ring binder and, voila!, you have an operations manual!)
  7. Having trouble with systems?  What are the things you do repeatedly in your business?  If you document the process that it takes to complete the task you can replicate the effort by training others to do it (and perfect it along the way!).  It's now a system!
  8. Before you move to Indy with your concept, let's take a look at branding.  You want to make a big splash in the new location.  Be sure that your branding is consistent across all forms of media, tells your story, is clear and not confusing and, most importantly, works for you!  Remember-you won't be there any longer to personally carry the message.
  9. You'll want to keep track of money, marketing efforts, sales, etc.  How will you measure?  Do you have those systems in place?
  10. Finally, you need good communication to run/support this new business from 90 minutes away.

How many of these steps can you check off right now?

  • YOU'RE READY if you said 8-10.
  • YOU'RE CLOSE if you said 5-7.
  • YOU NEED WORK if you said 3-4.
  • YOU BETTER STAY IN CINTI if you said 0-2.

So, what's the point?  Your business will be more EFFICIENT, PROFITABLE AND VALUABLE if you have these steps conquered-whether or not you EVER decide to expand!

Let me know your thoughts on "being ready"!

Peg

Filed under: Accelerating success, Success tools No Comments
6Apr/100

Why Focus on Vision & Purpose?

Why Focus on Vision & Purpose?

The answer to the question is simple: because they shortcut the trip to the school of hard knocks that most business owners take on their way to sustainable success.

Vision and purpose are two of the most important entrepreneurial tools that you can possess whether you're a business owner, spouse, parent, employee, volunteer, etc.  I say it all the time.  But why?  I was recently in a session with a group of business owners.  One of them was asking questions about his business.  He's a franchisee that owns two territories but is currently only working one of them (this is a common problem in franchising!).  He was asking advice of the group about what he should do with the 2nd territory.  I asked him what his vision was for the future of his business and for his family.  He was stumped!  He really hadn't thought much about where he was headed or why.  Rather, he was working IN the business (as so many do), focused on the day-to-day but not picking his head up to see where he was going or what was coming his way.  How could he possible decide on what to do with the territory if he couldn't see where he was headed or why?

It's so easy to work on the what while ignoring the where and why.  DANGER ZONE!  If you want to accelerate your success, BEGIN by thoroughly exploring vision (where) and purpose (why) FIRST! Then-create strategy and go to work!

Think of it like climbing a steep mountain.  Purpose keeps you going.  Why are you climbing?  Is it to get to the top, to get to the top faster than anyone else, to discover a new way of getting to the top, to see the sun rise or set or both, etc.  Your purpose will determine the strategy for the climb.  The vision is what awaits you at the top.  It is where you've been working to get.  Close your eyes and experience the exhilaration of BECOMING the fastest, the highest, the most resourceful, or simply the one who finally made it.  Look around you.  What do you see?  If your mountain top now represents the ultimate position in your company, the place at which the CEO resides, you (the CEO) can look down and see all that has lead you to this peak and all who continue to work to support your vision.  Look up and out at the horizon.  What do you see?  Opportunity?  Competition?  Innovation?  Do you like what you see?  Is it consistent with your purpose and vision or have things changed?

Purpose and vision will keep you on track, focused and grounded.  I encourage you to take the time to create statements for each.

Happy climbing!

Peg

PS:

Our purpose statement (in 10 words or less): Legacy Connection helps entrepreneurs build and grow successful, sustainable businesses.

Our vision: Our 500,000+ members have (always build a vision statement in present tense!) an 80% success rate and we will have helped the remaining 20% decide that business ownership isn't right for them-sooner rather than later!  Our mountain is being built one business owner at a time!

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