Radish Sprouts

SEVEN TIPS TO MOVE BEYOND BURNOUT

Have you ever experienced burnout? If so, you’re not alone. This malady is getting so common that even the Wall Street Journal is writing about it ("When the CEO Burns Out," May 8, 2013, page B6).

What is Burnout?

According to Helpguide, "Burnout is a state of emotional, mental, and physical exhaustion caused by excessive and prolonged stress. It occurs when you feel overwhelmed and unable to meet constant demands. As the stress continues, you begin to lose the interest or motivation that led you to take on a certain role in the first place. When you’re burned out, problems seem insurmountable, everything looks bleak, and it's difficult to muster up the energy to care — let alone do something about your situation."

 

 

What to do about Burnout?

	RECOGNIZE IT. Watch for the warning signs in you and the people around you. Be willing to call it by name, rather than mask the indicators. Your inner, wiser self is bringing you a message. What is it saying?
	RESPOND. As hard as it may be, take some kind of action with the Practical Pointers below. The worst thing you can do is to ignore it.
	REGENERATE. Passionate pursuers — people who find their passion and align with a purpose — have the SUNFLOWER traits. The "R" characteristic stands for regenerate. These people have the ability to revive, renew, and produce again despite adversity, setbacks, and obstacles. With the ability to bounce back, recover readily, and rise from the ashes, they possess the Phoenix Factor (Pursuit of Passionate Purpose, Chapter 6).

 

Seven Practical Pointers for Reigniting Your Fire

	SAY NO IN ORDER TO SAY YES. Stop. Put up boundaries. Reduce your workload.
	NURTURE YOURSELF. Take a break. Do nothing. Hang out. Pray. Meditate. Pamper. Be kind to yourself. Get out in nature. Exercise. Breathe. Do affirmations. Journal.
	SMILE AND LAUGH. When you are ready, see if you can find something humorous or silly in your circumstances. Don't force it, be genuine. See a funny movie. Read a light book. Let life be a dance. Play.
	SEEK SUPPORT. Talk to people. Ask for help. Learn from others. Don't feel you have to cope alone.
	RECONNECT WITH YOUR VALUES AND GIFTS. What brings meaning to your life? How are you really contributing with your current workload and projects? Re-evaluate your goals and priorities — what is important, what is not? This sense of purpose may eventually help you realign with your passion.
	CHANGE. Be willing to evolve, flow, learn, and grow. You may need to move on. Consider the past changes you have made and the positive things that resulted. We attract what is needed for the growth of our soul. See this experience as part of your life journey.
	BOUNCE BACK. Slowly you will revive and regenerate. Be aware. Celebrate the small revivals of interest and energy. Let it build in its own time.

 

Theresa's Case Study. Yep, I've been burned out before and I'm burned out now. I have survived and eventually thrived. So will you. Recognize, respond, and regenerate.

 

Theresa M. Szczurek (www.PursuitofPassionatePurpose.com, www.TMSworld.com, www.RadishSystems.com)

ANGELS AND DEMONS: How to Fund Your Venture

I’m not talking about the bestselling mystery-thriller book / film involving the Vatican.  I am referring to what an entrepreneur deals with in funding a business.  While it is harder than ever, at least in Colorado, to find the funds, it is worth it since businesses produce jobs, pay taxes, create products and services, train their workforce, return value to investors, and provide a meaningful pursuit of passionate purpose.

 

Sources of Funding

 

“There are several million “startups” that are formed each year. In very general terms, roughly 1,500 startups get funded by venture capitalists in the US, and 50,000 by angel investors. VCs look at around 400 companies for every one in which they invest; angels look at 40,” states David Rose, CEO of gust.com, an on-line community connecting investors with deals.  Angels are high net-worth individuals who are often sophisticated, accredited investors interested in early-stage private equity or debt investment in emerging firms with great potential.

“Around 90 Colorado firms were funded by VCs in 2012 with approximately $550M coming from 125 different venture capital funds.  Over 80% of those funds came from out of state,” stated James Linfield, Managing Partner, Cooley LLP, a top global law firm, at the recent VCIR (Venture Capital in the Rockies) 2013 Winter conference co-hosted by Rocky Mountain Venture Capital Association and KPMG.

 

This annual conference in Beaver Creek was kicked off by Colorado Governor Hickenlooper, who is himself a successful entrepreneur.  VCIR brought together carefully preselected emerging growth entrepreneurs, venture capitalists (VCs), and service providers for networking, company pitches, education, partying, and skiing.  Mike Bearup, Managing Partner of KPMG, a leading accounting and audit firm that helps run VCIR, reported that there were over 250 conference registrants showing there is no lack of interest in funding ventures.

 

What happens to the other firms that don’t get VC or Angel funding?  They may die or they may get funded from other options such as:

• Sales.  This is the best and easiest approach.  Just sell more.  No need to get diluted or worry about dissatisfied ‘demon’ investors.
• Founder’s Capital.  Prepare, save, and dip into your own pockets.  
• Sweat Equity.  Staff members work for equity instead of cash to keep burn rate low and to get a piece of the action.
• Friends and Family.  These people believe in you and want you to succeed.  They make an emotional decision to invest. 
• Government Grants such as SBIR.  Contact the Small Business Administration (SBA) and your local SBDC (Small Business Development Center) as a first step.
• Strategic Partners.  These firms need what you have and will fund you in exchange for early use of your product.  They may eventually acquire your firm.
• Bank Lending and other financial vehicles.  Check with your local banker.  They might even be an SBA lender.
• Crowdfunding.  Let the masses fund your project or venture online.

 

Four Practical Pointers to Funding Your Venture.

 

1. Find the Angels or Invest in a Start-up.  The Rockies Venture Club’s annual Angel Capital Summit conference was held on March 19 and 20, 2013.  Entrepreneurs were there seeking investors.  Angels were there learning how to be a better investor and seeking deals.  This year’s conference kicked off with a live interview with David Cohen of Techstars ,  Jon Nordmark, former CEO and co-founder of eBags and currently CEO of UsingMiles gives the Day 2 keynote lunch speech, and up to 35 of Colorado’s hottest startups will be pitching to investors.  Be on the look-out for other valuable gatherings. 

 

1. Get help.  Are you an aspiring entrepreneur?  Get involved in one of the many programs to help you succeed.  For example, The Founder’s Institute, self claimed as the World's Largest Startup Accelerator, has a mission to "Globalize Silicon Valley" and help founders build enduring technology companies. It is working with over 800 graduate companies and part-time programs operating in 40 cities. Register for the next Denver program by April 14, 2013 at http://fi.co/  

 

1. Surround Yourself with Other Hot Entrepreneurs. Colorado has some cool conferences where innovation lives – learn as much as you can.  Each Fall there is the annual Defrag Conference (now with its Blur addition) which explores enterprise collaboration, social media and big data.  At the November 2012 Blur conference, I learned all about 3-D printing.  This is really cool and is changing how products are designed!  Coming soon is Glue Conference (http://www.gluecon.com/2013/ ) in Broomfield from May 22 and 23, 2013.  Learn how developers, architects, administrators, and integrators are solving the web application integration problem-set.  Or check out the many other technology and innovation conferences.  These will inspire you and provide a means to connect with other potential partners, investors, and customers.

 

1. Bootstrap.  Vic Ahmed, successful business man and founder of Innovation Pavilion (http://ipcentennial.com/), an ecosystem for entrepreneurs which is now bringing the Angel Capital Group to Colorado, advises, “It is a mistake to assume you need to raise funds. You lose control and there are consequences of raising money.  Try to bootstrap your firm.  Cut your team and increase your runway.  If you still need outside funds, ask, ‘Do you really have a high growth company?  Can you achieve hockey stick growth?’ If the dog is not eating the dog food, you are fooling yourself and it is a dream that you can raise money.  Fundraising can take all of a CEO’s time, time you can spend building your business.  If you decide to take in outside money, know thy investor.  You will sleep better at night and reduce your stress.” 

 

Seeking to fund your business?  Attract more angels and avoid the demons! 

Theresa M. Szczurek (www.tmsworld.com; www.pursuitofpassionatepurpose.com; www.radishsystems.com)

WHAT DO YOU STAND FOR?

What do you stand for?  What does your personal and business brand represent?  Now is the time to reflect on last year (Was it all you wanted it to be?  Did you live true to your highest convictions and values?) and then put together a plan to execute this year.

 

“We spread integrity.”™  This is the motto of Once Again Nut Butter, an employee-owned company located in a small rural community in upstate Western New York  (www.onceagainnutbutter.com)  “You can be assured that extra care and consideration is taken into bringing you the freshest and highest quality products possible.  Our employees insure that you will enjoy a wonderfully rich tasting product that is produced with integrity.” In eating Once Again organic sunflower butter this afternoon, I tasted the goodness.  Their values come through.

 

Know Thyself.  The sages since antiquity have said, “Know Thyself.”  The foundation of personal and business planning starts with values – what you stand for.  Value and gifts define your passion.  Passion, along with other personal traits, determines how effectively you pursue your purpose.

 

• Your values define who you are and what is meaningful to you.  Values include your core beliefs, ideology, ethics, morals, attitude, and ideals. 

 

• Your gifts mold how you can uniquely contribute.  Gifts include your talents, experience, abilities, aptitude, education, and traits.

 

• Your traits are personal characteristics that allow you to effectively use your values and gifts.  Passionate pursuers, people who successfully find and pursue their passions, have the nine SUNFLOWER traits, as described in March – November 2005 newsletters (http://www.pursuitofpassionatepurpose.com/newsletter.html#) . 

 

 

Radish Systems Case Study.  When we restarted Radish 2.0, we reaffirmed the core values upon which we stand.  They include:

• Integrity, Honesty, and Ethical Conduct
• Stakeholder Delight – provide financial and real rewards for all involved including customers, partners, investors, and employees
• Innovative Solutions – contribute to the world in a way that would outlive us
• Empowering Environment – allow an empowered team to contribute and be rewarded to the fullest
• Community Service – support the greater good
• Sustainability – be sustainable and non-harmful to the environment

 

Five Practical Pointers to Determine What You Stand For.

 

1. Inquire.  Probe deeply into your values, gifts, and traits.  Ask for feedback.
2. Assess.  Take the “Self” Inventory.  Use it to understand where you are now and what aspects you need to nurture.
3. Explore.  Consider how your value and gifts help define what you are passionate about.
4. Test.  Strengthen your sense of self by putting your values, gifts, and traits to work in hard times.  Interpret adversity as a positive force.
5. Surround.  Encircle yourself with trustworthy people who are good examples, give you honest feedback, and live true to your standards. 

 

Now is the time.  Do not delay.  Determine what you stand for. Use this to guide your life and work.

Theresa Szczurek (www.TMSworld.com, www.PursuitofPassionatePurpose.com, www.RadishSystems.com)

FIVE TIPS FOR FUNDING A BUSINESS

John Hickenlooper, now the Governor of Colorado, knows what funding has to do with it --  the success of a business that is.  As a Denver entrepreneur working with other urban pioneers to launch Colorado’s first brewpub and Denver's first craft brewery 25 years ago, Wynkoop Brewery Company, it was not easy.  At the recent Colorado Capital Conference in Denver, Hickenlooper shared, “It look two years and over 200 meetings to raise $400,000. Those who did invest received a 90% return per year for 12.5 years when we sold out.  Entrepreneurs, if you have been turned down over and over, don’t quit!  It takes persistence.”

 

It still is not easy for Colorado entrepreneurs to secure funding, but RVC or Rockies Venture Club (www.rockiesventureclub.org), which has been hosting the Colorado Capital Conference (CCC) for twenty four years, makes it easier.  RVC also runs monthly meetings bringing the entrepreneurial community together, providing education seminars, and having more companies present.  Peter Adams, Executive Director of the RVC, reports, “Of the fourteen companies pitching at CCC this year, eight have been identified by angels for continued due diligence, ultimately leading to investment in some of the companies.  This process has led to over twenty RVC pitching companies receiving funding totaling over $15 million so far in 2012 with even more investment expected within the next few months in the CCC presenting companies.  RVC Angels meet in Boulder, the Tech Center, and now Golden every month to collaborate on investments and create a community that makes angel investing both fun and effective by sharing the knowledge of a diverse group of investors.”

 

There are many entrepreneurial organizations popping up in Colorado, and now it's imperative that the community work together to minimize overlaps between organizations and to address the service gaps that remain.  At a roundtable lunch held at the CCC, some initiatives were established including:

• creation of a common calendar so events do not conflict with one another (http://www.rockiesventureclub.org/calendar/).
• angel groups agreed to work together to syndicate deals so that combined resources can better meet the capital needs of entrepreneurs.  Deep dives are scheduled so that each angel group can share their best deals with peers in other cities.

 

Five Tips for Entrepreneurs:

1. Be Persistent.  Don’t quit.  Be creative and try other alternative funding channels such as friends and family, angels and angel groups, venture capitalists, incubators such as ‘Plug and Play Tech Center” as part of the Innovation Pavilion (http://innovationpavilion.com/about-us/news/) and Story Stock Exchange a crowd funding incubator (www.storystockexchange.com) , and many more.
2. Join a Mastermind Group and learn from others.  The RVC sponsors a group (http://www.rockiesventureclub.org/funding-mastermind-meetings/) or organize your own group of non-competing entrepreneurs seeking funding.
3. Participate in the Angel Capital Summit.  Plan to apply and participate in the March 21-23 2013 event (http://angelcapitalsummit.org/)
4. Get connected.  The entrepreneurial business community is taking steps to connect investors to entrepreneurs.  Get involved—for example, consider participating in Rockies Venture Club, Silicon Flatiron Center, Meet Up groups such as Denver Founders Network, TiE Rockies, and many other groups.
5. Bootstrap.  Raise cash through sales.  Keep your financials as lean as possible.

 

Funding is a critical resource to the success of a venture.  Smile, believe, have fun with it, and be open to pivots that make your venture more attractive to investors.

Theresa M. Szczurek (www.RadishSystems.com; www.PursuitofPassionatePurpose.com; www.TMSworld.com) 

SOLVE PAIN TO FIND GAIN: Five Tips to Create Income from Innovation

Companies strive to innovate.  Innovation alone is not enough for a company to succeed.  The key is to ensure that a new product or service solves a real problem or satisfies a need.

 

“If you create a new product that addresses a company’s or consumer’s number one or two ‘pain point’ or problem, your company will see success,” said Matt Larson, chief executive officer of Confio Corporation during a CEO Roundtable in Boulder, CO  sponsored by the Boulder County Business Report.  “If you look at a thousand companies that are addressing ‘pain’ instead of ‘nice-to-have,’ the odds of them being successful are higher.”

 

Radish Systems Case Study:    VISUAL IVR EASES THE PAIN.

The Situation.  It is well known that Interactive Voice Response (IVRs) are a serious pain for callers, especially mobile callers who want ever-faster, ever-easier transactions. IVRs in Mobility are a disaster for the customer experience due to any number of interface and device issues which result in even higher abandonment rates.  Worse yet, complex IVRs with long phone trees don't efficiently deliver information or easily allow transfer to live agents.

The Solution.  To solve this problem, Radish Systems just introduced its Visual IVR solution. Here's what others are saying:

 

"Radish Systems recently released the ChoiceView REST API for Visual IVR. This release is significant as it is the only solution that has the ability to currently turn outdated Interactive Voice Response (IVR) systems into next generation Visual IVRs that can operate with any network, phone, and just about all mobile devices."

  Carolyn J. Dawson, August 14, 2012, TMCnet.com

With a True Visual IVR customers instantly see menus while hearing information, tap choices on their smart device, rapidly move through screens in much less time than it takes to speak the options, and receive visual and voice responses.   Visual IVRs cut call time and costs, by more than half in most situations, increase understanding by 50% or more, and improve mobile user satisfaction and engagement. 

“Radish Systems’ ChoiceView mobile platform and applications offer contact centers additional options to service their customers and provide innovative ways for clients to interact through live visual communications,” said Monica Tarr, SPS contact center consulting practice director. “Visual IVR provides a unique experience for smartphone users and maps caller behavior to business processes.”

Learn more:

  1. See a Visual IVR in action at the video demo link at www.radishsystems.com.

  2. Get the free white paper presentation, "Why Visual Interactive Voice Response (IVR) for Mobile?" at www.radishsystems.com/products/the-choiceview-ivr/.

  3. Start using the ChoiceView Rest API to enhance your IVR and the ChoiceView SDK to enable your mobile app. Get it at www.radishsystems.com/for-developers/.

4. Ease the pain. Nominate companies you'd like to see improve their IVR at www.radishsystems.com/ease-the-pain/.

5.  Try ChoiceView NOW.  Download the free mobile app from the Apple and Android App Stores.  Try the demo.

 

Five Tips to Creating Income from Innovation.

 

1. Find the Pain. Look for pain points or unmet needs in the marketplace.

 

1. Innovate and Determine a Solution.  Do you have a potential solution to the problem?  Define it.

 

1. Test the Marketplace.  Talk to prospective customers, confirm the problem, and test the solution.  Is your solution a must-have?  Learn as much as you can on how to make the solution a necessity.

 

1. Iterate.  Take what you learned from the marketplace and improve your solution.  Then test some more until a prospect says, “We need what you are offering right now and we will pay you for it.”  

1. Learn from the Pros.  Successful entrepreneur Steven Blank offers the free online Lean LaunchPad course.  “What we now know is that startups search for business models while existing companies execute them. A startup is a temporary organization designed to search for a scalable and repeatable business model. This Lean LaunchPad class will teach you how to efficiently search for your scalable and repeatable Business Model Design and Customer Development.”

Theresa M. Szczurek (www.PursuitofPassionatePurpose.com, www.TMSworld.com, www.RadishSystems.com)

FIVE TIPS TO GET THE HELP YOU NEED TO SUCCEED

It has been said in the Bible, “Ask and ye shall receive.”  Do you believe that?  How often do you reach out and request what you really need? Many times we work alone or hold back in fear of what others will think if we ask. Connections with self, proper people, and spiritual sources are part of the winning formula.

 

Author Jim Collins said, when I interviewed him for my “Pursuit of Passionate Purpose” research study, “The right people help along the way. This inner circle of people with integrity won’t let you down.  If you were on a boat in a stormy ocean, you could rely on them.”  Not surprisingly, ‘having the right people on the bus” is also mentioned in Good to Great as one of the determining factors distinguishing great organizations from those that are merely good, and as the closest link between a great company and a great life.  People genuinely want to help, although some may not be as tactful and others not as forthright as you would like.

 

Radish Example.  Last quarter, I sent out a special message via various channels asking for connections that could help my new business, Radish Systems.  I was pleasantly surprised at the positive response I received and continue to receive.  Thank you for your help and for demonstrating the power of the Connections Strategy.

 

Five Practical Pointers for Getting the Help You Need

 

Attract.  Hold a broad intention of what you want. Imagine the help you need coming your way.  Be open to the possibilities.  Believe that you will receive. Use the Attraction Strategy.  Say the affirmation, “I easily and quickly attract all the resources needed.”

 

Ask.  People want to be wanted.  They like to help.  Some are standing on the sidelines wishing they could be involved.  Perhaps your passionate purpose can bring meaning to their lives, and it may even become their reason for being.

 

Pray. The help you need may come from spiritual sources.  If these forces are real to you, recognize and embrace them. Spiritual connections positively influence some people’s pursuits.  As Paulo Coelho states in The Alchemist, “When you want something, all the universe conspires in helping you achieve it.”

 

Appreciate.  Be sure to take time to thank those around you. Be grateful.  A little appreciate goes a long way.  Let your supporters know you value them.

 

Help others.  It never seems to fail—when you help others, others will help you.  You learn a lot in the process, especially about how to involve others in your quest.

 

Theresa Szczurek (www.TMSworld.com; www.PursuitofPassionatePurpose.com; www.RadishSystems.com)

FUNDING START-UPS; FUELING GROWTH

It has been said that ‘it takes money to make money.’  Entrepreneurs are often pressed to find more funds. There has been a decrease in private venture capital funding in Colorado over the last few years.  Where do start-up companies find the cash they need to start and grow their companies?

 

Funding of Entrepreneurial Ventures Is Important.

 

Entrepreneurial ventures fuel the economic engine.  They produce jobs, experienced entrepreneurs and team members who go on to start other ventures, products / services that provide value to customers, investment return for investors, tax dollars, employees who purchase goods/services from other companies and who pay taxes, and much more. 

 

“For a business, cash is like oxygen.  You can’t live without it,” says, Verne Harnish, author of Mastering the Rockefeller Habits.  While customer revenue is the best producer of cash, pre-revenue start-up companies need other funding sources.

 

“For every dollar a venture capitalist or angel invests in a venture, there is an eight to ten times economic benefit,” said Brian Wallace, Managing Director of Access Venture Partners and Co-Chairperson of the Venture Capital in the Rockies (VCIR) 2012 Winter conference.  “It is hard to find another investment that produces this result.  For example, Access invested around $100M over ten to twelve years along with approximately $1B from other investors in small companies which have created tremendous economic value.”

 

Situation of Colorado Funding for Entrepreneurial Ventures.

 

“Ninety percent of funding in 2011 for Colorado-based entrepreneurial ventures came from out of state.  Fewer and fewer start-ups have a local investor.  It used to be one third of the firms seeking funding had at least one local investor; now that percentage is down,” stated James Linfield, Managing Partner, Cooley LLP at the VCIR 2012 conference co-hosted by Rocky Mountain Venture Capital Association and KPMG.

 

The venture capital industry in Colorado has declined with regard to the number of active VC firms.  “The venture capital industry—in particular, limited partners—has trended away from regional VC funds, resulting in a contraction of Colorado-based institutional money.  Combined with the retirement of the first generation of the region’s VCs, the Front Range has seen a decline in Colorado-based VC funds,” reports Silicon Flatirons Center for Law, Technology, and Entrepreneurship at the University of Colorado in their recent “Mile High Tech Entrepreneurship Conference” program.

 

Colorado Senator Rollie Heath explained, “We tried to set up an advisory board to learn how to get venture capital back in the state.  Other states actively participate in increasing the amount of venture capital.  This bill is completely dead now, unless the Governor does this by executive order.”

 

In addition to private venture capital there is the Colorado Venture Capital Authority (VCA).  VCA was allocated by 2004 General Assembly action with $50 million in premium tax credits.  The first $25 million is sold out.  The remaining funds for seed- and early-stage capital investments in businesses are limited and have restrictions.

 

Bottom Line:  It is harder now for Colorado start-ups to get venture capital funding.

 

Some Good News in Colorado Funding.

 

A few new venture funds are becoming in Colorado.  Point B Capital, headquartered in Seattle, has opened a Colorado office. David Cohen, founder of TechStars, has announced his second seed fund, totaling $28M, which is NOT only for TechStars companies.  While a step in the right direction, more is needed.

 

The JOBS (Jumpstart Our Business Start-ups) Act was signed into law on April 5 by President Obama.  This helps startups raise money from new methods such as crowd funding.  For example, Story Stock Exchange LLC (SSX), a crowd funding incubator in Boulder, just formed to help entrepreneurs more easily find investors.

 

Six Funding Tips for Entrepreneurs.

 

Here are six creative ways to finance start-up businesses.

 

• Founders’ Capital.  Prepare by saving.  It will take much more money than planned. Consider inviting a wealthy and trustworthy friend or relative to be a co-founder, and perhaps silent partner.  Other people and firms who might consider investing want to see that the founders are truly committed to the venture with their own funds.
• Team.  Attract experienced entrepreneurs to join your team who have funded prior ventures.  “With the right idea and team, you can find funding,” stated Wallace.
• Business Model.  Develop products and business models which can very quickly generate cash and customers.  The easiest way to fund the venture is through your own customers.
• Angels.  Angel investor networks have formed throughout the country.  These high net worth individuals are sophisticated investors interested in early-stage private equity investment in emerging firms with great potential.  They may also want a management or board position in your firm as part of the deal.  Many online groups are active such as www.Angellist.com  and www.gust.com  
• Connect.  The entrepreneurial business community is taking steps to connect investors to entrepreneurs.  Get involved—for example, consider participating in Rockies Venture Club, Silicon Flatiron Center, Meet Up groups, TiE Rockies, and many other groups.
• Venture Capitalists.  Realize that a small fraction of start-ups get funded by VCs.  Ask if this is the right approach for you and what other options are available.  If it is your best option, don’t give up.  Persist.  Get help.  Attract out-of-state VCs to Colorado.  Consider joining an incubator or accelerator which has connections to the money.   

 

One Request.

Take Action.  What can we together do to improve the venture capital funding situation in Colorado?  How can businesses, investors, legislature, governor’s office, local government, entrepreneurs, and other members of the entrepreneurial community work quickly towards solutions that increase VC sources? Who will champion this cause?  We all will benefit. 

Theresa M. Szczurek (www.TMSworld.com; www.RadishSystems.com; www.PursuitofPassionatePurpose.com) 

Six Pointers to Developing Your Business and Personal Theme

Does your business have a theme to focus its top priority strategic efforts? Do you have a personal theme for 2012? 

For decades, I have personally had an annual theme.  Friends would tell me that they looked forward to reading my annual holiday letter and learning my theme.  Over the years it has varied including: Out of Darkness, Into Light (after finishing the Ph.D. program); Year of the Book; Back to the Core (after the book tour realigning on my consulting practice); Focus, Finish, Fly; Believe and Act, and many more.  My theme has encapsulated my priorities and kept me going in the right direction.  For 2012, my theme comes from Pam Watson Korbel’s book by the same name, “More Money, Less Work, More Fun!”

Why have a Theme?  As Keith Cupp, President of Gazelles Coaching, says, “Your Theme helps your organization’s Quarterly Priorities or “Main Thing” come alive in the organization, resulting in Focus, Energy and Alignment across departments and team members.” Here are some suggestions from Keith Cupp (keith@gazelles.com) a top-notch Gazelles Business Coach.

Six Practical Pointers to Developing Your Theme:

1.  Do your strategic plan first.  Determine what are your BIG rocks or main priorities for the quarter or year.  How will you measure the successful outcome?  Is there one Main Thing or Priority?

2.  Brainstorm on possible Themes based on the Top Priority.  Be creative, out of the box, distinctive, and odd.

3.  Evaluate the candidate Themes, ensuring they are relevant to your culture, workforce demographic and touch on a point of reference in your team member’s minds (e.g. a current trend, or movie, etc.).

 

4.  For the winning Theme, brainstorm with your team and determine the Theme Name, Reward and 3-5 ways to communicate your theme (e.g. skits, emails, posters).

 

5.  Choose a leader who will be accountable to develop a Theme Roll Out

Plan to the entire company.

 

6.  Roll out the Theme at an all Company meeting, with an introduction by

the Chief Executive (and perhaps a “leading role” by the CEO in a skit).

Four Hands Case Study.

Rich Russakoff (rich@bottomlineupenterprises.com), shared the theme of one of his clients.  Four Hands (www.fourhands.com) is a a global manufacturer, wholesaler, and importer of innovative home furnishings. The 2005 Goal was to do $26 million. At the end of the first quarter, they were seeing that results were a little short of budget.  They realized that they were not maximizing opportunities to really align and focus people.

 

Theme. They used the 7.7.7 theme to emphasize their goals:

1)     $7 million in revenue in Q2 (to catch up and get  back on budget)

2)     $700,000 bottom line (to control expenses and insure profit sharing)

3)     $7 million in open orders (to insure 3rd quarter results)

 

The challenge for each employee was to help manage costs and increase profitability.

 

Results.  7.7.7 was a very successful theme

• hit the first goal of $7.5 million in revenues
• hit $900k bottom line
• got to $8 million in open orders

 

Reward. Company celebrated success with a party and put 20% more into profit sharing.  Most importantly, this theme put them on track for 2nd half of year, where they ended at $29 million.

Theresa Szczurek (www.PursuitofPassionatePurpose.com, www.TMSworld.com)

Seven Pointers for a Winning Business and Personal Plan

What is your plan for 2012?  Some of you may have a plan – great, pursue it and continue monthly assessments.  For others who have put planning off, it is not too late.  It is always the right time to assess progress, reaffirm your passions, align your passions with a meaningful purpose, and then put together a plan for your continued pursuit of passionate purpose. 

 

Here a few Practical Pointers.

1. Assess.  There are many ways to evaluate where you are now.  Perhaps you use the Sigh Test – are you sighing more than smiling?  This is a simple binary means to determine if things must change.  Or, do a SWOT Analysis – look at your Strength, Weaknesses, Opportunities, and Threats.  Consider creating a Stop/Start/Continue list – what should you stop doing, what should you start doing, what should you continue doing?
2. Where Do You Want to Go?  Get clarity on what your vision is?  Establish a BHAG – a big hairy audacious goal.
3. Bridge the Gap.  How can you most effectively get from where you are now to where you want to go?  What strategic initiatives are needed to bridge the gap?
4. Measure Metrics.  What is the critical number you are working to achieve that represents the overall most important way you are bridging the gap?  Have you established specific goals and ways to measure progress toward them?
5. Proper People.  Get inputs from both outside and inside your organization.  You may be amazed at what you learn.  Don’t do your internal plan by yourself either.  Who should be part of your strategic planning process?
6. Both Sides Now.  Put together both your personal plan and a business plan.   
7. Have Fun Using It.  Having a plan is good.  Using the plan to guide your directions in 2012 is even better.  How can you post it, review it, and determine if you are in track while having fun along the way?

 

Radish Case Study.

Radish used this last week of the year to do just that – assess and plan.  The output was be a revised 1-page strategic plan with clarity on our top priority ROCKS for 2012 and especially for Q112.  We have clear KPIs – key performance indicators – for each department and a scorecard to keep track of progress of our important work. What gets measured gets done.  We reference the scorecard regularly during our weekly and monthly meetings. And we have scheduled our quarterly strategic planning sessions to repeat this process.

 

Get moving –the right time is now.  Assess, plan, pursue, see progress, repeat.

 

Theresa M. Szczurek (www.PursuitofPassionatePurpose.com; www.RadishSystems.com; www.TMSworld.com)

FIVE TIPS TO IMPROVE YOUR BUSINESS AND PERSONAL LUCK

Over lunch last month, I asked a successful business man what attributed to his great success.  After all, as CEO he had sold his previous company for over $25B and then went on to found, grow, and recently sell another successful $Billion revenue-producing firm.  He said, “I’m lucky and I take risks.” 

 

What’s your definition of luck?

 

Oprah Winfrey says, “Luck is a matter of preparation meeting opportunity.”  The Oxford American Dictionary states luck is ‘chance thought of as a force that brings good or bad fortune. ‘  

 

In his recent New York Times article, “What’s Luck Got to Do With It?” Jim Collins, bestselling author of Good to Great and co-author of the new book Great by Choice, states “Luck, good and bad, happens to everyone, whether we like it or not.  When we look at 10xers [companies that are 10 times more successful than expected] we see people who recognize luck and seize it, leaders who grab lucky events and make much more of them.”

 

A new and better definition of luck would be ‘good or bad fortune based on chance or destiny and the individual’s response to the situation.’

 

What can you do to improve your luck?

 

1. Be Open.  See situations and recognize them as lucky opportunities.
2. Take Action.  Grab the event, make a decision on how to respond, and then act.  Take advantage of luck.
3. Surround Yourself with Proper People.  Find people who believe they are lucky and who take action in response to opportunities.
4. Have a Lucky Attitude.  Just like the successful CEO mentioned above believe you are lucky.  Look to the bright side of things.
5. Think Like a Billionaire.  Learn and live by the wisdom Rick Sapio discerned from his interviews of 23 extremely wealthy people as shared in this article  http://www.cobizmag.com/articles/how-to-think-like-a-billionaire/

 

You have a choice.  Success is self-determined.  In the end, business and life are exactly what you choose to make of them. Choose to be lucky!

 

Theresa M. Szczurek (www.TMSworld.com, www.PursuitofPassionatePurpose, www.RadishSystems.com)