The Globe and Mail plans to publish four issues of its new magazine, Report on Small Business, this year. (I think there were just two last year.)
I have concerns about the title (see previous post), but if you’re interested, there's still time to get in on the first issue. The ad deadline for the April 12 issue is March 7.
Here are the rest of the dates this year (cribbed from the Globe’s site here)
Issue date: June 22 Sales close: May 11
Issue date: Sept. 26 Sales close: Aug. 11
Issue date: Nov. 22 Sales close: Oct. 20
Curiously, the Globe’s website doesn't have much information on this new publication. (They also still refer to it as a “special report” rather than an ongoing magazine.) The editor is Noel Hulsman, a marathon runner who was formerly editor of BC Business.
Monday, February 27, 2006
Friday, February 24, 2006
Small is Beautiful. Powerful, too
Why should you care about Selling to Small Business? Because small and medium-sized businesses are an important growing force.
According to the government of Canada:
* Small businesses are much more adaptable and adopt new technologies and processes more quickly than large firms
* Businesses with fewer than 50 employees account for 95% of all companies in Canada.
* SMEs generated 43% of Canada’s private sector GDP in 1998.
* The number of self-employed Canadians has nearly doubled since 1980, to 2.4 million.
* In 2002, small businesses (under 100 employees) accounted for 20% of Canada’s total exports.
As they say, there is nothing small about small business.
Feel free to leave a comment or e-mail me if you want more information on any of these factoids.
According to the government of Canada:
* Small businesses are much more adaptable and adopt new technologies and processes more quickly than large firms
* Businesses with fewer than 50 employees account for 95% of all companies in Canada.
* SMEs generated 43% of Canada’s private sector GDP in 1998.
* The number of self-employed Canadians has nearly doubled since 1980, to 2.4 million.
* In 2002, small businesses (under 100 employees) accounted for 20% of Canada’s total exports.
As they say, there is nothing small about small business.
Feel free to leave a comment or e-mail me if you want more information on any of these factoids.
Monday, February 20, 2006
A bad ad that redeems itself beautifully
So, what are the results of “Results-Driven Advice?”Looks to me like you’re left tottering uncertainly, facing almost certain ruin if you tip back even a bit.
But according to this ad from Grant Thornton in the latest issue of PROFIT Magazine, what this picture represents is “Perfect balance… achieved through working hard, having fun and always giving great client service.”
Maybe. But to me balance is a chair with four feet on the ground, not two.
The other problem with this ad is the incredibly tenuous link to the client benefit. The image and the “balance” theme have nothing to do with Grant Thornton.
The payoff line is this: “The financial advisory service that fits us? Grant Thornton. Their insights and guidance help us sit pretty and considering we’re in the office furniture business, that's a very good thing.”
The key, then, is the incredibly lame pun about “sitting pretty.”
One more problem: While it’s a so
und idea to use real entrepreneurs and their testimonials in ads (because entrepreneurs only really trust each other), you need to follow through. For instance, while Jim Mills (pictured above) and his company, Office Interiors, seem to be real (and Halifax-based, no less), the URL they provide, www.officeinteriors.ca/, isn’t working. Here is the screen that URL served up on Sunday night.(Monday night update: The company's website was back in business when I checked again tonight.)
So what redeems this ad? Grant Thornton’s respect for its entrepreneurial prospect – and his or her ego. The action step in the lower text box is to call or e-mail GT’s CEO, Alex MacBeath, through a toll-free number or what appears to be his actual e-mail address.
This is classy. We’re not sending you to a website or an $8-an-hour call centre clerk. Speak to the boss, CEO to CEO. Because you’re worth it.
I bet that’ll do more to make the phone ring than the smug guy in the unsafe stool.
YOUR TAKEAWAY: Treat entrepreneurial clients as important individuals. Because in their world, they're the boss. And they expect to be treated as such.
Tuesday, February 14, 2006
Weaknesses? Maybe a few.
Entrepreneurs often have healthy egos, but they can still admit to shortcomings.
Here, courtesy of PROFITguide.com, is a listing of self-diagnosed strengths and weaknesses compiled from entrepreneurs on the 2001 PROFIT100 list of Canada's Fastest-Growing Companies.
I thought it might help you better understand the complex, often contradictory personalities of successful entrepreneurs. You may even detect a few patterns. Enjoy!
1. What do you consider your key personal strength in business?
Thanks to many years of working with some great companies and great bosses, I would suggest that my greatest strength is vision. Put a stake in the ground and shoot for it.
What's your biggest weakness? Lack of attention to detail.
2. STRENGTH: My attention to detail. Plus, I'm paranoid.
WEAKNESS: I'm not sure. That's probably my weakness.
3. STRENGTH: I'm good at vision — what needs to be done — and action-oriented to do it.
WEAKNESS: Impatience.
4. STRENGTH: I hope my key strength is the ability to create and maintain a teamwork environment.
WEAKNESS: Probably the biggest weakness, and something I'm working on very hard, is the ability to delegate more.
5.STRENGTH: The ability to hire good people.
WEAKNESS: I'm probably a bit soft, a bit lax. I don't think I'm a tough enough manager.
6. STRENGTH: Feisty, creative, aware. I'm an opportunist.
WEAKNESS: Inability to say no. No to anything.
7. STRENGTH: Entrepreneurial nature — I find a way to make things work.
WEAKNESS: I don't pay enough attention to fine detail, I'm more attracted to the possibilities than the details of implementation. Luckily, I know that and we hire accordingly.
8. STRENGTH: The ability to keep multiple balls up in the air. The very thing that you were critiqued for in school, which was the fact that you were thinking about 12 things at once, is the very thing that keeps you sharp in business.
WEAKNESS: I'd genuinely like to have better listening skills.
9. STRENGTH: I don't have any. I guess it's it would be delegating. Not thinking I can do it all. Knowing my limitations.
WEAKNESS: My biggest weakness would be probably lack of general business experience.
10. STRENGTH: I have a pretty sound technical knowledge of the field that we're in.
WEAKNESS: I'm not formally educated in business. I had to pick it up on the fly.
11. STRENGTH: Vision.
WEAKNESS: Staying focussed.
12. STRENGTH: I'm left and right brain — I'm good creatively and technically.
WEAKNESS: I'm always looking for compromise. Sometimes I should hit the table with my fist.
Here, courtesy of PROFITguide.com, is a listing of self-diagnosed strengths and weaknesses compiled from entrepreneurs on the 2001 PROFIT100 list of Canada's Fastest-Growing Companies.
I thought it might help you better understand the complex, often contradictory personalities of successful entrepreneurs. You may even detect a few patterns. Enjoy!
1. What do you consider your key personal strength in business?
Thanks to many years of working with some great companies and great bosses, I would suggest that my greatest strength is vision. Put a stake in the ground and shoot for it.
What's your biggest weakness? Lack of attention to detail.
2. STRENGTH: My attention to detail. Plus, I'm paranoid.
WEAKNESS: I'm not sure. That's probably my weakness.
3. STRENGTH: I'm good at vision — what needs to be done — and action-oriented to do it.
WEAKNESS: Impatience.
4. STRENGTH: I hope my key strength is the ability to create and maintain a teamwork environment.
WEAKNESS: Probably the biggest weakness, and something I'm working on very hard, is the ability to delegate more.
5.STRENGTH: The ability to hire good people.
WEAKNESS: I'm probably a bit soft, a bit lax. I don't think I'm a tough enough manager.
6. STRENGTH: Feisty, creative, aware. I'm an opportunist.
WEAKNESS: Inability to say no. No to anything.
7. STRENGTH: Entrepreneurial nature — I find a way to make things work.
WEAKNESS: I don't pay enough attention to fine detail, I'm more attracted to the possibilities than the details of implementation. Luckily, I know that and we hire accordingly.
8. STRENGTH: The ability to keep multiple balls up in the air. The very thing that you were critiqued for in school, which was the fact that you were thinking about 12 things at once, is the very thing that keeps you sharp in business.
WEAKNESS: I'd genuinely like to have better listening skills.
9. STRENGTH: I don't have any. I guess it's it would be delegating. Not thinking I can do it all. Knowing my limitations.
WEAKNESS: My biggest weakness would be probably lack of general business experience.
10. STRENGTH: I have a pretty sound technical knowledge of the field that we're in.
WEAKNESS: I'm not formally educated in business. I had to pick it up on the fly.
11. STRENGTH: Vision.
WEAKNESS: Staying focussed.
12. STRENGTH: I'm left and right brain — I'm good creatively and technically.
WEAKNESS: I'm always looking for compromise. Sometimes I should hit the table with my fist.
Saturday, February 11, 2006
What Entrepreneurs Want, part 3
Some of my posts mentioning the solitude and problems of entrepreneurs - especially the lack of peer contact - might make you conclude that these are needy and vulnerable people. Nothing could be farther from the truth. Entrepreneurs crave respect and understanding like everyone else, but they can go without both for long periods of time, driven by their vision and their instincts for the best way of serving their niche.
But once in a while, they like to be stroked and to have their work confirmed by others.
This was reaffirmed for me again yesterday in two e-mails I received in response to a speech I gave Wednesday night on Lessons from Canada's Emerging Growth Companies (click here for a summary). My presentation to a group called Future Leaders involved analyzing some of the trends in entrepreneurial growth (as divined from PROFIT Magazine's PROFIT 100 research) and documenting some of the unique tactics and strategies that have fuelled their success.
My goal with such presentations is to show entrepreneurs how other companies are striving and succeeding, and give them specific tactics they can put into practice right away. But sometimes I forget how important it is just to be heard talking about success in tough times.
Here's a snippet from one of the unsolicited e-mails I received the other day:
"Just wanted to drop you a quick note to let you know that I really enjoyed your presentation... It was extremely interesting and inspirational."
You might think that entrepreneurs would be the last people to need inspiration. But you'd be wrong.
The other e-mail:
"Thanks for the speech on Wednesday. Some days any encouragement is appreciated. As a manufacturing guy, I really appreciated that I’m not the only one in this province who still thinks making stuff is a good business and finding that you can still manufacture and make the hot [PROFIT 100] list is nice ... despite the money guys telling everyone out there that manufacturing in Ontario is dead and the dumbest possible thing you can do."
I don't believe entrepreneurs are generally insecure. But if they're to put all their energy and resources into a business venture, they certainly need a strong dose of confidence. And confidence is a fragile thing.
Marketer's Takeaway: You can't go wrong by celebrating the instincts and accomplishments of entrepreneurs. It doesn't have to be the major theme of your conversation with this market, but it must underlie everything you say and do.
As the writer said, "Some days any encouragement is appreciated."
But once in a while, they like to be stroked and to have their work confirmed by others.
This was reaffirmed for me again yesterday in two e-mails I received in response to a speech I gave Wednesday night on Lessons from Canada's Emerging Growth Companies (click here for a summary). My presentation to a group called Future Leaders involved analyzing some of the trends in entrepreneurial growth (as divined from PROFIT Magazine's PROFIT 100 research) and documenting some of the unique tactics and strategies that have fuelled their success.
My goal with such presentations is to show entrepreneurs how other companies are striving and succeeding, and give them specific tactics they can put into practice right away. But sometimes I forget how important it is just to be heard talking about success in tough times.
Here's a snippet from one of the unsolicited e-mails I received the other day:
"Just wanted to drop you a quick note to let you know that I really enjoyed your presentation... It was extremely interesting and inspirational."
You might think that entrepreneurs would be the last people to need inspiration. But you'd be wrong.
The other e-mail:
"Thanks for the speech on Wednesday. Some days any encouragement is appreciated. As a manufacturing guy, I really appreciated that I’m not the only one in this province who still thinks making stuff is a good business and finding that you can still manufacture and make the hot [PROFIT 100] list is nice ... despite the money guys telling everyone out there that manufacturing in Ontario is dead and the dumbest possible thing you can do."
I don't believe entrepreneurs are generally insecure. But if they're to put all their energy and resources into a business venture, they certainly need a strong dose of confidence. And confidence is a fragile thing.
Marketer's Takeaway: You can't go wrong by celebrating the instincts and accomplishments of entrepreneurs. It doesn't have to be the major theme of your conversation with this market, but it must underlie everything you say and do.
As the writer said, "Some days any encouragement is appreciated."
Wednesday, February 08, 2006
RBC's four-star ad
Regular readers will be pleased to learn that I’ve found an ad targeting small business that I actually like.
The fact that it appears opposite my new column in the Feb.-March issue of MoneySense is just a coincidence.
It’s an ad for RBC Royal Bank, part of its mysterious series of ads whose photos include people standing in front of a shoulder-high billboard with the word “FIRST”. (I always thought “First” was part of Bank of Montreal’s branding, so I am still confused by its use by the Royal.)
The ad starts with a great headline: “After his business burned down, Steve Booy not only found out who his friends were. He discovered who his bank was.”
The body copy goes on to explain that when Steve’s Automotive Repair in Woodstock, Ont., went up in flames, all his financial records were lost. Kindly waiving an immediate loan payment, an RBC account manager sat down with Steve to discuss the future. (“Without financial records,” RBC says, “some banks might not have talked to Steve.”) But RBC “was flexible, finding a financial solution that recognized his specific circumstances.”
The result? “Today, an expanded Steve’s Automotive is a state-of-the-art nine-bay facility,” “well-equipped, Steve says, with fire extinguishers.”
There you have it. An ad that tells a believable, human story. Like all great stories, form the first ancient myths to Star Wars, it comes complete with a problem, a hero (that creative banker) and a happy ending.
Plus, the tale is told simply and efficiently, to match entrepreneurs’ attention spans – using just enough details to make it credible, and even a grin-worthy punch line.
And at the end, of course, comes the call to action that every ad should have (but many don’t): “To find out what RBC Royal Bank can do to put your business first, call 1-800 ROYAL 2-0, or visit www.rbcroyalbank.com/business-first”
Note the subtle reinforcement of the “first” branding, and the ease of the contact tools offered: a toll-free number that’s easy to remember, and a URL that’s easy to type.
The ad itself speaks to the loneliness and vulnerability that applies to most entrepreneurs (and which I have discussed in numerous posts, including the one immediately preceding this one). RBC depicts an entrepreneur at his lowest point, and describes how it stood by him. That kind of security, that kind of relationship, is exactly what most entrepreneurs want.
This ad works because it speaks entrepreneurs’ language, it understands their needs without overstating them, it’s grounded in reality, and it offers a clear and genuine benefit. I give it four stars.
PLUS: In promoting this apparently true story (you can visit http://www.stevesauto.ca), RBC’s ad does one more thing – it raises expectations.
It ups the ante. It dares other bankers – within the Royal or its many competitors – to do for their clients what Steve’s account manager did for him. This could come back to haunt RBC – can its bankers work such magic all the time? (Especially given that many credit-watchers say the banks are set to tighten up on credit as the Canadian economy peaks.)
In the meantime, setting the bar so high makes a great testimonial for RBC – and a nice shot of confidence (and bargaining power) for entrepreneurs across the country.
Full disclosure: I do most of my personal banking at the Royal, mainly because my dad worked there all his life. But if you think that kind of thing influences my writing, you haven’t been reading my stuff very long.
The fact that it appears opposite my new column in the Feb.-March issue of MoneySense is just a coincidence.
It’s an ad for RBC Royal Bank, part of its mysterious series of ads whose photos include people standing in front of a shoulder-high billboard with the word “FIRST”. (I always thought “First” was part of Bank of Montreal’s branding, so I am still confused by its use by the Royal.)
The ad starts with a great headline: “After his business burned down, Steve Booy not only found out who his friends were. He discovered who his bank was.”
The body copy goes on to explain that when Steve’s Automotive Repair in Woodstock, Ont., went up in flames, all his financial records were lost. Kindly waiving an immediate loan payment, an RBC account manager sat down with Steve to discuss the future. (“Without financial records,” RBC says, “some banks might not have talked to Steve.”) But RBC “was flexible, finding a financial solution that recognized his specific circumstances.”
The result? “Today, an expanded Steve’s Automotive is a state-of-the-art nine-bay facility,” “well-equipped, Steve says, with fire extinguishers.”
There you have it. An ad that tells a believable, human story. Like all great stories, form the first ancient myths to Star Wars, it comes complete with a problem, a hero (that creative banker) and a happy ending.
Plus, the tale is told simply and efficiently, to match entrepreneurs’ attention spans – using just enough details to make it credible, and even a grin-worthy punch line.
And at the end, of course, comes the call to action that every ad should have (but many don’t): “To find out what RBC Royal Bank can do to put your business first, call 1-800 ROYAL 2-0, or visit www.rbcroyalbank.com/business-first”
Note the subtle reinforcement of the “first” branding, and the ease of the contact tools offered: a toll-free number that’s easy to remember, and a URL that’s easy to type.
The ad itself speaks to the loneliness and vulnerability that applies to most entrepreneurs (and which I have discussed in numerous posts, including the one immediately preceding this one). RBC depicts an entrepreneur at his lowest point, and describes how it stood by him. That kind of security, that kind of relationship, is exactly what most entrepreneurs want.
This ad works because it speaks entrepreneurs’ language, it understands their needs without overstating them, it’s grounded in reality, and it offers a clear and genuine benefit. I give it four stars.
PLUS: In promoting this apparently true story (you can visit http://www.stevesauto.ca), RBC’s ad does one more thing – it raises expectations.
It ups the ante. It dares other bankers – within the Royal or its many competitors – to do for their clients what Steve’s account manager did for him. This could come back to haunt RBC – can its bankers work such magic all the time? (Especially given that many credit-watchers say the banks are set to tighten up on credit as the Canadian economy peaks.)
In the meantime, setting the bar so high makes a great testimonial for RBC – and a nice shot of confidence (and bargaining power) for entrepreneurs across the country.
Full disclosure: I do most of my personal banking at the Royal, mainly because my dad worked there all his life. But if you think that kind of thing influences my writing, you haven’t been reading my stuff very long.
Monday, February 06, 2006
Be a peer, not a pal
Friends are fine. Families have their place. But there's nothing like people you hardly know.
At least, that’s how my friend Aaron sees it. A seasoned entrepreneur, he is an enthusiastic participant in Entrepreneurs’ Organization, the international forum that allows full-time entrepreneurs to meet monthly with local peers from non-competing organizations to share ideas, contacts and best practices. (And, mainly, to reassure each other that the hell they go through every day is normal.)
“Most entrepreneurs don't know other entrepreneurs, unless they're customers or suppliers, or family or friends,” says Aaron. These are useful, even valuable contacts, but they're not the best people to pour out your heart if you want to talk about the pressure the bank’s putting on you, the new problems with your sales force, or your spouse’s growing resentment of your long hours at work.
That’s why entrepreneurs join groups such as Presidents’ Organization, Entrepreneurs’ Organization, CAFÉ, Innovators Alliance, and so on – to share the burden. Unloading with trusted colleagues who understand what you're going through relieves some of the loneliness and the burden. And chances are good that some of them will have gone through what you're experiencing, and will be able to offer useful advice.
Remember, corporate executives have a ready-made audience of peers, mentors and friends – usually all in the same company - for blowing off steam and seeking counsel. Entrepreneurs are in a different space entirely. Which is why they appreciate marketers who understand their real needs.
Bonus thoughts - Let's consider the implications of the lonely-at-the-top, no-one-to-confide-in life of an entrepreneur:
Nobody to bounce ideas off of: So keep your offers simple. Offer lots of easy-to-read info and context on your website for those who need to dig deep.
Overloaded, working too much: Respect their time. Keep policies and paperwork to a minimum.
Fear of making mistakes: Take away some of the risk. (Offer free trials, extended warranties, money-back guarantees).
Need for solutions: Be a peer, not a pal.
At least, that’s how my friend Aaron sees it. A seasoned entrepreneur, he is an enthusiastic participant in Entrepreneurs’ Organization, the international forum that allows full-time entrepreneurs to meet monthly with local peers from non-competing organizations to share ideas, contacts and best practices. (And, mainly, to reassure each other that the hell they go through every day is normal.)
“Most entrepreneurs don't know other entrepreneurs, unless they're customers or suppliers, or family or friends,” says Aaron. These are useful, even valuable contacts, but they're not the best people to pour out your heart if you want to talk about the pressure the bank’s putting on you, the new problems with your sales force, or your spouse’s growing resentment of your long hours at work.
That’s why entrepreneurs join groups such as Presidents’ Organization, Entrepreneurs’ Organization, CAFÉ, Innovators Alliance, and so on – to share the burden. Unloading with trusted colleagues who understand what you're going through relieves some of the loneliness and the burden. And chances are good that some of them will have gone through what you're experiencing, and will be able to offer useful advice.
Remember, corporate executives have a ready-made audience of peers, mentors and friends – usually all in the same company - for blowing off steam and seeking counsel. Entrepreneurs are in a different space entirely. Which is why they appreciate marketers who understand their real needs.
Bonus thoughts - Let's consider the implications of the lonely-at-the-top, no-one-to-confide-in life of an entrepreneur:
Nobody to bounce ideas off of: So keep your offers simple. Offer lots of easy-to-read info and context on your website for those who need to dig deep.
Overloaded, working too much: Respect their time. Keep policies and paperwork to a minimum.
Fear of making mistakes: Take away some of the risk. (Offer free trials, extended warranties, money-back guarantees).
Need for solutions: Be a peer, not a pal.
Thursday, February 02, 2006
Mars and Venus and Small Business
A few posts back (on January 10, if you want to look it up in the “January” archives on the right) I blogged about the phrase “small business.” I suggested that while it is a useful description of a category, you should not use it when addressing people who run small businesses – because one of the meanings of “small” is inconsequential. I even went back to my experience 15 years ago at PROFIT magazine, which we renamed from the previous title, Small Business, for that reason.
As you may know, another magazine recently went through a similar name change. In 2004, Small Business Canada renamed itself Enterprise – probably for the same reason we changed Small Business. Because many readers don’t identify with the term, and few advertisers like to pay to reach markets that are apparently inconsequential.
Anyway, a friend of mine who is familiar with that magazine was saying yesterday that she thought the name change was a good idea: “Because men will never buy anything with the word ‘small’ in it.”
I hadn’t realized this phenomenon was gender-based, but maybe it is. “Call it, ‘Huge Business,’” advised my friend. “Or ‘Fast-Growing Business’. Men will buy anything that’s big.”
It’s a different perspective from mine, but the result is pretty much the same. Keep “small business” for internal use. “Business owners” sounds much more flattering.
Even consequential.
As you may know, another magazine recently went through a similar name change. In 2004, Small Business Canada renamed itself Enterprise – probably for the same reason we changed Small Business. Because many readers don’t identify with the term, and few advertisers like to pay to reach markets that are apparently inconsequential.
Anyway, a friend of mine who is familiar with that magazine was saying yesterday that she thought the name change was a good idea: “Because men will never buy anything with the word ‘small’ in it.”
I hadn’t realized this phenomenon was gender-based, but maybe it is. “Call it, ‘Huge Business,’” advised my friend. “Or ‘Fast-Growing Business’. Men will buy anything that’s big.”
It’s a different perspective from mine, but the result is pretty much the same. Keep “small business” for internal use. “Business owners” sounds much more flattering.
Even consequential.
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