Well, as you can see it has been a while since I made our last blog entry.  What a hectic couple of months it has been!  As many of you know, we purchased the Hearth and Home Shoppe in Mechanicsville, Va in late February.  We have been spending the past couple of months learning lots about the business and the industry as well as getting to know the great group of employees we have. 

The Hearth and Home Shoppe (www.HearthandHomeShoppe.com) is a specialty retailer of gas, electric, wood and pellet stoves, fireplaces, fireplace inserts and gas logs.  We also sell grills and outdoor kitchens.  In addition to the retail side of the business, we also have a service department as we install and service all of the hearth products that we sell.  It's a great business that has been around for about 25 years and we are blessed to have the opportunity to be the new owners.  So stop by and visit us at 8154 Mechanicsville Tpk by the windmill.

I am spending most of my time at the Shoppe and Mark is handling the outside marketing.  We are both still very active in the coaching business and I am looking forward to making blog entries that combine The Growth Coach Strategic Mindset coaching concepts to everyday Shoppe life.   

Come Feel the Fire!

Most of us have seen the recent footage of the US Air jet liner sinking in the cold Hudson River.  Whether conservative or liberal, watching Fox News or MS NBC, most commentators are calling the safe landing a miracle.  And, after watching the computer generated reenactment of the plane taking off, swallowing the birds, turning around and then landing in the river, I'd say it's a miracle as well.

We don't get the chance to see real, live miracles everyday... or do we?  Personally, I don't think that we need to look very far at all to witness, on a daily basis, miracles happening.  They happen all day long and all around us.

For instance, have you been in the position where you just weren't quite sure where payroll was going to come from next month and then a big contract comes through.  Or, you're having a particular problem with an employee and just when you are getting to the point when you are planning to have that really difficult discussion with her, she walks in and quits anyway.  Or, you've made a presentation to a prospect and it really didn't go very well, maybe you weren't properly prepared, and you just know you're not going to get this deal but the prospect calls and says, "It's a go"! 

Well, I believe those are all little miracles helping us along the way.  So, I suggest that rather than waiting for those super, huge miracles to come along to make major changes in our lives, we relish those little ones with smaller impacts that just serve to make our lives a bit smoother. 

Yes, during these difficult economic times, we still need to be managing our receivables aggressively, using our marketing and advertising dollars effectively and leading our people productively.  We can also be looking for opportunities - miraculously!

Well, as you can see, it's been a while since I've made an entry into our blog.  And, I realize now how much I've missed chatting here so I won't delay like this again!  I hope I haven't lost too many of my readers.

As many of our business friends and colleagues know, Mark and I have been in the process of buying a new business to diversify a bit from our coaching business and just cause we are ready for a new chapter in our lives (this is a lot better than having another child!)

We are still on that roller coaster ride called due diligence so I can't tell you too much yet but we are looking forward to wrapping this up soon and will then be able to share our good news with everyone. 

So, stick with us as we make this transition.  It should be fun!

Many of us are going through some difficult times with our business.  The biggest challenge that I continue to hear about is the build-up of receivables and slow paying customers.  Some of us are being impacted on the revenue side as well but, luckily, that hasn't been a significant lament among our clients. 

One question that was recently raised during a discussion I was having with two local small business owners was, "'How much do I tell my employees"? 

This particular business owner wanted to share some of the challenges facing the business and the subsequent shift in some of his priorities.  Yet, at the same time, he didn't want to put undue stress on the employees and impart concern over the future state of the business.  For our businesses to remain successful, our employees must continue to do their jobs well, retain a positive attitude and continue to provide a high level of customer service - this can be hard to do in the face of uncertainty!  It is a fine line between being open and honest with your employees and burdening them with information that they really can do little with. 

How much transparency is good with our employees especially during times of economic uncertainty?  I think it depends on the type of ongoing relationship the business owner already has with his employees, the severity of the potential impact on the business and the maturity level of the employees.   But, in any case, some information needs to be shared with an eye toward helping the employees during the uncertain times and keeping them focused.  Transparency - your thoughts?

Have you ever heard of the Kit-Cat® Club?  Our friend and owner of ComedySportz Improv Theater, Christine Walters, recently spoke about her Kit-Cat Clock. 

Kit-Cat Clocks have been around since the 1930s when they became popular during the Depression because they entertained folks during difficult times.  Many people have wonderful memories of those clocks in their homes while growing up and those same people continue with the tradition today.  The Kit-Cat Clock remains popular with many new, flashy colors and its own website:  http://www.kit-cat.com/kitcathistory.htm

Along with the entertainment factor, the Kit-Cat Clock has become of symbol of optimism espousing the following creed:

While we might not be able to make everyone around us smile, we can certainly go the extra mile to remain positive in light of the challenging times surrounding us.  A great lesson to learn from a sill cat clock! 

Another great way to stay positive to visit the ComedySportz Improv Theater for some family-friendly improv fun!  http://www.comedysportzrichmond.com/

Concerned about the economy?  Please visit this fun video from our friends at Madison & Main...

http://www.youtube.com/watch?v=_hDlaGd5_78

Our good friend Sandra Kozusko of CFO Professional Services, PC spoke at the Chesterfield County Chamber luncheon last week.  She spoke about a topic near and dear to the small business owner's heart, keeping a competitive edge in a sluggish economy,  Not that I am saying we have a sluggish economy or anything!

We at The Growth Coach heartily concur with Sandra's perspective, that it is important to know your numbers in order to remain competitive.  She equipped the audience with "4 Knows" that each business owner should know about his or her business.  Here goes:

1. Know where you are making the most money then perfect it.
2. Know what marketing avenues have given you the greatest ROI and keep doing it! (Don't cut marketing expense to zero!!)
3. Know where you can cut expenses and cut now.
4. Know where you stand on your year-end taxes today.  Don't wait and be surprised with a big tax bill or miss opportunities for deductions.

This is great advice.  I would all one more "know" that is:

1. Know your receivables and manage them aggressively.

I find that my most successful clients know their numbers and manage to their numbers.  Determine the key metrics for your business and keep a close eye on them - especially during sluggish economy.  Your Thoughts?

Please visit CFO Professionals at http://www.cfoserv.net/   They provide accounting solutions for small businesses.

WOW!  My head is just spinning with the all of the news about the challenges facing our financial markets this past week.  I have found it to be very difficult to sift through the TV broadcasts, newspaper articles and internet sites to decipher what has happened and how we should move forward. 

We conducted one of our Growth Coach coaching orientation seminars yesterday.  We had a great group of about 18 business owners attend and we discussed the challenges and opportunities they are facing in their businesses.  While many of them may be beginning to feel the pinch in this economy, our discussion converged around specific challenges, like attracting and retaining qualified employees, and generating ideas for moving forward.  It was a true reflection of how, I believe, local business owners are remaining positive and action-oriented during difficult times.  Yeah Richmond!

One of the items I keep hearing about on the national news is how the credit markets are at a virtual stand-still across the country yet the folks that I speak with here in the Richmond area remark on the availability of capital for good projects and qualified applicants.  What are you experiencing in the credit markets here in the Richmond area?  If you are a banker, do you have money to lend?  What types of deals are you looking for?  If you are a business owner, have you been able to obtain credit?  What is happening with your LOC?  We are blessed to be living and working in such a great metro area.  Eventhough we are currently experiencing a downturn, I believe the outlook for future growth is strong.  Your Thoughts? 

As many of my clients begin to feel the pinch of reduced or flat revenues and higher costs, they are beginning to look for ways to improve their bottom lines.  Understandably, many are taking a hard look at their marketing expenditures, specifically the dollars spent on advertising. 

While I whole-heartedly agree that our marketing expenses should be reviewed regularly and assessed for effectiveness, I place a word of caution out that we should not haphazardly reduce and eliminate marketing efforts and spending while chasing profitability.  Assuming we are in business for the long haul, this is exactly the time to continue with marketing plans and advertising programs that keep us in the forefront of our customers' minds.

So, what can we do to ensure that our marketing dollars are being spent wisely during the crunch times?  Well, perhaps this is not the best time to reconfigure your entire brand, requiring new marketing collateral and programs to develop an entirely new brand.  That might be money better spent at another time.  We should, however, keep spending in the more tactical areas of our marketing plans such as targeted direct mail campaigns, coupons, use of e-newsletters, staying in touch with current and previous customers and referral networking.  Look for niches in your product line, services or customer base that can grow during these tighter times and go after those specifically.  And, finally, use the Internet.  The Internet is a great, cost-effective way to get clients to your door via your website.  Use Google ads and SEO techniques to get your name in front of potential customers.  Make sure your landing page has a call to action and effectively communicates your message.

There's lots we can do to ensure that we are effectively marketing and advertising during these difficult times.  Don't be afraid to try something new.  This is your opportunity to gain market share as your competitors act from fear and pull their advertising and reduce their marketing efforts.  Your Thoughts?