Tom’s Blog

The Risk of Change

Posted by on 9:17 am in Blog | 0 comments

The Risk of Change

Businesses are like sharks: They have to keep moving or they will die. Sorry to have to deliver this bad news, but each day your business is becoming obsolete. Your competitors aren’t sitting idle letting you encroach on their market share. Customers are demanding new and more innovative products and services. And if your business concept is both popular and unique, a bunch of copycats will ride on your coattails. If you just sit back and rest on your existing business model merits, be prepared to face lost market share, shrinking profit margins and the possibility of a total lose. (more…)

The cost of risk avoidance

Posted by on 9:16 am in Blog | 0 comments

The cost of risk avoidance

In a recent blog post, marketing guru Seth Godin asked, “How much does it cost you to avoid the feeling of risk?” He wasn’t talking about actual risk, only “the feeling that you’re at risk,” that mental checklist that we all review before making a decision. Godin concludes, correctly, that we rationalize that avoiding risk is a “no cost” option and something that is perfectly acceptable. (more…)

Decide, Change: The Two Essential Risks for Ultimate Success

Posted by on 9:15 am in Blog | 0 comments

Decide, Change: The Two Essential Risks for Ultimate Success

Risk is everywhere, and while common sense and consultants tell you to minimize risk, I suggest the opposite. I maintain that embracing what I call the “two essential risks” is necessary to achieve your ultimate success in business.
Sure, you hope to avoid liability, investment, and market risks as you pursue your entrepreneurial dream, so you take steps to mitigate exposure. But a business owner must embrace and leverage these two essential risks to achieve ultimate success:

1. Decide: Choose a direction and jump.
2. Change: Make both internal adjustments and external innovations to keep going and growing. (more…)

Why You Really Do Need a Business Plan Before You Launch Your Startup Dream

Posted by on 9:14 am in Blog | 0 comments

Why You Really Do Need a Business Plan Before You Launch Your Startup Dream

A successful entrepreneur does not wing it: An entrepreneur who wants to win has an attack plan — a strategy that puts him into a position to succeed. If you don’t know where you are going, then how will you know when you get there? Few things in the business world have a positive result without a general plan. Besides being an absolute requirement to obtain outside financing or attracting investors, it helps to keep you on track, and it provides a road map so everyone knows what the goals are and how well you are progressing. (more…)

The Hot Dog Vendor With the Unexpected Edge

Posted by on 9:14 am in Blog | 0 comments

The Hot Dog Vendor With the Unexpected Edge

Every day for over twenty years, he has occupied the same spot on the same street. If it were not for the unexpected edge he created for himself, he would have blended in with the hundreds of other street vendors dotting the city. His stainless steel cart was as unassuming and typical as the one a block away and another two blocks away near the park. If ever there was a generic business with little differentiation between competitors, a hot dog cart would be it. They sell the same hot dogs, condiments, and drinks. Even the racks of chips are identical. However, this particular hot dog vendor is different.

Sit and watch him for an hour, and you’ll notice he seems to intuitively know what the customer wants before the person even gets to his cart. Therefore, his service is lightning-quick. (more…)

Always Right: Five Risks You Must Take with Your Customers

Posted by on 9:12 am in Blog | 0 comments

Always Right: Five Risks You Must Take with Your Customers

Here’s one of business’s dirty little secrets: Many business owners prefer to keep their customers at arm’s length. They’re very careful to keep every interaction strictly professional, never getting overly personal or friendly. After all, if you get too chummy with customers—or even appear too interested in or sympathetic to their personal circumstances—they might start to want more from you: better pricing, extended credit, lengthier conversations, access to your services on nights and weekends, etc.
And then, of course, other business owners stay aloof from customers for a different, more instinctual reason: In a digital age dominated by email and computer screens, they simply don’t know how to interact with customers face-to-face and avoid doing so at all costs. (more…)

Nine Risks You Should Make to Build a Sustainable Business

Posted by on 9:10 am in Blog | 0 comments

Nine Risks You Should Make to Build a Sustainable Business

Risk is eternally linked to opportunity. There is nothing wrong with taking the safe way out—millions make that choice—but successful entrepreneurs are a different breed. They are professional risk takers and they need to be willing to strap on that parachute every day.
Though we typically associate risk with the initial leap-of-faith decision to start a business, to achieve real success, one must consistently embrace risk every day, and not just on the business’s first day.
A willingness to take risks separates leaders from the rank and file,” says Panaggio. “If you lose the spirit of risk, the business begins to decay. From startup through the last sale, the spirit of risk is the unexpected edge for every business. (more…)

Avoid Customer Churn with These 5 Risks

Posted by on 9:08 am in Blog | 0 comments

Avoid Customer Churn with These 5 Risks

Here’s one of business’s dirty little secrets: Many business owners prefer to keep their customers at arm’s length. They’re very careful to keep every interaction strictly professional, never getting overly personal or friendly. After all, if you get too chummy with customers—or even appear too interested in or sympathetic to their personal circumstances—they might start to want more from you: better pricing, extended credit, lengthier conversations, access to your services on nights and weekends, etc.

And then, of course, other business owners stay aloof from customers for a different, more instinctual reason: In a digital age dominated by email and computer screens, they simply don’t know how to interact with customers face-to-face and avoid doing so at all costs. (more…)

Avoiding Risks and Missing Opportunities

Posted by on 9:07 am in Blog | 0 comments

Avoiding Risks and Missing Opportunities

Think you’re playing it safe by avoiding risks? You could be missing the opportunity of a lifetime.

When you’re in charge of running a company, it’s easy to convince yourself that playing it safe is the responsible choice.Especially if your business is new, going out on a limb is the last thing you want to do. But risk is needed if you want to do more than just scrape by — and it may be needed just to survive in this economy. (more…)

Always Right: Five Risks You Must Take With Your Customers

Posted by on 9:06 am in Blog | 0 comments

Always Right: Five Risks You Must Take With Your Customers

Here’s one of business’s dirty little secrets: Many business owners prefer to keep their customers at arm’s length. They’re very careful to keep every interaction strictly professional, never getting overly personal or friendly. After all, if you get too chummy with customers — or even appear too interested in or sympathetic to their personal circumstances — they might start to want more from you: better pricing, extended credit, lengthier conversations, access to your services on nights and weekends, etc. (more…)