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How do I create a feasibility study?

“I have an idea I’d like to share with you. I’ve been thinking of ways to grow my company because it is more valuable than one that’s not growing. Well, I am considering two options. Option 1 offers a new service to my existing clients, or option 2, which is expanding into new locations. I’m leaning towards option 2 – a new location. What do you think?  Think that’s a good idea?” As I tell all my clients who ask me this question, the idea might be just fine, but you need to decide if it is feasible – for you at this time. These are the core elements of any feasibility study: What does success look like? Can you validate that there is a market for it? Does this solve a real need? Can you resource it? Is the payoff worth it? Can you be competitive in this space?…

Is my email a Client Management System?

“One of the effects of living with electric information is that we live habitually in a state of information overload. There’s always more than you can cope with.” (Marshall McLuhan, “Understanding Me: Lectures and Interviews”, 2003) I can’t tell you how many times I am asked for suggestions and ideas on how entrepreneurs and professionals can better manage their emails, especially client-related communication. The Problem: You’re using a communication tool to be a relationship management tool. Problem Assessment: You spend time searching your emails to find attachments, instructions or messages to and from clients. You think you need to better manage your email when in reality you need to integrate client management/knowledge management into your processes and systems. Most client management systems have integrations with popular email providers such as Gmail and Outlook. The purpose of a client relationship management system is to capture and track client-related communication (or prospective…

Email Use and Management Tool Tips

One of the challenges we have encountered in a world where communication takes less effort than the snail mail time and it doesn’t require an investment of a stamp for each message we want to send, email has contributed to the state of overwhelming many business owners are grappling with. Not unlike many other challenges, business owners can improve the situation with intentional email management, education and training. Taking a “do nothing” stance is a decision that is unlikely to improve the situation. Given the impact on your mental health from the state of overwhelm and fear of missing out as well as the financial cost (hourly rate * time to manage email) to continue with your current system, the business case can easily make this one process more effective and efficient. Let’s get proactive! Step 1 Reflect on your role in contributing to the problem. What are you tolerating? What are you…

How to Build a Successful Business Without Sacrificing Personal Relationships

You know how you thought that owning a successful business would give you the freedom and lifestyle you wanted for you and your family? And now you’re having doubts that you can make it a reality. You aren’t ready to give up, but you’re feeling guilty about the toll it’s taking on your family. You’re afraid that your partner is going to throw in the towel, and you’ll lose everything you’ve worked for – both your family AND your business. You feel guilty about missing family events, never having time to tackle the “honey-do” list, you miss special moments (like putting the kids to bed) and you don’t even discuss vacations anymore. Sound familiar? You feel stuck in your business, and unable to scale it in such a way that would allow you to focus your time on strategy.  You’re feeling unappreciated at home, misunderstood and frustrated.  And that was…

Vaccinate Your Business from COVID-19!

The nasty flu season impacts people around the world. It’s a sober reminder that people drive our economies, businesses and communities forward. The truth is that all business owners need to lead considering the impact of potential events on the bottom line – whether those be events within their control, or those similar to that of the recent corona virus outbreak; which are outside of their control. We hope that your business is able to weather the impacts of the COVID-19 virus! Businesses can get hit hard in several ways when flu season hits. As we’ve seen first-hand here in Alberta – when people stop travelling, the demand for fuel slows. Without a demand for fuel, the price of oil is lowered and shares in oil stock decline. And, unfortunately, us Albertans know what that means  – layoffs! In the case of COVID-19, we are also seeing a decline in overall business…

Your Mind is Out to Get You!

Mindset. Beliefs. Psyche. Whatever you call it, it’s what makes you tick. Beliefs propel us forward. Beliefs hold us back. Great business leaders continually question their belief systems searching for those that no longer serve them, need to be tweaked or outright abandoned. You’re human, right? The toughest obstacle you’ll face on your way to achieving your goals is YOU. You’ll need to battle your own mind (cue the scary music). Our mind has several tricks up it’s sleeve to convince us of things that are not really true. You believe your mind is your friend. And as our friend, it has our best interest at heart, right? Nope! Remember, your mind also tricks you into creating bad habits, takes you down the road to temptation and can’t resist brain crack distractions like social media! You might be wondering, “How’s my mind out to get me?” Here’s how: Your mind lies to…

Tactic-itis and Its Symptoms

    Your firm might be suffering from tactic-itis and you don’t even know it. How can you diagnose what ails your firm?  The primary symptoms are lots of action without corresponding results. Success is elusive. What’s missing? Great packaging of your products/services? Focused resources on key priorities? Effective prospecting activity? Targeted outreach? Great sales process? Leverage? Nope, you’ve on the right track with all the areas listed above.  Still not sure?  The missing link is STRATEGY. Without a clear competitive strategy there is lack of alignment. Unlock the success your firm was created to generate for your customers, your team, your suppliers, your community and your shareholders.  Time to start is today.  Book a complimentary consultation with us: your trusted business advisors. What are you waiting for?

Stop Wasting Time

Imagine you won the lottery that deposited $86,400 into your bank account each morning and emptied it each night regardless of whether there were funds remaining in the account. No carry over.  You could spend or invest the funds as you liked. The same happens each day. You get 86,400 seconds to use each day. How much of that time is wasted? How much is effectively invested in activities that bring you closer to achieving your goals? Every day you and your employees waste time looking for documents, resources and information. Time is wasted with re-work, extra trips and unproductive meetings. A McKinsey study reported that 1.8 hours on average is spent each day looking for information. Let’s cut that down! Quit Wasting Time Tips Document your processes – make them easy, fast and effective. if they’re not documented, they don’t exist. Onboard and effectively develop employees – Firms often…

Leveraging Your Success