by virtualworks | Mar 24, 2024 | Accomplishments, Business, business growth, Customer relationships, Leadership, Marketing, Mastery, Productivity
As the needs and wants of society change, the requirements of many suppliers of goods and services change as well. Changes in technology and the ways to manage them, such as those mentioned in Forbes article on this topic, current issues and other innovations have made it so businesses must be mindful of how these have an impact on their business offerings. So how do you know when it’s time to change or at least time to think about evolving your business?
Consider some of the following indicators as potential flags for a business in need of evolution:
- Current clients have chosen to move to other companies for the goods and services you once provided to them;
2. There doesn’t seem to be any new business coming in;
3. There have been significant changes within your industry;
4. Service gaps discovered while challenging your knowledge and client requests.
Current clients bring in revenue for your business, so as business owners we do all we can to ensure they are happy with the service and deliverables received. Some of the more common reasons for losing clients are either they are unhappy with the service received, the product delivered, or how much that product costs, but in many cases, businesses have worked hard to deliver a quality product, have remained professional and researched prices well enough that they align to the market. At times we hear business owners say, “I did all of that, but they still moved on.” In these cases, it is possible that the client simply didn’t need the product anymore as it is in its current state. Perhaps some enhancements can be made to your current offerings to provide a little more to clients to give you an extra edge over competitors. A few examples can be found in this Entrepreneurship in a Box’s article. It’s fantastic when current clients hang with us but to continue business growth, new customers are also needed. Positive word of mouth from existing customers is one of the best ways to create this organic growth in customer base, but if you need to go out to find them, you need to get out there. Try attending tradeshows, updating your marketing strategy and image and networking through newer types of media.
To manage both the maintenance of current clients and the acquisition of new clients it may be necessary to take a look for gaps in your current offerings. It’s nice to think we’re doing all we can, but perhaps there are areas you can educate yourself on to provide a more complete solution to clients. Maybe you are a bookkeeping wizard, but new accounting software has come out that you’re unfamiliar with, and you have begun to see a client need related to that software. It might be time to evolve and learn the software to fill in that gap to offer that complete bookkeeping solution.
Innovative changes happen constantly and will continue to do so, with or without you.
When your industry starts to change it may not be very noticeable at first but over time you may see your competitors changing and evolving with innovations and there may be a reason for it. When changes in technologies and how a client’s function in their activities happen, suppliers to those clients also need to evolve and innovate. Check into each of your products and services to see if they are all still applicable or if they have grown stale. If you’re wondering how this can be done, check out this interesting Info Entrepreneurs article touching on some of the ways to innovate.
by virtualworks | Oct 9, 2023 | Business, business growth, Leadership, Mastery, Productivity, Uncategorized
Many business owners start off with a great idea that will change the world and, through time and effort, they will evolve personally and professionally to be the best in their field. Though you might not think of it these terms, what they are actually doing, actually reaching for, is “mastery”.
You know this, because you work day and night, you have put in the hours of work, training, research, and sweat. I don’t have to tell you that becoming the master of business requires hard work. Malcom Gladwell would tell you that it takes 10,000 hours of “deliberate practice” to master a skill.
Imagine watching the best Formula One driver, or the most incredible ballerina. They make their chosen trade look so easy, and accessible. It is only when you attempt to duplicate the complex beauty of the Dance of Sugar Plum Fairy (reported to be one of the most difficult roles to dance), or harness the 1000 horsepower around a turn pulling 3 G’s in a Formula-1 car, you realize that just because something looks easy doesn’t mean it is.
And that may be true for something like ballet or the violin where the skill is quantifiable. Becoming a master in your field of business however, is much more than “time in” on any endeavour.
As I look around there are any number of businesses supplying goods and services to their customers in thousands of industries. What separates the successful from those who have become a master at their industry is a gritty combination of discipline, hard work, humility and generosity. Most of us would agree with the first three, but generosity?
There’s an old adage, “if you want to learn something well, teach it to someone else”. In order to teach well, it requires that you face your presuppositions about things, unearth those ideas that you didn’t even realize you believe. Being the master of any subject (even one that you invented) requires you to be able to objectively look at whatever you’re doing and seeing ways it can be improved. To teach someone else what you know requires a certain generosity. After so many years of defending your own turf, that can be difficult, but that generosity has the reward of unearthing flaws in your system in order to improve them, and you cannot master what you think is perfect.
by virtualworks | Aug 13, 2023 | Business, business growth, Customer relationships, Leadership, Marketing, Mastery, office management, Outsourcing, Productivity, Team Work, Time Management, Virtual Assistant, working from home, working remotely
When you think of the most expensive admin assistant on the Planet, you might think of someone like Tony Stark’s assistant who puts up with all his quirks, but who is handsomely paid for her hardship. Or a billionaire’s assistant who is available 24/7 and at a moment’s notice may be called upon to drop everything and jump on a plane to Tokyo to attend meetings with their boss. You might think that…… and you would be wrong.
YOU.. yes.. you… are the most expensive admin assistant on the planet.
How can this be true? It’s because studies show that administrative tasks take up as much as 25% of an organization’s time.
So, what does this mean? Before we even talk about the dollar cost of this truth let’s talk about time. As a business owner, working a very conservative 60 hours a week, this equates to 15 hours per week. Which may not seem like that much, but how about when we look at the annual cost of this truth?
720 HOURS per year the average business owner spends on administrative tasks, that’s THREE MONTHS! Take that 720 hours and multiply by your client charge out rate. Not only is that a lot of money for doing back-office work that you shouldn’t be doing in the first place, it’s also money you haven’t billed because you’ve been doing “the paperwork”. If you outsourced these tasks alone at a much lower rate (hopefully) than you bill your clients, just think what you could do with an extra three month’s worth of time and a whole lot of extra money every year!!!
- How could your organization grow?
- What activities could you do with your family?
- How could you invest in your network and members?
- How could you serve your community?
If you have ever thought, “if only I had more time…” (you know that’s just an excuse, right?!?) and yet repeatedly find yourself burning the midnight oil filing invoices, inputting information into a database, updating your social media (or wishing you had time for social media)…
Everyone has the same 24 hours in a day so why not change things up and use those hours to full advantage?
by virtualworks | Jan 30, 2023 | Business, business growth, Marketing, Mastery, Team Work, Time Management, Value Based Fees
When an organization needs to write a proposal, it can be for many different reasons, such as business proposals, project proposals, proposals for research funding or non-profit organization funding, each of which require a particular focus. Today I’ll focus on writing proposals in response to a solicited request, like contract work.
All organizations need revenue, whether they are non-profits, associations or business enterprises. While it’s great to have repeat clients and members, there are times where organizations have to get out there and look for that work by other means and one method is by responding to a Tender, Request for Quotation, Request for Services, Request for Proposal, etc.
At times when an organization is provided with one of these Request documents, it can be met with some shock as to the amount of information being requested for a simple piece of work. Why so much detail? In short, some of the Requests may be from clients that use public funds and are accountable for how those funds are spent or the client is simply seeking good value for money and are looking for evidence from organizations that their potential contractor is capable of providing the services in a manner that is of good quality and is cost effective.
So, what makes a good proposal?
Like any consumer, the client is looking for good value for the money they plan on spending. By responding to what they are looking for, or solving their problem, stated in the request in a clear manner, a well written proposal can give you the edge on the competition.
There are many areas on the internet to find information on how to prepare a proposal. For example, if you are considering preparing a proposal for the Government of Canada, you may want to check out their site at buyandsell.gc.ca on Preparing Proposals.
Let’s take a look at some of the Do’s in proposal writing:
- Do read the request thoroughly to understand what the client is looking for. You need to understand where the client is coming from in their current state, their needs, and possible opportunities to provide a solution to their problem.
- Do ensure the goods or services are something your organization provides. If you are looking at a Request that is asking for something you may not provide, you may have to look at sub-contracting a portion of that work (if allowable), or it may not be worth your time to respond.
- Do ask questions where something is not clear, or you need information to help you prepare your proposal. These questions are helpful to the organization submitting a proposal and it may tell the client where they need to make the request clearer for all.
- Do watch out for question deadlines and submission deadlines – Proposals received after deadlines are usually not allowed.
- Do really take a look at the criteria in the Request. In most cases it is the criteria what your proposal will be reviewed against, so make sure to answer all parts of each criteria listed in the Request document.
- Do plan ahead to make sure there is enough time not only to write the proposal, but research the Client, understand the resources you have available, and have the proposal reviewed a few other people in your organization to make sure the submission is aligned with the Request. Another pair of eyes is always good!
The obvious Don’ts are those actions contrary to the Do’s above and:
- Don’t have the client search on external links for supporting material, especially if the request states that all supporting material must be in the proposal. In many cases, information from external sources can’t be taken into consideration and proposals are reviewed as they are provided, with no opportunity to add more in later. NB: some exceptions may be allowable, but they will probably be stated in the Request document, if they are.
- Don’t put it on your references to fill in the blanks of what should be in your proposal. If there is a request to provide references these are most likely only to verify what was stated in your proposal.
While it was mentioned above that Requests are received from clients, there are also many sites where organizations can search for potential Request documents to provide a proposal to such as MERX, Biddingo. Also check your city’s municipal, university, hospital or non-profit websites.
Best of luck in your proposal writing endeavors!
As the needs and wants of society change, the requirements of many suppliers of goods and services change as well. Changes in technology and the ways to manage them, such as those mentioned in Forbes article on this topic, current issues and other innovations have made it so businesses must be mindful of how these have an impact on their business offerings. So how do you know when it’s time to change or at least time to think about evolving your business?
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