The BizGrowth Symposium was held last week and I feel that the Wednesday half-day session was a success for the farmers who attended. NMC-CREES offered three training sessions and Tony Pellegrino shared his Cargo Air Bridge program with the group. Mr. Pellegrino also talked about the progress of the slaughterhouse he has been developing.
I feel the Air Bridge will spur more farm activity by lowering the cost of shipping to Guam. In essence, this could open the doors for farmers to sell all the produce they can grow that meets quality standards. In fact, I’ll go so far as to say that with lowered shipping costs, agriculture may emerge as the second most sustainable economic leg that the CNMI has to stand on. It is also an area that we have more control over than other areas of economic development.
I want to thank all the individuals, agencies, and companies that supported the BizGrowth Challenge and showed a desire to improve the economy. Individuals who attended the Thursday symposium received a lot of great information from people who are experts in their field. In the afternoon sessions Geri Willis shared her knowledge on how to find grants and apply for them, Eric Plinske shared bookkeeping methods, Frank Gibson had a lot of information to assess your human resource needs, Janel Villegas presented numerous examples on how to motivate your workforce, and Perry Conner shared his expertise on personal financial management. Ralph Yumul and Greg Calvo were on hand to answer questions about how to start a business and apply for a loan through CDA, and Dave Attao from NMC-COMPASS had some great information to improve your workforce through training.
I asked all of the individuals who attended to complete an assessment of their business in the six strategic dimensions that are part of every business. These dimensions are centered on a seventh area called “customer focus,” which is what every aspect of your business should focus on to continue to grow.
Below are the seven statements that individuals were asked to rate their business/agency. I have reproduced it below so you can assess your organization to see your score. Ask yourself what result or outcome do you most want your organization to realize in the near future as you read each statement? Rate yourself on the following seven questions on scale from 1 to 5 that best describes you level of agreement: 1=strongly disagree, 2=disagree, 3=neutral, 4=agree, 5=strongly agree.
1. You have a customer-focused organization that strives to exceed the needs of the customer.
2. You have a cultural environment that encourages new and better ideas to help grow your business.
3. Your organization profitably creates more customers and then nurtures them to become referral-giving advocates who grow your business.
4. Your company trains and retains skilled staff who are motivated to achieve goals that grow your business.
5. Your business establishes and implements standards and systems to efficiently operate and effectively achieve results that will grow your business.
6. You create and maintain strong working relationships with the key stakeholders who contribute to the growth of your business.
7. Your organization increases revenues, decreases costs, and effectively manages resources to provide greater opportunities to grow your business.
So how does your organization rank in each of the strategic dimensions that affect every business? If you scored 31 or more points, then your company should be doing great. You may be experiencing some slow periods, but you are able to recover quickly. A score between 27 to 30 means your company is doing okay, but you should start to focus on your weaker dimensions to bring the score up. If your score is from 22 to 26 then you should quickly identify your areas of improvement and develop a plan to improve those dimensions that might hinder sustainable growth. A score of 21 or less means you are in dire need to make improvements in most, if not all of your dimensions. You must implement a turnaround strategy before it’s too late.
For the next few weeks, I will take one topic statement and give greater details on how your business can improve in that strategic dimension. This may be something that you want to share with your staff so they can contribute ideas that will help improve in each specific dimension.
Monday, June 27, 2011
Friday, June 24, 2011
Our Community Needs You
.
Over the last decade I’ve preferred to maintain a very low profile so I can keep the work I do with clients confidential. Those that know me well know I tend to be quite and like to stay out of the spotlight. However, part of my personality also keeps me from just standing by when there’s a problem and I know I can help in some way. I developed the BizGrowth CHALLENGE because the people on Saipan have been very good to me and my family over the last 14 years, and I want to give back to the community.
The Wednesday session of the Symposium went very well with Tony Pellegrino introducing his air bridge concept to local farmers. When he asked how many farmers were currently selling to Guam, no one raised their hands. By creating an inexpensive distribution channel to Guam, farmers will have a greater incentive to use their land to grow more crops. In the group that I facilitated, there was some discussion to start a farmer’s coop, and to encourage more youth to explore farming as a serious vocation. CREES offered training sessions and continues to be a major resource for farmers.
Tony Pellegrino will also share his concept with individuals attending the Symposium being offered today. The air bridge will not only benefit farmers, it will help reduce the cost of shipping between the islands and indirectly help the entire community. If you’re a businessperson, you should see several possible benefits you’ll gain from the air bridge.
For those who are still undecided about participating in the BizGrowth CHALLENGE, here are a few reasons why you should consider coming today and participating in the 12-week program:
• Learn the latest business principles for success. First of all, the entire program is focused on creating sustainable growth for your business. You will get an abundance of information over the next 12 weeks that I’ve spent tens of thousands of dollars to stay current on the latest business principles, and I’ve spent thousands of hours developing for clients. Some of the concepts have been touched on briefly in my weekly column in the Tribune, but typically, only my clients that have paid me $1,200-$1,500 per month have used this material.
• Marketing using new technology. Most Saipan business are not effectively utilizing the Internet or social networks to market their business online, so you’ll get a listing in an interactive website that I’ve spent almost a year developing and testing, and that incorporates some of the best ideas from websites that are extremely popular in the U.S. This listing is good for over two months and then you can either cancel or continue, but it is just the first phase of some other powerful online marketing concepts that you’ll know about first if you’re part of the CHALLENGE.
• SWOT analysis in your 6 Strategic Dimensions. You’ll learn how to develop effective systems in the 6 Strategic Dimensions that are part of every business. These work like the systems in your body (nervous system, cardio-pulmonary system, respiratory system, etc.), and if one of these systems is malfunctioning in your business, it can have a crippling effect on the body of your organization. You can choose one, two, or three Dimensions that you want to focus on, or participate in all 6 by taking a simple inventory, evaluating the results and coming up with a game plan to strengthen it.
• Weekly online customer service training. Every week you’ll get a report – not just a few pages – but complete information to include assessments, checklists, and details in 12 critical areas of the customer service puzzle. These cover the pre-transaction, transaction, and post-transaction phases of customer service. You’ll also get articles and instructions and other materials to conduct your own training sessions with your staff. This was developed for clients on Guam, and only a few have seen it here.
OUR COMMUNITY NEEDS YOU: We are in a real crisis situation that requires a turn around, and I’m not going to pretend that I can do it alone, but I know that if enough businesses come together to make a serious attempt to turn the economy around, it can and will happen. I’ve got tremendous support from many individuals in the public and private sectors with whom I’ve shared the BizGrowth CHALLENGE mission, so I know many are interested in making a difference and helping to keep Saipan a great place to live and raise a family. I also realize that we may only make a dent in the economy at this time, but if we can start the process of rebuilding, the momentum will continue to carry us forward and create a catalyst for dramatic change in the future.
Over the last decade I’ve preferred to maintain a very low profile so I can keep the work I do with clients confidential. Those that know me well know I tend to be quite and like to stay out of the spotlight. However, part of my personality also keeps me from just standing by when there’s a problem and I know I can help in some way. I developed the BizGrowth CHALLENGE because the people on Saipan have been very good to me and my family over the last 14 years, and I want to give back to the community.
The Wednesday session of the Symposium went very well with Tony Pellegrino introducing his air bridge concept to local farmers. When he asked how many farmers were currently selling to Guam, no one raised their hands. By creating an inexpensive distribution channel to Guam, farmers will have a greater incentive to use their land to grow more crops. In the group that I facilitated, there was some discussion to start a farmer’s coop, and to encourage more youth to explore farming as a serious vocation. CREES offered training sessions and continues to be a major resource for farmers.
Tony Pellegrino will also share his concept with individuals attending the Symposium being offered today. The air bridge will not only benefit farmers, it will help reduce the cost of shipping between the islands and indirectly help the entire community. If you’re a businessperson, you should see several possible benefits you’ll gain from the air bridge.
For those who are still undecided about participating in the BizGrowth CHALLENGE, here are a few reasons why you should consider coming today and participating in the 12-week program:
• Learn the latest business principles for success. First of all, the entire program is focused on creating sustainable growth for your business. You will get an abundance of information over the next 12 weeks that I’ve spent tens of thousands of dollars to stay current on the latest business principles, and I’ve spent thousands of hours developing for clients. Some of the concepts have been touched on briefly in my weekly column in the Tribune, but typically, only my clients that have paid me $1,200-$1,500 per month have used this material.
• Marketing using new technology. Most Saipan business are not effectively utilizing the Internet or social networks to market their business online, so you’ll get a listing in an interactive website that I’ve spent almost a year developing and testing, and that incorporates some of the best ideas from websites that are extremely popular in the U.S. This listing is good for over two months and then you can either cancel or continue, but it is just the first phase of some other powerful online marketing concepts that you’ll know about first if you’re part of the CHALLENGE.
• SWOT analysis in your 6 Strategic Dimensions. You’ll learn how to develop effective systems in the 6 Strategic Dimensions that are part of every business. These work like the systems in your body (nervous system, cardio-pulmonary system, respiratory system, etc.), and if one of these systems is malfunctioning in your business, it can have a crippling effect on the body of your organization. You can choose one, two, or three Dimensions that you want to focus on, or participate in all 6 by taking a simple inventory, evaluating the results and coming up with a game plan to strengthen it.
• Weekly online customer service training. Every week you’ll get a report – not just a few pages – but complete information to include assessments, checklists, and details in 12 critical areas of the customer service puzzle. These cover the pre-transaction, transaction, and post-transaction phases of customer service. You’ll also get articles and instructions and other materials to conduct your own training sessions with your staff. This was developed for clients on Guam, and only a few have seen it here.
OUR COMMUNITY NEEDS YOU: We are in a real crisis situation that requires a turn around, and I’m not going to pretend that I can do it alone, but I know that if enough businesses come together to make a serious attempt to turn the economy around, it can and will happen. I’ve got tremendous support from many individuals in the public and private sectors with whom I’ve shared the BizGrowth CHALLENGE mission, so I know many are interested in making a difference and helping to keep Saipan a great place to live and raise a family. I also realize that we may only make a dent in the economy at this time, but if we can start the process of rebuilding, the momentum will continue to carry us forward and create a catalyst for dramatic change in the future.
Changing Your Business Model
.
Have you ever thought: “I wish someone would do something to improve the economy?” Well, that time has come, and you and I can be the catalyst to do something that will make a difference and improve the quality of life here in the Mariana Islands. The economy is built on the backs of businesses, and if enough businesses make a concerted effort to grow their business, then the overall economy will also improve by increasing revenue, creating new jobs, and paying more in taxes to fund community programs and services.
There are many benefits that come from living on Saipan, Tinian, and Rota, but they’re often overshadowed by the worsening economy. There have been too many business closures, the government continues austerity measures, most business owners have reduced expenses to the bone, and many are making plans to shut down. However, I believe there is still hope if we can work together.
My motivation for starting the BizGrowth CHALLENGE, and hopefully your desire to participate as a businessperson, farmer, or someone wanting to start a business, is to continue to make this a wonderful place to live and raise our children. The BizGrowth Symposium on Wednesday and Thursday is just the beginning of a 12-week program to provide ongoing assistance to your business. I’ll be doing everything on my part to help you grow your business. Plus, I’ve assembled numerous programs, individuals, activities and resources that will assist your business to move to the next level of growth. The CHALLENGE is fully guaranteed so the risk is totally on me to prove its effectiveness, but it will require some effort on your part to work ON your business, not just IN it to grow your business and realize results.
Here is just one example why I am so confident that your business will be able to achieve sustainable growth by fully participating in the CHALLENGE. There are three major components that make up your Business Model: 1) Who you serve – customers, 3) What you serve your customers – products, and 3) How you serve your customers – operations. A simple shift or change in one or more of the three components will change your business model and also the results you produce.
As you can see, the common element in all three areas focus on serving your customers; therefore, any change that allows you to serve your customer better will make a difference in your sales and profits. One of the things you will examine is the strength of your Unique Strategic Advantage, or USA. This requires you to identify the customers you now serve and those you would like to serve in the future, the benefits your products offer them, and how you operate your business in a way that adds value to the customer’s life by being friendlier, faster, or more fun and convenient than the competition. Once you’ve identified your USA, you will be able to change your business model and better serve your customers. Here are some other ways the CHALLENGE will help improve your business model:
• Receive a detailed report each week that provides numerous ideas in the 12 critical areas that cover the pre-transaction, transaction, and post-transaction phases of customer service.
• Learn how to create a simple plan that helps you identify and accomplish activities that will improve your business model and increase your sales and profits.
• Provide numerous ideas, examples, techniques, and tools that will help improve your business model and cause you to become more innovative. Innovation is critical to sustainable growth because it allows you to serve your customers better now and in the future.
Have you ever thought: “I wish someone would do something to improve the economy?” Well, that time has come, and you and I can be the catalyst to do something that will make a difference and improve the quality of life here in the Mariana Islands. The economy is built on the backs of businesses, and if enough businesses make a concerted effort to grow their business, then the overall economy will also improve by increasing revenue, creating new jobs, and paying more in taxes to fund community programs and services.
There are many benefits that come from living on Saipan, Tinian, and Rota, but they’re often overshadowed by the worsening economy. There have been too many business closures, the government continues austerity measures, most business owners have reduced expenses to the bone, and many are making plans to shut down. However, I believe there is still hope if we can work together.
My motivation for starting the BizGrowth CHALLENGE, and hopefully your desire to participate as a businessperson, farmer, or someone wanting to start a business, is to continue to make this a wonderful place to live and raise our children. The BizGrowth Symposium on Wednesday and Thursday is just the beginning of a 12-week program to provide ongoing assistance to your business. I’ll be doing everything on my part to help you grow your business. Plus, I’ve assembled numerous programs, individuals, activities and resources that will assist your business to move to the next level of growth. The CHALLENGE is fully guaranteed so the risk is totally on me to prove its effectiveness, but it will require some effort on your part to work ON your business, not just IN it to grow your business and realize results.
Here is just one example why I am so confident that your business will be able to achieve sustainable growth by fully participating in the CHALLENGE. There are three major components that make up your Business Model: 1) Who you serve – customers, 3) What you serve your customers – products, and 3) How you serve your customers – operations. A simple shift or change in one or more of the three components will change your business model and also the results you produce.
As you can see, the common element in all three areas focus on serving your customers; therefore, any change that allows you to serve your customer better will make a difference in your sales and profits. One of the things you will examine is the strength of your Unique Strategic Advantage, or USA. This requires you to identify the customers you now serve and those you would like to serve in the future, the benefits your products offer them, and how you operate your business in a way that adds value to the customer’s life by being friendlier, faster, or more fun and convenient than the competition. Once you’ve identified your USA, you will be able to change your business model and better serve your customers. Here are some other ways the CHALLENGE will help improve your business model:
• Receive a detailed report each week that provides numerous ideas in the 12 critical areas that cover the pre-transaction, transaction, and post-transaction phases of customer service.
• Learn how to create a simple plan that helps you identify and accomplish activities that will improve your business model and increase your sales and profits.
• Provide numerous ideas, examples, techniques, and tools that will help improve your business model and cause you to become more innovative. Innovation is critical to sustainable growth because it allows you to serve your customers better now and in the future.
Friday, June 17, 2011
Networking for Results
It’s obvious that networking can help you with your career and business. Networking offers two or more parties the opportunity to connect for mutual benefit. There will be a couple of exciting networks that you can be a part of at the BizGrowth Challenge Launch Symposium next week. The first is the Outsourcing Network on Wednesday, June 22nd and then the Barter Network on Thursday, June 23rd.
Outsourcing Network
Do you have a skill, knowledge, education or talent that you are willing to share for payment on an as-needed basis? Are you unemployed or not working enough hours to provide for your needs? The Outsourcing Network is a new concept that is based on hiring individuals who obtain a business license and then contract their work on a project basis, which allows businesses to get the help they need without having to hire additional full- or part-time employees. It also allows those who can get a business license to work for residential and business people on a contract basis.
The individuals are paid an agreed upon amount per hour or for a project, and they take care of their own taxes and other fees. The public is invited to attend the free Wednesday Symposium to start the process to get their business license and also let others who have a business license attend and provide their contact information that will be available for reference. Business owners can then make the contact and negotiate the arrangements with the individuals who have a business license.
The intent of the Outsourcing Network is to reduce the payroll expense of business owners who cannot hire more people on a part- or full-time basis, but may need additional assistance at peak periods. It will also allow many individuals who are under- or un-employed to earn additional income, and possibly get hired if a business is impressed with their work behavior and skills.
Barter Network
Bartering allows businesses to save their valuable cash by bartering their assets with other businesses willing to trade their goods and services. In these tough times, when fuel and utility costs are skyrocketing and the dollar is shrinking, getting what you need without spending cash could make the difference between survival and growth.
You’ll learn about the essentials of barter and trade, how to set up an agreement that is fair to all parties, and how to establish a market and going prices. Each of the businesses involved with the CHALLENGE will have the opportunity to get involved and list those items they have to trade, and what they would be willing to trade for. You’ll also learn about the tax implications of trade and how to report it accurately.
Here are 7 reasons you should consider bartering to benefit your business:
1. Create a new customer base by introducing you to new customers who are willing to leave their established business or vendor to work with you.
2. Increase your organization’s profitability by lowering overhead expenses and saving your cash.
3. Moving excess or slow moving inventory. When new models are brought in, you can trade your old inventory for desired goods and services.
4. Keep cash readily available in the bank for payroll, inventory, emergencies, or other times of need.
5. Build staff morale and productivity by using traded items for incentives and/or bonuses for your employees.
6. Improve marketing and advertising efforts. If you have items that are needed by media groups, they will often trade for air time or ads in their magazine or newspaper.
7. Enhance your personal life by trading for items that you can use at home that will improve your quality of life.
At the Thursday session, you will also learn about the Outsourcing Network and individuals will have the opportunity to enroll in the program.
To learn more about these exciting networks, be sure to attend the Wednesday Symposium if you are a farmer (CREES will share their expertise), someone who would like to start a business, has started a new business and wants support, or if you just want to join the Outsourcing Network. This session is free to the public and lasts from 8am to noon.
The Thursday Symposium is an all-day event intended for business owners, managers, and staff. There is a cost of $30 to attend the full-day session, or for $97 (which includes two tickets to the Thursday event) you and your business can participate in the entire 12-week Challenge, which includes many benefits. To learn more about the CHALLENGE, email me at RikVillegas@gmail.com.
Outsourcing Network
Do you have a skill, knowledge, education or talent that you are willing to share for payment on an as-needed basis? Are you unemployed or not working enough hours to provide for your needs? The Outsourcing Network is a new concept that is based on hiring individuals who obtain a business license and then contract their work on a project basis, which allows businesses to get the help they need without having to hire additional full- or part-time employees. It also allows those who can get a business license to work for residential and business people on a contract basis.
The individuals are paid an agreed upon amount per hour or for a project, and they take care of their own taxes and other fees. The public is invited to attend the free Wednesday Symposium to start the process to get their business license and also let others who have a business license attend and provide their contact information that will be available for reference. Business owners can then make the contact and negotiate the arrangements with the individuals who have a business license.
The intent of the Outsourcing Network is to reduce the payroll expense of business owners who cannot hire more people on a part- or full-time basis, but may need additional assistance at peak periods. It will also allow many individuals who are under- or un-employed to earn additional income, and possibly get hired if a business is impressed with their work behavior and skills.
Barter Network
Bartering allows businesses to save their valuable cash by bartering their assets with other businesses willing to trade their goods and services. In these tough times, when fuel and utility costs are skyrocketing and the dollar is shrinking, getting what you need without spending cash could make the difference between survival and growth.
You’ll learn about the essentials of barter and trade, how to set up an agreement that is fair to all parties, and how to establish a market and going prices. Each of the businesses involved with the CHALLENGE will have the opportunity to get involved and list those items they have to trade, and what they would be willing to trade for. You’ll also learn about the tax implications of trade and how to report it accurately.
Here are 7 reasons you should consider bartering to benefit your business:
1. Create a new customer base by introducing you to new customers who are willing to leave their established business or vendor to work with you.
2. Increase your organization’s profitability by lowering overhead expenses and saving your cash.
3. Moving excess or slow moving inventory. When new models are brought in, you can trade your old inventory for desired goods and services.
4. Keep cash readily available in the bank for payroll, inventory, emergencies, or other times of need.
5. Build staff morale and productivity by using traded items for incentives and/or bonuses for your employees.
6. Improve marketing and advertising efforts. If you have items that are needed by media groups, they will often trade for air time or ads in their magazine or newspaper.
7. Enhance your personal life by trading for items that you can use at home that will improve your quality of life.
At the Thursday session, you will also learn about the Outsourcing Network and individuals will have the opportunity to enroll in the program.
To learn more about these exciting networks, be sure to attend the Wednesday Symposium if you are a farmer (CREES will share their expertise), someone who would like to start a business, has started a new business and wants support, or if you just want to join the Outsourcing Network. This session is free to the public and lasts from 8am to noon.
The Thursday Symposium is an all-day event intended for business owners, managers, and staff. There is a cost of $30 to attend the full-day session, or for $97 (which includes two tickets to the Thursday event) you and your business can participate in the entire 12-week Challenge, which includes many benefits. To learn more about the CHALLENGE, email me at RikVillegas@gmail.com.
Monday, June 13, 2011
Grow or Die!
A fish swimming upstream must constantly be moving in order to maintain its position or make progress up the river. Once it stops its effort, it will be carried downstream. This is a metaphor that relates to life as a moving stream, and also applies to what it takes to succeed in business. Unless you are growing, you are in the process of dying. Merely hunkering down to survive can be compared to not making an effort to keep moving and growing. Eventually, this leads to being washed downstream with the other businesses that are just waiting for something to change.
Growth doesn’t only refer to getting bigger, but to also getting better. To “grow your business” means to grow in value, become stronger and more capable, and succeed in the achievement of your goals. Growing businesses make greater contributions to the community and strengthen the economy.
During the BizGrowth CHALLENGE that I’ve mentioned in previous articles, you will be given a challenge to develop and grow in six essential dimensions. Just as you, as an individual, have six dimension that require attention to live a fulfilled life, your business as an entity outside yourself should be balanced in these various dimensions to be fully functioning.
To help illustrate why it’s important to take care of each dimensions let’s look at the six dimensions that allow you to live a more fulfilled life and how they correlate to your business. Your dimensions are physical capability, social/emotional relationships, intellectual capacity, financial management, career development, and spiritual strength (focusing on things outside yourself such as worship or volunteer work).
Before I entered the Gold’s Gym Transformation Challenge, I was in poor physical condition with a shoulder injury that kept me from exercising and caused me to wake up several times each night from pain. I was also slightly overweight, congested, had high blood pressure and thought I was going to spend the rest of old age suffering like this.
My poor health affected other dimensions of life because I was always tired from the lack of sleep, was stressed out, and wasn’t motivated to do more. By focusing on my weak dimension and strengthening it, I also improved the other dimensions of my life, which has given me more energy to do the things I’ve been procrastinating.
Likewise, if you are weak in a business dimension, such as Operational Capability, you’ll find that your business has outgrown your ability to manage it and you may be the bottleneck that’s keeping you from pursuing opportunities or adequately taking care of the many challenges you encounter.
In a March 2011 survey of 89 business owners on Saipan, 71% said they attract more customers through advertising; yet, 57% stated that they spend $100 or less per month in advertising. If they are weak in Marketing Strength, then it will have an adverse impact on Financial Improvement, which will affect other dimensions because of inadequate money.
During the CHALLENGE you’ll be able to identify the level of vitality in all of your business dimensions, then work to improve each one, but particularly the weaker areas that are creating an adverse affect on your overall business “health.” There will be questionnaires and models to help you diagnose your business and then create a plan of action to strengthen each of the dimensions. Long after the CHALLENGE is over, your business can continue to improve in each dimension for continued growth. The following is a list of the 6 business dimensions (and their correlating life dimensions):
1) Innovation and Growth (Intellectual Capacity)
2) Professional Development (Career Development)
3) Operational Capability (Physical Capability)
4) Marketing Strength (Spiritual Strength – Customers are the soul of your business)
5) Stakeholder Relationships (Social/Emotional Relationships)
6) Financial Improvement (Financial Management)
All of these are centered on the core of your business, which should be a strong Customer Focus. In other words, each of these dimensions should support a strong focus on better serving your customers because the overriding purpose of all businesses, as described by management guru Peter Drucker, is to create [and keep] a customer.
At the BizGrowth Launch Symposium on Thursday, June 23rd, you’ll be issued the first Challenge. As you complete this and each successive Challenge, you’ll have the chance to evaluate your business in that dimension and take corrective action to improve it. Some dimensions will be your strength and other areas will be areas of improvement. As you continue to meet the Challenges, you will be laying the foundation for a more customer-focused business that operates more effectively with trained staff who know how to market and come up with ideas that continuously improve your business. The end result will be better relationships with your stakeholders (customers, employees, vendors, etc.) as well as financial improvement from reducing costs and increasing revenue.
Growth doesn’t only refer to getting bigger, but to also getting better. To “grow your business” means to grow in value, become stronger and more capable, and succeed in the achievement of your goals. Growing businesses make greater contributions to the community and strengthen the economy.
During the BizGrowth CHALLENGE that I’ve mentioned in previous articles, you will be given a challenge to develop and grow in six essential dimensions. Just as you, as an individual, have six dimension that require attention to live a fulfilled life, your business as an entity outside yourself should be balanced in these various dimensions to be fully functioning.
To help illustrate why it’s important to take care of each dimensions let’s look at the six dimensions that allow you to live a more fulfilled life and how they correlate to your business. Your dimensions are physical capability, social/emotional relationships, intellectual capacity, financial management, career development, and spiritual strength (focusing on things outside yourself such as worship or volunteer work).
Before I entered the Gold’s Gym Transformation Challenge, I was in poor physical condition with a shoulder injury that kept me from exercising and caused me to wake up several times each night from pain. I was also slightly overweight, congested, had high blood pressure and thought I was going to spend the rest of old age suffering like this.
My poor health affected other dimensions of life because I was always tired from the lack of sleep, was stressed out, and wasn’t motivated to do more. By focusing on my weak dimension and strengthening it, I also improved the other dimensions of my life, which has given me more energy to do the things I’ve been procrastinating.
Likewise, if you are weak in a business dimension, such as Operational Capability, you’ll find that your business has outgrown your ability to manage it and you may be the bottleneck that’s keeping you from pursuing opportunities or adequately taking care of the many challenges you encounter.
In a March 2011 survey of 89 business owners on Saipan, 71% said they attract more customers through advertising; yet, 57% stated that they spend $100 or less per month in advertising. If they are weak in Marketing Strength, then it will have an adverse impact on Financial Improvement, which will affect other dimensions because of inadequate money.
During the CHALLENGE you’ll be able to identify the level of vitality in all of your business dimensions, then work to improve each one, but particularly the weaker areas that are creating an adverse affect on your overall business “health.” There will be questionnaires and models to help you diagnose your business and then create a plan of action to strengthen each of the dimensions. Long after the CHALLENGE is over, your business can continue to improve in each dimension for continued growth. The following is a list of the 6 business dimensions (and their correlating life dimensions):
1) Innovation and Growth (Intellectual Capacity)
2) Professional Development (Career Development)
3) Operational Capability (Physical Capability)
4) Marketing Strength (Spiritual Strength – Customers are the soul of your business)
5) Stakeholder Relationships (Social/Emotional Relationships)
6) Financial Improvement (Financial Management)
All of these are centered on the core of your business, which should be a strong Customer Focus. In other words, each of these dimensions should support a strong focus on better serving your customers because the overriding purpose of all businesses, as described by management guru Peter Drucker, is to create [and keep] a customer.
At the BizGrowth Launch Symposium on Thursday, June 23rd, you’ll be issued the first Challenge. As you complete this and each successive Challenge, you’ll have the chance to evaluate your business in that dimension and take corrective action to improve it. Some dimensions will be your strength and other areas will be areas of improvement. As you continue to meet the Challenges, you will be laying the foundation for a more customer-focused business that operates more effectively with trained staff who know how to market and come up with ideas that continuously improve your business. The end result will be better relationships with your stakeholders (customers, employees, vendors, etc.) as well as financial improvement from reducing costs and increasing revenue.
Why Will the BizGrowth Challenge Be Different?
Over the past couple of weeks I’ve met with numerous people to share the BizGrowth CHALLENGE. Its mission is to improve the local economy and quality of life in the CNMI by working collaboratively with organizations and experts to provide businesses with affordable resources to effectively achieve sustainable growth. Most of the responses have been very positive about the concept; however, the question that keeps popping up, and I believe is on the top of most individuals’ minds is: “How will this be different from the other conferences, forums, or other events held in the past?”
Previous events have produced some great ideas, created vision statements, and even developed some written plans in an attempt to encourage greater investment, bring in new businesses, and improve tourism with the end goal to improve the local economy. I’ve been to plenty of them, just like you. They’re exciting, fun, and energizing; however, after the free lunches are eaten, the lights are turned out in the meeting hall, and the off-island experts and speakers have flown back home, the big question is: “What do we have to show for it?”
This is a legitimate question that shows people are tired of NATO (which is a term I was told that the Governor likes to use), which aptly describes the main frustration most people have after attending another conference or forum. It stands for No Action, Talk Only! How true, and I think a lot of people are tired of the talk and want not only action, but accountability and results as our economy continues to slide down a slippery slope.
Therefore, to briefly answer the question about why I believe the CHALLENGE will be different, I’ve dubbed another acronym called MALT – More Action, Less Talk. You see, the Launch Symposium is only the beginning, because there is much more that will be happening throughout the entire 12 weeks of the CHALLENGE.
My goal is for the CHALLENGE to be something that motivates people to make a plan and take decisive action that produces results by connecting people with resources that can move them to the next stage of growth. In order to accomplish this, I’ve collaborated with some of Saipan’s best business people and reviewed my work with hundreds of businesses to examine those activities that offer the highest return for the least investment of time and money. What follows are only a few of the many benefits you can expect as a participant throughout the CHALLENGE:
BizGrowth CHALLENGE Launch Symposium – There will be two days of training, with the first on Wed., June 22nd devoted to helping new businesses get started and farmers to become more successful. The Launch on Thur., June 23rd is devoted to existing businesses, with a lot of hands-on activities and training sessions to reduce costs, market more effectively, improve customer service, discover additional sources of capital, tap into grants for businesses, etc. This is also where the first of several Challenges will be issued.
Strategic Growth Plan – You’ll receive a detailed document to help create a succinct, one-page growth plan to keep you focused on high-leverage activities that will let you achieve your goals in the shortest time possible.
Customer Service – You’ll receive articles, reports, worksheets, checklists and training to develop better customer service skills that can make the difference in whether someone buys and returns to your business.
Listing in an Online Directory – This will allow you to be found on the Internet and you can change pictures and text at any time. In addition, you can get valuable customer feedback from a rating and comment section. For an example, go to SaipanBestLiving.com and view MEGAbyte’s site by clicking on “Computer Sales & Repair” under the Resource Directory.
Mastermind Teams – This is one of the big secrets of the super-successful. They have mastermind teams that allow them to generate great ideas and get the support they need to see those ideas through to completion. You’ll learn how to create your own team, even if it’s just with your employees.
Barter Network – Learn how to save your valuable cash by bartering your assets with other businesses willing to trade for their goods and services.
Outsourcing Network – This concept is based on hiring individuals who obtain a business license on a project basis, instead of having to hire more full- or part-time employees. This depends on having a list of individuals who can get a business license and are willing to work on a project basis, and we’ll invite people to get their business license at the Wednesday Symposium.
Publicity & Recognition – During the CHALLENGE there will be lots of media coverage and some other ideas we are putting together that will make the event fun and entertaining. Your business will receive greater exposure throughout the event. As the different challenges are announced and completed, the top businesses will be recognized, and at the end of the 12 weeks the top businesses in different categories will be announced.
As you can see, the BizGrowth Launch Symposium is only the beginning of the support and activities that are designed to help grow the economy by assisting local companies to grow their businesses. If you would like to learn more about the CHALLENGE, or register and get the Strategic Growth Plan right away, as well as have your business listed on the online directory, email me at RikVillegas@gmail.com.
My ultimate desire is that many great things will come from this CHALLENGE. There are already some exciting announcements that will be made at the Launch Symposium, and I’m sure there will be more positive news and announcements while it is underway. I believe the BizGrowth CHALLENGE can be the catalyst to improve the economy as participants start to turn things around for their businesses, and provide the momentum and motivation to turn around the entire CNMI economy.
Previous events have produced some great ideas, created vision statements, and even developed some written plans in an attempt to encourage greater investment, bring in new businesses, and improve tourism with the end goal to improve the local economy. I’ve been to plenty of them, just like you. They’re exciting, fun, and energizing; however, after the free lunches are eaten, the lights are turned out in the meeting hall, and the off-island experts and speakers have flown back home, the big question is: “What do we have to show for it?”
This is a legitimate question that shows people are tired of NATO (which is a term I was told that the Governor likes to use), which aptly describes the main frustration most people have after attending another conference or forum. It stands for No Action, Talk Only! How true, and I think a lot of people are tired of the talk and want not only action, but accountability and results as our economy continues to slide down a slippery slope.
Therefore, to briefly answer the question about why I believe the CHALLENGE will be different, I’ve dubbed another acronym called MALT – More Action, Less Talk. You see, the Launch Symposium is only the beginning, because there is much more that will be happening throughout the entire 12 weeks of the CHALLENGE.
My goal is for the CHALLENGE to be something that motivates people to make a plan and take decisive action that produces results by connecting people with resources that can move them to the next stage of growth. In order to accomplish this, I’ve collaborated with some of Saipan’s best business people and reviewed my work with hundreds of businesses to examine those activities that offer the highest return for the least investment of time and money. What follows are only a few of the many benefits you can expect as a participant throughout the CHALLENGE:
BizGrowth CHALLENGE Launch Symposium – There will be two days of training, with the first on Wed., June 22nd devoted to helping new businesses get started and farmers to become more successful. The Launch on Thur., June 23rd is devoted to existing businesses, with a lot of hands-on activities and training sessions to reduce costs, market more effectively, improve customer service, discover additional sources of capital, tap into grants for businesses, etc. This is also where the first of several Challenges will be issued.
Strategic Growth Plan – You’ll receive a detailed document to help create a succinct, one-page growth plan to keep you focused on high-leverage activities that will let you achieve your goals in the shortest time possible.
Customer Service – You’ll receive articles, reports, worksheets, checklists and training to develop better customer service skills that can make the difference in whether someone buys and returns to your business.
Listing in an Online Directory – This will allow you to be found on the Internet and you can change pictures and text at any time. In addition, you can get valuable customer feedback from a rating and comment section. For an example, go to SaipanBestLiving.com and view MEGAbyte’s site by clicking on “Computer Sales & Repair” under the Resource Directory.
Mastermind Teams – This is one of the big secrets of the super-successful. They have mastermind teams that allow them to generate great ideas and get the support they need to see those ideas through to completion. You’ll learn how to create your own team, even if it’s just with your employees.
Barter Network – Learn how to save your valuable cash by bartering your assets with other businesses willing to trade for their goods and services.
Outsourcing Network – This concept is based on hiring individuals who obtain a business license on a project basis, instead of having to hire more full- or part-time employees. This depends on having a list of individuals who can get a business license and are willing to work on a project basis, and we’ll invite people to get their business license at the Wednesday Symposium.
Publicity & Recognition – During the CHALLENGE there will be lots of media coverage and some other ideas we are putting together that will make the event fun and entertaining. Your business will receive greater exposure throughout the event. As the different challenges are announced and completed, the top businesses will be recognized, and at the end of the 12 weeks the top businesses in different categories will be announced.
As you can see, the BizGrowth Launch Symposium is only the beginning of the support and activities that are designed to help grow the economy by assisting local companies to grow their businesses. If you would like to learn more about the CHALLENGE, or register and get the Strategic Growth Plan right away, as well as have your business listed on the online directory, email me at RikVillegas@gmail.com.
My ultimate desire is that many great things will come from this CHALLENGE. There are already some exciting announcements that will be made at the Launch Symposium, and I’m sure there will be more positive news and announcements while it is underway. I believe the BizGrowth CHALLENGE can be the catalyst to improve the economy as participants start to turn things around for their businesses, and provide the momentum and motivation to turn around the entire CNMI economy.
Become a Part of the Solution
Super Bowl MVP, Hines Ward, recently won the coveted mirror ball trophy on Dancing with the Stars after battling with some tough competition. During the season, he was asked about his excellent dance routine to classical music and he replied that he never listened to classical music. He even admitted on Good Morning America: “When I signed up, I’d never danced in my whole life. I was so scared. I didn’t even go to my prom.”
So what was the key to his success? He obviously possessed strong athletic ability, but so do many of the competitors on the show. One answer comes from his ability to make a plan of action and then consistently practice until his movements became natural. During one segment, he was shown diagramming his dance routine as if it was page from his football playbook. Each move was carefully planned and a pillow became his practice partner.
I recently met with a number of individuals representing organizations that work to assist businesses to become more successful, and I asked them the question: “What things would best help local businesses grow?”
A lot of answers were listed on a flipchart and then prioritized according to its usefulness and the degree of control a businessperson has over each item. The number one response to help grow a business was to create a plan of action. You see, without a plan to guide your actions, it’s too easy to get off-track and become diverted by urgent items that can keep you busy but don’t help you achieve your business goals. Making that plan of action simple--even on one-page—can become your “game plan” to get the results you want.
The meeting I mentioned earlier was in response to a concept I’ve been discussing in this column for the past couple of weeks and that is almost ready to be launched. It’s called the BizGrowth Challenge and its purpose is to improve the local economy and quality of life by working collaboratively with organizations and experts that provide businesses with affordable resources to effectively achieve sustainable growth.
The first step towards any positive change is to have the right attitude for change to occur. Number five on our list was to “develop a more positive attitude about the current situation.” We agreed that an important element to create a turnaround in the economy is to change the mindset of individuals from “no I can’t” to “yes, I can.” Once this mindset is changed, then an individual is open to possibilities and begins to look for solutions to their current situation. If the needed resources are readily made available to allow businesses to implement a plan of action, then positive results will be realized. After learning about the BizGrowth Challenge and what it has to offer, 67% responded in a survey that they believe it will have a strong or very strong impact on local businesses to help them achieve sustainable growth.
Once the program is finalized, we will be looking for business owners who are willing to participate in the Challenge to implement the techniques, use the tools, and develop the strategies that will allow them to develop their staff, improve operations, reduce expenses, create strategic alliances, and increase the number and quality of customers they serve.
Besides learning to craft a simple action plan, the BizGrowth Challenge will also provide training, support, sources of funding, marketing strategies, and effective customer service techniques. Basically, it will support you to achieve whatever goals you have for your business and provide the resources to make it happen. By helping your business and other business owners who are willing to become proactive in a reactive world, we can make a difference and improve the overall quality of life on this wonderful island.
The Challenge will require you to rise above your self-doubts and work hard to achieve your goals. Hines Ward sums up what the Dancing with the Stars challenge did for him: “Winning the mirror ball trophy for me symbolizes overcoming my fear of the unknown. It says that I was able to excel at something I knew nothing about. I was able to rise above difficulty and take a risk.”
If you are willing to overcome any fear you have about the unknown future, rise above difficulty and make an effort to improve your situation, then take the Challenge to grow your business and help be a part of an economic recovery that is destined to occur if we truly believe in it and put in the necessary work. If you are ready to take the Challenge and become a part of the solution, contact me at rikvillegas@gmail.com to learn more.
So what was the key to his success? He obviously possessed strong athletic ability, but so do many of the competitors on the show. One answer comes from his ability to make a plan of action and then consistently practice until his movements became natural. During one segment, he was shown diagramming his dance routine as if it was page from his football playbook. Each move was carefully planned and a pillow became his practice partner.
I recently met with a number of individuals representing organizations that work to assist businesses to become more successful, and I asked them the question: “What things would best help local businesses grow?”
A lot of answers were listed on a flipchart and then prioritized according to its usefulness and the degree of control a businessperson has over each item. The number one response to help grow a business was to create a plan of action. You see, without a plan to guide your actions, it’s too easy to get off-track and become diverted by urgent items that can keep you busy but don’t help you achieve your business goals. Making that plan of action simple--even on one-page—can become your “game plan” to get the results you want.
The meeting I mentioned earlier was in response to a concept I’ve been discussing in this column for the past couple of weeks and that is almost ready to be launched. It’s called the BizGrowth Challenge and its purpose is to improve the local economy and quality of life by working collaboratively with organizations and experts that provide businesses with affordable resources to effectively achieve sustainable growth.
The first step towards any positive change is to have the right attitude for change to occur. Number five on our list was to “develop a more positive attitude about the current situation.” We agreed that an important element to create a turnaround in the economy is to change the mindset of individuals from “no I can’t” to “yes, I can.” Once this mindset is changed, then an individual is open to possibilities and begins to look for solutions to their current situation. If the needed resources are readily made available to allow businesses to implement a plan of action, then positive results will be realized. After learning about the BizGrowth Challenge and what it has to offer, 67% responded in a survey that they believe it will have a strong or very strong impact on local businesses to help them achieve sustainable growth.
Once the program is finalized, we will be looking for business owners who are willing to participate in the Challenge to implement the techniques, use the tools, and develop the strategies that will allow them to develop their staff, improve operations, reduce expenses, create strategic alliances, and increase the number and quality of customers they serve.
Besides learning to craft a simple action plan, the BizGrowth Challenge will also provide training, support, sources of funding, marketing strategies, and effective customer service techniques. Basically, it will support you to achieve whatever goals you have for your business and provide the resources to make it happen. By helping your business and other business owners who are willing to become proactive in a reactive world, we can make a difference and improve the overall quality of life on this wonderful island.
The Challenge will require you to rise above your self-doubts and work hard to achieve your goals. Hines Ward sums up what the Dancing with the Stars challenge did for him: “Winning the mirror ball trophy for me symbolizes overcoming my fear of the unknown. It says that I was able to excel at something I knew nothing about. I was able to rise above difficulty and take a risk.”
If you are willing to overcome any fear you have about the unknown future, rise above difficulty and make an effort to improve your situation, then take the Challenge to grow your business and help be a part of an economic recovery that is destined to occur if we truly believe in it and put in the necessary work. If you are ready to take the Challenge and become a part of the solution, contact me at rikvillegas@gmail.com to learn more.
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