As managing partners we talk often about various life experiences that personally and professionally shaped us. In many discussion with James Staton this real life experience is a topic of discussion.

Imagine going to a restaurant to buy some food and being told I will take your money but you have to stand in the alley to get your food or go around back. Imagine looking at other customers who supply money and pay the same amount but are treated differently than you.

Here are the questions:

1. Would you continue doing business with this company?
2. Do you provide comparable service when people when they pay regardless?

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Many articles and books have been written about business and how to succeed as well as the mechanics of capitalism.

• Macro economics
• Micro economics
• Managerial accounting
• Financial accounting
• Supply and demand
• Cash flow analysis
• Profit margins
• ROI

Many lectures are offered about business

• Management
• Leadership
• Branding
• Effective customer service

So what is the secret in simple terms of building a successful sustainable business

1. Listen to your clients
2. Provide them with a solution or product that meets of exceeds their expectation
3. Deliver on your commitments

Remember this simple rule – your true business is your reputation and ability to keep your promises – that is the commodity your are selling!

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Standardization is one of the keys of success for any franchise. In a franchise operation you can go to any location and there are key indications and queues there is an affiliation to a larger organization albeit uniforms, color codes, menus, tables, equipment or operations. Take most major chains or fast food restaurants – what are some of the things you can name that tell you which you are soliciting business from?

It is not a secret that we are former national leaders and officers of the NMBEIC or that what occurred with this latest accomplishment in the organization was the validation of the efforts, messages processes and systems that we authored, created or modified.  (i.e. MBEs selecting their own award winners, electing their own leaders, chairs sitting on local executive committee recognized as full directors, accountability to constituents, ethics and criteria to qualify for leadership, etc).   We simply want to take some personal liberty as former national leaders to commend the current team of national officers for understanding the importance of having unifying principles and working to implement and recommend a common standard.

Consider these thoughts (in the forms of quotes) as your business or organization plans for its future:

• The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office. - Dwight D. Eisenhower
• Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall. - Stephen Covey
• Management is doing things right; leadership is doing the right things. - Peter Drucker
• The function of leadership is to produce more leaders, not more followers. - Ralph Nader
• Leadership should be born out of the understanding of the needs of those who would be affected by it. - Marian Anderson

Leaders lead people. Managers manage tasks. Do you understand the difference?

Note:

• NMSDC = National Minority Supplier Development Council
• NMBEIC = National Minority Business Enterprise Input Committee

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Lets keep it simple – we have a two questions for you

• What do your customers/clients think about you?
• Do you give your clients/customers what you want them to have or do you give them what they are telling you they want while factoring in what they need?

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Here are a few questions you should be prepared to answer when doing business or seeking a new client:

• Who are you?
• What is your  Unique Value proposition?
• What makes your product/service better?
• Why are you in business?
• What are your core values?
• What are your governing values?
• What is your company mission/vision statement?
• How do you resolve customer/client issues?
• What are your quality control measures?
• How consistent are you in the delivery of your goods and service?
• What are your preferred terms?
• What are your references?
• How long have you been in business?
• How much experience do you have?
• Why should I risk my job or company with your firm?
• How will you improve my bottom line?
• What is your portfolio?
• What is your website and email address?

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My successor (Larry Fairley) for the CarolinasMSDC MBEIC chair wanted to recognize me for almost 15 years of leadership in the organization from RAC to National in a meeting and have me share a few words of parting. Figured it would be appropriate that these thoughts be shared so everyone can glean what ever use they see fit.

Too often people confuse leadership with management – when you manage you attempt to control people and centralize power sometimes to the detriment of others because a flaw in management is the assumption you are somehow better than they are and that without your control they will somehow fail or falter – this is not leadership.

Leaders inspire others to act for a greater cause or for their own self interest. Leaders create a vision, obtain buy-in then get out of the way. There are in my opinion only three (3) traits of a leader. Trust, Respect and Humility.

• Trust – the people you are leading must trust you and that trust is earned because through your actions you have proven that you will never ask them to do what is not in their own best interest and that you are a person of integrity
• Respect – the people you are leading know that you will not ask them to so anything you have not done or are not willing to do yourself – for a corporate run organization it means that the leaders do not think themselves above the people they serve and that they will only ask them to do things and spend moneys on services that the leaders are willing to spend their personal moneys to achieve. So often many seek friendship when in fact being respected for your character is more important because you may not follow a friend but often you will a person your respect regardless of whether they are a friend.
• Humility – there are so many ways to define this however the simplest is it is not about you – it is about the people you serve. Your goal is to act in a matter best for the organization not yourself which includes knowing when to walk away and allow others to execute the mission.

My associate and friend John Warner is writing an excellent book on innovation and I encourage you to purchase when it is published. It mentions two companies Carolinas Corporations Ryan’s and Earth Fare – two corporations founded in the Carolinas both of which are excellent studies in what to and not to do.

To bottom line it, a humble leader:

• Understands they are a servant
• Knows how to ask their constituents what they want and works to deliver that instead of telling them when they want them to have.
• Knows when it is time to step aside and let others with more relevant skill sets for the future direction of the organization lead!

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Lionel Spearman was featured in the Social Media Club of Greenville, South Carolina’s promotional video. Mr. Spearman is recognized in many circles for the organizations he has helped establish and as a subject matter expert on issues such as business and organizational development, ethics, leadership and some of the technological and logistical aspects of how businesses can make use of social media, security systems, technology and organizations strategically.

The Social Media Club of Greenville was a brain child of Mr. Trey Pennington whose belief that people of like minds would want to come together in an environment to learn from and help one another inspired the creation of the Greenville Club as well as many others across the country. Mr. Pennington is a globally respected marketing expert who has spoken not only in various cities in the US but also is in high demand globally and is recognized as a social media subject matter expert.

You can see the video here and you can also learn more about the Social Media Club of Greenville here.

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Don't confuse me

As entrepreneurs one of the traits we all tend to share is an almost iron will. Combine that with the fact that we often we perceive trends that while they seem so obvious to us are foreign and strange to others. This trait is a mixed blessing. When used correctly it allows us to move ourselves, our businesses and in some cases society in new and innovative directions. However we must always be caution not to get caught in the trap of making a decision and ignoring the obvious facts.

A simple example of this latter attitude in a business context is doing something because you like it so you assume everyone is the same as you. There is a gas station convenient to where I live. The manager there consistently under orders the popular flavors of cappuccino that sell well and orders the off flavors that move poorly in part because they like the odd flavors. As a result they fail to maximize their profits and handicap a revenue stream.

Have you ever made a similar mistake?

Image source

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source: www.smh.com.au

If your work represents your brand – what does your work (paid or volunteer) say about you?

As an entrepenuer one of the hardest challenges starting off is getting that first contract or client right?

Have you ever considered that your work up until that time is also a factor and will influence your chances of success?

• What organizations or civic groups do you participate in?
• Are you known as a leader or just one of the boys/girls?
• Do you bring solutions to the table or do you contribute to the problem?
• What do your coworkers think about you?
• What does your boss think about you?
• Have you been recognized for your achievments?
• Do you think some tasks or jobs are beneath you?

Here is the $1M question

• What are you really selling and why would anyone want it from you?

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When you buy a car there are steps you take and these same should be used with your business.

• You look at your budget to see what you can afford
• You ask yourself what am I hoping to use this for
• You evaluate the vehicles to see if it meets your criteria
• You inspect the vehicle to make sure it is sound and has the potential to live up to your expectations
• You then purchase the vehicle
• After you purchase it you perform service (oil changes, tire rotations, washing and cleaning), etc)
• Before driving you typically have a destination in mind
• While driving you do you best to obey the rules of the road

These should be the same steps you use in business – can you explain why?

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