THE REPORT BLOG

Where Do Your Customers Drink?

I just heard the head of Ogilvy New York mention 2 things: 1) They got the UPS account and 2) They recently moved their offices to 46th and 11th. He then mentioned that they are responsible for an uptick in the Landmark Tavern which is also on 46th and 11th.

Where am I going with this? A good friend of mine who is a very successful publisher told me that to be successful in sales you need to "make friends." So if a media salesperson wants to sell to Ogilvy, wouldn't the Landmark Tavern be a great place to have a drink around 6pm?

Is This the Most Important Thing You Do?

 
One of the things that Jack Daly (pictured above) suggested at last week's NY Report event was to create a "contract with one's self" of things you will commit to doing. On the top of my list was regular one-to-one (1:1) meetings with everyone that reports to me (at NY Report that is almost everyone in the company). I have been doing 1:1s with my sales team but they have been sporadic as they are the first thing that gets blown off once something urgent comes up.

Of the three 1:1s with the sales team this week, two of them went for about two hours each (we planned on about an hour). I really felt that we both (me and each of the salespeople) got a lot out of them. We spoke about opportunities and getting past the obstacles in the way. We spoke about what activities need to get done. We spoke about goals, etc. As I thought about these meetings I realized that this is one of the only times that an employee and I have to really focus on figuring out what makes them happy and productive. And the end result is usually a few good ideas that will help drive the value of the business.

Because I don't want to be the one at my company doing all of the work and coming up with all of the ideas, I think these 1:1s are the most important thing I do.

Avoid the Brick-Wall Treatment with Prospects

Getting a call back from a prospect is the aim of every salesperson, and the art of crafting a put together voicemail or email ensuring that call back is not as complicated as you might think. November’s contributing editor Steve Bookbinder explains how to pique a prospects curiosity by sending voicemails or emails with a simple call to action and asking a question the prospect can answer to avoid the brick-wall treatment. Read on.

Cover Stories in Action on Halloween

Halloween is big business, as is exemplified by our November cover story about Ricky's NYC. I took the picture above on Halloween morning and, despite having more than 20 Ricky's costume shop locations around the city, the line is still out the door. 
 
When I interviewed our October cover story subject Kevin P. Ryan a few months ago, somehow the subject of Halloween came up. Kevin and I live in the same neighborhood and I knew that on one of the blocks nearby, each building puts on extravagant Halloween displays. Turns out, Kevin lives on that block and his building took home the top prize - a $25 gift certificate - last year. Watch this video and you'll see why.

Amazing Opportunities Right Now

I had breakfast with a friend this week who told me that she had bought a small "old" media company. By old media, I mean something that is printed on newsprint. My friend was able to purchase this company, which has been losing money, for less than a million plus some back end. In less than five minutes she was able to tell me her entire business plan.

- Upgrade the technology so the production department could be reduced significantly
- Change the sales comp
- Build a complementary website
- Ensure the sales team is calling on new accounts (novel concept)
She said that they will be profitable before the end of the year. I have heard a couple of other similar stories recently. While there are always bargains, there are a lot more now. Here's why:

- More companies are losing money and the owners can't fund the losses
- Companies that didn’t invest (in technologies, people, etc.) and don’t have an infrastructure that reduces costs get especially hammered in a bad economy.
- Owners are too beat up from the last 12 months and just want to get out.

Who's going shopping?

By Appointment Only: Tips to Staying Organized

In this month’s “WorkSmart,” organizing goddess Sharon Lowenheim teaches readers tips on how to stay goal-oriented through today’s age of information and overwhelming communication. Lowenheim’s tips include cutting out interruptions by not taking every phone call (that’s what voicemail is for), setting up meeting appointments with employees or co-workers to reduce distracting drop-ins, and to cut out multitasking. Read to see if Lowenheim’s advice might work for you. 

Want to Walk In Her Shoes? NY Report’s Premier Video Series Launched

NY Report’s first ever video series launched earlier this week – In Her Shoes – which is sponsored by Aetna. The three-part series profiles three women entrepreneurs as they open up about issues they face and the lessons they learned about growing as leaders, as their businesses grew.   
 
Our first In Her Shoes profile is of Shenan Reed, founder of Morpheus Media, who talks about how she motivates her staff without spending much money. Her personal mission is to make the lives of her staff easier. For example, Morpheus has a pet-friendly policy and employees are allowed to bring their dogs to work, making it much more convenient for the staff to give their pups a mid-day walk. She also discusses her inspiration for becoming an entrepreneur, why she has introduced a client she previously fired to another agency, and more. Watch it here. 
 
NY Report is also hosting a networking event to celebrate these three featured entrepreneurs, as well as other business owners. Visit nyreport.com/bizleaders for more information.

Welcome “The Pitch Coach,” David S. Rose

In this month’s “5 Minutes With” interview, entrepreneur David S. Rose talks about how the rules of angel investment have evolved over the past ten years, and how much performance expectations have altered due to the recession. Rose says that “nobody is funding business plans anymore” – read why.

 

Preview of Exclusive Interview with Ricky’s NYC Owners – Todd Kenig & Dominick Costello

Ricky’s NYC co-founders Kenig and Costello discuss how they created the popular beauty-supply and specialty costume retail shop to save their family’s drugstore chain that was under siege during the Duane Readification of New York, as well as future plans for local pop-ups and national expansions. Read on.

Feeling Down? Call Another Entrepreneur

I received an email earlier today from a friend of mine who owns a company in New York. He woke up this morning (after not sleeping well over the weekend) feeling very nervous about his business, which is losing revenue and costs are going up. Last week we had lunch and he was very excited about the next few years; he is developing plans for new product lines and a new way to package his product. What changed? Really nothing. This is how many entrepreneurs roll. One minute, you closed a big deal and you are on the top of the world, and another, you are wondering how you will make payroll. 

So when I got the email, I knew exactly what to do. I replied and asked him to call me if he wanted to talk and a minute later, the phone rang. I listened to him for a minute, but I already knew what I was going to say. I didn't suggest what he should do in his business BECAUSE HE ALREADY KNOWS. What he needs is a change of scenery and a chance to focus for 60 minutes. I suggested that he takes a notebook and go to a Starbucks to spend an hour figuring out what to do. As we ended the call, he told me he was already feeling better and was going to follow my suggestion.

Why did this work? Simple – entrepreneurs know what other entrepreneurs are going through (I go through something similar every once in a while myself). So next time you are a little down on your business, and assuming you have a close friend who is an entrepreneur, just reach out and call him or her. Whatever they say, they know what they are talking about. They have been there too. This can also work if the entrepreneur that you know is down too. You will pick each other up.

With a Relationship, You Can Be Heard

I am writing this right after we finished a sales meeting at NY Report. We were discussing rolling out a new product that will require us to educate our clients and prospects. I have always felt that educating a market in connection with a product or service (as opposed to just marketing the product or service) is something that is usually too expensive and too time-consuming to do for most small businesses. As we were discussing how we could educate our clients and prospects, Chris Peel, one of our business development managers, brought up some advice that we received from Mike Dukmejian several months ago. Mike, who is the former group publisher of Fortune and Money magazines, said "make calls and make friends." Chris said that if we first have a relationship with someone, they will actively listen to our thoughts and advice. That doesn't mean that they will buy our new product. But it does mean that they will be receptive to what we want to say, allowing us to personally educate them about our product. And that is all we can ask for.

Observations from the NY Xpo for Business

Overall, yesterday's event at the Javits Center was terrific. I think there were a few less exhibitors but there seemed to be more attendees than last year. As in years past, we produce the program for the event, and ran out of copies yesterday - a first. Of the exhibitors that I spoke with (many of whom are advertisers) most were happy with the quality of the attendees, as well as the quantity. Here are some other observations and comments:

· Overall, people (attendees and exhibitors) were quite positive with respect to the near terms outlook. I heard several exhibitors talk about having good Septembers due to "pent up demand" (even outside the show many people have told me that that they had record Septembers).

· The seminars were packed. There were nine rooms and most of them were standing room only.

· Believe it or not, there were several exhibitors who seem content to sit behind their tables and wait for people to come talk to them. (For my other comments on what to do/not to do at trade shows, see "What to do at a Trade Show: Shut Up!" and "Trade Show Idiocy"). 

· The food options at the Javits are inexcusable. Bad food and overpriced… Why can't they bring in good vendors at different price points?

· The Javits Center is so un-business friendly that it drives me nuts. The union seems to control the place and has a list of rules a mile long that make setting up a table a long and unnecessarily tiring experience.

We had about 200 NY Report readers stop by our table just to say hi and thanks. It was great for some of our newer team members to see that first hand. We feel very fortunate to have that kind of "fan" base - especially comprised of business owners!

I hope to see some of you at the Jack Daly sales workshop next week.

Getting Beat Up By Overseas Companies?

I just got a (spam) email from a company that is located in China (at least that is what they said) for photo and video editing services. When I received the email, I was a little intrigued and thought "maybe this is a good way to save money." I guess that is what they hoped; but, I deleted the email anyway. Sure, we pay more to use local service providers. But in many cases, we have met them and know who we are dealing with. We also know that there is a much better chance in getting a problem resolved when we are dealing with someone local. This really got me thinking about the power of relationships. A relationship is about trust and I need to trust people I do business with.

If your industry is prone to overseas companies undercutting prices, think about how you can build or improve your relationships with your clients and prospects. Even better, ramp up your networking and your marketing so you are in a better position to build new relationships. I don't know about you, but I know that if I can get in front of someone, I feel really good about my ability to develop a profitable and mutually beneficial business relationship. Even with email and Skype, it is pretty hard to do that when you are 8,000 miles away.

Simple Tips for 2010 Planning

Budgeting for the upcoming year is going to be tricky for many business owners given the uncertain economic climate of 2010. Once the temptation to procrastinate subsides, try making projections for the worst-case, predicated, and best-case scenarios for your business next year. Since there is a high level of uncertainty  about economic conditions for 2010, you can prepare your business for most, if not all, scenarios. Read more of my planning tips, as well as a look at what other business owners are doing here.   

Run Results-Oriented Meetings

On average, how many meetings do you attend each week that don’t actually produce results or decisions on a course of action? As a busy business owner myself, I’m always trying to figure out how I can spend less time sitting through unproductive meetings. In the October issue of NY Report, author Rosalie Lober provides some advice on structuring meetings that we can all use. For example, assign one meeting attendee to act as a dialog facilitator who takes responsibility for keeping participants focused and on track, while keeping interruptions to a minimum. Another tip is to include only new information in the discussion. If the information has already been discussed at a previous meeting, emails or phone calls are sufficient for updates.

Are Your Employees Learning Anything?

How can you effectively implement or further develop employee training after a workshop or coaching session is completed by your staff? Expert Pamela S. Harper explains strategies you can follow to keep new skills from fading away into the regular office routine. For example, set specific checkpoints and milestones to measure an employee’s progress after training. Because changing behavior takes time and breaking old habits is hard, it’s critical to provide extra opportunities for employees to practice what they learned in training. For more tips, read on.

The Comeback Company Next Door

Bronx-based Ace Apparel & Promotions once counted on big-box store Home Depot as their biggest client, which generated 50% of the company’s sales. That was until 2003, when they were outbid for the business. Instead of throwing in the towel, or in this case dropcloth, Ace’s owners, the Mathios brothers, found that losing their largest client 12 years later would prove to keep Ace’s spirit of innovation and design alive. Read how launching a new product line helped the Mathios brothers recycle an old idea into a unique niche for Ace.

Shaken, Not Stirred – Business Lessons from the Stiletto Spy School

What do a secret agent and a business woman have in common? It might be a lot more than you think. Our managing editor Daria Meoli recently took a class at Stiletto Spy School in NYC to learn spy skills that can be used in day-to-day business combat. Though we hope she’ll never have to use her newly learned hand-to-hand combat skills in the office any time soon, read about other techniques she learned that can help kick butt in the business world.

Get More Cred with Prospects

When it comes to landing a marquee client, third-party validation from industry experts, partner organizations and existing clients can make the difference between being considered and being chosen. Today, with spending budgets tighter than ever, prospects are doing more due diligence than ever before deciding to purchase a product or service. In a recent article, NY Report contributor Jeff Silbert gives advice on making yourself the safe choice for your prospects. Establishing yourself as a thought leader in your industry or demonstrating that you have experience with your prospect’s industry are sure to get you an edge over your competition.

2009 Small Business Award Winners

I’d like to take this opportunity to announce and congratulate NY Report’s 2009 Small Business Award winners: 

Customer Service - Abrahamsen Financial Group, Holmdel, NJ

Green Business - Tyga-Box Systems, New York, NY

Human Resources & Leadership - ClearVision Optical Co., Hauppauge, NY

Sales & Marketing - Excel Builders & Renovators, Brooklyn, NY

Technology - Lenox Hill Neighborhood House, New York, NY

In a year when business owners had to be more resourceful than ever before to succeed, it is more important than ever to recognize those in our community who are developing game changing best practices and share those ideas with others.