Rescue Desk

A friend of mine is editor-in-chief of a popular local arts-and-entertainment magazine in the Milwaukee area. She is an extremely gifted writer, and the first thing I always flip to when I get my copy is “The Editor’s Desk” letter, where she draws on her sharp wit and quick intelligence to muse about everything from business to politics to raising a family.

This month she wrote of “mavericks and leaders,” and it gave me pause to think about how I envision the future of my own little business, and that of my growing number of entrepreneurial friends.

She writes about the paths taken by free-spirited souls, and considers the inevitable fork in the road when the world’s mavericks need to decide if “fulfillment lies in the initial dream or the cultivated goal.”

“Mavericks are the mythic darlings of American culture,” she writes. “They work tirelessly in pursuit of the personal goals while bowing to no man; they are the innovators, the self-made millionaires, the rock stars. They don’t punch a time clock. For hard-working free spirits, this is probably the best life imaginable…

“One thing not taught in maverick school, though, is the catch: the successful ones will find themselves at another fork in the road, and they’ll have to make a choice: to stay free and accept the limits of the one-man band, or to build something larger than one person can achieve. ..”

The conclusion of her essay turns to the important implications of having mavericks-turned-leaders at the helm of change and innovation (especially in an election year). Although, I think anyone working hard at blazing their own unique trail may find themselves reflecting on their own need to cultivate the direction of their free-spirited vision.

Mavericks and Leaders   
-Vital Source magazine (July issue)

Since launching my business earlier this year, a huge part of my time is spent networking. After all, I own a heavily referral-based business, and the more people I meet, the larger my client base grows.

But, I recently went through an interesting exercise with a consultant friend of mine, who asked “How much are these events costing you?”

“Um … well … I leave from these events with the same amount of money I went with … so … nothing?”

I knew it was the wrong answer, but I wanted our conversation to segue into my friend’s area of expertise — cost-effective networking.

I’d never put any hard numbers behind my networking. Thankfully, I’ve been pretty lucky just relying on word-of-mouth combined with a little research, and I’ve found success at most of the events, speakers and meetings I’ve attended. But, our conversation was a reminder that my time is valuable, and that it’s OK to cherry pick.

Having a basic idea about a group’s membership or event’s attendees is an obvious place to start. If your business caters to other businesses, for example, attending Chamber events or checking out local referral-networking groups is a no-brainer.

But, don’t stop there.

Pull out your business plan and take a look at your ideal clientele. How large is your ideal client? Five employees? A hundred employees? What’s their estimated annual revenue? Can they easily afford and appreciate the value your business provides?  Which department do they oversee? Accounting? Human Resources? The whole enchilada?

Find out where these folks hang out – it could be industry association meetings, a monthly happy hour, or even in an online networking group.

Another thing I’ve found, which can sometimes fly in the face of your research, is to pay attention to your gut and watch the interaction.

I once attended a weekly referral networking group as the guest of a business acquaintance.  I did my due diligence ahead of time, and it seemed like it could be the perfect fit … the representative businesses fit my clientele criteria, the weekly meetings fit into my schedule, and I appreciated the group’s vision.

Well, while the businesses certainly fit my client base, it turned out very few of the attendees were the decision-makers I needed, nobody came up to say hello or introduce themselves, and 95% of the referrals were one member simply using another member’s services … I knew I’d burn through that pretty quickly.

So, before filling up your calendar with networking events and meetings, take the time to determine the investment you’re making. Ten or 15 minutes of quick research could mean the difference between a few hours of potentially wasted billable time or finding yourself in a room full of potential clientele.

I spent some time working for a woman who was, hands down, one of the most brilliant corporate marketers I’d ever worked with. She was highly creative, fiercely intelligent, beyond experienced and always, always had her eye on the goal. Granted, she could also be hell on wheels … she didn’t shy away from pushing for answers, slicing through red tape with a machete, having extremely high expectations, and stepping on a few toes to get things done.

I learned more about marketing by watching her than I have from just about anyone else.  She even branded herself to stand out, being fearless (and looking great) in bright pink blazers and colorful skirts, taking fabulous vacations, and having the confidence in knowing that she could dole out the fear of God just as easily as a funny story. 

I’d had plenty of experience working with marketing teams and riding shotgun when new promotional strategies were in the works. But, this woman continuously brought me back to one simple question: What’s your brand?

It’s now the question I ask myself every time I develop a new marketing or promotion strategy for my own business, and is usually one of the first questions I ask potential clients when they want my help with a project.

I know it’s obvious, but I think business owners — especially first-time business owners — sometimes need to be reminded that their brand should be the baseline for just about any marketing decision. I think small businesses (myself included) tend to get mired down in the detail work of specific strategies or plans and forget to bring themselves back to the foundation of their brand.

How will this plan further the brand I’m working to establish? Will speaking to this particular audience be cohesive with my brand? Does this strategy connect with the target of my brand?

Like knowing the niche for your business, you simply can’t be all things to all people. So, your brand is an important differentiator between you and the competition.  If you try to come up with a soft, all-purpose, generic branding message to appeal to all people in all corners, you may end up being nothing specific to everyone in general. 

Only you can define your brand, and it’s something that certainly shouldn’t be taken lightly. Corporations spend millions just tweaking their brand to complement the current day in the current market … look at the business history of McDonald’s, Coke or Nike. The brands have essentially stayed the same, but the messages behind the already-powerful, solid brands have simply been updated.

Running a business – whether it be a solo operation or a multizillion-dollar operation – isn’t easy. I can understand the temptation to skirt the branding question when you’re on a tight deadline or under the gun to introduce something new. But, being able to solidly align your plan with your brand will save those precious budgeting dollars and further solidify your position in the market.

One of my favorite people in the world is a woman I know who runs an entertainment magazine in the Milwaukee area. We’ve been friends for years, and she easily ranks in the Top 5 on my “People I Admire Most” list. She not only started and grew a successful publication, but she’s done so with intelligence, humor, compassion, creativity and good old-fashioned grit.

She always seems be running on all eight cylinders, and she is a consummate multitasker. On the rare occasion our schedules mesh and allow for an afternoon visit, I’m usually tagging along while she’s running errands and, between stops, she’ll fill me in on the adventures of business ownership, motherhood and the escapades of her wonderfully quirky extended family.

Last time we spoke, I told her I was joining the ranks of small-business ownership, and that I could use a few words of wisdom from the front lines.

After she made a wisecrack about being happy to oblige simply so she’d have something to add to the “What? Are you NUTS?” chapter on running a business in her memoirs, she pulled through.

“Here’s some advice, and I’ll even give it to you for free,” she quipped. “No matter how much money you think you need, you need three times that much.” She explained that you can run the numbers six ways from Sunday, but it’s simply the way it is. “I can’t explain it, but there you have it.”

But, she wasn’t quite done. “And one more thing, don’t let not having enough money stop you.”

Spoken like a true entrepreneur.

So, to all you dreamers out there with a vision of turning your skills and your passions into your day job, I say this: Count your pennies, go forth, and Godspeed.  See how far true grit will take you.