After55:

When Pat Henriques started her corporate relocation service, she knew that the important components of a successful corporate move were organization, a solid plan and strong communication with the client.  Doesn’t sound like rocket science, does it?  How many times have you had questions about a large project you were heading–corporate organization to redoing your kitchen–only to lack a firm grasp of the schedule and work progression, yet you had trouble contacting your point person?  Now you understand what Pat brought to the table.  Her experience managing a law firm taught her volumes about precision, accountability and anticipating needs in a stressful environment.  She didn’t need to reinvent the wheel; she made sure the wheel  moved smoothly.

A good place to start thinking about a business is: “What can I do just a little bit better?”

At lunch yesterday, IP attorney Barbara Luther mentioned that she had just learned about a loan program available to members and former members of the military and their families to help them start businesses. It’s patriotloans.org. Needless to say, I thought of you. This is not in any way an endorsement (think of all the usual caveats) by either Barbara or me, but it’s definitely worth your time to go explore.  Happy hunting.

I met Barbara Luther at a networking event last year. Remember how I keep urging you to get out of the office and talk to people?  Here is yet another example of why that is such good advice. Luther is an intellectual property attorney with a wide and deep knowledge of the pharmaceutical and medical industries. She’s also a wife and mother and has worked her entire adult life.  OK, you say, what’s so unique about Luther?  She has a unique way of looking at things.  She and her husband relocated to Scottsdale, Ariz., about four years ago from California.  Most attorneys would have looked for a new local connection and simply gone about their practice.  Not Luther.  She’s also a woman with a strong bias for helping women.  Luther redesigned her business, and there are lessons here for all of us in these challenging times.

Rather than set up a traditional brick-and-mortar business with all the attendant upfront costs, Luther opened a small office and got involved in several organizations in the Scottsdale/Phoenix area that include businesswomen and/or entrepreneurs. In so doing, she had added many clients to her existing global client base. Her practice has expanded from its original areas of expertise to include many other industries and services she can offer. Then Luther started networking for other female attorneys who would like to practice part-time and from their home. It’s very important to her that the growth of the practice reflects increased opportunities for other women.

Because of the unique structure of Luther Law Firm, Luther offers its services to other firms that need a strong IP department but don’t want to make the financial commitment to build one. Luther’s clients include manufacturers, entrepreneurs, corporations, as well as law firms and associations. Brilliant.

Here are the lessons we can learn from Luther (who is one of us!):

1. You’re never to old to redesign your existing business.
2. You can include your core values in your business.
3. Creatively look for different kinds of customers, e.g., law firms and corporations
4. Carefully managing overhead allows you to leverage your desirability to potential clients–costing less than in-house departments.
5. Make the most of technology to bring new people into your business.

Each lesson is a critical part of keeping your focus in this market.

Sorry for the delay in this post.  As you have been seeing in my sidebar, I spoke last Thursday at the 5th Annual Sacramento Conference of Professional BusinessWomen of California.  I am eager to share what I learned and the feeling I had coming away.

First, the conference was a huge success by the numbers: More than 3,000 women attended, and there were four outstanding keynote speakers–Naomi Tutu, Jackie Speier, Lucy Liu and Lynne Twist.  Each speaker spoke to us at our highest level as businesswomen and women.  I met women ranging from senior executives in huge multinational corporations to women involved in not-for-profits both large and small, a dairy farmer and a woman who has cleaned houses for 20 years and loves her business.

Second, watching the connections being made among women from all over the country, across areas of expertise, finding commonality through family and values was heartwarming.  One of my passionate delights is connecting–both people and ideas.  As I wrote to my daughter, it was Candyland for me.

Third, the prevailing attitude about the economy was realistic, but also tired of all the unremitting gloom and doom in the media.  Yes, things are challenging, but there was conversation about looking for the good news and tapping into our huge creativity to develop alternative programs and ways of meeting the challenges.

Fourth, the 250 women who attended my session, “We Don’t Retire, We Reinvent,” were a really thoughtful group.  They delighted in looking both forward and back and planning for a future that will bring them delight and fulfillment. It was a pleasure to help so many proactive women look at the next phase of their lives.

I was also delighted to see the wide age range–there were a lot of After 55s, and they were leading the pack in sharing, teaching, connecting and learning.  I was a proud respresentative.

Anyone who has been reading my blog for some length of time knows I am a reader. This week I would like to issue a challenge: Turn off your television (except, of course, to watch the election results on Tuesday–you are voting, right?) and stop reading the newspapers for two weeks. Use the time you would have spent in these activities to read. I am suggesting books about business–my current favorite, Thinkertoys, by Michael Michalko, Good to Great by Jim Collins, Execution by Larry Bossidy or–personal development–anything by Brian Tracy, Jeffrey Gitomer, Basic Black by Cathy Black or Martha Rules by Martha Stewart.

If you don’t like to read (horrors!), many are available at the library on CD or tape or can be downloaded so you can learn while driving or taking your daily walk to stay centered.  Fill your head with new ideas, possible solutions, fresh approaches.  Let me know how it goes–I really am interested.

VOTE!

Yup. All the news is even worse than last week. Gloom and doom. You’ve tried breathing but, to tell the truth, you’re bored by the negative drone of the talking heads.

What to do? How about taking some time to put yourself in your customers’ shoes? What do they need that you can provide? How can you provide it in a customer-centered, profitable manner (though perhaps not the previous profit margins)? Can you change your pricing to be more customer-centered? Let me give you an example.

A friend was telling me about her established handyman business. Her assumption was that because of the economy, people might put off major projects but would always need a handyman to fix things as they broke. The business is in a very affluent area with a decent percentage of people over 55. My friends require a minimum of two hours’ work to book an appointment because the cost of gas was hovering at $4 a gallon.  No marketing plan except word of mouth from satisfied customers and a witty “Honey Do” line on a cute business card.  This is pretty standard thought–need>respond>completion>referrals>success.  Hopefully a 50-50 chance of making it through the next two years.  But, what if:

1. Rather than require a two-hour minimum, they change it to half an hour with a charge included to cover transportation costs, and subsequent half-hour increments were lower-priced?
2. When booking the appointment, asking if any of neighbors have mentioned needing handyman services?  If so, and if my friends can book an appointment the same day, customer No. 1 will receive a reduction in the first-half-hour fee.
3. Using the reverse directory, my friends call the neighbors within three houses in all directions and tell them the day they will be working in the neighborhood and ask if there is anything the new prospect needs help with–of course, listing three or four possibilities to jog the potential customer’s memory?
4. They register or put up a well-done, informative flier (listing qualifications and insurance coverage, for comfort) in all the local senior centers and places seniors gather in the area?
5. They use the same flyer and put it up in health club?
6. They come up with a list of 10 new places they could contact?

And on and on. Get the idea? At a time like this, there is comfort in motion–just make sure it’s forward.

The entrepreneur is essentially a visualizer and actualizer,
He can visualize something, and when he visualizes it,
he sees exactly how to make it happen.
– Robert L. Schwartz

This quote appeared in  My Daily Insights a couple of weeks ago. I thought it was a perfect description of me–and, I am sure, many of you. Almost every business I have started or thought about starting popped into my head full-blown and pretty fleshed out. Every so often, it’s so important to remember our original vision, what ignited our excitement, which of our passions it spoke to.

It’s so easy to get caught up in the daily tasks and responsibilities. What was it about your business that grabbed you and wouldn’t let go? Are you “keeping in touch” with those passions? If not, how can you bring them back into your future plans for your business? Remember, part of being in business is the FUN of bringing your dreams into reality!

One of the best parts of my work is getting to meet and talk with women entrepreneurs all over the country. I think there is a common thread among all of us–we are so enthusiastic! When I step away from one of these conversations, I am so excited. I have just talked with someone who is captivated by what she does. Each woman has not only started her business but has marvelous ideas for its future. Yes, of course we talk about the challenges of running a business, but fundamentally there is delight in what we do.

I think it’s important to take a minute, have a cool drink on these hot days, and revel in what we have accomplished and are looking forward to.

Here’s looking at you, lady!

Many businesses are facing a slowdown as a result of the dire economic information that seems to come out daily. The smart business owner will use this time to conduct a thorough examination of her business. I think the most important question is, “Does my business fulfill the needs of my customer?” Remember, your customers’ businesses may have changed in response to the marketplace.

During my It’s Reinvention workshop last week, we got to talking about the informational interview as a vehicle in a job search. It’s no less relevant in leading an existing business. This is an excellent time to sit down with each of your major customers or clients and listen to the major challenges they are facing. Your relationship will deepen as you begin to see one another as colleagues in problem-solving. Helping others meet their challenges is definitely a good way to meet yours.

When it’s hot outside and all the news about the economy is bleak, what should you do? Sit somewhere cool and think about your business differently. That’s what.

One of the best parts of what I do is hearing suggestions from all of you. I’m not always quick to respond because, like you, I’m running a business. In May I got an e-mail recommending a book, and I need to tell you about it!

Thinkertoys: A Handbook of Creative Thinking Techniques was written by Michael Michalko, a creativity expert. I’m part of the way through it (an easy read) and have already applied and taught two concepts! If the well-worn definition of insanity is doing the same thing over again and expecting different results, then Thinkertoys is a terrific antidote to what may be ailing us! I think you will find reading it to be time well spent–especially if you apply it!

I’m in the middle of a dilemma. As always, I’ve been doing a lot of reading about our demographic. In the past two months a lot of studies have indicated that Silver Vixens will not be successful because we do not participate in social networks, we see no value in them, we don’t want to risk our privacy, we aren’t that technologically savvy–and on and on.

Late one night recently I found myself wide awake wondering what to make of all the negativity. Should I give up and pull down the website? Should I change my expectations? What to do?

Here’s what I decided:

1. I would take each of the negatives apart to see if there was something I could learn.
2. I would go back and check the sources and how they might have benefited from their gloom and doom. Did it make them seem more expert? We all know that bad news sells and good news languishes.
3. I would see how their points applied to my business in particular.
4. I would compare their findings with what I have seen and heard myself.

I felt much better. Isn’t it amazing how being proactive helps our outloook? Here’s what I learned:

1. Each of the points had merit, but they were also opportunities! In response, I have added solid information to the site and will continue to add more regularly; I added the ability to respond to each other anonymously. I will shortly be adding fun, clear ways to learn to use the website.
2. Some of the authors were men–very knowledgable, but they haven’t lived our experience and perhaps don’t know the correct questions to ask.
3. Where the points applied to Silver Vixens, I mined them for the gold I knew was there.
4. We all know how easy it is to trust “experts” over what we intuitively know. I remembered that the worst mistakes I’ve made occurred when I didn’t trust what I really knew. All my knowledge has worth!

Yes, it pays to see what the experts have to say, but let’s not blindly accept their “facts.” Silver Vixens continues to grow and to make a difference!

I attended the JWTBoom LiveWire conference about marketing to boomers last week. What a terrific experience–and even better in retrospect. What I learned will appear here and in my column for months to come.

What is most on my mind today is how important it is to know your market. Whom do you think your product or service will most benefit? I was fascinated to hear attendee after attendee (and if the truth be told, almost everyone was male!) ask how to reach the boomer market! As if boomers are one market!

There are left-handed boomers, blue-eyed boomers, boomers who like Birkenstocks, boomers who like earrings. You get the idea. When we come up with our great idea for a business, we imagine hoardes of people lining up for it, but we stand a far better chance if we take the time to understand clearly our best potential customers and get to work with them in mind.