The Building Business Value newsletter has one purpose - to assist midmarket business leaders in their never-ending quest to build better companies. Whether you are the CEO of your own company, a senior manager of a business unit, or a leader in a company that serves those in the mid market, you will find something in each newsletter to help you serve your stakeholders. Each month we will cover a variety of topics, all focused on leading in the mid market.
We are very conscious that you spend much of your day buried in e-mail, so it is with your permission that we send this newsletter your way.
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| The Power of a Business Focus
You can't be all things to all people!
| A business's natural tendency is to try to be all things to all people. In an ad on my local radio station, a company states, "No customer is too small or too large!" Another company does "major and minor construction projects!" Can you really have it both ways? Is your target market everyone? Do you offer anything to anyone with a possible result of offering very little to very few?
When you focus, you define what you do and for whom you do it. This is a narrowing process. And it's one of the best ways to ensure your entire organization is working toward a common goal. Take King Arthur Flour as an example.
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Peer Advisory Boards & Business Coaching Services
Small-to-medium sized businesses remain the heart of economic growth. With a multitude of business leaders and entrepreneurs all striving for the same goals, the most successful business owners know they must focus only on the vital business tools that can help them rise to the top.
The Alternative Board® (TAB) is an indispensable resource for business owners, presidents, CEOs and partners to find the personal level of success and freedom they seek.
www.tab-bwi.com
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| What's in Your Wallet? 6 Questions on What Market You Are In.
Any discussion about markets and marketing should start with these questions.
| Do you know what marketplace your company is in? A lot of company leaders don't. For example, you may say yes to an opportunity to get a contract even though the work you're taking on may have nothing to do with the core strengths of the company. You've come across a "bluebird" or a sales opportunity that falls in your lap and represents a chance for easy revenue.
Suppose a company sells relationship management software in a market segment relating to associations. The company knows how to serve associations. Then it hires a new salesperson who has a background in pharmaceuticals, and suddenly it sells software to the pharmaceutical industry. If company leaders do not make a conscious decision to break into a new and potentially lucrative market, if they're working in a market segment they don't really understand, that's dangerous. When companies work in segments other than their core market segments, it's difficult to support, it's difficult to make money at it, and it's difficult to repeat the business, all of which means that they're not only failing to add value, they're actually creating what Geoffrey Moore calls "bad revenue" in his book Crossing the Chasm.
Business cases like these illustrate why any discussion about markets and marketing should start with the questions:
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As a business operator, I have been in a position to lead a company during troubled times. Concerns over the direction of the company, sleepless nights worrying about debt and cash flow, high anxiety over closing a deal or a transaction - the challenges seem endless. But I've also experienced the highs of leadership - the real joy of meeting client needs, the fulfillment of shaping a team, and the satisfaction of watching a vision become a reality. As tough as it can be, there is really nothing quite like being a leader in the midmarket.
It is my sincere desire that this newsletter will support leaders in the midmarket as they navigate their way to building stronger, more valuable companies. I welcome your comments.
Sincerely,
Marty
Martin O'Neill
Corsum Consulting, LLC
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A resource full of smart ideas to help educate and inspire decision-makers.
Each issue includes features, interviews, case studies, columns and other departments designed to help this region's CEOs face the daily challenge of running a business.
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The Alternative Board
| The Alternative Board provides a free business newsletter, Tips from the Top®. This business management newsletter will provide you with articles and tips with the knowledge you need to operate a profitable business. Tips from the Top® is written for those at the top by those as the top- business owners, presidents and CEOs.
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| | Marty O'Neill | Marty O'Neill founded Corsum Consulting, which focuses on one goal: helping companies build business value. He is a frequent speaker and consultant on leadership, corporate culture and building business value and is the author of The Power of an Internal Franchise (Third Bridge Press),
Building Business Value (Third Bridge Press) and the co-author of Act Like an Owner (Wiley). As a business operator, Marty started and sold a company, positioned another for an LBO, and helped a third sell for a significant premium. Marty lives on the Magothy River in Maryland with his wife and three children.
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 | | Luke Garwood | |
Luke Garwood has owned and operated technology-based businesses for the past 21 years. He has professional experience in leading Information Technology (IT), Systems Integration, and Construction companies. His specialization is in operational excellence. He has been heavily involved in start-up and high-growth companies for most of his career. He has extensive experience in the overall development and delivery of technology-based solutions, services, and products to the commercial, federal, state, and non-profit sectors. Luke has performed many functions across the companies he has been involved with to include general operations, service delivery, product management, sales, marketing, strategic planning, leadership development and vendor management.
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Subscribe to Marty's Blog!
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"One reason so few of us achieve what we truly want is that we never direct our focus; we never concentrate our power. Most people dabble their way through life, never deciding to master anything in particular."
~ Tony Robbins
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