Get motivated! Get found! Get more business!

Time to recharge your batteries and get new business ideas you can take right back to work and implement! The Vancouver-based SOHO Business Group is presenting its annual SOHO/SME business conference in Vancouver this Friday, Sept. 30, and in Toronto on Wed., Oct. 26.

SOHO is the Canadian champion at putting on these shows. They always provide great guest speakers, relevant and timely topics, and the best conference content around. And the price is right!

Here’s the lineup of the Vancouver show:

OPENING KEYNOTE: Get Motivated! Developing Million-Dollar Habits For Success
with the matchless Peter Legge, author and speaker,
CEO of Canada Wide Media Ltd.

7 Proven Strategies for Getting and Keeping More Money in Your Business
Tracey Lundell, Small Business Banking, TD Canada Trust

Design Your Business To Get The Performance and Life You Want
Anurag Gupta, Founder, The Difference Engine

Google Demystified - Tips for Better Rankings
Jeff Quipp, Founder & CEO, Search Engine People

Your Roadmap to Success: An interactive interview with 2010 Ernst & Young Entrepreneur of the Year Award winner Emad Yacoub, owner of The Glowbal Restaurant Group

How to Do Business with the Federal Government
Ravinder Rakhra, Regional Director, Public Works and Government Services, Canada

Blogging, SEO and Social Media Tips
John Koetsier, Senior Manager, Online Media for Canpages

The Art of Networking!
Sue Clement, President, Success Coaching

Expert Panel Session: Proven Social Media Strategies for Business
Facebook? Twitter? LinkedIn? What Else? Learn from industry experts on how to maximize your online presence in a growing and competitive social media world
Chris Breikss, Co-Founder, 6S Marketing
Rajan Sodhi, Vice President Marketing & Communications, Peer 1 Hosting

So what are you waiting for? Click here to register for the Vancouver show Sept. 30. It's at the Hyatt Regency, 655 Burrard.The Toronto show (Oct. 26) will be held at the Sheraton Centre Hotel, 123 Queen Street W. I’ll post the lineup soon. And hopefully I'll give you a bit more notice.

Just a great quote

We all have two choices in life: to live consciously and purposefully, or not.

Which is summed up by this great quote I found on Twitter from twitterer @KeltieZubko, who describes herself as a writer and publisher in Western Canada. She posted today:

"There are two ways to sleep well at night -- be ignorant or be prepared." (Simon Black)

Entrepreneurs know that preparation is the key to success. I am always striving to prepare more. I made a rule once to always prepare for a meeting two days in advance. It's a good rule that I wish I could abide by more often.

While we're here, Keltie offers a few other choice quotes on her intermittent Twitter feed.

 "Free speech is the gift you give to your worst enemies so you can keep it for yourself." (Douglas Christie, Cdn lawyer)

"Is it just me or are brains today suffocating in information and starving for wisdom?" (Terry Small)

John McPhee on writing a lead: It should “shine like a flashlight down through the piece.” http://tpr.ly/9zzr6r

"It's never too late to be what you might have been." (George Eliot)

"Write every day. Regaining momentum takes three times as much energy as sustaining momentum." (Daniel Pink)
"Sure I am of this, that you have only to endure to conquer." (Winston Churchill)

And finally, a great quote that seems to be from Keltie herself:
"Those who make the most mistakes will go far, as long as they don't give up."

Dragons' Den returns Tonight

Just a reminder that Dragons' Den returns tonight at 8 pm in most parts of Canada.

I think DD has become the most important show in Canada's history in terms of promoting entrepreneurship and, more importantly, entrepreneurial values (things like understanding opportunity, identifying how you create value, testing your plans by talking  to customers, and collaborating with mentors, investors and other stakeholders). It's quite ironic that it took a Crown corporation to do this. We're seeing more business-oriented shows creeping on to our TV listings this year, but none has the dynamic and built-in audience identification of Dragons' Den.

Note that there's a new Dragon in the den this season: Bruce Croxon of Lavalife has replaced W. Brett Wilson. Brett certainly became a viewer favourite during his time on the show, for his unique personality as well as his personal commitment to supporting good people and socially beneficial businesses. But truth to tell, I thought he spoiled the dynamic of the show a bit; when the other Dragons cynically passed on investing in companies that didn't meet their investment objectives, he would often find ways to bend the rules in order to support the unloved entrepreneur anyway. It was good business for the pitchers, but seemed to violate the show's own rules about "You either get all the money you ask for, or you get nothing."

I had a chance to watch some of the tapings last spring, and I can assure you that Bruce Croxon is a good guy, but a hard-nosed investor. No free rides this year!

Business owners ready to take risks, but not to raise prices

The squeeze is on Canada’s entrepreneurs, as costs are rising but most lack the confidence to raise prices in return. Yet, as the economic slowdown grinds on, more of them are saying they are willing to take risks to grow their businesses.
These are the paradoxical findings of the latest quarterly American Express Small Business Monitor poll, conducted in late July-early August 2011. According to the poll of 720 Canadian entrepreneurs, 47% of small business owners are protecting their customers and employees against rising prices, hoping that the resulting loyalty benefit will offset the immediate financial hit.

Of course, they have other choices. Some 52% of business owners say they’d rather reduce overhead costs in general than raise prices, while 48% say they're cracking down on accounts receivable in order to improve cash flow (48%). Some 36% are balancing the books by cutting travel and entertainment budgets.

Only 20% of Canadian entrepreneurs said they were willing to reduce perks for customers, and just 18% per cent were willing to reduce perks for employees. Only 12% said they were willing to reduce staff wages or benefits.

When they’ve had to raise prices, 78% of entrepreneurs say they’ve taken steps to make those increases more palatable. That includes explaining the reason for the increase (61% of entrepreneurs), extending payment terms (18%) and offering discounts to customers who pay early (16%).

But here’s the rub. According to the survey, 54% of the business owners who have raised prices say they experienced little or no customer resistance.

It’s often been said that business owners are more reluctant to raise prices than their customers are to pay higher rates – and this could be one of those times.

Eric Nielsen, VP and general manager of Small Business Services for American Express Canada, says the survey findings point to a positive strategy for business owners feeling squeezed. “The most uncertain of times can create the opportunity to be innovative and adopt new pricing strategies,” he said in a release. “Business owners are having success when they support the new price points with tactical customer communications explaining the rationale for change, or strategic enhancements to their service experience.”

(You might also try a trick I learned from a friend in retail. When margins are tight, raise the prices on just a few of your offerings. Choose those that are hardest for customers to compare – say, on custom packages or unique services that your closest competitors don't offer. Be prepared to offer a compensatory discount if customers complain – but experience suggests they’ll barely notice.)

Why are so many businesses feeling the pinch? According to the Amex survey, during the past year business owner have struggled with above-normal price increases in motor fuel (78%), heating oil/natural gas/electricity (40%), travel (37%) and insurance (34%).

A full 68% of business owners say they’ve also been hurt by suppliers’ price increases. In fact, 51% have switched to competing suppliers with lower prices as a way to mitigate the impact.

The goods news overall: 74% of entrepreneurs believe their companies are financially strong enough to weather another recession. Nearly half (47%) report an improvement in their business’ current financial position, which is a 14-points improvement over last quarter (33%).

Finally, more (28%) say they are willing to take risks today than they were three months ago (22%). And 37% indicate that growing their business is their No. 1 priority, up six points from last quarter (31%).

So go ahead and raise those prices. Respectfully, of course.

Four Resolutions for the New Business Year

With summer fading and Labour Day roaring 'round the bend, I want to wish you a safe and fun long weekend. Next week, there will be a new renewed sizzle in the air as everyone's minds turn back to business, mastering that all-important fourth quarter, and planning for 2012.

I've always thought that Labour Day marks the true start of the new business year. To mark the occasion, reprinted below is a slightly condensed version of my Financial Post column on four new years' resolutions for your business, originally published on Sept. 1, 2009. Happy New Year!

Forget New Year’s Eve and the ball dropping in Times Square. With Labour Day coming and pucks dropping in towns and cities across Canada, this week marks the start of the real New Year, especially in business, where entrepreneurs and executives are now shifting their mindset from managing vacation schedules to executing freshly minted budgets.

Here are four New Year’s resolutions to help you get your business in better shape.

• Take a fresh look at your business, through the eyes of a customer. Hire a mystery shopper to walk through the customer experience at your business and report back, or just think through all your processes and systems that touch clients. Either way, you must identify and root out any discordant element that prevents prospects and customers from experiencing your company the way you would like them to.

Here are just a few things drive customers crazy: old brochures, out-of-date (or tired) websites, or client-facing employees who don't share your passion for your products and customers. You also have to blow up the roadblocks that prevent people from doing business with you, whether they’re stringent credit policies, delivery delays, or tedious online registration systems.

Forward-looking companies track and measure the customer experience, then set standards to ensure that everyone receives consistent quality service throughout the journey from curious stranger to valued client. Even the smallest business can set customer-response standards (e.g., phones answered within three rings; messages returned within one business day), or track conversion rates to see how many inquiries become genuine leads, and how long it takes to complete the sales cycle.

• Invest more in training your people for this tougher new economy. All your staff must be miracle workers (and not in the sense that if they're working, it’s a miracle). It’s their job to turn raw resources (time, money, or metal and plastic) into value-creating products and services, or to transform ordinary customers into raving fans.

If some staffers aren't big on miracles, reorient them or invite them to seek fulfillment elsewhere. Most people can be salvaged with a consistent application of entrepreneurial zest: help them understand how dependent your company is on their actions, and give them the training they need to perform their jobs right.

If your training budget is tight, pair up underperforming employees with mentors or “change buddies” within the company. This gives troubled employees a chance to recharge their batteries, learn new skills, and ask questions they might feel embarrassed to ask their boss. It may also revitalize older or superior performers, who will benefit from learning to put into words the skills and attitudes that have made them successful.

• Cull the herd. If training and retraining don't work, get rid of underperformers. This is a great time to find motivated new staff: there are many unemployed and underemployed people eager to work for a leading-edge company such as yours. (No idle flattery: if you weren’t a sophisticated, results-oriented leader, you wouldn’t have read this far.) Plus, with the gradual return of economic confidence, good performers who are already employed will be less wary about leaving secure jobs for new opportunities.

Be a wolf. At the Brookfield Zoo in Chicago, I learned that the recent reintroduction of wolves into Yellowstone Park has helped other species, including prey, in the region. With wolves back in the picture, sick and diseased deer are now culled early, before they can infect the herd. Result: the remaining animals are healthier and breeding more successfully. (In business, we call that productivity.)

• Say “thank you” every day. This simple resolution won't require trips to the gym or costly consultants. It simply reflects your dependence on other people’s good will for your success – and the karmic benefits that result when you thank others for the differences they make in your life.

You may still have the first thank-you note you ever got from your boss. All your staff want to hear from you more often, to know that they're on the right track, that they're recognized, and that their efforts are appreciated.

Written notes, especially in this email era, can have a lasting effect. But they're not just for employees. Make sure your industry partners – customers, suppliers, bankers – know how much they mean to you. Post them a thank-you note, invite them to lunch, send them a little gift. No strings attached.

You’ll not only bolster a relationship. You’ll restart dialogues that could result in valuable business tips, new opportunities, repeat business and referrals. Your colleagues and staff already know how important they are to your business. They're just waiting to see if you do.

Catching up

New posts on this blog have been ascarce this month. But that doesn't mean I haven't been busy. Here are some links to catch you up.

"Seven new ways to lead," from the June issue of PROFIT Magazine. http://www.profitguide.com/article/28400--the-new-way-to-lead

"Vision leads the leader" - a blogpost at PROFITguide
http://www.profitguide.com/blog/rickspence/40288--vision-leads-the-leader

Win anyone's attention attention with three sound-byte steps
 http://www.profitguide.com/blog/rickspence/39737--three-sound-bites-that-win-attention

The growing role of angel investor groups
http://www.profitguide.com/blog/rickspence/37537--canada-s-angel-investor-groups-take-flight

“Businesses that want to improve performance need to improve their performance management"
http://www.profitguide.com/blog/rickspence/35522--managing-employee-performance-is-key-to-outperforming-the-economy

Monitoring your staff performance without making them nervous
http://www.profitguide.com/article/9946--monitoring-staff-performance

Can founders be leaders?
http://www.profitguide.com/article/30678

Counting down till GROW 2011

As summer continues its sunny way south, entrepreneurs in British Columbia have a terrrific conference to look forward to next week: GROW 2011.

It's a comprehensive look at next-generation web companies and innovative business models, with oodles of successful Silicon Valley entrepreneurs and a very creative framework that includes a day of mentoring and an outdoor activity day for serious networking, BC-style.

You can read more about it in my column today in the Financial Post. 

Excerpt:
It has been 10 years since Wikipedia began, and 20 years since Gopher became the first common Web browser. The Internet domain name system was established in 1984, and in 1976 Queen Elizabeth II became the first head of state to send an email – a mere 35 years ago.
Clearly, the Internet isn’t new any more. Yet, as Google Canada recently pointed out, nearly half of Canadian businesses still don’t even have a website.
For more and more, however, the Internet isn’t about mere “websites” any more than the post office is about delivering personal letters. The Internet is transforming businesses and entire industries, turning product and services producers into communications and logistics innovators...

For the rest of the story, click here.

Blogging for billions

Sometime last week, this blog hit another milestone: our 200,000th visitor!

This is exciting because it took us 4.5 years to get to the first 100,000, and just 21 months to double that. And the latest 50,000 came in just 8 months, for an average of more than 6,000 visitors a month, or more than 200 a day.

Pretty good for a blog that never mentions Justin Bieber.

Of course, all this comes against the inevitable background that I've been posting less often on this blog lately. This inspires me to do more, but realistically, you should also follow me on Twitter. That's how business junkies get their news today!

Thank you for your support.

Note to a Young Entrepreneur

A young Canadian entrepreneur starting a video-production company asked me for some advice on finance and "getting the word out."

Here is my response:

"Institutional capital is rare for new service businesses. Friends and family is the usual solution to startup capital in situations like yours.

Your best bet would be to look into the Canada Youth Business Foundation, which offers low-rate loans to entrepreneurs under 35. Better still, each loan comes with a mentor and mentoring process to help guide you along the way.

Marketing yours services is all about measuring the benefit you have created for other people, and communicating that information to more people like them. So it's in two parts:

1. Gather testimonials from all of your satisfied clients - get them to specify how you helped them, how great your service was, how much money you saved them or how you directed them to the best solution, etc. (The more detailed, the better.)

2. Communicate the message of how you help people. Start by identifying your target market and finding the best way to reach them (posters, brochures, ads, e-mail, Google ads, press releases, website?). Then start hammering home the message in a helpful, over-the-top, eyecatching way.

Rinse and Repeat.

Does this help?

Rick

What other advice might you offer?

The Market Research Dilemma

Yesterday I got an inquiry from an entrepreneur I'll call Ruth. She is setting out to start an upscale health-services business in Toronto, and was looking for industry-specific market research to help her pick the best locations to target.

Sadly, her request was too specific for me to offer any immediate help. But I tried to steer her in the right direction with some general advice, which I'm happy to share with you, too. Here's what I told her.

Hi, Ruth. I wish you luck in your venture, but I am afraid I am not an expert in market-research sources for specific industries. I would think, however, that any neighborhood in the city with larger, more expensive homes (e.g., Bayview Village, Rosedale, North Toronto, York Mills, the Kingsway, etc.) would fit your target market, and that information is readily available through the press or the Toronto Real Estate Board.

For specific industry stats, you might consult sources like StatsCan or Scott's Directories. My suggestion is that you call a reference librarian at the Toronto Reference Library and tell them what you are looking for; they are very helpful and can probably point you to sources that you and I have never heard of.

Here are some ideas on sources to get you started: http://torontopubliclibrary.typepad.com/business_personal_finance/market-research-statistics/

And don't forget the potential of doing your own market research. There are lots of cheap ways to gain market intelligence using personal polltakers or online surveys. You could even look for friends or locals who live in target areas and ask them to hold a focus group for you to pick their friends' brains regarding demand for your business idea. Most entrepreneurs skip this step, even though it could save them so much grief (and money!).

Best of luck! Let me know how things go.

Rick

July 1, 2011

Just a note to wish the readers of this blog a Happy Canada Day!

144 years ago, on July 1, 1867, four small, scared, and suspicious British colonies in North America formed a Confederation to provide for more secure trade, defence and economic growth. The fruit of that visionary decision is today’s Canada, a confident, well intentioned nation that stands as a beacon to peace-loving people around the world.

While not as well known or prosperous as our neighbour the United States, Canada shows that national purpose and success can be found by different paths – whether it be violent revolution against a vexatious mother country, or gradual disengagement through diplomacy and good will. Together, Canada and the U.S. are a magnet for goods, ideas and people throughout the globe, and the most successful economic partnership in history.

A salute to all things Canadian. Shut off your Blackberry, bite into a Macintosh apple, enjoy some maple butter, grab a Molson, or finish your painting chores this week with a paint roller – all of them products of Canadian ingenuity and commerce. Have a safe and sunny weekend!

And all best wishes to our U.S. friends and family for a glorious Fourth of July!

This will change the way we use the Internet

The National Post seems to have liked my column this week on ICANN's next-generation domain names. It's promoted three times this morning on the "NP Entrepreneur" home page (see photo).

The story suggestion came from Naseem Javed, corporate-naming expert and founder of ABC Namebank. He's really excited about the new opportunities that will emerge out of the creation of a whole new set of domain names: instead of dot-com, you can have dot-blog, dot-Kodak, dot-Calgary, dot-anythingyouwant.

There are a few catches. One, the regime has yet to be approved by ICANN, the world's top domain decision-maker. (But the betting is it will be approved next week.) Secondly, simply applying for one of these "generic top-level domains" will set you back $200,000 or more.

But as Javed points out, once you own one of these gTLDs, the opportunity to become your own domain-name registrar by selling lower-level URLS to other businesses (music.vancouver, police.vancouver, hockey.vancouver, plateglass.vancouver) could be huge.

As the story says:
"Up for grabs are some of the world's most valuable names and words: dot-hockey, dot-travel, dot-music, dotmontreal, dot-toronto. No suffix (i.e., dot-com, dot-ca) required. This will change the way businesses and people use the Internet; and although ICANN has been planning this change for three years, it's still mainly just the geeks who know about it."
Click here to read the complete story.

The Myth-Busters of Startups

Some interesting myth-busting from the results of a bank survey released today:

One-third (32%) of Canadians who don’t own a business like the idea of being their own boss and one-fifth (20%) are thinking about starting up their own business within five years, according to the most recent RBC Canadian Consumer Outlook.

“Considering 12 per cent of Canadians are currently self-employed, seeing another 20 per cent interested in being their own boss is indeed significant,” said Mike Michell, national director, Small Business, RBC.
When it comes to starting a business, the top two challenges identified by those who don’t own a business are getting enough money to start or expand (28%) and finding clients (14%).

However, existing business owners say different. According to the latest RBC Small Business Survey, 66% of business owners said finding enough clients was a key challenge. Only 15% felt that getting enough money to start or expand their business was a key challenge.

The experience of existing business owners also contradicts the perception of 40% of Canadians who think it takes up to three years for a new business to start making money. In fact, 41% of business owners surveyed said it took less than a year for their business to break even.

Here is RBC's list of top business-building tips, as expressed by its survey of Canadian business owners:

Focus more time on networking – develop alliances, join industry associations, attend as many events and seminars as possible.

Aggressively solicit clients – spend more time marketing your business. Understand the clients’ needs and how your business will meet those needs.

Seek as much help or advice as possible – find a mentor or look to other business owners to draw on their experience.

Develop a comprehensive business plan and review it regularly, especially in growth phases.

Obtain financial advice early in your planning to secure financing in advance.

Know your competition well and research the market.

Best bosses, your next video, perfect pitch and Having It All

Here are some links to a few of the subjects I've been blogging about recently for PROFITguide, the online home of PROFIT Magazine.

Just click on any title to be instantly transported to the story.

* How the best bosses behave

Ten tasks great bosses love to do

* Do's and don’ts of your corporate video

Why and how you need to become more adept at using digital video as a communications and marketing channel.

* Serving up a perfect pitch

Entrepreneur Neil Raj's formula for winning firends and influencing investors

* You too can have it all!

Karen Stewart's eight tips for the next entrepreneurial generation

You’ll find lots of other great resources at www.profitguide.com, including editor Ian Portsmouth’s Business Coach Podcast and Peer-to-Peer, the feature in which real-life entrepreneurs answer each other’s most nagging business questions. Check 'em out.

Deadline looms for Small Biz Big Impact contest

You have just three few days left to enter Scotiabank’s Small Business BIG Impact Challenge.

In partnership with the Canadian Federation of Independent Business, Scotiabank wants to recognize and celebrate the impact small businesses make across Canada. Almost anyone can participate.

Up for grabs is $30,000 in prize money, in three categories.

Employment: For businesses that create jobs and whose employment practices reflect and support their community’s needs.

Products or Services: For businesses that offer innovative products and services, or unique ways of doing business.

Leadership: For business owners who have played a key leadership role in their communities, over and above their role in the business.

One winner in each category will win $10,000, plus media exposure and promotion.

Business owners can enter here by submitting a written response to three questions, and/or, you can upload a video of your business to tell your story.

If you want to recognize a business owner who is making a difference in your community, click here to send them an email and tell them about the Challenge.

To support your local businesses, look them up in the "Gallery", and vote! Public votes will help winners reach the semi-finalist round! Winners will be selected based on a combination of impact to the community, quality of the entry, and number of votes.

Contest entries close on April 30.
Winners will be announced June 1.

For more information click here.

If you have questions, email bigimpactchallenge@scotiabank.com

Finding customers: The Game's Afoot

Reading an old story recently from The Adventures of Sherlock Holmes, I found a unique description of what I call "entrepreneurial inertia."

The story, written more than a century ago, is called "The Adventure of the Engineer’s Thumb." In it, Sir Arthur Conan Doyle tells the sad tale of Victor Hatherley, a hydraulic engineer who recently started his own practice. Mr. Tatherley then got into a spot of trouble; he should have Googled his mysterious new client. Afterwards, he came running to Sherlock Holmes for help. Here's how he starts his explanation:

"Two years ago, having come into affair sum of money through my poor father’s death, I determined to start a business for myself and took professional chambers in Victoria Street.

“I suppose that everyone finds his first independent start in business a dreary experience. To me it has been exceptionally so. During two years I have had three consultations and one small job, and that is absolutely all that my profession has brought me. My gross takings amount to 27 pounds, 10 shillings. Every day, from nine in the morning until four in the afternoon, I waited in my little den, until at last my heart began to sink, and I came to believe that I should never have any practice at all.”

It's no mystery why this man had such a dreary experience. He didn't even try to market his business. He sat around and waited for customers to find him!

Sadly, a lot of business owners still do the same thing; sit around and wait for business to find them.

What about you? What have you done this week to attract new clients and get a "sure lock" on your market?

Searching for Canada’s Fastest-Growing Companies

If you run a fast-growth company, or know someone who does, time is running out.

You have just a week to apply for a listing on the PROFIT 200, Canada's authoritative listing of hyper-growth heroes.

For 23 years, the PROFIT 100 has turned successful entrepreneurs into the heroes of Canadian business. Now you can be one of them!

This year, PROFIT magazine is expanding its ranking of Canada’s Fastest-Growing Companies to recognize 200 of the nation’s most entrepreneurial enterprises. If you qualify for the list, you’ll join such notable alumni as Research in Motion, Globalive Communications and WestJet Airlines.

You’ll enjoy many great benefits as a PROFIT 200 company, including coverage in the June 2011 issue of PROFIT Magazine and online at PROFITguide.com. PROFIT 200 leaders also receive an exclusive invitation to the PROFIT 200 CEO Summit, Canada’s most rewarding conference for entrepreneurial achievers. 

Your PROFIT 200 ranking can also attract new customers, employees and business partners—and lead to higher sales.

The entry deadline is March 31, 2011.

Apply now at http://www.profit200.ca.

For more info, visit http://www.profitguide.com/events

Where I'm Spending My Time

I'm afraid I've been under-serving this blog lately. I even missed celebrating its sixth anniversary, four weeks ago. Yet traffic remains very high, and March 2011 will probably set a record for most visitors in a single month.

Which just shows the power of online content. It keeps working for you even when you’re not working for it.

I will try to blog here more often. But keep in mind that I am also blogging for PROFITguide and the Financial Post (in addition to writing regular columns for both). So if I'm not updating here frequently enough for you, you can always find me there.

And feel free to follow me on Twitter. I've been spending a lot more time on Twitter lately. This free short-messaging service takes the idea of blogging and turbocharges it to match today’s faster pace (and shrinking attention spans). You can follow your favorite people’s blog-like musings in a few minutes, since no single post can be longer than 140 characters, or about 20 to 25 words. Keeping insights so short is a challenge, but it makes the overall learning experience more fun, for writers and readers both.

If you haven't signed up for Twitter, you should do so now. You don't have to “Tweet” if you don't want to. Just follow people you know or admire. It’s a great way to get regular exposure to your favorite writers and thinkers. It’ll open your eyes and mind to new ideas, business news, people, opportunities and events. I liken it to reading people’s minds – you get to see what a whole lot of bright people are thinking about every day.

And keep checking this blog. We're not done yet.

How to Annoy Your Dragons

In February I took part in the opening auditions for the next season of  Dragons' Den. It kicked off more than a month of auditions all across the country. They're now going on, and you can find more details here:
http://www.cbc.ca/dragonsden/audition/

My column for the National Post  summed up my experiences auditioning "pitchers" who want a chance to sell their business ideas to the Dragons on national TV next year. As I wrote, "If you want to make it on Dragons' Den — or impress any kind of real-life investor -- you had better not make the kinds of mistakes I saw during my deputy day."

Here's the short version:

Misunderstanding investors' motives The Dragons, like most venture-capital investors, only want to invest in scalable businesses. If you don't know what that means, you haven't got one.

Not knowing your market How many people will buy your product? When? These are essential calculations, even if they're mainly guesswork.

Never confuse a capitalist Keep your pitch clear and simple.

Not understanding your customers Don't wait to talk to customers till your product or business plan is picture-perfect — make them consultative partners from Day 1.

Being afraid to give up equity A venture investor won't make any money unless you do, too.

Neglecting to tell a coherent story Let investors know (briefly) where your idea or product came from, why this opportunity is huge, and why you're the best partner to pull all this off.

Click here to read the full story.

Puncturing the Low-Price Myth

My column in this week's Financial Post looks at a common myth: that you should never market your business or product based on price alone. Business and consumers alike are looking for more value today than ever: if you can sustain that advantage over time, why wouldn't you promote it?

The column focuses on U.S. entrepreneur Jerry McLaughlin and his company Branders.com – a promotional-products retailer that restructured itself to be the low-price leader in its niche. It has never looked back.

Excerpt: Immediately after reducing its prices across the board,

“the percent of website visitors who made purchases shot up to 65% from 15%. McLaughlin says profits on the additional sales more than made up for the lower profit margins: ‘That means we should have done it anyway, whether it was our long-term strategy or not.’"

You can read the full story here.