I heard a comment the other day in one of our area cities, something to the effect of “Now, we can go to work attracting the companies with the good jobs to our city so we can be prosperous again.” I’ve heard this kind of notion fairly regularly over the last couple of years. Either “If we could only do this or that…” or “We need to do this or that….” we attract the companies with the good jobs to come here.
For the most part, gone are the days of big carrots attracting companies to move into our region, bringing high paying jobs. Today, economic development is no longer going to work the way it did over that last 40 to 50 years.
The key to having the good jobs “return” to our region is to develop and grow our existing businesses and encourage the creation of new businesses from within. We need to grow 50 businesses to each add 10 jobs instead of waiting for some big company to ride into town with 500 new jobs.
This growth can happen by developing new methods of Innovation within each company; Innovation that creates and brings new products and services to the market in much faster and more prolific ways.
Companies can develop these new methods and there are people now going around the country and world demonstrating how to use Innovation for growth and jobs.
It’s time for those of us in this region to begin a conversation about how the new Innovation methods can grow our existing businesses and create a demand for new businesses, and the good jobs that come along with that growth.
The Southeast Kansas Innovation summit is an event designed to stimulate such a conversation. On September 22 and 23, 2010 in Independence, Kansas, Praveen Gupta, world renowned Innovation leader will demonstrate to business, community, educational and government leaders of our region how this can work. Several other national and regional leaders will add to the discussion.
The new methods of Innovation are not limited to business. Community groups, educational institutions and local governmental units can use the techniques to create new, more efficient ways to provide their services.
It’s time for all of us in the region to have a discussion about how Innovation can be the key to surviving and thriving in the future. Please see the special web site created for the event at http://www.innovatesek.org/ or call me at 620-332-5470 for more information and to register to attend.
Jim Correll, Facilitator, Successful Entrepreneur Program, Independence Community College
Sign up for the SEK Innovation Summit-2010 email update list.
About the SEK Innovation Summit
This first annual summit is a joint venture between Independence Community College's Successful Entrepreneur Program and the Independence Business Resource Center, and will be a combination of full-group and break-out sessions designed to share innovative ideas with fellow business, civic and governmental organization leaders.
The 2-day summit will include:
Keynote address and workshops lead by world renowned innovator Praveen Gupta
Multiple presentations and workshops to choose from designed to inspire innovation
Networking opportunities with up to 200 regional business and organization leaders
And 3 meals… all for $49! Register online at http://www.innovatesek.org/
Imagine helping your organization be ahead of the curve instead of always trying to play catch-up. The ideas that will be shared can be used to transform your group into one that fosters innovation, giving you a much better opportunity for growth.
Don't just wait for those "ah ha” moments. Stand out. Be an innovator. Join us for the SEK Innovation Summit September 22nd and 23rd. Call Jim Correll at ICC at 620-332-5470 or visit our website at http://www.innovationsek.org/ for more information. If you sign up for our email list, we'll be sure to send you the latest updates.
Sign up for the SEK Innovation Summit-2010 email update list.
Tuesday, August 31, 2010
Wednesday, August 25, 2010
Send a Message That You’re Ready for Business with Full Displays
I recently visited Ricky's Chocolate Box in Hermann Missouri. It was subtle, but there was something going on in the chocolate store that brings up an important point. While the guy behind the counter was talking to us, a woman came out from the back, numerous times and retrieved partially emptied trays, returning with full trays. This happened with trays that weren't even half empty. Most trays were full or nearly full.
They keep the trays full for a reason. When customers walk in the door, they see shelves that are completely full of good-looking merchandise. (The merchandise lighting was very good too.) The message was clear. "We're glad you're here. Welcome; here's what we have to offer."
What would customers think if they came in and some shelves were empty and many less than half filled; maybe some slots that didn't have trays in them?
Later, on the way home, I saw just the opposite situation in a sandwich shop. The coolers used for refrigerated products and health-food type groceries were less than half full; many empty slots. The lack of selection gave me the impression that they are not serious about selling that merchandise. I didn’t even want to browse through what was there to see if there was anything I liked.
People like me* that work with small business owners like to complain about the “big box stores” and what they do to small business, however, small businesses can learn some things about product display techniques if they will pay attention. The latest big box store in our area; Coffeyville, KS, has spring loaded merchandise shelves in much of the store. When you take an item off the shelf a spring pushes the other merchandise to the front of the shelf; making it look like the shelves are full.
Do you see a pattern here? Ricky’s Chocolate Box, a tiny chocolate store in Hermann, Missouri keeps the shelves full and the newest, biggest box store in Coffeyville, Kansas uses spring loaded shelves to keep the shelves full; that must mean that people buy more merchandise when they perceive the shelves are full and ready for business.
If you own a business that sells display merchandise, take a lesson from this littlest specialty shop to the biggest box store and keep your shelves full and ready for business.
* Successful Entrepreneur Program, Independence Community College, Independence, Kansas.
Come to the Southeast Kansas Innovation summit September 22, 23 in Independence, Kansas.
I recently visited Ricky's Chocolate Box in Hermann Missouri. It was subtle, but there was something going on in the chocolate store that brings up an important point. While the guy behind the counter was talking to us, a woman came out from the back, numerous times and retrieved partially emptied trays, returning with full trays. This happened with trays that weren't even half empty. Most trays were full or nearly full.
They keep the trays full for a reason. When customers walk in the door, they see shelves that are completely full of good-looking merchandise. (The merchandise lighting was very good too.) The message was clear. "We're glad you're here. Welcome; here's what we have to offer."
What would customers think if they came in and some shelves were empty and many less than half filled; maybe some slots that didn't have trays in them?
Later, on the way home, I saw just the opposite situation in a sandwich shop. The coolers used for refrigerated products and health-food type groceries were less than half full; many empty slots. The lack of selection gave me the impression that they are not serious about selling that merchandise. I didn’t even want to browse through what was there to see if there was anything I liked.
People like me* that work with small business owners like to complain about the “big box stores” and what they do to small business, however, small businesses can learn some things about product display techniques if they will pay attention. The latest big box store in our area; Coffeyville, KS, has spring loaded merchandise shelves in much of the store. When you take an item off the shelf a spring pushes the other merchandise to the front of the shelf; making it look like the shelves are full.
Do you see a pattern here? Ricky’s Chocolate Box, a tiny chocolate store in Hermann, Missouri keeps the shelves full and the newest, biggest box store in Coffeyville, Kansas uses spring loaded shelves to keep the shelves full; that must mean that people buy more merchandise when they perceive the shelves are full and ready for business.
If you own a business that sells display merchandise, take a lesson from this littlest specialty shop to the biggest box store and keep your shelves full and ready for business.
* Successful Entrepreneur Program, Independence Community College, Independence, Kansas.
Come to the Southeast Kansas Innovation summit September 22, 23 in Independence, Kansas.
Sunday, August 22, 2010
What makes businesses fail may not be what you think.
Ask why small retail businesses fail and you’ll likely get as many different answers as people you ask. Some of the common answers:
1. People don’t have money to spend in a recession
2. Banks won’t loan money
3. Owners not watching their financing (or spending)
4. The business just can’t make ends meet and stay competitive with pricing
5. Walmart (or ___________) comes in and puts everyone out of business
6. The Internet comes along and puts everyone out of business
7. Etc
8. Etc
9. Etc
The list is long, but in reality, those reasons are just a symptom of a root cause that is the cause of the majority of small business failures; the business has failed to provide a product or service at a price that will be perceived as helpful and valuable to the consumer.
Most of today’s consumers want a positive experience when they purchase something. Many are willing to pay a little extra or travel a little further or search the Internet a little bit further to find that positive experience.
Ever wonder why some businesses seem to flourish while others (sometimes offering similar products) don’t make it? Most of the time, the answer is that the flourishing business has found a way to offer a unique shopping experience to their customers.
To survive in business today, you must offer something that is meaningfully unique. If you are not unique, you had better be cheap, however, see #4 above. To find your “niche” and become meaningfully unique, you need to use a process of innovation* to create a shopping or buying experience for your customers that provides a positive experience and a good value for the money they pay you.
After the innovation process, a plan needs to be developed to figure out the best (quickest and most effective) way to implement the new products and/or services that will make you unique and provide a great value to your customers.
A properly developed business plan will produce an innovation that will do well in the marketplace as well as a plan to implement; how you will market (get the word out about) your product and how much capital you will need to implement your offering.
Many business plans fall short of telling how the business will provide good value for the customers. Many businesses don’t have and never created a business plan to demonstrate how they would provide this value. They scraped up enough money to put some inventory on the shelf and hang out a sign without enough thought about why people would buy from them instead of similar options available.
Many existing businesses need to change or tweak their business models to survive. The business planning process that includes innovation is the best way to figure out what and how to change. Any existing business should develop a current business plan that includes the results of innovation to make sure their offerings are relevant and unique to their customers
For those wishing to launch a business, innovation is an essential component of the business planning process to make sure their offerings are relevant and unique to their proposed market.
The idea of heavily emphasizing innovation for retail business planning is relatively new and many of the sources of business plan help do not include it. In our Successful Entrepreneur program at Independence Community College, we’ll challenge you to”innovate” your products and services to be unique and meaningful before launching your business.
Our “Planning the Entrepreneurial Venture” online class is a 15 step process from business concept to business plan. Since it’s available online, you can take it from anywhere and complete the work on your business plan at your convenience. Enrollment periods include not only the beginning of each traditional school semester, but also start dates customized for an individual’s needs. For more information, email me at jcorrell@indycc.edu.
Small retail businesses are not the only ones that need to innovate to survive and thrive in the future. All businesses, community groups, educational institutions and governments must also learn to use innovation techniques to improve and enhance the way they offer their products and/or services. To hear more on this subject as well as an introduction to innovation as a way of doing business, please check out the Southeast Kansas Innovation summit to be held in Independence, KS on September 22 and 23, 2010. Go to www.InnovateSEK.org for more information.
*Innovation defined: The process of generating creative solutions for the marketplace and figuring out the quickest and most effective way to offer the solutions to your market.
1. People don’t have money to spend in a recession
2. Banks won’t loan money
3. Owners not watching their financing (or spending)
4. The business just can’t make ends meet and stay competitive with pricing
5. Walmart (or ___________) comes in and puts everyone out of business
6. The Internet comes along and puts everyone out of business
7. Etc
8. Etc
9. Etc
The list is long, but in reality, those reasons are just a symptom of a root cause that is the cause of the majority of small business failures; the business has failed to provide a product or service at a price that will be perceived as helpful and valuable to the consumer.
Most of today’s consumers want a positive experience when they purchase something. Many are willing to pay a little extra or travel a little further or search the Internet a little bit further to find that positive experience.
Ever wonder why some businesses seem to flourish while others (sometimes offering similar products) don’t make it? Most of the time, the answer is that the flourishing business has found a way to offer a unique shopping experience to their customers.
To survive in business today, you must offer something that is meaningfully unique. If you are not unique, you had better be cheap, however, see #4 above. To find your “niche” and become meaningfully unique, you need to use a process of innovation* to create a shopping or buying experience for your customers that provides a positive experience and a good value for the money they pay you.
After the innovation process, a plan needs to be developed to figure out the best (quickest and most effective) way to implement the new products and/or services that will make you unique and provide a great value to your customers.
A properly developed business plan will produce an innovation that will do well in the marketplace as well as a plan to implement; how you will market (get the word out about) your product and how much capital you will need to implement your offering.
Many business plans fall short of telling how the business will provide good value for the customers. Many businesses don’t have and never created a business plan to demonstrate how they would provide this value. They scraped up enough money to put some inventory on the shelf and hang out a sign without enough thought about why people would buy from them instead of similar options available.
Many existing businesses need to change or tweak their business models to survive. The business planning process that includes innovation is the best way to figure out what and how to change. Any existing business should develop a current business plan that includes the results of innovation to make sure their offerings are relevant and unique to their customers
For those wishing to launch a business, innovation is an essential component of the business planning process to make sure their offerings are relevant and unique to their proposed market.
The idea of heavily emphasizing innovation for retail business planning is relatively new and many of the sources of business plan help do not include it. In our Successful Entrepreneur program at Independence Community College, we’ll challenge you to”innovate” your products and services to be unique and meaningful before launching your business.
Our “Planning the Entrepreneurial Venture” online class is a 15 step process from business concept to business plan. Since it’s available online, you can take it from anywhere and complete the work on your business plan at your convenience. Enrollment periods include not only the beginning of each traditional school semester, but also start dates customized for an individual’s needs. For more information, email me at jcorrell@indycc.edu.
Small retail businesses are not the only ones that need to innovate to survive and thrive in the future. All businesses, community groups, educational institutions and governments must also learn to use innovation techniques to improve and enhance the way they offer their products and/or services. To hear more on this subject as well as an introduction to innovation as a way of doing business, please check out the Southeast Kansas Innovation summit to be held in Independence, KS on September 22 and 23, 2010. Go to www.InnovateSEK.org for more information.
*Innovation defined: The process of generating creative solutions for the marketplace and figuring out the quickest and most effective way to offer the solutions to your market.
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