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Common Sense Business Solutions

Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time for me to take stock and plan. Did I get where I wanted to go in 2014? What could I have done better? What will I do better in 2015? Are my goals realistic? How will I cope with growing older?

We have a choice to be a pessimist and cry into our eggnog (don’t do that, the tears will dilute it), endlessly replaying the Mobius memory strip of things we cannot change. Or we can move on, having taken aboard that we survived and learned from yet another setback. That is called a stiff upper lip and was a much regarded virtue in Victorian times. The Victorians built a dynamic world, full of possibilities and they grasped them fully. We can do the same.

Quoting Viktor E. Frankl, Man's Search for Meaning

“The pessimist resembles a man who observes with fear and sadness that his wall calendar, from which he daily tears a sheet, grows thinner with each passing day. On the other hand, the person who attacks the problems of life actively is like a man who removes each successive leaf from his calendar and files it neatly and carefully away with its predecessors, after first having jotted down a few diary notes on the back. He can reflect with pride and joy on all the richness set down in these notes, on all the life he has already lived to the fullest. What will it matter to him if he notices that he is growing old? Has he any reason to envy the young people whom he sees, or wax nostalgic over his own lost youth? What reasons has he to envy a young person? For the possibilities that a young person has, the future which is in store for him?

'No, thank you,' he will think. 'Instead of possibilities, I have realities in my past, not only the reality of work done and of love loved, but of sufferings bravely suffered. These sufferings are even the things of which I am most proud, although these are things which cannot inspire envy.' "

 

So, I urge you to have a brave Christmas and a brave new year. We can accomplish a lot. Our predecessors did.

Happy Christmas to everyone and I wish you a prosperous 2015.

 

This column focuses on business problems and how to solve them. Andrew Gregson, BA, MA , M.Sc.Econ is an economist, author and a Senior Partner in iNTENT Financial Inc, a Kelowna based finance and consulting company. The 4 partners specialise in finance, pre-determined profitability, sales and marketing. If you need further information, please contact us through the website at www.intentfinancial.com.





Is your marketing working?

If you're not getting results after four months, it's time to ask some serious questions—including whether the problem falls with you.

Because marketing is not something with which many B2B companies—especially manufacturers and technical firms—are overly familiar, many leaders of these businesses have a lot of questions about how it all works. The first question most CEOs ask when they launch a marketing effort is, naturally, “How long does it take to get results?” But a close second is this: “How do we know if we’re marketing the right way?”

(This question is sometimes phrased more bluntly: "How will I know if it’s time to fire my marketer?”)

As I’ve outlined before, marketing does take time to show results, so impatience can seriously threaten to success. But at the same time, you shouldn’t have to wait six months to know whether your efforts are making any progress.

And as I’ve also written before, the first 100 days are the most crucial for setting your marketing efforts on the right path. That’s when your marketing team should be creating a strategy, defining your target market and value proposition and creating collateral to help the sales team to sell with confidence. A new website could fall in there too, depending on complexity of the job. If your marketer can accomplish all these tasks in the first four months of working with you, it’s safe to deduce that your firm on the right track.

But it’s important to note that if a marketer hasn’t accomplished those things, it doesn’t necessarily mean they’re failing—especially if your company has never done any real marketing before. As long as you see that progress is being made on coming to decisions and building the marketing foundation (that is, your messaging, website and collateral), you can probably stay the course.

But if after four months you have seen no tangible results at all from your marketer—no signs of a new strategy, no road map to new collateral, no talk of a new online presence—consider it a red flag. An inability to get anything accomplished in the early days is a harbinger for more of the same in the future. Either your marketer is incompetent (what many leaders tend to think), or your company is unable to make decisions. I’ve seen both. And while many CEOs like to think that their companies are perfect, if you’ve had a string of marketers who haven’t been able to achieve results, you need to consider the possibility that the problem lies with you.

-Reprinted from Profit Magasine; Lisa Shepherd || November 14, 2014

Lisa Shepherd is author of Market Smart: How to Gain Customers and Increase Profits with B2B Marketing and president of The Mezzanine Group, a business-to-business strategy and marketing company based in Toronto. She was the youngest female CEO of a company on PROFIT’s ranking of Canada’s Fastest-Growing Companies in 2007 and 2008 and is a frequent public speaker on B2B marketing strategy and execution.

This column focuses on business problems and how to solve them. Andrew Gregson, BA, MA , M.Sc.Econ is an economist, author and a Senior Partner in iNTENT Financial Inc, a Kelowna based finance and consulting company. The 4 partners specialise in finance, pre-determined profitability, sales and marketing. If you need further information, please contact us through the website at www.intentfinancial.com.



What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will depend upon the growth of a large and wealthy middle class. Wealth is not evenly distributed in China. Its economy is still only 20% the size of the United States. Our newspapers report a slowdown in China’s economy but it is just decelerating and not growing as fast. Wages and prices are rising fast in China and the smart ones are looking for better business models. The people I met are concerned about the slowdown and perhaps an opportunity for Canada has presented itself.

But first, we as Canadians must know how we can fit in. I discovered that they have an interesting viewpoint on Canada. The Chinese people I met know little about our huge country. Many were astonished when I told them our entire population was smaller than some of their cities. I took a map of BC with me and they all pored over it, expressing surprise that the population was so small, so thinly distributed and empty in the North Country.

And they like Canadians. They think Canada is boring, lazy but safe; a stable supplier and a people to be trusted. Above all, we are not Americans.

Much of what we have, the Chinese would like to have for themselves. Food safety is an issue in China. Our food quality is highly is regarded. One visitor to Kelowna told me that there is bakery in Hong Kong that proudly announces that all their goods are baked with Canadian flour.

But what the Chinese people do not understand yet is that we can be a conduit to the US and Europe for their goods. The two largest markets today are Europe and the US. Canada has good trading relations and a free trade arrangement with both. We understand the business climate in both our trading partners. We speak the language and share a culture. The Chinese do not.

Can we use this knowledge to build businesses in Canada? We can become the conduit to both markets, working our magic as a multicultural country, encouraging immigrants and wanting to rely less upon America. We have systems in place that work and guarantee the quality of the end product whether it is animals or crops, intellectual property or machined goods. Our federal government is working to improve our trade relations and Mr. Harper’s last trip was to establish a framework for Canada to become one of the few places on the planet (London and Singapore are among them) where Chinese yuan can be converted without using US dollars as the standard.

We are at the starting square in a game of snakes and ladders. Put on your thinking caps and start learning about China. The path can be a slippery slope or just a missed opportunity. The better way is up. The next few years are going to be truly interesting for those who embrace the opportunity.

 

This column focuses on business problems and how to solve them. Andrew Gregson, BA, MA , M.Sc.Econ is an economist, author and a Senior Partner in iNTENT Financial Inc, a Kelowna based finance and consulting company. The 4 partners specialize in finance, pre-determined profitability, sales and marketing. If you need further information, please contact us through the website at www.intentfinancial.com



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How to transform a tired idea

Purdy's Chocolatier turned a 107-year-old recipe into one of its top sellers today with a few simple, but brilliant, major hit.

They say there are no new ideas under the sun.

That may be so, but old ideas tend to do better with a little bit of a makeover for modern sensibilities. Kriston Dean, vice-president of merchandising and marketing at Purdy’s Chocolatier, knows this to be true. The company’s Himalayan Pink Salt Caramels, introduced in 2009, have become a marquee product; more than 10,000 boxes of the salty-sweet chews are sold each year. Here, Dean explains how the firm turned a 107-year-old recipe into a major hit.


 

The origins

“Our head chocolatier, Gary Mitchell, noticed a trend in the sweet and savoury category, and so he took a vanilla caramel recipe from 1907 and started to play with different salts and textures. He tried grey smoked salt and Cabernet salt, but landed on pink Himalayan salt, partly because of its story: It’s from the oldest salt mine in the world, it has 84 trace minerals, and it’s pink!”

Early trials

“He applied the salt in different ways: baked in, infused, topped. Then he presented the caramels to our product development committee, which includes me and our chocolate scientist and president, Peter Higgins. If it passes the taste panel, we do a full batch in our test kitchen.”

Moment of truth

“We put it into local shops to get customer feedback. We normally do a full costing and market evaluation to see whether the customer is willing to pay a price that will give us an acceptable margin, but ultimately, it’s the customer who decides.”

We have a winner!

“Gary comes up with more than 150 recipes a year. Only about six of them get to market. The Himalayan Pink Salt Caramel was unusual in that we had a product right away. It was an instant hit. We were ready to launch it in the fall of 2009.”

Roll it out

“Manufacturing in Vancouver is key to what we do. Because we use no preservatives, our product has a short shelf life. We can make everything here and have it shipped it to our 70 stores across the country the same week. If we manufactured anywhere else, we’d have to change the model completely.”

This story is part of the package in the October 2014 issue of Canadian Business.

 

This column focuses on business problems and how to solve them. Andrew Gregson, BA, MA , M.Sc.Econ is an economist, author and a Senior Partner in iNTENT Financial Inc, a Kelowna based finance and consulting company. The 4 partners specialise in finance, pre-determined profitability, sales and marketing. If you need further information, please contact us through the website at www.intentfinancial.com.



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About the Author

Andrew Gregson, BA, MA, M.Sc. (Econ), holds a Master's Degree in Economics from the London School of Economics.

Andrew's experience working with an international business consultancy and being a business owner for 15 years was the impetus for his book "Pricing Strategies for Small Businesses". He brings his expertise in finance, pricing and debt restructuring to the table to help struggling manufacturing and service companies to return to profitability. This has helped companies to rebuild value and often to sell at much higher dollar values.

Andrew has contributed to trade journals, "Spark" on CBC National Radio and has been a guest speaker at business networking groups, colleges, universities on his topics of expertise - pricing, exit plans and debt. He is also a frequent contributor to blogs and online postings for business help.

Andrew is currently the President, Board Of Directors intent Financial Inc., his role is overseeing intent Financial Inc., Intent Investment Corporation and other related ventures.

 

Website link:  www.intentfinancial.com

Contact e-mail address:   [email protected]






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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.


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