AustinIsIt's Blog

7 Things You Should Know About Commercial Office Leasing

austinisit — Wed, 01 Feb 2012 19:40:47 +0000

Today we have a special treat, a guest article by Conley Covert. Conley is a 5th generation Austinite, a real estate Broker in Austin, TX that specializes in Office Tentant Representation and Office Investment Sales. You can find more information about Conley at http://www.skylesbayne.com/principals5.htm

1. Understanding Conflicts of Interest – Between Your Company and the Landlord. Putting a dollar amount to what your building owner stands to lose – by your leaving – is the start of developing a strategy for your company that works to your advantage. It may be obvious, but it’s important to restate – your landlord’s interest may or may not be aligned with yours. As a result, you may not know every ‘card’ in his hand. For example, when a tenant leaves, the landlord suffers lost rent, uncovered debt service as well as ongoing operating expenses and taxes. In addition, new tenants may require huge remodeling costs on top of the marketing expenses needed to attract them. The bottom line is this: Building owners generally make more profit in renewing a lease than in leasing to a new tenant. Your goal is to understand this number (called renewal profits) and to win back a portion of this amount in exchange for renewing your lease.

2. The Risk of No Plan – Even if You’re Planning on Staying. You may be in exactly the space you want – but if that is the ONLY signal you give to your landlord – they have no incentive to negotiate. As you know, supply and demand are the basic forces of economics. If your landlord thinks you’re going to stay put – no questions asked – he will view the total ‘supply’ of sites you want (of all the sites available) as just one, and therefore the ‘demand’ for that site is very high. This is where it’s important to have a plan, a credible plan that explores your OPTIONS. Here’s the kicker, a legitimate exploration of your needs and options may reveal a solution you had not considered that adds value to your company. You may still want to stay in place, but having a realistic and economic option – that you can show to your landlord – is invaluable to your negotiating position. The bottom line is this: If your building owner knows you won’t leave, how hard will he try to keep you?

3. Reviewing Space Needs May Change Your Thinking – And the Landlord’s. There is a relationship between updating your space needs and reaching a reasonable lease renewal agreement – including adding additional amenities for your employees. Reviewing your space needs is more than a cursory review of your current situation. It means reconsidering office configuration, updating technology infrastructure, eliminating wasted space and adding amenities for employees. If a landlord knows these are the things you need, they are much more willing to make sure you don’t go elsewhere to get them. The bottom line is this: The landlord needs to be aware of what you need, because if you don’t ask for it, you won’t get it.

4. The Danger of Assuming the Market for Space is Efficient. The market for alternative, suitable space for your company – that offers significant cost savings – may exist. But your landlord doesn’t want you to hear about it. If your core business isn’t real estate, you may not be fully aware of market conditions. They have certainly changed since you last signed your lease. Competing building owners may have different cost structures – less debt, a different marketing plan, even lower taxes – and offer an attractive alternative. The bottom line is this: There may be deep discounts available in the market. You need to be aware of these opportunities. At some point, your landlord needs to know just how informed you are.

5. The Perils of Negotiating for Yourself. The longer you wait to sit down with your landlord – without a credible plan for moving – the less likely your landlord is to negotiate on ANY issue. Many users of space underestimate how long it takes to properly negotiate all the issues in a lease. The truth is, it requires months in most cases. The longer you wait to start the process, the greater the likelihood you’ll be forced to live with the terms that are offered. This is especially true if you’re unable to present viable options – which requires detailed information regarding both space planning and alternative sites. The bottom line is this: You may have your space and not want to move, but unless you negotiate as if there was a real possibility of moving, you have severely limited your negotiating leverage.

6. Know Who’s Really Representing You. Ask a Broker about their firm – who they represent – and where their fiduciary interests lie. Today there are a large number of full-service brokerage firms that have a Tenant Representative department, but also have another division that represents Landlords in their Leasing efforts. Avoid conflicts of interest by working with a firm that exclusively represents Tenants in their Leasing needs. Firms that work with Landlords will keep their best interests nearly every time, as they typically are a larger client. The bottom line is this: Don’t find yourself in a situation where your Tenant Representative is representing you against a Landlord his or her firm represents.

7. Selecting a Real Estate Firm – Why You Should Consider a Firm That Works Exclusively for Tenants. Typically a broker will save a clients 15% to 25% in occupancy costs – by putting your interests first and foremost. That’s how they build a reputation for integrity. Advantages: Create a competitive environment for your Landlord . You will see EVERYTHING on the Market that meets your search criteria. They will fight to negotiate the best deal possible, tailored to your needs, and your needs only. They negotiate for you, so you can maintain a healthy relationship with your Landlord. Market Knowledge – They will share with you everything they know about pre-existing Leases.

7 New Year’s Resolutions for Entrepreneurs

austinisit — Thu, 05 Jan 2012 15:43:05 +0000

Since we all take this time to reflect at the beginning of the year, I thought I’d try my hand at some of the resolutions entrepreneurs may be thinking about this year, as they think about the year ahead and where to take their business. In no particular order (and probably not all in the same year), here are some of the resolutions you may be thinking about for you and your startup.

This is the year I finally decide to try out my idea to see if it might be worthwhile. After validating the market, of course.
This is the year I leave my job to pursue my dream of running my own business. After I’m sure I can survive without income for a year or so, of course.
This is the year I hire my first employee. After I figure out how to compensate them, of course. That first hire should be whatever you’re worst at and/or like doing the least (marketing, accounting, etc.).
This is the year I make my first sale. And then follow-up to see what improvements can be made to my product.
This is the year I seek funding for my startup. After I’ve determined that I’m ready for funding, and have found the right funder, of course.
This is the year I become profitable. (Yippee!)
This is the year I sell my startup. After deciding what I want to get out of the sale, and that I’m willing to let go and move on.

Have some others you’d like to suggest? Comment below!

7 Things I’m Thankful For in Austin This Year

austinisit — Thu, 01 Dec 2011 17:44:49 +0000

It may seem trite, but at this time of year I like to reflect on what I’m doing and where I’m going, and think about all the things I have to be grateful for. And in Austin, that list is pretty easy to write; it was hard to cull the list down to just 7! I hope you enjoy my light-hearted trip down Thanksgiving lane, and that you have much to be thankful for in your own lives. I look forward to celebrating the season with many of you in the weeks to come, and I wish you all health, wealth, and happiness.

The Incredible Startup and Business Community. I am so grateful to work among such amazing people. Thank you for being such generous, intelligent, fun, fun-loving, and hard-working people. I’m proud to be part of this community, and can’t imagine what this job would be like without it.
The Weather. Yes, I know we had some crazy heat this year. But overall, what can you say about a place with 300 days of sunshine each year (even more the past year), a place where you never need to put away your shorts for the winter, but a place where you might get a freak ice day or snow day for 1/10^th of an inch of snow? You can say it’s awesome. Ask my sister in Boston, who I think has had at least one blizzard already this year. That being said, I’m very thankful for the chance to use my down comforter now!
The Weird Factor. Where else would I fit in, but a city with a “small town feel” and “big city amenities,” which prides itself on being weird? It can be hard to describe to an outsider what this means, but I like to use Bijoy Goswami’s “scene” analysis to say that Austin is a place to “Be Yourself.” Thanks, Austin, for being a home to the creative, the cultural, the weird!
The Foodie Culture. It’s no secret that I’m a fan of fine cuisine. But I’m also a huge fan of our food truck culture, and the numerous clubs and organizations dedicated to trying new things, experimenting, and discovering your love of wine, beer, chocolate, you name it! Austin’s a great place for foodies!
The Longhorns. With apologies to any non-Texas-Exes out there, I am grateful to have discovered football, even at this late stage in my life. And I love the Longhorns and the culture that goes with that, from tailgating to burnt orange pride. Even when we have a down year, it’s fun to have a team to root for, and a community to root with.
The Music and Culture. You can’t spit without hitting a festival, from ACL to Fun Fun Fun Fest to Bat Fest to SXSW. And even between festivals, we have a wealth of live music that is the envy the world over. And that’s just the music – we also have theater, art, and even public art (Cows! Guitars! Fancy Bike Racks!). I have at least 4 artists living within a block of me, and enjoy hanging their work on my walls. I love that this month we have at least 3 art festivals to supply all of our gift-giving needs. And I love that music and art is part of our cultural identity here in Austin.
The Outdoor Amenities. From Barton Springs to Zilker Park to my own neighborhood pocket park and mini-streams, Austin is a beautiful place to live. I am lucky to work in this amazing City Hall right across the street from a huge hike-and-bike trail and waterfront. Auditorium Shores, where my dogs can run free, is right across the bridge. With the great weather and plentiful outdoor locales, Austin is a great place to get outside, get healthy, and have fun!

7 Common Startup Pitfalls

austinisit — Mon, 31 Oct 2011 17:49:14 +0000

Last week I enjoyed serving as a sponsor and mentor of the 3-Day Startup program at the Austin Technology Incubator. I watched 40 young entrepreneurs come in with their individual business ideas and coalesce into groups around the strongest ideas, develop and validate their ideas, and go a long way toward creating viable companies. The experience was rewarding, and led me to reflect on some of the common pitfalls I see among startups. Below is a (somewhat whimsical) take on some common mistakes startups make.

“Look What I Made!” Unless you are Steve Jobs (may he rest in peace), you don’t get to just create something cool. You need to solve a pain in the marketplace – that is, your potential customers need to have a problem that you are going to solve. No matter how cool your mobile app is, you won’t sell it if no one needs it. And it’s good to think about what pain you are solving BEFORE you’ve gotten all the way to the beta test phase. You may have the greatest idea since sliced bread (an actually overrated idea in my humble opinion), but if the market doesn’t think they NEED sliced bread, you’re going to have a long, difficult road ahead of you.
“But I’m not a salesperson!” I know, I know. You’re the IDEA person. But if you don’t have anyone working on sales, or on activities that will lead to sales, you’re not in business, you’re enjoying a hobby. I once heard a wise person say, “if you only have two founders in a startup, one needs to be making it, and one needs to be selling it.” This is not an exaggeration, in my opinion. I see so many startups spending all their time looking for funding, rather than trying to get their minimum viable product on the market to start validating the market and earning some income to support product improvements. Maybe you can’t always employ an Agile style of development, but you always need to be thinking about sales. If you can land a big enough customer who is willing to PAY for further development, so much the better. But always be thinking about sales.
Get Thee to a Lawyer. I don’t care if your mom’s a lawyer. Frankly, I don’t care if YOU are a lawyer. If you are planning on taking on partners, filing for IP, or taking on a round of funding, you ARE going to need a lawyer. I promise. And we have a great selection of experienced and affordable attorneys here in Austin who are accustomed to working with startups and have some great startup packages available. There just is no excuse for waiting until you’ve already made some mistakes that will need to be unraveled later and just cost you more money. Bite the bullet, and pick your startup attorney sooner than later. If you need help choosing one, we’re happy to help, as are the many entrepreneurs in town who have been around the block before.
“Where’s my $10 Million A Round?” Taking the wrong kind of money is as bad as not getting any money at all (or more likely, worse). Austin is a Bootstrap kind of town, and if you can get by without taking investment, it often makes sense to do so. I can promise you this: no one is going to pay you to write your business plan. And most are not going to invest until you’re pretty far along in your product development. And no matter WHAT you think your company is worth, you are not going to get a $10 million valuation right out of the gate (with very rare exceptions). Get some advice as to the kind of funding that makes sense for your situation, and make sure you find the right fit with your funder. Keep in mind that some funders also function as mentors and advisors – this may be more beneficial to you than the money. Think about what you need the money for, exhaust the “4 F’s” (founders, family, friends, and fools), make sure you have all of your skin in the game, and then seek out the right funding partner.
“Market? What’s a Market” No, we don’t mean the HEB where you buy your ramen and box wine. We mean the market which will actually buy your stuff. The market which presumably NEEDS your stuff. Once you are sure there is a market for your product, then you need to think about why your solution is better-faster-cheaper, or whatever your competitive advantage might be. And think about which market segments you want to target first – here’s a hint: there is no segment that includes 18-60 year olds who own computers. Even if you might be able to sell to everyone in that demographic, they are NOT the same segment. Spend some time identifying your markets, and pursue the most profitable ones first. Better yet, bring on some good marketing talent to help you with this as soon as you are able to do so.
“I Don’t Need Adult Supervision!” Yes, you do. Seek out mentors with “scar tissue,” who have been through this process once (or a dozen) times. Get (and take) advice from funders, service providers, and those whose job it is to help companies like yours (like our office!). I have been in a room with extremely intelligent and experienced entrepreneurs trying to give advice to neophytes who want to spend more time defending what they have done that listening to the really smart advice they are being given. Austin is chock-full of people with a lot of experience. Take the time to seek them out and LISTEN to what they have to say. You may not take all that advice, but you might as well take it under advisement.
Too Small to Fail. If it’s not looking good, it’s better to fail fast than wait until you’ve mortgaged yourself to the hilt and spent years of your life sinking your efforts into a project that simply is not going to fly. Be honest with yourself, and if this venture isn’t going to make it, think about moving on to the next one. I’ve seen a lot of companies drag out the end for far too long, ending up exhausted and bitter. Failing fast is more economical, and while it still hurts, it’s more of a ripping-off-the-bandaid kind of hurt. If you are getting a lot of feedback that points toward failure, better to either retool in a different direction, or just get out fast and move on to the next venture. And congratulations! Now you have scar tissue. It will only make you stronger next time.

7 Reasons Why Austin Rules (for Startups)

austinisit — Fri, 30 Sep 2011 21:43:23 +0000

A couple of weeks ago we were thrilled to host several Startup Week events here at City Hall, including a “Why Austin Rules” panel. For that presentation I put together my traditional seven bullet points on the topic. I thought it would be fun to reprise those here, for those of you who could not make that presentation. Of course, I cannot duplicate here the fabulous panel of local startups that talked about their experiences here, but for your reading pleasure, I will expand a bit on my thoughts about Why Austin Rules for startups.

Amazing Startup Community. This is my favorite. I love our startup community – from coworking spaces to organizations like Bootstrap Austin, Austin Entrepreneurs Network, Austin Women in Tech, Austin Tech Happy Hour, RISE, Tech Ranch, ATI, and many, many others, we have some of the best assets around. Our entrepreneurs are generous and interested in helping each other and the community at large. A startup can take advantage of the collected wisdom and knowledge of those who have blazed the trails ahead of them, and find support from others in similar situations to their own. I can imagine living other places (sort of), but it’s hard for me to imagine leaving the incredible startup community we have here.
The Talent. With UT and other fine educational institutions here in Austin, we are starting at a high-water mark for talent. However, Austin is also a draw for skilled professionals from all over the country (and indeed, the world). It’s easy to recruit to Austin, because folks enjoy living here. And with the unemployment around the country, Austin’s continued hiring has brought many great potential employees who come here before they’ve even found a job. We also have great sources for finding campus talent (such as Campus2Careers). If you want great employees, we’ve got them here. And they’re probably affordable!
Low Cost of Doing Business. From tax benefits to labor costs to real estate, it’s less expensive to do business here than in many of our peer cities. Houses cost less. Gas costs less. Restaurants and parking cost less. It’s just less expensive to live, work, and play here. And that gives us an advantage.
Educational Assets. It’s easy to point to UT, but UT’s not the only great school we have here – from universities to business schools, we have a great educational landscape here. And schools don’t just educate, they are great sources for research, technology incubation, and business creators like 3-Day Startup and Moot Corp. They are incubators for our future entrepreneurs and businesspeople, in addition to future employees. College football doesn’t hurt either.
Interesting Funding Landscape. Austin may not be the hub for venture capital that Menlo Park is. However, we have what I like to call an “interesting” funding landscape. We are rich in angel capital, and angel networks such as CTAN, WAN, and BAN. We have the Emerging Technologies Fund, and several excellent boutique venture firms. We have organizations like Texchange that help connect companies to funders, and many excellent pitching opportunities from groups like RISE, Rice Alliance, and Austin Entrepreneurs Network. While we are always working to increase the capital available in Austin, we are fortunate to have the active and vital group of funders that we enjoy here.
Natural Assets. In a normal year, 300 days of sunshine is a real selling point. This year, 364 days of sunshine may seem excessive, but for the most part, good weather is abundant here. But even when it’s hot, we have plenty of fresh-water options (from Deep Eddy to Barton Springs) to cool our heels, amazing parks like Zilker, the Lance Armstrong hike/bike trail, rivers nearby for tubing, and other terrific natural assets.
Quality of Life. Let’s face it – Austin rocks! We love being here, and so does just about everyone else. It’s easy to recruit to Austin because people want to be here. And once they are here, they are productive, because they are able to afford a high quality of life and enjoy outdoor activities, indoor recreation, live music, great food, festivals, marathons, you name it. From ACL to SXSW to Pecan Street to Austin Film Festival to Fantastic Fest, there’s always something fun going on. So we can work hard, and have great quality playtime to balance.

7 Tips for Beating the Summer Heat in Austin

austinisit — Mon, 29 Aug 2011 20:26:51 +0000

At first glance, this topic may not seem business-related. But when all you can think or talk about is how hot and miserable you are, it may be time to take some steps to alleviate your discomfort so you can get back to work! Besides, it’s August, and maybe it’s time for a fun summer topic, before the weather gets down to a chilly 100 degrees, hopefully by November. After all, we’ve broken I think pretty much every heat record on the books (hottest summer, hottest month, most 100 degree days, etc.). Did everyone enjoy the 112 degree inferno on Sunday? So here are seven of my personal best tips for beating the heat in Austin.

Take a Dip in Barton Springs. This is no secret, but I believe it’s vastly underutilized. If you don’t want to spring for the $3 entry fee, don’t forget the free swim early mornings (5-8 am) and late nights (9-10pm). And parking during the week is free! I like to even head down there sometimes at lunch for a quick dip and cool-off. It’s amazing how refreshing it is – and it sticks with you for awhile (probably by lowering your core body temperature 20 degrees). Look for your nearest local lap pool while you’re at it. Water doesn’t have to be subzero to be refreshing.
Have a Frozen Treat! We are very fortunate in Austin to have a variety of frozen deliciousness to choose from. From local favorite Amy’s Ice Cream to newcomer ice stands like Ice Queens, or frozen bananas from Bananarchy, you won’t have to travel far to find something delicious and cold. Just watch out for brain-freeze! And don’t worry about calories – you’ll sweat it out the next time you walk to your car.
Check Out a Summer Blockbuster. Those movie theaters are well-refrigerated. Take advantage of that to enjoy some summer movies while basking in the luxury of a sweater. And I’m pretty sure popcorn is some kind of a natural body coolant. Especially if you add butter.
Try a Backyard Mini-Pool. People get these for their pets, why not for themselves? Get one big enough to sit fully submerged, fill with water, add as much ice as you can spare, and chill out – perhaps with a frosty beverage of some kind. Who says only the wealthy can have a pool? When your goal is just cooling off, all you need is enough to lie down in.
Splashpads and Sprinklers – Not Just for Kids! Your local parks are chock full of options, from full pools to splashpads. Worried about looking silly? Don’t be. In this heat, everyone understands a little odd behavior. And what about sprinklers? If you’re going to be watering your lawn anyway (if you still have one), might as well enjoy some of the benefits yourself! I turned the hose on myself while bathing the dogs last week, and it was not as cold as I would have hoped for, but it was still refreshing. [Do be mindful of the City's Stage II Watering Restrictions while implementing this one.]
Hydrate! This is common sense, but even with the insane heat, I don’t think people are remembering to drink enough WATER. This does not include the liquid from coffee, tea, or beer. Water is the way to go. If you’re thirsty, it’s already too late. Drink constantly, all day long. It’s pretty hard to drink too much, and really easy to not drink enough. Your water bottle can also double as a cool-pack, if you let the condensation from ice build up then hold it to the back of your neck. Mmmm, refreshing!
Hibernate. When the heat is really at its worst, going outdoors may just be a mistake. Stay inside, keep the lights low, and (depending on the day) get some work done or catch up on your reading. Watch a movie! Clean your house! If you’re inside, chances are you won’t even know about the blazing inferno right outside your door.

We hope you enjoy these whimsical suggestions, and would love to hear yours! Contribute your thoughts below, and seriously – stay cool!

7 Steps to Perseverance

austinisit — Wed, 27 Jul 2011 20:52:53 +0000

Things get tough for all of us from time to time. I know it’s tough to hear, but things will not always be smooth sailing, super easy, fun-fests. I know, it’s a shock. We can all expect to have times when it seems hard to carry on, hard to see success and rest at the end of the tunnel. It happens. However, how we respond to these tough times can dictate whether we are ultimately winners or losers, whether we succeed or fail. Through it all, we must persevere. Here are 7 steps to persevering when the going gets rough.

Take the long view. Most challenges are temporary in nature, and help steer you toward a successful conclusion. If you are working toward a long-term goal, keep that in mind, and remind yourself frequently why you are working so hard or experiencing stressful situations. It’s all for the long-term good – the goal you have set for yourself. Especially if you are working for yourself, be sure you have defined the endgame. It will help you get through the tough times. If you are working for someone else, be sure you know the company’s goals, and get yourself aligned behind them. Having a goal to work toward can help immeasurably in the short-term. However, heed the caution of Step 2 . . .
Be realistic. Success can take awhile. Things will go wrong. You will make mistakes. You will feel discouraged. We all do. You will get through it. But it may not happen right away. Telling yourself that things will improve in a week or a month when it may take 6 months will only set yourself up for disappointment. Be honest with yourself, and then remind yourself how fast time passes, and move on to Step 3 . . .
Set interim goals. Sometimes that long-term goal is just too far away. Plan out the steps it will take to get there, and then take it one step at a time. Celebrate each success. The sense of accomplishment that goes with meeting a milestone can help get you through the long stretch of frustration or fatigue. Celebrate the milestones! Which leads us to Step 4 . . .
Institute a reward system. If you are going through a rough patch, working long hours, feeling unenthusiastic about what you are doing, set up some rewards for yourself to give you some encouragement along the way. Take a weekend trip, have a nice dinner, take a nap, go for a dip in Barton Springs, take a frozen yogurt break, or whatever works for you. It’s amazing how the promise of something enjoyable can motivate us to get our stuff done. I hold some rewards out specifically to be motivators, to keep them special (sushi, anyone?). Sometimes, of course, we can’t do it all on our own. That’s when it’s time for Step 5 . . .
Gather support (but avoid whining). Nobody likes to hear someone constantly whining. However, chances are you have an excellent network of friends, family and colleagues who you can use as a sounding board. Perhaps they will have some suggestions for how to improve the situation, or at least offer a shoulder to cry on – temporarily. This should be a short-term solution, rather than long-term. If you find that you are permanently griping about your situation, it may be time for Step 6 . . .
Assess whether a change is needed. Whether you are an employee or have your own business, sometimes you may discover that you are on the wrong track, and it may be time to go ahead and make a change. Some warning signs: do you feel sick all the time? Are you unhappy more often than you are happy? Do you feel dissatisfied on a regular basis? Is your heart no longer in it? If so, be realistic and take steps toward making a change that brings you more in alignment with your head and your heart. However, if you determine that you’re on the appropriate path, then on to Step 7 . . .
Put your head down and just charge through it. I find time passes most quickly when I’m really busy. And sometimes it helps to remind yourself that you just need to put one foot in front of the other, complete one task at a time, and persevere to get the result you want. All things shall pass, if you take care of yourself, make the positive choices that will benefit you, your company, and your long-term goals, and do the work. Correct course where necessary, and just full steam ahead!

7 Ways to Keep Your Business Moving Forward in Summer

austinisit — Fri, 01 Jul 2011 20:36:42 +0000

The Dog Days of Summer. A time when a young entrepreneur’s fancy turns lightly to thoughts of Barton Springs. Yes, go to Barton Springs! Go to barbecues, outdoor concerts, and work on your tan (safely, of course). But don’t neglect your business during this typically slow time for many of us. Even if everyone you know is off on vacation and it may seem hard to get anything done, here are a few tips to help keep your business moving along, so you’ll be ready to jump in the fall when everything gets back to normal. Hopefully, you’ll have a jump on your competitors who were too busy drinking mojitos to keep their focus on business.

1) Make time for strategy sessions. If your business gets slower during the summer it may be a good time to recap the previous year and plan ahead. Have a company meeting, do a work planning retreat, or possibly make regular meetings a little longer to look at ways to improve and plan for the following year.

2) Attend more networking events. During the other months, there may barely enough time to eat, let alone go to networking events. This summer might be a great time to do more networking and business building for the following year.

3) Create your own networking events. Are all your favorite happy hours taking a summer hiatus? Now is a good time to have an open house, invite some key business partners for a lunch or happy hour, or go through your rolodex and set up some lunches. Networking isn’t just about meeting new people, but about deepening your relationships. Use the vacuum of available time to connect, reconnect, and more firmly establish relationships with the contacts you’ve made in the past. And networking doesn’t stop with official happy hours – going to a pool party? Don’t forget the business cards! You never know when you’ll meet a prospective customer or business contact. Don’t be obnoxious about it, but genuine connections can be made anywhere. For those of you who’ve met me at pool parties or the grocery store, you know what I’m talking about.

4) Take a vacation. Studies have shown that taking a vacation and resting can have significant positive impact on productivity upon return to work. If you exercise intensely, you know the importance of having rest days built into training to recoup and re-energize. If you can’t take a whole week, take a few long weekends – even a few days off can make a real difference. And if you have a startup and can’t afford to go anywhere, make it a “staycation.” Drink boat drinks in the backyard and put your feet up. Aaaah, doesn’t that sound relaxing?

5) Catch up on your emails. We all do it – let those emails and follow-ups pile up. Now is a good chance to clear out your mailbox and be sure you’re not missing vital business communications or information that could help your business. Make sure you’ve answered everything, and file away what you need to. Get that mailbox skinny for summer, ready for bikini weather!

6) Catch up on your reading. We all have shelves of business books and filed away newsletters (online or otherwise) that we would love to read, but just never have time. By not keeping up with the industry news, and keeping our education alive by reading, we are falling behind. While we advocate taking some time for reading every day, now is a great time to read more than just the newest Steven King thriller – find some recommended reading lists (I can send you one if you don’t have one), and do some learning by the poolside. You’ll feel like you’ve accomplished more than the perfect tan.

7) Take Advantage of Slow News Cycles. If not much is going on, now could be a good time when your business can make some news and earn a little media time. Write guest blogs or articles, submit newsworthy press releases (try to time them appropriately with the news cycles), and find ways to connect your business with what’s going on around town. If you need some ideas on promoting your business in this way, feel free to reach out to us or one of the many excellent resources in town for some help. If all you’ve read about for 4 days is the drought and how hot it’s going to be for the next week, it might be a good time for a special interest story about a small business doing something great. Let that story be about you!

We hope you find a few tips here to help you keep your business moving this summer. If you’d like some personalized ideas feel free to call us, we’re always here to help.

7 Ways to Overcome Procrastination

austinisit — Thu, 02 Jun 2011 17:42:31 +0000

We are proud to present our first guest writer in this June Newsletter.

Kate Stewart, Ph.D. is a certified mediator, author, organizational consultant, and executive coach. She recently founded the web-based Gold Scaffold system (www.goldscaffold.com) scheduled for launch in July 2011. The Gold Scaffold portal will enable people to overcome procrastination, impulsiveness, and weak willpower to achieve their goals. Dr. Stewart also authors a blog at www.myscaffolds.com.

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7 Ways to Overcome Procrastination….Tomorrow

You’ve got a great idea for a business. You may already be building your venture…you may have launched. Like most small business owners, you have a million things to learn, to do, to plan.

Entrepreneurship is a lifestyle like no other. The core requirement, in addition to vision, is self- discipline. Even if you have a team to support you, YOU are ultimately responsible for whether things get done and done well.

Most small business owners tell me their greatest challenge is not competition, or marketing, or even finance. No…it’s the daily demand to stay with the program. You don’t answer to anyone else (other than your customers and shareholders, if you have them). The work is often frustrating or drudgery. Many other activities are calling your name. How can you ensure that you will maintain your commitment to your work so that your company is successful?

1. Don’t feel guilty – it’s not your fault. Mark Twain said, “Never put off until tomorrow what you can do the day after tomorrow.” 95% of people admit to procrastinating. A quarter of these say procrastination is a chronic characteristic. Is it laziness? Is it perfectionism? Only rarely. Instead, it’s evolution. The limbic system, or “reptile brain”, evolved early in our primate history and is similar to that of most creatures. It is controlled by instinct and enables us to meet our immediate survival needs. The prefrontal cortex, or executive function, evolved much later. Its job is to analyze and plan future benefits. Usually the limbic system and prefrontal cortex work together effectively. But when the limbic system is stimulated by immediate sensations, procrastination results. The long horizon view of the prefrontal cortex is cast aside to satisfy immediate desires. It’s not our fault but we have to deal with it.

2. Know when procrastination makes sense. Sometimes putting off tasks is more productive than compulsively tackling them. Do you have a niggling sense that you need more information, a different perspective, or better timing for your task? What you (and others) may see as procrastination may instead be resistance to the task due to an almost unconscious or instinctual recognition that delay is best. When this happens, identify what you’re waiting for and plan flexibly based on this knowledge. Work on another task until you have everything you need to give ample attention to the first one.

3. Identify your procrastination triggers. The more impulsive we are (see #1), the more we avoid the anxiety related to deadlines or long-term tasks. No, it’s not logical. Yes, it’s self-defeating. And yes, we all do it. Spend time identifying what triggers your impulsiveness. Are the birds singing and golf course beckoning? Ask a friend to hide your clubs until the project is completed. Does a nap seem more inviting than writing that report? Plan your most important work first thing in the morning while you are still fresh.

4. Keep moving. I’ve been reminded more than once that it’s easier to rudder a ship that is already moving. In those moments when you are tempted to take a break to avoid an unpleasant task, resist. Energy in motion tends to stay in motion. If you work at another task instead of resting, you will find it easier to approach the unpleasant task. Energy at rest tends to stay at rest. That one is self-explanatory.

5. Examine your self-talk. If you, like me, can easily justify tweaking your website rather than calling that difficult client, your creative self-talk is probably highly evolved. When it works against you, this is not a good thing. Take the time to listen to your reasons for procrastinating. Are they excuses or valid reasons? Most of time, our justifications have enough truth in them to trick us. Is your justification entirely true? If not, correct it. For instance, you dread marketing and tell yourself “I can’t market until I have a product.” Is that entirely true? Perhaps you can develop (or hire someone to develop) a landing page that previews the product. Identifying your false self-talk can lift major barriers to productivity.

6. Don’t visualize success…alone. Visualization has been all the rage for the past decade or so. All types of people are enjoying mental images of their future success in the hopes they will attract it. Does it work? Yes and no. Visualization alone tricks your brain into thinking you have already completed your task. This diminishes motivation. Instead, imagine completing your task. Next, imagine what it will take to get you there. What obstacles and challenges will you face? According to the research, holding these two images in your mind simultaneously is the best guarantee you will reach your goal and overcome procrastination.

7. Use your energy wisely. You are like a power grid. If you allocate physical, mental, or emotional energy in one area, it decreases energy in other areas. Worry about that upcoming presentation devours energy needed to complete your present task. Multitasking reduces your ability in every area. At the beginning of the day or the night before, determine your goals and priorities for the day. If possible, tackle them one-by-one. Use the strategies above to keep your mind on the task at hand. You may be very surprised at how much more productive you can be. And at how much more you enjoy your work.

These are just a few tips for overcoming procrastination. I hope you find them helpful. We welcome your feedback and especially the tips that you have found helpful in your work.

7 Steps to Communicating with Your Customers

austinisit — Mon, 02 May 2011 20:00:57 +0000

So, you’ve got something great. Now you just have to SELL it. Whether you have a product, a service, a website, whatever, you have to find a way to communicate the value to the end customers, whether you are B2C, B2B or B2G.

Determine your customer’s needs. What pain are you solving for them? What are the key components of what you are offering, and how can you adequately communicate that? Boil it down to: the problem you are solving, how you are solving it, why your solution is best/fastest/cheapest, etc.
Segment your market. Is your product/service applicable to numerous markets? Segment them, and identify the key features of your different customers. You will need different strategies to communicate with different groups, so be sure to really identify these groups. And even if you truly believe your market is “everybody” (which I assure you it isn’t), segment into different groups with identifiable commonalities. You cannot reach everyone in the same way, so be realistic about segregating your customer groups.
Go where your customers are. Do your customers hang out on Facebook? Then you need to be there. Do they attend Chamber functions? Then go there. Do they read newspapers? Then advertise there. Not everyone utilizes the same media in the same way. Really research where your customers’ eyeballs are, and make sure you are there.
Integrate your campaigns. I often hear about someone having a marketing campaign AND a social media campaign. Social media should be part of the total marketing campaign, not separate and apart from it. Social media is important, but it is not the only tool you are likely to need. Make sure your campaigns have a common look and feel, and support one another. Don’t spend all your time on Twitter if you really need a media buy. And don’t neglect Twitter if all of your target customers are hanging out there. Be smart, get advice where you need it, and take a comprehensive view of your marketing.
Give Excellent Customer Service. Sure customers take up your time. But what are you in business for if not your customers? The best marketing you can get is word-of-mouth referrals, and if you treat your customers right, you will get repeat business and referrals. It’s a lot cheaper to keep a customer than to get a new one, so do what you need to do to make your customers happy. That being said, don’t be afraid to “fire” a bad customer. Focus your energy on your good customers – and make them feel special, wanted, noticed, and needed. I realize this should go without saying but, sadly, it does not.
Practice Continuous Improvement. Listen to your customers. Improve your products and offerings according to their needs. Don’t wait until you’re perfect to sell, get the first viable product out there. But continue to improve based on a continuous feedback loop with your customers. This goes by several names, but you’ll find some excellent “Agile” development resources locally to learn more about this theory of development. I like it because you get on the market quickly, but keep improving along with the needs of your market.
Keep in Touch With Your Customers. This should also go without saying, but again, does not. If you don’t keep in touch with your customers, they will forget about you. Track your customers, gather information from them, keep them involved, and turn them into repeat customers (or referrers). You can engage them on social media, send out a newsletter, participate on blogs – the method will vary depending on your business and your customers. But stay in regular touch. Provide a value beyond what you are selling. You will build loyalty and long-lasting relationships.

I hope these few common-sense tips are helpful to you and your business. If you have additional tips, feel free to contribute them on our BLOG. And feel free to reach out to us if you need some help with your marketing plan. We are always happy to offer thoughts and ideas to help you succeed.