Business owners and Bruce Springsteen fans, check out the book “Born to Run: A Hidden Tribe, Superathletes and the Greatest Race the World has never seen” by Christopher McDougall. It will stretch your imagination, improve your stamina, help you sprint past obstacles, increase your appreciation for different running (your business) styles and remind you of just how glorious it can be to achieve great things.

This story of Mexico’s Tarahumara Indians, whose lifelong activity of ultra-running (more than 100 miles at a time, sometimes as long as 48 straight hours) in perilous conditions, will amaze you. And their climactic interaction with some of the most elite ultra runners in the U.S. will really have you huffing and puffing… with sheer joy.

This story reveals scientific evidence that the human race was meant to run – to outlast prey through superior endurance and despite inferior speed and that the introduction of the running shoe by Nike in the 1960s has led to a staggering injury rate for the reason that the supposed protection these shoes offer actually condition runners to not follow nature and do harmful things to themselves.

Business success is not a marathon but an ultra-marathon. You can survive on a minimum diet if it’s the right food (the right team, the right products, the right strategies). You can overcome great obstacles such as heat stroke (intense competition), dehydration (running out of cash) and getting lost (lack of a good business road map).

The camaraderie and shared values of the elite US ultra-runners with these tribal people makes me think of the value of a strong industry – competitors yes but with a healthy regard for the rights of others and an underlying knowing that a strong industry is better for all.

Your ultra-success can be found when you commit yourself to finding the hidden trails, learning the smooth motion of the Tarahumara runners and enjoying the journey.

Business owners like us, baby we were born to run!

Well, Robin, we need you now to help wake up America! World War C (Cyber) has arrived on our shores, or more accurately to our computer infrastructure. It isn’t the British this time. And it isn’t visible, it’s digital. But it is serious in terms of the risk of economic damage and destruction.

Computers have changed our lives in wonderful ways but our move toward transparency has other consequences – opening the “computer door” to bad guys. The Intelligence Community is reasonably well prepared but make no mistake, despite billions of dollars already spent, vast portions of the U.S. government, State and local government and most of the commercial market are highly vulnerable.

Our key infrastructure industries pose the greatest concern – financial and utilities- as any disruption there can cause severe economic repercussions but every industry, every commercial business faces threats never faced before.

America’s physical infrastructure has suffered for years because, as a culture, we like to spend money on new, sexy things rather than on essentials.

Cyber security  IS sexy – spies, war, secret code, danger….  Got your attention?

There is a wealth of information available on how to protect your business. One good starting place is the National Cyber Security Alliance www.staysafeonline.org where a great deal of free information is available to start your own journey to better security.

Maryland Cyber Investment Partners www.marylandcyber.com is here to help. We can connect you with the very best resources, experts in cyber security, to protect your business.

Good Morning America!

You want your Company to be valuable?  Then you must generate a stream of consistent earnings growth over a period of years with performance better than most of your competitors.

There are exceptions to this but they are few: you may have assets i.e. intellectual property, products, land/building which are more valuable than your earnings stream or you may be in a hot market where, for a period of time at least, buyers will pay a multiple of sales to absorb your customer base and reputation. But, these are the exceptions. 98% of the time prospective buyers will value your business on expected earnings and they will base this largely on actual results.

So, business chefs, it’s all about Pi.

Here are some key ingredients:

• High retention rate of profitable Customers
• Selling more to existing Customers
• Steady addition of new Customers (efficient/effective marketing and sales)
• Maximize Gross Profit dollars (the right price/quantity balance)
• Minimize expenses (increase high ROI spending, limit low ROI spending)

Fire up the oven, it’s time to bake Pi!

Trying to build up the courage to take some risks in your business? On this page you’ll find free business assessment tools that will help you. They were inspired in part by reading “Shadow Divers” by Robert Kursonwill, which I’d recommend you read.

It will provide you with a compelling illustration of just what extreme risk looks like. A quick business assessment of this venture would have had large red letters marked “danger!”

What is Deep Wreck Diving?

Deep wreck diving is among the most perilous of human activities. These brave adventurers risk their lives – and often lose – in pursuit of glory, riches and perhaps simply to test themselves.

But what does deep wreck diving have to with business & corporate growth?

The business owner who considers such a risk is betting on his/her ability to win or, in the event of a loss, starting over. Is that you?

Important Questions: What are the risks?

This is one of the most important questions regardless of whether you’re doing a free business assessment or paying for one. In the case of deep wreck diving, for example, the risks are huge:

• Strong and very unpredictable currents,
• Limited visibility in which to get lost both inside and outside the wreck,
• Sharp edges and heavy objects on damaged/decaying ships and
• The almost inconceivable pressure on the human body when depths beyond 100’ below sea level are explored.

Every 33 feet you descend into the ocean increases the pressure on your body by one atmosphere. 95% of diving in the ocean is recreational and takes place in depths of less than 50’. Divers report that at 130’ the body starts rebelling, and at more than 200’ – where this story takes place – hallucination and even worse set in.

As if those problems aren’t enough, returning to the surface must be done very slowly – often up to an hour- with rest/recovery at specific depths in order to allow the body time to adjust. Those who return rapidly to the surface often do not survive.

Important Questions: What are the rewards?

What’s the Return on Investment (ROI) on such a venture? Financially, it would depend upon the value of goods salvaged from the wreck. The reputation or Brand impact for your Company would be measured in the ability to convert success into future business. The Personal Satisfaction from such an undertaking may also influence your go/no go decision.

THIS Opportunity

These divers report having explored the sunken U-869 60 miles off the New Jersey coast beginning in 1991 for 7 years! It was a boat that simply couldn’t have been there according to the war records of the Allies and German military. It was enticing yet far more difficult – 230’ below sea level – than other deep sea wreck explorations attempted by anyone. As a business owner, your assessment template should be based on the idea that you don’t consider something like this unless you truly understand the risks and are willing to take your chances.

How they did it

Meticulous planning, a very experienced team, operating as safely as possible and avoiding bad weather were just some of the keys to success. You can’t leave persistence out of the equation however. Lesser adventurers would have given up on this quest years before this team did. As you look at your own team, do they have the right stuff to attempt a major move? This is not a good time to perform an inaccurate assessment.

The Result

The divers ultimately did solve the mystery of the U-Boat. 3 diving companions lost their lives. The surviving families of the crew of the U-Boat were told of the fate of their love ones. Valuable items were recovered but the divers primary satisfaction came from solving the big mystery… by taking the big plunge.

Are you considering a big plunge? Think deep. And take this free business assessment that we developed just for you.

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You CAN set a higher bar, strengthen your sales team, your sales processes and drive higher sales in a matter of months! This straightforward PowerPoint presentation,“Build & Turbo-Charge Your Sales Team”, gives you a practical step by step checklist on what to do to make it happen.

Rank your current status A, B or C on each item. If you score an “A,” keep up the good work, if you score a “B,” focus on it & figure out how to do better. If you score a “C,” get some help re-engineering it or out-source it. Sell more right NOW! I’m allergic to long sales cycles… and you should be as well.’

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Raising capital is very difficult but there are best practices that greatly improve your probability of success. Many entrepreneurs are frustrated and disappointed by the process, not understanding the critical success factors that make all the difference.

Here’s a quick primer on how to get what you want… by giving investors what they require.

Use it as a guide to constructively assess where you stand so that you can effectively exploit your capital-raising strengths and to mitigate your weaknesses and become “investment grade.”

I’m happy to provide you with more pointers in my presentation “How to Raise Capital“.

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We have a 110 year old arts and crafts bungalow whose old basement with a very low ceiling is visited by mice every winter.  In 12 years as official mouse warden, I’ve trapped more than 100 mice and that’s a large enough sample for me to believe that I know at least a little about what works and what doesn’t. I’m a freelance Consumer Reports of mouse traps.

For years, my staple “tool” has been the familiar spring-loaded trap that sits on a ¼” thick 1.75″x4″ piece of wood. My bait of choice is thick, sticky peanut butter. The particular mousetrap brand I’m using now is from www.tomcatbrand.com and features a yellow cheese-looking platform to hold the bait.

Approximately 50% of the time that the bait disappears, I get the mouse. The other 50% of the time, the bait is gone and the spring is not sprung. (business consultant brain is now thinking about the product’s effectiveness and conversion rates as this tale unfolds)

Then, I saw a new product at the hardware store that worked like catnip on me: the Ortho Home Defense Max … now get this… “Kill and Contain™” Mouse Trap.

Unlike the traditional trap, this trap offers several appealing advantages:

• The trap is housed (Home™) in a plastic unit (contain™) with an open “door” so that there is less possibility of coming into contact with a trapped mouse – I can release the trap externally and drop the dead mouse (kill™) into a bag or waste basket (Defense™ accomplished). Marketing consultants refer to this as “convenience”.
• The bait loads from a backdoor conveniently into a tray so I can’t accidentally snap the trap on my fingers. Financial consultants call this “risk management”.
• The packaging is really cool. The plastic house has a neat curved shape and the lever to set the trap is a striking red. Marketing consultants call this “the cool factor”.

So, what’s the problem? I’m less likely to get hurt, it’s cool looking and I really like well -engineered gadgets.

Well, in side by side testing in my basement over many months with positions of both kinds of traps randomized, the darn cheap traps outperform the Ortho 3 to 1.

What’s the matter with those stupid mice? I’ve presented them with a better packaged, full featured solution and they keep “buying” the sensible solution.

The mouse of course isn’t the buyer. It’s the homeowner who, like me, is taken in, initially at least, by the packaging and sexy branding. I still hope the Ortho will prove its worth but right now I’m feeling like it was ME who was caught in the trap (some would call this “GOTCHA“).

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Investing in the assistance of outside advisors is a key decision for you. Your time is very valuable and you want to make sure that you get a high ROI.

The most important decision you’ll make is WHO to engage. And to make that best decision work for you, you want to approach it with a good understanding of business consultant prices and how to assess how much you should be willing to pay.

What determines the price?

As in most industries, business prices are determined by a number of factors, none more important than the reputation and track record of the consultant.

Generally speaking, if the track record is there and can be verified by satisfied customers who have been the recipient of tangible results, your ROI will be secure. If they’ve performed before in similar situations, there is a much higher probability that they can perform for you.

Other factors besides reputation and track record weigh heavily as well. Rates vary by

• Size of customer,
• Markets served,
• The degree of specialization,
• The potential value of the work and
• The marketability of the consultant.

Let’s take these factors determining business consultant prices one at a time.

Larger companies tend to pay higher consulting fees than smaller companies. The consulting firms that serve them have high marketing costs and overhead and therefore have a higher rate structure.

Certain markets allow higher rates and this is closely tied to the level of specialization. For example, heavily regulated industries such as financial institutions and technology generally prefer to work with consultants who have specialized in understanding their issues.

Specialization can also be a differentiator that rationalizes the price you should pay for business consulting services. For example, there is a strong demand for intergenerational consultants to help companies understand their multigenerational workers better in order to motivate and retain them.

The potential value of the work is a key determinant of price. If your potential gain from every additional sale is $100,000 profit, you will pay more for consulting advice that wins that business than another company who gains $100 from an additional customer.

Unfortunately, the ability of the consultant to market themselves is another key variable in determining price. I say unfortunately because ultimately what you care about is getting results, not in being wowed. Unless they are a pure genius who stands out dramatically from the crowd, consulting fees will be higher for those who market themselves well.

So, how much should you pay?

The key to making a good decision is to calculate the ROI on each consultant you interview and choose the one that delivers the highest ROI. You’ll have to make some assumptions to do this but that is the rigorous thought process that gets you the best result. Its not the business consultant prices in isolation that matters, it’s the RETURN on them that’s the key!

With a now thorough understanding of how prices are determined, ask the consultant to provide you with an ROI projection. A simple ROI calculation would be to take the total incremental earnings you will receive because of the assistance of the consultant and divide it by the total cost of the consultant.

A better calculation is to time-adjust and risk-adjust the rewards and the cost using a net present value calculation.

So, calculate your ROI on your consulting options, choose wisely and prosper!

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Businesses feel the need for an external consultant for strategic planning at times. This is because an objective third party view is always useful to ensure the success of the plan. An external consultant can create an excellent strategic plan without prejudices of any kind.

When Are External Consultants Needed For Strategic Planning:
Businesses need an external consultant for strategic planning when strategic planning has never been done before, when a previous plan failed to have an impact, lack of adequately skilled personnel to draft the plan, when members lack facilitating skills and when there is mistrust about the accuracy of plan drafted by an insider etc.

The external consultant will have to serve as the main guide for the strategic planning process, has to have to ability to do research and analyze the information gathered and plan a course of actions that will guide the business to achieve its goals faster. External consultants add to the productivity and continuity of the planning process.

External consultants for strategic planning process can be hired because the business lacks a qualified person to do the planning or he can be hired to be the expert providing the business knowledge or skills that it lacks or to work in collaboration with the business providing guidance and leaving the rest to be carried out by the qualified staff.

Before hiring an external consultant for strategic planning, decide on the amount you are ready to spend, talk to different consultants, ask them to submit a proposal about the work needed to be done, time frame to do it in and the costs incurred. Be sure to have a list of deliverables, a projected date of completion, forecast of costs to be incurred and means of evaluating the planning and analyzing the results, make clear who the consultant will report to and figure out how the contract can be terminated by either part.

The external strategic consultant should be qualified and should be able to research and analyze the information gathered as well as suggest ways to improve business and fight competitors such that your business will have an edge over them. He should have the ability to convey his plans and steer the business in such a way as to save time and money. Though expensive, the need for hiring external consultants for strategic planning can work out for the benefit of the business.
There are firms that offer their products as well as service to help run a successful business.

Alexander Gordon is a writer for http://www.smallbusinessconsulting.com