Will you focus on Your Strengths in 2009?

The first question you may want to ask yourself is; “How do I really determine my strengths?

I’ve certainly asked this question of myself a number of times. Over the course of our lives we get more proficient at many aspects of our lives, but we need to continually ask this question. Given the pace of life, I’m always looking for simple, easy ways to personally and professionally develop toward my goals.

A good friend of mine who is an expert in assessment technologies that serve business owners referred a very cool book to me and I bought it in a heartbeat. It’s small, 1/2 size book written by #1 New York Times Bestselling Author, Tom Rath. It’s called Strengths Finder 2.0.

The focus of the book is divided in two parts; Finding Your Strengths and Applying Your Strengths. As you go through it, you actually get a personalized, web-based assessment that you can use to guide your plan for this year and your life. It’s probably the best $25 I’ve spent with Amazon.com in a long time.

Strengths Finder 2.0 includes:

• Complete Strengths Finder Assessment 2.0
• Strengths Discovery and Action – Planning Guide
• 50 Ideas for Action

I read the book in a single evening. I highly recommend it. Enjoy.

Cheers,
Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

Impact of fraud on Non-Profit Organization Income
Last month, most people had never heard of Bernie Madoff. This month, the world has just gotten a glimpse inside the world of private investing and what a world-class ponzi scheme looks like. Nobody’s been convicted yet, but there are serious questions into what happened. As the media and federal agencies study the books, there is a serious secondary impact that is coming to light…

…the impact on non-profit organizations’ income.

Most people don’t realize that because of financial restrictions on endowments and proposed legislation by the Obama administration to reduce tax benefits for those who donate to charity, most NPOs (non-profit organizations) are staring straight down the barrel of a loaded gun (financially speaking). The changes in the economy have caused personal donations to drop radically, so what’s an NPO to do to stave off the consequences of dwindling support?

Good question.

Let’s look at the cornerstone of an NPO. Most times it is the passion of the person or people who started it. Life events cause people to become passionate about a subject or cause. When they do, they need to raise cash to support the work of the fund. The money has to be raised according to strict guidelines in order to protect the non-profit status (reduced tax liability) of the organization. In essence NPOs focus on their strengths. Sound familiar? It’s the same thing for-profit entrepreneurs and business owners do.

NPOs need to focus on what they do best while at the same time make sure they are competitive in this economy. For many NPOs this means they need to get their technology in the 21st century. In the consulting work we’ve done with NPOs, we’ve found most organizations are not up to speed with spam-compliant email communications, effective email marketing, and supporter retention. These are all critical because NPOs will be competing for dollars.

People will choose to support organizations for which they have passion, but also groups that make it easy to support. In other words, if you continually and effectively communicate your message, make it easy to share your message with others and think about creative ways to show your support for your contributors, you have a much higher likelihood of maintaining and even expanding your support base.

There are over 1.5 million NPOs in the United States. While Bernie Madoff may have taken advantage of them, we believe it’s important to apply effective business principles and practices to help them continue their passion!

We’ve prepared a free special report for our newsletter subscribers which you can receive by going to MyFundraisingStrategy.com. (Click Here)

Cheers,
Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

Are you a Professional, Speaker, Trainer or Author?

Believe it or not, creating IP (intellectual property) on the fly is something most of us do every day. Just about every time we open our mouths in a professional setting and share an idea, concept, experience or tactic, we are sharing our IP with the marketplace.

This month, we are going to look at one of the most overlooked aspects of creating content on the fly that can be used to create, develop and enhance your products & services. How many times do you conclude a meeting or session and say to yourself…”I really wished I would have recorded that…it was good.” Then you quickly write down as much of the key phrases you can remember on a yellow pad, laptop or PDA. You intend to get back to it and review it in the near future so you can incorporate it in your next presentation. Sounds like a good idea.

What’s the reality?

• Your notes are never as good as the live experience.
• Most people don’t have a system for reviewing and incorporating their notes into the next action plan.
• You probably ‘wing it’ the next time trying to remember all the ways you connected the dots last time.

The bottom line: If you are inefficient at capturing your information, you will be inefficient at evaluating and integrating the best content into your communication, marketing and sales follow-up.

Here are three simple steps you can use to capture your content in real time:

1. Plan ahead and think about capturing your content in practical ways so you can critically review your presentations for continuous improvement.
2. Use Technology to Record your conference calls and testimonials (click on the link to get a free trial of a simple, inexpensive solution). Make sure you at least have a simple digital recorder next to the podium so you can capture your presentations. If you use visuals, you may want to have a video setup depending on the venue.
3. Get a transcript of presentations, conference calls or webinars where you have developed new content on the fly.

Once you have the content, you can decide how you are going to use it. I recommend listening to your own presentations because you will pick up things you don’t like about your speaking and you can change them. You’ll also be able to pickup new ideas and thoughts, especially when you are doing live interaction with a group. Sometimes Q&A can be a powerful idea generator.

Consider getting your new content transcribed by a professional resource. You can do it yourself but it is horrendously time consuming and you can easily outsource the job for a nominal rate.

By the way, if you are going to record phone calls, make sure you let people know you are recording because in many states it is a FELONY to record a conversation without notifying the other party.

When you get into the habit of capturing your IP on the fly…you’ll be amazed at how quickly you can improve your products & services.

Cheers,
Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

What do you do when you have a ‘great’ product or service?

Last month we discussed the importance of focusing on your strengths. Typically what happens when you do is that you manifest great ideas which then translate into great products and/or services.

Have you ever known of any great products or services that for some strange reason just didn’t sell?

Ever wonder why that is? It seems like a great tragedy. Someone pours their life, passion and treasure into product, usually with a stiff price of lost family time, and the results are dismal. The first question is, “Who says it’s a great product or service?”

• Does the creator say it along with a limited number of raving fans?
• Does a large, well sampled market segment say so?
• Does the market tell us it’s a great product at the right profit margins or only when the product is ‘given away’ as a sample?

We have our own bias when looking at our “great product or service.” So the first detail we must know (not think we know through rose-colored glasses) is what does the MARKET tell us about our product / service? If prospects in your target market are willing to pay a fair price for your product which maintains your product margins…then you may actually have a ‘great’ product or service

Once you KNOW the market is will to pay a fair and profitable price, you need an effective strategy to take your product or service to the marketplace?

There are a number of strategies that work to effectively deliver your message to the marketplace and convert prospective customers into clients.  It’s important to clearly identify your target market and the manner in which they like to buy. For example, you may have a higher priced, unique service that lends itself to high quality direct mail. If that’s the case, you’d want to combine offline and online strategies so once your prospect receives the mailer, you make it easy for them to respond to your direct response website so you can stay in touch with them using automation and follow-up.

Perhaps you are dealing with a commodity that is effective with the iPhone generation. In that case social media networks may be the best place to share your message. Now you can find advertising options coming available on some of the most popular sites like MySpace.com and Facebook.com.

No matter what the marketing strategy is, when you have testimonials from your product sales (which is how you KNOW you have ‘great’ product) you can incorporate them in multi-media in all your campaigns and automated follow-up.

Times are changing. Make sure your products are ‘great’ before you spend too much cash in marketing. Then with a truly ‘great’ product, you can scale your sales and have a ‘GREAT’ return on investment.

Happy hunting.

Cheers,
Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

When the economy crashes, all you have are your ideas and your personal strengths!

In the chaos of the past weeks, many in the business community have been shocked.

• How is it we can’t borrow money?
• What do you mean the banks are closed?
• How am I going to operate?
• What about our plans for Q3 and Q4?

Interestingly, in the panic moments there is great opportunity. The question that must be kept in mind is, “How do I effectively maintain control of my situation while pursing new opportunities?”  The answer, in my humble opinion, is to continually develop your ideas which emanate from your strengths. Your ideas, your passions and your strengths will be the source of answers to the problems of the day. Of course, these economic problems, although staggering and incomprehensible to some degree, will change over time which is why we need to stay sharp.

How can you be in position to benefit no matter where the market goes?

The first place you need to be grounded is in your strengths. When the economy goes haywire, people often panic. There is no need to panic. Panic is driven by fear and fear is an emotion that you can and should control. The book I read says, ‘Fear Not.’ I believe we should be very careful, prudent and purposeful in our actions. When you are calm, you think more clearly. When you think more clearly, you make better decisions.

When you understand your strengths and how to apply them in certain situations, you make better decisions. You also recognize areas where you need support which leads you to other people’s strengths. When you understand others’ strengths, you can then encourage them. When your employees, partners, customers, vendors, and other stakeholders in your business are asked to operate in their gifted areas, they will be more productive, efficient, calm and confident.

So while the rest of the businesses in your sector are operating in fear and panic, your team is calm, cool and collected. Your organization is paying very careful attention to key strategic indicators. The result is you are in position to recognize and pounce on significant opportunities without making rash, unwise decisions.

As is often said, ‘Timing is everything.’ Fortunes are made and lost in transition times and if you focus on your ideas and strengths, you’ll be in position to maximize your value.

Cheers,

Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

Recognizing the Value of Your Team!

Business moves fast. Deadlines are approaching. Strategic plans are in place. Goals are high and expectant. Then suddenly, as we experienced with Andrei, one of your key players is gone. It may not be a sudden death, but could be a personal or family tragedy, health issue or other major trauma. No matter what the circumstances, losing a critical part of your team is horrendous.

How much value do you place on your team…when everything is going well?

It’s easy when you are moving so fast to neglect the most valuable part of your business, which is your people. I find a lot people do take time to acknowledge people during special occasions. This is important, but it’s also important to recognize the value your people bring to your organization on a daily basis. Not necessarily with showers of gifts, but rather the extra word or two that edifies and acknowledges them as people. The little ‘thank you’ for a good job. The word of encouragement when things don’t go as planned.

Why is this important?

First of all…because it serves your people. It also requires you to look for the positive contribution your staff is making to your team. This also includes independent contractors, vendors, suppliers, bankers and so many other people who touch your business. When it comes right down to it, each of these people is an individual with a life, strengths, challenges, goals, etc. If you’ll build a habit pattern looking for the value in your people, you’ll usually find they will do the same.

As a side benefit, imagine the trickle down impact this can have on you personally as well as your business. It’s odd that this type of behavior is the exception, and not the rule, but it is. I was shocked to learn how few people have consistently been encouraged and supported in the lives. We’ve all made mistakes, chosen tracks that were ‘learning lessons’. However, when we CHOOSE to look for the value in others, and express it even in small, meaningful ways, your life will be blessed…and so will your teams.

If you’ve had the experience of a tragic loss as we’ve had with Andrei, you know what it’s like to flash back to the last words you shared with someone. How did the conversation end, what was the tone, what will you remember forever? Fortunately, the last conversation Andrei and I had was a good one. I learned a lot from Andrei and I hope this idea of recognizing the value of your team will help you throughout your career.

On a side note…you might consider trying this at home. I find it’s easy to relax and not apply business principals in the place it matters most–home. Great communication and letting your loved ones know how much you appreciate their contribution in your life is essential. Even when you don’t have anything specific to say, just letting them you appreciate and love them can go a long way.

Thank you Andrei.
Cheers,

Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

What’s a practical way to leverage face-to-face services into new income streams?

Suppose one offers consulting, training or education programs in a specific field of expertise. Typically, as these type of service offerings are delivered over time, the target market narrows toward the most profitable and enjoyable work as defined by the person presenting the program. This invariably leads to many missed opportunities.

Have you ever heard the expression, “I can’t see the forest for the trees?” In this case, one can be staring directly at the trees, which is the primary market. However, there is a forest of business available all around which can lead to tremendous new income streams.

The problem is though, the new income streams are not readily available in a traditional fashion. In other words, if securing new business requires more of the consultant or trainer’s time, this may be a show stopper. What if the schedule is already full? Perhaps the consultant would actually rather spend quality time at home rather than adding a new client to the mix. Maybe the other prospects won’t pay the preferred rates.

In some cases, the forest may represent a need to decentralize focus which presents its own set of challenges. Attempting to serve too many markets can be problematic.

So what’s the solution?

When one begins to look at consulting knowledge, skill sets and educational programs objectively, they can be seen as assets. These assets are intellectual property. Why not convert these tangible assets into a form that can be delivered to the ‘forest’ using technology? Find a way to share knowledge with those who want the information but may not be able to avail themselves due to cost, proximity or timing.

Automation allows us to market, sell and deliver digital products and services including e-workbooks, videos, audios, recorded webinars, etc. This means with a good IP plan and a robust online marketing platform, many more trees in the forest can access high quality intellectual property at lower prices than personal consulting or training. The advantage to the IP owner is the ability to control their intellectual assets and sell them to a broader audience.

There are many ways to ‘productize’ consulting, training and educational services. With a strong IP Plan including market research, competitive intelligence, product design as well as strong online marketing, sales and delivery tools, intellectual property can expeditiously create new income streams.

Cheers,

Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

Why would someone pay me for my information?

As I speak with people about the value of their ideas and experience, I’ve found most people think of intellectual property in a legal sense or don’t really know what it means. I’m often amazed at how many people don’t think they actually have intellectual property. If you’ve been reading Income, Profit and Equity for a while, you know intellectual property is defined by American Heritage Dictionary as “a product of the intellect that has commercial value.” What is a product of the intellect? In my opinion it’s any idea, skill, system, process or other knowledge that is of value to any other person or business.

One question that often comes up is, “If I search online, I can find almost any information I want. Why would someone pay me for my information?” Good question.

While you can find virtually anything online, there are a few challenges. First of all, the value of your time. Time is our most valuable commodity. What is your time worth? Do you have hours to search, validate, assemble and find the precise information you need?

You’d be amazed at how much time you can waste searching down rabbit trails and still not get what you need. Given the option, if I have the choice of paying someone who’s done the work for me and presented what I need in an easy to use format, if the price is right, I’ll buy it.

Secondly, people often think IP is just content, but it can also be a skill set; i.e. how you do something. We focus on three primary categories of IP. The first is content and the second and third categories are skill based areas.

1. Content - Here are a few examples: specific information about how to do improve your sales, research about an industry or topic, or location of best romantic hotels, etc. While these are simple examples, the possibilities are limitless…

2. Marketing & Sales – Content is only valuable if someone will pay for it. No kidding. Here’s what I mean. Your primary intellectual property may actually be connecting buyers of content with sellers of content. In other words, if you love to connect people (natural networkers) your highest and best use may be to focus on creating income, profit and equity by facilitating sales of products and services by end users. Marketing & sales can be very valuable IP.

3. Delivery of content – We’ve found that while some folks are great at creating content and others are excellent at marketing and sales, there is a very important third area of valuable IP. That is actually delivering the content that has been purchased by the end user. This may be counter-intuitive because if you are a good content creator, you might also be good at selling and delivering your own stuff. However, imagine having a marketing and sales network representing your products and a qualified team delivering, fulfilling, training, coaching, consulting on your materials. It doesn’t matter if you have online or offline content, you could get a lot more done if you didn’t have to do all this yourself.

Certainly there are companies who do all three areas well. However, in today’s world staying flexible and maintaining low overhead requires new thinking. Technology is simply a way to get things done faster or more efficiently. In today’s economy, technology allows us to create new business models that enhance our capabilities and fuel our ability to focus on our strengths, passions and most valuable intellectual property.

Think about which of these three areas is your most potent intellectual property.

Cheers,

Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

I’ve got My IP Plan; what’s yours?

Stratworx formally launched 11 months ago tomorrow, July 1st, 2007. At the time, we launched with a plan to create a world-class organization designed to help you turn your intellectual property into income, profit and equity. As I look back on our first year, there are a lot of emotions; many are exciting, some are painful and still others are hopeful. Isn’t that the case with any venture worth pursuing? I’ve got a couple questions about your business:

• Have you developed your IP plan?

• Have you executed your plan?

As we approach our second year, I have a renewed sense of confidence and enthusiasm for the dream and vision we’ve set out to accomplish. You may know the Stratworx dream is to ignite an entrepreneurial revival. Given the scope of global economic concerns, I can think of no more important task than to encourage you to pursue your idea, develop your business and interface with the market to incubate your intellectual property. Stratworx stands by ready to help you.

The Stratworx vision is to attract energetic, innovative, and committed members to co-create the world’s premiere intellectual property incubator. Using our unique model, we leverage conventional strategies to produce accelerated results. Technology is wonderful, but your personal and professional strengths, talents and passions are the key to a successful IP plan.

In the first eleven months of my IP plan, I’ve worked with our team to take the initial concepts and build systems and processes to yield specific results. Many of our founders and charter members have begun to experience the fruit of our collective work. We have much more to do and have some exciting plans to make our second year the breakthrough for your business and ours. After all, the only way we succeed is if we help you profitably accelerate your IP into the marketplace.

Most would agree we’ve placed a pretty tall order with our dream and vision. Some have suggested I should tone down the blue sky thinking and focus on the practical. I do agree the only way to an enormous dream and huge vision is through specific practical strategies and tactics. My IP Plan is practical, yet it’s deeply connected with my dream. As my Dad, Robert Olds says, “Dream boldly and savor the consequences.”

What will be the consequences as we grow?

How will our work together serve you?

What will the impact be on your life and those whom you seek to influence?

On June 11th, we’ll be introducing a tele-seminar program designed to help you begin to answer the question; ‘What is my IP plan?” After all, if you don’t have a plan, the odds are you’ll never turn your IP into income, never mind profit or equity. We will begin to answer your most pressing questions on how exactly to create an IP Plan that produces sustainable results.

I have a favor to ask. Would you take 30 seconds and let me know what your most pressing question is about turning your ideas into reality? We are compiling all the questions to build the framework for our June 11th call.

Just click here to ask your question ====> http://www.TurningIPintoProfits

As a thank you for your input, when you complete this one question survey, you’ll be registered for the call and get instant access via email to a one-hour interview with Stratworx IP Attorney, Mathew Latimer, PhD. Even if you can’t make our live call, we’ll make a special recording available for you to hear at your convenience. We appreciate your time and support.

Just click here to ask your question ====> http://www.TurningIPintoProfits.com

Here’s to a great second half of 2008!

Thanks for being part of our Stratworx team.

Cheers,

Steve

Steve Olds
Founder and CEO
www.STRATWORX.com

Since there are some tremendous online sales techniques that mask the true challenges of taking your idea and accelerating it into a profitable reality, we’ll begin to address key questions you must be prepared to answer if you want to take your concept to the next level.

The first question is one that is frequently overlooked. Most people don’t even think about it because they don’t consider it relevant to the evaluation of their idea, concept or model. Question one is the cornerstone of the process.

What are your goals?

Most people simply give this short shrift or laugh when we ask this question. Why? They say the answer is obvious. I want to increase my revenue so I can grow my company, spend more time with family, retire early and all of the other pat answers to a question about what you would do with a big raise.

But that’s not what we’re talking about. A business plan executed correctly will yield a financial increase. That’s a given. In this process, you need to think smaller. Yes, smaller. Break this down into bite size chunks.

What are the specific project goals that must be accomplished to begin turning your intellectual property into income, profit and equity? If you were going to write a project plan to start the process, what would come first? What are the fundamental goals that you need to set before you should even begin?

We find most people tremendously underestimate the work involved in executing a plan to take IP in one form and translate it to a new deliverable, especially online. Here are a few examples of smaller initial goals:

- Begin and complete a market research analysis

- Determine a fair market value for my product / service

- Build a prototype and test it

- Take my proven off line product and survey existing clients to see how they may improve it or use it online

- Decide how much time can I afford to dedicate to this project and determine the opportunity cost of that time

What we find interesting is that when you set a goal like this, which is very tactical, it forces you to pay attention to details that many people overlook when they have pre-existing confidence about their IP.

The good news about your initial goal is that you can drill down and find out what’s most important to you at this point in time. Before you move on to answer the second question, you can add to your list of goals, cross some off the list or start with what you believe to be the top priority.

The key word is START. Most people with great ideas and strong IP never turn it into income, profit or equity because they never start! Setting a strong, simple first goal is enormously important. Don’t underestimate
the power of a small, clear, first goal.

I look forward to your comments and talking with you real soon.
Cheers,

Steve

Steve Olds
Founder and CEO
www.STRATWORX.com