Lea Strickland

What You Do, Not What Others Do

Nothing will drain your energy faster than comparing where you are in developing your business to where you believe someone else is in their business. In part this is because you are measuring your “success” against your perception and assumptions about someone else’s success—which may or may not be accurate. It takes time to start a new business or grow an existing business. Each business has its own timing based upon the elements of the business and the skills and experience of the owners and management team.

Keep in mind that unless you are inside a business to have first-hand knowledge of its "success," you don't really know how profitable or successful it is. All you do is make assumptions based on visibility and "buzz."

Another point to recognize is that some businesses have gangbuster initial success only to flame out. The initial success may be a result of bringing customers over from past employers and relationships. Then when those relationships are exhausted, the process of learning how to get new business begins and is a painful adjustment.

Remember the old fable of the tortoise and the hare? The hare took off quickly only to lose the race ultimately to the methodical and steady pace of the tortoise.

Keep focused on doing the things your business needs to do to have a strong foundation for long-term success. Have a strategic plan and milestones that are meaningful specifically for your business, then use those as guidelines as to whether you are on track or lagging behind.

Some milestones you can establish for your business:

• Number of qualified prospects talked to (“qualified” meaning individuals or businesses that have the issue, problem, or need that your business is providing the solution to)
• Number of sales calls made—converting prospects to potential business
• Number of contacts with potential strategic alliances
• Sales revenues generated
• Number of marketing or sales events held

The milestones you set need to be specific for you and your business. They should be a mix of financial, marketing, and operational targets. It takes all three to have a sound foundation for the businesses long term success.

The milestones need to be measurable and have a time element. For instance, you can set a revenue (sales) goal of $5000 per month or achieve $60,000 in revenues by end of the first year of business. You can also set operational objectives such as having 50 employees by 2007.

Whatever measures, milestones, and timing you set, be realistic. Don’t take on goals that are unachievable; they can actually reduce motivation. On the other side of the coin, don’t set goals that are too low and too easily achieved; once achieved there may be a tendency to “coast.”

Sales and profit targets aren’t the only financial objectives to consider. Cash is the lifeblood of the organization, so setting targets for cash balances and spending is also critical. By keeping an eye on your cash position and how the funds flowing into the business are used, you are able to manage the activity and timing of events in the business—setting priorities, which keep the business aligned and on track.

The best motivator for any business is success. Don’t get caught in the trap that many individuals and organizations fall into of stopping when you get to your goal, reset the goal if you reach it early … just because you reach a sales goal mid-month, it doesn’t mean the rest of the month doesn’t need sales activity! It means you build on the success you’ve already had. The best time to make the next big sale is immediately after the big sale you just made! Momentum! Momentum! Momentum! Keep the sales ball rolling once you get it started!

Keeping your focus on your business doesn’t mean ignoring what others are doing in their businesses. Keep your eye on the tactics and methods of your competition and other businesses. See what you can learn from how they are doing business—what seems to work and what doesn’t. Also, it doesn’t hurt to ask what tactics are working for other companies. Generally people like to talk about their successes, so ask and learn from others’ experiences. Just don’t get caught in the trap of measuring your success on terms other than your own.

Lea Strickland, MBA, CMA, CFM, CBM, president and founder of F.O.C.U.S. Resources (a business management systems consulting firm that addresses the total business through financial performance), has over 18 years experience in financial and operational leadership positions with various companies including four Fortune 500 and Global 100 companies. She has worked with established and emerging companies—private and public, US and foreign-owned. She holds degrees from The Ohio State University (MBA—Accounting, Marketing and Human Resource (Change Management)) and The University of Charleston (Bachelor of Science—Finance and Business Management with technical minors in Marketing and Accounting).

As a financial leader, Lea was instrumental in obtaining funding from Deutsche Bank for a local technology growth company. She is also credited for saving over $30 million for a manufacturing operation and obtaining $97 million in funding for the expansion of that same facility. Her client and industry experience includes audit, banking, OEM automotive and tier one automotive manufacturing, electonics manufacturing, consumer products manufacturing, software, industrial textiles manufacturing, and many other industries.

In 2004, Lea was asked to be expand her consulting practice into working with government grant and contract recipients on compliance and financial control systems. The government funding-compliance consulting focuses on small technology, bio-technology, software, and bio-agriculture businesses transitioning from research and development to full commercial operations.

Ms. Strickland was also asked to develop an “On-shoring” program to provide consulting services to technology firms in Europe and Asia seeking to locate, build, and operate facilities in the United States. These innovative tele-workshops are provided via telephone and Internet to companies prior to their establishing a footprint in the U.S. market.

In addition to her consulting services, Lea is a well-known and sought-after speaker, expert panelist, workshop leader, and author on start-ups, micro-enterprise, small business, financial systems, and business issues for companies of all sizes. Since 2003, she has had over 200 articles published in journals, newsletters, website expert sites, and magazines (print and Internet-based). Her credits include:
Expert Columnist: Carolina Newswire, NC Journal for Women, Business Leader Magazine, Local Tech Wire
Book: Out of the Cubicle and Into Business
Area/Topic Expert: Entrepreneur Magazine
Contributing Writer and Advisor: Small Business Technology Magazine

Lea has been honored with the several awards including: Outstanding Young Executive in the U.S. (1989), International Who’s Who of Professional Management (1999), and Who’s Who of Executives and Professionals (2003). Currently, she is active in municipal governance, serving on the Town of Cary Zoning Board of Adjustments (2001 to the present). She has served as an expert panelist and speaker for the following community and business organizations: Council for Entrepreneurial Development, Wake County (North Carolina) Community Colleges, Institute of Management Accountants, Graduate Women in Business National Conference (2002), Executive Women Club, Fast Trac Programs, Small Business Technology Development Center (North Carolina)

In addition to her current client list, Lea (together with other business and community leaders) donates her time to establish affordable resource programs for entrepreneurs and small businesses. She is also co-hosting the North Carolina Capital Markets Exchange to aid emerging and growth businesses in obtaining growth capital.

“For Lea, it isn’t about fitting the business to the method, it’s about finding the right approach for the business.” - G. M., Electronics Manufacturer

Lea’s hobbies and interests include writing poetry and short stories; reading; piano; community services—mentoring programs; and painting (oils, acrylics, watercolor, and mixed media) landscapes, seascapes, and portraits. She also enjoys spending time with family (especially her two nieces) and friends.

Lea Strickland, MBA CMA CFM CBM
President & CEO F.O.C.U.S. Resources
104 Barcelona Court
Cary, NC 27513-4201
Main Telephone: 919.234.3960
Mobile: (919) 210-7171
Lea@focusresourcesinc.com
www.focusresourcesinc.com

Upcoming books:
Into Business Step-by-Step: Making the Key Decisions—Winter 2005
Government Grant Accounting – The Business Requirements of Government Funding—Winter 2005
Vision, Strategy, Structure - Results—2006
The 360° Enterprise—2006