Derby Management's "Competitive Edge" Blog

Maybe it's simply the spring after a too-long winter.  It could be the excitement that comes with the end of spring training and the opening game of the Red Sox coupled with the added excitement of Monday's running of the Boston Marathon.  But for whatever reason, everyone, everywhere is talking about starting companies, becoming an entrepreneur and experimenting with new ideas, and new innovations.

So, just what is entrepreneurship?

A very appropriate question this morning as we kick off at 10:00 the finals of the annual "Tufts $100K Competition".   As the largest non-athletic event at Tufts, the $100K finals today will feature 15 entrepreneur teams divided among three tracks of "General Technology", "Social Impact" and "Healthcare and Life Sciences" reflecting the diversity of research and innovation across all our 11 schools. 

Tufts is among the most highly ranked research universities in the U.S. covering every discipline of engineering, nutrition, social impact, medicine, dentistry, and veterinary science.  For me, this process beginning earlier this year with hundreds of submissions from students and professors, followed by mentoring sessions leading to quarter and semi competitions and now today's finals provides a perfect example of   entrepreneurship at its best!

In my years of having the privilege of teaching at Tufts, "The $100K" has always been a "must-attend" event often including my own students.  This year made even more so with the official dedication next week of the Derby Entrepreneurship Center at Tufts.  

Obviously, you have a fully booked day packed with zooms, sales discovery meetings and hopefully a deal closing or two, but if you have 30 minutes here and there, or just maybe a couple of hours, click on here and get a free registration for a virtual view.  

Entrepreneurship for the rest of us

If you've been reading this blog for a while, you may remember that my family history for generations has been filled with entrepreneurs. My GGF left rural Vermont in 1860 at the age of 17 to "Go West". My grandfather left that same VT village at 22 to open his first retail stores in Harvard and Davis Squares. My father rebelled from the family business by beginning a jazz band on the vaudeville circuit until his father put his foot down saying "enough, you're working in the stores!", which our entire family did for decades. 

Interestingly for me personally, the first time that I ever heard the word "entrepreneur" was not at BC, not in the Peace Corps and certainly never in my career at Becton Dickinson.  It was not until I attended a lecture at the then tiny volunteer-led startup of the MIT Enterprise Forum that I first understood what the word meant.  Becoming active myself as a volunteer and later as Chair of MITEF, I then began my love affair not just with the experiments of starting companies, but with understanding the science and the analytics of what it takes to succeed as an entrepreneur.  Years and years later, I think that I finally understand what it takes...I think!

• In excess of 90% of non-restaurant startups are not tech-based as a product or service
• Between 90% and 95% of startups fail
• Most failures occur within 4 years 
• Only 0.05% of non-restaurant startups seek organized angel or venture capital 
• 75% of those companies that received formal angel or venture funding fail

The bottom line is that succeeding in any startup is wicked difficult, but having said that, today there are extraordinary support mechanisms in every community and especially in major cities which house universities, medical centers and have a rich history of entrepreneurship.  For any guidance, you can just connect with me...and countless others in Boston.

With that as background, I'm very excited about speaking on this theme I am developing on "Entrepreneurship for the rest of us" at next week's event being held by The Financial Executives International of Boston at their annual academic awards granting 10 scholarships to Juniors from area colleges and universities and recognizing an Outstanding Senior from each of the schools.  

With that, I'm off to today's $100K", but one more Tufts-related request!   

With this semester too-quickly winding down, I am already signing up companies for marketing projects for the fall.  If you are interested in knowing more about this unique process which provides teams of six juniors and seniors to create detailed marketing plans over the period of the 13-week semester, just let me know, and I will send you an outline and the instructions.   

IT'S TIME TO RE-FORECAST YOUR '22 SALES PLAN

Your well-planned 2022 Sales Plan that you architected in November, revised and got approved in December and rolled out perfectly at your January sales kickoff now needs a tune-up. 

As that infamous philosopher, Mike Tyson, once noted "no plan survives the first punch!".  It's time this coming week to spend a day with the team and walk through the details of your entire tactical plan for Q2 and Q3.     

Here's our 2022 guide to help or why not just connect with me anytime!  There's no cost to a call or two, plus I love listening and talking about sales. 

www.derbymanagement.com  
Derby Entrepreneurship Center@Tufts. 

First, on what looks like a spectacular weatha' day here on the NH beach, I'm officially declaring today as "The End of Winta".  I'm Done.  It's Over.  Totally Finished! 

Snowing heavily at 6:00 this morning out by the Vermont barn, as I'm sure it is wherever you are here in New England.  Looks like 13-15" on the hill today, but unfortunately for me a packed day of sales calls and zooms.  When it snows, I always worry about the mechanics of dealing with it even with three snowblowers at various houses and a superb plow service from the team at Homestead up the road a piece.  It's just my normal belt and suspenders approach to way overthinking too many details.    

"Plan A" this morning in Vermont-right at the start of school vacation week-would have been to have blue skies, six feet of snow already on the ground and morning freshies providing the perfect first runs.  Instead, we have...

Back at it this AM

I've missed blogging for the past two Fridays, but since I have a pretty good understanding of my audience, I also clearly knew that I would be at the bottom of the list of interests compared to...

Good Morning & Merry Christmas! 

First, and most importantly, I along with my Christmas friends here just want to wish everyone who tolerates me in my weekly outreaches from my work in Boston, my NH beach, my roots in VT and, of course, my beloved Tufts, a very, warm and wonderful Christmas and holiday break! 

Enjoy, relax and take a walk in the woods or on the beach while you hug your family and thank them and yourself for whatever has occurred in your life and your business this past year!  

With the last two presentations this afternoon, we will have completed the 10 final project presentations.

After teaching yesterday and then attending a customer dinner, I drove here to Vermont late last night to run a 2022 sales planning meeting today.  Just stepping out of the car a bit before midnight with the headlights stretching to light up the barn between the dense fog, the rain and the pitch dark of November, I immediately sensed that in just the two weeks since I had been here last, it had become the Taint Season in Vermont. That very weird time between leaf peeping and skiing when it Taint Winta', Taint Summa', Taint Leaves. Taint Nothin'.

Super packed weeks now leading up to the Thanksgiving break followed by added intensity on closing the year and delivering solid 2022 business, sales and marketing plans to the board in December. 

Always have as your guide the simple fact that no plan is ever perfect, and that most often, it's the planning process of working together as a team, breaking down the walls and agreeing to focus on customer value which is the most important output.  

At this time of year, we're running two or three planning sessions every week, and I thought that it might be helpful to take a more strategic and less tactical view of the winning value adders we're hearing about and working on this fall.  There's no priority in the following bullets, and I'm very happy to add detail if you want to book some no cost time to discuss. 

• Increased direct contact with prospects and customers
  We're seeing Sales travel budgets for 2022 are increasing by more than 25% over 2021.  Even though virtual meetings are  much easier than in 2020 and added tech tools are coming on board very quickly, there's an increased push to travel.  Much better planned and sharply limited to who travels, but travel is back especially for C level senior management.  Our best companies are planning that 40% plus  of the CEO's time will spent F2F with customers and prospects. 
• Formal, more tightly defined WFH hybrid policies 
  20% of our customers have been working fine with no physical office for two years and plan to operate that way in 2022 into 2023.  The best of the others have formal definitions with "shifts" of fixed 3/2 or  2/3 days a week detailed by department.  The more smoothly operating with less personnel conflict problems also have mandatory vaccines policies.  Yes, they have lost some employees, but that is now behind them and hiring plans are in place.
• Tighter market category, geo and size focus
  If 2019 was "expansion", and 2020 was "hunker down" followed by "caution" in the first six months of 2021, what we are seeing for 2022 is very narrow organic growth definitions on sub-categories of market size, and tighter definitions of geographies.   Cities, not regions or territories.   Redefining "mid-market" on very tight definitions of employee counts/revenue/
• Sales & Marketing Processes
  More and more fluency and much quicker adoption of formal Sales & Marketing processes anchored in highly integrated CRM and CMS platforms with the top choices being SFDC, MS Dynamics and our personal favorite Hubspot.  Along with these processes, enhanced training and certification requirements for all salespeople.
• Strategy is nice, but tactics are critical
  A "strategy" example for a primary 2022 initiative might be the adoption of a territory re-alignment or the beefing up the implementation tactics for an existing sales partnership model.  Having said that 90% plus of the planning work we're seeing this fall is execution detailing of the Sales & Marketing basics with fingers-in-the-dirt definitions in the clarity of redefined Sales and Marketing playbooks, templates, and tech tools 
• Increased focus on speed and agility 
  A question I was asked yesterday in a two-day Sales planning session was "rather than the second week in January, can we get this done by December 6th?  My initial thought, given the huge amount of detailing that now needed to be done, was that "it couldn't be done" , followed in a minute, by "let's work to that date, roll out what we have and fill in the rest of the detailing in early January".   In this case, we will double down on the assignments, and I'll bring in 3 or 4 of my interns do complete the research, the interviews and build out the Hubspot tools.

That's it for this AM working out of Boston's Back Bay this morning with an 8:00 AM start to the second day of our sales process building.  A very exciting company with highly engaged and experienced management razor focused on 2022 objectives with a need to re-architect and build tighter processes and tools while tightening up on increased responsibilities.  Wicked exciting, and just a great way to start the day!

Have a great day selling today!

AN ANYTIME SOUNDING BOARD 

If at any time, you have a need for a confidential sounding board for your 2022 planning process, just connect with me!  Text or email me, and I'll quickly set up a call.  I'm a very good listener, and we can get deep into tactics if you want. Obviously, no cost for a call or two; just an opportunity to listen intently and make a few recommendations based on decades of experience.

www.derbymanagement.com

Derby Entrepreneurship Center@Tufts.