This past week, a good man died in a freak accident. Norman Kaiser, a local businessman and community leader passed away after being struck by a car at his carwash.
Norman was a great businessman. He owned CVR Rentals, a local tool and party rental company. He had his hand in numerous other businesses and always rose above the current economic conditions. I found him to be evenhanded in his business dealings and a man of his word. Which is hard to come by today.
His success as a community leader made him that much more a hero of mine. He helped start the Waynesboro Boys and Girls Club, was instrumental in the local United Way and was always there when people needed him.
Norman died at the age of 70, but you would never have guessed his age by his energy.
He was a real star who will be saddly missed.
Tuesday, December 27, 2005
Tuesday, November 29, 2005
Approval for DeWitt Crossing Project
I appologize for taking so long to post. I have been pretty busy and am just now catching up.
Last night, the Waynesboro City Council approved my request for rezoning on the DeWitt Crossing Project.
I am now working on getting Adin Circle, from the Silver Ridge Development accepted into the state road system. This is unlike anything I have ever done before. There are way too many details. Of course, I won't go into how I got screwed over by a guy who was supposed to pay for this work. I will leave that until after all the dust settles.
Back to blog stuff:
I have found that using Microsoft Project is really helpful in these large projects. Just being able to map out the dependent tasks is worth the price tag. I have built a pretty hefty plan and timetable for the DeWitt Crossing development. Of course, you can take it too far, but having a plan and measuring it make life alot easier. For instance, when will you need financing? Or when will you be able to sell a lot? All these answers come from the time table.
I promise to keep the updates coming more frequently.
Last night, the Waynesboro City Council approved my request for rezoning on the DeWitt Crossing Project.
I am now working on getting Adin Circle, from the Silver Ridge Development accepted into the state road system. This is unlike anything I have ever done before. There are way too many details. Of course, I won't go into how I got screwed over by a guy who was supposed to pay for this work. I will leave that until after all the dust settles.
Back to blog stuff:
I have found that using Microsoft Project is really helpful in these large projects. Just being able to map out the dependent tasks is worth the price tag. I have built a pretty hefty plan and timetable for the DeWitt Crossing development. Of course, you can take it too far, but having a plan and measuring it make life alot easier. For instance, when will you need financing? Or when will you be able to sell a lot? All these answers come from the time table.
I promise to keep the updates coming more frequently.
Thursday, November 10, 2005
Proud of my Rotary Club
Today, I made a pitch to my Rotary club to raise funds for relief in Pakistan from the earthquake. This has been a terrible disaster that has already killed thousands and may kill even more as winter sets in.
Rotary is a great organization where clubs work together to aid those less fortunate. In our 101st year, we have seen quite a bit of natural disasters. Rotary has stepped up to the plate. Spefically, so has my club.
I am very proud of them. Our foundation board approved sending $5,000 to the affected areas directly. Today, in a matter of 20 minutes, I raised more than $6,000 additional from our club members.
This isn't the first time I have seen these fine men and women dig deep to help. After Hurricane Katrina, they quickly passed the hat and raised a good bit of money that went to the Salvation Army.
After the Tsunami, our club raised better than $25,000 in a matter of a week.
Bad things happen, but how we deal with them defines who we are. I am proud to say that I am a past-President of the Waynesboro Noon Rotary Club in District 7570.
Rotary is a great organization where clubs work together to aid those less fortunate. In our 101st year, we have seen quite a bit of natural disasters. Rotary has stepped up to the plate. Spefically, so has my club.
I am very proud of them. Our foundation board approved sending $5,000 to the affected areas directly. Today, in a matter of 20 minutes, I raised more than $6,000 additional from our club members.
This isn't the first time I have seen these fine men and women dig deep to help. After Hurricane Katrina, they quickly passed the hat and raised a good bit of money that went to the Salvation Army.
After the Tsunami, our club raised better than $25,000 in a matter of a week.
Bad things happen, but how we deal with them defines who we are. I am proud to say that I am a past-President of the Waynesboro Noon Rotary Club in District 7570.
Thursday, November 03, 2005
Funding Your Business with Angel Investors and Banks
Since I am a professional entreprenuer (self-annointed), access to capital has always been important. Here are a few ways that I have gained access to capital over the years.
Angel Investors
In the early days of RentQuick, I knew I would run into a problem where I could have a nice big order, but not enough projectors to fill it. So I needed to have a "war chest" to buy equipment on short notice. Of course, with a new business, banks were out of the question. Funding a business on credit card debt is stupid. The obvious choice was to find an angel investor to loan me money.
Luckily, I had some contacts who could help. I started by putting together a nice little proposal that showed income statements and balance sheets. I was able to cut a deal with two angels who would be paid interest annually. The loans amounted to $75,000.
Why debt? Debt is far superior to equity at that level simply because I would be able to retain 100% ownership and pay them off over time. Interest is deductable, unlike equity deals. Finally, I would not need to worry about having a partner in the business.
Banks
Later, when the business was more mature, I was able to start working with banks. The normal method of working with banks is to walk in to the branch with your hat in your hand and wait until a loan officer would meet with you. Usually, you would need to fill out lots of forms and wait until some faceless loan committee tells you if you can have some money.
I found that building a relationship with your bank, not just your loan officer, was helpful. Get to know the higher-ups in the bank. Let them know what you are up to. Let them see you in action. Talk to them weekly so they know about your during good times and bad. Don't just call them when you need the money. Banks take risks in lending to people. You can help them mitigate that unknown by letting them know you better.
On my earliest real estate deal, I needed alot of money to pull it all together. So what I did was pledge my savings (stocks, bonds, and CD's) as collateral. This helped reduce the risk to the bank and give them the assurances that I was committed to the project.
Another thing I have done with the banks is make sure they are paid back quickly. Paying the banks back quickly reduces the monthly interest expense and reduces the overall risk of the project. Sometimes, this upsets the banker, who only makes money when you pay interest.
Angel Investors
In the early days of RentQuick, I knew I would run into a problem where I could have a nice big order, but not enough projectors to fill it. So I needed to have a "war chest" to buy equipment on short notice. Of course, with a new business, banks were out of the question. Funding a business on credit card debt is stupid. The obvious choice was to find an angel investor to loan me money.
Luckily, I had some contacts who could help. I started by putting together a nice little proposal that showed income statements and balance sheets. I was able to cut a deal with two angels who would be paid interest annually. The loans amounted to $75,000.
Why debt? Debt is far superior to equity at that level simply because I would be able to retain 100% ownership and pay them off over time. Interest is deductable, unlike equity deals. Finally, I would not need to worry about having a partner in the business.
Banks
Later, when the business was more mature, I was able to start working with banks. The normal method of working with banks is to walk in to the branch with your hat in your hand and wait until a loan officer would meet with you. Usually, you would need to fill out lots of forms and wait until some faceless loan committee tells you if you can have some money.
I found that building a relationship with your bank, not just your loan officer, was helpful. Get to know the higher-ups in the bank. Let them know what you are up to. Let them see you in action. Talk to them weekly so they know about your during good times and bad. Don't just call them when you need the money. Banks take risks in lending to people. You can help them mitigate that unknown by letting them know you better.
On my earliest real estate deal, I needed alot of money to pull it all together. So what I did was pledge my savings (stocks, bonds, and CD's) as collateral. This helped reduce the risk to the bank and give them the assurances that I was committed to the project.
Another thing I have done with the banks is make sure they are paid back quickly. Paying the banks back quickly reduces the monthly interest expense and reduces the overall risk of the project. Sometimes, this upsets the banker, who only makes money when you pay interest.
Money Matters and Banks
Since I am a professional entreprenuer (self-annointed), access to capital has always been important. Here are a few ways that I have gained access to capital over the years.
Angel Investors
In the early days of RentQuick, I knew I would run into a problem where I could have a nice big order, but not enough projectors to fill it. So I needed to have a "war chest" to buy equipment on short notice. Of course, with a new business, banks were out of the question. Funding a business on credit card debt is stupid. The obvious choice was to find an angel investor to loan me money.
Luckily, I had some contacts who could help. I started by putting together a nice little proposal that showed income statements and balance sheets. I was able to cut a deal with two angels who would be paid interest annually. The loans amounted to $75,000.
Why debt? Debt is far superior to equity at that level simply because I would be able to retain 100% ownership and pay them off over time. Interest is deductable, unlike equity deals. Finally, I would not need to worry about having a partner in the business.
Banks
Later, when the business was more mature, I was able to start working with banks. The normal method of working with banks is to walk in to the branch with your hat in your hand and wait until a loan officer would meet with you. Usually, you would need to fill out lots of forms and wait until some faceless loan committee tells you if you can have some money.
I found that building a relationship with your bank, not just your loan officer, was helpful. Get to know the higher-ups in the bank. Let them know what you are up to. Let them see you in action. Talk to them weekly so they know about your during good times and bad. Don't just call them when you need the money. Banks take risks in lending to people. You can help them mitigate that unknown by letting them know you better.
On my earliest real estate deal, I needed alot of money to pull it all together. So what I did was pledge my savings (stocks, bonds, and CD's) as collateral. This helped reduce the risk to the bank and give them the assurances that I was committed to the project.
Another thing I have done with the banks is make sure they are paid back quickly. In all of my land projects, I paid 100% of the net proceeds against the loan. This way, they were paid back faster and I was the last to benefit from the project. Of course, banks don't always want this. They only make money when they are paid interest. However, I prefer to keep the debt as low as possible to reduce the overall risk of the project. Debt means monthly or quarterly payments. If you aren't careful, too much will cripple you.
Angel Investors
In the early days of RentQuick, I knew I would run into a problem where I could have a nice big order, but not enough projectors to fill it. So I needed to have a "war chest" to buy equipment on short notice. Of course, with a new business, banks were out of the question. Funding a business on credit card debt is stupid. The obvious choice was to find an angel investor to loan me money.
Luckily, I had some contacts who could help. I started by putting together a nice little proposal that showed income statements and balance sheets. I was able to cut a deal with two angels who would be paid interest annually. The loans amounted to $75,000.
Why debt? Debt is far superior to equity at that level simply because I would be able to retain 100% ownership and pay them off over time. Interest is deductable, unlike equity deals. Finally, I would not need to worry about having a partner in the business.
Banks
Later, when the business was more mature, I was able to start working with banks. The normal method of working with banks is to walk in to the branch with your hat in your hand and wait until a loan officer would meet with you. Usually, you would need to fill out lots of forms and wait until some faceless loan committee tells you if you can have some money.
I found that building a relationship with your bank, not just your loan officer, was helpful. Get to know the higher-ups in the bank. Let them know what you are up to. Let them see you in action. Talk to them weekly so they know about your during good times and bad. Don't just call them when you need the money. Banks take risks in lending to people. You can help them mitigate that unknown by letting them know you better.
On my earliest real estate deal, I needed alot of money to pull it all together. So what I did was pledge my savings (stocks, bonds, and CD's) as collateral. This helped reduce the risk to the bank and give them the assurances that I was committed to the project.
Another thing I have done with the banks is make sure they are paid back quickly. In all of my land projects, I paid 100% of the net proceeds against the loan. This way, they were paid back faster and I was the last to benefit from the project. Of course, banks don't always want this. They only make money when they are paid interest. However, I prefer to keep the debt as low as possible to reduce the overall risk of the project. Debt means monthly or quarterly payments. If you aren't careful, too much will cripple you.
Tuesday, November 01, 2005
Interviewing for Fun and Profit!
Sometimes interviewing people is fun. They are usually quite nervous and you are usually hoping you aren't wasting your time. Interviewing people for positions is a necessary function of any business owner, however, it can be vexing sometimes.
I have had one at least three occasions, the interview questioning to go something like this:
Q: Tell me one of your faults or something you would change about yourself.
A: Well, sometimes I get into trouble because I care too much. I really try too hard to make the customer happy and to be the best employee possible. My co-workers sometimes hold this against me because they don't care about the company like I do.
At this point, I know I am dealing with a special someone who read a book or an article on interview questions. The people make life fun! So here is where I pull out my super-secret question that is sure to stump them:
Q: If you were a co-worker of yourself, and you, the co-worker, were to interview you, the other co-worker, for a possible promotion to be your new boss. (Not your boss, but your boss.) What questions would you not like to hear from yourself about you being in charge of you and as a second part to this question: how would you answer yourself in those questions in order not to completely answer those questions... that you asked... of yourself?
To this, the candidate would either freak out or worse, try to answer the question.
I also like the questions that ask people to think a little bit. I have tried this before after learning how Microsoft hires only the smartest people. (We know this because the employees of Microsoft in their PR department told us how smart they were. )
Here is my intelligence tester:
Q: Explain to me why manhole covers are round.
To this I have had a wide range of answers. Here are the best:
A: Manhole covers are round because they need to be round to cover the round hole.
A: They are round because that is what shape the holes are. (Same as above)
A: Manhole covers are round because the government requires them to be round.
A: Manhole covers are round?
Of course, the answers are pretty logical:
A: They are round because the round cover will not fall into a round hole. In addition, round covers require less material (steel) than square ones. Round covers fit regardless of how you turn them. A worker's body fits best into a round hole. The pipe system that they go into is also round thereby being easier to connect than a square hole.
Drop me a line or message this post with your favorite interview questions. I should note, I only ask the silly questions of jerks and arrogant SOBs.
I have had one at least three occasions, the interview questioning to go something like this:
Q: Tell me one of your faults or something you would change about yourself.
A: Well, sometimes I get into trouble because I care too much. I really try too hard to make the customer happy and to be the best employee possible. My co-workers sometimes hold this against me because they don't care about the company like I do.
At this point, I know I am dealing with a special someone who read a book or an article on interview questions. The people make life fun! So here is where I pull out my super-secret question that is sure to stump them:
Q: If you were a co-worker of yourself, and you, the co-worker, were to interview you, the other co-worker, for a possible promotion to be your new boss. (Not your boss, but your boss.) What questions would you not like to hear from yourself about you being in charge of you and as a second part to this question: how would you answer yourself in those questions in order not to completely answer those questions... that you asked... of yourself?
To this, the candidate would either freak out or worse, try to answer the question.
I also like the questions that ask people to think a little bit. I have tried this before after learning how Microsoft hires only the smartest people. (We know this because the employees of Microsoft in their PR department told us how smart they were. )
Here is my intelligence tester:
Q: Explain to me why manhole covers are round.
To this I have had a wide range of answers. Here are the best:
A: Manhole covers are round because they need to be round to cover the round hole.
A: They are round because that is what shape the holes are. (Same as above)
A: Manhole covers are round because the government requires them to be round.
A: Manhole covers are round?
Of course, the answers are pretty logical:
A: They are round because the round cover will not fall into a round hole. In addition, round covers require less material (steel) than square ones. Round covers fit regardless of how you turn them. A worker's body fits best into a round hole. The pipe system that they go into is also round thereby being easier to connect than a square hole.
Drop me a line or message this post with your favorite interview questions. I should note, I only ask the silly questions of jerks and arrogant SOBs.
Wednesday, October 19, 2005
DeWitt Crossing Passes Planning Commission
Last night we took the DeWitt Crossing project before the Waynesboro planning commission for a recommendation for rezoning and preliminary plat approval. It passed 5-2 for rezoning and 6-1 for preliminary plat approval.
Our next step is to get final approval from the City Council.
Last night was interesting to say the least. It was described to me by one gentleman as the toughest planning commission meeting he has seen in 20 years. Of course, most of these types of meetings I have been to before are unpredictable.
Here is what happened:
As soon as the agenda item was described by the City Planner, a commissioner made a motion to deny the request. I had to hold on to my seat to avoid jumping up and asking on what grounds. The commissioner said during his remarks that the corridor needed to be studied more before commercial development should be approved.
This came as a complete shock to me and most of the others in the room for the following reasons:
This project is great for Waynesboro. I am building stormwater detention facilities which are far superior to those required by the code. The traffic improvements are being made by me. I am protecting the flood plain and the wetlands that are on the property.
I think many of the comments made against the project were from the lack of understanding about what the City has already planned for. It is easy to deny, based on emotions. But the facts support this project and luckily the majority of the commissioners agreed.
Our next step is to get final approval from the City Council.
Last night was interesting to say the least. It was described to me by one gentleman as the toughest planning commission meeting he has seen in 20 years. Of course, most of these types of meetings I have been to before are unpredictable.
Here is what happened:
As soon as the agenda item was described by the City Planner, a commissioner made a motion to deny the request. I had to hold on to my seat to avoid jumping up and asking on what grounds. The commissioner said during his remarks that the corridor needed to be studied more before commercial development should be approved.
This came as a complete shock to me and most of the others in the room for the following reasons:
- The comprehensive plan clearly calls for that area to be commercial.
- The City annexed that property from Augusta County for the sole purpose of increasing their tax base (commercial).
- VDOT built DeWitt Blvd expressly for the purpose of commercial development.
This project is great for Waynesboro. I am building stormwater detention facilities which are far superior to those required by the code. The traffic improvements are being made by me. I am protecting the flood plain and the wetlands that are on the property.
I think many of the comments made against the project were from the lack of understanding about what the City has already planned for. It is easy to deny, based on emotions. But the facts support this project and luckily the majority of the commissioners agreed.
Wednesday, October 12, 2005
Results from the Public Hearing
Last night was loads of fun at the public hearing for our DeWitt Crossing project. I didn't expect any real problems and luckily there weren't any.
We had a few property owners who needed clarification on how storm water management works. I am not sure if they understood it completely, but in a nutshell, we won't flood their properties. Properties that are flooding now, will continue to flood, but not because of our development.
Yesterday was alot of fun because I had two interviews with local TV stations. One was with WHSV-TV3 from Harrisonburg: here. The other was with Tamara Hinton with NBC 29 from Charlottesville. It is always fun to do interviews, but dangerous. If you say the wrong thing, they can easily take it out of context and get you into trouble.
Last night we were able to announce that Grand Home Furnishings was going to be our first builder. I am so happy to have Grand as a part of the project. They will build a 45,000 sq/ft showroom that will be a tremendous addition to the area. They are a perfect first step, since they are a regional company who is investing in Waynesboro.
My next step is to get a recommendation from the Waynesboro Planning Commission next week. I will give updates as they take place.
We had a few property owners who needed clarification on how storm water management works. I am not sure if they understood it completely, but in a nutshell, we won't flood their properties. Properties that are flooding now, will continue to flood, but not because of our development.
Yesterday was alot of fun because I had two interviews with local TV stations. One was with WHSV-TV3 from Harrisonburg: here. The other was with Tamara Hinton with NBC 29 from Charlottesville. It is always fun to do interviews, but dangerous. If you say the wrong thing, they can easily take it out of context and get you into trouble.
Last night we were able to announce that Grand Home Furnishings was going to be our first builder. I am so happy to have Grand as a part of the project. They will build a 45,000 sq/ft showroom that will be a tremendous addition to the area. They are a perfect first step, since they are a regional company who is investing in Waynesboro.
My next step is to get a recommendation from the Waynesboro Planning Commission next week. I will give updates as they take place.
Tuesday, October 11, 2005
Rezoning Public Hearing is Tonight
Tonight, we go before the Waynesboro City Council and the Planning Commission on the DeWitt Crossing Project. It has been a busy day.
We made the front page of the News Virginian and this afternoon, I was interviewed by TV-3 for the 6 O'Clock News. There is lots of interest in the project mainly because we are going before the city council.
I have prepared as best as I can for the meeting by organizing my notes and reviewing the precedents set down by the City in their comprehensive plan and zoning ordinances. Of course, I am not expecting opposition to the project, but I welcome the discussion none the less.
When people show up at a public hearing to rally against a rezoning, they are often at a disadvantage. Usually, by the time the public hearing is held, all the technical aspects of the project have been hashed out. They only have emotion to run on, which isn't really grounds for taking away a property owner's rights.
After this meeting, there are three additional meetings that will follow. One for just the planning commission, one for the city council to hear the planning commission recommendations, and one for the actual vote.
I will update the site with info on how things go through out the process. (Oh, the excitement!)
We made the front page of the News Virginian and this afternoon, I was interviewed by TV-3 for the 6 O'Clock News. There is lots of interest in the project mainly because we are going before the city council.
I have prepared as best as I can for the meeting by organizing my notes and reviewing the precedents set down by the City in their comprehensive plan and zoning ordinances. Of course, I am not expecting opposition to the project, but I welcome the discussion none the less.
When people show up at a public hearing to rally against a rezoning, they are often at a disadvantage. Usually, by the time the public hearing is held, all the technical aspects of the project have been hashed out. They only have emotion to run on, which isn't really grounds for taking away a property owner's rights.
After this meeting, there are three additional meetings that will follow. One for just the planning commission, one for the city council to hear the planning commission recommendations, and one for the actual vote.
I will update the site with info on how things go through out the process. (Oh, the excitement!)
Public Hearing On Rezoning
Tonight, we go before the Waynesboro City Council and the Planning Commission on the DeWitt Crossing Project. It has been a busy day.
We made the front page of the News Virginian and this afternoon, I was interviewed by TV-3 for the 6 O'Clock News. There is lots of interest in the project mainly because we are going before the city council.
I have prepared as best as I can for the meeting by organizing my notes and reviewing the precedents set down by the City in their comprehensive plan and zoning ordinances. Of course, I am not expecting opposition to the project, but I welcome the discussion none the less.
When people show up at a public hearing to rally against a rezoning, they are often at a disadvantage. Usually, by the time the public hearing is held, all the technical aspects of the project have been hashed out. They only have emotion to run on, which isn't really grounds for taking away a property owner's rights.
After this meeting, there are three additional meetings that will follow. One for just the planning commission, one for the city council to hear the planning commission recommendations, and one for the actual vote.
I will update the site with info on how things go through out the process. (Oh, the excitement!)
We made the front page of the News Virginian and this afternoon, I was interviewed by TV-3 for the 6 O'Clock News. There is lots of interest in the project mainly because we are going before the city council.
I have prepared as best as I can for the meeting by organizing my notes and reviewing the precedents set down by the City in their comprehensive plan and zoning ordinances. Of course, I am not expecting opposition to the project, but I welcome the discussion none the less.
When people show up at a public hearing to rally against a rezoning, they are often at a disadvantage. Usually, by the time the public hearing is held, all the technical aspects of the project have been hashed out. They only have emotion to run on, which isn't really grounds for taking away a property owner's rights.
After this meeting, there are three additional meetings that will follow. One for just the planning commission, one for the city council to hear the planning commission recommendations, and one for the actual vote.
I will update the site with info on how things go through out the process. (Oh, the excitement!)
Wednesday, October 05, 2005
Clarifying the "Customer is Always Right"
The phrase, "The Customer is Always Right" is wrong. That isn't to say that you should tell the customer is wrong, but instead you need to focus on the customer's expectations. The customer's expectations are always what the customer's expectations are. Your job is to meet and exceed those expectations.
For instance, we have clients who have projector rentals shipped to their homes. Since it is a residential delivery, we can't be certain what time it will take place. Following the customer is always right mode is wrong. Because, well they might be wrong. Instead, if the customer's expectations are set early on, then everything will work out fine.
Some businesses fail to communicate clearly with the customer. We have fallen into this trap too. But, if you set the expectations correctly, then the customer will adjust to what is possible.
I can say (luckily) that our customers are very understanding when things go wrong. We try to set their expectations as close to reality as possible then go to every possible step to make sure those expectations are met.
For instance, we have clients who have projector rentals shipped to their homes. Since it is a residential delivery, we can't be certain what time it will take place. Following the customer is always right mode is wrong. Because, well they might be wrong. Instead, if the customer's expectations are set early on, then everything will work out fine.
Some businesses fail to communicate clearly with the customer. We have fallen into this trap too. But, if you set the expectations correctly, then the customer will adjust to what is possible.
I can say (luckily) that our customers are very understanding when things go wrong. We try to set their expectations as close to reality as possible then go to every possible step to make sure those expectations are met.
Monday, October 03, 2005
DeWitt Crossing Project Underway
I can now report that the DeWitt Crossing Project is under way. This is a land development project in Waynesboro, Virginia. It consists of 33 acres of commercial property.
What I am doing is rezoning the property to General Business, constructing a bunch of roads with sidewalks, lights etc, and subdividing the property. The idea is to sell the lots to other businesses and investors who will then build on it.
It should be a great project. We already have one fantastic retailer who will build a 40,000+ showroom. They will be the anchor. I have spots available for a bank, some restaurants, additional retail and office space.
We will go before the Waynesboro City Council and Planning Commission on October 11th. My original plans were to get this before them back in July, but as things go, my time table is always too aggressive.
Right now, I plan to get through the rezoning process and have the road design done by the first of the year. That will then put me in a position to bond the road and sell a couple more lots. Road construction should be underway by early spring.
This will be a huge project for both me and the City of Waynesboro. Certainly the city will benefit through property and sales tax revenues. Ultimately, for me this is a breakout project. I have done a number of smaller projects (in terms of money, not acreage) and have been looking to move to a higher level.
I will make periodic updates on how things are going on the project. Eventually, I plan to post a separate blog at projecthayes.com.
What I am doing is rezoning the property to General Business, constructing a bunch of roads with sidewalks, lights etc, and subdividing the property. The idea is to sell the lots to other businesses and investors who will then build on it.
It should be a great project. We already have one fantastic retailer who will build a 40,000+ showroom. They will be the anchor. I have spots available for a bank, some restaurants, additional retail and office space.
We will go before the Waynesboro City Council and Planning Commission on October 11th. My original plans were to get this before them back in July, but as things go, my time table is always too aggressive.
Right now, I plan to get through the rezoning process and have the road design done by the first of the year. That will then put me in a position to bond the road and sell a couple more lots. Road construction should be underway by early spring.
This will be a huge project for both me and the City of Waynesboro. Certainly the city will benefit through property and sales tax revenues. Ultimately, for me this is a breakout project. I have done a number of smaller projects (in terms of money, not acreage) and have been looking to move to a higher level.
I will make periodic updates on how things are going on the project. Eventually, I plan to post a separate blog at projecthayes.com.
Monday, September 26, 2005
Adjusting the heading
I sat down with my staff last week and talked about operations and processes. Over the past 7 1/2 years, we have been providing pretty darn good service to our clients. However, over time things tend to drift.
I used the analogy that we are on a ship traveling in a straight line of 300 degrees. As time goes on, we tend to drift off of the 300 degrees. Just getting back to our original destination requires that we make a major adjustment. That is what is going on now. We are in the process of pulling every piece of rental equipment and treating it like it were a brand new unit. That means the case, foam, unit, etc. must be reworked.
Every now and then you need to clean the room and sweep where you don't normally sweep. Right now, we are sweeping quite a bit. After about a week of this, things should run smoother and we will start anew.
I used the analogy that we are on a ship traveling in a straight line of 300 degrees. As time goes on, we tend to drift off of the 300 degrees. Just getting back to our original destination requires that we make a major adjustment. That is what is going on now. We are in the process of pulling every piece of rental equipment and treating it like it were a brand new unit. That means the case, foam, unit, etc. must be reworked.
Every now and then you need to clean the room and sweep where you don't normally sweep. Right now, we are sweeping quite a bit. After about a week of this, things should run smoother and we will start anew.
Re-Building Basics in Operations
I sat down with my staff last week and talked about operations and processes. Over the past 7 1/2 years, we have been providing pretty darn good service to our clients. However, over time things tend to drift.
I used the analogy that we are on a ship traveling in a straight line of 300 degrees. As time goes on, we tend to drift off of the 300 degrees. Just getting back to our original destination requires that we make a major adjustment. That is what is going on now. We are in the process of pulling every piece of rental equipment and treating it like it were a brand new unit. That means the case, foam, unit, etc. must be reworked.
Every now and then you need to clean the room and sweep where you don't normally sweep. Right now, we are sweeping quite a bit. After about a week of this, things should run smoother and we will start anew.
I used the analogy that we are on a ship traveling in a straight line of 300 degrees. As time goes on, we tend to drift off of the 300 degrees. Just getting back to our original destination requires that we make a major adjustment. That is what is going on now. We are in the process of pulling every piece of rental equipment and treating it like it were a brand new unit. That means the case, foam, unit, etc. must be reworked.
Every now and then you need to clean the room and sweep where you don't normally sweep. Right now, we are sweeping quite a bit. After about a week of this, things should run smoother and we will start anew.
Wednesday, September 21, 2005
Finding Purpose in What You Do
Getting purpose out of your job is pretty important. If you do it, then you enjoy your job and life. Failure to find a purpose leaves you feeling empty and hollow.
Purpose is different for each person. For me, my purpose or true joy is in service to the clients. I know it sounds corny and lame, but it works. When I make a client feel valued and served, it gives me a sense of accomplishment.
Likewise, anything that diminishes that relationship drives me nuts. Ask Rick!
Serving the customer can also be in how we communicate, what systems we use, how things look or even what the price points are. I hate those companies that put you on hold for 20 minutes and continually tell you that they value your call. If they really valued my call, they would put enough people there to answer it.
Find a purpose and keep coming back to it for strength. Once you get it, it will work like a life jacket in your life. When everything else is crap, your purpose will lift you up.
(I feel like Dr. Phil!)
Purpose is different for each person. For me, my purpose or true joy is in service to the clients. I know it sounds corny and lame, but it works. When I make a client feel valued and served, it gives me a sense of accomplishment.
Likewise, anything that diminishes that relationship drives me nuts. Ask Rick!
Serving the customer can also be in how we communicate, what systems we use, how things look or even what the price points are. I hate those companies that put you on hold for 20 minutes and continually tell you that they value your call. If they really valued my call, they would put enough people there to answer it.
Find a purpose and keep coming back to it for strength. Once you get it, it will work like a life jacket in your life. When everything else is crap, your purpose will lift you up.
(I feel like Dr. Phil!)
Friday, September 16, 2005
Focusing On Marketing
I have been working on marketing more and more over the past month. Marketing can be a total pain in the neck because it never works out the way you expect it to.
For instance, we just ended a year long print ad with an industry magazine. I can honestly say it didn't bring in a single customer.
I have found that the best way to grow the business has been to focus on serving the needs of the clients you have. Serve them really well and everything else takes care of itself.
Our new ProjectorCare service is a little different. Since it is new, we don't have a long list of happy clients who will sing our praises. Although, the service is exactly like what we are already doing: providing equipment where it is needed when it is needed and supporting the people who use it. The only difference is who owns the equipment.
So my struggles now are in how to market this service in a way that works without breaking the bank. I do believe this will be our most successful venture though. There is just too much pain out there in IT departments playing the role of AV Librarians for it not to work.
For instance, we just ended a year long print ad with an industry magazine. I can honestly say it didn't bring in a single customer.
I have found that the best way to grow the business has been to focus on serving the needs of the clients you have. Serve them really well and everything else takes care of itself.
Our new ProjectorCare service is a little different. Since it is new, we don't have a long list of happy clients who will sing our praises. Although, the service is exactly like what we are already doing: providing equipment where it is needed when it is needed and supporting the people who use it. The only difference is who owns the equipment.
So my struggles now are in how to market this service in a way that works without breaking the bank. I do believe this will be our most successful venture though. There is just too much pain out there in IT departments playing the role of AV Librarians for it not to work.
Wednesday, September 14, 2005
New Service Is Up
Our new ProjectorCare service is now live on the Rentquick.com website.
ProjectorCare Service
I am excited about this service since it really doesn't exist anywhere else. The big problem for me has been how to explain the service in "Marketing Speak". If we were accountants, it would be easy to explain what we do since everyone knows what accounts do. Since this service is new to the industry, it is a little hard to get the point across.
Again, I welcome any comments on it and how we are presenting it.
ProjectorCare Service
I am excited about this service since it really doesn't exist anywhere else. The big problem for me has been how to explain the service in "Marketing Speak". If we were accountants, it would be easy to explain what we do since everyone knows what accounts do. Since this service is new to the industry, it is a little hard to get the point across.
Again, I welcome any comments on it and how we are presenting it.
Monday, September 12, 2005
It is hard to define a new service
Okay, I have been beating my head against the wall trying to define RentQuick's new service for our clients.
Here is what it is:
Our clients who own projectors and share them or move them around alot send their projectors to live with us. When they need one, they simply order it for where they want it. We charge a nominal fee for the tracking and support. In addition, we take care of the projector and check it out everytime it is used.
Pretty simple business concept right? Try explaining it in "MarketingSpeak"! It have been driving me crazy. So right now, I have a first shot up after a couple of weeks of procrastination and attempting to make it work out right.
I expect it to change alot over the next week or so.
Wish me luck.
Comments are welcome.
Here is what it is:
Our clients who own projectors and share them or move them around alot send their projectors to live with us. When they need one, they simply order it for where they want it. We charge a nominal fee for the tracking and support. In addition, we take care of the projector and check it out everytime it is used.
Pretty simple business concept right? Try explaining it in "MarketingSpeak"! It have been driving me crazy. So right now, I have a first shot up after a couple of weeks of procrastination and attempting to make it work out right.
I expect it to change alot over the next week or so.
Wish me luck.
Comments are welcome.
Wednesday, September 07, 2005
Empty Buildings and Rent
I currently have a nice, brand-new, 10,000 square foot building that is finally done and ready to rent. Originally, I was going to use this for the tent business, but that plan has changed. So how do I rent it out?
Experience tells me that using a realtor to find tenants is not the way to go. Why? It is a matter of economics. Realtors are set up to sell houses or land. They suck at renting things. A lease is much more complicated than a purchase contract. There are just too many variables. In addition, the landlord and tenant will need to work together for a number of years after the realtor has moved on. Having a middleman realtor doesn't help in the relationship building.
The do it yourself method works as follows:
1. Create color fliers with all the details and pricing.
2. Take a little time to make a webpage for the building.
3. For commercial rentals, the signage is the most important. Signs on the building are best.
4. Narrow your marketing to the Chamber of Commerce.
5. Call likely businesses and network your butt off.
So I am just getting started on this. I hope to have the webpage done in the next couple of days. The fliers and the signs are being printed now.
Experience tells me that using a realtor to find tenants is not the way to go. Why? It is a matter of economics. Realtors are set up to sell houses or land. They suck at renting things. A lease is much more complicated than a purchase contract. There are just too many variables. In addition, the landlord and tenant will need to work together for a number of years after the realtor has moved on. Having a middleman realtor doesn't help in the relationship building.
The do it yourself method works as follows:
1. Create color fliers with all the details and pricing.
2. Take a little time to make a webpage for the building.
3. For commercial rentals, the signage is the most important. Signs on the building are best.
4. Narrow your marketing to the Chamber of Commerce.
5. Call likely businesses and network your butt off.
So I am just getting started on this. I hope to have the webpage done in the next couple of days. The fliers and the signs are being printed now.
Thursday, September 01, 2005
On Trying to Rent a Building
I just met with a couple of gentlemen who are interested in buying my industrial building that we finally finished this past week. It is a tough one since I could find a renter and have the building free cash flow for me pretty easily. However, it makes sense to consider selling the property and moving on to something else.
Often times, I will flip properties quickly versus holding them long term. It really is a matter of cash flow. If the property is generating cash, then it makes sense to keep it and draw cash off. You can always sell it later.
However, the tough part is the beginning when the property is sitting empty and no cash is coming in. That is where I get nervous.
My next step is to put up lease signs and see what I can do with the property.
Often times, I will flip properties quickly versus holding them long term. It really is a matter of cash flow. If the property is generating cash, then it makes sense to keep it and draw cash off. You can always sell it later.
However, the tough part is the beginning when the property is sitting empty and no cash is coming in. That is where I get nervous.
My next step is to put up lease signs and see what I can do with the property.
Tuesday, August 30, 2005
Letting Go of Good Employees
There was a time when I would lose my temper when a good employee would quit to take another job. I would get angry, hurt and bitter as I took the change personally. I am here to say that I was wrong.
Over the past year I have lost two very good employees from RentQuick. The first was Jeff Fife. Jeff had been a very successful salesperson for me. He was loved by the customers and a very capable leader. He quit to be the Executive Director of the Waynesboro YMCA, a job he had longed for all his life. Jeff felt the draw to work with young people and it made sense for him to pursue his dream.
Although losing Jeff was a blow, the pain was immediately fixed by the introduction of Rick Burns. Rick is a rare find in that he knows the technology and is very good with the customers. He is experienced, intelligent and well-read. That adds up to another great employee.
Recently, (like yesterday), Steve LeRose has told me he is going to leave. In the past, I would try to talk him out of it, but now I am happy for him. Steve wants to go out on his own and purchase a franchise. I fully understand his thought process.
I am not worried about replacing Steve. As they say, when one door closes another opens.
Over the past year I have lost two very good employees from RentQuick. The first was Jeff Fife. Jeff had been a very successful salesperson for me. He was loved by the customers and a very capable leader. He quit to be the Executive Director of the Waynesboro YMCA, a job he had longed for all his life. Jeff felt the draw to work with young people and it made sense for him to pursue his dream.
Although losing Jeff was a blow, the pain was immediately fixed by the introduction of Rick Burns. Rick is a rare find in that he knows the technology and is very good with the customers. He is experienced, intelligent and well-read. That adds up to another great employee.
Recently, (like yesterday), Steve LeRose has told me he is going to leave. In the past, I would try to talk him out of it, but now I am happy for him. Steve wants to go out on his own and purchase a franchise. I fully understand his thought process.
I am not worried about replacing Steve. As they say, when one door closes another opens.
Thursday, August 25, 2005
The Little Road That Could
In 1999, I did my first real estate development project. The plan was simple, but different. I took 330 acres which were in a weird spot between the high density growth of Augusta County and the rural farms which cover the area. This land is rolling and steep in places.
Jamie and I had been looking for a place to build our home, but couldn't find any available land. It was either small or in a bad location or both. So we decided to buy the 330 acres and split it up into 17 lots ranging in size from 10 to 30 acres. To keep things that way, we put loads of restrictions on the property with the most important one being that no lot can be subdivided.
In order to access part of the property, I built a short road (about 3/4 mile). Of course, nothing is easy. To build the road, I needed to purchase a small right of way from the County School Board. They stuck me for $60,000 for a piece of land 50 feet by 130 feet.
The road construction went well. I had traded a lot to an engineer who's job it was to do all the engineering on the project. (Pay attention because this is where I made a mistake.) When the land was ready, I gave him his property although the road was not fully accepted into the state road system (did you see the screw-up?).
So here we are in 2005. The road has been built for some years now, but only now is it ready to be accepted into the system. Guess what happened? No, really guess! The guy who got 17 acres for his labor refuses to do his part to get the road accepted.
Needless to say, I will go ahead and cover the costs and figure out how to get him to pay it later. The problem is that I should have forseen this. (Here comes the life lesson.)
"Don't pay for things until things are done!"
Pretty simple huh? I have found that if you hold off on paying until everything is completely done, then everything seems to work out much better.
Anyway, the best part about the road is that I named it after my youngest son, Adin. He still gets a big kick out of having his name on a road.
Jamie and I had been looking for a place to build our home, but couldn't find any available land. It was either small or in a bad location or both. So we decided to buy the 330 acres and split it up into 17 lots ranging in size from 10 to 30 acres. To keep things that way, we put loads of restrictions on the property with the most important one being that no lot can be subdivided.
In order to access part of the property, I built a short road (about 3/4 mile). Of course, nothing is easy. To build the road, I needed to purchase a small right of way from the County School Board. They stuck me for $60,000 for a piece of land 50 feet by 130 feet.
The road construction went well. I had traded a lot to an engineer who's job it was to do all the engineering on the project. (Pay attention because this is where I made a mistake.) When the land was ready, I gave him his property although the road was not fully accepted into the state road system (did you see the screw-up?).
So here we are in 2005. The road has been built for some years now, but only now is it ready to be accepted into the system. Guess what happened? No, really guess! The guy who got 17 acres for his labor refuses to do his part to get the road accepted.
Needless to say, I will go ahead and cover the costs and figure out how to get him to pay it later. The problem is that I should have forseen this. (Here comes the life lesson.)
"Don't pay for things until things are done!"
Pretty simple huh? I have found that if you hold off on paying until everything is completely done, then everything seems to work out much better.
Anyway, the best part about the road is that I named it after my youngest son, Adin. He still gets a big kick out of having his name on a road.
Wednesday, August 24, 2005
New Updates to Newsletter
As it turns out, after running a newsletter for RentQuick for over 3 years, we have created a pretty large inventory of back stories. I just spent the day updating our online newsletter archive.
Newsletters seem so yesterday now that blogging has grown so much. However, for the meeting planner and trainer, these articles can have some value.
In other news, I am not calling for the United States to assinate Hugo Chavez. I believe if we are going to waste any time killing leaders off, I would prefer to see the guys behind the new Dukes of Hazard movie be the targets before some South American leader who just so happens to have lots of oil.
Newsletters seem so yesterday now that blogging has grown so much. However, for the meeting planner and trainer, these articles can have some value.
In other news, I am not calling for the United States to assinate Hugo Chavez. I believe if we are going to waste any time killing leaders off, I would prefer to see the guys behind the new Dukes of Hazard movie be the targets before some South American leader who just so happens to have lots of oil.
Friday, August 19, 2005
The Search for New Business Ideas
So my little brain has been working overtime on this whole concept of a new business. In my search, I have noticed something. The entire idea of making money entirely electronically (ie web based 100%) seems to have a bad rap.
Yes, there are some firms out there doing it. Yes, this is nothing new. Yes, I could have been in on the ponzai schemes of the mid-Nineties. (Don't give me any of your crap sonny-boy, I bought Yahoo! on the day of the IPO for $19.)
What I am talking about is real business plans that make real money without needing un-goddly amounts of startup capital. I believe the net has moved to the level that it is now possible to do this without the huge venture-to-IPO plan for funding. I think we are at a point where the business can be funded by a single person (me) and cash flow. I know what you are saying: There is now way a little guy can compete against the net monsters. You would be correct.
I am not talking about competing against the monsters. I am talking about narrow markets with clear economic benefits from a particular service.
I will try to spend a good bit of time over the next few weeks explaining how all of this works and what idea I ultimately go after.
Stay tuned.
Yes, there are some firms out there doing it. Yes, this is nothing new. Yes, I could have been in on the ponzai schemes of the mid-Nineties. (Don't give me any of your crap sonny-boy, I bought Yahoo! on the day of the IPO for $19.)
What I am talking about is real business plans that make real money without needing un-goddly amounts of startup capital. I believe the net has moved to the level that it is now possible to do this without the huge venture-to-IPO plan for funding. I think we are at a point where the business can be funded by a single person (me) and cash flow. I know what you are saying: There is now way a little guy can compete against the net monsters. You would be correct.
I am not talking about competing against the monsters. I am talking about narrow markets with clear economic benefits from a particular service.
I will try to spend a good bit of time over the next few weeks explaining how all of this works and what idea I ultimately go after.
Stay tuned.
Wednesday, August 17, 2005
Gutsy Exchange Student
I spent this morning getting our new exchange student, Leslie, registered at her high school. Leslie just arrived from Barraux France this week. She is 16 years old and has never flown on an airplane before. Obviously, she has never been this far from home either.
I cannot help but be amazed at the courage this young lady has shown. Imagine when you were 16. Imagine leaving all your family, friends, and home and traveling around the world where you know absolutely no one. Where they speak a different language and where you are living with a strange new family in a strange new place.
As I said, I am simply amazed and impressed by her courage. If we all were that brave, imagine how much better our lives would be.
I cannot help but be amazed at the courage this young lady has shown. Imagine when you were 16. Imagine leaving all your family, friends, and home and traveling around the world where you know absolutely no one. Where they speak a different language and where you are living with a strange new family in a strange new place.
As I said, I am simply amazed and impressed by her courage. If we all were that brave, imagine how much better our lives would be.
Tuesday, August 16, 2005
Entrepreneur Rantings Not in Top 500
This just in: Feedster has released it's top 500 blogs and I am not in it. This is in keeping with my goal of not being in any top 500 lists. For years, I have succeeded at avoiding the Fortune 500 list. Of course, my success in staying off the S&P 500 is well unknown. You may not believe it, but I have managed to stay out of the Forbes 100 riches people list, but only with some serious accounting magic.
Unfortunately, it looks like my list avoiding has failed in one respect. The People Magazine 100 Sexiest Men Alive list is adding me in around #36, right after Richard Pryor (#35) and just before Howie Mandell(#37).
Unfortunately, it looks like my list avoiding has failed in one respect. The People Magazine 100 Sexiest Men Alive list is adding me in around #36, right after Richard Pryor (#35) and just before Howie Mandell(#37).
Monday, August 15, 2005
Sorting Online Business Ideas
I like lists. Lists help me organize complex data. After I work to create a nice, neat list, I feel fulfilled and complete. Call it my comfort food.
Here is my list of major network based businesses:
1. Content--write content and sell advertising or sell the content directly.
2. Data--gather data and sell access to it or gather data, give away access and sell advertising on the traffic.
3. Computation--Write a nice program that computes information for people who are willing to pay for it. A nice example is click fraud tracking.
4. Matching--match buyers and sellers. This is a well known model such as Ebay, Monster and Match.com. Link exchange servers are a great example.
5. E-Commerse--See stuff online. Nuff said!
6. Services delivered online--Search Engine Optimization (SEO) is a good example. Essentially, you are charging for an hourly service, but delivering it online.
Of the major online marketing opportunities, these are the...well... major ones. In a totally different list is the mobile network list and the 5th wave stuff. Everything I am talking about today has been around since 1996. The main difference is that before people were trying to build a business to go public, whereas I am trying to build a business to make friggin money.
Now that I have happily submitted another post, I will go drink my shiraz as a reward.
G'night ya'll.
Here is my list of major network based businesses:
1. Content--write content and sell advertising or sell the content directly.
2. Data--gather data and sell access to it or gather data, give away access and sell advertising on the traffic.
3. Computation--Write a nice program that computes information for people who are willing to pay for it. A nice example is click fraud tracking.
4. Matching--match buyers and sellers. This is a well known model such as Ebay, Monster and Match.com. Link exchange servers are a great example.
5. E-Commerse--See stuff online. Nuff said!
6. Services delivered online--Search Engine Optimization (SEO) is a good example. Essentially, you are charging for an hourly service, but delivering it online.
Of the major online marketing opportunities, these are the...well... major ones. In a totally different list is the mobile network list and the 5th wave stuff. Everything I am talking about today has been around since 1996. The main difference is that before people were trying to build a business to go public, whereas I am trying to build a business to make friggin money.
Now that I have happily submitted another post, I will go drink my shiraz as a reward.
G'night ya'll.
Focus on Search Engines
During the past year, I have been attempting to get better exposure through the web. As you can imagine, this is a pretty open field where there are plenty of snake oil salesmen out there for a quick buck.
However, here is what I have found:
1. Google Ad Words is the only pay-per-click program that works for me. All the others, while sometimes cheaper, just don't have the breadth of users.
2. Back-links are difficult to build, but are extremely important in getting organic searches.
3. Ultimately, you must provide good information on your site in order to generate traffic. Crappy info or search engine tricks just don't hold water.
4. All the web traffic in the world won't help if you have a lousy offering. Your service and product must be top shelf.
5. Simple is still king. Making your site heavy with loads of graphics, flashing ads, and blinking text does absolutely nothing.
6. Finally, put a sitemap on your site. This is the best way to get the server crawlers to find their way around your site. Google offers a sitemap generator.
7. If you are really serious about web marketing, check out MarketingSherpa. They have plenty of great articles based not on opinion but instead on actual studies.
Later--Brett
However, here is what I have found:
1. Google Ad Words is the only pay-per-click program that works for me. All the others, while sometimes cheaper, just don't have the breadth of users.
2. Back-links are difficult to build, but are extremely important in getting organic searches.
3. Ultimately, you must provide good information on your site in order to generate traffic. Crappy info or search engine tricks just don't hold water.
4. All the web traffic in the world won't help if you have a lousy offering. Your service and product must be top shelf.
5. Simple is still king. Making your site heavy with loads of graphics, flashing ads, and blinking text does absolutely nothing.
6. Finally, put a sitemap on your site. This is the best way to get the server crawlers to find their way around your site. Google offers a sitemap generator.
7. If you are really serious about web marketing, check out MarketingSherpa. They have plenty of great articles based not on opinion but instead on actual studies.
Later--Brett
Saturday, August 13, 2005
Summer Sucks
Okay, this is a tough one for me to write. Since my last post, there have been some pretty major changes in my business. I won't go into it now, but it brings to mind the real reason why I went into business in the first place.
When tough times hit, I like to regroup and focus on why I am doing what I do. Do I do it for the money? To some extent, yes. For instance, if I weren't making any money, would I continue? The answer is no, so therefore money is a factor.
But money is not the only factor. There are some projects where I could have made more working for someone else. Certainly, the lifestyle of an entreprenuer fits into my choices. It is a pretty good lifestyle for a person who is independent. I create my own rules and in some cases, my own demise. But at the same time, I create my own future. When I look at where I am at in my life, I smile. (See, I am a sensitive guy!)
Okay, so money and lifestyle are factors. Is there anything else? I would say that purpose is the next big factor. I like having a purpose or better yet, solving a problem. For instance, how happy could I be if I just traded stocks everyday. I wouldn't really solve anything or create anything. Instead, it would be the typical day trading where I plop down money and hope to rake more than I plop. That certainly meets the first two factors: money and lifestyle. But it leaves out purpose.
I would never be happy being a day-trader simply because I would not have a sense of purpose in what I was doing.
So there you have it, all neat and summed up for your consumption. Money, lifestyle and purpose. I am sure there are more factors, but those are the three that I can spell withou much help.
Till later,
Brett
When tough times hit, I like to regroup and focus on why I am doing what I do. Do I do it for the money? To some extent, yes. For instance, if I weren't making any money, would I continue? The answer is no, so therefore money is a factor.
But money is not the only factor. There are some projects where I could have made more working for someone else. Certainly, the lifestyle of an entreprenuer fits into my choices. It is a pretty good lifestyle for a person who is independent. I create my own rules and in some cases, my own demise. But at the same time, I create my own future. When I look at where I am at in my life, I smile. (See, I am a sensitive guy!)
Okay, so money and lifestyle are factors. Is there anything else? I would say that purpose is the next big factor. I like having a purpose or better yet, solving a problem. For instance, how happy could I be if I just traded stocks everyday. I wouldn't really solve anything or create anything. Instead, it would be the typical day trading where I plop down money and hope to rake more than I plop. That certainly meets the first two factors: money and lifestyle. But it leaves out purpose.
I would never be happy being a day-trader simply because I would not have a sense of purpose in what I was doing.
So there you have it, all neat and summed up for your consumption. Money, lifestyle and purpose. I am sure there are more factors, but those are the three that I can spell withou much help.
Till later,
Brett
Wednesday, July 06, 2005
Creating Five-Star Service Just Like Hotels
Two of my three businesses are service businesses. We are in the business of renting equipment, but it is the service that our clients buy. Over the holiday weekend, I took my family for a short trip to Chicago. I love Chicago.
My favorite thing about going to the city is the service. We stayed at the Four Seasons, which is pretty affordable on holiday weekends. The service in these hotels is amazing. By service, I mean the way people treat you and how they respond to your requests with a simple "of course" or "I would be happy to do that".
We were enjoying the swimming pool and being a coffee adict, I needed to find a cup of coffee. Since I didn't know my way around, I asked the young lady at the desk leading to the spa. Instead of giving me directions on where I could get coffee, she simply said, "I will bring some out for you. Do you require cream or sugar?" In a few minutes she arrived with two coffees and a little cup of cream. Only later did I find out that in order to get that coffee, she stopped everything she was doing and trotted (they never run at the Four Seasons) down to the cafe to get the coffee.
Of course, when you stay at a nice hotel like the Four Seasons, you expect that sort of service. It is unquestioning, polite and effortless. The amazing part is that the hotel finds people who are willing to go that extra step. Does this mean they only hire from the top end of the spectrum? No, not really. I doubt that people who work there make much more than their counterparts in other hotels.
These employees seem to recognize that they benefit by serving. The very act of service to others is their payment. They take a quiet pride in making their guests happy. That in turn creates a very loyal following and of course builds a successful company.
So how do I, a little rental company guy, bring that type of service to my clients. Right off the bat, you may say that trying to bring a four-star resort service attitude to a rental company is unrealistic. But I have this thing about trying to reach and do things that cannot be done. So here it goes:
First, service must begin with the management. In this case, Me. I need to clearly set service as the main goal of the company. We are not in the business of renting things, we are in the business of serving our clients.
Secondly, there are some things which can be integrated into the system such as thank you cards and follow up calls which we do now. We can also go the extra mile to provide the "surprise" service such as the cookies and milk in the afternoon which was brought up by some friggin elf. I am not certain what the surprise element might be, but I guess that is part of the surprise. For my tent business it could be a bouquet of flowers. For RentQuick, we already include a tootie-pop with each projector. (I know, we are showing how much we suck.)
Third, in order to keep track of what our clients want we need to fully use our CRM software. Things such as customer likes, dislikes and requests need to be documented. In this case, I am not talking about marketing info like birthdays, but instead, I want to gather information for the sole purpose of serving the client better.
Finally, we need a way to truly measure how we are doing in the service to our clients. For years, we have included a simple survey in every rental. But to take that a step further, we should do exit interviews with our clients to make sure we are covering all the bases.
Although some people would say that high-end service like that of luxury hotels is expensive to create for the masses, I like to think that service in and of itself is a reward and it is far better to over serve and lose money in the short term than to underserve and lose money in the long term.
(P.S. Thanks to all those who said they are reading the posts. )
My favorite thing about going to the city is the service. We stayed at the Four Seasons, which is pretty affordable on holiday weekends. The service in these hotels is amazing. By service, I mean the way people treat you and how they respond to your requests with a simple "of course" or "I would be happy to do that".
We were enjoying the swimming pool and being a coffee adict, I needed to find a cup of coffee. Since I didn't know my way around, I asked the young lady at the desk leading to the spa. Instead of giving me directions on where I could get coffee, she simply said, "I will bring some out for you. Do you require cream or sugar?" In a few minutes she arrived with two coffees and a little cup of cream. Only later did I find out that in order to get that coffee, she stopped everything she was doing and trotted (they never run at the Four Seasons) down to the cafe to get the coffee.
Of course, when you stay at a nice hotel like the Four Seasons, you expect that sort of service. It is unquestioning, polite and effortless. The amazing part is that the hotel finds people who are willing to go that extra step. Does this mean they only hire from the top end of the spectrum? No, not really. I doubt that people who work there make much more than their counterparts in other hotels.
These employees seem to recognize that they benefit by serving. The very act of service to others is their payment. They take a quiet pride in making their guests happy. That in turn creates a very loyal following and of course builds a successful company.
So how do I, a little rental company guy, bring that type of service to my clients. Right off the bat, you may say that trying to bring a four-star resort service attitude to a rental company is unrealistic. But I have this thing about trying to reach and do things that cannot be done. So here it goes:
First, service must begin with the management. In this case, Me. I need to clearly set service as the main goal of the company. We are not in the business of renting things, we are in the business of serving our clients.
Secondly, there are some things which can be integrated into the system such as thank you cards and follow up calls which we do now. We can also go the extra mile to provide the "surprise" service such as the cookies and milk in the afternoon which was brought up by some friggin elf. I am not certain what the surprise element might be, but I guess that is part of the surprise. For my tent business it could be a bouquet of flowers. For RentQuick, we already include a tootie-pop with each projector. (I know, we are showing how much we suck.)
Third, in order to keep track of what our clients want we need to fully use our CRM software. Things such as customer likes, dislikes and requests need to be documented. In this case, I am not talking about marketing info like birthdays, but instead, I want to gather information for the sole purpose of serving the client better.
Finally, we need a way to truly measure how we are doing in the service to our clients. For years, we have included a simple survey in every rental. But to take that a step further, we should do exit interviews with our clients to make sure we are covering all the bases.
Although some people would say that high-end service like that of luxury hotels is expensive to create for the masses, I like to think that service in and of itself is a reward and it is far better to over serve and lose money in the short term than to underserve and lose money in the long term.
(P.S. Thanks to all those who said they are reading the posts. )
Monday, June 27, 2005
A Cry For Help
You know, sometimes I wonder if anyone is actually reading any of this stuff I am putting out. I wander around my day-to-day existence and try to find new and exciting business related crap to write about. I tell myself I will impress my reader(s) to the point that they will actually comment on one of my posts.
But then I realize that while I would enjoy bettering someone's business with my insights and commentary, it isn't necessary. Instead, I realized, that the blog in it's own right is a form of journal/diary writing with a twist of exhibisionism. We all want to be noticed. Usually we aren't but we are all crying out for someone to "look at me". See I am special because of this thought or that deed.
This all hit me this past week. I had a great meeting with the Waynesboro City Planner and his staff about my new real estate project Dewitt Crossing. After the meeting, I went across the street to a Chinese Restuarant to get a buffet to go. I paid the nice girl and carried my little styrofoam box to the buffet line. There I was met my this lady who was clearly choking.
She jumped up and down and pointed at her throat. I asked the obvious: Are you choking? The nodd was yes. So I set my little box down and turned her around and perfomed the Himleck manuever. She then spit out a chunk of meat. I helped her sit down, asked her if she was okay, then went back to the buffet line.
Now, in the normal superhero fantasy, the hero gets pats on the back and a standing ovation from all the other people in the restaurant. The next day the newspaper carries a front page story about how local guy saves lady's life.
Of course none of that happened.
In reality, I didn't help her for the admiration of my fellow citizens. The fact that no one noticed or acknowledged my efforts doesn't take away from the deed.
My little moral to the story is that you do things that are right so you can sleep at night. Trying to go through life looking for acknowledgment is a losing proposition. Do what you think is right and you will be fine. Leave the fame to someone else.
This is the same for the blog. I don't write this blog in order to get some sort of recognition. There will be some good that comes from this. Of that I am sure. But it is likely that I will never know where it helped, and that is okay. I write for my own sense of self and not as a cry for help.
But then I realize that while I would enjoy bettering someone's business with my insights and commentary, it isn't necessary. Instead, I realized, that the blog in it's own right is a form of journal/diary writing with a twist of exhibisionism. We all want to be noticed. Usually we aren't but we are all crying out for someone to "look at me". See I am special because of this thought or that deed.
This all hit me this past week. I had a great meeting with the Waynesboro City Planner and his staff about my new real estate project Dewitt Crossing. After the meeting, I went across the street to a Chinese Restuarant to get a buffet to go. I paid the nice girl and carried my little styrofoam box to the buffet line. There I was met my this lady who was clearly choking.
She jumped up and down and pointed at her throat. I asked the obvious: Are you choking? The nodd was yes. So I set my little box down and turned her around and perfomed the Himleck manuever. She then spit out a chunk of meat. I helped her sit down, asked her if she was okay, then went back to the buffet line.
Now, in the normal superhero fantasy, the hero gets pats on the back and a standing ovation from all the other people in the restaurant. The next day the newspaper carries a front page story about how local guy saves lady's life.
Of course none of that happened.
In reality, I didn't help her for the admiration of my fellow citizens. The fact that no one noticed or acknowledged my efforts doesn't take away from the deed.
My little moral to the story is that you do things that are right so you can sleep at night. Trying to go through life looking for acknowledgment is a losing proposition. Do what you think is right and you will be fine. Leave the fame to someone else.
This is the same for the blog. I don't write this blog in order to get some sort of recognition. There will be some good that comes from this. Of that I am sure. But it is likely that I will never know where it helped, and that is okay. I write for my own sense of self and not as a cry for help.
Getting through June
June, as you can imagine is the toughest month for special event rentals. We have weddings and graduations which taken together put a pretty tough strain on our resources. It also brings out failings in leadership and management.
This June, I had some trouble with my management staff in Tents and Events. Let me start by saying that these are good guys, but their methods and processes are lacking when stressed. Leadership is more than looking like a leader, having the power office, or telling people what to do.
Leadership is an overused term that the business gurus have grabbed and thrown on the cover of books by the dozens. "Patton on Leadership" "Leadership" "Shakespeare on Leadership" (Friggin Shakespeare?) "Leadership 101: What Every Leader Should Know", "The Leadership Challenge" etc. etc. etc.
Holy Crap! This leadership thing is way overboard. Why? Because everything you need to know about leadership can be summed up in a short list of things to do:
1. Give a specific task to a specific person to be done at a specific time. Then follow up.
2. Be accountable for everything that you or your people do or leave undone.
3. Plan what your people are to do before they ask you what you want done.
4. Never let your people down. Never let them let you down.
5. Don't lie.
That's it. Do these five things and you will be a better leader than most of the members of congress. Do these five things and you will outperform your fellow managers and executives.
There I said it. I know more than all the business gurus. Well, maybe I do and maybe I don't. However, I am not trying to sell a book, so there is no reason to expand on the simple list. I don't need to fill 200 pages in order to get a hardback book deal. (Although I will if someone pays me to.)
The point is this: Leadership is not some complex subject. It is all about being that stand-up guy who gets the job done not matter what. You know the type. This is the boss who is focused, organized, believes is the people who work for him, and is honest with himself and others.
This leader doesn't have to be an astronaut or congressman. It might be the heavy set guy who runs a road crew. It might be the 20 year old kid who runs the late shift at the burger joint. It might be a single mom who manages a real estate firm.
Don't you just love it when I get all touchy-feely?
This June, I had some trouble with my management staff in Tents and Events. Let me start by saying that these are good guys, but their methods and processes are lacking when stressed. Leadership is more than looking like a leader, having the power office, or telling people what to do.
Leadership is an overused term that the business gurus have grabbed and thrown on the cover of books by the dozens. "Patton on Leadership" "Leadership" "Shakespeare on Leadership" (Friggin Shakespeare?) "Leadership 101: What Every Leader Should Know", "The Leadership Challenge" etc. etc. etc.
Holy Crap! This leadership thing is way overboard. Why? Because everything you need to know about leadership can be summed up in a short list of things to do:
1. Give a specific task to a specific person to be done at a specific time. Then follow up.
2. Be accountable for everything that you or your people do or leave undone.
3. Plan what your people are to do before they ask you what you want done.
4. Never let your people down. Never let them let you down.
5. Don't lie.
That's it. Do these five things and you will be a better leader than most of the members of congress. Do these five things and you will outperform your fellow managers and executives.
There I said it. I know more than all the business gurus. Well, maybe I do and maybe I don't. However, I am not trying to sell a book, so there is no reason to expand on the simple list. I don't need to fill 200 pages in order to get a hardback book deal. (Although I will if someone pays me to.)
The point is this: Leadership is not some complex subject. It is all about being that stand-up guy who gets the job done not matter what. You know the type. This is the boss who is focused, organized, believes is the people who work for him, and is honest with himself and others.
This leader doesn't have to be an astronaut or congressman. It might be the heavy set guy who runs a road crew. It might be the 20 year old kid who runs the late shift at the burger joint. It might be a single mom who manages a real estate firm.
Don't you just love it when I get all touchy-feely?
Monday, June 06, 2005
Finally, I can see the light
What a busy month. May was by far the busiest we have been in a while. Not only did we have to settle into the new building for Tents and Events, but we had a record month for Tents as well. That meant working on the warehouse in between serving the customers.
Luckily, we have good crews. We are still separating the wheat from the chaff, though. Last week at the Shenandoah Harley Davidson dealership's grand opening, we had a guy walk off the job. Someone had asked him to move a tent that he hadn't even set up yet and he just quit. I guess the only way to truly find out what someone is made of is to put that kind of intense, overwhelming pressure on them and see if they crack. (That is a smart ass comment!)
On the Hayes Investments side, we have met the deadline and submitted the Master Plan for Dewitt Crossing. (Check www. projecthayes.com later this week to see it.) This development is going to be fantastic. We are going to make it very pedestrian friendly as well as control the signage and building designs.
Finally, on Rentquick.com we are having a great month with plenty of new activity. I did stop the search engine optimization program. In my experience, it looks like the pay per click program is far better in terms of ROI.
I will try to update the blog more often. Later for now.
Luckily, we have good crews. We are still separating the wheat from the chaff, though. Last week at the Shenandoah Harley Davidson dealership's grand opening, we had a guy walk off the job. Someone had asked him to move a tent that he hadn't even set up yet and he just quit. I guess the only way to truly find out what someone is made of is to put that kind of intense, overwhelming pressure on them and see if they crack. (That is a smart ass comment!)
On the Hayes Investments side, we have met the deadline and submitted the Master Plan for Dewitt Crossing. (Check www. projecthayes.com later this week to see it.) This development is going to be fantastic. We are going to make it very pedestrian friendly as well as control the signage and building designs.
Finally, on Rentquick.com we are having a great month with plenty of new activity. I did stop the search engine optimization program. In my experience, it looks like the pay per click program is far better in terms of ROI.
I will try to update the blog more often. Later for now.
Wednesday, May 18, 2005
Getting "Buy In"
As my companies grow, I am finding that leading depends greatly depending upon who you are leading. My experience in the Marine Corps should help in this area, and it does to some extent. However, in the Marines, you generally are dealing with willing and motivated individuals. Marines are not paid very much, so it isn't the pay. While they have little choice in what unit or job they are in, they tend to go about their work with a certain gusto that is sometimes lacking in the civilian world.
The main difference between Marines and civilians is "buy-in". It has a lot to do with the training. Many people believe that Marines are trained to blindly obey orders. That is not really the case. In fact, when orders are unlawful, the Marines are encouraged to disobey. The big difference between Marines and civilians is that Marines know and recognize leadership. They are more willing to follow because they have better faith that their leaders are going to look out for them.
In my own experience, getting "buy-in" or agreement to a plan is far more difficult in the civilian world. To civilians, disagreeing with their leaders seems to be a positive trait. Of course, civilians can always quit their job if they truly don't believe in their leadership. Marines have no such option.
I have found that the only way to get agreement and buy-in in a civilian setting is to first establish that the leader is capable of leadership. Once people have faith in your ability to lead (by lead, I mean make the right decisions at the right time to achieve the right result), then they are far more willing to "buy-in" to your plans. Without faith in your leadership first, your plans fall on deaf ears and your decisions are always questioned.
Before anyone starts to call me an autocratic power monger, remember that my goals are all based upon the singular principal of serving the needs of the customer. My plans that I try to get buy-in over generally have to do with details that affect the customer's relationship with my companies.
Oh yeah, for all of those out there who stereotype Marine leadership as a mixture of yelling and screaming, you should visit a Marine base and watch some of the finest leaders care for, worry over and guide their young Marines through the most difficult days of their lives. Yelling and screaming is limited to the movies and bootcamp.
The main difference between Marines and civilians is "buy-in". It has a lot to do with the training. Many people believe that Marines are trained to blindly obey orders. That is not really the case. In fact, when orders are unlawful, the Marines are encouraged to disobey. The big difference between Marines and civilians is that Marines know and recognize leadership. They are more willing to follow because they have better faith that their leaders are going to look out for them.
In my own experience, getting "buy-in" or agreement to a plan is far more difficult in the civilian world. To civilians, disagreeing with their leaders seems to be a positive trait. Of course, civilians can always quit their job if they truly don't believe in their leadership. Marines have no such option.
I have found that the only way to get agreement and buy-in in a civilian setting is to first establish that the leader is capable of leadership. Once people have faith in your ability to lead (by lead, I mean make the right decisions at the right time to achieve the right result), then they are far more willing to "buy-in" to your plans. Without faith in your leadership first, your plans fall on deaf ears and your decisions are always questioned.
Before anyone starts to call me an autocratic power monger, remember that my goals are all based upon the singular principal of serving the needs of the customer. My plans that I try to get buy-in over generally have to do with details that affect the customer's relationship with my companies.
Oh yeah, for all of those out there who stereotype Marine leadership as a mixture of yelling and screaming, you should visit a Marine base and watch some of the finest leaders care for, worry over and guide their young Marines through the most difficult days of their lives. Yelling and screaming is limited to the movies and bootcamp.
Monday, May 09, 2005
The Unknown
In any business, the real stress comes from the unknown. We spend a great deal of time planning, scheming, studying and measuring in order to try to eliminate uncertainty, but the truth is that no one can be 100% sure of what is going to happen.
Will this make money? Will we cover our costs? Will there be sales in the next month? All of these things are the basis of my stress. If the future was certain, then business would be easy.
Take RentQuick for instance. Our main business is in renting audio visual equipment to people who then use the equipment for meetings. I cannot be certain how many meetings will take place in a given month. Nor can I be sure of how many people will actually rent their equipment from me. Every month is somewhat of a surprise.
Yes, I can look at what we did the year before. I can look at what we did the month before. I can see what that particular customer has done on average over time, but none of these things are accurate predictors of the future.
Business people try to make themselves believe that they have some control over their sales. When in fact, they have very little control over sales. The only person with the control over whether or not we get business is the customer. The customer may choose to buy their equipment, they might cancel the meeting, or they might hold the meeting in a field using pine cones instead of projectors. None of these things are under my control. I lie to myself every day and say that I have control over what the future revenues will be. Somewhere in the back of my mind, I am scared to death that the phone won't ring.
Anyone in business would lie if they said they weren't concerned about sales. When sales are bad, then you worry. When sales are good, you worry. In fact, I worry more when sales are great because it means I am investing more money into equipment and people in hopes that sales stay good.
Everything I do is easy compared to generating revenue. Revenue generation is by far the most difficult function business must undertake. Oh, and don't look to to consultants or ad sales reps to give you the answers. They are both in the business of selling something, however, neither has the magic wand that will make your business grow.
Ultimately, you must have faith. Not the religious faith. But instead faith that if you treat each client with respect and serve their needs as best as you can, they will be back. You must believe that by treating the customer with utmost respect that they will not only purchase from you again, but that they will encourage others to do the same.
Will this make money? Will we cover our costs? Will there be sales in the next month? All of these things are the basis of my stress. If the future was certain, then business would be easy.
Take RentQuick for instance. Our main business is in renting audio visual equipment to people who then use the equipment for meetings. I cannot be certain how many meetings will take place in a given month. Nor can I be sure of how many people will actually rent their equipment from me. Every month is somewhat of a surprise.
Yes, I can look at what we did the year before. I can look at what we did the month before. I can see what that particular customer has done on average over time, but none of these things are accurate predictors of the future.
Business people try to make themselves believe that they have some control over their sales. When in fact, they have very little control over sales. The only person with the control over whether or not we get business is the customer. The customer may choose to buy their equipment, they might cancel the meeting, or they might hold the meeting in a field using pine cones instead of projectors. None of these things are under my control. I lie to myself every day and say that I have control over what the future revenues will be. Somewhere in the back of my mind, I am scared to death that the phone won't ring.
Anyone in business would lie if they said they weren't concerned about sales. When sales are bad, then you worry. When sales are good, you worry. In fact, I worry more when sales are great because it means I am investing more money into equipment and people in hopes that sales stay good.
Everything I do is easy compared to generating revenue. Revenue generation is by far the most difficult function business must undertake. Oh, and don't look to to consultants or ad sales reps to give you the answers. They are both in the business of selling something, however, neither has the magic wand that will make your business grow.
Ultimately, you must have faith. Not the religious faith. But instead faith that if you treat each client with respect and serve their needs as best as you can, they will be back. You must believe that by treating the customer with utmost respect that they will not only purchase from you again, but that they will encourage others to do the same.
Monday, April 25, 2005
Shopping at Costco
Anyone who is in business observes other businesses. Sometimes people who are not in the business of business question the reasoning behind someone like me, who if you didn't know is in the business of business.
My lovely wife Jamie, who clearly is in the business of not-being-in-business, questioned my questioning of the Costco employee whose job it is to mark my receipt with a black magic marker.
If you have ever been to a Costco, you know that to enter you must show your little plastic Costco membership card. Although this is a little picky, I understand the concept.
My problem when it comes time to leave the store. As you exit a Costco, there is a line of shoppers waiting patiently to have their receipt marked by an employee. This person uses a black magic marker to put a vertical mark on the receipt, but never takes the time to count items, check prices or add it all up.
This past weekend, Jamie, the boys and I went shopping at Costco. After running around the store in our usual pattern, it was agreed that we had found all the things we couldn't live without for that trip and made our way to the checkout counter. (I found a cool little remote control airplane that John, Adin and I took home and immediately crashed into the house.)
After the usual exchange of credit cards, we headed out of the store only to stand in line at the exit awaiting this little lady and her magic marker. As we stood in line, my brain had nothing else to do, so it pondered what the hell was the point.
Of course, you could say it was for security. They want to make sure I had paid for all the junk I had just paid for. However, the Costco employee didn't even read the receipt. She just marked it with her little black marker and moved on to the next person.
Since my brain has the interesting habit of engaging my mouth pre-emptively, I had to ask her what she was doing. All I got in response was a silent pointing to a sign. So my brain engaged my eyes to read the sign.
According to the sign, she was checking my receipt for my protection. The point was to ensure I had not overpaid for anything. This is completely amazing! To think that this little lady with the magic marker has all the SKUs and prices in her head!
I stood there for a moment and began to engage her in further discussion on the uselessness of her position, but was cut short by my wife, Jamie, telling me to drop it and get moving. This caused further discussion with myself and the shopping cart as I made my way across the parking lot, but none of that conversation is worth repeating.
My big issue with Big Box Stores is they can't be honest. The point of the lady at the door is an anti-theft deterrent. We all know that shoplifting is a huge line item for these retailers. Why won't they just give her a gun and call her a security guard instead of a magic marker (which doesn't have any real magical abilities)?
My lovely wife Jamie, who clearly is in the business of not-being-in-business, questioned my questioning of the Costco employee whose job it is to mark my receipt with a black magic marker.
If you have ever been to a Costco, you know that to enter you must show your little plastic Costco membership card. Although this is a little picky, I understand the concept.
My problem when it comes time to leave the store. As you exit a Costco, there is a line of shoppers waiting patiently to have their receipt marked by an employee. This person uses a black magic marker to put a vertical mark on the receipt, but never takes the time to count items, check prices or add it all up.
This past weekend, Jamie, the boys and I went shopping at Costco. After running around the store in our usual pattern, it was agreed that we had found all the things we couldn't live without for that trip and made our way to the checkout counter. (I found a cool little remote control airplane that John, Adin and I took home and immediately crashed into the house.)
After the usual exchange of credit cards, we headed out of the store only to stand in line at the exit awaiting this little lady and her magic marker. As we stood in line, my brain had nothing else to do, so it pondered what the hell was the point.
Of course, you could say it was for security. They want to make sure I had paid for all the junk I had just paid for. However, the Costco employee didn't even read the receipt. She just marked it with her little black marker and moved on to the next person.
Since my brain has the interesting habit of engaging my mouth pre-emptively, I had to ask her what she was doing. All I got in response was a silent pointing to a sign. So my brain engaged my eyes to read the sign.
According to the sign, she was checking my receipt for my protection. The point was to ensure I had not overpaid for anything. This is completely amazing! To think that this little lady with the magic marker has all the SKUs and prices in her head!
I stood there for a moment and began to engage her in further discussion on the uselessness of her position, but was cut short by my wife, Jamie, telling me to drop it and get moving. This caused further discussion with myself and the shopping cart as I made my way across the parking lot, but none of that conversation is worth repeating.
My big issue with Big Box Stores is they can't be honest. The point of the lady at the door is an anti-theft deterrent. We all know that shoplifting is a huge line item for these retailers. Why won't they just give her a gun and call her a security guard instead of a magic marker (which doesn't have any real magical abilities)?
Thursday, April 21, 2005
Tents Growth
Over the past few months, I have been making some serious investments in my Tents and Events company. Here is just the short list:
1. Bought out the major competitor in the Charlottesville market.
2. Changed the layout on Hayes Investment's first industrial building from a rental investment to a Tents and Events facility.
3. Purchased about $300,000 in new rental inventory.
4. Invested in a dishwasher. (I don't even wash the dishes at home.)
5. Bought another truck. This one is a 20' box with a lift gate.
6. Hired an additional operations manager and two new installers.
7. Invested in a custom party rental order entry system with asset tracking.
8. Reworked all of our brochures and graphics.
9. Rebuilt the website.
Here is where we are. For the month of May, we will do more revenue than we did the entire year 2004. But that isn't enough. Once I get everything in place and organized, it is then time to push the pedal to the floor.
So many small businesses never make this last step. They invest, hire, train, and manage, but they never build the brand.
Your brand is nothing more than what people have experienced with you in the past and what they expect to experience with you in the future. Since this is a new company, I need to establish the brand via advertising.
Now, I am not talking about running a little 1/8 page ad on sundays and maybe some late-night television. I am doing a full-court-press. We are spending a huge amount of money to be everywhere someone looks for a period of about 6 weeks. Instead of doing a little at a time, we want to be everywhere for a short period, then back off to do maintenance.
Of course, I will be testing this in my smallest market to preserve my budget. The exciting thing is the buzz we will create. This includes print, radio, TV, and heavy PR.
I will keep you informed.
Brett
1. Bought out the major competitor in the Charlottesville market.
2. Changed the layout on Hayes Investment's first industrial building from a rental investment to a Tents and Events facility.
3. Purchased about $300,000 in new rental inventory.
4. Invested in a dishwasher. (I don't even wash the dishes at home.)
5. Bought another truck. This one is a 20' box with a lift gate.
6. Hired an additional operations manager and two new installers.
7. Invested in a custom party rental order entry system with asset tracking.
8. Reworked all of our brochures and graphics.
9. Rebuilt the website.
Here is where we are. For the month of May, we will do more revenue than we did the entire year 2004. But that isn't enough. Once I get everything in place and organized, it is then time to push the pedal to the floor.
So many small businesses never make this last step. They invest, hire, train, and manage, but they never build the brand.
Your brand is nothing more than what people have experienced with you in the past and what they expect to experience with you in the future. Since this is a new company, I need to establish the brand via advertising.
Now, I am not talking about running a little 1/8 page ad on sundays and maybe some late-night television. I am doing a full-court-press. We are spending a huge amount of money to be everywhere someone looks for a period of about 6 weeks. Instead of doing a little at a time, we want to be everywhere for a short period, then back off to do maintenance.
Of course, I will be testing this in my smallest market to preserve my budget. The exciting thing is the buzz we will create. This includes print, radio, TV, and heavy PR.
I will keep you informed.
Brett
Monday, April 11, 2005
On buying a vehicle
I just spent the morning negotiating with a car dealer on a new, gas guzzling, SUV for my lovely wife Jamie. This should be a happy occasion. One that is not unlike the birth of a child or your favorite team in the playoffs. But thanks to sales people being "sales people" and car dealers stuck in the negotiation stage, it is more exhausting than it should be.
Jamie and I began our new car search about a month ago. We had previously had a Chevy Tahoe which was nice, but lacked some of the more modern features such as a brain sucking dvd player and the all important heated seats. (I have a cold butt!)
We looked at the Consumer Reports info. We tested a few vehicles. We don't call a Tahoe a car, it is a vehicle, just like in the Marines where a gun is called a weapon. After reading and test driving, we ended up with the Toyota Sequoia which is ironic since the Sequoia is a tree and this "vehicle" does have a single piece of wood in it, not even the wood-grain interior is wood. So in this case, Sequoia which is probably a native word for "Big Tree" is changed to "Big Metal and Plastic SUV".
So we showed up with all of our data taken from the net. We had options, MSRP, dealer invoice, blue book trade in, black book, interest rates and brochures. We knew exactly what our price was, what the trade in was, and what we wanted to buy.
When we arrive, our salesperson: Mary Margaret (this turned out to be her first sale and she had only started last week) took our trade-in keys and got to work making us wait. When it was said and done, we spent 2.5 hours to buy a "vehicle". We argued, discussed, ran number, countered, discussed some more, threatened to leave, and finally talked with the new car sales manager (which I thought meant he too was new to the job, but as it turns out, he was in charge of selling new cars).
In the end, we got what we wanted at our target price. Here are a few lessons learned:
Jamie and I began our new car search about a month ago. We had previously had a Chevy Tahoe which was nice, but lacked some of the more modern features such as a brain sucking dvd player and the all important heated seats. (I have a cold butt!)
We looked at the Consumer Reports info. We tested a few vehicles. We don't call a Tahoe a car, it is a vehicle, just like in the Marines where a gun is called a weapon. After reading and test driving, we ended up with the Toyota Sequoia which is ironic since the Sequoia is a tree and this "vehicle" does have a single piece of wood in it, not even the wood-grain interior is wood. So in this case, Sequoia which is probably a native word for "Big Tree" is changed to "Big Metal and Plastic SUV".
So we showed up with all of our data taken from the net. We had options, MSRP, dealer invoice, blue book trade in, black book, interest rates and brochures. We knew exactly what our price was, what the trade in was, and what we wanted to buy.
When we arrive, our salesperson: Mary Margaret (this turned out to be her first sale and she had only started last week) took our trade-in keys and got to work making us wait. When it was said and done, we spent 2.5 hours to buy a "vehicle". We argued, discussed, ran number, countered, discussed some more, threatened to leave, and finally talked with the new car sales manager (which I thought meant he too was new to the job, but as it turns out, he was in charge of selling new cars).
In the end, we got what we wanted at our target price. Here are a few lessons learned:
- Always know your numbers before you enter the store. Know the dealer invoice, the trade in value, any and all specials and what interest rate you will pay.
- In knowing your numbers, it is assumed you know the vehicle and package you want to buy. Don't settle for what is on the lot. These guys can get a vehicle from another dealer easily.
- Double and triple check their numbers. On today's adventure, the dealer kept changing their numbers and I would have paid $3,000 more if I had not checked.
- Before you sign anything, check the numbers again. The final sales agreement supersedes everything else.
- Negotiate the new car price before they see your trade-in. Lock down the best you can on the new car, then talk the trade.
- Finally, be willing to walk away from a bad deal.
I like to think of buying a new car as training for all the other negotiations I must do in my business. If you can't negotiate with a car dealer, then you shouldn't be in high-stakes business. You will lose your shirt.
Wednesday, April 06, 2005
Been Too Long
Okay, sorry for the long time since my last post. The past couple of weeks have been nuts.
Here are the updates:
On the RentQuick.com side, we are finding success in the Google tests. Thus far, we are getting around 2.5% conversion rate. That is above the industry average, but below our target of 5%.
Getting to a 5% conversion is possible, although difficult. I will let you know when that happens.
On the Hayes Investments side, we have finalized the sale of our parcel in Fishersville. It will be the site of a hotel during the next couple of years.
We have also finalized the contract for 33 acres in Waynesboro, VA. This will be a commercial park with spaces for mid-box stand-alone stores. It will be a pretty large project, so I expect tons of activity. That reminds me: it is time to update the projecthayes.com site.
On the Tents and Events side, we are finally done with implementing our new software. Rentmaster is designed for rental companies (no kidding!) and works pretty well. We are doing a ton of mods to it, but it should work pretty well.
I still am trying to find my "voice" on this blog. To be honest, thus far, I don't know if it has any value or readership. I welcome any comments on direction. Somewhere in my head is valuable information that is worth the reader's time.
Here are the updates:
On the RentQuick.com side, we are finding success in the Google tests. Thus far, we are getting around 2.5% conversion rate. That is above the industry average, but below our target of 5%.
Getting to a 5% conversion is possible, although difficult. I will let you know when that happens.
On the Hayes Investments side, we have finalized the sale of our parcel in Fishersville. It will be the site of a hotel during the next couple of years.
We have also finalized the contract for 33 acres in Waynesboro, VA. This will be a commercial park with spaces for mid-box stand-alone stores. It will be a pretty large project, so I expect tons of activity. That reminds me: it is time to update the projecthayes.com site.
On the Tents and Events side, we are finally done with implementing our new software. Rentmaster is designed for rental companies (no kidding!) and works pretty well. We are doing a ton of mods to it, but it should work pretty well.
I still am trying to find my "voice" on this blog. To be honest, thus far, I don't know if it has any value or readership. I welcome any comments on direction. Somewhere in my head is valuable information that is worth the reader's time.
Friday, March 25, 2005
Working with General Contractors
So we are moving along on the new industrial building. Although this is a steel building, it has taken 9 months to get to the point of moving in. Granted, that 9 months include 6 months of trying to get the site plan done. This project hasn't been completely terrible, but it should not have taken so long to get to this point. Here are my lessons learned:
- When hiring a general contractor, be sure to put penalty/rewards based upon an agreed upon schedule.
- Don't let a subcontractor set the pace for the entire project. In our case, it was the surveyor/engineer that held the project up for so long. When it was apparent that they were not making the changes in a timely manner, my general contract should have fired him and found someone else.
- Be sure your general contractor has a specific timeline for when things will happen. This includes ordering and delivery of parts, timing for subs to start and finish, timing for payments, etc.
- Don't let the general contractor set the slower pace. Push push push!
- Don't be afraid to make changes as the job progresses. However, at the same time, be a tough negotiator on the change order price. This is where most contractors make their profit. They screw you on the changes.
- Ask questions and learn how things are going together. If something looks messed up, tell them to fix it.
- Finally, visit the jobsite every other day at least. Call your general contractor daily in the morning and ask what the plan is for the day to be sure they keep you at the top of the list.
I know this sounds like a "how-to" article, but I figure if I don't give some real content, no one will ever read the blog.
By the way, we have just gotten all our brochures in from the printer (printingforless.com). They did a great job. I would highly recommend them. Just be sure to talk to them about how the colors will be when printed. That is the hardest part in printing.
On another update, the new Hayes Investments commercial project is moving along fine. We are still in the negotiation stage. I expect to have signed contracts early next week. I will tell you all about the project then.
Tuesday, March 15, 2005
The Long Wait
After I place a contract on some new property, there is the invariable long wait. This can be a period of self doubt, nervousness and general angst. I have had people come up to me and mention that so and so is going to buy the very same property I was looking at. Then you start to notice all the bad things about the property. Maybe you drive by it one time too many and begin to ask yourself what in the world you are doing.
The worst part is the attorneys. They are never in a rush to get anything done. For instance, I have been waiting for better than two weeks on this contract right now. In fact, I am begining to wonder if they forgot about me. To make matters worse, most real estate agents aren't in much hurry either.
I spoke to one guy in Staunton last week about a building he has for sale. Actually, the building I called him about three months ago, just sold but he never returned my call. Now, I am trying to get a bit of info on the next building and this guy still hasn't called me back. Maybe he died or something.
I can never get over the fact that most people are in business to avoid doing business.
Meanwhile, the long wait continues.
The worst part is the attorneys. They are never in a rush to get anything done. For instance, I have been waiting for better than two weeks on this contract right now. In fact, I am begining to wonder if they forgot about me. To make matters worse, most real estate agents aren't in much hurry either.
I spoke to one guy in Staunton last week about a building he has for sale. Actually, the building I called him about three months ago, just sold but he never returned my call. Now, I am trying to get a bit of info on the next building and this guy still hasn't called me back. Maybe he died or something.
I can never get over the fact that most people are in business to avoid doing business.
Meanwhile, the long wait continues.
Monday, March 14, 2005
Rare Rantings
I am in the middle of several projects today which are all moving in the right direction. This is a big switch. Normally, I would get one thing going forward but something else would slip backward.
The new industrial building is under roof. This may seem like a simple task, but it has taken my builder 9 months to get to this point. If I can offer any words of wisdom it would be this: Always put a completion date with penalties for going over.
My new real estate project is moving along nicely. I am buying a tract of land which is very reasonably priced with the intention of rezoning it and developing a high-end office park. Everything looks good and I should have some parts of the land pre-sold before I even buy the property. In addition, I have added an option to buy an additional tract across the street.
Back at RentQuick, my google tests are working well. There is nothing worse than offering what you think is a great price/product then getting absolutely no response from the market. Luckily, this is not the case on this test. We have seen a better response on this test than any others to date. The secret is go rediculously low with a great product. Everyone will rush to it. Then slowly raise it up until the response slows.
Tents and Events has recieved the new truck. This baby is 20' long and sports a lift gate. (Soooo sexy!). Now all I need to do is get the graphics done for it. I can't think of a better advertising medium than a big, new truck. If you ever buy a new truck, put lots of money in the graphics. It pays off big time.
As with all my businesses, the big thing I am looking for is a predictable return on investment. Google gives you a great place to test market messages and wording, but ultimately, you will only succeed if you offer a compelling and worthwhile product or service at a competitive rate. No kidding!
The new industrial building is under roof. This may seem like a simple task, but it has taken my builder 9 months to get to this point. If I can offer any words of wisdom it would be this: Always put a completion date with penalties for going over.
My new real estate project is moving along nicely. I am buying a tract of land which is very reasonably priced with the intention of rezoning it and developing a high-end office park. Everything looks good and I should have some parts of the land pre-sold before I even buy the property. In addition, I have added an option to buy an additional tract across the street.
Back at RentQuick, my google tests are working well. There is nothing worse than offering what you think is a great price/product then getting absolutely no response from the market. Luckily, this is not the case on this test. We have seen a better response on this test than any others to date. The secret is go rediculously low with a great product. Everyone will rush to it. Then slowly raise it up until the response slows.
Tents and Events has recieved the new truck. This baby is 20' long and sports a lift gate. (Soooo sexy!). Now all I need to do is get the graphics done for it. I can't think of a better advertising medium than a big, new truck. If you ever buy a new truck, put lots of money in the graphics. It pays off big time.
As with all my businesses, the big thing I am looking for is a predictable return on investment. Google gives you a great place to test market messages and wording, but ultimately, you will only succeed if you offer a compelling and worthwhile product or service at a competitive rate. No kidding!
Friday, March 11, 2005
Trying New Ideas
Right now we are chugging along. Tents and Events is growing quickly, although the new building is not yet finished and we are in danger of losing our warehouse where we are renting.
Rentquick is going fine, but not as good as I would like to see. I have been toying with the price/volume mix and am thinking about running a test on our google advertising. I am thinking that I should try to run our best projector at $99/day and see how the market responds. I give it the weekend to run some more numbers. The real risk is that if I were to do this, we could see revenue drop quickly with no increase in profits. I will just have to test it first.
Hayes Investments is still in the process of selling off some of our commercial property and getting ready for a new project. I have my eye on some 33 acres in Waynesboro, but still have yet to get a reply to my offer. Hopefully, this will work out. I haven't given up on buying an old downtown building in Staunton, but I doubt that I will. I have little experience in redevelopment and don't feel like being risky.
I will try to talk more about the business issues in coming days and find my voice for this blog.
Take care.
Rentquick is going fine, but not as good as I would like to see. I have been toying with the price/volume mix and am thinking about running a test on our google advertising. I am thinking that I should try to run our best projector at $99/day and see how the market responds. I give it the weekend to run some more numbers. The real risk is that if I were to do this, we could see revenue drop quickly with no increase in profits. I will just have to test it first.
Hayes Investments is still in the process of selling off some of our commercial property and getting ready for a new project. I have my eye on some 33 acres in Waynesboro, but still have yet to get a reply to my offer. Hopefully, this will work out. I haven't given up on buying an old downtown building in Staunton, but I doubt that I will. I have little experience in redevelopment and don't feel like being risky.
I will try to talk more about the business issues in coming days and find my voice for this blog.
Take care.
Wednesday, March 02, 2005
Working on brochures
Today, I am suffering through brochure creation. This is a royal pain simply because I haven't taken the time to really put down what I want to say before I get to work. I should have spent a day writing it all out on paper before trying to create the brochure. Oh well. It is starting to take shape.
We are also in the usual spring growth stage. We are hearing from our regular customers and it is great to see them return. If you want to feel good about what is going on in your company, simply look at the repeat business you get.
By the way, I think I hurt myself sledding yesterday with my kids. I went over a jump on my stomach. Not smart.
We are also in the usual spring growth stage. We are hearing from our regular customers and it is great to see them return. If you want to feel good about what is going on in your company, simply look at the repeat business you get.
By the way, I think I hurt myself sledding yesterday with my kids. I went over a jump on my stomach. Not smart.
Tuesday, March 01, 2005
Back from Jackson Hole, WY
I am just returning from my trip to Jackson Hole, Wyoming. What a cool place. I was attending the Steep and Deep skiing camp which is put on my the Jackson Hole Ski Resort. To be honest, this was some of the best skiing of my life. I really enjoyed it and learned quite a bit.
Today I returned to the office and found a pile of bills and work to catch up on. While I was gone, we received our new 200 pipe and drape booths for Tents and Events. This is exciting to me (Yeah, sick huh?) since this is a whole new arena for us. Interestingly, we are already using them a good bit.
A big part of what I do is create marketing materials for the company. Right now, I am way behind in my work. I need to create a whole set of slicks for Tents and Events, a new page for the walkie talkie sets, the RentQuick March newsletter and about five other things. Since I have so much work, it made sence to go home for lunch and go sledding with my boys.
Back to work...
Today I returned to the office and found a pile of bills and work to catch up on. While I was gone, we received our new 200 pipe and drape booths for Tents and Events. This is exciting to me (Yeah, sick huh?) since this is a whole new arena for us. Interestingly, we are already using them a good bit.
A big part of what I do is create marketing materials for the company. Right now, I am way behind in my work. I need to create a whole set of slicks for Tents and Events, a new page for the walkie talkie sets, the RentQuick March newsletter and about five other things. Since I have so much work, it made sence to go home for lunch and go sledding with my boys.
Back to work...
Monday, February 21, 2005
Introduction
This blog will at times cover any number of subjects. Of course, they should all be business related, but I cannot guarantee that. Nor can I guarantee that they will all be interesting. In fact, what is interesting to me, may be completely boring to you. Especially if you are an attractive female.
I consider myself to be a "Professional Entreprenuer" which is another word for someone owns and operates small and medium businesses for profit and fun. Currently, I own three businesses: RentQuick.com, Tents and Events, and Hayes Investments.
Over the next few weeks, I will attempt to discuss what I have done and what I am doing in my businesses.
In this blog, you are likely to hear me ramble on about business startups, banking, finance, marketing, etc. I will attempt to keep these discussions short and to the point, but I do reserve the right to make it funny and sometimes very silly.
Now that I am done with the introduction, I must go catch a plane to Jackson Hole!
I consider myself to be a "Professional Entreprenuer" which is another word for someone owns and operates small and medium businesses for profit and fun. Currently, I own three businesses: RentQuick.com, Tents and Events, and Hayes Investments.
Over the next few weeks, I will attempt to discuss what I have done and what I am doing in my businesses.
In this blog, you are likely to hear me ramble on about business startups, banking, finance, marketing, etc. I will attempt to keep these discussions short and to the point, but I do reserve the right to make it funny and sometimes very silly.
Now that I am done with the introduction, I must go catch a plane to Jackson Hole!
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