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Rebuilding Ideas from the 11-19 BSC Rebuilding Business Nationwide Online Forum
Sharing the Wisdom
Robert Allen, President and CEO of Texas Economic Development Corporation, had a lot to say about Texas but also shared his insights on EDCs in other states. As we plan for 2021, we need to know what is happening in our state and those in our region or where we have competitors.
(FYI: EDC basics that might be relevant to your business. Also check out: https://www.thetaxadviser.com/issues/2018/oct/economic-development-corporations.html and https://en.wikipedia.org/wiki/Economic_development_corporation)
Ask these questions of your EDC:
- What are they doing and how can I piggy-back on what they are doing for my state and my area?
- Are they missing something that they should be doing?
Find your own answers and take action for 2021 and beyond:
- Get involved
- Be an advocate for what's missing
- Be an ambassador for your state
Customers as Competitors
During the Mentor Zone part of the Forum, we talked about this issue. I wanted to share my ideas and those from Forum attendees.
How to think about it and what to do:
• Flattery: others think you have the magic key to success.
• Take them to court: defend yourself.
• Do nothing: complain about it.
Each action has pros and cons:
• Flattery: Enjoy feeling good but keep moving. If you keep upping your game, competitors will not catch up. It's called hypercompetition and it works if you keep it up. Also, remember, no one can really copy you and no customer can be stolen unless they want to be.
• Court: costly unless you win...and you might! It means having contracts and NDAs (Non-Disclosure Agreements) that you enforce and trade secrets that you protect vigilantly. At least get your business or Intellectual Property lawyer involved in each of these.
• No action: if complaining leads to improvement — and sometimes you have to let it out, then it can be good. If nothing else, it warns others about not doing business with that customer turned competitor.
For these and other rebuilding ideas, check out this recording and transcript (available until Dec. 10) https://bit.ly/BSCRebuildBIZ11-19-2020
For more rebuilding business ideas, come to the Forum, Thursdays, noon-1 Central to learn and share your expertise. Use this link: https://bit.ly/BSCRebuildBizForum
Coming in December
• Cheryl Jones, Simply the Best Results, will advise us on dealing with procrastination on December 3.
• David Turpin, Pileus Group, on financial decisions to start or add a business on December 10.
• Reuben Swartz, Mimiran, on sales proposals on December 17 (last Forum this year, resumes on 1/7/21).