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ECONO!+MrICGARDENING Edward Lowe Foundation
<br />pressing; and decisions become
<br />increasingly complex and no longer
<br />intuitive. In addition, reporting systems
<br />no longer provide good information,
<br />and founders Feel they're no longer able
<br />to lead every aspect of the business.
<br />To help entrepreneurs resolve
<br />growing pains, economic -gardening
<br />organizations employ a variety of
<br />techniques. These tall into two broad
<br />categories: decision making and
<br />information.
<br />Making better decisions
<br />Entrepreneurs. need help with
<br />strategy; identifying what they're good
<br />at and finding a sustainable competitive
<br />advantage.
<br />They also need to shift their
<br />leadership role its the coLnp:rny gr[axvs,
<br />build a strong management team, create
<br />a clear vision, and then communicate it
<br />consistently
<br />This is where temperament tools
<br />can help. Understanding tempexarr1es;t
<br />(personality preferences, such as
<br />eNtroversion and introversion or how
<br />people process information), can help
<br />entrepreneurs recruit high-performance
<br />teams that balance their own inherent
<br />strengths and to luaesses. Being
<br />aware of temperament can also ensure
<br />employees :ire in positions that unable
<br />there to play to their strengths.
<br />Sophisticated information
<br />Economic -gardening specialists can
<br />also provide valuable information by
<br />using business -intelligence tools that
<br />smaller or younger companies either
<br />can't afford or don't know about. For
<br />example_
<br />+ Sophisticated datallases can identi[y
<br />market trends, potential parLn rs or
<br />canapetirors and unloiown resources
<br />often buried deep inside industry
<br />information.
<br />i Geographic information systems
<br />can track customer expenditure
<br />psychograplucs and demographics and
<br />then create color -shaded, density maps
<br />that profile customers 01 show gaps in
<br />market coverage,.
<br />• Search engine optimization tools can
<br />L:aise visibility in search engine results
<br />find increase traffic on wuebsites.
<br />Social media monitoring applications
<br />can track websites, blogs and online
<br />communities to spec 'AST people are
<br />saying about companies and products
<br />and reveal important market
<br />Ln flue.ncer&
<br />"Yet it's unptrrttnt to note that these
<br />tools aren't a panacea to entrepreneurs'
<br />problems," Lange says,
<br />Businesses arc biological entities,
<br />where there is constant flux due to
<br />employees, customers, markets and
<br />economic conditions, he explains.
<br />Applying mechanical rules (where the
<br />satrit process always yields the same
<br />output) won't work_ Instead, economic -
<br />gardening specialists leverage those
<br />tools to .find new ideas and approaches.
<br />"What's more, economic -gardening
<br />tools are constantly changing," Lange
<br />adds. "The ones generating taday *s.
<br />breakthroughs will becorne either
<br />updated or outdated quickly."
<br />The tools and techniques d.escribcd
<br />here highlight the "one-Lo.one"
<br />approach in economic gardening and
<br />set the stage for an ongoing relationship
<br />between a support organization and
<br />individual cotnpa r ies.
<br />.Another important aspect of
<br />economic gardeniIng is connectivity (il
<br />"one -to -crony" approach), which uses
<br />peer -to -peer networks, precognition
<br />e seats, just -in -time ovorkshops and
<br />discussion groups to attract growth
<br />entreprencu, and sere their
<br />immediate, pressing need.
<br />'Activities like these are critical to
<br />launching and maintaining an overall
<br />economic -gardening strategy," says
<br />Lange. "Thev nurture the culture and
<br />connectivity that is to important to
<br />growing regional economies."
<br />kin,, Roae;: about ebe Edipar iLoa?
<br />1791radriia.EeroJa, rulkit whom. a l:uarrilaa+ :ag or rail
<br />800-232-r 693.
<br />Working with entrepreneurs
<br />The need for speed
<br />EEconomic -gardening specialists
<br />function much like are
<br />outsour-ced team of experts.Their
<br />goal is not to dictate or mplement
<br />solutions, but to help CEOs identify
<br />issues that might be hindering
<br />growth — and point them to
<br />new tools, business concepts
<br />and information to make better
<br />decisions.
<br />"Economic gardening is about
<br />appty'ng just -in -time, high -end
<br />expertise ratherthan counseling,"
<br />says Steve Quell°, founder of CEO
<br />Nexus in Winter Park, Fla., and
<br />an economic -gardening expert,
<br />.'Entrepreneurs know more about
<br />their companies than anyone else.
<br />Give there a better view of the
<br />big picture, and they can make
<br />adjustments themselves"
<br />_oat
<br />One challenge is getting up to
<br />speed with entrepreneurs,
<br />During initial meetings,
<br />considerable time is spent
<br />discussing an entrepreneur's
<br />background, company structure,
<br />goals and growth issues,Then, as
<br />economic -gardening specialists learn
<br />more about each company. they
<br />become more efficient at delivering
<br />actionable inaor-rnation.It's a hack -
<br />and -forth, ongoing relationship.
<br />To gain trust and truly make
<br />a difference, economic -gardening
<br />organizations must act like the
<br />entrepreneurs they serve.
<br />"'That means being nimble and
<br />nonbureaua-atic," Quello explains,
<br />'"Entrepreneurs need answers
<br />in hours or days, not weeks c'r
<br />morrths"
<br />
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