As the end of 2009 fast approaches, a common activity for a lot of small business owners is to try and finalise as much business as possible, before taking a well earned rest over the festive season.
Unfortunately, what subsequently tends to occur as a consequence of all of this end of year “busyness” is that the opportunity to refresh the working environment for the coming year tends to be overlooked, and the potential for significant productivity improvement in the following year, are missed.
Often, the perceived need to finalise as much business as possible before the festive season kicks in is not driven by client/customer expectations, but more from business owners wanting to keep their staff productive, right up until the holiday break.
I would suggest that any internal capacity not directly needed to be applied to finalising business where commitments have been given or expectations raised, should at the tail end of the year, be devoted to an internal clean up of the working environment, in preparation for a clean start to 2010.
A range of tasks including;
a) Removal and disposal of all unused, obsolete, surplus to needs, damaged or otherwise unnecessary items from the work place environment,
b) Re-organising, remodelling, streamlining, and any other actions to improve physical filing and storage systems for physical documents and office supplies,
c) Reviewing existing office, work station, furniture and equipment layouts which have been in place for some time, to determine if the layouts remain optimal for the work currently being performed,
d) A thorough clean of all of the areas that cleaners never get to because of furniture and equipment placement, height limitations of their equipment, and difficult access or access restrictions,
e) Attending to finalising all database updates, queries, revisions, deletions, annual calendar year report production, and other such actions to ensure pristine database records and improved functionality, for the start of the coming year.
f) Identifying areas where touch up painting, minor repairs, lighting upgrades, carpet/tile replacement and the like can be quickly attended to before the festive season,
g) Replacing all half dead, or well past their used by date, indoor plants with better and more suitable indoor plants, to help improve internal air quality and general workplace ambience,
h) Ensuring that all IT equipment, related backup systems, and virus protection programs are fully functional, and actually meet all current needs in terms of ongoing suitability and reliability, and
i) Checking that all fire protection systems, security systems, disaster recovery systems and the like are performing as expected, and as appropriate, for the holiday season and that the listed contact people and their contact details are actually current,
will ensure that staff are productively active, and effectively contributing towards a clean start in 2010, during what is traditionally regarded as the end of year wind down period.
If such a range of end of year activities is not part of your normal business operations, you stand a very good chance of being pleasantly surprised, as to how much more productive than normal, January/February 2010 will be for your business if you follow the above suggestions.
When was the last time your business conducted such a comprehensive list of end of year activities?
How often have you during the holiday break, been unable to relax and wind down, because of concerns that arise in your head after you have shut down the business for the break?
What effect do you think a tired work environment has on the productivity of your staff?
About Me
- Daniel Watson
- Melbourne, Victoria, Australia
- Born in the mid 1950's and raised in a very small country town situated in Northern Victoria. Resident of Melbourne since 1980 and happy to stay living in one of the world's most liveable cities. You can view my professional profile at http://www.linkedin/in/danielwatson
Showing posts with label business tips. Show all posts
Showing posts with label business tips. Show all posts
Wednesday, December 9, 2009
Wednesday, November 18, 2009
Rewards; Gold Mine or Minefield?
Rewards, to facilitate ongoing performance or to effect change in the company’s culture, are not generally used effectively, or often enough, by many otherwise astute, business owners.
Too often, consultants observe the wrong behaviours being rewarded by business owners, resulting in unintended consequences which can, and often do, derail well thought out business plans and lead to serious financial issues.
In business, rewards are generally allocated for the purposes of developing people and influencing changes in their behaviour to prepare them for alternative or higher level roles, or for effecting required organisational changes and improving overall company financial performance.
At an individual level, rewards encourage people to learn, prompt the taking of necessary steps for personal growth, facilitate the desire to make greater contributions to the company’s well being, entice the desire to lead others and leverage off their success, and flame the passion in those who aspire to top leadership roles.
At a company level, rewards encourage the development of the required company culture, promote teamwork throughout the company, shift the performance focus to the achievement of specific financial outcomes, and display how serious the company is in respect to compliance with ethical and governance norms.
Rewards can take many forms, some which are familiar to most business owners, and many which may not be so familiar for one reason or another. Common rewards include;
a) a simple thank you
b) quiet words of encouragement
c) transfer to chosen area or location
d) promotion to a new position
e) better shift or roster allocation
f) paid day(s) off
g) preferred holiday dates
h) tickets to special events
i) discounts on company products/services
j) cash bonuses
k) trips at company expense
l) company shares or options
m) company expense account
n) child care/education allowances
o) company car
Used well, and with careful attention to ensuring that any reward offered is actually rewarding the right behaviour(s) to deliver the specific outcome the business wishes to achieve, rewards can turn any business into a veritable gold mine.
Used unwisely, not nearly often enough, or only in favoured parts of the business, rewards can create a minefield for the unsuspecting business owner. Whilst it is beyond the scope of this article to provide the level of guidance needed to step a business owner through the minefield that reward systems can become, the following tips may prevent a little pain;
a) ensure that you reward only behaviours that clearly support and reinforce company culture,
b) ensure that rewards to encourage high performance in all areas of the business are spread throughout all operational and support areas,
c) ensure that everyone, without exception, receives a reward of some kind when key elements of the business strategy are delivered on time and on budget,
d) ensure that evidenced behaviour supporting required cultural change is immediately rewarded and crucially,
e) ensure that any reward offered, especially at an individual level, is of a value to the recipient equal to, or exceeding, the cost of the reward to the company.
How well do you understand how rewards motivate or demotivate?
Do you use appropriate rewards to encourage peak performance and staff retention?
When did you last reward yourself?
If you enjoyed this post, please consider leaving a comment below or subscribing to the RSS feed to have future articles delivered to your feed reader.
Too often, consultants observe the wrong behaviours being rewarded by business owners, resulting in unintended consequences which can, and often do, derail well thought out business plans and lead to serious financial issues.
In business, rewards are generally allocated for the purposes of developing people and influencing changes in their behaviour to prepare them for alternative or higher level roles, or for effecting required organisational changes and improving overall company financial performance.
At an individual level, rewards encourage people to learn, prompt the taking of necessary steps for personal growth, facilitate the desire to make greater contributions to the company’s well being, entice the desire to lead others and leverage off their success, and flame the passion in those who aspire to top leadership roles.
At a company level, rewards encourage the development of the required company culture, promote teamwork throughout the company, shift the performance focus to the achievement of specific financial outcomes, and display how serious the company is in respect to compliance with ethical and governance norms.
Rewards can take many forms, some which are familiar to most business owners, and many which may not be so familiar for one reason or another. Common rewards include;
a) a simple thank you
b) quiet words of encouragement
c) transfer to chosen area or location
d) promotion to a new position
e) better shift or roster allocation
f) paid day(s) off
g) preferred holiday dates
h) tickets to special events
i) discounts on company products/services
j) cash bonuses
k) trips at company expense
l) company shares or options
m) company expense account
n) child care/education allowances
o) company car
Used well, and with careful attention to ensuring that any reward offered is actually rewarding the right behaviour(s) to deliver the specific outcome the business wishes to achieve, rewards can turn any business into a veritable gold mine.
Used unwisely, not nearly often enough, or only in favoured parts of the business, rewards can create a minefield for the unsuspecting business owner. Whilst it is beyond the scope of this article to provide the level of guidance needed to step a business owner through the minefield that reward systems can become, the following tips may prevent a little pain;
a) ensure that you reward only behaviours that clearly support and reinforce company culture,
b) ensure that rewards to encourage high performance in all areas of the business are spread throughout all operational and support areas,
c) ensure that everyone, without exception, receives a reward of some kind when key elements of the business strategy are delivered on time and on budget,
d) ensure that evidenced behaviour supporting required cultural change is immediately rewarded and crucially,
e) ensure that any reward offered, especially at an individual level, is of a value to the recipient equal to, or exceeding, the cost of the reward to the company.
How well do you understand how rewards motivate or demotivate?
Do you use appropriate rewards to encourage peak performance and staff retention?
When did you last reward yourself?
If you enjoyed this post, please consider leaving a comment below or subscribing to the RSS feed to have future articles delivered to your feed reader.
Wednesday, November 11, 2009
Are You a Slave to your Business?
One of the perceived, toughest tasks for any business owner, is to find enough hours in the day to achieve even half of what needs to be done every day, to ensure that their business survives and grows to a point where they see a good return on the time, effort, and money invested.
I disagree with this common perception as I find that, as a general rule, if a business it is going to achieve success in the long run, it is more likely to do so if the owner does not personally put in any more than 50 to 55 hours per week on a continual basis, once the initial business startup phase is over.
In my considered opinion, consistently working more hours than this per week, especially with the pressures that most business owners work under, will not only lead to reduced personal effectiveness, but will more than likely also have adverse effects on the health, general wellbeing, and most importantly, the personal relationships of the business owner.
Often, much of the time a business owner spends working in or on their business, becomes unproductive time for a whole host of reasons, but a key one being the old adage that the more time available, the longer required tasks will take to complete.
The key to striking the right balance between the time allocated to the business and time allocated to ensuring that physically, intellectually, and emotionally you are as fit as possible to be super productive when working, is to first set a limit on the average number of hours per week, you will devote to your business, over any given period in the future.
Once you have determined the maximum number of hours per week you will allocate to working in and on the business, you need work out how you will then complete all the tasks you usually need to complete each week, in the reduced time frame.
There is a real art in determining the amount of time you should allocate to each specific task, but if you start by looking at how long it currently takes you, and halving that due to the fact that you will be more focussed, more energetic and more determined to complete it in a specific time, you will have a good starting point.
The next step is a simple one, but requires a good self knowledge as to your own capabilities at various times of the day, and on different days of the week. What you need to do is break the week up into the number of timeslots necessary, which may be of different durations, to complete all of the tasks you need to complete for the week.
A couple of good tips are firstly, to set aside either one or two timeslots each day to deal with incoming e-mails and other correspondence and leave them alone at all other times, and secondly, when dealing with the key tasks requiring the most concentration have a “do not disturb under pain of death policy” to stop phone calls, staff, visitors and anything other than dire emergencies, from stopping the flow of your concentration.
The final thing you should do as part of this process, is identify whether or not some of the tasks you are allocating to yourself, are really the best use of your time, and/or could be better performed by someone else, with a lower skill set than your own.
If you are serious about assisting your business to become a long term success, take action now to reduce your hours, and you and your business will reap the long term benefits. The simple process above, if implemented effectively, should shave a minimum of 15 hours per week off the time you currently put into your business, without any negative effect whatsoever.
Do you want to continue to be a time slave to your business?
Would you achieve more in less time if you were more focused, more energetic and more determined?
How will you celebrate seeing the light and limiting your time input to no more than 50 to 55 hours per week?
If you enjoyed this post, please consider leaving a comment below and subscribe to the RSS feed to have future articles delivered to your feed reader.
I disagree with this common perception as I find that, as a general rule, if a business it is going to achieve success in the long run, it is more likely to do so if the owner does not personally put in any more than 50 to 55 hours per week on a continual basis, once the initial business startup phase is over.
In my considered opinion, consistently working more hours than this per week, especially with the pressures that most business owners work under, will not only lead to reduced personal effectiveness, but will more than likely also have adverse effects on the health, general wellbeing, and most importantly, the personal relationships of the business owner.
Often, much of the time a business owner spends working in or on their business, becomes unproductive time for a whole host of reasons, but a key one being the old adage that the more time available, the longer required tasks will take to complete.
The key to striking the right balance between the time allocated to the business and time allocated to ensuring that physically, intellectually, and emotionally you are as fit as possible to be super productive when working, is to first set a limit on the average number of hours per week, you will devote to your business, over any given period in the future.
Once you have determined the maximum number of hours per week you will allocate to working in and on the business, you need work out how you will then complete all the tasks you usually need to complete each week, in the reduced time frame.
There is a real art in determining the amount of time you should allocate to each specific task, but if you start by looking at how long it currently takes you, and halving that due to the fact that you will be more focussed, more energetic and more determined to complete it in a specific time, you will have a good starting point.
The next step is a simple one, but requires a good self knowledge as to your own capabilities at various times of the day, and on different days of the week. What you need to do is break the week up into the number of timeslots necessary, which may be of different durations, to complete all of the tasks you need to complete for the week.
A couple of good tips are firstly, to set aside either one or two timeslots each day to deal with incoming e-mails and other correspondence and leave them alone at all other times, and secondly, when dealing with the key tasks requiring the most concentration have a “do not disturb under pain of death policy” to stop phone calls, staff, visitors and anything other than dire emergencies, from stopping the flow of your concentration.
The final thing you should do as part of this process, is identify whether or not some of the tasks you are allocating to yourself, are really the best use of your time, and/or could be better performed by someone else, with a lower skill set than your own.
If you are serious about assisting your business to become a long term success, take action now to reduce your hours, and you and your business will reap the long term benefits. The simple process above, if implemented effectively, should shave a minimum of 15 hours per week off the time you currently put into your business, without any negative effect whatsoever.
Do you want to continue to be a time slave to your business?
Would you achieve more in less time if you were more focused, more energetic and more determined?
How will you celebrate seeing the light and limiting your time input to no more than 50 to 55 hours per week?
If you enjoyed this post, please consider leaving a comment below and subscribe to the RSS feed to have future articles delivered to your feed reader.
Tuesday, October 20, 2009
Learn to Sell with Your Ears
One of the key roles of a business owner is to be the chief salesperson for the business itself, and in many instances this role also includes being the chief salesperson to the largest and most important customers.
Some business owners are very competent in one or both of these sales roles, but for many who do not have sales or marketing backgrounds, and even some who do, the necessity for them to perform these roles can often be quite challenging, and they often find that the efforts that they do put in, deliver less than optimal results.
Regardless of their backgrounds, all business owners can improve their sales performance if they remember the old adage “God gave you two ears and only one mouth, use them in that proportion, if you wish to be successful”.
When you are in front of a prospective customer or client for the first time, how much air time do you give to them? If the ration is not at least 70% of the time you spend with them, you are more than likely talking yourself out of a lot of new business.
How often do you interrupt your prospective customer or client during an average first interaction? Any interruption is a bad mistake. Apart from being seen as rude behaviour, the chances are high that you will not discover a key piece of information, which could help you win the business.
If a prospective customer or client says something you disagree with strongly, are you able to hold off countering with an argument before they have fully expressed their views? If you can't, you will establish the climate for multiple objections to your offering, as well as perhaps missing a hot button or two that you could later push to win the business.
Do you constantly intersperse your presentations with personal stories? Whilst personalising your presentation and building rapport in the initial phase of the first meeting is good form, constant story telling throughout a presentation wastes time, and can easily divert the dialogue away from the business at hand.
Are you a great finisher of other people's sentences? If you are, you will frustrate your prospective customer or client who will see you as a rude, unlikeable person with whom they will not want to do business on a long term basis. You will also be more often wrong than right in your assumptions, as to what they were about to say.
Do you clearly convey to your prospective customer or client your impatience for them to finish speaking so that you can make your point? This is a deadly habit as your prospect knows you are not listening to anything they are saying to you while you are rehearsing in your mind your response to what they said at an earlier point in their dialogue.
Whilst not regularly acknowledged, your eyes are also a tool to enhance communication and you need to be careful that yours don’t bore into your prospective customer or clients eyes like laser beams on full and continuous power. It is easy to overdo eye contact, and this will create tension in the person being subjected to such scrutiny, and this tension will usually block effective communication.
If you improve your listening skills in each of the above areas you will remove a significant barrier between yourself and your potential customers or clients thereby allowing you to more easily establish constructive relationships, which in turn will lead to far more successful business outcomes.
How many of these common listening mistakes are you currently making by force of habit?
When did you last do any training to improve your listening skills?
If you were to remove these listening mistakes completely from your sales presentations, what effect would that have on your closing ratios for new business, and what would this mean in terms of additional revenue for your business?
If you enjoyed this post, please consider leaving a comment below or subscribing to the RSS feed to have future articles delivered to your feed reader.
Some business owners are very competent in one or both of these sales roles, but for many who do not have sales or marketing backgrounds, and even some who do, the necessity for them to perform these roles can often be quite challenging, and they often find that the efforts that they do put in, deliver less than optimal results.
Regardless of their backgrounds, all business owners can improve their sales performance if they remember the old adage “God gave you two ears and only one mouth, use them in that proportion, if you wish to be successful”.
When you are in front of a prospective customer or client for the first time, how much air time do you give to them? If the ration is not at least 70% of the time you spend with them, you are more than likely talking yourself out of a lot of new business.
How often do you interrupt your prospective customer or client during an average first interaction? Any interruption is a bad mistake. Apart from being seen as rude behaviour, the chances are high that you will not discover a key piece of information, which could help you win the business.
If a prospective customer or client says something you disagree with strongly, are you able to hold off countering with an argument before they have fully expressed their views? If you can't, you will establish the climate for multiple objections to your offering, as well as perhaps missing a hot button or two that you could later push to win the business.
Do you constantly intersperse your presentations with personal stories? Whilst personalising your presentation and building rapport in the initial phase of the first meeting is good form, constant story telling throughout a presentation wastes time, and can easily divert the dialogue away from the business at hand.
Are you a great finisher of other people's sentences? If you are, you will frustrate your prospective customer or client who will see you as a rude, unlikeable person with whom they will not want to do business on a long term basis. You will also be more often wrong than right in your assumptions, as to what they were about to say.
Do you clearly convey to your prospective customer or client your impatience for them to finish speaking so that you can make your point? This is a deadly habit as your prospect knows you are not listening to anything they are saying to you while you are rehearsing in your mind your response to what they said at an earlier point in their dialogue.
Whilst not regularly acknowledged, your eyes are also a tool to enhance communication and you need to be careful that yours don’t bore into your prospective customer or clients eyes like laser beams on full and continuous power. It is easy to overdo eye contact, and this will create tension in the person being subjected to such scrutiny, and this tension will usually block effective communication.
If you improve your listening skills in each of the above areas you will remove a significant barrier between yourself and your potential customers or clients thereby allowing you to more easily establish constructive relationships, which in turn will lead to far more successful business outcomes.
How many of these common listening mistakes are you currently making by force of habit?
When did you last do any training to improve your listening skills?
If you were to remove these listening mistakes completely from your sales presentations, what effect would that have on your closing ratios for new business, and what would this mean in terms of additional revenue for your business?
If you enjoyed this post, please consider leaving a comment below or subscribing to the RSS feed to have future articles delivered to your feed reader.
Tuesday, October 13, 2009
Don’t Blow it Next Time
As a business owner, you will most likely have walked away from at least one past business meeting or presentation with a sinking feeling in your stomach, usually providing you with very clear evidence that you had blown the opportunity, to get the business you were pursuing.
It is also likely, that whilst you suspected that you knew where you may have gone wrong, you were never quite sure whether it was a single factor, or a combination of many factors, that led to the less than desirable outcome.
The reality is that there are many key factors that a potential customer or client may take into consideration during their decision making process, and even if you present a compelling case, you do not have to go wrong on very many of these key factors, to effectively blow your hard won opportunity.
Your audience expect, and want a lot, from the person making the presentation to them, and the key factors they will take into account in exercising their judgement include;
• Are you a user of the specific the product or service you are pitching
• Are you displaying any signs of deception or game playing with them
• Are you wasting time their time by straying from the relevant factual information
• Do you share stories of other people using the product / service you offer
• Is your product/service a good deal with clear value at the lowest price possible
• Are you listening to them far more than you talk yourself
• Can you establish the market competitiveness of your pricing policy
• Do you remain positive and upbeat with no hint of negativity of any kind
• Do you convey and maintain sincerity along with showing a strong smiling face
• Do you refrain from inferring that bad decisions may have been made previously
• Are you demonstrating that you really like them as individuals and as a group
• Can you establish confidence that they will definitely get what they pay for
• Will you assist them to actually make and justify the purchase decision
• Are you able to show them exactly how you will support them after they buy
• Are you likely to pressure or harass them to make early decisions
• Did you treat them as adult decision makers
• Did you make them feel as they are special and important to your business
• Were you able to provide clear proof and valid evidence of all claims you made
The real secret to not blowing it in future, is to do whatever you have to do in terms of preparing for, delivering, and closing your pitch, with the utmost care, thereby ensuring that the potential customer or client ticks off on the vast majority, if not all, of these key factors, as your presentation progresses and concludes.
Think back to your last pitch for a piece of significant business where you feel that you really blew it, and you will most likely find that even from your own viewpoint you will be able to highlight one or two of the key factors, where you probably failed in the eyes of the prospect(s).
For your next important pitch for business, use this list of key factors as a checklist to help you prepare for both the presentation itself, and for carefully tailoring the content, to ensure you get as many ticks as possible from the potential customer / client.
If you enjoyed this post, please consider leaving a comment below or subscribing to the RSS feed to have future articles delivered to your feed reader.
It is also likely, that whilst you suspected that you knew where you may have gone wrong, you were never quite sure whether it was a single factor, or a combination of many factors, that led to the less than desirable outcome.
The reality is that there are many key factors that a potential customer or client may take into consideration during their decision making process, and even if you present a compelling case, you do not have to go wrong on very many of these key factors, to effectively blow your hard won opportunity.
Your audience expect, and want a lot, from the person making the presentation to them, and the key factors they will take into account in exercising their judgement include;
• Are you a user of the specific the product or service you are pitching
• Are you displaying any signs of deception or game playing with them
• Are you wasting time their time by straying from the relevant factual information
• Do you share stories of other people using the product / service you offer
• Is your product/service a good deal with clear value at the lowest price possible
• Are you listening to them far more than you talk yourself
• Can you establish the market competitiveness of your pricing policy
• Do you remain positive and upbeat with no hint of negativity of any kind
• Do you convey and maintain sincerity along with showing a strong smiling face
• Do you refrain from inferring that bad decisions may have been made previously
• Are you demonstrating that you really like them as individuals and as a group
• Can you establish confidence that they will definitely get what they pay for
• Will you assist them to actually make and justify the purchase decision
• Are you able to show them exactly how you will support them after they buy
• Are you likely to pressure or harass them to make early decisions
• Did you treat them as adult decision makers
• Did you make them feel as they are special and important to your business
• Were you able to provide clear proof and valid evidence of all claims you made
The real secret to not blowing it in future, is to do whatever you have to do in terms of preparing for, delivering, and closing your pitch, with the utmost care, thereby ensuring that the potential customer or client ticks off on the vast majority, if not all, of these key factors, as your presentation progresses and concludes.
Think back to your last pitch for a piece of significant business where you feel that you really blew it, and you will most likely find that even from your own viewpoint you will be able to highlight one or two of the key factors, where you probably failed in the eyes of the prospect(s).
For your next important pitch for business, use this list of key factors as a checklist to help you prepare for both the presentation itself, and for carefully tailoring the content, to ensure you get as many ticks as possible from the potential customer / client.
If you enjoyed this post, please consider leaving a comment below or subscribing to the RSS feed to have future articles delivered to your feed reader.
Tuesday, September 8, 2009
Are You Fishing with Blunt Hooks?
An extremely important component of growing any business to the point where it becomes self sustaining is prospecting for suitable clients or customers. As a business owner, you need to set the lead for others to follow if you want to elevate the importance of prospecting for future business to its rightful place as a key component of your business plan.
All business owners have to prospect, and some are far better at it than others. If you, and those you employ, avoid the seven common mistakes that others frequently make when prospecting, you will become very good at it, and your business will grow quickly.
The first and most common mistake in prospecting is simply not doing enough of it. As a business owner, you must understand that the work you do today, in uncovering suitable prospects, represents your income for weeks or months down the track. The absence of constant prospecting activity equals no constant income in the future, and creates the real and dangerous potential for cash flow problems to develop in your business.
The second mistake is prospecting with the wrong attitude towards the job. When you prospect with a positive attitude towards the work which needs to be done, and you expect that work to generate good business leads, you will usually prove yourself to be absolutely right.
The third mistake is not having a good system in place to ensure that all leads generated are followed through with, and all income potential is maximised. Without systems, too much falls through the cracks and unproductive activity will prevail. Before you commence any prospecting activity make sure that your business has a CRM package in place, and that all involved in the prospecting activities are familiar with it, and understand the importance of recording all activity and outcomes.
The fourth mistake is prospecting the wrong people in the first place. Are your potential prospects going to deliver your business a high enough return on the investment made, are they geographically positioned to make servicing them a cost effective option, do they actually want what or need what you are offering, are you face to face with the decision maker or a key advisor to the decision maker?
The fifth, and a killer of a mistake, is not asking the prospects you do get in front of, for referrals. It is vital for all business owners to remember that when you are prospecting, you are not only prospecting the prospect, but anyone else they know, who may have a need for your offering. Always remember, if you don’t ask – you don’t get.
The sixth mistake in prospecting is a reluctance to invest in direct mailing to potential prospects that you have on any database you own or control. Mail them monthly at a minimum, and the frequency of touches will eventually deliver a regular stream of people wanting to take up what you are offering, and who will also be willing to give you referrals.
The final, and an all too common mistake made by business owners, is to stop regular and consistent heavy prospecting just because they have a few good weeks or months flowing on from previous prospecting activities. Never forget, that a drop off in prospecting will inevitably result in a drop off in income for your business in the coming months.
How does your business measure up in terms of the returns from your prospecting activities?
Does your business have a program of activities which constitute a constant and effective prospecting machine?
Do you need to sharpen your hooks?
All business owners have to prospect, and some are far better at it than others. If you, and those you employ, avoid the seven common mistakes that others frequently make when prospecting, you will become very good at it, and your business will grow quickly.
The first and most common mistake in prospecting is simply not doing enough of it. As a business owner, you must understand that the work you do today, in uncovering suitable prospects, represents your income for weeks or months down the track. The absence of constant prospecting activity equals no constant income in the future, and creates the real and dangerous potential for cash flow problems to develop in your business.
The second mistake is prospecting with the wrong attitude towards the job. When you prospect with a positive attitude towards the work which needs to be done, and you expect that work to generate good business leads, you will usually prove yourself to be absolutely right.
The third mistake is not having a good system in place to ensure that all leads generated are followed through with, and all income potential is maximised. Without systems, too much falls through the cracks and unproductive activity will prevail. Before you commence any prospecting activity make sure that your business has a CRM package in place, and that all involved in the prospecting activities are familiar with it, and understand the importance of recording all activity and outcomes.
The fourth mistake is prospecting the wrong people in the first place. Are your potential prospects going to deliver your business a high enough return on the investment made, are they geographically positioned to make servicing them a cost effective option, do they actually want what or need what you are offering, are you face to face with the decision maker or a key advisor to the decision maker?
The fifth, and a killer of a mistake, is not asking the prospects you do get in front of, for referrals. It is vital for all business owners to remember that when you are prospecting, you are not only prospecting the prospect, but anyone else they know, who may have a need for your offering. Always remember, if you don’t ask – you don’t get.
The sixth mistake in prospecting is a reluctance to invest in direct mailing to potential prospects that you have on any database you own or control. Mail them monthly at a minimum, and the frequency of touches will eventually deliver a regular stream of people wanting to take up what you are offering, and who will also be willing to give you referrals.
The final, and an all too common mistake made by business owners, is to stop regular and consistent heavy prospecting just because they have a few good weeks or months flowing on from previous prospecting activities. Never forget, that a drop off in prospecting will inevitably result in a drop off in income for your business in the coming months.
How does your business measure up in terms of the returns from your prospecting activities?
Does your business have a program of activities which constitute a constant and effective prospecting machine?
Do you need to sharpen your hooks?
Tuesday, September 1, 2009
Momentum - The Best Business Fertiliser
Without momentum in your business, everything just grinds to a halt, and all effort is effectively wasted. With momentum, anything is achievable. If you want to be successful as a business owner nothing could have more relevance, or should assume greater importance, than the building and maintaining of momentum in your business.
In this context, and as a business owner, you need to clearly understand what momentum is, and how to make sure it is happening in your business. To begin, you must have a business plan, you must work that plan, and you must be willing and able to grow with your business and to overcome the challenges which will arise as your business grows.
Business momentum can be simply described as the outcome of your own level of productive effort multiplied by the degree of persistence you consistently provide to working your business plan. You know you have momentum when your business is continually busy and the evidence establishes that it in being busy it is accomplishing everything laid out in your business plan.
Building up momentum, in order to establish a manageable and productive funnel of opportunities which deliver regular and growing income, takes considerable time and effort. The following four suggestions, if implemented in your business, should assist you get to the point where you can effectively see and feel the required momentum.
The first suggestion is to know where you are going with your business, why you want to go in that direction, and then attaching basic numbers to what the business must achieve on a daily basis, in order to be successful. This clarity will assist you to work on your business, rather than just working in it without giving much thought for the future.
The second suggestion is to walk to the end of the cliff and jump off, fully knowing that unless you immediately attract customers or clients, it is all over for your business. There is nothing like having no fall-back position to focus your mind, all of your energy, and absolute commitment to the taking immediate actions required to get your desired outcomes. Remember that the desperate and hungry dog will always beat the pampered pooch to any available rewards, and that is the mindset you need to have when looking to develop momentum in your business.
The third suggestion is to step right out of all of your comfort zones and embark on the emotional roller coaster that is directly aligned to successful business ownership. Learn how not to be discouraged by the inevitable setbacks, how to avoid making excuses for not succeeding, and how to immediately kill any thoughts of giving up now or in the future.
The fourth suggestion is to develop a healthy support mechanism so that when times get tough along your journey to success you have somewhere to turn to provide you with the support you need to pick yourself up and continue to persevere with your plan of attack in accordance with your business plan. Don’t try to achieve it all alone, a journey shared with someone who can contribute support when you most need it is one that once you achieve success, you will look back upon with greater pleasure than any solo trip you might take.
Does your business currently have sufficient momentum so that work is self generating?
As the business owner are you helping or hindering the development of momentum in your business?
Are your employees aware of the concept of building momentum?
Is it time to fertilise your business?
In this context, and as a business owner, you need to clearly understand what momentum is, and how to make sure it is happening in your business. To begin, you must have a business plan, you must work that plan, and you must be willing and able to grow with your business and to overcome the challenges which will arise as your business grows.
Business momentum can be simply described as the outcome of your own level of productive effort multiplied by the degree of persistence you consistently provide to working your business plan. You know you have momentum when your business is continually busy and the evidence establishes that it in being busy it is accomplishing everything laid out in your business plan.
Building up momentum, in order to establish a manageable and productive funnel of opportunities which deliver regular and growing income, takes considerable time and effort. The following four suggestions, if implemented in your business, should assist you get to the point where you can effectively see and feel the required momentum.
The first suggestion is to know where you are going with your business, why you want to go in that direction, and then attaching basic numbers to what the business must achieve on a daily basis, in order to be successful. This clarity will assist you to work on your business, rather than just working in it without giving much thought for the future.
The second suggestion is to walk to the end of the cliff and jump off, fully knowing that unless you immediately attract customers or clients, it is all over for your business. There is nothing like having no fall-back position to focus your mind, all of your energy, and absolute commitment to the taking immediate actions required to get your desired outcomes. Remember that the desperate and hungry dog will always beat the pampered pooch to any available rewards, and that is the mindset you need to have when looking to develop momentum in your business.
The third suggestion is to step right out of all of your comfort zones and embark on the emotional roller coaster that is directly aligned to successful business ownership. Learn how not to be discouraged by the inevitable setbacks, how to avoid making excuses for not succeeding, and how to immediately kill any thoughts of giving up now or in the future.
The fourth suggestion is to develop a healthy support mechanism so that when times get tough along your journey to success you have somewhere to turn to provide you with the support you need to pick yourself up and continue to persevere with your plan of attack in accordance with your business plan. Don’t try to achieve it all alone, a journey shared with someone who can contribute support when you most need it is one that once you achieve success, you will look back upon with greater pleasure than any solo trip you might take.
Does your business currently have sufficient momentum so that work is self generating?
As the business owner are you helping or hindering the development of momentum in your business?
Are your employees aware of the concept of building momentum?
Is it time to fertilise your business?
Friday, July 24, 2009
Focus is Everything in Business
A long time ago, at the rear of an old and well established business that I was visiting, I found nailed on the back of the only toilet door, a story titled something along the lines of "My Busy Day".
It had obviously been there for sometime, as it was faded and torn around the edges, but the fact it was still there, indicated that it was probably worth reading as I went about my business.
I was very glad I did, as the message it contained has stayed with me to this day, and it is a message that I have been forever grateful to have received.
In essence it told the story of one person's day from the moment they arose until they lay down in their bed at the end of the day and reflected on what they had achieved during the day.
It went something like this;
Today I am going to plant a vegetable garden; I get up, get dressed, have breakfast and start heading out the door to go to the tool shed to get everything I need to start building the vegetable garden.
Just as I step out the door, the dog runs up to me carrying a stick in its mouth. I throw the stick for the dog to fetch and then notice that my bicycle has a flat tyre. I decide I had better fix the tyre because I might need the bicycle tomorrow.
I head back into the house to pick up my puncture kit from the laundry, and as I step into the laundry, I see that there is a load of washing that needs to be hung out to dry. As I carry the basket out to the washing line, I notice that someone has left the garden tap running, so I put down the washing and go over and turn the tap off.
As I head back to the washing line, I spot my gumboots that I have been looking for for a few days, lying under the wheel barrow. I walk over and pick them up and take them back into the laundry where they are normally live.
As I do this, I see through the laundry door that the kitchen window is wide open and I walk across the kitchen to shut it. On the way, I see yesterday's mail still sitting on the kitchen table so I stop and pick it up.
Knowing that several of the letters contain bills, I put them on my office desk and head to the bedroom to get my cheque book from my coat pocket. On the way to the bedroom, I pass the bathroom and see that the rubbish bin is full. I pick it up and head off to empty it.
On the way, I decide that I am thirsty, so I put the rubbish bin down beside the back door and head into the kitchen to get a glass of water. While pouring the glass of water, I notice that the fridge is desperately in need of a clean. I quickly drink the water and go out to the shed to get a cool box into which to unload the contents of the fridge.
I come back with the box, and as I open the fridge to get started I see some chocolate bars. As I now feel hungry, I grab a chocolate bar and decide to have a break. I go outside and sit on the bench on our front porch, whilst I eat it.
Admiring the view as I ate my chocolate bar, I tried to remember what it was that I had first set out to do today. Before I could remember, I saw the local policeman put a leaflet in my neighbour's letterbox and walk away. This reminded me that I had not returned a bowl I had borrowed from that neighbour, so I headed back into the house to get it.
As I walked down the hall, I kicked one of the kids toys which had been left lying on the floor. I picked that up and walked further down the hall and threw it in the child's bedroom and as I did I noticed they had not made their bed. I decided I should make the bed, but before I got to the bed, I saw that their was a pile of dirty washing on the floor, so I picked that up and started heading off to the laundry to wash it.
Going through the kitchen, I remembered I still hadn't shut the kitchen window, so I put the dirty laundry on the kitchen chair and walked over and shut the window. I then turned around and headed out to the laundry still trying to figure out what it was that I had set out to do today.
The rest of the day continued in a similar vein;
At the end of the day the vegetable garden did not get built, the bicycle still had a flat tyre, the washing had not been hung out, the bills had not been paid, the rubbish bin was still full, the fridge was still filthy, the neighbours bowl had not been returned, the kids bed was still unmade, the dirty washing was still dirty, and the dog was still sitting on the porch with a stick in its mouth.
Lying in bed that night, the person reflected upon their day and could not understand why absolutely nothing was achieved that day given that they were frantically busy all day.
It had obviously been there for sometime, as it was faded and torn around the edges, but the fact it was still there, indicated that it was probably worth reading as I went about my business.
I was very glad I did, as the message it contained has stayed with me to this day, and it is a message that I have been forever grateful to have received.
In essence it told the story of one person's day from the moment they arose until they lay down in their bed at the end of the day and reflected on what they had achieved during the day.
It went something like this;
Today I am going to plant a vegetable garden; I get up, get dressed, have breakfast and start heading out the door to go to the tool shed to get everything I need to start building the vegetable garden.
Just as I step out the door, the dog runs up to me carrying a stick in its mouth. I throw the stick for the dog to fetch and then notice that my bicycle has a flat tyre. I decide I had better fix the tyre because I might need the bicycle tomorrow.
I head back into the house to pick up my puncture kit from the laundry, and as I step into the laundry, I see that there is a load of washing that needs to be hung out to dry. As I carry the basket out to the washing line, I notice that someone has left the garden tap running, so I put down the washing and go over and turn the tap off.
As I head back to the washing line, I spot my gumboots that I have been looking for for a few days, lying under the wheel barrow. I walk over and pick them up and take them back into the laundry where they are normally live.
As I do this, I see through the laundry door that the kitchen window is wide open and I walk across the kitchen to shut it. On the way, I see yesterday's mail still sitting on the kitchen table so I stop and pick it up.
Knowing that several of the letters contain bills, I put them on my office desk and head to the bedroom to get my cheque book from my coat pocket. On the way to the bedroom, I pass the bathroom and see that the rubbish bin is full. I pick it up and head off to empty it.
On the way, I decide that I am thirsty, so I put the rubbish bin down beside the back door and head into the kitchen to get a glass of water. While pouring the glass of water, I notice that the fridge is desperately in need of a clean. I quickly drink the water and go out to the shed to get a cool box into which to unload the contents of the fridge.
I come back with the box, and as I open the fridge to get started I see some chocolate bars. As I now feel hungry, I grab a chocolate bar and decide to have a break. I go outside and sit on the bench on our front porch, whilst I eat it.
Admiring the view as I ate my chocolate bar, I tried to remember what it was that I had first set out to do today. Before I could remember, I saw the local policeman put a leaflet in my neighbour's letterbox and walk away. This reminded me that I had not returned a bowl I had borrowed from that neighbour, so I headed back into the house to get it.
As I walked down the hall, I kicked one of the kids toys which had been left lying on the floor. I picked that up and walked further down the hall and threw it in the child's bedroom and as I did I noticed they had not made their bed. I decided I should make the bed, but before I got to the bed, I saw that their was a pile of dirty washing on the floor, so I picked that up and started heading off to the laundry to wash it.
Going through the kitchen, I remembered I still hadn't shut the kitchen window, so I put the dirty laundry on the kitchen chair and walked over and shut the window. I then turned around and headed out to the laundry still trying to figure out what it was that I had set out to do today.
The rest of the day continued in a similar vein;
At the end of the day the vegetable garden did not get built, the bicycle still had a flat tyre, the washing had not been hung out, the bills had not been paid, the rubbish bin was still full, the fridge was still filthy, the neighbours bowl had not been returned, the kids bed was still unmade, the dirty washing was still dirty, and the dog was still sitting on the porch with a stick in its mouth.
Lying in bed that night, the person reflected upon their day and could not understand why absolutely nothing was achieved that day given that they were frantically busy all day.
Does this ring a bell with you? Do you regularly fail to achieve what you start the day out hoping to achieve? Are your business goals proving elusive?
The crime here is lack of focus, a key killer of any chance of real success in the business world.
As a business owner, you only have so many hours in the day, and you need to maximise your effectiveness in using each of those hours to be successful.
Learn the discipline of preparing a to do list for tomorrow as the last task you complete each day and make this list the first thing you look at each morning.
Make sure the first three items on this list are must do items, and then ensure that these are the major focus of your day. Don't go home until you have ticked off on each of these three must do items.
If you do this you will sleep far better at night and the results will be self evident very quickly.
Subscribe to:
Posts (Atom)