Business Profiles Category

Are You a Merchant of Doubt or Opportunity?

Tuesday, November 1st, 2011

It seems these days that all the media wants to talk about is how bad the economy is doing. With the continual talk on the airwaves and the Internet about everything from the debt crisis here and in Europe, to falling consumer confidence, it seems that if the media had it their way, we’d simply all give up hope, stop doing business completely and let full-blown economic Armageddon ensue.

I want to challenge you to think very differently about these Merchants of Doubt as I call the media, by offering up a few ways to move forward with greater success by developing and keeping a positive mindset despite what the competition or media think!

Here are three, simple, yet highly effective, mental strategies to help you combat
the merchants of doubt so you can secure the space in a consumers mind, as Dan
Kennedy describes, and serve more people.

#1. Become a merchant of opportunity. This is not the time to be down, especially
when talking with customers and prospects about how your business is doing. People
seek out and prefer to do business with people that are successful and make them
feel good. This is Marketing 101, but so many businesses still manage to mess this
up.

With cost-cutting in fashion, far too many businesses continue to skimp on training
or paying better wages to attract and retain better people. I’m always baffled as to
why this is still allowed to happen.

Attitude is a huge component in the sales process, and so many firms let poorly
trained or negative employees sabotage their ability to win new and repeat business.

With the cost of getting new customers time and fleeting attention proving more and
more difficult, happy customers are a huge plus and heres why: they talk to other
people they know, which often turns into referral business.

This unpaid advertising is the MOST VALUABLE, period! End of discussion.

The equation is simple:

Happy Employees + Happy Customers = Greater Referrals

#2. Ask for regular input from your best customers. Your best customers are a gold
mine for several reasons. They know you best, and, if asked, they will often tell
you what they like the most about you and how you can get better.

This is always valuable, but the real goldmine is when you ask them for advice on
additional product/service offerings that they’d like to see.

For example, when I worked in the ad agency business several years ago, we always
asked our top clients what else they’d like to see us offer.

This was extremely valuable, and better than any focus group of complete strangers.

In addition, before we ever rolled out a new service, we always went to our top
clients first to get their reaction and feedback. This not only saved us a ton of
time and effort, but it also provided our best clients input and a voice in the
creative process.

As you might suspect, when we circled back to them when the new offering was ready,
many of them were more than willing to meet with us, and several of them signed up
immediately, thus increasing our ability to serve them and positively add to our
bottom line.
read full article »

  • Twitter
  • LinkedIn
  • Digg
  • Technorati
  • Facebook
  • del.icio.us
  • StumbleUpon
  • Google Bookmarks
  • email
  • RSS
  • FriendFeed
advertisement

Great Salespeople Think Like Owners: 10 Ways To Make A Difference

Monday, October 17th, 2011

Making things happen takes action

Several weeks ago, I was conducting a sales seminar for designers and salespeople. Since I was the last speaker for the week, I asked the group what was their biggest challenge with the information they received. The answer: how will we implement these great ideas? You see the participants weren’t owners and couldn’t go back and immediately make changes. This wasn’t the first time I’ve heard this but this time I decided to add some sales strategies for the participants.

What good would all this information be if no one would listen?

1. So what do you do? First you must understand that if you’re selling customers you are an owner! Without you and your sales the business would die. Trust me, if you can’t sell anything you’ll be out the door and be replaced by someone who can sell. That’s how important you are.

2. Think like an owner. Being an owner and worked with many, I can tell you they think about money and sales. Without sales the business will not exist and a smart business owner puts as much money and time into training their sales staff. If you’ve been sent to a sales seminar consider it an honor and take it seriously. The owner has made an investment in your future. It means you are valued.

Your job? Rise to the occasion and learn as much as you can and be prepared to go back to your business and as they say: learn it, teach it and do it!

3. First things first. You’re probably excited and learned so many things you don’t know what to talk about first. Think like an owner and discuss the things that are connected to number 1. –sales and money. You will have learned lots of important things and many will stand out in your mind but are they the ones “most connected to the bottom line?” Are they ones you can implement easily, will they have the most impact on your business? Start with these things first. As someone once said, we’re learning how to be “mini moguls!”

4. Make sure it “makes sense.” Do you have the data right, do you have an example of how it gets done? If you need more info before you present your ideas, go get it right.

5. Make an appointment with the owner or manager who will be implementing your ideas and use rule 2. as one of your bargaining tools. “You sent me to these informative seminars, and there are ways that we can make more money and improve our sales. Who wouldn’t want to listen to this sales pitch? This will be the best sale you’ve ever had!
read full article »

  • Twitter
  • LinkedIn
  • Digg
  • Technorati
  • Facebook
  • del.icio.us
  • StumbleUpon
  • Google Bookmarks
  • email
  • RSS
  • FriendFeed
advertisement

6 Unorthodox Strategies that Increase Your Business Profits

Thursday, September 1st, 2011

A few weeks ago I spoke to the Professional Association of Consulting Engineers on “Unorthodox Strategies to Improve Profit in Business”. It was a great group of people and they had some interesting responses to some of the questions that were discussed. But just like every other business owner, financial management isn’t their passion; engineering is. But they know that learning about how to improve financial performance in their business is critical to their long term success.

Why Unorthodox Strategies? Unorthodox means breaking with tradition or doing something that everybody else isn’t doing. 80% to 85% of small businesses (those under $20 million in revenue) don’t utilize these strategies on a regular and/or consistent basis.

Unorthodox Strategy #1. Set a Profit Target

Most business owners don’t take the time to set annual or monthly profit targets. The probability of hitting a target is much greater if there is one. So establish a profit target for the year and work towards that goal every month.

Unorthodox Strategy 2. Benchmark Your Company Regularly

A bank was worried about the performance of a customer. They were doing well on the revenue side; but were not making the money they should have been. After I did a benchmarking study of the client, I found that businesses in their industry were making $700k more a year than they were. They had pricing formulas out of kilter with the market.

Unorthodox Strategy #3. Your Business & the 3 Legged Stool

A 3-legged stool had great economic importance to large dairy farmers until the early 1950′s. It was an asset that allowed the farmer to milk many cows without tiring (can you imagine milking for 15 or 20 minutes on one cow without sitting?). For the 3-legged stool to be effective, it has to be strong, strong legs with a strong seat and the legs connected securely to the seat. It takes all four components to have an effective, strong stool.

Can you image how the farmer would act if just one of these legs was weak or brittle? He would be worried about falling down while doing his job of milking the cow – not a pleasant thought. So it is very important that the farmer be confident that all components of his tool are strong. He can depend on it and it gives him peace of mind.

Now allow me to explain how the 3-legged stool is structured just like a business. The four primary functions of the business are:

1) Marketing & Sales – without sales a business is dead and marketing is the precursor of revenue generation.

2) The Product or Service Provided by the company – if you don’t have a good service or product to provide to customers, the business is doomed.

3) Finance – money is the lubricant that keeps the business machine running – a machine that is well lubricated – will run forever with fewer problems.

4) The Seat of the Stool – that is management, the component that keeps the 3 primary legs of the business together: 1) sales/marketing, 2) product or service and 3) finance. The better these three legs, then the stronger the business and the greater likelihood the business can grow and maximize its potential.
read full article »

  • Twitter
  • LinkedIn
  • Digg
  • Technorati
  • Facebook
  • del.icio.us
  • StumbleUpon
  • Google Bookmarks
  • email
  • RSS
  • FriendFeed
advertisement

Are you taking enough of THIS?

Monday, August 22nd, 2011

ScottManning

Oh, without question, the answer is no.
You aren’t.
I’m not.
No one is, really.

Of course you are wondering what is *THIS*.
And I’m going to tell you.
First, let me lay some groundwork.

If there were to be one secret above all other secrets,
One thing that is the single most fundamental requirement of success,

It would be *THIS*.

If you were to carefully examine and study the most successful people in the world.
The people with the most control, most money, most opportunity…

They all have more than just about anyone else of *THIS*.

Okay, enough playing games, its just that after I tell you what *THIS* is, there’s a
chance you’ll want to stop reading, which is actually my entire point for writing
this message today.

I am certain, 100%, for sure that when a person fully embraces what I’m about to say
in their business and life, EVERYTHING else begins to fall into place, at least doors begin to open, people begin to take notice…and actually, you simply (and
very importantly) feel differently, better, about yourself.

*THIS*
Is
*RESPONSIBILITY*

Yeah, I know, but before you discount it.
Think about it
Let it soak in

The more *RESPONSIBILITY* you have, get, accept
The more you are in control…

The secret is to TAKE, not just have, get, accept, but TAKE as much *RESPONSIBILITY*
as you possibly can.

As fast as I can, I’m going to give you some examples.

There’s one man in front of the media right now along with a whole “house” full of
others who continually pass off *RESPONSIBILITY* on the next guy, the next term, the
next party, the next generation…and on and on and on.

Problems occur when *RESPONSIBILITY* is not taken.
You are seeing an example of that right now.

More importantly, since you’ve got no control over what they do, let’s talk about
what you can control…YOURSELF, as example.
read full article »

  • Twitter
  • LinkedIn
  • Digg
  • Technorati
  • Facebook
  • del.icio.us
  • StumbleUpon
  • Google Bookmarks
  • email
  • RSS
  • FriendFeed
advertisement