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We've all heard the cliché: people don't wake up in the morning planning to fail, they simply fail to plan. Clichés are often summarily dismissed and easily as they are uttered, but it doesn't make it any less true.
Despite the countless studies speaking to the importance of goal setting (planning our days, weeks, months, and years in advance), so many of us simply pass out in front of the television set (the creativity devastator), and wake up on autopilot the following day. Why is goal setting imperative? Take a moment to view the following talk by Success Magazine's, Darren Hardy.
If you want your circumstances to change, you have to change. The thoughts and behaviors that have led you to your current circumstances must be replaced by new thoughts and behaviors in order to manifest different results. At some point, you have to accept that you can't outwit universal laws.
The following article by Kevin Daum, 5 Steps for Accomplishing any Goal, is a brief, yet great overview of a step by step plan on goal setting. It may appear elementary, but ask yourself one simple question. Are you applying these elementary steps? Remember, wherever you are in life, you made an appointment to be there.
If you don't adopt the habit of goal setting or worse yet waffle in indecision, it's tempting to believe you haven't made a decision. But you have. Ever talk to someone you haven't seen in a decade or two, and discovered they haven't moved on from high school or college. It's like the calendar has moved, but they haven't. It's not a pretty picture, is it? Make the commitment to setting goals today, and get busy living.
Just had a phenomenal conversation with a gentlemen at Starbucks. We had a rapid fire exchange about Buffet's Snowball, Gladwell's Outliers and Blink. the dangers U.S. exceptionalism. The Affordable Care Act. Entrepreneurship. Economic inequity. Australian society. Italy, wine, and women. Bacon's rebellion. Academic disparities and underachievement. The importance of hope and positive expectation. In less than 15 minutes. You truly attract who and what you are, and what you are becoming.
What is the difference between a customer and a client? The question may seem elementary; however it's critical that anyone in the business of sales (more accurately the business of people) be clear on the matter. If you believe that you begin with the end in mind; defining the end is critical. You hit what you aim at.
The rudimentary answer is a customer is someone who patronizes you once, maybe twice. You may never see them again thereafter. The experience was nothing more than a transaction. However, a client not only patronizes you repeatedly, but because of the experience they become referrers. Why is this a big deal?
Consider for example, if you own or work at a salon; assuming your compensation is $75.00 per person who patronizes you monthly, follow the math. The patron pays $75.00 + two referrals per month = 24 (the number of referrals who patronize you on a monthly basis after a year) x $75 (after a year of this addition working on your behalf) = $1,800 in additional monthly revenues + the $75.00 from the referrer on a monthly basis = $1,875 monthly. That one client is really worth over $20,000.00 in annual revenue to you!!!
Now, imagine if we account for the compound effect of the 2 referrals turning around and referring an additional 2 patrons as well? Pull out a calculator, and do the math. Trust, it will be well worth your time. Here's the thing, just change the average compensation depending on your vocation: landscaper, insurance agent, realtor, investment advisor, print shop owner, restaurateur, bodyguard, etcetera. It doesn't matter.
This is a pretty critical difference, eh?
But, how do you make the transition from turning a prospect into client? There are a lot of different theories, strategies, and tactics out there. I propose one simple one be considered. Take time to FORM (Family, Occupation, Recreation, Motivation) those who you come in contact with before you ask for the check. People ultimately conduct business repeatedly with people who they like, know, and trust. Let's explore the advantages.
IT'S TOO TIME CONSUMING
No, it's too expensive not to adopt this strategy.
Yes, it will require additional time (15 minutes) or an additional appointment. However, when working with business owners remember their favorite subject is their business. The person asking the questions is actually in control of the interaction. After a business owner talks for about 15 to 20 minutes about how they got their start; the reasons why they are passionate about their endeavor; the challenges and rewards of their business; how they deescalate after a day, week, or month of toil; how they're family plays a role in their business; and where they see themselves five years from now............ They really, really like you.
They have also provided you with enough information to speak directly to what's important to them, and how you can be of assistance. It lessens buyer’s remorse. They not only feel, but know you are genuinely concerned about their welfare, and will feel more comfortable referring others to you.
The quickest route to a destination is straight line. It's costs a lot less then expending money and time sending thousands of mailers, advertising on the radio or television, producing thousands of flyers, and turning your wheels at night trying to come up with gimmicks and schemes. I'm not discounting the value of the aforementioned tactics as a means to reach more prospects, however consider what the impact will be over time of actually developing relationships as opposed to just chasing transactions.
Remember the math.
THE PROCESS CHANGES YOU, AND MAKES YOU A MORE EFFECTIVE BUSINESS PERSON
I've twice built a database of well over 5,000 contacts over my professional career, adopted five business models, and shifted my approach to serving people at least five times: banker, supplemental medical insurance agent, life insurance agent, investment advisor, and now business consultant. My greatest challenge is that I'm slow to adapt to changing technological trends resulting in having lost two electronic databases: computer viruses and crashes. I've known countless others who have experienced the same challenges for a variety of different reasons: lost contacts, career change, and or simply needed to adopt a new business model.
I'm just being transparent. Yep, I was a not so smart person in this respect. It's been corrected.
Yet, when both incidences occurred, I barely missed a beat. Those who I have had the privilege of being of service to, found me. With every professional transition, I have been fortunate to develop new relationships (I'm in the people business) and secure clients who have provided a steady stream of referrals. Even when the appointments don't result in securing a client, there is no greater satisfaction then watching someone pull out their cell phone and share the contact information of those who may benefit from sitting down across the table from me.
IT'S FUN
When you call someone and wish them happy birthday, you can hear the smile on the other side of the phone. When you call a business owner and wish them happy anniversary on their enterprise’s inception date, the initial silence is priceless. When you drop off that special gift or emblem that lets them know you remember the things they enjoy or value most, it's inspiring.
And remember, iron sharpens iron. If you end up conducting business or not initially; sometimes the fruit of the relationship is well worth the time. The sharing of ideas, contacts, and opportunities that you may have not have thought of or knew how to access is invaluable. I miss the aforementioned interactions with those who I have not been able to contact, yet. I'm looking forward to updating my contact manager so that I can systemically resume these interactions again.
ACQUIRING A CONTACT MANAGER IS AN INVESTMENT, NOT AN EXPENSE
There are expenditures that honestly require some forethought. Then there are those that prove too costly not to make. Just do it! In order to be systemic about this process, you must have a tool to help you collect and employ the information you receive. If you know the dates, the habits, and the idiosyncrasies that are important to your clients, but have no means to analyze the information..... Knowledge alone is not power, but applied knowledge is.
You can use this information to identify your target market, and spend your time and effort building relationships that offer more profitable returns. And I'm not just talking monetary here. So what is a target market, and why is identifying your target market important? I'm on a deadline, and I'm acutely aware that I'm dealing with short attention spans. That's a blog for another day my friends.
As an aside, Endless Referrals by Bob Burg is a must read for those interested in learning how to get better at the people business. Additionally, visit https://www.gosmallbiz.com/Toolbox/crm.html#overview to learn more about an inexpensive, effective contact manager to help you build your business.
"Time is the most valuable coin in your life. You and you alone will determine how that coin will be spent. Be careful that you do not let other people spend it for you." - Poet Carl Sandburg
09/16/2013
A very instructive list of suggestions or no no's to be accurate. I'll be making a couple adjustments myself
So you've taken your big, wonderful, can't lose idea and successfully launched your small business. Congratulations!!! Every large business started out as a small business.
At this point it means you have introduced a product or service that is gaining traction. You've been able to generate in excess of $100,000 in revenues within a 365 day period. In other words you know how to secure customers, and ask for the check. You're no longer ducking creditors, but making payment arrangements, and putting away a little savings each month. You're operating a profitable business.
Now, you're thinking it's about time to start looking for investors and reward yourself with certain personal upgrades (new car, clothing, new house or condo). Not so fast. Here's a couple things to consider and scratch off the checklist.
1) Have you been able to duplicate yourself. If you're still opening and shutting the doors everyday, you're still a manager that owns a business. If your enterprise doesn't generate revenues absent you pulling all the levers, your business still owns you. It may mean that you have to evaluate and upgrade your team (talent). It may involve some heartbreaking decisions, but they're necessary.
2) Is there a system in place. McDonalds is not successful because they've become adept at meeting the unique tastes of each customer. They have a menu. They have a simple system to produce the contents of that menu. The menu is simple enough for people to make a decision. Are your sales techniques so idiosyncratic that no one else can competently duplicate them. If so, you're standing on thin ice.
3) You've perfected your craft. Do you have a process in place to perfect your leadership. Your employees are both your greatest expense (most likely) and your greatest investment. They are not cogs to be ordered around and barked at. They are your team. What efforts are you making to insure they have the opportunity to improve personally and professionally. Aside from a check, what are you doing to secure their buy-in into you and your business.
Reflection on the aforementioned is worth it. After all, your family is dependent upon you. You're employees' families are counting on you. And let's not forget a marketplace that can't wait another minute to be greeted by your smiling employee first thing in the morning and through your doors.
Today's economy is much different then the one our grandparents and our parents grew up with. If you still believe in job security today, you might as well believe in the tooth fairy. And the golden years have to paid for.
As a result, many are turning to starting consulting firms. Good idea? Perhaps. However, there are a number of factors one should consider before leaping with two feet. Visit Start A Consulting Firm Instead of Retiring for some good fodder regarding what one should consider.
A couple other issues and tips to take into account:
1) Consider the field or industry you intend to plant your flag. There are a glut of business consultants inundating the industry; without a clue of how important it is to identify a target market. Look for low hanging fruit. Go where your competition is not present.
2) Don't be afraid to ask a friend or an acquaintance for their perspective. For example, if you want to offer marketing and business planning support to attorneys (individual practitioners specifically), take one out to lunch and ask questions, and inventory their successes, challenges, and what resources are invaluable to them. Don't assume you know everything.
Tip: Dine out but don't solicit. Don't solicit their business over lunch no matter how tempting. Integrity is important. You scheduled the lunch to gather their advice regarding your business venture. Also, have a script on hand.
3) Read Endless Referrals by Bob Burg. Let's assume you have 100 contacts saved in your cell phone or rolodex. Let's also assume they know 100 people too. That's 10,000 contacts you can begin to tap into. Warm market and casual contacts are a fantastic way to launch any business.
4) It was already covered, however it's worth repeating. Large corporations have legal, tax and accounting, marketing, human resource, I.T., and management departments to help them grow and protect their interests.
Don't make common errors in judgement by submitting to the common excuses for not equipping your business properly: "I'm just starting out"; "I read my own documents"; "It's just me"; "I'm taking classes to build my own website, be my own accountant and attorney"; "my best friend or family member handles that (yet doesn't specialize in your area of concern)".
Remember, that every large business started out as a small business. Feed your baby fruits and vegetables, and it will grow, healthy and strong. For you do it "your selfers"/ There's and old adage that states an attorney who represents himself, has a fool for a client. Understand, that if Walmart gets sued, it becomes a bad PR issue. If a consultant endures just one legal conflict (especially in the beginning) it can mean financial devastation and cause irreparable damage to your reputation. Protect the golden goose.