Month: September 2010

Categories
Networking

Attending Events: A Crucial Element in Growing a Small Business

Article Contributed by Michele DeKinder-Smith

Women business owners are constantly bombarded with opportunities to attend events. Whether the events focus on networking, business building or creating a desirable work-life balance, these events are constantly touted as life-changing, knowledge-building and business-growing. Female entrepreneurs may wonder why there are so many events out there – and whether they’re effective.

Savvy business owners, coaches, consultants and educators create events to help others find success – and by choosing to attend an event that fits her specific needs and desires, and by then putting her new knowledge to use once she returns home, an entrepreneur greatly increases the likelihood of getting a good return on her investment. .

Here are some points to consider when deciding whether to attend an event – and if so, which one:

Knowledge is Profit: Research shows that when a female entrepreneur invests in her business by investing in her own knowledge, she sees a huge payoff. New knowledge can be the key that jumpstarts profitability in any business because it increases an entrepreneur’s effectiveness in the area of focus. If it’s knowledge an entrepreneur is after, then she should select an event based on how well it will cover the areas where she feels she needs more information, such as marketing or business plan development. Because live events often do require a substantial investment, a business owner should read through the material carefully to ensure that she will learn exactly what she needs to know during the event.

Recharging is Vital: Every hard-working female entrepreneur runs the risk of falling into the day-to-day rut of running a business – especially when things are going less smoothly than she would like. In cases like this, attending an event can revitalize a business owner. Simply getting into a new environment, being around new people – and getting away from the confines of her office – may provide her with a much-needed break from the daily grind. When she attends an event designed to meet her needs, the business owner then has the opportunity to gain new knowledge while recharging. No one operates well when they’re exhausted and drained. To operate at the high levels of performance most female entrepreneurs demand of themselves, they must take time out to refuel – and sometimes that’s as easy as getting a change of scenery among a group of like-minded professionals.

Networking is Crucial: Sharing experiences with other women in her shoes can greatly improve a woman business owner’s experience, outlook and attitude, as she works to grow her business. Attending an event with other women of similar mindset can provide a stimulating environment in which to share ideas, success stories and even hardships. Also, it can provide an opportunity for women to find partnership or affiliate opportunities that can stimulate growth. Finally, every woman business owner needs a support system; attending events is an excellent way to build such systems.

For female entrepreneurs, knowledge, recharging and networking are vital components when seeking business growth and personal improvement. Attending an event – one that is designed to meet her specific needs in a certain area – is a fun, easy and educational way to get all three!

About the Author:

Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com

Categories
Finance & Capital

Intellectual Capital and Your Sales Career

Article Contributed by Mark Hunter

“We’re forced to close because the bank will not loan us the money we need.” Phrases like this have been heard too many times the last several years, and yes, it’s unfortunate, but here’s my perspective: “Companies don’t fail due to a lack of financial capital. They fail due to a lack of intellectual capital.”

Let me put it in even simpler terms: Companies fail because people don’t think. It’s always easier to blame someone else for our problems. It’s what most people do, and besides, we all believe we’re brilliant. Any set back could not possibly be associated with us; therefore, it has to be somebody else’s fault, right?

Now I’m not going to say 100% of all failures are due to a lack of intellectual capital, but I will say the number is probably close to 97%. Let me explain why. Any business is in business to satisfy customer needs. If things work out correctly, they can fill those needs at a value for which customers are willing to pay and at an amount that is more than the company has to spend to prepare the item for sale. It’s that simple – nothing complex, nothing behind the magic curtain. Just sell something for more than it costs to make it and you’re fine. Well, not quite.

We all know there are numerous other factors that can and do come into play with regard to how a business operates, and it’s all of these other circumstances that require the proper use of intellectual capital. The level of intellectual capital in any business is going to vary dramatically. More importantly, how the intellectual capital is ultimately used is going to determine the success or failure of a business.

In my role as a sales consultant, I’ve watched a great number of people with incredible sums of intellectual capital not being challenged at all to contribute. At the same time, I’ve watched people who are, for lack of a better phrase, “a few dollars short upstairs,” making all of the decisions without any input.

Whenever I work with salespeople or any other business professionals, including CEOs, I love to challenge them with a few simple questions. Here goes:

What did you learn yesterday?

How did you apply today what you learned yesterday?

What do you expect to learn today?

What will you need to change next year to stay ahead?

You get the idea. I love to challenge conventional thinking. Some people say that’s not my place as a sales consultant, but I say that is my place. In sales, it’s all about fulfilling the needs people or entities may have, but many times these people or entities don’t know what their needs are. Worse yet, they don’t understand what needs they may have tomorrow. This is my role as a salesperson – to not only help them today, but also to prepare them for tomorrow.

You might be asking how this ties back into the original idea of businesses failing due to a lack of intellectual capital rather than lack of financial capital. It is intricately related because no matter what our role is, it is our job to help those with whom we come in contact to fully use their intellectual capital. This means we need to be fully using our own intellectual capital. And that means we have to ask ourselves the very same questions I listed above.

In my own company, we ask ourselves these questions on a regular basis. We also challenge ourselves to go outside of our comfort zone to seek diverse opinions and ideas.

The opportunities before us have never been greater. I firmly believe due to advances in communication and the global business community, there are more opportunities for businesses (large and small) to grow and thrive. I also believe the financial capital requirements are actually decreasing due to the advances in communication and the ability to grow a business. These changes, however, mean the average business faces far more competition than ever before, and the natural lifecycle of any business is getting shorter. Intellectual capital is even more important today than it was yesterday.

One final thought: Who around you has intellectual capital from which you can learn? What can you do each day to be growing your own intellectual capital? And finally, what is the one breakthrough idea that truly defies gravity that you can work toward implementing in the next six months?

Mark Hunter, “The Sales Hunter,” helps individuals and companies identify better prospects, close more sales and profitably build more long-term customer relationships. Since 1998, he has consulted nationally and internationally with thousands of salespeople and global companies. You can follow his Sales Motivation Blog at www.TheSalesHunter.com. You can also connect with him on Facebook www.facebook.com/TheSalesHunter, Twitter www.twitter.com/thesaleshunter, and Linkedin www.linkedin.com/in/markhunter.

Categories
Sales & Marketing

Getting the Back 9 to Count in Increasing Your Sales: It’s All About Process

Article Contributed by Sharpenz

What could golf possibly have to do with increasing your sales? Well, my golf game the other day gave me a wake up call to increasing sales that can apply to everyone in the field, golfer or not. It’s all about process.

After many lessons –and practice – over the past five years, I have my handicap down to a 13.  But today I started off poorly and had a 50 stroke score at the end of the front 9 holes.  This is 7 strokes higher than my average!  For the competitive person that I am, I felt as if I was failing, not living up to my potential and more concerned that I’d repeat that performance on the back 9.

I decided to assess the situation and my results.  For some reason, I felt uncomfortable over the ball and was having difficulty focusing. I knew I had to slow down, relax and think about as few things as possible. More importantly I had to think about the process that works for me – focus and basics.  Picking my target, the proper stance, shifting my weight, and following through.

I turned to my partner said, “I need to shoot a 40.”  And I did exactly that.

So how exactly does this relate to sales? In sales when we’ve lost our groove and too many clients are saying “no,” we can take ourselves down into a dangerous funk.  Each customer contact comes up in the loss column and we may feel like we can’t get out of our own way.  And slowly we see our sales tanking.

The best thing we can do for ourselves is stop and ask, When I was successful, what was I doing?  What was my process that worked?  What was making the difference for me to increase sales? Was it that I was taking 5 to 20 minutes before each call to prepare?  Did I write out the objective of the upcoming sales call?  Did I formulate the questions I needed to ask to accomplish the objective? It may be that simple:  slow down, take a breath and go back to the process that worked for you before.

As a manager, when you see any of your seller’s loosing their edge it’s a coaching opportunity.  Take the time to regroup, help them remember past successes and reflect on the process the followed for their successes and a focused plan.

What’s your process that gets your back 9 to count to increase your sales?

About the Author:

Sharpenz is dedicated to providing sales managers the resources and tools they need to motivate and equip their sales team to sell each week. Our 30-minute power sales booster programs help companies increase sales by providing the right tools and training – fast. Designed with the busy manager in mind, Sharpenz’ ready-to-go sales training kits will give your sales team the opportunity to grow and earn more – all in a half hour of power.  To learn more, visit www.Sharpenz.com and sign up for your free sales training kit today!

Categories
Communication Skills

Thinking on Your Feet

Article Contributed by The Balanced WorkLife Company

You’re in the weekly department meeting when Donna, VP of Finance asks you a question about the effectiveness of the marketing event that has come in over budget, and she wants an immediate answer. You’ve got an answer, that’s not the problem; often the problem is how to articulate the answer logically, without rambling; to ensure you look in complete control.

Use PREPO to organize your thoughts quickly and concisely.

POINT. First, make your point. This is your major statement and should cover only one idea.

“Actually Donna, I believe the event was extremely well received and well worth the cost.”

REASON. Next, give your reason for making the point. By answering the question, “Why do you say that?” you can expand on your first statement.

“I say that because I heard a number of both prospects and customers comment on how it was both entertaining and informative and it gave them a new perspective of our company.”

EVIDENCE. Third, offer supporting information. You might include data, demographics and examples that reinforce your point. Evidence should be specific—it’s where the proof lies.

“For example, John Stanton, CEO of ABC Furniture, said _______. In addition, the preliminary results from the post-event survey are indicating that we’ve generated at least 20 very promising leads which we’ve turned over to sales who are following them up as we speak.”

POINT. Now make your point again. Good evidence will lead you directly back to your main point. Use the same words, or better yet, rephrase your point but don’t change your content or attitude.

“So, I believe that when the dust settles, the investment we made in this event will have an extremely good ROI and we will want to consider running it again.”

OUTCOME. This is a quick, action oriented wrap-up. Use it to state an action you’ll take, something for your audience to do or simply to balance and close your argument.

“If you can get me the final costs associated with the event, I will have an ROI report for you in terms of the leads closed by the end of the quarter.”

This technique, if practiced, is an excellent way to handle questions from an audience or meeting participants. It is also extremely useful when presenting a new or potentially controversial idea to any group.

About the Author

The Balanced WorkLife Company is dedicated to helping the best get better while they enjoy the journey. Our programs give you access to tools and methodologies that allow you to break through the barriers and achieve your goals while also helping you enjoy a balance between and within your job, your career and your personal life. Whether you are a seasoned professional or just starting your career, the Balanced WorkLife Company can help you achieve your ultimate potential. To learn more, visit www.balancedworklife.com and download our free report “The 16 Most Common Networking Mistakes to Avoid,” which is jam-packed with information to help you develop and build long-lasting business and social relationships.

Categories
Entrepreneurship

Organizational Leadership Mistakes – The #1 Way Business Leaders Unknowingly Sabotage Trust

Article Contributed by Skip Weisman

Trust is the fuel that propels teams and organizations to high-levels of success. Yet, organizational leaders today unknowingly do almost everything in their power to sabotage trust.

The primary way in which trust in organizations is sabotaged is by a leader’s communication style. One particularly egregious style of leader communication, which significantly undermines trust, is called “indirect communication.”

We have all fallen victim to indirect communication at one point in our professional or personal lives. For example, have you experienced…

  • A team member going first to a boss to inform them of a mistake a co-worker or manager made on the job
  • A manager calling a mandatory team meeting to review policies and procedures because one individual has acted inappropriately.

Let’s give a closer look to these mistakes…

Trust Building Mistake #1: Are You Allowing Teammates to Throw Each Other “Under the Bus?”

The phrase “thrown under the bus” is quite common in corporate America. It occurs when co- workers directly try to undermine the credibility and reputation of a teammate by talking behind their back with peers, or going to a superior to discuss poor behaviors of someone.

This form of indirect communication can be devastating to an organization’s culture because it ruins trust between team members and killing employee morale.

But, it can get worse.

It gets worse when organizational leaders call the offending person on their behavior using this second-hand, hearsay evidence. This accelerates the destruction of trust in your organization. Organizational leaders have to stop taking the bait dangled by the employees trying to make themselves look good at the expense of their teammates.

When a leader goes directly to the accused individual, without directly observing or experiencing the behavior first hand, organizational culture and morale deteriorate.

The proper approach would be for the leader to tell the bearer of this information that they need to address the issue directly with the perpetrator. Pushing the issue back down in this manner is what must happen with this type of indirect communication.

This is the only healthy way for teams and organizations to function. It builds high-levels of trust and commitment throughout. This will also help prevent a leader’s need for fire-fighting and crisis management

Trust Building Mistake #2: Are You Holding Generic Policy Review Team Meetings

When one individual violates a company policy or procedure, a weak organizational leader will decide its time to call everyone together for a meeting to review the issue. Now, you may think this is a great approach so all team members are clear on the expected behavior – but it’s not. Let me explain…

There are three reasons why this is a very poor approach to leadership communication:

  • As everyone knows why the meeting is called and who the perpetrators are, it causes resentment among those team members not guilty of the infraction. This sabotages trust at all levels of the team.
  • It diminishes the respect of the leader, who is choosing not to address the issue directly with the individual
  • It doesn’t solve the problem because the perpetrator doesn’t change their behavior since it always seems they never “get it.”

Organizational leaders must take it upon themselves to address these issues promptly and directly with the individual perpetrator. By doing so they point out to the individual the specific behavior they witnessed, outline why and how it is a problem, and ask directly for a change in behavior to which they can then hold the individual accountable.

It is the only healthy way for leaders to lead their teams to build a high-trust work environment with a team committed to achieving great things together.

Non-direct communication in an organization’s culture is just one of “The 7 Deadly Sins of Organizational Leadership Communication.” If you or other leaders in your organization are struggling to get greater results from your personnel at any level, the problem can be just one of two things. It’s either the habits of communication that are tolerated throughout organization,
or how performance is managed.

About the Author

Skip Weisman works with organizational leaders to improve personnel, productivity and profits by helping them “Create a Champion Organization,” now you can get his latest white paper “The 7 Deadly Sins of Organizational Leadership Communication” at www.HowToImproveOrganizationalCommunication.com. This will help your organization communicate effectively and take action with commitment towards a shared compelling vision.