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BIZNESS! Newsletter Issue 109

BIZNESS! Newsletter

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Cover Story
BodyKey to Weight Loss

The BodyKey solution consists of two parts: a hand held device as well as a computer software program. So how does this thing work? Well, let’s say this morning you woke up at 6am and had a healthy breakfast like cereal and fruit. Then at 7:30am you went to the gym…

Continued in BIZNESS! Newsletter Issue 109 >>>


Top Stories From CoolBusinessIdeas.com

– Underwater Magic: The Future of Adhesive and Sealants
– Learn how to profit with Double Betting
– Luxe Home Swap
– Revive Energy Mint Vending Business
– Easy Missy Flower Search
– Solar Keyboard
– Artistic Piggy Bank

Continue reading these top stories in the BIZNESS! Newsletter >>>



Top Stories From GetEntrepreneurial.com

– Multi-tasking: How to Take the “Crazy” Out of Crazy Busy
– Why Buyers Don’t Like Salespeople
– Communication Styles in the Workplace: Goals vs Flow
– Allowing Your Expert to Shine Through Common Reasons That Keep Entrepreneurs From Moving Forward
– Do You Wish There Was An Easier Way to Respond to Sales Objections
– A Prospective Partner: Skills and History
– Hiring An Assistant

Continue reading these top stories in the BIZNESS! Newsletter >>>


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People & Relationships

Maintain Your Relationships: It Doesn’t Pay to Play Hide ‘N Seek in Today’s Economy

Article Contributed by Sharpenz

Remember the thrill of hide ‘n seek? Finding the perfect place to hide out until “all was clear” and someone else was found so you could win the game? Unfortunately, some sales professionals are using the current economy as a reason to hide out until the economy picks up too. And while they are hiding, others are seeking and strengthening relationships and winning new business every day!

Sales professionals who continue to invest their time, energy, and resources today will reap huge rewards in the long run. Need proof? McGraw-Hill’s research found that companies who maintained their investment in marketing and relationships during the 1980-81 recession had 256% higher sales by 1985 than companies that cut expenses during that time. That’s right…256% more sales!

I’ve heard people lament, “I’m the last person they want to talk to. They have no money to do anything.” Wrong! They do want a professional who is there and willing to give value to them even if they aren’t able to do as much “business” with you as before.

Here are a few ways to give value today.

1. Time. Don’t underestimate the value of your time and attention. Make contact and ask for 30 minutes of time to review how you might help them in light of their current situation. Tell them you’ll bring coffee or, even better, get them out of their office for a coffee!

2. Tools to help them do something better, quicker or easier. A client mentioned he was going to hire recent college grads and that wasn’t something he had focused on before. I researched and found 2 colleges that have sales majors, located the key contact and sent off the information. Guess who can’t wait to have me help him train these new people once they are on board?

3. Information that matters. This should not be about you, your firm, or your products. You can position yourself, as a strategic partner, by giving information that is helpful and not tied directly to you. Find relevant information like a book or links to articles, podcasts or forums. I sent a group of financial advisers I had worked with an e-zine link to an expert on getting referrals in their industry. Months later one of them wrote to tell me that they are still finding value in that expertise and getting more referrals for it.

It’s time to stop hiding. Make time to seek out useful, relevant contact points with your customers. Give them value today; they will surely remember and give you business in the future.

What are some ways you provide values to your clients? Let us know in the Comments Section.

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 more 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
Starting Up

Characteristics to Evaluate in a Prospective Partner

Article Contributed by Michele DeKinder-Smith

When a female business owner is considering a business partnership, evaluating her prospective partner based on several criteria increases the likelihood that the match will yield positive results for both parties. While gut instinct and good chemistry may make the partnership friendly and enjoyable, those two components on their own do not necessarily create a recipe for business success. Rather, careful evaluation of specific business-related components of the prospective partner’s personality and experience can lead to entrepreneurial harmony – and business success.

Extensive research with women business owners about all aspects of
business ownership reveals the importance of due diligence when selecting a business partner. Further, research shows there are seven main characteristics to consider in prospective partners. This article discusses the details of two of those characteristics.

Characteristic 1: Suitability for Entrepreneurship

The question: “Is the prospective partner well-suited for being self-employed?”

Although a prospective partner may have great ideas, tons of money, or be a complete sales superstar, that doesn’t necessarily mean she is cut out to be a great businessperson. If both partners have been self-employed before, the question of suitability may be easy to answer. If one of the partners (or neither) has been self-employed, consider the financial risks of self-employment, the self-discipline required, family tension, and the challenges of working at home (if applicable), just to get started.

It is important to realize that even if a prospective partner seems like a perfect match, if he or she is not suited to the entrepreneurial lifestyle, then he or she may end up unhappy or dissatisfied, or even unknowingly causing business problems.

If a prospective partner is cut out for business ownership and/or has succeeded at running a business of his or her own already, then the partners must determine whether they are well-suited to work together. If they’re not sure, they should do themselves a favor and discuss the challenges of entrepreneurship as much as they discuss the possibilities.

Characteristic 2: Compatible Business Goals and Values

The question: “Are there any conflicts around the partners’ business goals and values that would prohibit or jeopardize their ability to successfully partner together?”

Different types of business owners strive for different balances in their work. For a partnership to work well, the prospective partners must determine, ahead of time, how well their goals for business and for work-life balance fit together – and if they are not similar, how the partners can work out the differences.

For example, if one partner sees business ownership as a way to spend more time with her family and the other expects to put in 60-hour work weeks, the two partners may not be compatible. If one partner wants to build a multi-million dollar empire and the other wants to run a small, home-based business, they may not be compatible.

Here are some examples of partnerships between two types of business owners – and their potential high points and conflicts:

•    Jane Dough and Go Jane Go: Both are driven to succeed, but for different reasons, with Jane Dough looking for growth and profit while Go Jane Go strives for service and deep customer relationships. To avoid miscommunication, these two types should discuss how to be of service while also hitting profit goals. Also, it is important for Jane Dough and Go Jane Go to keep lines of communication open, because Go Jane Go may tend to shoulder more than her share of work.

•    Accidental Jane and Merry Jane: This partnership has the potential to be strong, because both types want life balance and time freedom. One point to consider: finding the right mix of business to deliver sufficient income to make both partners happy.

•    Accidental Jane and Tenacity Jane: This partnership may be tricky because Accidental Jane wants an ideal job while Tenacity Jane may seek business growth (although she lacks experience or important skills). To succeed, they must discuss expectations about time and effort, as well as how they will handle financial decisions. Tenacity Jane may also seek a mentor who can help her develop skills that Accidental Jane may care less about.

Women business owners should keep in mind that all partner pairings can work, given a commitment to open dialog and mutual understanding. The best exercise to determine whether your business goals are in harmony – whether they’re two different entrepreneurial types or two entrepreneurs of the same type – is to put together a business plan, or at least start sketching out the process. The business planning process has the potential to reveal significant differences in partners’ long-term goals and approach. Those differences do not necessarily mean the end of a business partnership before it even begins. Rather, a complementary approach, in which partners consider all points of view and arrive at solutions that draw on their mutual experiences, will strengthen all business decisions.

One more key consideration: essential and desirable values. From creativity to risk-taking, and religion to parenting styles, all values come into play when two people work closely together.

If business partners share core values, their relationship will likely be more harmonious and rewarding. It is important for partners to understand each other’s entrepreneurial type and values, to increase the possibility that the partnership will thrive.

When two prospective partners are compatible in terms of entrepreneurial style and experience, and in terms of core values, their partnership is more likely to produce excellent business results that meet both their needs and desires.

About the Author:

Michele DeKinder-Smith, is the founder and CEO of Linkage Research, Inc, a marketing research firm with Fortune 500 clients such as Starbucks, Frito Lay, Tropicana, Texas Instruments, Hoover Vacuums and Verizon Wireless. She parlayed this entrepreneurial knowledge and experience into founding Jane Out of the Box, a company that provides female entrepreneurs like YOU with powerful resources, such as educational blogs, teleclasses, newsletters, and books. Michele was recently named to the National Association of Women Business Owners national board of directors for a two-year term. Buy a copy of her latest book with coauthor Azriela Jaffe, “See Jane Collaborate,” which contains more in-depth information about this article’s topic, at www.seejanecollaborate.com.

Categories
Entrepreneurs

The Entrepreneur – Change Is the Only Constant

Article Contributed by Joe Vaccaro, CBM

If you think you were challenged in the past to deliver high-quality service each and every day, think again! It’s even tougher now. The distribution of documents, both physically and electronically, is changing the way we do business every moment. Rapid advances in technology along with increased competition and the downturn in the volume of business challenge us economically, socially and politically to redefine the way we conduct our business every day. Being good today does not help you thrive and survive tomorrow. Whatever met your customers’ expectations yesterday most likely will not be acceptable tomorrow.

This is an exciting yet scary time. But there are ways to prepare and plan for this brave new world.

Strategic Planning & Tactical Execution — Develop your plans not only to meet but to exceed your customers’ expectations. Your mission is to always be considered and treated as your customers’ strategic partner. But there’s only one way to do this: know their strategic plans. A few years ago, a leader in the investment banking/brokerage industry conducted a one-day workshop with its major suppliers. Included in this mix were providers of outsourcing, ground and air courier, fulfillment, pre-sort and other distribution services. The objective was for us to understand the client’s business needs, while developing an understanding of how we providers of services had to work in concert to maximize our effectiveness. In the end, everyone benefited from this free and open exchange of ideas to improve and refine the delivery of services. Because the customer had taken the initiative to be our strategic partner and establish the framework for alliances, we were no longer just vendors. The client’s vision of our role in its business model helped to re-define many future relationships for us.

Alliances and Hunting Partners
— Work only with people that share your values, ethics and commitment to integrity and customer service. You are judged by the company you keep. Soar with eagles and avoid the snakes.

Knowledge is Indeed Power — Information is either confidential in nature or it’s not. What is not confidential should be shared or traded, but be discreet with whom you share your information. Give a little more than you take. Keep a confidence at all costs, even if it costs you money! No, that’s not irrational. In the long term, you will reap greater rewards: Your reputation will always precede you. That is power.

Trends and not Fads
— Try to read the future and sort the true trends from the fads. Over 20 years ago, I was a member of a “paperless office” project team. We were going to design, develop and implement policies, systems, procedures and automated solutions that fully supported the “office of the future.” The project was never completed, and to the best of my knowledge, no one has fully implemented a “paperless office” — anywhere.

Things are rapidly changing in the ways we communicate and disseminate information. E-mail has replaced telephone calls and written correspondence.  Tele-conferencing has reduced the need for corporate travel. But don’t think that technological solutions are the most cost-effective and efficient means to communicate   Nothing beats a face to face with a customer or a business associate. You can learn more by reading body language and “listening” to what is not being said! Besides, everyone want to see your pretty face now and then!

Think Big — Think globally, not locally. Today you may be a small company in both customers and revenue, but always present and act greater than what you are. Perception has a way of becoming reality.

I was the first and only full-time employee of an outsourcing company that I co-founded  in New York. In our first year, we had an opportunity to expand into the Chicago market, something we never envisioned — at least not that fast. One of our competitors had declined the chance to expand, and the client came to us with the opportunity. We got the account in Chicago and subsequently expanded our services even further with them into the Toronto market!  You have to believe in who you want to be and then act the part. Just do it! Make it happen. There are no “comfort” zones.

Growing through Horizontal and Vertical Integration — Plan and grow the length, depth and breadth of the services you provide. In order to grow vertically, you have to consider opportunities both up and downstream. Look into your customers’ and suppliers’ business. Identify and focus on opportunities that primarily complement and supplement your core business. For example, if you are in the ground transportation business, consider expanding into the air courier business. Many of your existing customers use air courier services. This is a logical way to grow and diversify. Think both long and short term. Buy or merge with companies that fit your business model.

Grow the Core Business
— Consider outsourcing functions/tasks that do not directly relate to or possibly adversely impact your core business. Review all operations and/or support services functions to determine if outsourcing is the appropriate solution. Don’t just look for a quick hit on the bottom line. Think cause and effect.

Business and War
— We sometimes think of competition as war, but it’s not. In war, people die. In business, there is always another day, whether you want to admit it or not. Remember, competitors and “enemies” today can be friends and allies tomorrow. Don’t burn any bridges.

Metrics and Matrix Management
— Always think quantitatively. If you can’t measure it, how can you manage it? I once managed a consulting group of 35 analysts and five project managers. We used to recommend management reporting solutions to our clients but did not have one in place for ourselves. We didn’t listen to our own advice. Then one day, we had to make a detailed presentation to upper management, and we saw the light. Design, develop and implement management reporting systems.

Best Practices and Benchmarking — If you are not the leader in your industry, identify who is and learn from the “best.” Pick up the phone and call them. There’s nothing to lose by asking! Most people are flattered by the attention and willing to share information. If they are unwilling to share, you’ve lost nothing.

Business Disruption
— Develop contingency plans. If feasible, don’t concentrate all your resources in one location. Back-up your files. Secure your client information. Minimize risk & exposure.

Systems and Solutions
— Design and develop service solutions that are modular, flexible and adaptable. Cross train your staff to be multifunctional resources. Automated or technological solutions should, when possible, be designed using open-ended systems architecture and be, if possible, field upgradeable. Think systems. Implement solutions.

Teamwork — This particular team is comprised of players selected from outside your organization. They are your networked business associates who can provide you with real leads and opportunities. For example, I make at least five networking phone calls a day and meet at least once per week with my small and select group of players who provide services that complement mine. We all share and “sell” for each other. These external sales people can help you take your business to the next level. Think of nodes on a computer network. Their value grows exponentially. You need them, and they in turn need you.

Closing the Deal — Using baseball as a frame of reference, some pitchers are starters, some are middle or spot relievers and some are closers. No pitcher is exceptional in all three. Pick and choose who initiates or starts the contact with a prospect, which team member supports or, if need be, relieves the starter and who should close the deal. Timing, as they say, is everything! Know your staff’s strengths, and select the best closer. What else can you do to bring added value to your customer? Raise the bar on your own performance. Beat your expectations as well as theirs!

Seeing Business from the Customer’s Perspective — Always think and act from the customer’s perspective, and develop and present your proposals and responses accordingly. Function as a consultant to yourself.

“S.W.A.T.” is service with a twist. Do an audit of your own services. Are you fulfilling all the terms and conditions in your contract or service agreement? Why aren’t you doing more than what was agreed?

Diversification — More services to offer mean more potential sales. Design, develop and introduce complementary services that can stand alone or be bundled together to bring additional value to your customers. Spend the time, money and effort in research and development. Beta test new services, if possible, with your customers. Most of all, get feedback from your customers. They are your best source of information for new and enhanced services.

Be a Consultative Resource — Work closely with your clients. Present and conduct yourself as a management resource and not solely as a provider of service. Review and analyze your customers’ needs. Help them separate their wants from their needs. Use your analytical skills and abilities to assist them in other areas of their business.

Passion — You can’t teach it, and you certainly can’t fake it. You either have it or you don’t and, believe me, customers can tell. Work with passion or find something else to do with your life! In these ever-changing times, you have to be ahead of the curve.  Remember, change is the only constant!

About the Author:

During his career, Joe has been on the client’s, vendor’s and consultant’s side of the desk. This tri-angular perspective enables him to bring value-add to all his endeavors. He a Certified Business Manager (CBM) who provides consultative services (The Vaccaro Group) to entrepreneurs. Joe is a Viet Nam War Veteran with a total service-connected disability. He can be reached at 917-566-5147 and JoeV1120@aol.com

Categories
People & Relationships

Social Media Etiquette: Are you developing (or destroying) your online reputation and relationships?

Article Contributed by Annemarie Cross

Many service-based business owners are leveraging the power of social media in their marketing and brand communication strategies – which is wonderful to see.

Unfortunately though, there are some unscrupulous (or perhaps ‘uneducated’) users, who are not following social media ‘etiquette ‘ and are therefore destroying their reputation and any chance of building solid relationships with their network.

When it comes to social media, whether you are a novice or a pro, here are 10 DO NOT’s and 10 principles you should adopt to ensure you use these technologies appropriately in your online interactions.

When connecting with me on Social Media – DON’T:

1.    Post inappropriate photos and/or comments on my Facebook wall or Twitter feeds.

2.    Blatantly promote your products and services on my wall.

3.    Send me an email about your upcoming workshop/event after having only just connected with me. We haven’t had the opportunity to get to know one another yet.

4.    Only post/write information about YOU and YOUR products and services. Just because I am connected to you, doesn’t mean I have given you an open invitation to broadcast your promotions.

5.    Tag me in a video/photograph/other post that has no relevance to me because you’re only trying to get my attention. Guess what? You did, but for the wrong reason. I’ve just unfriended and/or blocked you.

6.    Include my Twitter handle in a post to get my attention about your product or affiliate link. Again, you’ve got my attention but I won’t be following you OR clicking through the link. Anyway, you’ve probably just had your Twitter account banned for spamming.

7.    Ask me to tell me more about myself and the work I’m doing. This shows me you haven’t bothered to read my profile, wall posts or feeds.

8.    TYPE YOUR MESSAGES USING ONLY CAPITALS, otherwise I’ll think you’re SCREAMING AT ME.

9.    Send me an invitation to connect using the standard request provided by the technology platform. This indicates that you have not taken the time to read my profile.

[Note: I’ve been guilty of this myself so it’s a great reminder for me too, NOT to do this].

10.    Use disrespectful language; bullying tactics; or name calling when commenting on my wall. If you disagree with something that either I or one of my followers has said, that’s fine – I respect your opinion. Please respect my opinion and that of my followers.

When connecting with me on Social Media – DO:

1.    Be a relationship builder
and show me that you care.

Show a genuine interest in what people are doing and saying and take the time to build relationships just as you would with any face-to-face interaction. People are more likely to recommend you, share your information with their network, or do business with you if they know, like and trust you.

2.    Be respectful of others’ opinions even if you don’t agree with them.

Social media allows you to connect with thousands of people you would never have had the opportunity to meet if you were just relying on face-to-face networking. And, many of them will probably have different values and opinions than you.

Don’t force your thoughts or beliefs onto others in a disrespectful manner – after all, your opinion is just that – yours. Instead be willing to be respectful of them despite the differences.

3.    Be on-brand and mindful of the online footprint you’re creating.

Everything you do and say reflects on you and your brand. Be sure that your posts, comments and interactions are of a professional manner and that you aren’t creating digital dirt that could cause a prospect to ‘not’ hire you.

If you think something could be misconstrued or if you wouldn’t want a prospective client to read it – don’t post it! They’ll surely find it, which may be the reason they hire your competitor rather than you.

4.    Be a ‘giver’
and not only a ‘taker’

Social networking is not all about taking and receiving but rather it’s about sharing resources and passing on information that you know would be of interest people.

The more helpful and supportive you are in your interactions the more likely others will be willing to extend the hand of friendship and support when you need it.

5.    Be honest in all your business dealings.

The technologies we have at our fingertips allow us to do business with people on the other side of the world without ever having to meet them.

Unfortunately, some people misuse these technologies by misrepresenting themselves and misleading people into parting with their hard-earned dollar.

Ensure that you manage all your business dealings with the highest of integrity, service and honour, and that your customers are happy to recommend you to their extended network.

Remember, when using social media, the information you share and your interactions should not be ‘all about you’. Avoid blatant broadcasting and promotion of your products and services to your followers.

Rather it’s about ‘networking’, sharing valued-added resources, showing an interest in others, providing support and assistance, and about establishing and nurturing a strong network of likeminded people.

About the Author:

Annemarie Cross is a Branding Specialist & Business Coach helping ambitious women business owners to get noticed, hired and paid what they’re worth! Want to learn simple yet powerful ways that you can build your brand, your credibility and your income? Visit http://www.AnnemarieCross.com to access free inspiring ‘how-to’ articles and to sign up for our free audio mini-series ‘7 Easy Steps to Build Your Brand, Your Biz, and Your Income.’