Tres Coach

Run Through the Tape to Achieve Your Goals

2010-09-07T06:00:00.000-07:00

We are fast approaching the time of the year where things really start to get exciting for most businesses. Whether you are making a mad dash to close out the 2010 calendar year strong, or starting your planning cycle for 2011, one thing all business owners should have in common - you better be running!

To stay ahead of the pack, you must have a solid game plan and execute to perfection. Much like the runner, your objective should always be to run through the tape (not to the tape) to achieve your goals and thus improve your odds of winning.

Whether you are gearing up for a strong end of year push or setting the table for 2011, here are five things to consider.

Finish what you started in 2010, so you can get off to a fast start in the New Year ahead.
Prioritize new projects and initiatives to improve ROI and maximize business results.
Decommission things that aren't working to conserve resources and eliminate the clutter.
Remember it's okay to hit the restart button to help get major projects back on track.
Stay focused and positive about your plans, goals and the outlook for your business.

Don't attempt to add a bunch of new projects for 2010 that will dilute your resources and focus. This is the time of the year to execute and delivery results, not add more to the list of “To Dos”! Similarly for 2011, try to limit your initial plans to 5-6 major initiatives and then expand as you go along, so you don't get winded early in the race.

Dedicate the time required to fully develop your future plans and “stretch” goals, so your line of sight is beyond the finish line and your initial targets. And finally, make sure to work on your Top 3 list of priorities every day before moving on to other things. This holds true for anytime during the plan year.

Running through the tape to achieve your goals is about staying ahead of the competition and adjusting your vision beyond the immediate horizon to the possibilities that lie ahead.

Best of luck to your future success - keep running!

COPYRIGHT © 2010 John Carroll

Who's Responsible for Sales?

2010-08-08T08:36:00.000-07:00

If you are a solo entrepreneur the answer to this question is obvious – you are. However, if you’re a business owner or business leader with numerous employees the answer may not be so straightforward. But it should be.

The short answer is EVERYBODY!!!

Whether you are a small business of one or a large corporation with 100,000+ employees, everybody is directly or indirectly responsible for driving or supporting sales in some manner, regardless of their job title. Unfortunately, this fact can get lost on many companies and employees alike.

So, how do you ensure that your employees fully recognize how their job performance directly contributes to the realization of sales goals?

Fundamentally, it starts with accountability and the goal setting process. The business plans for every area of the company should have objectives and metrics tied to the key areas that directly or indirectly affect customers and ultimately sales results, such as:

Customer acquisition and retention,
Sales and revenue growth,
Customer service,
Quality, and
Operational effectiveness.

Next, clarity is essential. It’s not enough to establish goals and metrics at the company or department level. Employees also need to be tuned in to how these goals align with their specific job responsibilities, and how their performance impacts customers and sales. Tying part of employee compensation directly to sales and revenue results places further emphasis on the importance of everyone’s role in supporting customers and sales.

Finally, fostering a culture that reinforces the belief that “everybody is responsible for sales” will keep the focus and combined energy of the company on taking care of the customer, delivering value and improving sales results.

When everybody takes ownership and feels responsible for sales – everyone wins!

COPYRIGHT © 2010 John Carroll

Is FREE Still a Great Marketing Tool?

2010-07-05T15:21:00.000-07:00

Is FREE still a great marketing and promotional tool or has it lost its luster? I have to admit, I’m on the fence on this one, and could really use some feedback from you.

Back in the “old days” it was a foregone conclusion that price = value. However, we all know market conditions have shifted drastically as a result of e-commerce and more aggressive global competition, to the extent that it is hard to recognize a good value when you see one today, particularly when shopping online.

On the Internet, FREE has become the adoptive buzz word for most everything. There are free reports, free e-books, free white papers, etc. Some of the industry’s most recognized experts on information products will tell you to give away as much as 75% – 80% of your content and then charge for the rest at a high premium price. This model makes absolutely no economic sense to me!

SO WHAT AM I MISSING HERE?

If everything is FREE on the Web, then who is making any money and how are they doing it? Or, if you are giving away 75% – 80% of the content for free to entice me to buy your book, training videos, or attend a seminar/workshop series, etc., what is my motivation to pay the BIG BUCKS for the other stuff when I already have all these FREE items available to me without obligation? The larger questions here are the obvious ones … does all this free stuff really have any true value? And, am I overcharging the consumer for the fee-based items to recover the lost gross profits from all of the freebies?

(PET PEEVE #1): To determine their value upfront, here’s my first test of free items such as e-books and other information products. I will download the content and then run it through spell checker. If the document contains numerous spelling, punctuation and grammar errors, guess where it will go? And, you’ve lost me as a potential buyer. Why would I pay for your fee-based products and services when your FREE stuff is crap? It doesn’t take much extra effort to fix the spelling, grammar, etc. problems before you make your free content available to the consumer, so take the time to do it right the first time.

(PET PEEVE #2): Now, here’s my biggie. You’ve made me an offer of a free e-book, free report, etc. However, in order to obtain the free item(s), I have to plow through a lengthy 7-8 page sales letter to get to the offer. Not going to happen! As an online consumer, I have the attention span of a 3-year old and the patience to match, so net it out for me. Tell me in 1-2 pages or less what the offer is, what I have to do to get it and how I get my free stuff. (The only people I’ve ever spoken with who like these exhaustive 7-8 page sales letter diatribes are the people who create them – consumers hate them, so stop it!).

OK, I’m done with the rant, now back on topic. From a marketing perspective all this noise about free tends to diminish the value of online products and services, and creates an illusion on the part of the online consumer that everything should be free. As a result, this false illusion can limit take rates on a lot of the valuable information products and services that are fee-based. So, how do you correct the perception and make FREE a more effective (and profitable) marketing and promotional tool for your business?

Richard Kittrell, founder and CEO of Power of the Pride Training Systems http://www.powerofthepridetraining.com/ has a great suggestion to help you better position your “free” offer. If you are marketing and promoting an e-book or book, rather than offering a free report, etc., offer the buyer the first chapter or two for free. This keeps the focus on your primary offer, and allows the buyer to make a more informed purchase decision. (Similar to the try it, buy it approach).

My preference is to position “free” on the back-end of the sale in the form of an upsell, cross sell, value bundle, discount on the next order, etc. This will help you to establish a stronger customer – supplier relationship based upon the value of your initial offer, and then you can provide those customers with the post-sale incentives to promote any add-on or future sales to keep them coming back for more.

That’s my two cents. Would welcome your comments and thoughts on how you have used the concept of FREE to successfully market and promote your products and services.

COPYRIGHT © 2010 John Carroll

Selling Beyond the Bid Process

2010-06-21T14:40:00.000-07:00

Developing a bid response to a Request for Proposal (RFP) in the private or public sectors is time consuming, resource intensive and in most cases the end result will be a "no sale" unless you are the incumbent, or have established a strong business relationship with the decision-makers in advance.

If you did not write or help the client develop the bid requirements, your chances of winning are less than 20%. Why? Most bids, either directly or indirectly are biased toward another vendor's products or services. Oftentimes, the incumbent plays a significant role in developing the bid specifications, or it is a bias on the part of the client's internal team toward a particular solution that influences the bid specifications and the final outcome.

So, how do you increase your odds of winning when you are in a loss position before you even start to formulate a proposal response? The most effective way to improve your win rates in bid situations is to change the ground rules and sell beyond the bid process.

First, you should know that the vast majority of RFP's are shopping lists that seldom track with the client's true business requirements. In order for you to increase your chances of winning, it's important to meet with the decision-makers and bid team separately (outside of the bidder's conference) to determine the true underlying business requirements, priorities and to identify any potential biases. This will enable you to tailor your bid response to the client's specific business needs, once a determination has been made to move forward with the response.

Next, understand the motivation behind the bid. In the public sector a formal bid may be a mandatory requirement. Many government entities, for example, require that a minimum of three bids be sourced and evaluated prior to vendor selection. However, in the private sector RFP's are generally driven by a level of dissatisfaction with the current vendor, or someone's desire to assess the broader market for enhanced capabilities or extended services to address the company's future business needs. Regardless, it's important for you to know what (and who) is driving the decision to shop the market before attempting to develop a bid response.

Once you have determined the client's business requirements, hot buttons, decision criteria and biases, you can then decide how (or if) you want to proceed. Power Base Selling, written by Jim Holden, is a great resource for salespeople to help them transform their approach to selling, particularly in highly competitive bid situations. Before moving forward with a bid or proposal response, the Power Base Selling methodology requires that you answer these critical questions:

Do I have an opportunity?
Should I compete?
Can I win?

If the answer is "no" to any of these questions, it is time to abort and no bid, unless of course a no bid response would materially limit your ability to sell other products and services to the client in the future.
If the answer to all three questions is "yes" and the decision is to move forward, then get creative by developing a solution that uniquely positions you as the front runner when it is time for the client to make a decision. Think about incorporating other elements not covered in the scope of the bid - i.e. additional services, value bundles, upgrades, etc. into your response as another way to differentiate your bid response and reinforce that you did your homework to understand the client's specific business needs. Create an "Other Considerations" addendum to your proposal to highlight these enhanced capabilities and/or future requirements you identified in meetings with the decision-makers and bid team.

Throughout the bid and selection process it is important for you to stay in touch with the client decision-makers and bid team so they are fully briefed on the critical attributes of your solution that distinguish you from the competition. Staying in touch with the decision-makers and the bid team will also help you keep abreast of any changes to the bid requirements, selection criteria or decision parameters, while strengthening your key business relationships within the client's hierarchy.

Selling beyond the bid process is all about finding creative ways to help you favorably influence the outcome of the decision and improve your odds of winning the business. So, don't allow the bid process itself to hinder your ability to deliver a solution that will ultimately exceed the client's expectations and differentiate you from the competition.

Good luck and good selling!

COPYRIGHT © 2010 John Carroll

Are You the 'World Wide Wes' of Your Industry?

2010-06-06T10:46:00.000-07:00

A couple weeks ago I happened to tune into the Mike and Mike in the Morning show on ESPN Radio while in route to a networking breakfast. Jalen Rose, retired NBA basketball player and sports commentator was a guest on the show to discuss where LeBron James will end up if he decides to opt out of his contract with the Cleveland Cavaliers.

But that was not the most interesting segment of the show to me. The most interesting part of the program was when the conversation shifted to William Wesley (a.k.a. World Wide Wes) and the influence he could have on the decision regarding LeBron James' basketball future. I'm a big NBA basketball fan, but have to admit I had never heard of Mr. Wesley and neither had the radio show co-host Mike Golic, much to his chagrin, as he would discover a little later in the broadcast.

As I learned during the conversation, Mr. Wesley is widely touted as one of the most prominent figures in the sports and entertainment industry today, and received the nickname 'World Wide Wes' from Jalen Rose several years ago. I later discovered a 2007 GQ magazine article about Mr. Wesley titled "Is This the Most Powerful Man in Sports? That said, In the NBA, all roads lead to one man, whom you've probably never heard of: William Wesley - a.k.a. World Wide Wes - the most connected, most discreet, most influential man on and off the court ..."

Mr. Wesley hails from New Jersey and Mike Golic played professional football right down the road with the Philadelphia Eagles (1987-1992). As the conversation about World Wide Wes continued Mr. Golic said, "If this guy is so influential, how come I've never heard of him and I played football in Philadelphia for five years?" World Wide Wes was listening to the program and almost on cue; he sent a text message to Jalen Rose during the live broadcast. His message said, "Tell Mike Golic that I was with Jerome Brown, a close friend of Mr. Golic and former Philadelphia Eagles star, and we picked him up at the airport when he first came to Philadelphia."

World Wide Wes was able to recall the restaurant they ate at some 20+ years ago, what Mike Golic ordered for dinner, and that he liked extra sauce on his ribs. Needless to say, Golic was stunned, but could still recall little about the dinner meeting with Mr. Wesley or World Wide Wes himself. Mr. Wesley declined to join the trio live on the radio show when asked, which only added to his aura as one of the most connected, discreet and influential people in sports today.

So, are you the World Wide Wes of your industry? Do you have his keen ability to not only connect with the Michael Jordan's and Jay-Z's of your world on a close personal level, but also work behind the scenes with key people within your industry to help drive decisions and affect change? Besides his incredible recall abilities, Mr. Wesley appears to have an extraordinary capacity for building strong relationships with people at all levels within his industry and the influence to bring them together to make things happen.

In business as in everything else in life, making a difference isn't necessarily about titles, power and authority, it's about helping people get what they want. And it's about connecting them to people who can facilitate those types of "win-win" scenarios. You don't have to be the Chairman of the Board, or World Wide Wes to make a difference, just be there to provide guidance and support to those who could use your help the most.

COPYRIGHT © 2010 John Carroll

How to Turn Your Rolodex into Cash

2010-05-24T13:11:00.000-07:00

One of my pet peeves is the use of a Rolodex. In many cases they are not utilized effectively as an important business development tool. And in the modern era, the Rolodex has been reduced to little more than an electronic repository for business cards.

Note: For those of you unfamiliar with the term, a Rolodex is a rotating file device used to share business contact information. However, to clarify for this article I consider the Rolodex, business card file and Contacts list interchangeably to mean the same thing.

For years in the corporate world, I listened to executives talk about their "who's who" list of contacts and the size of their Rolodex, like this somehow made them more important. However, when it came to helping a sales team member with an executive introduction, closing a sale or resolving a customer problem, their Rolodex of business contacts was rarely of any value in helping move things along.

Several years ago, I met with a Director of Business Development candidate who began the interview by telling me that he had a Rolodex of over 2,000 businesses. I said that's great ... now tell me how many of those businesses you could call right now, get an appointment in the next week and close a sale in the next 30 days if you were offered the position?

You get my point. Your Rolodex is of no value unless it helps you grow your business and make money. So, how do you turn your Rolodex into cash? Here are a few things I would recommend for starters.

Purge your existing Rolodex of all business contacts that are not active. This will help you to narrow your focus and put more emphasis on those current relationships that are vital to your business growth.
Don't add new contacts to your Contacts list until you have developed a positive business relationship with that person. I would underscore the word positive - no energy vampires allowed!
Limit your business contacts to 3 or 4 specific areas - i.e. clients, partners, suppliers and "other". This will help you to prioritize and eliminate the clutter.
Establish group categories in Outlook, as an example, to make it easier for you to access and retrieve business contact lists by category designation, as needed.
Retain the remaining business cards you have accumulated for later use - i.e. newsletters, prospect mailings, etc., but keep them separated from your active Rolodex contacts.

Much the same as networking, developing an effective Rolodex or Contacts list you can turn into cash is about building relationships, not stockpiling business cards. Your prospect database, email and vendor lists are more appropriate placeholders for this additional stored information.

Constructing your Rolodex in this manner will help you to put more emphasis on the customer, partner and supplier relationships that are integral to your future success, while turning your Rolodex into cash today.

COPYRIGHT © 2010 John Carroll

8 Tips to Put Fun Back Into Your Work(place)

2010-05-02T14:45:00.000-07:00

In the business world, we are notorious for putting fun last on our list of priorities and as a result, never getting to it. We're so busy during the year trying to meet our sales, revenue, expense, quality and customer satisfaction goals that we don't schedule time to have fun. That needs to change.

Are you having fun yet? If not, here are some things to consider in order to put fun back into your work(place).

Put fun first on your list of priorities, and the rest will fall into place.
Laugh more. Laughter can be a great medicine for what ails you and your workplace.
Be spontaneous with recognition, praise and a simple "thank you".
Schedule fun-based activities with employees, customers and suppliers.
Find your inner child. Let others see the humorous side of your personality.
Live with the 3E's - Energy, Enthusiasm and Empathy.
Take mental health breaks and/or extended lunches to refresh and re-energize.
Keep things in perspective. Your work is a means to an end, not the end!

Regardless of where you are in your career, if you're not having fun - what's the point? Life is too short to not enjoy what you are doing, so find a way to put fun back into your work or do something else.

The continuing negative trends in business as a result of downsizing, restructuring and the financial markets meltdown have taken a huge toll on the workplace, and the workforce tasked with doing more with less. We need to find ways to reduce stress, improve productivity, and keep our morale and energy levels up.

Putting fun back into the work is a great place to start. So, what are you doing to put fun back into your work(place)?

COPYRIGHT © 2010 John Carroll

Doing Business the R.I.G.H.T. Way

2010-04-21T10:16:00.000-07:00

There is only one way to do business, the right way. But, what exactly does that mean for your particular business situation?

Don Hicks, founder of the Hispanic American Business Development Group in Fort Worth, Texas http://bit.ly/10bL07 got me thinking about this topic recently when he posed the question "Would you do business with yourself?" to the group at a networking breakfast. It's one of those great defining questions that every business owner should take time to reflect upon.

If you were to identify what doing business the right way denotes for your business, I'm sure you'd come up with a rather lengthy list of things to consider. So, if you haven't completed this exercise, take the next step and make your list, then put those great ideas into action so they become an integral part of our company's culture, business practices and core values.

Doing Business the R.I.G.H.T. Way covers the entire waterfront from business practices to core values, and is truly all about how to "walk the talk" when you think about building solid business relationships with customers, employees, suppliers and within the communities you do business. So, I've created an acronym to make it easier to put these guiding principles into action, because we all know there are not enough acronyms in the world today.

R. = Rigorous planning, execution and attention to detail.
I. = Innovation, inspiration and intellectual curiosity.
G. = Generosity, charity and a sincere commitment to help others achieve success.
H. = Healthy sense of urgency and drive for continuous improvement and growth.
T. = Taking care of your customers through timely communication, follow-up and support.

You may come up with a better acronym (and list) than mine to define what doing business the right way means for your business. That's okay. What's important is that your actions consistently reflect those business practices and core values both internally and externally.

Keep Don's question "Would you do business with yourself?" in mind, as you look for ways to improve your business in the R.I.G.H.T. areas and deliver more value to your customers, then put those great ideas into action so you can answer with a resounding "YES".

COPYRIGHT © 2010 John Carroll

Tips for Starting a Mastermind Group - Part 2

2010-03-31T11:18:00.001-07:00

Part 1 of this two-part article focused primarily on the pre-launch planning and preparation necessary to develop a successful mastermind program. Part 2 will provide you with additional tips, suggestions and strategies to consider for both your pre- and post-launch planning endeavors as you and your new mastermind group participants begin to focus on the major elements of the program that will ultimately deliver business value to the members.

A sincere willingness by all members to provide open, honest and respectful communication is an absolute must to enrich the mastermind experience. An open platform for discussion enables business leaders to engage in an active dialogue and information exchange, without reservations. As participants become more comfortable with each other, the group will begin to function as a peer-to-peer Executive Board, offering expert knowledge, guidance, inspiration and support to benefit each member's particular business situation.

Confidentiality is also vital to maintain the integrity of the program and to ensure that proprietary business and financial information shared between group members is held in strictest confidence. Both members and guests should be required to sign Non-Disclosure Agreements in order to protect confidentiality and allow for full disclosure of business critical information that is relevant to the group discussions and any subsequent 1-on-1 meetings held by its members.

Next, providing prospective mastermind group members with an outline of the proposed Programs, Activities and Events calendar will help you in the new member recruiting and selection process, and give group participants a roadmap to help them prepare in advance for future meetings and assignments. Make periodic changes to the agenda format by adding new topics, selected readings, case studies, member spotlights, guest speakers, etc. to keep the program fresh, substantive and highly interactive.

The last area that cannot be overlooked in any successful mastermind program is accountability. Mastermind programs, as mentioned in Part 1 of this article, require a serious commitment in terms of time, preparation and planning, personal and professional growth, and active participation. Without strong accountability and a shared sense of commitment on the part of the group leader and the members, a mastermind program is little more than a networking group.

For the above reason, I would encourage you as the group leader to assign Accountability Partners so members can work together in teams on self-study and group projects. This will help facilitate the successful completion of assigned projects and provide group members with unbiased thought leadership, guidance and support on the development of all required content and deliverables. In addition, the accountability partnerships help to further unify the group and improve the quality and depth of the outputs.

The information contained in this two-part article is derived for my own experience in starting the Business Leaders Forum in September of last year. The Business Leaders Forum is a comprehensive mastermind program established for serious business owners and leaders committed to life-long learning, development and growth, and to achieving high levels of success in all aspects of their personal and professional lives.

If you would like more information about the Business Leaders Forum, please send an email request to me john@trescoach.com.

Tell me about your experience: How has your participation in a mastermind group program helped you achieve your personal and/or professional goals? What advice would you give to someone planning to start or join a mastermind program? Please let me hear from you regarding your success stories, or any additional information or thoughts you would like to share on this subject.

COPYRIGHT © 2010 John Carroll

Tips for Starting a Mastermind Group - Part 1

2010-03-18T14:15:00.000-07:00

In his book, Think and Grow Rich, Napoleon Hill described his concept of a mastermind group as, "A friendly alliance with one or more persons who will encourage one another to follow through with both plan and purpose." Today, like-minded professionals come together through a plethora of available mastermind programs to help each other achieve success, thanks in part to Napoleon Hill's original idea.

Note: This two-part article is intended to offer some valuable tips, suggestions and observations for those readers who are planning to start a mastermind group, or seeking to become an active member of a mastermind group in the near future.

Before starting a mastermind group, do your homework. Carefully select the topic(s), and solicit the advice of others who have started similar mastermind programs, so you know what to expect. Attend several group meetings to learn about the differing formats, content, membership requirements, etc. This will assist you in determining the appropriate structure for your mastermind group before proceeding.

Get help with start-up. Karyn Greenstreet, the owner of Passion for Business and The Success Alliance http://thesuccessalliance.com/, is someone you should schedule time with before you start or join a mastermind group. Karyn currently offers a variety of teleclasses and valuable resources on how to start and manage a mastermind group, including a free e-Book, to help you research and successfully start your mastermind program.

Mastermind programs, if properly constructed, require a serious commitment in terms of preparation and planning, personal and professional growth, and active participation. As a group leader, it's important to set aside the time necessary to develop the group's charter, format and content, and the outline for planned meetings, programs and events, well in advance. For the group to be successful, members must also share this same level of commitment through regular attendance at meetings, self-study, professional development and growth, and their support of other members.

The group charter and guidelines should clearly define the purpose of the group, information about scheduled meetings, attendance expectations, group etiquette, member additions and removal, communication and membership fees. Members should know as much as possible about the group's plans and requirements in advance, and what they will gain through their active participation. This clarity, in turn, will help new member candidates make informed decisions as to whether the group is the right fit for their specific need.

Whether you choose an open or closed group format, diversity and the group's dynamics are critical aspects to consider to ensure a rich mastermind experience. You want to create a "buzz" by recruiting business leaders with differing perspectives, business backgrounds, experience levels, and industry profiles. Above all, select business professionals who are passionate about their personal growth and success, and are equally dedicated to helping other group members achieve the same goals.

Prepare for growth and attrition. In the early stages, you should expect a certain amount of attrition to occur for various reasons including time and workload requirements, schedule conflicts, family and health issues, and business changes. Your recruiting efforts, therefore, should be ongoing so you have a backlog of candidates in the event that you lose group members. Also, have a transition plan to help new members quickly get introduced to the selected topics, recommended readings, homework and group exercises, to enable them to contribute from day one, and not feel left out.

Part 2 of this two-part article will focus on several additional areas you will want to emphasize when starting your mastermind group including Communications and Confidentiality, Programs, Activities and Events, and Accountability. In the meantime, please share your thoughts, ideas and experiences on this subject with me.

COPYRIGHT © 2010 John Carroll

(10) Basic Tenets of Great Companies

2010-02-24T11:05:00.000-08:00

Is your company a "great" company today? What constitutes a great company? Are there established criteria, like the Good Housekeeping Seal, that all great companies must adhere to in order to be deemed great?

Each year Fortune magazine completes the most extensive employer survey in the corporate world and publishes its list of the "100 Best Companies To Work For". The survey ranks the top companies in a variety of major categories including size, job growth, low turnover, no layoffs, women, diversity, etc.

As you would expect, there are quite a few highly recognized brand names that made Fortune's Top 100 list for 2010 including Microsoft, Nordstrom, Google, FedEx, Starbuck's, Intel and others. And each year, there are also some lesser known companies that appear on the list as well, such as NuggetMarket and Umpqua Bank to name just a couple from this year's list.

What makes these companies and others great companies to work for and leaders within their respective industry segments?

When I think of great companies, here is my list of the (10) basic tenets that great companies seem to have in common.

Recognize that customers and employees are their greatest assets.
Combine great vision with strong core values and superb execution.
Stay connected to their employees, customers, partners and suppliers.
Demand quality and excellence in everything and everyone, and hold people accountable for great results.
Continually search for ways to deliver more value to customers, and stay ahead of the competition.
Make course corrections when and where needed, and realize that perfect failures are sometimes necessary to accelerate the speed of change.
Follow the Golden Rule principle in their treatment of others, and create win-win partnerships in all major areas of the business.
Value and reward diversity, teamwork, collaboration, smart risk-taking and innovation.
Lead by real-world experience and example, not by the latest management dogma.
Set high standards for performance, and consistently exceed their business and financial goals.

Whether your business is a start-up or has been around for awhile, everyone wants to be a part of building something special - a great company. Great companies set the standards by combining strong core values with great vision, people, products and leadership. An unstoppable formula for success!

While there may not be a Good Housekeeping Seal required to be labeled as a great company, we all know great companies when we see them, and have had positive experiences doing business with them.

Is your company a great company today? If not, then I hope my list of the (10) basic tenets of great companies will serve as a guidepost to help you get there in the not too distant future!

COPYRIGHT © 2010 John Carroll

Connect Your Message With Your Audience

2010-02-11T11:26:00.000-08:00

Although it is widely stated that 93% of communication is non-verbal, getting the remaining 7% that is verbal right is essential in building credibility and trust with your target audience.

This year I have been speaking to various networking groups about "How to Improve Your 30-Second Elevator Pitch" as a part of our Back to Basics 2.0 business series. These presentations emphasize the importance of constructing the right message(s) in communicating your customer value proposition to a diverse audience, and building new alliances and business relationships.

Whether it's your 30-second elevator pitch, headline for a sales letter, Blog article, YouTube video or another form of communication, here are some important things for you to consider when developing your message with a specific target audience in mind:

Have something important to say. The message to your target audience needs to be clear, concise, on-topic, and packed with rich content that motivates them to keep reading or listening.
Choose your words carefully. Make sure your vocabulary fits the intended audience. Use powerful words and phrases they fully understand to help engage them in a dialogue.
Create a visual image for the reader or listener to strengthen the connection with your audience. Tell a brief story relevant to the topic to peak their interest, and help get your point across.
Be sure your message is goal oriented and designed with a specific outcome in mind. Your message needs a call to action so the audience knows what you want and most importantly, what is in it for them.
Adjust your message content to ensure that you've connected with your target audience. If you are developing a new flyer for example, create 3-5 different messages and then test each to determine which one yields the best response rates.

One of the biggest challenges we all encounter is how to design the appropriate message when multiple target audiences are involved. Here I would stress selecting general topics or themes that appeal to the masses, or tighter focused messages that hit each of the target audiences separately. The latter requires much more effort and forethought, but ultimately should result in higher response rates.

While there is no one right answer when it comes to connecting your message with your audience, the more you know about your target audience, the easier it will be to craft a message that produces the desired result.

COPYRIGHT © 2010 John Carroll

Are You Stuck in the "Friendly" Networking Trap?

2010-01-25T08:26:00.000-08:00

Many of the business owners I have met with during this past year have told me that traditional networking does not work for them, and as a result they are seeking alternatives in an effort to generate more leads, referrals and new business.

Some networking groups tend to be little more than social clubs where friends hang-out for breakfast, lunch or after-hour drinks, rather than venues to build business relationships, share referrals, and establish new partnerships and alliances that will enable them to successfully grow their respective businesses.

If you are stuck in the "friendly" networking trap and want to move beyond traditional networking to obtain more referrals and accelerate your business growth, here are some alternatives to consider or put more emphasis on to balance your marketing and lead generation efforts:

Cold calling. We all hate it, but every solo entrepreneur and small business owner should be doing it. Still one of the best ways to target your prospecting efforts to your ideal customer profile.
Industry or trade associations. If your business has a vertical industry focus, becoming an active member of an industry or trade association group could be a better route to quality leads and position you with the right audience at the decision maker level.
Become a subject matter expert or thought leader. Write an e-book, book and/or articles, and get published to help raise your personal profile and brand within your industry or market niche.
Local sponsorships - i.e. community event, open house, ribbon cutting, golf tournament, etc. Where possible, make sure you have a booth, banner and/or speaking opportunity to spotlight your business and broaden your exposure.
Participation at industry trade shows, seminars, workshops, webinars, etc. Participate as an exhibitor, keynote or plenary speaker and become a key member of the events planning committee. A compliment to item #3 above.
Referral/Rewards Program. Offer your clients, partners and suppliers incentives such as discounts, gift or cash awards for quality leads that convert to new sales.
Launch a blog and post regularly. On average, businesses that have a blog get 55% more traffic to their web sites, and more traffic = more leads = more sales.
Join a mastermind group. A mastermind group is an excellent way to connect with other like-minded business professionals who are passionate about their own personal and professional growth, and helping others achieve success.

I do not recommend that business owners abandon their networking activities. If done properly, traditional networking is a great way to obtain referrals, build new partnerships and alliances, and acquire new clients. However, I do encourage a balanced approach where effective networking is just one method to be utilized to successfully market and grow your business.

Beyond traditional networking, you should have at least 4-5 additional ways to generate more leads, referrals and new business. The critical factor is selecting the appropriate marketing pillars for your particular business situation. Contact a sales and marketing coach if you need assistance in this area.

Please let me hear from you if you have any examples of alternatives to traditional networking that have produced great results for your business.

Good luck and good selling!

COPYRIGHT © 2010 John Carroll

Have a Personal Plan for Success in 2010

2010-01-04T11:20:00.000-08:00

The ball dropped in Times Square at the stroke of midnight, and the tartan-clad gnomes have erased the blackboards, officially ushering in the New Year. It is time to start anew ... new hopes, new dreams, and a new list of New Year's resolutions, goals and challenges awaits each of us.

Yes, it's hard to believe we are already well into the first full week of 2010. So, what's next for you? Do you have a personal plan to prepare you for success in 2010 and the new decade ahead?

The past year was a blur for me, it flew by too fast, and New Year's day already seems like a distant memory. We have a Carroll family tradition on New Year's day that starts off with Bloody Mary's and brunch, and then quickly moves on to a full day of relaxation and TV viewing - i.e. Rose Bowl parade, Bowl games, etc. However, the most important part of our New Year's day tradition (next to the Bloody Mary's) for me is working on my personal plans for the new year.

For the past 10-15 years or so, personal planning has been an integral part of my New Year's Day tradition. You will find me camped out in front of the big screen with the new year's edition of the Zig Ziglar Corporation's "The Performance Planner" working on my Dream List, Things I Really Want To Be, Do, Or Have list, and my Top 6 goals for the new year. This annual planning ritual takes between 6-8 hours to complete, and helps me to center on the plans, priorities and actions to be taken to reach my goals in the new calendar year and beyond.

Do you have a similar tradition or personal plan for success in 2010? If not, here are five things for you to consider in developing your plans for success in the new year.

Finish what you started in 2009.
Prioritize new projects and goals for 2010.
Decommission the things that are not working.
Remember it is okay to take a mulligan.
Stay positive about your plans, your life and the future.

Also, don't get in a hurry to fill up the blackboard. Stay focused and limit your personal plans to 5-6 major areas of emphasis, so you don't get overwhelmed.

Devote the time necessary to fully develop your personal plans, and work on your Top 'X' list of priorities every day. Purchase a copy of the Zig Ziglar Corporation's performance planner or a similar planning guide to help you work through the process, and keep things on track.

Best of luck for a happy and successful 2010!

COPYRIGHT © 2010 John Carroll

Top 5 DO and Top 5 DON'T Lists for 2010

2009-12-21T08:48:00.000-08:00

The holiday season is a great time for both reflection and renewal, and a perfect time to work on your "lists" of things to accomplish in the new calendar year, while enjoying quality time with family and friends. So, let's get started on your lists.

Here are my suggested Top 5 DO and Top 5 DON'T lists that I hope will serve as a guide to help you put together your New Year's resolutions and 2010 goals.

Top 5 DO List ...

Devote more time to the 4F's - faith, family, finances and fun. Enjoy the blessings and embrace the challenges each new day brings in these most important areas of your life.
Get out of your way and really start to enjoy life again. Be passionate about where you are right now and celebrate your daily accomplishments, both large and small.
Make a difference by putting your time, talents and resources to work to improve yourself and the world around you. Pursue new projects, opportunities and challenges with enthusiasm.
Be a better spouse, parent, colleague, neighbor and friend. Network and meet more people, build new relationships and partnerships, and lend a helping hand to others in need of your expertise and support.
Learn to live with the real you, to embrace your flaws and to laugh at yourself. Life's not perfect and neither are you, so get on with it!

Top 5 DON'T List ...

Sell yourself short anymore. Emphasize your strengths and put your energy and time into the things you are truly passionate about. Each morning finish this phrase "I'm the very best at ..."
Beat yourself up over past failures and disappointments. Life is too short; it's time to turn the page and move to the brighter future that lies ahead for you.
Wait until tomorrow to catch lightning in a bottle. Make "now" your favorite word; do those things that must be done every day to help you reach your goals and achieve success.
Miss a single opportunity to say the words "I love you" and "thank you" to all of the special people in your life who make such a difference every day.
Sweat the small stuff (you knew this was going to be on the list, right?). In the grand scheme of things it really is all small stuff, so just enjoy the ride!

While you celebrate this holiday season, make sure to set aside time to work on you and your goals for 2010. By doing so, you'll start the new year out refreshed and with a renewed sense of purpose.

Hope you and your family have a wonderful holiday season, and a Happy New Year!

COPYRIGHT © 2010 John Carroll

Serious Business Owner or Playing Office?

2009-12-07T05:48:00.000-08:00

Most of us think of ourselves as serious business people, committed to the success of our businesses, but are we really and do our actions truly reflect that?

Are you a serious business owner or playing office?

A recent Kauffman Foundation study of 549 successful businesses showed that 93% of the business owners surveyed cited "not putting in the time and effort required" as the #2 most common barrier to entrepreneurial success next to failure to take risk. Are you devoting the time and effort required to grow your business and reach your personal and financial goals?

Here is a simple test that should help provide you with some clarity and answers regarding your focus and level of commitment to building a successful business. Provide either a "Yes" or "No" response to each of the 10 questions below to find out where you are today.

Do you have a detailed written business plan that includes your strategy, an overall market analysis, product/service plans, sales and marketing plans, 3-5 year financial projections, and an exit strategy?
Have you implemented a comprehensive sales and marketing system to enable your business to scale and to achieve its short- and long-term objectives in terms of customer adds, revenues, profits, etc.?
Do you have a written Vision Statement, Mission Statement and Customer Value Proposition (CVP) for your business, and do you review and update each at least quarterly?
Have you completed a thorough competitive assessment and SWOT analysis for at least your Top 3 competitors to see how your business stacks up against the competition?
Do you have detailed cold calling plans that include customer profiles, target prospect lists, cold calling scripts and defined metrics, and do you allocate time weekly to cold calling for new business?
Are you spending more time prospecting for new business on all fronts than chatting on the various social media sites - i.e. Twitter, Facebook, LinkedIn, etc.?
Do you routinely (twice per year) survey your customers to determine what they like and dislike about doing business with you, and to identify their additional requirements?
Are you receiving at least 3-5 new referrals per week from your collective networking activities?
Are you spending more money today on advertising, marketing and promoting your business than on personal development, self-help and "feel good" seminars and programs?
Do you really think you are going to make $1 million or more next year on the latest online "get rich scheme" you bought into this year?

If you answered "Yes" to question #10 go directly to jail, do not pass go, do not collect $200! And if you answered "No" to five or more of the questions above, you may be guilty of playing office. However, don't despair; all of our businesses are works in progress. All of us business owners have a litany of things to be done, done better or done differently to improve business performance and ensure our future success.

This simple test is just a guideline or tool to help you identify some of the key areas where you may need to focus additional time, energy or resources in the coming months to grow your business. So, if you are a serious business owner take time to go through your responses to these questions, and then take action to address the areas of concern as a part of your 2010 business planning.

Tres Coaching Services works with clients in the areas highlighted in questions 1-9 above to help them improve business performance, and get the results they need to move beyond their vision. If we can assist you in addressing any of these critical focus areas, please feel free to contact me.

COPYRIGHT © 2010 John Carroll

6 Tips to Help Keep Your Sales on Track

2009-11-30T09:41:00.000-08:00

Every business owner or salesperson needs to continually add new customers and increase sales in order to grow their business. So, it is important to have a well defined sales process to enable you to build consensus with prospective buyers at each critical juncture during the selling process to improve sales results.

Having a well defined sales process will help you improve close rates, shorten sales cycles and enhance the profitability of each sale. Here are some tips to help keep your sales on track:

Call on decision makers. 60% of a salesperson's time is spent in front of people who can't buy or will never buy their products or services. So, identify the key decision makers and influencers very early in the sales cycle, and work directly with them to improve your success rate.

Know where you are in the sales process. Think of your sales pipeline as a production line where raw materials (leads) go in at the top, and the finished product (sales) comes out at the end of the assembly line. Define the sales process at each phase, and the next steps in the sales pipeline, to help keep new projects on track and moving forward to closure.

Have a fallback plan. You are the most vulnerable right after the prospect has given the verbal approval, so keep your guard up. Have a fallback plan to cover all contingencies in case a pending sale starts to unravel prior to contract, and move stalled projects up or out of the pipeline in 30 days or less.

Work on balance, grasshopper. Balancing opportunities and risks in each category of your sales pipeline is critical to improved sales performance. This will help you minimize gaps between sales closings, and enable you to more effectively allocate resources to new projects where needed.

Stay the course. On average, 48% of sales people never follow-up, and only about 10% make more than three contacts with a prospective buyer. However, 80% of sales are made on the 5-12 contact. So, stay engaged with the prospect through closure to improve your win rates on new proposals.

Ask for the order. "We miss 100% of the sales we don't ask for" - Zig Ziglar quote. Be prepared to close the sale at any point during the sales process when the prospect shows clear signs they are ready to buy.

Selling is a continuum process, so it is important to have a clearly defined sales process in place to help keep your sales on track. This will help you effectively manage sales cycles for each opportunity, while improving close rates, and enhancing the profitability of each new sale.

Good luck and good selling!

COPYRIGHT © 2010 John Carroll

It's Time for Conversations Not Just Connections

2009-11-23T11:20:00.000-08:00

Can we talk?

Ten years ago that would have been a ridiculous question, but today in a world that is dominated by "drive by" communications, it has become much more challenging to have a simple conversation.

When was the last time you sat around the dinner table as a family or with friends and just talked; talked about nothing in particular but just had a conversation? Are you finding it more difficult to get your telephone calls returned, or to get responses to your emails these days? Or, to get someone to take 5 minutes out of their busy day to speak with you?

In this modern era of voice mail, email, text, chat, IM, tweets, etc. we have relegated conversations to sound bytes, 140 characters, or the 30-second elevator pitch. Rather than conversations that enable us to help build long-term enduring relationships, our communications have become more sterile, computer-generated and impersonal. The focus in our society has shifted to pushing information to others versus true interpersonal communications and getting to know the other person on some level.

We constantly hear the term six degrees of separation, and assume we are now closer and that technology has somehow brought us all together. However, most people I talk with feel more disconnected and farther apart than ever when it comes to communication with friends, family and the outside world. In reality, we are bombarded every day by thousands of messages from various sources, and as a result take little time to just talk with each other.

For example, when voice mail and email were first introduced, they were intended to enable us to never miss a call and to enhance our ability to communicate with a broader audience. Overtime, however, both services have evolved to selective communications vehicles. We now determine who we choose to communicate with, and which telephone calls and emails get returned. This is a great solution for avoiding spam, but do other important conversations get lost or neglected as a consequence?

Personally, I am not a fan of the 30-second elevator pitch, or drive by communications. I look forward to the personal touch and to people interaction in my communications with others. If you, too, prefer conversations and building relationships not just connections, then here are some suggestions:

Spend less time on the 30-second elevator pitch, and more time one-on-one getting to know the other person. This should be your first priority at all networking events.
Routinely schedule breakfast meetings, lunches and after-hours events with family members, friends, business associates, etc. No agenda required, just to talk.
Make time for family dinners and those great conversations about nothing in particular.
Get to know at least one new person every week, and take time to really listen to their story.
Find a way to communicate more face-to-face or via the telephone versus by email, Facebook, Twitter, LinkedIn, etc.
Be sure to turn off the cell phone, laptop, PDA, pager, etc. and just enjoy the conversation!

If you miss those leisurely conversations around the dinner table, then bring them back, and make time for the people who are important in your life. The holidays are a great time to start.

If you have an opinion or any additional thoughts on this subject, please let me hear from you.

COPYRIGHT © 2010 John Carroll

Do Your Goals Align With Your Vision?

2009-10-31T10:44:00.000-07:00

When I think of the challenges most companies face in aligning their organizational goals with the vision for the company, I'm reminded of this quote by Isaac Asimov:

"Life is pleasant. Death is peaceful. It's the transition that's troublesome."

Our mastermind group has been focused on The Visioning Process for the past month or so, and the members have completed weekly exercises to help them re-define the Vision Statement and Mission Statement for their respective companies. As the group has come to experience, it's hard work to go through the process when taking into account the past, present and future in order to find a better pathway to success.

Getting to where you want to go, from where you are today, is the ultimate challenge for most businesses, and it is this transition that's the most troublesome. For most, it requires moving away from old habits and traditional thinking to ensure that you have the proper goals alignment with your vision. Here are some suggestions to help you work through the process:

1. Start where you hope to finish. Schedule a brainstorming session with your team; capture all of the "wild ideas" that surface from the session, and discard those things that don't work anymore. This will help you move through the process from Visualization to Actualization to Realization, and on to a list of concrete recommendations you can build upon.
2. Create S.M.A.R.T. goals and objectives. From your short list of actionable recommendations, create goals and objectives that are Specific, Measurable, Achievable, Relevant and Time bound.
3. Take the time to do it right. Develop horizon plans and goals that encompass the upcoming plan year, 1 to 3 year, 3 to 5 year, and 5 to 10 year outlooks to enable you to reach your vision.
4. Involve everybody in the goal setting process. It is critical to obtain "buy-in" from all internal stakeholders, so get them involved upfront in the goal setting process.
5. Keep your vision and goals in front of you and the team. Your vision and goals should be an integral part of your company's DNA. So post them everywhere and review them monthly so they stay fresh.

Finally, make sure to link the company's objectives and individual performance plans to the goals. This helps to ensure that the proper alignment of your goals with your vision becomes a self-fulfilling prophecy through your daily work related activities and the activities of your team members.

COPYRIGHT © 2010 John Carroll

Sales & Marketing Plan Check-up Time

2009-10-11T09:33:00.000-07:00

Much the same as your car or home, you should also schedule periodic check-ups of your sales and marketing plans to ensure that you are receiving optimal performance and results.

These check-ups should be done on a monthly, quarterly and annual basis as an integral part of the ongoing planning process. Regularly scheduled plan reviews will enable you to capitalize on emerging market trends, and make necessary course corrections to minimize potential shortfalls.

At a minimum, the areas that are listed below should be audited as a part of your sales and marketing plan check-ups to determine your company's sales and marketing effectiveness.

Sales Metrics. Review the number of first calls, customer visits, proposals, closed sales, customer adds, and revenue.
Sales Productivity. Determine the total revenue amount per individual sales headcount in each period vs. plan.
Sales Pipeline. Evaluate the total number of projects in the pipeline, dollar value of the pipeline, % of total per funnel phase, average days to closed sale, and average sale value.
Lead Conversions. Identify the "hit rate" by calculating the ratio of new sales to leads from all sources.
Marketing ROI. Calculate the revenue to expense ratios for all marketing activities to determine where you are receiving the greatest return from your marketing expenditures.
Budget. Are you meeting your sales and marketing targets in all areas - i.e. sales, revenue, customer adds, expenses, etc.?
Execution. Are you delivering new products, promotions, projects, collaterals, etc. on-time? On-time delivery is a must for you to reach your sales and revenue goals.

The data you compile from the sales and marketing plan check-ups will provide you with the insight needed to develop future business plans that are consistent with prevailing market trends and the historical performance of your business.

So, if you do not have a similar sales and marketing review process in place today, make it a priority. These check-ups will enable you and your team to stay on-track with the projected business plan outlook, while receiving optimal performance and results from your sales and marketing investments.

COPYRIGHT © 2010 John Carroll

The 4C's of Social Media Marketing

2009-09-27T08:55:00.000-07:00

For serious entrepreneurs and business owners alike, social media marketing should be all about the 4C's ...

Content
Connections
Conversions
Cash

It starts with knowing your targeted customer profile and how to reach prospective buyers through your social media marketing activities. Rich content will help you get the word out and draw the intended audience to your social media sites, drive additional traffic to your web site, and help you establish key connections that can be converted into cash.

For entrepreneurs and business owners in the growth mode, the focus should be on tapping into the viral marketing capabilities of social media to build a stronger brand presence, cultivate key strategic partnerships, open new markets, launch new products and services, and acquire more customers.

In this broader context, social media marketing should be more about following the money and building profitable relationships on all fronts, and less about how many followers and friends you have on Twitter and Facebook.

To fully capitalize on all aspects of social media to grow your business, you should engage a social media expert. A social media expert can help you design a plan that is right for your business, and then work with you to develop targeted content, programs and offers to reach those new prospective buyers through social media.

Keep in mind, whether its social media or any other media, the 4C's should be the focal point in reaching the end goals for any business - more customers and more revenue.

COPYRIGHT © 2010 John Carroll

Five Tips to Help You Sell With Purpose

2009-09-12T11:19:00.000-07:00

Today's selling environment is much more challenging and complex than it has been in our history. Buyer's are highly educated, and the Internet has opened up vast reservoirs of information to the consumers and corporate decision makers to enable them to be better informed when making purchase decisions.

To be effective in selling to a more sophisticated, well educated and informed buyer, you must match or exceed the buyer's level of knowledge of the products and services you are selling, and be able to articulate how they will directly benefit them and their organization. You have to be able to sell with purpose.

Here are some tips to help you prepare for that all important first call to a key prospective client to enable you to sell with purpose.

Have a solid plan. You only have one opportunity to make a good first impression, so come prepared with an agenda of topics that are "top of mind" to the prospective client. Make sure to review the agenda with the prospect prior to your first meeting to get "buy-in" and ensure alignment with his/her expectations.

Do your homework. Learn as much as possible about the prospect's business prior to the call. Review all of the available resources including the company's web site, annual reports, quarterly financial statements, D & B reports, Hoover's, etc. to gain knowledge of the business.

Bring something to the table. The best way to build credibility with a prospective new client is to be a problem solver. So, focus the discussion on the known areas of the prospect's business your product or service can deliver the greatest value in solving a current problem or need.

Find an internal champion. Find an internal champion who can help you navigate the decision making hierarchy, provide you with a grass roots perspective of the company's culture, business operations and challenges, and endorse your recommendations at proposal time.

Gain commitment to next steps. Most first calls do not result in a sale, so you need to be able to outline the next steps for the decision maker, and gain his/her concurrence as a part of the first meeting. This will help you stay engaged with the decision maker and keep the sales opportunity moving forward to closure.

The keys to effectively selling with purpose are planning and preparation, consensus building with the key decision makers at each checkpoint, and delivering a solution(s) that adds value to the prospective client's business.

Sell with purpose by being prepared to do business the moment you walk through the doors of the prospective client's office. Good luck and good selling!

COPYRIGHT © 2010 John Carroll

Where Is Your Business Headed?

2009-08-31T11:39:00.000-07:00

Depending on whose statistics you believe, 50-75% of all new businesses fail in the first 2 to 3 years. So, if your business is still in its infancy, and your results are lagging, then you should be concerned and prepared to take immediate action to turn things around.

If you look closely at root cause, there are three fundamental reasons for most of these new business failures:

Limited resources - i.e. time, people and capital. In a recent focus group we conducted the #1 concern expressed by business owners was time management; having enough time to do all of the important work that needed to be done on a daily basis.
Focus + planning. Most new businesses try to do too much in the early stages and as a result, stretch their limited resources too thin.
No sales and marketing system in place to grow the business. This impacts the two biggest revenue drivers - referrals from marketing and new sales.

Don't let your business become just another statistic; take the appropriate steps necessary to put your business on the right track.

Here are some recommended corrective actions to consider, if your business is struggling or at serious risk of failure:

Get help now. Hire a business coach or turnaround expert to help you identify the areas where improvement is needed, and develop the appropriate recovery plans.
Survey your customers. Find out why your customers are not buying, or not buying from you. Fix the things that are fixable to improve results.
Engage outsource partners to help balance priorities, improve execution and free up your calendar to focus on critical turnaround projects.
Put more emphasis and budget dollars into marketing your business. Offer new discounts, special incentives or promotional programs to help drive demand.
Focus on results vs. activities. Set aggressive short-term goals for leads, sales, new customers and revenue growth.

Audit the findings and results from the above efforts on a weekly basis, and make course corrections or changes to the recovery plans in real-time, so you don't lose momentum. Above all, stay focused and positive about the future of your business.

Remember, your business did not get to this point overnight. But with hard work, dedication and commitment you can turn things around. Best of luck to your future success!

COPYRIGHT © 2010 John Carroll

Dear New Business Owner: Welcome To Sales!

2009-08-20T14:38:00.000-07:00

It's a very exciting time. As a new business owner, you have spent the past several months preparing to launch your new company. You've written your business plan, consulted with an attorney, accountant, banker, etc., obtained your LLC, had your logo, business cards and brochure designed and printed, and your web site is ready to go live.

Now it's time for the fun to begin ... it's time to announce your arrival, and go sell something. So, who is responsible for sales in your bright shining new business? Oh ... that's probably you, isn't it? With all of your hard work and preparation up to this point, how much time have you devoted to sales training to help prepare you to successfully sell your product or service?

The small business owners I speak with devote little or no time to sales training, and most do not have a sales background. They know a great deal about the inter-workings of the business and their product or service, but do not know how to translate all of that knowledge into a selling proposition that is of value to the prospect, and motivates them to buy.

The #1 reason new businesses fail within the first 2-3 years is lack of sales. Successful selling is hard work and requires preparation, planning, in-depth training and experience. Unfortunately, many new business owners find out too late that they are ill-prepared for their new role of salesperson.

So, what can you do to be better prepared to take on the sales role for your company? First, to be successful in sales, you should complete skills training in all of the following key areas; sales planning, cold calling, effective listening, presentation skills, sales negotiation, and closing skills. Check online to find the skills and training programs to fit your particular business and budget.

Next, here's my recommended readings list (in order), to help you learn more about the various aspects of successful selling from the masters:

The Art of War by Sun Tzu.
How To Win Friends and Influence People by Dale Carnegie.
The Greatest Salesman in the World by Og Mandino.
The Psychology of Selling by Brian Tracy.
Secrets of Closing the Sale by Zig Ziglar.
The Complete Idiot's Guide to Cold Calling by Keith Rosen.
Selling to the Very Important Top Officer by Anthony Parinello.
Swim With the Sharks Without Being Eaten Alive by Harvey Mackay.

Don't just read these sales classics, take copious notes to help you develop a sales "game plan" for your new business.

Third, attend a formal sales training program. Even if you have a sales background, it will help you be better prepared to sell your product or service effectively. Here is a short list of several of the top sales training programs:

Strategic Selling by Miller Heiman
Solution Selling by Sales Performance International
Sandler Selling System by Sandler Sales Institute
Power Base Selling by Holden International
SPIN Selling by Huthwaite

Put what you learn into practice, and continue to build on the training experience in your daily prospecting and selling activities.

And finally, hire a business coach who has extensive sales and marketing expertise to help you build a comprehensive sales and marketing system for your new business. By doing so, you will be far ahead of most of your small business competitors, and better positioned to achieve success when you launch your new business venture. Good luck and good selling!

COPYRIGHT © 2010 John Carroll

Improve Results in a Recovery-Based Economy

2009-08-12T11:53:00.000-07:00

The economic indicators during the past couple of weeks have given us eternal optimist's a glimmer of hope that the recession has finally run its course, and the worst is now behind us.

Although we should continue to proceed with caution until all signs clearly point to the north, there are some things you can do and should be doing now to improve your business results in the recovery-based economy that is ahead of us.

Take a critical look back. The past 18 months have been tough for virtually all business in every industry segment. So, try to get a clear fix on what got you to this point, and why. What could you have done different or better to improve your performance during the recessionary period? Use the data you compile as an integral part of your recovery planning, and as a vital learning tool for the future.

Have a Prosperity Plan A-Z. During the latest recession, most businesses probably had a Plan A and a Plan B at best. What recent history has taught us is that we need to go well beyond this to cover the contingencies that arise in a shortfall economy. Also, make sure you have the cash reserves to continue to invest in marketing and other key areas of the business that are critical to your evolving growth plans.

Balance short-term and long-term goals. Until your business begins to experience double-digit growth, your horizon planning needs to be fixed on the next 30-60-90 days. Don't get too far out in front of your headlights with expenditures, staff additions, or long-term investments in the early stages. Make up a daily list of your top three priorities, and complete them first before getting involved in other projects, or distractions that could derail your progress.

Reward your customers and employees. Your customers and your employees have stayed with you during the good times and the bad. Let them know how important they are to you and how important they are to the future success of the business. Visit your top customers and thank them in person with a special gift. Do the same thing for your employees. You will be building trusted relationships and friendships for life by expressing your gratitude in this manner.

Grow the "old fashioned" way. Get back to the basics and start the transformation to double-digit growth one order, and one new customer at a time. This is still the least painful and most often, the quickest path to prosperity in a recovery-based economy. Be patient, things are not going to turn around overnight, it's going to take some time. Remember the tortoise and the hare!

Stay ahead of the pack. While you're building your prosperity plans, and making the changes needed to improve your business results, don't overlook the competition. They are smart people too, and are hard at work to find creative ways to acquire new customers, add market share and "capture the flag". Don't let them win! Stay ahead of the competition by being first to market with any new ground breaking product announcements, special incentive programs, etc. This is a great time to innovate.

Finally, stay positive about the future outlook for your business. You have survived the worst recession in decades. Learn from it, and then put the past 18 months behind you. It's now time for you to capitalize on the next growth curve in the recovery-based economy ahead. Best of luck for your continued success!

COPYRIGHT © 2010 John Carroll

Keys to Building High-Performing Sales Teams

2009-07-31T14:56:00.000-07:00

Globalization, mergers, acquisitions, downsizing and bankruptcies have collectively turned our economy and traditional business models upside down. However, despite the churn, despite all of the complexities and changes that we have seen to our business ecosystem, there still exists one simple, basic business truth; "nothing happens until somebody sells something".

The sales organization is the most important resource for any business, and your sales people are still the vital life-line to the customer. For any company that wants to achieve accelerated business growth and profits, building a high-performing sales team is absolutely crucial to that success.

In my opinion, there are several keys to building high-performing teams, whether in sales or any other functional area of the business.

Develop a clear, concise mission statement for the sales organization, and evangelize it.
Raise the bar on expectations, but make sure the goals are realistic, specific and measurable.
Empower your team and drive accountability closer to the customer; focus on outcomes and results versus activities and tasks.
Follow the "golden rule" principles when dealing with people and performance; the carrot works better than the stick.
Remain open to new ideas; foster a culture that encourages innovation, risk-taking, trust, and respect.
Link compensation, recognition and rewards programs directly to the business goals; celebrate wins, both large and small.
Communicate (more is better) and stay engaged with the customer and your team; don't be a "drive by" manager.
Stay focused, and keep your sales people focused by minimizing "white noise" and other distractions.

"If you don't know where you are going, any road will get you there", and this is particularly true in a sales environment. So, be clear about the organization's mission, your expectations and keep your sales people involved in all aspects of the sales and business planning to ensure clarity and "buy-in" at all levels.

If your goal is to become a leader within your industry, and in the eyes of your customers, then recognize that it is about more than just making the numbers. It's also about building the competencies and skills of your sales people so they can consistently deliver value to the customer. Make sure your sales people understand this, too, and reinforce the commitment to their professional growth through coaching, mentoring and development.

Finally, "Don't Sweat the Small Stuff". Get comfortable with the 10% that does not go as well as planned. It will make the 90% that does go well that much more enjoyable for everyone.

COPYRIGHT © 2010 John Carroll

Growing Your Business With Partners

2009-07-26T13:47:00.000-07:00

Building strong alliances and partnerships with both industry and local partners should be a high priority for any business that wants to rapidly expand its customer base, its products and services portfolio, and dramatically improve sales and profits. There are numerous benefits to selling with and through partners. Here are some of the more significant benefits:

Receive generous commissions on products and services sales
Gain access to leading products, services and business building tools
Receive training and support from branded products and services companies
Obtain free sales and marketing tools to help you identify new revenue sources
Strengthen your brand through business relationships with high profile partners
Expand your market reach without major investments in advertising and marketing
Extend your value proposition by offering a broader array of products and services

For small business owners, identifying potential partners and cultivating those key relationships should be an integral part of your ongoing networking and business development activities. Formalize these discussions through one-on-one meetings with local business owners who have similar goals, and are open to partnering.

Another great way to start to identify potential partners that are a good match for your particular business situation is to evaluate your current customer-supplier relationships. Who are you doing business with today, and who is doing business with you? See if any synergy exists, and if so, start a dialogue.

Strategic partnerships, if properly developed, represent an indirect sales channel for your business, and provide you with access to potentially lucrative new markets, emerging products and services, and future profits. Listed below are some of the most common partnership designations to help you determine the "best fit" for your business.

Affiliate. Most common form of partnership within the online business community (i.e. click through sales). The majority of affiliate partnerships require a formal agreement, and pay generous commissions up to 40%+.
Referral. Many referral partnerships are informal or local "hand shake" agreements. One-time cash bonuses or commissions are paid on new sales at a lower rate that an affiliate partnership, and sales tend to be sporadic or event driven.
Reseller. A reseller or VAR relationship is typical within the technology, software and services areas. Reseller agreements can be multi-tiered and offer commission rates up to 45%+ depending on the revenue commitment level.
Joint Venture. JVs are generally complex "one-off" business relationships that enable two or more parties to share markets, intellectual property, assets, domain knowledge and profits, depending on the terms of the agreement.
Affinity. Affinity partnerships are typically informal, local business relationships tied to a specific program or event. Potential affinity partners can include the local Chamber of Commerce, business or trade associations, clubs, networking groups, etc.

The goal of partnering should be to forge "win-win" business relationships that benefit both parties equally as a result of the agreement. For any small business, particularly one just starting up, it's important to strike a balance between the diverse partnership opportunities available to you, and your direct selling activities. Effective partnerships will enable you to profitably grow your business, while offering more options and value to customers.

COPYRIGHT © 2010 John Carroll

Make Marketing Your Business a Top Priority

2009-07-17T06:15:00.000-07:00

Where does improving the results from your advertising, sales and marketing rank on your company's "bucket list"? If it is not one of your top priorities for 2009 and beyond, then you are putting the business at risk!

The first words I hear from business owners these days are "I don't have any money to invest in marketing the business right now". And my standard response has become ... well, should we start talking about an exit strategy then? The bottom-line is this, if you are not investing in advertising, sales and marketing to grow your business, the business will not be successful.

If you are one of those business owners who is peering out the window hoping Jack will come sliding down the bean stalk with those magic beans to turn everything around for you, well guess what ... it's over. Just turn out the lights, lock the door and put the For Sale sign in the window, because Jack's not coming! Or, you could try another approach, and chart a new direction for the business that could lead to future success and profits.

In Sales 101 you learn to "change the ground rules" when you are in a loss position. The same holds true for the business as a whole. Jack Welch was a master at changing things up when he was Chairman and CEO of General Electric. Mr. Welch and his leadership team constantly sought out ways to improve the operational performance of GE's varied business units. Often times making major organizational changes when GE's performance was at a high point, in order to continue to produce record sales and profits each year.

Eric Lipar, president of LGI Homes in Houston is another great example of how to successfully market your business. LGI Homes is one of the few home builders in the U.S. that has grown its sales and revenues every year since 2002, despite the economy's fluctuations. When the home building industry started taking a nose dive in 2007, Mr. Lipar and his team charted a new course for the company, and doubled their marketing budget in order to stay ahead of the competition. The result ... record home sales the past two years, despite the worst economy in decades!

If your business is struggling to make a 2nd half turnaround in this economy, here are some ideas you should consider to help get things headed in the right direction:

Host a brainstorming session. Get your team together with some outside experts to come up with creative ideas and an action plan to "jump start" the business.
Revisit your books. Take a look back at your past successes and failures. Find a way to build on what has worked in the past, and try to limit the missteps.
Toss out those activities, ad campaigns, promotions, etc. that are broken or have exceeded their "shelf life". Focus your time, energy and resources on the new and improved.
Experiment on all fronts - change up your headlines, ads and marketing messages to see what sticks and what doesn't with your customers.
Make marketing the business your top (and only) priority for the next 90 days, and see what changes occur.
Measure and track the results and shift resources and budget dollars into the areas that deliver the greatest return to the business.

The next time you consider cutting your advertising, sales and marketing budget when things get tough, stop yourself, and do the opposite. Put more emphasis (and dollars) into marketing the business, and make it your top priority. It will help reinvigorate your team, and keep the business on the fast track to future growth and success.

COPYRIGHT © 2010 John Carroll

Become a Leader in Your Market Niche - Part 2

2009-07-13T06:59:00.000-07:00

In "Become a Leader in Your Market Niche - Part 1", I covered some of the basics of how to get started in positioning your company as a leader in your industry. Now it's time to fill in the blanks. At this point, you have completed a competitive analysis, a customer assessment, compiled your list of JVs and partners, and received expert advice on how to integrate social media marketing into your overall business plans. So, what's next?

Identify your leadership target(s). What do you want to be known for, or a leader in? And what are your recognized strengths that can be leveraged as a competitive advantage? Are you perceived as an innovator or technology leader? Do you offer superior products or services? Is your company recognized for quality or operational excellence - i.e. Six Sigma, ISO 9002? Do customers rank your company's service and support ahead of the competition? Does your company receive high praise from its employees as a great place to work, or from the community at-large for its charitable donations and volunteer work? Select your leadership target(s) carefully, and make sure they are in alignment with how the market perceives your business today. Note: you can be a leader in more than one area, but make sure you don't spread your resources too thin trying to get there.

Rewrite your USP. Now it's time to start to put some "meat on the bones". After you have determined your leadership target, your Unique Selling Proposition(USP) needs to be rewritten to reflect the changes. Your new USP should communicate the competitive advantages that distinguish your business from the competition and helps your company to stand out in a crowded marketplace as a category leader. Make sure to test and retest your new USP with employees, customers, partners, and trusted advisers so you get it right. Over time, your revised USP should become part of the DNA of your business, and be reflected in your entire PR, advertising, marketing and selling efforts. It's all about packaging why your business is different, unique to the outside world in a manner that will motivate customers to buy from you as the perceived leader in your market niche.

Update your marketing. Once your revised USP is in place, it's time to update your web site, brochures, and all other marketing collateral to reflect the company's new focus and marketing messages. All components of your company's marketing including web site, advertising, press releases, brochures, presentations, training materials, etc. should highlight those key messages you want to build upon that distinguish your business as an industry leader. Get lots of help in this area from a branding and creative services expert to ensure that the updated "look and feel" and message content is consistent throughout, and gets effectively communicated to the outside world through the various media you determine are appropriate for your business. Your ability to market your business differently than the competition is one of the keys to elevating your brand and raising the profile of your business as a market leader.

Network and be visible. Network, network, network. Don't just show up at networking events, but take an active role in the group leadership, committees and community outreach programs. I recommend that small business owners become active members in 2 or 3 networking groups, in addition to their local Chamber of Commerce. Seek out opportunities to chair key committees, attend ribbon cutting ceremonies, present at trade shows and affinity group functions - i.e. Rotary Club, Lion's Club or host Lunch & Learn and After Hours events to further increase your company's visibility as a leader in the local business community. Being recognized as an industry spokesperson or "thought leader" is another great way to build your personal brand, and enhance the perception of your company as a market leader.

Volunteer and be charitable. Be generous with your time, talents and resources. Find ways to help others in your community and around the world that are less fortunate than you, and are in need of your help. Don't ask for anything in return, just do it, and get everybody involved. Giving of yourself is reward in itself, and a true reflection of your character and leadership qualities.

Being good at something is within every company's reach, but being a market leader requires extra effort, dedication, resilience and commitment. It also requires the help and guidance of others, because none of us can do it alone. So, if you have made a commitment to become a leader in your market niche, seek out those "success-driven" employees, customers, partners and trusted advisers who can help you get there, and enlist their support. You'll be able to reach your goals faster, and enjoy the journey more.

COPYRIGHT © 2010 John Carroll

Become a Leader in Your Market Niche - Part 1

2009-07-12T11:50:00.000-07:00

"If you're not the lead dog on the sled, the scenery never changes." And the same thing is true in business, isn't it? Unfortunately, there can only be one market share leader in any given business segment, but there are other ways to become a leader in your market niche. So, where do you start if you're not a leader today?

Know the competition. Learn all you can about their products and services, who they are selling to, and how they price, advertise, promote and market their offers. Michael Porter, a Harvard Business School professor and the author of Competitive Advantage, stated that "A firm differentiates itself from its competitors if it can be unique at something that is valuable to buyers." Once you have completed a thorough competitive analysis you can then identify areas of differentiation, and begin to communicate your competitive advantages to the outside world in a way that is compelling and entices prospects to buy from you.

Know your customers. Why are your customers buying from you, and what do they like and dislike about your business? If you don't know, ask them and while you're at it, find out what additional products, services, and support requirements they may have so you can begin work on this list before your customers look elsewhere. Knowing your customers buying preferences and how they like to be sold to will help you advertise and promote your business in a manner consistent with the needs of your marketplace. This more targeted approach will also help you get the maximum return out of your advertising and marketing dollars, and raise your profile as an emerging leader in your market niche.

Joint ventures and partners. Establishing JVs and partnerships will help you accelerate the growth your business, extend your products and services portfolio, and expand your market reach. From a time-to-market perspective, it represents a low-cost way to help you enter new geographic markets, launch new products and services, and enhance your value proposition to both current and new customers. For small business owners in particular, selling with and through partners is an absolute business imperative. Aligning your company with the right mix of JVs and partners can help dramatically improve business results and the market perception of your company as an industry leader.

Branding and social media marketing. Technology and innovation has made it possible for "everything to be connected to everything." However, most companies are just scratching the surface when it comes to figuring out how to integrate Twitter, Facebook, YouTube, LinkedIn, etc. into their branding and marketing plans. Social media marketing enables your personal brand and your business brand to be interconnected in a manner that helps each to build upon the other. Any company with aspirations of becoming a market leader should get expert advice on how to effectively integrate social media marketing into their next generation branding and business plans.

Building a strong brand and a successful business is all about knowing the competition and your customers at a much deeper level, developing long-term, enduring JVs and partnerships, and finding new innovative ways to "get the word out" and market your business more effectively. So, if you're tired of the scenery and want to be a leader in your market niche, then start to make the changes necessary to get you there!

COPYRIGHT © 2010 John Carroll

Where Have All The Sales Leaders Gone?

2009-07-05T13:34:00.000-07:00

Has sales leadership become a lost art? I hear all the talk today about how marketing has replaced selling, and that consumers are now much more educated and informed as a result of the Internet. But have consumers become more educated and informed out of necessity because so many companies they do business with have poorly trained sales staffs?

I know I am biased on this subject. I was blessed to have received nine months (yes you read that correctly) of intense sales training at AT&T's National Sales School, and received a world class training experience. At that time, there were a number of companies who had similar outstanding sales training programs including IBM, Xerox and Proctor & Gamble to mention a few. And all of these companies were also recognized as the market leaders in their respective industries. Is there a direct correlation here?

Today, unfortunately, sales training or training in general seems to be an afterthought for many companies. Companies who have abandoned their sales training programs assume new sales hires come fully trained with a Rolodex of prospects, and are ready to hit the ground running. So, here's a great question for you, if more and more companies adopt a similar philosophy toward training, where do all these new sales hires go to receive the sales training they need in this modern era to be effective?

If we transfer the responsibility for training and development solely onto the employee's shoulders, aren't we doing a disservice to both the employee and our companies? Sales leaders are made not born, and it's time for us to recommit to training, developing and mentoring our high performing sales leaders of the future. To continue to do otherwise, is to put American business and the economy at further risk.

COPYRIGHT © 2010 John Carroll