Are You Stuck in the "Friendly" Networking Trap?

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:

1. 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. 
2. 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.
3. 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.
4. 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.
5. 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.
   
6. 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.
7. 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.
8. 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

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.

1. Finish what you started in 2009.
   
2. Prioritize new projects and goals for 2010.
3. Decommission the things that are not working.
   
4. Remember it is okay to take a mulligan.
5. 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

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 ...

1. 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.
2. 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.
3. 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.
4. 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.
5. 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 ...

1. 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 ..."
2. 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.
3. 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.
4. 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.
5. 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?

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.

1.  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?
2. 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.?
3. 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?
4. 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?
5. 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?
6. 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.?
7. 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?
8. Are you receiving at least 3-5 new referrals per week from your collective networking activities?
9. 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?
10. 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

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

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:

1. 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.
2. Routinely schedule breakfast meetings, lunches and after-hours events with family members, friends, business associates, etc. No agenda required, just to talk.
3. Make time for family dinners and those great conversations about nothing in particular.
4. Get to know at least one new person every week, and take time to really listen to their story.
5. Find a way to communicate more face-to-face or via the telephone versus by email, Facebook, Twitter, LinkedIn, etc.
6. 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?

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