Your Mobile Website May Be Costing You Business

Mobile Website FitnessAdmit it, you and your mobile phone are now inseparable. You spend more time surfing the internet with it than you do on a laptop or desktop. You’re using it while watching TV, videos or dabbling in other activities. Your willingness and trust to purchase products from a mobile website by way of your phone or a tablet are soaring.

What does this mean for your business? Your mobile website better be up to snuff. But it’s possible that the integrity of it is lacking to the point where you are losing prospects and losing sales.

Listen to an expert on mobile website development to ensure you aren’t letting business opportunities slip through your fingers.

WHAT YOU’LL LEARN FROM JACKIE ERRICO OF RIVERWORKS MARKETING

HAS THE PROLIFIC USE OF MOBILE DEVICES CHANGED YOUR WEBSITE DEVELOPMENT PRIORITIES?  (2:13 in)

In Jackie’s words – Absolutely. When users come to a website, you want to be able to feed them everything they might be looking for at that split second. Speed is of upmost important in making sure that you connect them to what they’re looking for.

Insight – Do some research into what your customers want, whether it’s information, location, merchandise to purchase or something else. People are making more decisions while spending less time on mobile websites.

DO YOU WORK ON MOBILE OR DESKTOP SITES FIRST? (4:55 in)

In Jackie’s words – They’re equally important. We’re starting with the bigger picture and then pairing it down for a mobile site. We’re still using responsive design but our developers, when it comes to paring it down for mobile, they’ll remove elements that aren’t necessary.

Insight – Realize that an effective mobile website is probably not a duplication, but a streamlined version of the most important content people seek access to through their smartphone or tablet.

GOOGLE ANNOUNCED THE DEVELOPMENT OF “AMP” OR ACCELERATED MOBILE PAGES THAT WILL BE INTRODUCED LATER IN 2017. WHAT IS THIS ALL ABOUT? (6:55 in)

In Jackie’s words – It’s essentially just adding a few important elements within the markup or Javascript to help the site load as quickly as possible.

Insight – According to Google 40% of users click off the site if it isn’t loading in 3 seconds.

ARE THERE CERTAIN SITUATIONS UNDER WHICH A BUSINESS SHOULD CONSIDER DEVELOPING A MOBILE APP? (9:15 in)

In Jackie’s words – It would have to be a business where the consumer wants to receive notifications. They’re providing a value or service that consumers want to log in and put in information that might track something.

Insight – If your website offers the same content or service that an app would provide and you’re able to serve that content to the user expediently, development of an app may not be necessary. People download many apps onto their phone. But only 3 or 4 are used regularly.

IF A BUSINESS WANTS TO CHECK THE FITNESS OF THEIR WEBSITE ON MOBILE DEVICES, HOW SHOULD THEY GO ABOUT DOING THAT? (11:10 in)

In Jackie’s words – One great (free) tool that Google offers is http://testmysite.thinkwithGoogle.com. It will give you a lot of good information about what your developer may need to tweak to make it more efficient.

Insight – The test will give you information about your load time, potential customer loss, and comparative data related to your industry.

WHAT IS YOUR PERSPECTIVE ON WHETHER SITES OUGHT TO HAVE SECURE CERTIFICATES? (12:35 in)

In Jackie’s words – Any security measures are very important. The environment of where your site is hosted is very important as well. Any ecommerce or exchange of money, it’s required.

Insight – Know that if the cost of hosting your website is $10 or less, your website may be more vulnerable to security issues or slower to load because you’ll reside on a server with thousands of other websites.

ARE THERE PARTICULAR CHALLENGES AN ECOMMERCE BUSINESS OUGHT TO CONSIDER IN DEVELOPING THEIR MOBILE WEBSITE? (15:25 in)

In Jackie’s words – Speed of the site is going to be critical and in taking people through the checkout process you’re going to want to make that as streamlined as possible.

Insight – Avoid use of popups, annoying ads, oversized images, and minimize the use of third party applications.

Why Remodel Your Sales Force?

Remodel Sales ForceThere are times in the life of every business when bold decisions are required to move forward rather than back.

Such was the predicament of GenTherm’s medical division CSZ (Cincinnati Sub Zero). In order to meet the performance expectations of their company parent, they completely changed the personnel and organization of their sales force.

Gary Price, Director of Global Sales and Marketing for CSZ tells us how he did it. The lessons here apply to hiring a single sales person or a new army.

WHAT YOU’LL LEARN FROM GARY PRICE OF GENTHERM’S CSZ – CINCINNATI SUB ZERO

WHAT LED YOU TO RE-ORGANIZE YOUR U.S. SALES ORGANIZATION?  (2:23 in)

In Gary’s words – The healthcare market is under tremendous cost pressures and there is a lot of competitive pressure. Many of these organizations (competitors) have multiple divisions or reps. We were lucky to get one or two sales calls a week and they’re getting several calls a day. The level of expertise on our products was not there as well.

Insight – Assess the depth and quality of the sales calls and service of your sales force.

WHAT ARE THE CHARACTERISTICS OF YOUR NEW SALES FORCE? (3:24 in)

In Gary’s words – Have our reps represent themselves as a trusted adviser. Reduce territory so they could get better penetration.

Insight – A consulting sales approach is known to be better received by customers than hardball tactics.

DESCRIBE YOUR RE-ORGANIZATION PROCESS AND THE STEPS YOU TOOK? (4:28 in)

In Gary’s words – We engaged a company to help us analyze the market potential. From there we chose the top 33 cities we needed to make an investment and put a direct rep in. Then what size territories are to get the penetration. Then what’s the profile of the rep we want. We put together a recruiting and interview plan.  

Insight – Consider using a company / sales assessment tool to uncover things you don’t necessarily pick up in an interview. Obtain competitive information on what competitors are paying sales reps.

HAVE YOU BEEN PLEASED WITH THE PROCESS AND THOSE YOU’VE HIRED? (8:45 in)

In Gary’s words – We have. It took about 7 months to get them hired. We’re starting to track the activity metrics, the pipeline growth. It’s all very encouraging.

Insight – Once the new team is in place, CSR isn’t leaving its sales force to fend for themselves. Monthly training activities are in place to sharpen sales skills and deepen product knowledge.

DID YOU KNOW WHAT YOUR MARKET SHARE WAS BEFORE YOU DID AN ANALYSIS? (11:36 in)

In Gary’s words – We did not. It gave us some really good data.

Insight – The assessment of market share and competitor standing helps CSR with developing their sales targets.

IF YOU HAD TO GO THROUGH THIS PROCESS AGAIN, WOULD YOU DO ANYTHING DIFFERENTLY? (12:25 in)

In Gary’s words – The biggest challenge is trying to estimate what the return on investment is going to be, meaning how much lift are you really going to get from an indirect to a direct sales force. Modeling of expense and lining that up with revenues is probably the most challenging part.

Insights– It may take 90 days or more for even seasoned sales reps to begin to generate sales at the level you want.

YOUR ORGANIZATIONAL STRUCTURE FOR INTERNATIONAL SALES IS DIFFERENT, ISN’T IT? (15:49 in)

In Gary’s words – We have about 80 some distributors around the world. They’re their own businesses. They buy at a wholesale price and sell at whatever the market will bear in their country.

Insights – This arrangement works well to overcome language and cultural barriers and well as for handling compliance with government regulations.

WHAT ADVICE WOULD YOU GIVE SOMEONE ELSE LOOKING TO RE-MAKE THEIR SALES FORCE? (17:43 in)

In Gary’s words – Be very clear on your goals. Invest in the planning upfront.

Insights– If you have a clear vision of what you want to accomplish, going through the planning process and executing a plan to get there is easier to achieve.

Can Partnering with a Virtual Office Improve Productivity?


Virtual Office ProductivitySince 1995 the number of people working untethered, in a virtual office environment is up four fold. Are you one of them? I recently caught up with Kipp Siedl, franchisee of Intelligent Office about what was happening in the world of virtual offices.

While he told me that expectations are different for long time professionals versus young entrepreneurs, what’s trending now is how his clients are served – as partners.

Listen to how he’s taken businesses that didn’t know what they wanted and helped them become more successful by using a virtual office.

WHAT YOU’LL LEARN FROM KIPP SIEDL, OWNER OF INTELLIGENT OFFICE, CINCINNATI

WHAT ARE YOUR CLIENT’S ASKING FOR MOST OFTEN?  (1:44 in)

In Kipp’s words – One of our most popular solutions would be our intelligent assistant. We direct phone calls to them offsite. We answer frequently asked question about their business. It’s far more than an answering service. We also become their office. We want to maximize their productivity.

Insight – This type of arrangement is particularly useful for people who need a business address, occasional meeting space, and can free themselves of most phone activity for scheduling, feedback, appointment confirmations etc.

HOW HAVE THE SERVICES YOU OFFER CHANGED IN THE LAST 7 YEARS? (6:52 in)

In Kipp’s words – We were more of an answering service. Customized services weren’t in place to the degree they are now. Clients will partner with us now. We’re a leading indicator as to how successful their marketing programs are and even their business revenue.

Insight – Ask yourself whether outsourcing certain tasks that allow you to focus on more productive activity will improve business performance.

IS THE REQUEST FOR OFFICE SPACE DIFFERENT DEPENDING UPON THE CLIENT’S GENERATION? (9:52 in)

In Kipp’s words – Typically an older generation person is used to having an office, not working from home. A younger generation person is talking about the co-working space.

Insight – Pick the work environment, whether it’s at home, in a single office or in a co-working environment that maximizes productivity.

IS PROVIDING LUNCH & LEARNS AND PERSONAL SERVICES LIKE PICKING UP LAUNDRY BECOMING A TREND IN THE VIRTUAL OFFICE INDUSTRY? (13:04 in)

In Kipp’s words – I think a lot of those things have been going on for a while, especially the lunch ‘n learns.

Insight – Co-working spaces attract the most interest in lunch ‘n learns. Ask if the service provider offers networking events. Personal service assistance varies among providers.

WHAT QUESTIONS WOULD YOU ADVISE A PROSPECTIVE CLIENT TO ASK? (14:35 in)

In Kipp’s words – Often people walk in here not knowing what they need. We stress that they come into our office so they can see our operation.

Insight – Through a personal visit, you can assess capabilities and identify whether there is a match with your business requirements.

HOW DO YOU ADDRESS MANAGING THE BUSINESS RELATIONSHIP WHEN PERFORMANCE ISSUES OF YOUR STAFF COME UP? (15:50 in)

In Kipp’s words – You can train us on how you want things done.

Insight – When assessing a virtual office provider, ask for examples of them being proactive in coming up with solutions to resolve communication or performance problems.

DO YOU THINK OFFICE AND SUPPORT SERVICES WILL BE THE SAME OR VERY DIFFERENT IN 5 YEARS? (18:36 in)

In Kipp’s words – The level of service is going to get more and more detailed.

Strategic Planning is Effective When…..

Strategic Planning

When you hear the phrase “strategic planning”, does your mind light up or does it give you a headache? There is clearly a right and a wrong way to initiate and carry out the process.

In my conversation with John Handelsman, CEO of Present Values, I realized that my previous employers approached this all wrong.

See if you agree with John on what components of leadership, teamwork, data and process are necessary to make the strategic planning exercise pay off.

WHAT YOU’LL LEARN FROM JOHN HANDELSMAN, CEO OF PRESENT VALUES:

WHAT’S THE DIFFERENCE BETWEEN A BUSINESS PLAN AND STRATEGIC PLAN?  (1:46 in)

In John’s words – Strategy is all about choices and planning is all about execution. A strategic plan is typically much longer term. A business plan is much more operational in nature.

Insight – Think of the business plan as how are you going to execute to achieve your high level strategic goals.

HOW SHOULD A COMPANY DEVELOP A STRATEGIC PLAN? (3:05 in)

In John’s words – It’s very important that the leader believes in the process. There needs to be data. The leader must learn to delegate responsibility. The responsibility and ownership of each part of it is shared.

Insight – Consider conducting a strategic planning “SWOT” analysis of your strengths, weaknesses, opportunities and threats. Data is needed from an analysis of the company internally and the competitive environment externally.

CAN YOU CLEAR UP ANY CONFUSION BETWEEN STRATEGIES AND TACTICS? (5:45 in)

In John’s words – Strategies are high level choices relative to direction for growth and management of risk. Underneath are initiatives, projects or programs that support strategies. Tactics are activities (of initiatives) that support strategies.     

Insight – Strategies are directives intended to achieve your objectives and material goals.

HOW MANY STRATEGIES SHOULD A COMPANY HAVE? (7:24 in)

In John’s words – The number depends upon what’s going on in your business and what is your team capable of executing well.

Insight – Keep the list to a minimum but don’t miss any opportunities. Data is critical.

WHAT CAUSES A STRATEGIC PLAN TO FAIL? (8:26 in)

In John’s words – One of the things most companies miss is, they don’t put in place a performance management tool.

Insight – To achieve your strategic goals, it’s necessary to keep a scorecard of the progress or lack of that is being made on a regular basis.

HOW OFTEN SHOULD YOUR STRATEGIES BE REVIEWED? (14:11 in)

In John’s words – The strategies should always be reviewed. However, the strategies should not always be changed or shouldn’t quit.

Insight – Giving up on a strategy too early is often caused by failing to discover and make an adjustment. Patience is required.

 

Straight Talk About Social Media ROI

Social Media ROIAre you using social media for marketing your business? If so what are you trying to accomplish? Maybe you want to make people more aware of your brand, generate leads or make sales. What do you expect your social media ROI to be? A disconnect between effort and expectations is not unusual.

In this show we’ll explore how to succeed in using social media. Carol Fowler, CEO of TheSocReports, gives us some straight talk about opportunities and commitments to meet social media ROI targets.

WHAT YOU’LL LEARN FROM CAROL FOWLER OF THE SOC REPORTS

IS IT A MISGUIDED NOTION THAT BUSINESSES NEED TO BE EVERYWHERE IN SOCIAL MEDIA?  (3:22 in)

In Carol’s words – It is. That’s one thing that causes businesses hesitation to get involved in social media. It’s better to identify one platform, maybe two, to reach that reach your target audience.

Insight – Research where your prospects and customers hang out. Chances are you won’t be able to ignore Facebook since nearly 80% of social media users are active there.

SHOULD A BUSINESS HAVE TO PAY (ADVERTISE) TO PUT THEMSELVES IN FRONT OF THEIR PROSPECTS? (5:02 in)

In Carol’s words – You probably will have to pay, but the good news is you can reach a lot of people fairly inexpensively. Facebook has an amazing ability to put a bullseye on your ideal customer. For 10 to 15 dollars a day you can reach thousands of people who are right in your sweet spot.

Insight – Advertising won’t be effective without good content underpinned by a sound strategy.

WHAT ARE COMMON CHARACTERISTICS OF SOCIAL POSTS THAT ARE SHARED? (7:05 in)

In Carol’s words – Probably the most important thing you can do when creating your social media is include visuals. A post with a photo, gif, or graphic is 75% more likely to be shared with someone else.   

Insight – Be interesting to be followed. Share things beyond the walls of your business. You can build your reach organically by using the various forms of tagging to alert content contributors and followers to your posts.

DO BUSINESSES EXPECT MORE OF A RETURN ON INVESTMENT FROM SOCIAL MEDIA THAN THEY SHOULD? (10:04 in)

In Carol’s words – A lot of companies struggle with the ROI. In too many cases people complain about the ROI, but they haven’t set goals to begin with. If do don’t have consistency or a dedicated person working on it, you probably aren’t going to get results that knock your socks off.   

Insight – Make a concerted effort to measure results in order to see whether your social media ROI goals are being achieved. Use scheduling tools to manage your time and address the publishing demands of the social media platforms you’ve chosen to use.

ARE THERE RISKS TO US AS PEOPLE WHEN SOCIAL MEDIA PROVIDERS INTEND TO MAKE THEIR SERVICES MORE ADDICTIVE? (17:15 in)

In Carol’s words – I worry about people who spend so much time on Facebook. There are people out there spending hours every day on Facebook. That’s crazy. I encourage my clients to take vacations from social media. There are aspects of it that are unhealthy. But by the same token, it’s really connected the whole world in a way it wasn’t connected before.

Insight – By taking breaks and not spending endless hours on social media, you’ll make the most of it and get other rewarding things out of life.

How Does a Pro Buy a Business?

Buy a BusinessHave you dreamed about buying a company or perhaps you’re thinking about making an acquisition to strengthen your existing business? Mackenzie and Company, a corporate strategy and finance consulting firm, believes that to buy a business you should be able to execute one or more of five strategies.

Find out what they are and what a seasoned pro does to buy a business on this episode of What Works for Biz.

WHAT YOU’LL LEARN FROM CHIP NIELSEN, PRESIDENT/CEO OF DOSCHER’S CANDIES?

WHAT ARE SOME PRINCIPLES THAT GUIDE Y0U IN LOOKING AT A BUSINESS OPPORTUNITY?  (2:01 in)

In Chip’s words –  A strategic reason and an opportunistic opportunity. Increase your size or volume, geographic expansion, lessen competition, acquire key new people. It might be fun, interesting or challenging.

Tip – Consider whether your staff is ready to take on more responsibilities or new challenges.

WHAT KIND OF RESEARCH DO YOU DO TO EVALUATE PROSPECTS?  (4:02 in)

In Chip’s words – Once I’ve picked an industry or business, the research in my case goes to friends, relatives, acquaintances, who might I know and who might connect me to someone in that industry. Read trade journals in that field. Get the word out I’m looking.

Tip – The type of research you do depends a lot on what you’re looking to buy, what your capabilities are, where’s your passion, and how large or small in scope the company footprint is.

IS IT IMPORTANT TO HAVE A THOROUGH UNDERSTANDING OF THE BUSINESS YOU’RE LOOKING TO ACQUIRE?  (8:10 in)

In Chip’s words –  You’re naturally going to succeed at it faster. Those in an acquisition mode should play to your strengths. Look at the things they are passionate about. Overlay businesses they might be interested in, involved in and be able to learn fairly rapidly.

Tip – Pursuing businesses that don’t complement your skill set and background is too big a risk.

HOW IMPORTANT IS PAST PERFORMANCE VERSUS FUTURE PROPECTS OF A BUSINESS?  (11:44 in)

In Chip’s words –  (Past) It’s the best predictor of the future.

Tip – Judging the future is very important if you are already in the business and the acquisition is an add on or you’re looking to close down the business and just buy a customer list.

HOW DO YOU LOOK AT YOUR ROLE IN THAT ACQUISITION?  (14:21 in)

In Chip’s words –  You should be doing it with the purpose of building the business. I’m definitely more of the builder than the operator.

Tip – Develop a clear strategy that can be communicated effectively to those you’re relying on to execute it.

WHAT ATTRACTED YOU TO DOSCHER’S CANDIES?  (15:20 in)

In Chip’s words –  I grew up in a family business environment. We worked that list of contacts in town. There happened to be a couple of small business brokers. It was a family business sold to Greg Clark. In meeting him we fell in love with this quaint candy business.

Tip – Consider giving a previous owner equity in the new business if the person is going to stay on and help you run the business.

SHOULD A BUSINESS BUYER HAVE AN EXIT STRATEGY IN MIND WHEN PURCHASING?  (19:49 in)

In Chip’s words –  In my estimation it’s going to be a lot more situational.

Tip – If you buy a business that you’re just getting started in, formulating an exit strategy upfront is likely not as important as it is to the business owner that seeks to turn it over in three years.

Podcasting Grows As Local Leads Generator

Run Your Own Show - PodcastWhen did you start listening to podcasts? If you began within the last 3 years, Edison Research says you are one of more than 20 million people who are doing this at least once per month.

There are many reasons why more than 57 million people in the United States listen now. In this What Works for Biz episode, we’re going to explore why podcasting could be the secret local leads generator in marketing your business. Just like a radio show, it’s a natural marketing tool for individuals to use to sell their books, get speaking engagements and sell advertising. But there is an opportunity here for local business to generate sales leads and strengthen client/customer relationships.

WHAT ARE THE ADVANTAGES OF HAVING A BUSINESS PODCAST?  (1:39 in)

You control the message. It’s a unique opportunity for a one to one connection with a prospect, client or customer that feels personal. It’s also a great content generator for your website without having to write a time consuming article or blog.

For your prospects, access is convenient, on demand and evergreen. They can listen via a smartphone while driving to work, walking the dog, or wherever they want.

WHAT’S THE PAYOFF FOR THE BUSINESS AS A LOCAL LEADS GENERATOR? (2:48 in)

Through your business podcast the company’s reputation and visibility will increase the likelihood of people contacting you for help, service, or acquiring your products.

You’ll be considered an expert. Instead of reading, the emotion registered in your voice makes it easier to take action. Valued content will attract followers and a willingness to pass it on. The reach of your website, conversation on social media, and visibility in search listings can be improved.

Current business podcasts produced by a mortgage broker, dentist, and an office furniture company are examples of good business marketing.

WHY TRY A BUSINESS PODCAST NOW? (7:14 in)

The audience is growing. According to Edison Research, it has grown 75% in the last 3 years. The blog universe is saturated. Organic reach of social media is restricted. Research indicates that the audience is comprise of active, high income and educated people. Competition is limited.   

WHAT IS IT GOING TO TAKE TO PULL IT OFF? (8:45 in)

Delivering messages your audience wants to hear is paramount. Interesting stories worth telling are possible by examining a wide range of topics related to your business.

  • Introduction of new products or services or upgrades.
  • Problem solving tips
  • Explanation of business vision and strategy
  • Stories of how your business has helped or exceeded customer expectations

Production of the program is not complicated. If you have limited staff and time is at a premium, using an outside source for assistance is sensible. You can call on their help with content development, hosting, recording, post production and program distribution.

If you use an interview format, all you will need to do is spend some time answering questions. With a good message and production of show episodes regularly, your podcast can be an important local leads generator.

Why Take An Emotional Intelligence Test?

Emotional Intelligence TestIn 1995 Daniel Coleman, a psychologist and former science journalist for the New York Times claimed in a best selling book that emotional intelligence was the prominent ability deemed necessary to achieve superior performance in leaders. To him it mattered twice as much as technical expertise or IQ.

So should you take an emotional intelligence test if you want to improve your leadership skills, get that promotion, or find a new job? Listen to what Dr. Stephen Boyd of Growth Counseling Centers has to say about it.

WHAT YOU’LL LEARN FROM DR. STEPHEN BOYD OF GROWTH SPIRIT COUNSELING CENTERS

WHAT IS EMOTIONAL INTELLIGENCE?   (1:29 in)

In Dr. Boyd’s words – Taken from Dr. Paul Stoltz –  it’s your ability to empathize with others, post fun gratification, control your impulses, be self-aware, persist and interact effectively with others.

CAN EMOTIONAL INTELLIGENCE BE LEARNED? (1:59 in)

In Dr. Boyd’s words – It’s directly related to how we are interacting in our relationships.

Insight – If you are experiencing a positive interaction with someone else then you will experience a positive mood.

WHAT TYPE OF QUESTIONS SHOULD AN INTERVIEWER ASK OF A JOB CANDIDATE FOR AN EMOTIONAL INTELLIGENCE TEST? (2:54 in)

In Dr. Boyd’s words – For example, tell me an example of a stressful situation from your last employment situation with a team member and how did you work with the individual in that team.

Insight – Examine real workplace situations of conflict, cooperation, flexibility, and resolution.

HOW MANY DIMENSIONS OF EI ARE THERE? (5:20 in)

In Dr. Boyd’s words – (Among 19 areas are) self perception, self regard, self actualization, emotional self awareness, stress management, flexibility, tolerance, optimism, self expression, assertiveness, independence, decision making, empathy, and social responsibility.

Insight – While your EI is comprised of your capabilities in all of these areas, the fundamental components are empathy, flexibility and optimism.

DO YOU AGREE THAT EI MATTERS MORE THAN TECHNICAL EXPERTISE IN LEADERS? (6:20 in)

In Dr. Boyd’s words – Those that have high levels of intelligence are not as effective to be productive. We get in the way with our intellect.

Insight – A report can be developed to identify low vs. high areas of emotional intelligence. From these comparative findings measured against other leaders, goals can be set and coaching instituted to improve EI capabilities.

WHAT CAN YOU LEARN ABOUT POTENTIAL PERFORMANCE OF A JOB CANDIDATE THROUGH AN EMOTIONAL INTELLIGENCE TEST? (10:02 in)

In Dr. Boyd’s words – We can predict how they will deal with stress, flexibility, how happy they are or how well they feel about themselves.

Insights– The accuracy of the testing process continues to improve as a broader base of people take it. More than 10 years of data now exists.

HAS THE EI TEST CHANGED OVER THE YEARS? (13:45 in)

In Dr. Boyd’s words – Around the area of happiness, yes. There is a move into a broader understanding of wellness. As your functioning at a higher level of emotional intelligence you’re going to be happier.

Insights – A feeling of happiness and well-being leads to improved productivity in the workplace.

IS FURTHER RESEARCH NECESSARY TO UNCOVER NEW ASPECTS OF EI? (14:44 in)

In Dr. Boyd’s words – We’re never done. I would add as a factor of well-being a component of spiritual intelligence. Multiple studies have proven that spiritual intelligence is a component of mood and well-being and happiness. 

 

 

Which Shoulders Do Angel Investors Want To Sit On?

Angel InvestorsCincinnati is not an area that is growing its population like in the south and southwest that stoke small business activity. However, it is home to Queen City Angels, the second ranked group of angel investors in the United States by CB Insights.

Forbes has named Ohio as the 11th best state for small business and number 1 for quality of life. And in a recent survey by consumer research company Value Penguin, Cincinnati placed seventh out of 200 U.S. cities in a report on the Best Cities for Small Business.

There is access to capital, a low cost for office space, and a good talent pool available. In a conversation with Queen City’s executive director, we learn about what’s required to start a business and attract angel investors.

WHAT YOU’LL LEARN FROM SCOTT JACOBS OF QUEEN CITY ANGELS.

AT WHAT STAGE OF DEVELOPMENT SHOULD AN ENTREPRENEUR SEEK ANGEL INVESTORS?   (2:53 in)

In Scott’s words – We like to engage as early as possible. We have a farm system.  (mentoring program, bootcamp,) We’re looking for customers who have a paying customer or two.

Insight – Connecting with entrepreneurs as early as the idea stage is useful in evaluating the viability of a potential investment in the company.

ASIDE FROM HAVING CUSTOMERS, WHAT PART OF A BUSINESS PROFILE ATTRACTS QUEEN CITY ANGELS? (6:35 in)

In Scott’s words – Friends, families and founders. We like to see them have a little skin in the game. They’re not just looking for our money to move their idea forward. We want people completely dedicated to this business.

Insight – Developing a business part-time on nights and weekends will not interest them. Having a good management team that is coachable is key too.

ASISE FROM PASSION AND DEDICATION TO THE BUSINESS, WHAT OTHER QUALITIES ARE IMPORTANT IN THE BUSINESS LEADERS? (8:15 in)

In Scott’s words – Emotional intelligence and the ability to manage the stress.

Insight – Awareness of their own weaknesses and strengths is important..

WHAT ARE COMMON MISTAKES ENTREPRENEURS MAKE? (9:05 in)

In Scott’s words – They’re overly optimistic about the strength of their idea. Companies don’t know the amount of money they need to raise.

Insight – Because multiple rounds of capital are usually required to fund a growing company, over valuation of a company’s worth in its early stages of development can hinder the ability to obtain capital.

FROM THE INVESTING SIDE, WHY DO PEOPLE GET INTO ANGEL INVESTING? (13:52 in)

In Scott’s words – It’s fun. It’s intellectually stimulating. They want to hear about new ideas and they want to help.

Insight – To be an angel investor you enjoy shepherding companies and investing your time and expertise as well as your money.

WHAT SHOULD THE EXPECTATIONS OF RETURN BE FOR AN ANGEL INVESTOR? (15:20 in)

In Scott’s words – We’re in for the long run. The year in which most exits occur is year eight.

Insights– Angel investors are usually putting in five hundred thousand to a million dollars in the first round of financing.

ARE ANGEL INVESTOR GROUPS AT A DISADVANTAGE TO VENTURE CAPITAL GROUPS IN SEEING IDEAS? (17:30 in)

In Scott’s words – No not really.  they need is more like practice management. What types of things should I look at to get to the next level….renewing that motivation

Insights – You’re wasting money if your sales training dollars are spent on standardized training for everyone in the sales organization.

WHAT TYPE OF COMPANIES ARE QUEEN CITY ANGELS LOOKING TO INVEST IN? (18:39 in)

In Scott’s words – Technology based companies, life science, IT oriented, the internet of things. 

Insights – They’re seeking companies that others want to acquire instead of creating the product or technology themselves.

Peak Sales Performers Are Out There

Peak Sales Performers
Results of Peak Sales Performers

If your businesses sales aren’t where you want them to be, it may because you don’t have any peak sales performers on your team. You have to stop hiring people with the wrong “stuff” and know how to get the most out of them. That’s the sage advice from my conversation with Tony Cole of the Anthony Cole Training Group.

WHAT YOU’LL LEARN FROM TONY COLE OF THE ANTHONY COLE TRAINING GROUP

WHAT ARE COMMON BARRIERS TO SALES GROWTH?  (1:18 in)

In Tony’s words – What are your systems and processes like? Did you hire (sales staff) them that way or did you make them that way? Does the sales managed environment have the right components?

Insight – Successful selling is more about you than external hurdles you may have to overcome.

WHAT DOES A COMPANY NEED TO DO TO HAVE PEAK SALES PERFORMERS? (2:38 in)

In Tony’s words – Hire them. The selection process is not simple. Most companies look for the wrong stuff.

Insight – To make the right hires possess a depth of knowledge about what you need and how you’ll recognize it in a potential peak sales performer when you see it.

HOW DOES A PEAK PERFORMER GO ABOUT DOING THEIR BUSINESS? (3:43 in)

In Tony’s words – They don’t do it alone. They have a coach. They spend a lot of time doing the right things and don’t make excuses.    

Insight – Peak sales performers take ownership of their role and put it upon themselves to improve or make changes to maximize performance.

IS IT POSSIBLE FOR ALL SALES PEOPLE IN AN ORGANIZATION TO BE PEAK PERFORMERS? (6:16 in)

In Tony’s words – The answer is yes.

Insight – Peak performance measurements are different for each individual according to their experience and capabilities.

WHAT TYPE OF GOALS NEED TO BE SET FOR PEAK SALES PERFORMERS? (7:45 in)

In Tony’s words – They’re the ones that decide this is the peak they want to attain.

Insight – Goals are usually set too low and often are just suggestions. Goal setting from the top down is a mistake. If your sales people resist a bottom up goal setting process, you have the wrong people.

WILL TOP SALES ORGANIZATIONS MEASURE TIME ON TASK FOR ALL SALES RELATED ACTIVITIES? (14:54 in)

In Tony’s words – Yes. Most companies, even when successful aren’t hitting on every cylinder.

Insights– Often companies that hire outside sales development organizations are not broken but seek assistance to reach the next peak.

IS THERE A DIFFERENCE IN THE TYPE OF TRAINING PEAK SALES PERFORMERS SHOULD RECEIVE VERSUS OTHERS? (17:03 in)

In Tony’s words – The training they need is more like practice management. What types of things should I look at to get to the next level….renewing that motivation

Insights – You’re wasting money if your sales training dollars are spent on standardized training for everyone in the sales organization.