005 – What’s Missing in Business Management?

Business ManagementFrom an executive coach, mentor and peer to peer adviser we hear about where business owners, managers and entrepreneurs should focus their energy in business management. Pick up a tip on how to determine priorities and manage time better. Then ponder what is the best thing you can do for your employees and yourself.

WHAT YOU’LL LEARN FROM DAVID HABISCH, EXECUTIVE COACH, VISTAGE PEER ADVISORY GROUP CHAIR AND MENTOR

WHY DO SOME BUSINESS OWNERS/MANAGERS SUCCEED WHILE OTHERS FAIL?  (2:47 in)

In David’s words –   Those that get on top of the business are generally much more successful. Work on the business instead of in the business.

Tip – Have a vision, be able to revise that vision when necessary. Be comfortable in stepping outside of day to day activities to move the business forward.

WHAT SHOULD AN ENTREPRENUER HAVE IN STARTING A BUSINESS? (3:43 in)

In David’s words – Set down 1 and 5 year goals. Lay out a plan. You have to have a low risk tolerance because you’re willing to put it all on the line.

Tip – Have plenty of capital to start. Be fully committed. Seek advice in running a business if you haven’t done it before.

IS THERE A BETTER WAY FOR CEO’S, MANAGERS TO ORGANIZE THEIR LIFE? (8:15 in)

In David’s words – Do a to do list the night before you go back to the job the next day. Don’t open your email (first in the morning). Be proactive rather than reactive.

Tip –  Give first priority to handling those things that are important to grow the business.

WHAT BUSINESS MANAGEMENT STYLE IS MORE EFFECTIVE WITH TODAY’S WORKFORCE? (9:30 in)

In David’s words – I believe in the participatory oligarchy. 

Tip –  Don’t let fondness for your employees get in the way of making hard decisions when they need to be made.

WHAT DON’T MANAGERS / OWNERS DO WELL? (10:53 in)

In David’s words – We don’t fire the right people.  

Tip –  Firing underperformers will make you and your employees happy. In the long run it will help the person being let go as well.

 

WHAT SKILL IS MANAGEMENT NOT PAYING ENOUGH ATTENTION TO TODAY? (15:49 IN)

In David’s words – Leadership. You need to be knowledgeable about how to lead $15 an hour employees as well as a $100,000 employee.  

Tip –  Determine and define what leadership means to you.

HOW IMPORTANT IS A MANAGER’S PERSONAL LIFE IN ACHIEVING BUSINESS SUCCESS? (17:54 IN)

In David’s words – Take the vacation. You will think more clearly.  

Tip –  Don’t end your business life in regret for not spending enough time with your family.

004 – Referral Selling is a Gold Mine

Referral SellingWhat is the most effective method for selling? Many people swear by word of mouth selling. But like anything that has value, it requires a particular mindset and dedication to the process. Listen to a referral selling expert on why it pays to be more selfless and less selfish.

 

WHAT YOU’LL LEARN FROM BRENNAN SCANLON, OWNER OF ASENTIV REFERRAL INSTITUTE & AN EXECUTIVE DIRECTOR OF (BNI) BUSINESS NETWORKING INTERNATIONAL

WHAT ARE THE BENEFITS OF REFERRAL SELLING?  (5:20 in)

In Brennan’s words –   The quality of the business you receive will be far better and less monetary injected, meaning you didn’t have to pay for that. It came to you through a relationship, not an ad.

Tip – Understand where people find trust – via reviews and recommendations from people they know.

WHAT’S THE DIFFERENCE BETWEEN LEADS, TIPS, AND REFERRALS? (8:10 in)

In Brennan’s words – It’s network. I am willing to work for other people in the hope that they work for me. Leads and tips are not work.

Tip – Evaluate the value you derive from leads, tips and referrals to see where you ought to be spending more of your time in selling.

WHAT’S THE MINDSET YOU NEED TO DO REFERRAL SELLING EFFECTIVELY? (9:58 in)

In Brennan’s words – You have to be a selfless person. You have to be willing to invest in relationships.

Tip – Figure out whether your mindset is relational or transactional.

WHAT MISTAKES DO PEOPLE MAKE IN REFERRAL SELLING? (13:30 in)

In Brennan’s words – People forget to look at things from other people’s perspective.

Tip – No one cares about what you do or what you offer until you care about their needs. Think of networking as planting seeds for tomorrow, not for sales today.

HOW SHOULD I RESPOND TO GOOD REFERRALS AND BAD REFERRALS? (16:42 in)

In Brennan’s words – Acknowledge the person who gave you the referral. Give your referring partner some feedback on how it went.

Tip – Guide people as to what is an ideal referral for you.

001-Selling to Reluctant Buyers

reluctant-buyers-a

People will do just about anything to avoid seeing or taking a call from a sales person today. Nevertheless, without sales there is no business. We’ll learn from Bob Rosselot, President of Strategic Advantage Training, an experienced salesperson, manager, and trainer, what works for getting more sales. What’s the psychology of selling today? How should you hire and train people to bring in the business?

HOW DO YOU CAPITALIZE ON LEADS?  (2:58 in)

In Bob’s words –   We break it down into suspects, prospects and clients/customers. You need to identify who are the ideal suspects.

Tip – Look at who are your best customers/clients today. Do some analysis on what makes them good. Is it because of the volume they buy from you. Is it because they pay their bills on time. Is it because they bring you referrals?

WHY DO PEOPLE FAIL AT SELLING? (5:02 in)

In Bob’s words – They fail to prospect, they do a lot of networking but don’t know how to network, and they don’t know how to listen.

IS COLD CALLING DEAD? (5:52 in)

In Bob’s words – Definitely not! It is just not true! You need patience and understanding of the process.

Tip – Sell right and into the right market.

HOW DO YOU TURN A MEETING INTO A SALE? (7:22 in)

In Bob’s words – They’re looking for help, not to be told what to do. Create rapport because they have to like and trust you. Get agreement on what it is you’re going to talk about and what the expected outcomes are going to be. Don’t rush the sale.

Tip – Don’t go in to sell but have a discussion to learn what business problems they are trying to solve and understand how you may be able to help them.

HOW DO I HIRE THE BEST SALES PERSON? (13:33 in)

In Bob’s words – Understand what you are looking for and how to tell if you are getting it. Hiring is a skill and you have to practice it a lot or you won’t be good at it.

Tip – Consider assessments, their goal setting, communication style, drive

WHAT ARE THE WEAKNESSES IN SALES TRAINING? (17:20 in)

In Bob’s words – You go and get the training, but you don’t know how to use it. They tell you what to do but they don’t tell you how to do it.

002-Turning Employees Into MVPS

Staff Productivity

On December 1, 2016, new overtime eligibility rules kick in. This will force every business to evaluate more carefully the contribution of its employees. What do you need to do to avoid bad hires? How can you get the most from your staff? Here are some timely tips from a human resources pro, Tom Johnson, President of A.O. Consultants.

HOW DO WE MAKE THE RIGHT HIRE?  (3:41 in)

In Tom’s words –   Look at the position you’re attempting to fill and find the characteristics you want to match, a much better approach when you’re using solid data rather than gut feel.

Tip – Understand the process you used to make the really good hire and the one that didn’t work out may be the same. Therein lies a weakness in your hiring method. Work tests can be very revealing and helpful.

HOW CAN YOU IMPROVE EMPLOYEE PRODUCTIVITY? (7:20 in)

In Tom’s words – You need to have someone who is interested in doing the job to start. We have a pretty good idea of how we want things to run in our heads but we have to be able to articulate that to everyone around us.

Tip – Provide feedback regularly and continuously so they know how they are doing. If they aren’t meeting your expectations seek to understand why and find a solution.

SHOULD WE LISTEN TO OUR EMPLOYEES? (8:50 in)

In Tom’s words – They need to be heard but that doesn’t necessarily mean you do everything they want.

Tip – The smart manager asks rather than tells and guides rather than directs.

HOW DO YOU GET MORE OUT OF PEOPLE WITH PAYING THEM MORE? (10:29 in)

In Tom’s words – You create the right environment, people will do things for little or no money. You can chase people with money all you want. If they are not happy at work, they are going to leave.

WHAT’S THE VALUE OF A PERFORMANCE REVIEW? (11:20 in)

In Tom’s words – Performance management should happen daily, weekly, on the spot, there should be no surprises.

Tip – Understand the difference between performance reviews for legal and classification requirements versus performance management to maximize the employee’s productivity.

HOW SHOULD MANAGEMENT PROTECT ITSELF WHEN SOMEONE IS GOING TO BE FIRED? (15:40)

In Tom’s words – Documentation. There should be no surprises when you come to the conversation when someone should stay or leave the organization. It’s ok to stay you’re just not a good fit here.

Tip – Follow a progressive discipline process. Courts will review whether you followed your own procedure.

003-A Reluctant Franchisee’s Success Story

Franchisee Success Story

Owning your own business is an intoxicating goal for many. Making your own decisions and setting your own hours is appealing. For the hundreds of thousands of franchisees, dreams and results are not always the same. Listen to the story of an unlikely franchisee, Katie Fitzgerald of Floor Coverings International. Hear what she has learned along the way that made her sales double in the last year.

WHY YOU CONSIDERED OWNING A FRANCHISE?  (3:39 in)

In Katie’s words –  I got myself connected to a franchise broker. I didn’t need to feel that I had to go into this business knowing everything about the business in order to make it successful.

Tip – Look for a business you have a passion for and understand what role the franchisor will play in making you successful.

WHY ARE YOU SUCCEEDING? (5:10 in)

In Katie’s words – I enjoy helping people improve their home. Provide a high level of quality at a fair value and treat our customers with respect and run our business in a very ethical way.

Tip – Always do the right thing. Help people improve their lives.

WHAT’S THE VALUE IN BEING A FRANCHISEE? (6:13 in)

In Katie’s words – The brand experience I bring to my client’s is the same as it in California, or Oregon or New Jersey is trying to bring to their clients as well.

WHAT DEGREE OF INDEPENDENCE DO YOU HAVE? (7:40 in)

In Katie’s words – I have a lot of leeway in terms of which vendors do I use; select my own installers; handle my own marketing.

Tip – Check to see if the franchisor has the procedures and processes in place for you to flourish independently.

WHERE DOES THE FRANCHISOR HELP THE MOST? (8:00 in)

In Katie’s words – They have really strong relationships with flooring manufacturers. Their sales process is so well laid out and defined you’re successful. My close rate has increased 21 points.

Tip – Sales training and in depth practice sessions are valuable.

WHAT’S FRUSTRATING IN THIS BUSINESS? (11:28 in)

In Katie’s words – In the beginning I felt like I was spending an awful lot of marketing money for very little return.

Tip – It takes investment and hard work to build a brand.

WHAT QUESTIONS SHOULD YOU CONSIDER IN BUYING INTO A FRANCHISE? (15:37 in)

In Katie’s words – You’re going to have to be running and working that business for some period of time and build the business up before you can let your staff run it. Balance the line between working in the business and on the business.

Tip – Know that you’ll feel comfortable in your selected business. Talk to franchisees about the investments they have made and the length of time it’s taken for them to earn a good return. Assess the level of support you’ll get from the franchisor.