Monthly Archives: March 2016

Marketing , , Leave a comment

Social Media—Not?

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It is by now standard operating procedure for business owners and other self-employed professionals to have a visible presence on one or more social media platforms,  in addition to an online presence provided by a website.  We’ve  internalized the assumption that there is no way to either launch or sustain a viable business without an active online presence spread over an array of platforms.

The majority of my colleagues and competitors spend rather a large amount of time  researching and writing newsletters,  tweeting,  Instagramming, or linking with and friending sometimes 500 + “connections”. But really folks,  what is the demonstrable ROI of most of this effort?  Beyond a certain point,  I respectfully submit,  social media produces very little beyond siphoning off a chunk of scarce time and money.

How does social media provide a demonstrable ROI for Freelance consultants, who typically provide an intangible service? Our ventures run on referrals based on trust and reputation—how can that resource be communicated electronically? Alan Weiss, president of Summit Consulting and author of numerous books that address the consulting trade, including Million Dollar Consulting (2009), has for several years offered to split his (large) consulting fee with anyone who shows him how to acquire a client purely through social media or website channels and he signs a client as a result.  To date, there have been no takers.

The reality is that most of us in business are afraid to dial back the social media and so the practice continues. We fear that if we don’t participate,  our competitors will eat our lunch and customers will abandon us.  I’ve observed that in certain businesses and organizations,  social media and website marketing yield a good ROI.  A large collaborative of Boston artists and galleries has recently hired me to edit a newsletter and perform PR functions for an ongoing monthly event plus an annual special event and that is money well spent for the group.  Performing artists,  clothing designers, restaurateurs and professional organizations come to mind as excellent candidates for Twitter, Facebook, YouTube and Instagram to provide outreach / engagement with past, present and future patrons.

Nevertheless,  there is a group of social media and website holdouts and at least a handful are making a good living.  Maybe they possess valuable competitive advantages,  such as excellent word-of-mouth,  always the best form of advertising,  and exceptional skills? Among that group are two interior designers who have more clients than can be handled (in three or four cities, mind you) and the owner of a small neighborhood breakfast and lunch restaurant that is always packed.  Three of the six most successful Freelance consultants with whom I’m acquainted do not even show up on Google.  Author Otessa Moshfegh,  a member of the internet-obsessed Millennial Generation,  has eschewed both website and social media and her debut novel is selling nicely.

I’ve learned that Ms. Moshfegh has a professional publicity team and that gives her a significant edge. Her team portrays her as elusive and not given to crass displays of self-promotion and that is good publicity (!). The consultants once worked for larger consulting firms and like any hairdresser, when they went out on their own, they stole clients.  Nevertheless,  they continue to grow their client lists without websites.  The interior designers seem to be known by the right people and receive lots of referrals. On an a laptop or tablet,  they have a few photos to show their work to prospects.  The restaurateur has been in business for 20 years,  a Starbucks opened across the street at least a decade ago, but he continues to prosper.  Patrons started Trip Advisor and Yelp pages for him and patrons control the reviews on those sites.

You may wonder how my website and blog perform for my venture? I did not work for a consulting firm, so the website I feel helps me look legitimate.  However,  no one has ever hired me as a direct and exclusive result of visiting.  This blog has shown prospective clients that I have a solid knowledge of business topics and that I have a certain writing proficiency. The blog has been a factor in my hiring, but the clients were a result of referrals and not this blog alone.

I do not advocate that Freelancers and business owners close down their internet presence.  Rather, I respectfully recommend that you consider the ROI of your investment and take heed of the analysis.

Thanks for reading,

Kim

 

 

 

 

 

Marketing , , , , Leave a comment

Freelancers: Agile Talent For Your Organization

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While cruising through the Harvard Business Review online http://hbr.org, I happened upon an article that told of a most interesting book that has good information for Freelance consultants and those who hire us.  Agile Talent was written by two experts in the talent development, leadership and strategic HR fields,  Jon Younger and Norm Smallwood and published just last month.

The book was written as a guide for the growing number of organizations that rely on professionals like us to come through in the clutch and get the job done,  on time and within budget.  Getting the most out of a team comprised of internal and external talent is the book’s theme.  I read an excerpt and confirmed that within,  the book contains as well a few pearls of wisdom for you and me,  primarily providing us with a new and improved way to package and promote our services to potential clients.

As Smallwood and Younger point out, so many organizations–for-profit and not-for-profit, late-stage and start-up, large and small–continue to rely on Freelance consultants to augment their lean workforces when insufficient expertise (or time) exists in-house.  Salaries are a large fixed expense on Income Statements and organizations for 30 years have been loathe to hire a worker unless the skill set is frequently needed to keep the business operating.  The authors provide useful recommendations to those who hire,  collaborate with or manage the external talent,  so that good outcomes for all parties can result.

Agile Talent Freelancers allow organizations to access the services needed only for the scope aand length of time that the organization requires.  We bring great insight, heightened productivity and relevant experience to countless organizations.  Yet organization decision-makers and those with whom we collaborate are sometimes unsure of what to expect from the arrangement with the agile talent,  or how to successfully onboard and work with us.

In order to maintain or expand our billable hours,  it is imperative that we are able to anticipate how the relationship might go off the rails and come to an unfortunate parting of the ways.  Before encountering a prospective client,  we must communicate our benefits  to them.  Packaging and promotion are essential when selling an intangible service.  Intangibles are the most difficult sale and in the knowledge economy,  these specialties represent a large percentage of B2B sales dollars.

So how can we exert some measure of influence and get ourselves paid?  It is aalways necessary for us to sell our expertise,  trustworthiness and usefulness.  When organizations are faced with a….

  • Project
  • Challenge
  • Opportunity

….the agile (or external) talent tag line gives us another way to communicate our benefits to decision-makers.  Incorporating the resonant buzz words makes us look smart and capable and makes hiring managers and project sponsors feel that they’ll look smart to superiors and subordinates when they bring us on.  Inertia,  that is,  tabling a decision indefinitely because leaders lack the confidence to move forward except in the most obvious emergencies,  is the  Freelance consultants most formidable competitor.  Anything that we can do or say to persuade prospects to become clients is a win-win.

Thanks for reading,

Kim

 

Administrative , , Leave a comment

It’s in the Bank

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Are you happy with your bank? Do you consider what you pay in fees to be a good value for the services provided? Do you consider your bank to be a source of support for your business? If the answer to any of these question is “no” or “maybe”, read on.

The choice of a bank is a serious decision in our personal and business lives and size matters,  as regards the account,  business or personal,  and the bank as an entity. As with all planning,  the expected needs of the individual and/or the business must be considered when choices are made. Banks have become competitive and expensive over the past couple of decades and as a consumer and a businessperson, you owe it to yourself to get the most for your money and your needs met as you do.

As a private citizen,  you may want to buy or refinance a home,  make home upgrades, or finance your child’s education.  As a business owner or Freelance consultant,  you may have equipment or technology upgrades,  growth and expansion plans that will benefit from outside financing.  Whatever your financial plans,  a helpful banker will be an essential building block toward the realization of  your goals and obligations.

How should Freelancers and business owners choose a bank?  A good way to start is to identify two community banks,  two regional and two large national outfits and pay each a visit.  Walk in and ask to meet the business banker,  who is also usually the commercial loan officer.  If you need an appointment make one,  so that you will have time to talk.  Tell this individual about your business and your plans and perceived needs.  How can the bank augment and support your business?

If business credit is a priority, ask these two questions:

  1.  What is the amount of the credit line that the business banker can personally approve?
  2.  Does the bank offer SBA loans and is it a Preferred SBA Lender and able to approve and underwrite such loans independently.  How much SBA loan business is done and what percentage of applications are approved?

Below is a general guideline as to what type of bank is likely to be appropriate for your business venture.  Remember to ask about merchant credit card processing fees if you accept cards.

Community banks

  • Freelancers, small  and medium businesses
  • Fees can be on the high side
  • Technology can be slow or not comprehensive
  • Service is typically excellent. This is old-fashioned banking.  Customers are taken care of. The tellers and managers know you.
  • Loaning decisions are made locally. They know you and your business. They want to help.  Your character will count.

Regional banks

  • Small – medium size businesses that plan to grow
  • Fees are average
  • Technology will meet expectations, the basics will be available
  • Service is usually good, the regionals are capable of delivering personalized service
  • Loan decisions will be made with an eye to the local economy, along with what your financials indicate about your ability to repay

National banks

  • Medium-large business that do out-of-state and/or international business
  • Fees are usually the lowest available, the result of economies of scale
  • Technology will be the most cutting-edge available. Banking can be almost entirely done online.
  • Service is often impersonal because staff turn-over is often high. No one knows you for long. Decisions are not made locally at the branch level.
  • Loans are issued strictly by the numbers, the manager will not be able to give you the benefit of the doubt.

Thanks for reading,

Kim

 

 

Administrative , Leave a comment

Dialing In: Conference Call Meetings

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Meetings are an essential forum for exchanging information and making plans.  The ability to run an efficient and productive meeting is a marker of good leadership (please see my post Meeting Maestro January 26).  From time to time,  at least one meeting participant must conference in by telephone, FaceTime,  or Skype.  In some meetings,  none of the participants will be in the same room and they may not be in the same time zone.  Last week I chaired a meeting of six and three dialed in.  Can we take a minute to make sure we are managing our conference call meetings to bring about optimal results?

The ability to dial in to a meeting is so convenient and absolutely necessary when team members reside in far-flung locales.  The primary downsides of distance are the lack of visual cues and diminished subtleties of voices impacted by telecommunications equipment.  FaceTime and Skype bring real-time images,  but the out-of-sequence movements are less than ideal.  There is no remedy for the missing personal vibe.  Communications experts recommend that we accept these limitation and maximize the advantages.  The secret to running  a successful conference call meeting is to KISS Keep It Simple and Serious–all business and limited small talk.

Step 1 is to schedule the call, send the dial in and access codes to participants and attach the meeting agenda.  Step 2 is to send a reminder notice 24 hours ahead of the call time and to remind participants to have available the agenda and any additional hand-outs you’ve attached.

Step 3 is to be punctual.  The convener should have the call live 5-7 minutes ahead of time and those who dial in should call in by phone or set up their computer 3-5 minutes ahead of the scheduled time.

As callers sign on, signaled by the chime,  the convener will greet callers and ask each to identify themselves and thank them for joining the call.  As new callers arrive,  review who is already on the call.  Make introductions of name, title,  role and reason for being invited to the call as needed, so that everyone is fully apprised of who has what purpose and who might answer which questions.

As noted above, jokes and banter tend to fall flat in telephone or video meetings.  Just matter-of-factly get down to business. Convey information;  ask questions;  settle on next steps and the timetable. Everyone will appreciate that you’ve done so.

Because verbal skills are all that is available in conference calls (and to a lesser extent,  verbal prevails in video calls as well),  communications experts stress that the convener must speak clearly,  loudly enough to be heard and with authority.  Think newscaster.  It’s also recommended that those who speak should be able to hold the floor a little longer than perhaps would be done in a face-to-face meeting.  Also, wait two seconds after the last person has finished speaking before you start to speak.  Simultaneous speaking goes over even less well in a conference call.

Step 4 is that the convener must control the pace of the meeting,  whether all or some of the participants have dialed in.  Pay attention and focus on what the callers say.  Step 5 is to take notes and repeat important points as you go along.  At  the call’s conclusion, thank participants once again for their participation.  Step 6 is to recap key decisions, actions and timetables and adjourn the meeting.  Send around the meeting notes within five days

Thanks for reading,

Kim

Professional Development , Leave a comment

Getting and Giving Advice: Skill Set

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In the Peanuts comic strip, the character Lucy would regularly set up a mobile office with a sign that read “Advice 5 cents.” Asking for and being asked for advice is an integral part of our personal and professional lives. It is surprising that we do not assign a higher value to the process or train ourselves in its nuances.

Giving useful and timely recommendations and advice are the essence of coaching, consulting, leadership, management and parenting.  There are right ways and wrong ways to deliver even positive reviews, let alone the evidence of gaps or missteps.  Spending some time learning about the process of giving and getting advice is an important element of leadership development.

Over the next few weeks,  I’d like to explore different aspects of the exchange.The whole business of advice is potentially fraught.  Offering unsolicited advice can cause others to see one as controlling or a busy-body.  Feelings can be hurt, people can feel threatened or violated.  Offering advice or an opinion  even when asked can also lead to an unfortunate outcome, because the asker may be looking not for an expert or unbiased opinion or guidance, but rather validation.  Certainly we’ve all experienced the uncomfortable feeling when the advice seeker turns blatantly testy because the desired response was not given.

Keep in mind that well-honed listening skills are essential when one takes on an advisory role.  Attention must be paid to the question posed and what may motivate or be at stake for the asker.  Diplomacy, self-control,  discretion and emotional intelligence are likewise required attributes and behaviors.  Ego gratification, a need for control, or other self-serving behaviors have no place in the process.  Self-awareness is part of the equation and humility as well, because if one is not qualified to give advice or guidance on a given matter, that must be communicated.

Respecting bounadaries is key.  The terrain of unsolicited advice is usually best avoided—but the concept presents an ethical dilemma when we witness someone we know and care about slide into near-certain disaster born of poor judgment or timing.

Finally, determining the type of solution one would be wise to recommend to the asker, as well as the amount of follow-up and other post-request involvement should be taken on,  calls for good judgment and strategic thinking.  How can you be fair to both the asker and yourself?

The next time you seek or are sought out for advice, keep what’s been mentioned here in mind and stay tuned for more discussion.

Thanks for reading,

Kim