Author Archives: Kim Clark

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Rapid Response: Being Agile

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Throughout history, human beings have learned that unexpected circumstances can bring instability to your life or your work and cause you to abandon plans you assumed were carved in stone and adapt to a new reality. Pragmatists are aware that disruption of one kind or another is inevitable and destined to visit your life if you live long enough.

Business owners and leaders, including Freelancers, recognize that in order to successfully navigate uncertainty, it’s possible—-but probably not easy—-to shift gears and make the necessary adjustments. There may be sleepless nights, but you can regain your footing. Agile strategies are the way to make it all happen.

You can trust agile strategies to become your go-to crisis response plan, the roadmap that guides you when the ground is shifting beneath your feet. An agile mindset and strategies will help you to rationally assess how the changed business conditions impact your organization, recognize factors in your organization that must change in response to the new scenario and figure out how to effectively operate within your new business landscape—-and in a timely fashion.

When the tide suddenly turns, agile strategies offer a useful alternative to the typical long-term planning outlook and instead encourage you to devote the upcoming 12-18 months to wrestling with the obstacles your company now faces and, ideally, discovering whatever unexpected opportunities the altered business environment presents. Below are practices to keep at top of mind as your new reality unfolds.

Always-on strategy

  • Adaptability in a rapidly changing environment. Freelancers and small business owners usually operate in dynamic environments. Often able to access only limited resources, these entrepreneurs need strategies that can support their evolving circumstances. Agile strategies enable flexibility. They allow business owners to adjust plans and actions in real time, based on customer feedback. Weekly strategy assessments are a useful way to monitor the success (or weakness) of interventions that were enacted and facilitate making refinements as needed.
  • Innovation and competitive advantage. Innovation is a driving force of business success. Agile strategies encourage creative thinking as they challenge the status quo and lead you and your team to explore new opportunities. By baking innovation into your strategies, you can discover or create competitive advantages and build a loyal and lucrative customer base.
  • Focus on high-value opportunities. Agile strategies help business owners focus on the most critical challenges and high-potential/ high-value opportunities. Your resources are not infinite and it’s imperative that you invest time and money into areas that can be expected to yield the greatest ROI. By identifying these key opportunities, you’ll maximize your chances of success.
  • Agility and speed in execution. Small and medium-sized businesses often have the advantage of being nimble and agile. Agile strategizing facilitates quick and objective decision-making, as it eliminates the tradition of lengthy planning processes and empowers teams to swiftly analyze, plan and execute. When your business climate changes, a timely response to customer priorities and preferences is essential.

Smarter strategy

As you acclimate to the practices of always-on strategizing, promoting creativity and innovation, engaging stakeholders and becoming intentional about your company’s strategic direction are among the benefits you will enjoy. You’ll discover the rewards of smarter strategy — AKA agile strategy. Clarity, coherence, focus, adaptability, innovation and action are the guiding principles. Invite agile strategies to become the engine that moves your organization forward.

  • Focus on the most critical challenges and highest-value opportunities.
  • Address challenges you expect to encounter in the next 12 to 18 months, instead of relying on the usual three-to five-year planning cycle.
  • Bake innovation into strategies and let go of benchmarking against your competitors. What they do may no longer apply. Instead, find the courage to think outside the box and always A/B test to confirm your assumptions.

Thanks for reading,

Kim

Image: Academy Award winner George Chakiris (Best Supporting Actor, 1962) as Bernardo Nunez in the film adaptation of West Side Story, released by United Artists in 1961.

Marketing , Leave a comment

Which Marketing Channels Are Doing the Job Now?

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The platforms and media outlets you use to transmit promotional messages to your target audience, also known as marketing channels, play a role in your marketing campaigns that is nearly as influential as the messages they carry. Each channel has a persona and target audience of its own and appeals to that demographic in a unique way. It should be no surprise that certain channels are more suitable for certain types of content, or are more popular in certain demographics and are less so in others. When you have a story to tell, it’s critical that the marketing channels used are appropriate for the content and appeal to your customers. You need to know which channels deliver the desired ROI, so you’ll know where to focus your resources and attention.

It’s important to customize marketing activity to resonate with your target audience and brand. It’s also incumbent upon marketers to understand that it is almost inevitable that at some point, fluctuations in the global or national zeitgeist might impact customer perceptions of the marketing channels you typically use. So much of marketing is about being in the moment and able to read the mood of your customers and prospects.

As we learned early in 2020-2021, a health crisis, political instability, wars and the resulting economic fallout can cause a seismic shift in customer priorities, budgets and preferences. In a 2022 survey of over 1,200 marketers conducted by the Cambridge, MA inbound marketing company Hubspot, more than 80% of respondents said that marketing has changed more in the last three years than in the last 50 years. Effective marketing means that Freelancers and their corporate counterparts must be vigilant and willing to revisit the matter of which marketing channels win the loyalty and trust of customers in the here and now and ensure that your channel strategy fits your audience.

The Hubspot survey reported that the leading channels used by B2B marketers are social media platforms, company websites, blogs and email marketing and the trend is expected to continue throughout 2023. Also, 61% of companies plan to increase the number of marketing channels of all kinds and they anticipate that the necessary increases of time and money will be budgeted.

Social media use is expanding

The HubSpot survey also found that 45% of B2B companies and 61.5% of B2C companies use social media channels to promote products and services. That customers appreciate the convenience of social messaging allows marketers to engage in real time with customers to answer questions, resolve customer service issues and provide insightful feedback about the product or service. In 2022, more than half of U.S. adults purchased something through a social media channel, according to a 2023 survey of 750 marketers conducted by Sprout Social, the Chicago, IL based social media management platform, and 98% expected to use that channel to make another purchase in the future.

Investing in relationships with customers directly impacts business revenue and strengthens customer loyalty. When customers feel connected to brands, 57% will increase spending with that brand and 76% will buy from that brand over a competitor. B2C brands are more likely to sell products and services on social channels (58%) compared to B2B brands (37%). Still, Sprout Social reported that 89% of B2B marketers rely on LinkedIn to generate leads.

When you reevaluate the validity of your usual marketing channels, whether you’re thinking it might be the time to either add or to subtract, you’ll improve your calculus by addressing the following questions:

  • Do the new marketing channels align from a brand and customer experience perspective?
  • Do the touch points on the new and original channels align around and emphasize the same benefits and brand image?
  • How will new marketing channels attract new customers, lure customers away from competitors, or persuade current customers to do more business with you?
  • Do customers understand and appreciate the value they acquire by using new channels?

Thanks for reading,

Kim

Image: Italian Air Force fighter planes in an airshow celebrating Frecce Tricolori in Rivolto, Italy on September 11 & 12, 2010

Business Strategy , , , Leave a comment

3 Ways That Competition Works for You

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When you operate a business, competition is a fact of life. It’s only natural to be unsettled by the thought of competition—it could put me out of business!—but in fact, the presence of competitors in your marketplace sector is a good sign, better than you think. If you adjust your perspective and dial back your (understandable) fear, you’ll learn that competition can pay dividends. You have to know where to look.

To make competition work for you, begin by identifying your principal direct and indirect competitors. Direct competitors offer products and/or services very similar to what your entity provides; indirect competitors offer “Plan B, ” products or services in a different category altogether but which your target customers perceive as an attractive alternative. For example, a box of chocolates and a bouquet of roses are indirect competitors for Valentine’s Day gift giving.

B2C business owners can easily ID and research competitors who operate either a physical location or e-commerce site by running a key word search and browsing competitors’ websites. You can also follow-up and visit storefronts, to check out the location and the merchandise and say hello to the owner (or the manager). B2B business owners can likewise conduct a key word search and visit the websites of direct and indirect competitors who operate in your geography (or beyond). You can evaluate the products and services catalogued on the sites, but meeting your B2B competitor peers will probably take some effort. Most work from home and even if an office is maintained, it would be inappropriate to drop in without an appointment. Your best option is to look for competitors at business association meetings and other networking events.

It’s good business to benchmark two or three of your most successful direct and indirect competitors and learn the secrets of their success. Some of what they do might work for you, too! Read on to learn how you can turn competition into a win for your entity.

Barometers of marketplace potential

This insight is only an estimate and is not based on metrics specific to your organization but as a rule, if businesses similar to your own are doing well in your marketplace, it’s indication that your venture could also do well. That local competitors are thriving is convincing evidence that there is money to be made.

Remember, though, that many factors contribute to building a successful business and in the B2B sector that would include influential relationships and strength of reputation, access to decision-makers and the ability to consistently meet or exceed client expectations. Another factor is market saturation—established companies may be doing well, but is there enough demand to allow newcomers to prosper?

How you can succeed

Not only are competitors your canary in the coal mine of marketplace potential, another useful dividend that competitors offer is teaching you to become a more astute business operator. So as you study the websites of your main competitors, pay attention to the descriptions of direct competitors—products and services that resemble yours—and indirect competitors—products and services that offer a credible alternative to what you sell.

Furthermore, make note of the calls-to-action you see—which are especially clever and compelling?, the blog or newsletter archive, scheduled speaking engagements—what are the topics and who is the host organization?—and the client list. Those operating in the B2C space can browse the websites of competitors (or visit a local store) and inspect the products and services offered, note the pricing strategy, assess any add-on and up-selling deals and even see the available payment options. In either the B2B or B2C space it will also be instructive to tour the social media accounts—which platforms are used?— and witness how competitive brands interact with customers.

It’s best if you don’t simply copy everything your competitors do. Every business is unique, even amongst direct competitors. If something looks like an intriguing possibility for your venture, test for effectiveness and optimize for your target clients and brand.

You are also advised to resist the urge to compete on price, unless your competitive intelligence shows that your prices are significantly higher than the amount charged by two or more competitors for a similar product or service. It’s tempting to cut prices to gain market share, but it’s a strategy that seldom works in the long run. Aiming to under-price competitors can only put you in a race to the bottom and that’s not what you want. Particularly in the B2B sector, focus on demonstrating and articulating value as you position your products and services in a premium tier.

Cooperate and collaborate when necessary

Now to be seriously counterintuitive, the most savvy and pragmatic Freelancers recognize that it is not a given that competitors are destined to be your adversaries. Assuming that there will always be a certain amount of hostility between you is shortsighted and could possibly cause you to lose out in some way. While you may never trust certain competitors, it’s nevertheless a good idea to be strategically cooperative when necessary. Ideally, there will be enough trust and respect that allows you to build alliances, cooperate when necessary and, in some cases, even collaborate with selected competitors (while observing boundaries, of course).

You never know what the future will bring—the time may come when it’s mutually beneficial for you and a competitor to align professionally and do a little business.  For example, if a policy or piece of legislation is expected to have a strongly positive or negative impact on your industry or working environment, it would be a compelling ice-breaker if you were to reach out to certain competitors and propose that you join forces to oppose or endorse pending legislation that could affect your livelihood.

Don’t be shy about engineering an introduction if you are fortunate enough to encounter one (or more) of your competitors at a chamber of commerce or other meeting. Your competitive intelligence strategy is to be friendly and ask for an exchange of business cards, so that you’ll have contact info. Getting to know your competitor colleagues as individuals is good business. You never know where those relationships might lead.

Thanks for reading,

Kim

Image: © The Walt Disney Company. Snow White and the Seven Dwarfs the animated movie produced by Walt Disney Productions and released by RKO Pictures in 1937. Based on the 19th century German folk tale published in Volume I of Grimm’s Fairy Tales (1812) by the brothers Jacob (1785-1863) and Wilhelm (1786-1859) Grimm of Hanau, Germany.

Sales , , , Leave a comment

Virtual Mode Selling Asks You to be Mindful

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When you have a product or service to sell, it’s important to connect and communicate in formats that are convenient and comfortable for your prospect. As we discovered in the early days of the coronavirus shutdown, face2face In Real Life conversations cannot always be arranged. In March and April 2020, you took your first clumsy steps into videoconferencing. Once in a while, you leaned into telephone meetings, one-on-one conversations and group conference calls, too.

You did your best to maintain business as usual (under very unusual conditions) and that included talking with prospects about how your solutions might be of service in COVID era business conditions. As you continued to schedule virtual sales calls and other types of negotiations, it became apparent that the distance inherent in videoconferencing (and also phone calls) presents an obstacle to sensitive conversations. It’s so much easier to to connect with your prospect when you’re sitting in a room together. When in a face2face conversation, you’re more adept at conveying empathy for your prospect and showing your grasp of his/her situation. You instinctively know how to create trust that will nurture a good relationship and encourage the sale.

Virtual mode team meetings are one thing but selling, what with the nuance and expertise required to handle objections in a way that reassures and the diplomacy that supports you during price negotiations, can be rather a challenge. Selling is selling, whether you and the prospect are hashing through details while across the desk from one another, or while you try to make eye contact with a video image, or maintain your focus while speaking to a disembodied voice on the telephone. It’s just that you would be wise to remember that your approach to virtual mode selling must differ from face2face discussions.

Virtual communication requires a pronounced shift to a client-centered perspective. An intentional strategy on your part is needed to more effectively reach across the digital divide to establish rapport and build trust. Below are five actions you can incorporate into your virtual sales calls to show prospects that you understand their needs, priorities and concerns and enable them to feel secure as you guide them through the sales journey.

Lead with empathy

When prospects demonstrate interest in your product or service, perhaps by responding to your inbound marketing, it’s because they need a solution that will solve a problem or enable a goal to be reached. Descriptions of your product or service have aroused curiosity. They hope you’ll understand what they need to do and how to efficiently get it done. Demonstrate both empathy and business acumen by asking questions to show you intend to understand their needs and propose a credible solution.

Employ active listening

It’s been said that the most successful sales professionals devote as much as 80% of their sales conversions to asking questions of the prospect and listening to the answers. The best way to persuade prospects to become clients is to create conditions where they feel seen, heard and understood. You do that by listening more and talking less. When in doubt, or to confirm your understanding of the situation, ask more questions. The more carefully you listen, the more sales you’ll make.

Become the trusted adviser
Your would-be clients are in need of a solution, but they won’t buy until and unless they trust you. The worst move you can make is to get someone on your screen or on the phone and make it obvious that your motive is to rope them into a fast sale. No one wants to have a sales call with someone who just wants to “close” them and maybe even trick them into spending money on a solution that’s not the best and costs more than it should.

Serious prospects want an advocate — a smart, dependable adviser whom they can grow to trust. Prospects, whether they consciously realize or not, want to do business with a professional whose primary intention is to be of service. They back away from those who are too hungry for a sale.

Exhibit the behaviors referenced above and direct them to help you understand the prospect’s need, earning trust and building a relationship as you come to understand how you can be of assistance—-ideally by providing them with the right solution at the right price. A 2019 study published by Gartner Peer Insights found that customer perceptions of a sales professional are a critical element of purchase decisions. Customers are motivated to spend on purchases that support business growth when they feel their sales contact is a trusted adviser who boosts their confidence in their purchasing decisions.

Emphasize outcomes and benefits

The best sales professionals focus heavily on the solution’s outcomes and results, often by painting a vivid picture of how the prospect’s working environment will benefit when the solution is implemented. Prospects want you to take the lead, figure out what’s going on and tell them why your solution will work, without getting bogged down in minutiae. What really matters to prospects is, “How will my life be different after we work together? Will this project be worth the pain—i.e., time and money—-of hiring you”?

Moderate your tone of voice

It’s not only what you say, but how you say it. You’ll be most comfortable speaking in your natural vocal tone, but it may be to your advantage to adapt it for virtual formats, just as you do for speaking to an audience. You don’t want to sound timid and apologetic, but neither do you want to be perceived as arrogant or intimidating.

The ideal tone of voice for virtual (or face2face) presentations is warm, businesslike, confident and straight to the point. Your tone of voice and the pace of your speech should convey a sense of expertise, authority and trustworthiness to your prospects. Use your smartphone to record yourself reading a paragraph and play back to critique your pace, tone, elocution and relatability. Your goal is to find a way of speaking that is both authoritative and friendly.

Thanks for reading,

Kim

Administrative , , , , Leave a comment

Close- Up: Revenue and Profit

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Does the thought of managing finances more complicated than your household budget fill you with fear and loathing? You are not alone! Many share that sentiment but in the world of Freelancing, getting your arms around the management of company finances comes with the territory. Outsourcing your bookkeeping and accounting functions can be a smart move that allows you to focus on client acquisition and retention or other things that only you can do, for example, but you cannot afford to be in the dark about what’s happening with your money. You can’t plan and execute a marketing campaign or an expansion strategy until you know how much money will be available to carry it through.

You can ask your bookkeeper or accountant to suggest a reasonable budget for your plan, but it’s better if you have the answer before you ask the question. In order to know how much money you’ve got, you’ll need to get comfortable with reading your Income Statement, also known as the Profit and Loss (P&L) Statement. The P&L details all the money that is earned (sales revenue) and expenses paid, e.g., rent, utilities, professional association dues, or payroll.

Financial management is a big topic so today we’ll limit our focus to money that comes into the business—revenue—and the money that remains after expenses are paid—profit. The two categories are very similar and are frequently used interchangeably by those of us who are not accountants or bookkeepers, but there is a subtle difference between the two and it makes sense for Freelancers to grasp what each term says about your entity.

Revenue

Revenue is money generated through the sale of products and services plus other money-making activities that take place within the business. The initial tally of revenue indicates what’s been generated before expenses are deducted. Calculate revenue by using this equation:

Revenue = Price x Quantity sold

Sales generated when clients pay for your products and services, along with other income streams if applicable, is classified as revenue derived from normal business operations. However, since a business may generate revenue from different sources (income streams) it’s useful to consider each line of business separately, so that you can scrutinize how each performs. When you separate revenue by source and type you’ll quickly see which is lucrative and which is lagging—and you’ll be positioned to make smart business decisions.

So if you begin to regularly teach a class in addition to your Freelance consulting work, you can record that revenue separately, as it’s own income stream. If you also sell a tangible physical product in addition to your intangible B2B services, you can record revenue from your tangible products and intangible services separately. Or maybe you own a restaurant? If so, you’ll separate and analyze each revenue source by categorizing your menu offerings: side dishes, main dishes, appetizers, nonalcoholic and alcoholic beverages.

As well, you can separate your revenue into operating and non-operating sources. Operating revenue represents sales from a company’s core business. For instance, in a restaurant, operating revenue is derived from the sale of food and beverages to customers.

  • Annual Recurring Revenue

Another category of revenue that you would be wise to record and examine separately is known as annual recurring revenue (ARR). ARR is revenue that is associated with subscription agreements or other contractually dependable, expected revenue streams. Documenting ARR is critical because it provides companies with a predictable revenue stream. There is nothing sweeter than money you can depend on!

  • Non-operating Revenue

Non-operating revenue is sort of like selling an add-on—it’s revenue earned from sources outside of the primary (core) function. So in your hypothetical restaurant, non-operating revenue might represent sales of loyalty program cards, gift cards, branded T-shirts, or mugs, for example. Non-operating revenue might be unpredictable or mostly seasonable (associated with Valentine’s Day, or whatever) and is considered nonrecurring. Selling an asset is also categorized as non-operating revenue. Maybe you bought a non-fungible token (NFT) art work that’s now worth big money and you’ve decided to sell?

Revenue vs. Income

For an intermezzo we can also consider income, which in the world of accounting is distinct from revenue, despite the obvious similarities—-both categories mean money in your pocket. Recall that revenue represents money earned from core business operations, that is, the sale of your products and services and also ARR and money classified as non-operating revenue. Income is the money that (thankfully!) remains after all fixed (operating) and variable (sales, marketing, professional development, etc.) expenses have been paid. Income has more in common with net profit, or earnings, than with revenue.

Profit

Profit describes the total gain (or loss) of money that a business has at the close of the period (e.g., month). As is the case with revenue, there are various aspects of profit to calculate and consider. Gross profit, operating profit and net profit are three metrics recorded on your P&L Statement. In general, profit is calculated by subtracting the total fixed and variable expenses, taxes and calculated amortization and depreciation values from total revenue. Calculate profit by using this basic equation:

Profit = Revenue – Expenses

  • Gross profit

The amount of money brought in from the sales of products and services, minus the acquisition or manufacturing costs of the products or services that were sold, is known as gross profit. The number reflects the Cost of Goods Sold (product or service acquisition or production costs, including direct labor) but does not reflect the impact of fixed or variable expenses. Calculate gross profit by using this equation:

Gross Profit = Revenue – Cost of Goods Sold (COGS)

The interim assessments of profit, in addition to gross sales revenue (also called the top line) allow you to scrutinize the numerous expenses incurred between the top line (gross sales revenue) and the bottom line (net profit) and expose points of profitability weakness (i.e., worrisome expenses) in the acquisition or production of the solutions you sell, all of your fixed and variable costs and even taxation, of your business. In fact, if your top line number is strong but your bottom line number disappoints, an adjustment of COGS or fixed or variable expenses could remedy the problem.

  • Operating profit

Operating profit is the next step in the P&L progression toward the big reveal that is net profit, the bottom line. It’s similar to gross profit but includes three more categories of expenses. Calculate operating profit by using this equation:

Operating Profit = Revenue – COGS – Operating Expenses – Depreciation – Amortization

Depreciation and amortization are also values you’ll want to understand as one who manages money, even if you outsource to a bookkeeper and/ or an accountant. Depreciation reduces the actual value of equipment or vehicles due to time or use—wear, tear and age. This calculation puts a numerical value on the asset’s cost versus its operating and residual value.

Amortization refers to the value of intangible assets, such as patents or trademarks and is calculated in the same way that depreciation is calculated. Both of these accounting methods exist to spread out the cost of assets over their useful lives and provide a more accurate picture of a company’s expenses and profits.

  • Net profit

Net profit is the final assessment of actual profit and it’s calculated by subtracting all fixed and variable expenses, plus taxes, amortization and depreciation, from your total revenue. Net profit illustrates the overall health and profitability of the entity. It is the final word and is found on the bottom line of your P&L Statement. You can calculate net profit by using this equation:

Net Profit = Gross Profit – Total Expenses – Taxes– Depreciation – Amortization

Differences between revenue and profit

These very similar values are calculated in different ways and each tells a somewhat different story. Revenue reflects your company’s sales and market share growth. Profit is the company’s indicator of financial health. Another difference between these two values is the potential for fluctuation throughout the year. Revenue is prone to fluctuate from month to month because it is subject to marketplace demand which, for example, can be seasonal. In contrast, profit tends to remain more stable over time.

Finally, net profit earnings may also be known as net income or net earnings. Net earnings may be the most important number on your P&L Statement not only because it comprehensively shows the company’s total earnings performance but also, the value is carried over to your company’s Balance Sheet and Cash-Flow Statement.

Thanks for reading,

Kim

Administrative , Leave a comment

Get Aboard Your Onboarding!

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Signing a new client, or welcoming one who has returned, is a real vote of confidence. Winning a client’s business is a victory that validates your decision to become a Freelancer but as you know, bringing in a client is just the beginning. Before you take on the tasks specified in the contract, it makes sense to introduce your client to the next phase, beyond the sales process—the working relationship, where you show your bona fides and live up to your brand promise. Your client will feel even more confident in the decision to do business with your organization when you:

  • 1. Provide a coherent introduction to and efficient launch of the working relationship
  • 2. Reiterate the value that the client will receive from the product or service that was purchased
  • 3. Show the client how to get started with the product or review how your organization will begin to implement the service

You have a unique opportunity to achieve all of the above (and more) within the sliver of time between the contract signing and initiating the working relationship between your organization and the client’s. Onboarding facilitates that opportunity. It is how you formally welcome new clients, acquaint them with your organization and demonstrate that they are in capable hands. Onboarding reassures new clients by letting them know what to expect when working with you and your team. Onboarding can also be used to allow new clients to get comfortable with using your product or understanding how your service will operate.

Onboarding isn’t just about pleasing clients, however. It’s in your interest to skillfully deliver a seamless experience, from the first pre-sale touchpoint through the post-sale stage. Onboarding is a critical function and your organization must get it right. Do that and you set the stage for successful, long-lasting client relationships that will reflect well on your brand, promote client retention and create conditions that grow your client list and revenue.

Onboarding strategy

For the same reasons that you wouldn’t launch a marketing campaign without first creating a strategy, your onboarding process likewise deserves careful consideration. Because there is both an obligation and opportunity inherent in onboarding, it’s imperative to have a clear purpose for your objectives and desired outcomes. You need a roadmap for where you want onboarding to take your client and envision how that should proceed. Build an onboarding strategy that is specific to your product or service and the client.

Onboard to set expectations

While you made clear to your client the features and benefits associated with the product or service that was purchased, it’s nevertheless a great idea to reiterate during the onboarding process the value that the product or service provides to your clients and it’s also wise to prepare them for potential setbacks that could confuse or frustrate. That way, should they encounter a bump in the road, they’ll be able to take it in stride and not label a sticky point as failure.

Welcome email

Your first correspondence with new clients should be to congratulate their purchase and thank them for choosing you over the other options. Let clients know that you’re delighted to work with them. You can include a request for client information in your email, as shown below.

Client information

Once a client has agreed to work with you, it’s time to collect all the information you need from them to do the job. Consider automating this function to make it easier for and to demonstrate that your organization is tech-savvy. With the right form-building tool, you can quickly create and share digital forms that guide clients through the process step by step. The best tools allow you to add context to submissions via embedded video, text or attachments. They also allow you to send automated reminders for missing info. The info you might request or confirm includes:

  • Client contact information
  • Project details and goals
  • Project completion target date
  • Budget
  • Point of contact for client’s team and your team
  • Schedule a face-to-face meeting or videoconference call with your new client

Recognize onboarding as an opportunity to create a personalized experience for new clients. Each customer has a unique set of concerns and the more you tailor your solution to their needs, the easier it will be to nurture customer loyalty.

Confirm milestones, invoicing, payment format

If an electronic invoice payment system will be used, the client will send the payment registration form to you. Review of the scope and timing of the project deliverables, plus the associated payments or other payments can be discussed at the project kick-off meeting. Also on the kick-off meeting agenda are a confirmation of the project or product performance goals, client expectations for the product or service and ideal outcomes for using the product or implementing the service. You and the client can then discuss how you’ll work together to make them the client’s goals and expectations actionable and achievable.

  • Review and confirm project milestones
  • Review and confirm payments triggered when milestones are achieved
  • Review and confirm the invoicing schedule, if milestones are not used
  • Confirm the accepted payment methods—digital, credit/ debit card, check (electronic or physical)
  • Integrate info with your Client Relationship Management software (if applicable) to capture client data
  • Allow clients to view, comment on and sign e-documents

Check-in call

Although check-ins fall under the heading of a best practice, they should be a feature of your onboarding process. Your new client should feel like you care about his/ her progress and satisfaction with the performance of the product or service. Schedule a check-up call 30 days after beginning to work with a client. You want to make sure that no one has dropped the ball during the onboarding process and to ensure that everything is running smoothly on their end. Make it your practice to periodically check in to see whether and how your client is getting stuck, if that is the case, and either offer advice or assistance or—-happy day!—- celebrate success.

Thanks for reading,

Kim

Image: The Venice Simplon-Orient-Express, the most luxurious train in the world, travels from London or Paris to Istanbul.

Professional Development , , Leave a comment

Summer Reading List 2023

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There are so many reasons for you to sit down and read a book. Reading is a pleasure, an adventure and an education. Books expand your horizons, awaken your creativity and stimulate your intellect. Reading shows you exciting possibilities, warns you with cautionary tales, challenges and enlightens you with new information and introduces you to alternative points of view. Books open whole new worlds for you.

Reading is also good business, whether you own the enterprise, preside in the C-Suite, or hustle in an entry level position, from barista to call center help desk. Reading is integral to building and maintaining the scope and value of your skill set and for that reason, reading books is integral to professional development. The books you read—in particular business books, but might include history, philosophy, psychology, semiotics, or other disciplines—can strengthen your analytical, problem-solving and creative outside-the-box thinking skills.

No matter how successful you’ve been in your business or career, no matter the educational degrees and professional certifications you’ve earned, regardless how amazing the team you collaborate with, you are destined to encounter challenges as you progress through your working life. You may find the answer to your dilemma while reading a book. Whether your book describes the grit and timing needed to launch a business, provides insight into how you can expand and grow your enterprise, or explores the art of leading or managing teams or organizations, there are books that will teach you to recognize and overcome obstacles and coax the best performance from your team and yourself.

The books included here are appropriate for every stage of your working life. The authors are people who’ve experienced obstacles in the business world and lived to tell the tales. Who better to learn from than someone who has already conquered the difficult predicament you’re facing now, or will encounter in the future?

Start With Why Simon Sinek (2009)

Sinek explores a way of thinking, acting and communicating that cultivates your ability to rally and inspire those with whom you work and interact. A defining behavior of that charismatic quality is demonstrated when you ask yourself (and your collaborators) why? When there are important choices or decisions to make, starting with the deceptively simple question why—-why is this matter important? why should we attempt to resolve the issue in this way?—-has the potential to put you on a path that will result in better answers, better strategies and, by extension, will allow you to achieve more fulfillment in your work and your life.

Leaders in organizations who have the courage to ask why—and question common assumptions, behaviors and practices—typically thrive even when others around them are failing. Often, their why is well articulated and forms part of their identity as it informs the reasons that people do the things that they do. Great leaders and visionaries have a powerful why and they invite others to explore it with them.

https://www.barnesandnoble.com/w/start-with-why-simon-sinek/1016513563

The Personal MBA Josh Kaufman (2010)

The Personal MBA delivers need-to-know information from that which MBA programs consider fundamental, from the five elements of business to the 10 ways to evaluate a potential target market and in the process, the book saves you the time and money involved in earning the formal degree. The Personal MBA breaks it down and helps you understand functions that are essential to business success—from finance to sales, marketing to operations, to the nuances of psychology, motivation and teamwork, to creating systems. Kaufman distills everything you need to know to transform your business, or your career.

https://www.barnesandnoble.com/w/personal-mba-josh-kaufman/1102823220

The Power of Geography Tim Marshall (2021)

Marshall explores 10 regions that are positioned to shape global politics in a new age of great-power rivalry—Australia, Iran, Saudi Arabia, the UK, Greece, Turkey, the Sahel, Ethiopia, Spain and (surprise!) Space. Learn why Europe’s next refugee crisis is perilously closer than it appears now. Examine the roots of the tragic instability that roils the Sahel; understand why Middle Eastern nations would be wise to look beyond oil to secure their future; explore why western Asia is one of the most volatile flashpoints of the 21st century; and contemplate why Earth’s atmosphere is set to become the world’s next battleground.

https://www.simonandschuster.com/books/The-Power-of-Geography/Tim-Marshall/9781982178635

Thinking the Future (2021) Clem Sunter and Mitch Ilbury

Think about it—every decision you make impacts the future! We constantly make choices that affect the next week, next year or upcoming decade. The problem is, you can be blinded by what you want or expect the future to be. Scenario planning experts Clem Sunter and Mitch Ilbury posit that the futurist’s art of decision-making, where the flexibility of thinking like a canny fox plays a key role, will be a deciding factor in successfully adapting to a complex and interconnected world.

https://www.penguinrandomhouse.co.za/book/thinking-future/9781776096299

How Big Things Get Done (2023) Bent Flyvbjerg and Dan Gardner

Understanding what distinguishes triumphs from failures has been the life’s work of Oxford professor Bent Flyvbjerg, who’s often called “the world’s leading mega-project expert.” In How Big Things Get Done, the author identifies common errors in judgment and decision-making that cause projects, big or small, to fail.

Happily, Flyvbjerg also shares research-based principles that will make your projects succeed. The book includes numerous helpful and vivid examples, ranging from the building of the Sydney Opera House, to a home renovation in Brooklyn gone awry.

https://www.barnesandnoble.com/w/how-big-things-get-done-bent-flyvbjerg/1141634446

Traction: Get a Grip on Your Business (2007) Gino Wickman
Don’t let common problems and frustrations overwhelm you and your business entity. In this book, you’ll learn the secrets of strengthening the Six Key Components of your business. You’ll discover simple yet powerful ways to run your company that will give you and your leadership team more focus, more growth, improved outcomes and more enjoyment.

https://books.google.com/books/about/Traction.html?id=VVDZCQAAQBAJ

Influence: The Psychology of Persuasion (1984) Robert Cialdini

The author cogently explains the psychology of why people say “yes”—and how to apply these understandings. You’ll learn the six universal principles, how to use them to become a skilled persuader and how to defend yourself against them. The principles apply to readers at every stage of your career journey. Influence will move you toward profound personal change and act as a catalyst for your success.

https://www.goodreads.com/book/show/28815.Influence

Your Next Five Moves: Master the Art of Business Strategy (2020) Patrick Bet-David

From the creator of Valuetainment, the #1 YouTube channel for entrepreneurs, is a practical and effective guide to thinking more clearly and achieving your most ambitious professional goals. Combining these principles and revelations drawn from Bet-David’s rise to successful CEO, the book is a must-read for any serious executive, strategist, or entrepreneur.

https://www.barnesandnoble.com/w/your-next-five-moves-patrick-bet-david/1136404932

Never Split the Difference: Negotiating As If Your Life Depended On It (2016) Chrisopher Vos, Tahl Raz

Negotiations take place in many different sectors of life, such as politics and business, and also in some critical events, most dramatically demonstrated by hostage situations. The book is a guide to the wisest behaviors to exhibit when stressful situations develop, whether that involves the need for negotiation techniques in hostage situations or in business. The authors describe what to do, questions to ask and how to react in situations that require negotiation.

Without question, Never Split the Difference can teach you a new and useful competency. Raz and Vos offer unique perspectives that will improve anyone’s negotiations skills, from novice to advanced.

https://www.barnesandnoble.com/w/never-split-the-difference-christopher-voss/1122714695

Freelance Your Way to Freedom (2022) Alexandra Fasulo

Freelancing phenomenon Alex Fasulo delivers a practical, step-by-step guide to navigating the potential and perils of launching your Solopreneur side hustle. The author draws on her experience of scaling a $36,000/year Fiverr gig into a million-dollar enterprise. She explains how to manage those critical moments in business when decisions need to be made quickly and without warning.

In the book, you’ll find actionable tips and hands-on examples to make the gig economy work for you. The book is a must-have for Freelancers, Solopreneurs and Entrepreneurs, as well as anyone who participates or is interested in the future of work.

https://www.barnesandnoble.com/w/freelance-your-way-to-freedom-alexandra-fasulo/1141301804

Happy 4th of July to my American readers! To all my readers, thanks for reading. I appreciate.

Kim

Image: Johann Hamza (1850-1927, Austria) A Gentleman Reading in the Library

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You Can Own the Change

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The ability to envision future growth opportunities for your company and devise credible strategies to enable their realization can sometimes seem daunting to Freelancers and small business owners. Chances are, you do not have the financial resources to ride out unforeseen obstacles or changes in your marketplace that can derail your progress. That observation is especially true during extended periods of economic instability. How can you position your entity to thrive when even the present is a moving target? Attempting to devise reasonable strategies to guide your enterprise through the next 6-12 months may feel as if you’re mapping a course through a minefield, instead of merely figuring out how to dodge the usual slings and arrows of marketplace competition.

As business, political and environmental conditions continue to fluctuate, you may find it helpful to adopt a new frame of reference, a new approach that is in tune with the times, a mindset that can help you adapt to the inevitability of change. The zeitgeist of the moment seems to recommend three must-have leadership qualities—agility, innovation and communication. These characteristics enable you to have an open mind, let go of the past and encourage you to recognize where and how elements of unavoidable change might work in your favor.

Forward-thinking leaders have always found opportunity hidden by uncertainty. Hard work and determination alone have never guaranteed success. You must face up to the inevitability of change and own it. Hall of Fame hockey player Wayne Gretzky said it best— “I skate to where the puck is going to be, not where it has been.”

Communication

As is frequently noted in these posts, cultivating mutually rewarding relationships with clients is the foundation of a good business. Good relationships are built on trust. You open the door by ensuring that your company’s solutions deliver results that exceed client expectations, by going the extra mile to provide superior customer service, including after-sale service and/ or training and when you invite client feedback.

Make it possible for clients to feel that you and your organization are dependable, demonstrate that you value their business and they will be happy to share with you honest feedback that keeps you updated re: any number of changes—how their organizations operate now, shifts in focus and priorities, regulatory updates in their industry, or technological innovations—-factors that may change how your solutions fit their needs.

Communicating regularly with clients represents a competitive advantage because the information you receive can be used to get you out in front of impactful changes. Time and information are money. Conversations with your clients can inspire you to evaluate the feasibility of launching innovations, large scale or incremental, upgrades, or modifications that can position your products and services to more effectively meet client needs and enhance your revenues and long- term viability.

Agility

Let’s step into the agile mindset noted above and acknowledge that fluctuations in the business climate present an opportunity to re-imagine your enterprise and find new ways to deliver value to clients! It has always been true that uncertainty is the only certainty. Your agile mindset will guide you to incorporate a collaborative, cross-functional and communicative workflow style that keeps your organization nimble and responsive to the evolving needs of your clients. In the world of business, the clock never moves backward. You can’t afford to be left behind as the world moves on.

Innovative

Changing circumstances are known to result in new or reimagined products and services coming to market. The most reliable source you can tap into to get ideas about new products, services, or adjustments you can make to your current line is your clients. Be advised, however, that what a client suggests may not be the best change to make—remember that you see the big picture of your business in a way that no one else can.

But from time to time a great idea will surface, perhaps just a small, uncomplicated tweak, that makes your clients more satisfied with how your products and services address their needs. Invite your clients to share the backstory of what they’re facing now and brainstorm how your organization might you make their job easier and less stressful. That’s the real meaning of innovation.

By thoughtfully considering potential product or service modifications you might make, new technological tools you might introduce, or how you can update your delivery model (for example) on a case-by-case basis, you can support innovation, agile practices and beneficial communication with your clients. Best of all, you’ll ensure that your company stays ahead of the curve as you integrate what works to deliver value to your clients now.

Thanks for reading,

Kim

Image: Master’s degree students in the Medical Device Design Program at Duke University March 2021

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Perfecting Your Pivot

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If the quintessential American motto is “change is good,” then in the business sector change finds its ultimate expression in the pivot. You have no doubt noticed that business publications often feature reports of a pivot executed by one entrepreneur or another. The pivot is the new American myth, a swashbuckling action-adventure narrative that stars a Luke Skywalker archetype who launches a start-up. If sales start tanking, our brave and brilliant entrepreneur-hero correctly diagnoses the problem, intuits the marketplace zeitgeist and engineers a flawless pivot that not only saves the company from bankruptcy, but carries it to phenomenal success.

These heroes’ journeys are exciting and tremendously appealing but as you know, reality does not unfold like scenes in a movie. What’s lost in the fawning admiration is the cold fact that a pivot is a complex process. Getting it right demands a deep dive into both your data and that of your marketplace. The ability to recognize the story that the data tells and the good judgment to know what to do about it is another requirement. A dose of good luck is the third resource you’ll need.

It may take a couple of disappointing quarterly financial reports to convince you that a change must be made, and soon, to avoid getting trapped in a permanent downward spiral. Once it becomes obvious that corrective action is necessary, your first challenge is to identify which aspects of the business need to change and what might be left in place.

Resist the temptation to assume that major surgery, i.e., a pivot, is the best remedy. Choose the course of action that data indicates is the most specific and least disruptive solution and should have the best chance of successfully turning the company around. The purpose of your research is to discover and confirm growth opportunities and how to either successfully enter a new market or hit the restart button on the market you’re in, by refining your methods. Carefully research the size of potential new target markets, your access to those customers and the competitive landscape.

For example, as you analyze the efficacy of your marketing strategy, you may realize that some combination of ramping up your inbound marketing activities to increase outreach to target customers, reassessing your pricing strategy and/or upgrading pre- and post- sale customer services provided could make a substantial positive impact.

Once you’ve analyzed your business and marketplace data, you would as well be wise to review your company mission and vision statements. Before making any big changes to the purpose or mission of your enterprise, make sure that the new direction of your company will align with your values and guiding principles. Or will your pivot necessitate a rewrite of your vision and/ or mission statements?

Pivot to solve a problem

Analyze your KPIs, with special emphasis on marketing data and revenue streams. Get input from your customer-facing team members and feedback from high-volume customers—both groups have wisdom to share. Every pivot is different, but every pivot must solve a problem. Following your analysis, you can develop your pivot strategy, the roadmap that defines the aspects of your business that you’ll pivot and the aspects that will support the new direction and can remain in place.

Your pivot plan will outline the steps you’ll take to execute the pivot. It should include timelines, resource allocation and key performance indicators (KPIs) to measure its success.

As well, encourage yourself to be confident once your decision is made. A pivot is a significant challenge but it is nevertheless a sign of robust strategic thinking and problem solving, essential qualities that support the long-term viability of your enterprise. Signs that a pivot might be necessary include:

  • Insufficient customer base
  • Weak brand equity
  • Unsatisfactory revenue and profit
  • Negative customer feedback
  • Overwhelming competition

Types of Pivot Strategies

Pivots offer customizable options—-there is no one-size-fits-all template. Your company’s pivot may involve a group of small changes that together result in a significant positive impact. Conversely, your pivot may be based on a very visible alteration in your signature product or service that precipitates a re-calibration of your brand and all the ways you market and sell it. Below are five of the most common pivot strategies:

Marketing Pivot: Signals a big change in your company’s core marketing strategy. Pivoting in this instance may include targeting a different audience, using more appropriate outreach channels, re-calibrating your use of inbound and outbound marketing techniques, or adjusting the company’s brand voice and messaging tactics.

Product Pivot: Describes a change of the company’s product or service offerings. Pivoting a product may include altering the product’s ingredients, features, or packaging. In a more dramatic approach, the defining characteristic of your pivot may be the introduction of new product or service lines to provide solutions that are more responsive to customer needs and priorities.

Brand Pivot: A branding pivot strategy entails one or more adjustments to a company’s characteristic image and philosophy. Pivoting a brand may include renaming the company (see Facebook to Meta), editing its mission to serve a new target market, updating the company tagline, or refreshing the visuals, e.g., the logo and/or color scheme used.

Pricing Pivot: In this choice, a company may change the pricing tier in which it has previously operated. For example, a retailer that originally priced in the mid-market tier may conclude that economy pricing will better reflect the perceived value of its products. The expected outcome is a broader customer base that generates greater revenues and increased profits.

Distribution Pivot: Closing all or most of a business’s physical locations in favor of operating in the e-commerce sector is a bold example of a distribution pivot. The strategy involves changing how a company delivers its products and services to consumers. Pivoting your distribution model could include expanding into new geographic markets, adding or discontinuing retailer partners, or introducing the franchise model.

Communicate and monitor

In advance of your venture’s pivot, encourage support by explaining the upcoming changes to stakeholders—employees, customers, investors. Outline the changes you plan to make and clearly articulate how those changes will benefit their relationship with the organization. Schedule videoconference meetings with each key constituency to discuss the pivot and make the case for why it is necessary.

Be certain that your explanation adequately answers the anticipated questions and potential concerns of each group. Consider creating a Frequently Asked Questions (FAQ) sheet for each stakeholder constituency. Finally, closely monitor the pivot’s progress as reflected in the KPIs you’ve chosen, as well as feedback from key members of your constituencies.

Thanks for reading,

Kim

Image: The Academy Drum and Bugle Corps of Tempe, AZ

Marketing , , 2 Comments

Customer Loyalty = Competitive Advantage

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No doubt about it, being in business is about the customers and nearly all of your important functions as a business leader are customer-driven. Customers are the fuel that sustains your enterprise and they are worth their weight in gold. In exchange for just a few basic necessities that your organization provides—high-quality products and services, pleasant and efficient service end to end and prompt follow-up to whatever questions or problems, chief among them—your customers will be pleased. They’ll reward you by doing more business with you.

Some will become your cheerleaders and happily spread the good news of their positive experience with you. They’ll write glowing reviews and award your company five stars. Not only will they give you repeat business, they’ll also refer their colleagues and grow your list of customers. Good customers are the foundation of a successful enterprise and in particular for small and midsize businesses they are one of your most impactful competitive advantages.

Now, you may have built a strong brand that within your target market commands admirable brand awareness, but it is undeniable that small and midsize entities do not have the powerful brand influence wielded by even regional companies, let alone the multinationals. Furthermore, in the big picture, the products and services offered by Freelancers and other small entities are seldom perceived as unique. For the most part, small and midsize companies are all-too-often uncomfortably close to being considered a mere commodity and more or less interchangeable with competitors. Ouch.

So how can Freelancers and other owner – operators of small entities distinguish themselves and get positioned to thrive in an increasingly globalized marketplace? Fortunately, one of the most attainable and effective competitive advantages you can bring to your brand to rescue it from the taint of mediocrity is the loyalty of your customers. You nurture and sustain that powerful competitive advantage by the customer experience that you (and your team) present. When your organization gives the gift of a first-rate customer experience to those who do business with you, that happy feeling will become the defining memory that customers have of your organization.

A strategy, not an afterthought

You can showcase as competitive advantages any attributes or resources that your business holds, but the particulars of the customer service and experience your organization offers are personally and uniquely yours. What you do, how you do it and how your customers feel as a result will distinguish you from all competitors.

The customer experience you present is an extension of your company values and culture. When your guiding principles direct you to place the customer at the center of how you interpret best practices, you’ll incorporate that perspective into your business decisions, strategic directions and every customer touch-point. The customer service training you provide to customer-facing employees will reflect your standards of customer service best practices. The desired result is a rewarding customer experience that encourages customer loyalty and customer retention.

Products and services that consistently deliver

It is a given that the quality of your products and services is the leading factor in creating customer loyalty. Excellence is the expectation and customers will quickly abandon your organization if its solutions do not meet that standard.

If for some reason a product or service fails (as the customer defines it), your best defense is to respond quickly, deliver an apology that expresses genuine empathy for the inconvenience and provide a well-delivered correction that exceeds customer expectations.

Surprise and delight

It is always good business to thank your customers for their business and show them that you appreciate their confidence in you and your organization. That they choose to do business with you is the most sincere compliment. A thoughtful gesture costs very little and has the power to repay you many times over with customer loyalty, retention and referrals made.

Providing perks or VIP status is one way you can show gratitude to your best customers and it’s known to encourage repeat purchases and create enthusiastic brand advocates. Depending on your product or service line, consider inviting certain customers to have pre-release access to a new product or service. You might offer those customers a small discount in exchange for their inclusion in a case study that you’ll publish or appearing in a social media campaign.

Another way to show gratitude to customers is by sending a hand written note to thank them for their business. A short, simply written thank you note is an elegant and powerful way to express your appreciation for the opportunity to work with them. At the December holidays, remember to send a (secular) holiday card to customers you’ve worked with over the past four or five years.

The little extras you provide are an expression of your guiding principles, an extension of the memorable customer experience that your organization presents and a welcome change of pace from the digital realm, where most business interactions now take place.

Enable community

When your company’s guiding principles point you toward a customer engagement focus that is centered on customers, you won’t limit yourself to one-way broadcasting of company updates. Instead, you’ll spark conversations that have the potential to inspire your customers and motivate them to interact with each other, along with you and your customer-facing employees. Engagement means that customers feel that they’re part of a community, one that welcomes them with bonding activities that can include interesting conversations, receiving cards and personal notes, or gaining access to special product or service offerings.

Because your customers will find it most convenient to have these types of conversations online, take care to participate in social media platforms that first, make this type of communication accessible in terms of text and images, as does Instagram, Facebook, or TikTok and second, that your platform is one that customers are comfortable using.

When you take steps to build and nurture a satisfying and memorable customer experience, you can be certain that your brand will be recognized and appreciated by customers and prospects alike, who will be delighted to do business with your entity again again. Their loyalty will become one of your most powerful competitive advantages.

Thanks for reading,

Kim