Sales , Leave a comment

Because I Said So

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Oh good,  you’re back.  I guess that means you’re still in business.  After last week’s posting about the shrinking numbers and dismal prospects for Freelancers,  I thought you might have decided to cash in your chips and interview for a job at Kinko’s…

Well,  since we’re still in the game,  let’s make the best of it.  Making the best of it definitely entails getting people to do what we want them to do,  maybe even when we want them to do it.  Wouldn’t that be fantastic?  I daydream about this kind of stuff all the time–especially when I am patiently waiting for a client to pay me what is owed.  Even more so when I am patiently waiting for two clients to pay me what is owed (like now).

Getting others to do what we want is all about the art of persuasion.  If we could get even one quarter of our clients and prospects to do what we want,  we’d all be driving Jaguars!

While browsing in a bookstore recently,  I happened upon an interesting book by Chris St. Hilaire,  who is a jury selection consultant and author of  “27 Powers of Persuasion:  Simple Strategies to Seduce Audiences & Win Allies” (2010).

In his book,  St. Hilaire points out that true persuasion is not about arm-twisting or even outmaneuvering your opponent.  Rather,  true persuasion is about creating consensus and unity of purpose.  The author recommends four key strategies that will improve your powers of persuasion,  applicable to both your business and personal life:

Emphasize the goal to bring all parties to agreement

When we go into a client meeting,  we tend to assume that all parties are on the same page.  Not so,  says St. Hilaire.  It is common for people to talk past one another,  wrapped in their inaccurate assumptions,  failing to hear what the other side has said,  failing to grasp important meanings and significance.

Negotiation failure that leads to a deal-breaker can result from incomplete or sloppy communication.  It could even appear that the other party has an entirely different goal for the project at hand.  This is a Level One misunderstanding that nevertheless has the power to derail you.  Avoid disappointment by briefly summarizing your goals upfront.  Ensure that the other party knows why you are there and you will move closer to getting what you want.

Use numbers to make talking points more powerful

Americans love to quantify things.  Numbers help people to define and measure both success and failure.  Judiciously inject a statistic or two (don’t overload) into your presentation and help your client or prospect to put your goal into perspective,  help him/her to visualize and compare your features and benefits to other available options and lay the groundwork for the acceptance of your proposal,  i.e.,  your goal.

Third party validation can bring others to your way of thinking

Presenting the expert opinion of a trusted and respected source who is presumed to be neutral and objective can make your proposal  look like the gold standard.  People are often reluctant to contradict the practices and opinions of those who are known to be smart and influential.  Do what you can to make it appear that your goals are on the side of the angels.

Silence can be your most effective technique

Learn to get comfortable with silence in a negotiating/selling situation.  According to St. Hilaire,  silence allows you to control a room without seeming aggressive.  The other party will almost always become uncomfortable and nervous and blurt out what they really think,  fear,  want,  or plan to do. 

Even if you don’t receive the ideal answer,  hidden objections will come to light,  giving you an opportunity to acknowledge and resolve them.  That greatly improves the odds for your success.

Thanks for reading,

Kim

Survival Strategies , Leave a comment

To Be, or Not To Be

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I was surprised to learn that the number of Freelancers in the US has dropped to the lowest level in eight years,  down 13%  from a record high of 9.98 million in 2006.  The Department of Labor recently reported that as of August 2010,  there are now 8.68 million of us.

Because full time employment is not materializing for many citizens,  I assumed that the survival instinct would kick in and induce laid off salary men/women to assess their skill sets and figure out a way to package and promote their acts.  That’s what brought me to Freelance Nation.  But the stats have proved me wrong.

It is true that self-employment typically increases in the aftermath of a recession,  when laid off workers are unable to get rehired and thus venture out on their own.  But in this recession,  a variety of factors have weakened the demand for Freelance services,  causing many to choose alternate paths.

Some are maxing out their unemployment benefits as they sign up for temp work or settle for low end hourly wage jobs,  seeing those roads as their best,  albeit unsatisfactory,  survival options.  They don’t see much financial potential in either Freelancing or setting up a small business.

Diminished credit and poor sales are stifling the growth of small businesses.  A recent report issued by the National Federation of Independent Business Owners shows that 31%  of small business owners say that poor sales is their company’s single most important problem.

This news is interpreted by economists and labor experts as a sign that economic recovery is not just around the bend.  There is evidently not enough money being spent by consumers to sustain the survival of many small businesses.

However,  easier lending terms could encourage small business owners to make capital improvements and staff additions that will help to improve competitive positioning and perhaps attract more customers.  The Federal Reserve recently confirmed that about 20%  of banks are making commercial and industrial loans more available to small businesses for the first time since 2006.

Unfortunately,  large and mid-size companies prefer to play the wait and see game.  They are waiting for the outcome of the mid-term elections,  wonder what the newly reconfigured Congress will do about economic  initiatives (will the Stimulus Bill be extended?),  they wonder about taxes and wonder what the new health insurance regulations will mean to their bottom line. 

The big boys do have money to spend.  They slashed payrolls by laying off workers whether or not that strategy was necessary for the organization’s survival.  They limited hours worked per week,  limited or eliminated raises and off-shored as many functions as possible.  Paradoxically,  productivity remains high and continues to increase,  as businesses get more work out of their leaner and meaner staff.

There is precious little incentive to hire under these conditions.  Why bother? Those at the top of the pyramid are free to put still more money into their bulging wallets.  That explains why the only healthy segment of the real estate market consists of 7 figure properties.

These practices have left many current and aspiring Freelancers in the lurch.  Although the Fed states that lending to mid-sized and larger firms has over the past six months begun to ease,  there remains a marked resistance to green lighting the projects that Freelancers depend on.  A hard freeze is in full effect and it shows no sign of abating.

According to Scott Shane,  professor of economics at Case Western Reserve University in Cleveland,  the failure rate of self-employment is significant during this recession and economic  indicators do not point toward a quick recovery.  Only when larger companies,  those considered bell weathers and thought leaders,  begin to hire again will demand for Freelancers increase.

That said,  not all Freelancers are suffering.  A fortunate few are having their best year ever.  Recently,  I was chatting with a friend who makes and restores fine string instruments.  He does not lack for work.  I am also aquainted with a market researcher, with  someone who arranges and supervises the relocation of scientific laboratories and with someone who helps manufacturing facilities comply with environmental regualtions.  All of them are enjoying very healthy billable hours.

It just goes to show you,  in every kind of economy, there are always those who make money.  I just wonder when it will be my turn?

Thanks for reading,

Kim

Survival Strategies , Leave a comment

Now is the Time to Take Control of Your Time

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The secret sauce of effective time management is discipline.  The cruel truth,  my child, is that if you want to get more things done,  you must have the discipline to get your ass out of bed,  often before the sun comes up.  This is a habit best established when the days are getting longer.

According to new research by Christoph Randler,  professor of biology at Heidelberg University in Germany,  morning people are more proactive and therefore more successful in their professional lives.  Morning people anticipate problems and try to minimize their impact;  spend time identifying long-range goals;  and feel in charge of making things happen.  So rise and shine, cupcake.

Another time management essential that you must have the discipline to incorporate into your schedule is transition time.  Whether moving from one task to another or traveling from one meeting to the next,  the only way to ensure that you will be efficient,  productive and get where you are going on time is to take into account each time consuming step of the process.

In other words,  be realistic about how long it takes to go places and do things and give yourself adequate preparation and execution time.  Avoid over-scheduling.  Build in little cushions of time where possible,  to better manage annoying,  schedule-destroying delays like lines at the post office.

The idea is to successfully roll through tasks and appointments and preserve your sanity,  if not your sense of humor, along the way.  Besides,  if there are fires to put out and you’re too tightly scheduled,  things will fall apart and you’ll be back where you started.

Oh , and manage your emails,  rather than letting them manage you.  Do not let them seize control of your day.  Particularly if you receive a huge volume,  assign 2-3 blocks of time each day for email read and respond.  Institute email triage.

If something time sensitive and high priority is on,  you may prefer to check for incoming messages throughout the day and decide what requires a faster response. While doing that,  delete the nonsense emails and lighten your load.  When answering emails,  respond first to the “short answer” messages and then tackle the “long answers”.

Some form of social media participation is now on every Freelancer’s schedule,  like it or not.  No one is sure what any of it does for business,  but very few feel confident enough to ignore it.  Keeping up with this stuff can siphon off much valuable time if you’re not careful.

Limit time spent on social media and while you’re at it,  think about the extent of your involvement and the ROI.  Do you really need FaceBook and Twitter?  Must you go through the LinkedIn Answers Forum every day?

Yet another source of time theft are manipulative,  controlling people.  You have no doubt encountered your share of those who feel entitled to dictate how you spend your time,  quickly  resorting to whining,  badgering and other forms of verbal arm wrestling to force you into doing their bidding.  They may be neighbors,  family members,  so-called friends  or clients.   Set good boundaries and be prepared for uncomfortable moments as you put a few people in their place.  Have the discipline to say “no” and stick to it.

Have the discipline to bring time management into your life.  Missed deadlines,  lost opportunities,  exhaustion and burn-out are not what we want.  Applying our skill set to work that we enjoy and generating an income that we deem satisfactory is what the Freelance life is all about.  Effective time management,  along with SMART goals and objectives—Specific,  Measurable,  Attainable,  Realistic, Timely— will help us get there.

Thanks for reading,

Kim

 

Survival Strategies , Leave a comment

The Time of Your Life

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Welcome back to reality!  Labor Day Weekend has come and gone and Summer has officially (although not technically) ended.  Like it or not,  we are in full business mode again.  Yet despite what the calendar indicates,  Summer’s slower pace may still cling to you like sand on your ankles and you might be having trouble getting up to speed.  Maybe some good time management tips will help you find your groove?

Freelancers are busy people.  Effective time management is important not only for our P & L bottom line,  but also for our spiritual and psychological health.  In addition to drumming up and working on billable hours,  it is equally important that we make time for our personal pursuits.

We owe it to ourselves to go to the gym or out for a bike ride,  participate in our children’s lives,  nurture our relationship with a special someone,  or recharge our batteries by maybe taking a nice walk.  Therefore,  it is imperative that we utilize our time efficiently,  so that important things get taken care of and we avoid running in circles,  which wastes precious time,  creates aggravation and eventually leads to burn-out.

But there is so much to do and it is easy to get overwhelmed.  On top of  billable hours,  we must network to remain visible,  attend certain conferences that help us build skills or prospect for new clients,  maybe prep for a speaking engagement,  keep up with social media and there are perhaps also board responsibilities that were taken on to demonstrate commitment to one’s community and expand one’s  skill set (and bring in a referral along the way,  we hope).

Then there are the administrative functions like invoicing,  paying bills,  calls and emails,  updating the website,  de-constructing the new health insurance options and planning and budgeting for next year’s marketing initiatives. 

Oh, and dare I mention housework,  laundry, cooking and grocery shopping?  Yikes! It’s enough to make you want to hide in the closet.  How can any one human being face this down? 

I suggest that Step One in getting your arms around all that you must do is to make a list and document major tasks and responsibilities,  so that you can visualize and make sense of your obligations.  Once your list is created,  separate business obligations from personal.  Red star all tasks that have a deadline  e.g.,  September 15 for filing third quarter taxes.

On the business side,  make separate categories for client billable time,  marketing/self promotion and administrative tasks.  On the personal side,  create categories for fitness,  household,  children, etc.  Next,  prioritize according to what must be done first and what brings (or can potentially bring) the best ROI to you.  Break responsibilities down into what must be done daily (emails),  weekly (children’s lessons/ sports),  monthly (networking/ board meetings) and quarterly (taxes). 

Block out corresponding time periods,  make calendar entries and build a daily to-do list schedule.  Examine your schedule and look for ways to be more efficient.  You may have always gone to the gym after work,  but might a time change be advantageous? Is there a Zumba class at 7:00 AM or Pilates at lunchtime? That change will free up time in the evening for other activities and will also ensure that you maintain your fitness regimen.  Or maybe now you’ll see that you can start one!

PDA electronic calendars and smart phone apps are now standard,  but I’ve found that posting on an office white board or old-fashioned desk calendar is especially helpful for remembering monthly and quarterly tasks.  It’s good to have it all there in your face,  a constant reminder of what you must do and when you must do it.

I’ll be back with more time management next week.  Thanks for reading.

Kim

Survival Strategies , , Leave a comment

Bringing You Down: The Procrastination Blues

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We just hate to do certain things.  Some things are a headache to even think about,  let alone actually do.  So we conspire to ignore the irksome thing and pretend it will go away.  We promise ourselves,  our spouses,  our children and our friends that we will get to it…only not now.  We are busy now…

Admit it.  Those crafty avoidance schemes make us feel guilty.  We go into denial.  We are prone to get defensive and there might be an argument,  yet we continue to stonewall.  Oh, but we cannot hide forever.  Eventually,  we’ve gotta man up and do the deed. ç

Why do we do this?  Don’t we realize that allowing loose ends and evil-but-necessary tasks to pile up only makes it worse for us when we are finally forced to take them on?

Yes!  But everyone procrastinates once in a while.  It’s part of the human condition.  In fact, under certain circumstances,  what appears to be procrastination can serve us well.  Sometimes a problem or task needs to be pondered,  with more information about the cause,  implications and possible resolutions sought.  It may not be wise to quickly jump in with both feet.  Due diligence is not a sign of procrastination.

Other times,  it is best to wait for more favorable conditions before making a move and attempting resolution.  Timing is always important.  Or maybe this item really does deserve to be put off,  because there are more important issues pending that deserve your immediate attention.  Prioritization is not a sign of procrastination,  it is good time management.

So what makes us procrastinate?  Psychologists say that chronic  procrastination results from a fear of failure or success.  Either way,  it’s self-sabotage.  Fear prevents us from taking action and moving forward.  The experts have a few more theories:

1.  The Perfectionist.  If you cannot perform in a flawless fashion,  then you will do nothing at all.

2.  Poor Decision Maker.  You are trapped in analysis-paralysis quicksand and unable to settle on a course of action.

3.  The Overwhelmed.   You consider the task to be beyond your capabilities,  or you just hate doing the thing.

4.  The Disorganized.   You cannot get your act together.  You don’t know or have what is needed to complete the task and cannot focus on it.

You can tame the procrastination beast.  The easiest way,  if you’ve been persistently unable to make yourself tackle a certain job,  is to take the hint and outsource it.  Maybe you avoid doing this thing because doing it makes you miserable and you’re lousy at it anyway?  If you’re holding the cash,  call in a professional and stop the drama.

If you are not holding sufficient cash,  then you need an attack strategy.  You must bite the bullet and face down this demon,  because continuing to avoid your responsibilities kills your momentum and adds stress to your life.  Procrastination is bad for business and you cannot afford to wallow in it.

Break the beast down into manageable blocks and chip away a little at a time.  Devote 30-60 minutes each day to the job until it is completed.   Self-discipline builds  self-confidence and will keep you motivated to stay on track.  Reward yourself  handsomely once you’ve crossed the finish line.

Keep the procrastination beast at bay by setting reasonable goals for yourself.  Reaching for the stars is admirable,  but be realistic (and not pessimistic or self-limiting) in recognizing what you can achieve.

Finally,  always prioritize.  Time sensitive and other important tasks go to the top of your list and are preferably done early in the day,  to promote the likelihood of successful completion.  Lower priority tasks are done later.  If a project lands on your to-do list,  then it should be done within a reasonable time frame,  so don’t ignore it for six months.

Thanks for reading,

Kim

Administrative , , Leave a comment

Attention Shoppers! It’s Time to Invest in the Business

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Our  “new normal”  economy has regrettably resulted in sluggish business for most Freelancers and we are forced to watch our pennies.  The financial squeeze may tempt many to cease spending on all expenditures deemed nonessential,  but it’s wise to be strategic about what gets relegated to that category.

In fact,  judicious expenditures for the right business upgrades will help us to fight back against the recession and demonstrate to clients that our business remains viable.  If your credit line can handle it,  this is an ideal time to invest in your business by purchasing almost any type of equipment or promotional service.   Fourth quarter purchases are sweetened by the knowledge that the tax deductions will flow back to you a little faster.

So let’s go shopping!  There’s plenty of inventory in the stores,  despite diminished wholesale purchases,  and prices have never been better.  Now is an excellent time to replace or upgrade  computers and other IT equipment,  office furniture or even a company vehicle.  Commercial real estate is likewise more plentiful and hence affordable,  so if trading up has been on your wish list,  investigate options now.   Plus,  if a build-out is necessary,  those in the trades are ready and willing to provide quality work at competitive prices. 

Advertising space is likewise more plentiful and hence more affordable.  Discounts are available and payment terms are gentle.  Revisit publications and online sites that were previously out of your reach and ask what can be done for you now.  Do not be afraid to negotiate.  The buyer’s market is in full effect.

Now,  take a look at your website.  Does it look a little dull?  Maybe the text could use some sharpening?  Or perhaps you’d finally like to have a logo?  What might help your website to communicate your brand and core services more effectively,  or provide a compelling  “call to action”  to potential clients?  Web developers,  graphic artists and copywriters continue to be busy,  but not so much that they won’t take on smaller  jobs and do good work at a reasonable price.

The  “new normal”  economy also makes this an excellent time to hire,  if you can make the case that an extra body or two will increase revenue.  There are so many highly qualified professionals searching desperately for cash-generating projects that you will be able to hire someone (maybe part time?) to write your monthly newsletter,  manage social media,  cold call prospects and set appointments for your follow-up,  manage the books and accounts payable and receivable or just about anything else you need taken off your plate.

Finally,  our professional skills are our most valuable asset and also deserve investment.  I’ve seen more generous than expected early-bird registration discounts offered for numerous seminars,  since organizers are anxious to fill rooms.  Take advantage of this trend and sign up for training that perhaps you previously could not afford.  You may also want to have a few sessions with a business coach,  who may now offer money-saving incentives to stimulate business,  and work on other ways you can find competitive advantages for your business venture.

Thanks for reading,

Kim

Professional Development , Leave a comment

Manners Maven

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A couple of years ago,  I had coffee with a very successful risk management Freelance consultant.  As we chatted about business,  he related an interesting story about a client who hired him earlier in the year.  The client told him that he had interviewed several candidates for the project and all were highly qualified. 

His team chose this particular gentleman because he had the best manners.  (I always knew he was a classy guy!) After considerable  experience in working with Freelancers,  the client and his team concluded that good manners matter and just about everything else can be learned on the job. 

I’m not  sure that many project leaders consider manners and etiquette as prime factors in the Freelancer hiring process,  but I am certain that poor business etiquette will have a deleterious effect on that decision.

Business schools and even medical schools have finally begun to address this previously overlooked soft skill.  Most of us have had enough of the me-first,  I’m entitled,  self-absorbed behaviors that have migrated from so-called reality TV shows and into daily life and work.  As antidote,  here are a few tactics that will incorporate some subtle niceties into your business communications and interactions:

1.  Dial your business phone and listen to your outgoing message.  Does it sound professional and welcoming?  Would you want to do business with the person who created that message?  If your OGM is less than pleasing,  re-record and smile as you speak.  Smiling forces us to slow our speech,  enunciate clearly and adopt a pleasant tone of voice. 

2.  When in a meeting,  devote your full attention to the proceedings.  Turn off your phone,  computer (unless you will use it to take meeting notes) and all other electronic distractions.

3.  After meeting with an associate who is helping you in some way,  send to that person a thank you email within 24-48 hours.  Especially if your meeting was with a client or prospect,  recount major points discussed and confirm any agreed-upon actions. 

4.  If a business meeting is held in a restaurant,  the person who initiates the meeting pays the check.  When meeting with a client or prospect,  offer to pay the check even if that individual requested the meeting.

5.  When meeting prospects and colleagues at a networking or similar event,  refrain from pushing your business card onto every person that you encounter.  Save the card exchange for those with whom you have a discussion that points to follow-up conversations.

6.  Treat assistants with respect.  If the assistant is someone you will speak with more than once,  ask his/her name,  remember the name and greet that individual by name  on subsequent visits to the office.  Be advised that the assistant may control access to the client.  If you are rude or dismissive,  word of such behavior will be passed along and it could cost you.  Besides,  assistants often have information that may help you to sell your services.  Be nice and make the assistant your ally.

7.  At Christmas,  send a card to all clients with whom you’ve worked over the last 3-4 years.  It’s good business to stay in touch.

8.  When an invoice is 45+ days old,  contact the accounts payable or finance department and confirm that the invoice was received.  Could it have been lost? Unless the invoice is 90+ days old,  avoid contacting the client about billing matters.

Thanks for reading,

Kim

Marketing , Leave a comment

Building Credibility: A Brand Advancement Ad Campaign

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Freelancers know that silence = death and visibility promotes business viability.  To that end,  we craft an expert elevator pitch to serve as our verbal package and take that on the road,  hoping it will open doors for us.  We position ourselves as experts by speaking,  teaching,  attending conferences and writing a newsletter or blog.  We attend selected networking events and business association meetings so that we can connect with prospective clients and colleagues.

The next step in this process is to upgrade visibility to credibility,  for that is the way to convert prospects into clients.  As you brainstorm strategies that might advance your  brand and build credibility,  examine the benefits that a print media campaign can deliver. 

Print media are still very much with us and I would argue,  still effective,  despite significant inroads by the various (and sometimes free) online media.  Print ads can be costly,  but if you can find the budget,  this option can be worth your while.  Begin to assess your priorities:

1.  The objective.  Decide what you would like to accomplish.  Do you want to establish credibility among clients and B2B peer referral sources?  Are you announcing a new product or service?  Do you want to stimulate business within a new target market?

2.  The audience.  Who must you reach to accomplish your objectives? Which publications are read and respected by that audience?

3.  The budget.  Visit publication websites and peruse the rate cards.  See also the demographic data:  circulation,  distribution,  special issues that might benefit your  objectives,  etc.  What size ad can you afford to place for how many times during the year?

Additionally,  you may decide to mail a postcard to a professional group to which important clients belong—if you can obtain an address list.  Mailings are expensive,  although printing costs have dropped dramatically over the years.  It is possible to mail at bulk rate,  which is much slower but much cheaper.

Placement

If you belong to a chamber of commerce or similar business association,  consider advertising in its newsletter (whether print or online), which will be published at least quarterly.  Ad rates are typically reasonable and it’s usually read by members.

If your objective is to build your credibility among colleagues and therefore stimulate B2B referrals,  and/or to announce a new product or service,  this will be an excellent ad placement choice.  Newsletter advertisements are a great way to remind fellow members of who you are and what you do.  When you attend association events,  it is likely that colleagues will mention your ad and ask questions about your business.  Referrals could follow. 

It may also be possible to place ads in the newsletters of professional associations to which clients belong.  Whether your objective is to enter a new market,  announce new products /services or build credibility,  these publications likewise make excellent ad placement choices.

Depending upon your target market and budget,  neighborhood newspapers or the local business newspaper will also provide excellent ad placement options that will help you to achieve your brand advancement and credibility building objectives.

Message

Whatever your objective,  remember that there is power and elegance in simplicity.  Express your product and service features,  benefits and tagline (if you have one) using terminology that will grab your audience.  Use clear and compelling language that sells your core services and portrays you as a competent and reliable professional.  Use that refrain in all ad placements.

Design

Hire a professional (or a student) to devise a good visual concept,  even if your ad will be text-only and business card size.  Your ad must look sleek and professional—just like you!  The style of your business card will be the starting point for the development of a graphic style for your ad.  Use the colors,  logo (if you have one) and graphic look in all  ad placements.

Frequency

Consistency is key in advertising:  the message,  graphic style and frequency of the ad must be repeated again and again.  Studies have shown that ads don’t register with the target audience until they have been seen at least three times.  Budget your ad placements to appear several times throughout the year,  at least bi-monthly.  One time only ads are a waste of money.  It is better to appear in one publication 4-6 times a year than in two publications 2-3 times a year.

Thanks for reading,

Kim

  

 

Survival Strategies , , Leave a comment

The Law of Attraction

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Let’s chat for a moment about competitive advantage.  For sure,  we must identify and/or invent as many as possible.  One often overlooked competitive advantage is to make everyone think that we HAVE competitive advantage.  Pretty slick,  huh?

Think of it this way:  perception is reality and everybody loves a winner.  Precious few come to the rescue of the down and out.  Failure is frightening and depressing and no one wants to come near,  lest the misfortune rub off on them.

Conversely,  the appearance of success is a magnet for still more success,  mostly because people think you deserve it (you must be doing something right!) and can handle it.  Today’s lesson is that image counts,  so always make yourself  look and feel like a winner.  Invite success to your door—or at the very least,  don’t make it turn tail and run away from you!

Dress for success

When attending any type of function at which you might possibly meet a prospective client, dress appropriately.  Respect the occasion and wear the right casual,  formal or business attire.  Invest in good quality clothing (hit the end-of-season sales) that flatters your body type.  Good quality clothing looks better,  lasts many years and is worth the money because when amortized,  it actually costs less than the cheap stuff.  Dress to impress.

Project the positive

Be enthusiastic and passionate about life and business.  Let your body language,  voice,  eyes and mannerisms  sparkle with good energy.  Walk into every room with confidence,  hold your head high and radiate a positive aura.  Others will be attracted to your glowing presence and they will cross the room to introduce themselves,  to have the pleasure of meeting and talking with you. 

Greet one and all with a firm handshake and a warm smile.  Make good eye contact and show that you are delighted to make their acquaintance and are interested in what they have to say.  People like to do business with people who have positive energy.  It  suggests honesty and expertise and therefore inspires confidence and trust.

You’re worth it

Create a strong value proposition for your business.  Establish that your products and services are top drawer,  will provide unique and highly desirable benefits and therefore command a premium price in the marketplace.  Communicate that your products and services are worth the investment.

Get to know the objectives and priorities of your typical customers and broadcast the benefits that resonate most.  Gather information that allows you to anticipate customer needs and deliver 5 star service every time.  Make your customers grateful to do business with you by knowing how to solve their problems and make them look smart for hiring you.

Do your best to maintain your prices,  even when there is pressure to offer discounts that are outside of your pricing strategy.  There may be times when you must relent,  but defend your position by learning to clearly articulate the ROI of  doing business with you.  Think cariage trade,  not cut-rate.

Business is great

Creditors may be ready to foreclose,  but do not let on to your clients!  Moreover,  be discreet with colleagues,  lest word of your troubles gets bandied about.  The smell of desperation is repellant and clients will take their business elsewhere if it appears that your ship is sinking.  If you expect to do any business at all,  it is imperative that you project capability and dependability.  Financial insolvency does not inspire confidence,  no matter how it happens. 

Remember always that people do business with people that they know and like.  They do more business with people they trust and respect.

Thanks for reading,

Kim

Professional Development , , Leave a comment

Your Advisory Board

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Every successful business owner benefits from the wise counsel of a select group of experts,  who offer a differential diagnosis that brings fresh air and information into the room and drags us out of the echo chamber of our auto-pilot  habits and ingrained perspectives.

Fortunately,  life equips us with an advisory board,  whether or not we recognize it as such.  Unfortunately,  most of the advice we receive is bad,  starting with what know-it-all cousin Howie and meddlesome Aunt Sheila have to say (those two will have you broke in six months!).

No,  our real advisory board must be carefully curated.  One must know whose advice generally should be heeded and whose advice basically should be ignored.  The advisory board that we consult can be informal.  It is not necessary to create a formal board unless the business demands it.  But we should check in regularly,  to find out what is new on the horizen,  figure out how to solve problems faster,  brainstorm intriguing new ideas and overall learn how to work not just hard,  but smart.

Clients

As numerous experts repeatedly recommend,  listen to your clients and receive a wealth of information.  Customers give the outside-in,  other side of the desk view and what they value most can be surprising.  You cannot always fathom what customer priorities will be and you won’t know until you let them tell you.

Customers are essential members of our advisory board.  The client represents the marketplace and when the market speaks, business owners must listen.   Ask  for customer feedback in the form of evaluations,  surveys,  or plain old Q & A over coffee.  Ask what they like about your products and services;  ask what would enhance the experience of doing business with you;  ask about upcoming trends in their organizations and figure out what you can monetize.

Employees

If you have employees,  seek out their insights and advice on how your business protocols might be improved.  Employees are in the trenches and often know better than the owner about how the business is perceived by customers.  Employees are uniquely positioned to give very valuable feedback.  Owners and managers should be smart enough to listen.  

Likewise our accountant,  attorney and other professional service providers,  through the unique prism of their specialty,  may offer useful advice that can have a positive impact on the business.   A wise business owner creates  an environment where employees know that their opinions and advice are welcomed,  respected and at least occasionally implemented.

Competitors

Do speak with experienced people within your industry,  including competitors.  Many will be happy to share a few pearls of wisdom with you,  especially if they operate in another geographic locale.  Marketing tips and other promotional strategies can be  good topics to discuss,  as could the types of services that resonate most with clients these days.  If your summer vacation means travel,  don’t be afraid to do some soft-touch networking.  You might get some timely advice from a seasoned pro.

Roundtables

Additionally,  I think you will find it useful to have also a structured advisory board esperience and for this I recommend membership in a peer group,  also known as a CEO forum or roundtable.  Groups consist of perhaps a dozen business owners in non-competing industries,  are often segmented by number of employees and annual revenues and usually meet monthly for about 2 hours.  The idea is to assemble a group of business owners who share a  similar profile and who therefore have the  perspective to offer relevant advice and support to fellow members. 

When properly facilitated,  group members function as each other’s board of directors.  There is guidance and support on decision-making.  Members celebrate successes.  New ways to consider and resolve business challenges are put forth.  Opportunities may be discovered,  goal setting is encouraged and members hold one another accountable for progress and achievement.  Peer roundtables can provide a welcome source of support and inspiration and do much to overcome the isolation that many business owners experience.

Thanks for reading,

Kim