How are we doing to Waking Up our businesses?
What a great Mothers Day!
My mother just happens to be one of the most successful business women I know. She has been managing a property since 1984. Within the property, she manages an antique co-op and every Wednesday from April through October she manages a Farmers Market/Flea Market. She has always been customer focused by caring about what items her vendors have up for sell. How does she do this? By always staying focused on what the customers are motivated to buy!
What an example…right under my nose! It doesn’t just happen and run by itself. Nothing ever does…let alone for 26 years!
Now that you’ve looked again at your markets and adjusted your offerings, we need to sell them and not cave into price objections. Of course the biggest issue is the belief that your sales team has that major objective…price! Remember, if this is the case, they are communicating the wrong story to your market. If you’re struggling, call me…
A more challenging problem comes when we negotiate. The challenge lies in that we are weak on negotiation skills and many of our customers are quite skilled.
Negotiations are necessary when both parties want to proceed; there are just a few aspects of our solution that need to be clarified. For example, this may include specific features of our services, goods, or products. This may include price, delivery, maintenance, warranty, and other issues. The goal is to find a mutually agreeable common ground that fulfills their needs and requirements and allows you to close the deal. This is defined as negotiation! The challenge is that most of us cave on price and then close the deal - but at lower margins - which make it challenging to stay in business.
Attitudes towards Negotiations:
1. This is good news; it is a buying signal
2. Great opportunity to build a more positive relationship in creating “win-win” negotiations
Five Human Relation Approaches in Negotiation
1. Begin in a friendly way
2. Listen attentively
3. Let the other person save face
4. Show respect for the others person’s opinion; never say, “You’re wrong.”
5. Try honestly to see things from the other person’s point of view
Seven Negotiation Guidelines
1. You do not have to be aggressive to be a good negotiator
2. Negotiating is not fighting
3. You do not have to compromise your ethics to get what you want through negotiation
4. Negotiating is not always a formal process
5. Expect customers to ask for a better deal
6. Learn to say no
7. Look for creative solutions to reach an agreement
Six Negotiation Strategies
1. Know your walk-away position
2. Silence
3. Delay or Inactivity
4. Time pressure
5. You go first
6. Throw ins
Key point: Do not negotiate when you should be selling. Do not be selling when you should be negotiating.
SAVE THE DATE: Wednesday, June 30, 2010
WHY: For a “Wake Up Your Business” Seminar!
WHERE: Pittsburgh, PA
PRESENTER: Kevin Crone, Dale Carnegie Strategic Coach and my mentor. Kevin has been in business for almost 40 years.
More details next week…..STAY TUNED
Make it a great week!
Coach Rodgers
Friday, May 21, 2010
Succession Planning…Are they really ready!
Last week I sat with an executive who was quite comfortable with his role as the #2 guy for the family run business. However, what was causing heartburn for this man was whether or not the next generation is really ready.
As a business advisor and coach, often the soon to be retiring executives ask me this same question. Since it came up twice this week, I thought I would address the issue in a quick format. Please respond if you need additional information or resources.
The issue at hand is that currently three family members, in their late 20’s, are working in the business. It is interesting because the question was two fold. A) are they ready and B) would any one of the three ever be ready? The question was framed well because we have a 7-10 year ideal transition time. In most cases, there is little to no transition time. Already, a company thinking ahead of their competition!
Here are 5 keys to determining if a family member is capable of leading the family business:
1. Do they want to (gosh, I forgot to ask)? Remember, what they shout so loud I can not hear what they say.
2. What does their “Success Autobiography” tell you? In other words, where else in their life have they demonstrated the kind of leadership it will take to run a business? Think of sports, social clubs, involvement in school government, leading role in school plays, community involvement, etc… where did they have to demonstrate and excel in leading without authority.
3. Do they save or spend money? I want some one who makes and then understands the word keep.
4. Other than their name what makes you think they can? Most importantly what do their current subordinates and peers think about there ability to lead?
5. Do they know intuitively who your customers are? Do they value your customers? Have they made decisions while working for the family business or any business that exhausted the value of the customer? Remember, to see any business prosper it is always about keeping your current customers, finding new ones and making money.
Three actions if you are facing questions about succession:
1. Have a battery of assessments taken to determine if they are hardwired and to develop a master succession development plan for the individual.
2. Follow-up the above assessments with a detailed succession plan for the organization. Multiple people will be potentially displaced and moved into higher positions. Will you be ready?
3. Make sure when you make the move that the key players working in different roles will be surrounded by talent or key business advisors and or coaches. Sometimes it is as simple to having the right administrative assistant in place.
Late Friday afternoon I got an urgent call from a customer, “John, is he ready.” After I took the weekend and read my own draft of today’s Mid-Week Mentor…I smiled because my same advice applies to the executive I am currently coaching.
As a business advisor and coach, often the soon to be retiring executives ask me this same question. Since it came up twice this week, I thought I would address the issue in a quick format. Please respond if you need additional information or resources.
The issue at hand is that currently three family members, in their late 20’s, are working in the business. It is interesting because the question was two fold. A) are they ready and B) would any one of the three ever be ready? The question was framed well because we have a 7-10 year ideal transition time. In most cases, there is little to no transition time. Already, a company thinking ahead of their competition!
Here are 5 keys to determining if a family member is capable of leading the family business:
1. Do they want to (gosh, I forgot to ask)? Remember, what they shout so loud I can not hear what they say.
2. What does their “Success Autobiography” tell you? In other words, where else in their life have they demonstrated the kind of leadership it will take to run a business? Think of sports, social clubs, involvement in school government, leading role in school plays, community involvement, etc… where did they have to demonstrate and excel in leading without authority.
3. Do they save or spend money? I want some one who makes and then understands the word keep.
4. Other than their name what makes you think they can? Most importantly what do their current subordinates and peers think about there ability to lead?
5. Do they know intuitively who your customers are? Do they value your customers? Have they made decisions while working for the family business or any business that exhausted the value of the customer? Remember, to see any business prosper it is always about keeping your current customers, finding new ones and making money.
Three actions if you are facing questions about succession:
1. Have a battery of assessments taken to determine if they are hardwired and to develop a master succession development plan for the individual.
2. Follow-up the above assessments with a detailed succession plan for the organization. Multiple people will be potentially displaced and moved into higher positions. Will you be ready?
3. Make sure when you make the move that the key players working in different roles will be surrounded by talent or key business advisors and or coaches. Sometimes it is as simple to having the right administrative assistant in place.
Late Friday afternoon I got an urgent call from a customer, “John, is he ready.” After I took the weekend and read my own draft of today’s Mid-Week Mentor…I smiled because my same advice applies to the executive I am currently coaching.
Get out of your rut!
Definition of a rut- It is a grave with both ends kicked out. It goes on and on and on… Stop the cycle, be intentional and make things happen!
Just last week I talked with a good customer of mine who is an executive of a wholesale company; which is in need of driving sales as the economy slowly bounces back. Sound familiar? One strategy is to have the CEO and founder go visit their almost 600 retail outlets. Yes, literally walk through the doors and reconnect on a personal basis. Lights are out in his office and might be off for quite some time. Early financial returns are in, business in that market segment is up almost 25% and that is giving this company an early cash jolt in 2010.
Also, last Monday, I had the opportunity to have dinner with a CEO of a global sales company. His company seems to be flat in their major markets which are North America, Europe and Asia and growing in the merging markets like the Middle East and Eastern Europe; but this really is only a short term solution. Their sales team is in a rut and they need to wake up, stand up, show up and write up new orders!
Dale Carnegie often said, and we teach it in our executive training…“if you act enthusiastically you will be enthusiastic!” So with enthusiasm, get up out of the rut you or your company may be in. Do not become victims by blaming the economy or other individuals within and out of your organization. Instead, be empowered to take the necessary action to realize your desired outcomes.
The Basics: Action Plan!
1. Review or re-write your vision—your aspirations and values
2. Set major goals or outcomes you desire to achieve
3. For each outcome, write a corresponding current reality
4. Stare at the gap between your reality and your desired outcomes
5. Get mad…start a fire in your belly
6. Clearly make a list of the activities you must do to get from here to there
7. Prioritize your actions
8. Take action and GO!
Oh! Which part of GO did you not understand?!?!
Just last week I talked with a good customer of mine who is an executive of a wholesale company; which is in need of driving sales as the economy slowly bounces back. Sound familiar? One strategy is to have the CEO and founder go visit their almost 600 retail outlets. Yes, literally walk through the doors and reconnect on a personal basis. Lights are out in his office and might be off for quite some time. Early financial returns are in, business in that market segment is up almost 25% and that is giving this company an early cash jolt in 2010.
Also, last Monday, I had the opportunity to have dinner with a CEO of a global sales company. His company seems to be flat in their major markets which are North America, Europe and Asia and growing in the merging markets like the Middle East and Eastern Europe; but this really is only a short term solution. Their sales team is in a rut and they need to wake up, stand up, show up and write up new orders!
Dale Carnegie often said, and we teach it in our executive training…“if you act enthusiastically you will be enthusiastic!” So with enthusiasm, get up out of the rut you or your company may be in. Do not become victims by blaming the economy or other individuals within and out of your organization. Instead, be empowered to take the necessary action to realize your desired outcomes.
The Basics: Action Plan!
1. Review or re-write your vision—your aspirations and values
2. Set major goals or outcomes you desire to achieve
3. For each outcome, write a corresponding current reality
4. Stare at the gap between your reality and your desired outcomes
5. Get mad…start a fire in your belly
6. Clearly make a list of the activities you must do to get from here to there
7. Prioritize your actions
8. Take action and GO!
Oh! Which part of GO did you not understand?!?!
Customer focus!
In the last 60 minutes of work…were you involved in activity that was profitable action? Meaning, activity that was helping you or your organization make money.
If the answer is “yes”…please continue.
If the answer is “no”…please stop doing that and immediately transition.
We have a sales meeting once a month. One activity we do is to invite a customer to join us for lunch and then have a business discussion centered around why they do business with us and how could we do more business with other like companies. Wow! Is it ever enlightening to our sales staff, administration and trainers.
Last Friday, we hosted such an event. Here are just a few sound bites of what we heard from our valued customer…
When asked “In the people learning and development area what would you be looking for from a vendor/partner?”
“Well, we are not really interested in the product just convince us that you will help our people connect with our customers”
“We need to become more sophisticated in dealing with external customers”
“In the people development area, it is time not price that holds us back from doing more”
Note: Nothing about how great our programs are, how unbelievable our trainers are, the really exciting seminars we provide, or how competent our sales team is…motivates our customers to buy. Now we still provide the above but the story to the market needs to better align with the customers motivations if we want to do more business.
This 90 minute discussion with our customer was eye opening. It is easy to lose sight of what’s really important in our pressure packed days. The major emphasis should be in keeping customers, finding new customers, staying focused on creating strategy and structure and finally meeting our goals. Sounds simple enough…but what a challenge to execute! I guess that is why we get the big bucks? Smile!
Action steps:
1. Always be asking the three power questions about your market…
a. What are my customers motivated to buy?
b. Do our offerings match?
c. Where does our valued competition fail our customers?
2. Host customers to be your honored guest at a meeting where sales, service, and administration get to hear what is really happening in the market place.
If the answer is “yes”…please continue.
If the answer is “no”…please stop doing that and immediately transition.
We have a sales meeting once a month. One activity we do is to invite a customer to join us for lunch and then have a business discussion centered around why they do business with us and how could we do more business with other like companies. Wow! Is it ever enlightening to our sales staff, administration and trainers.
Last Friday, we hosted such an event. Here are just a few sound bites of what we heard from our valued customer…
When asked “In the people learning and development area what would you be looking for from a vendor/partner?”
“Well, we are not really interested in the product just convince us that you will help our people connect with our customers”
“We need to become more sophisticated in dealing with external customers”
“In the people development area, it is time not price that holds us back from doing more”
Note: Nothing about how great our programs are, how unbelievable our trainers are, the really exciting seminars we provide, or how competent our sales team is…motivates our customers to buy. Now we still provide the above but the story to the market needs to better align with the customers motivations if we want to do more business.
This 90 minute discussion with our customer was eye opening. It is easy to lose sight of what’s really important in our pressure packed days. The major emphasis should be in keeping customers, finding new customers, staying focused on creating strategy and structure and finally meeting our goals. Sounds simple enough…but what a challenge to execute! I guess that is why we get the big bucks? Smile!
Action steps:
1. Always be asking the three power questions about your market…
a. What are my customers motivated to buy?
b. Do our offerings match?
c. Where does our valued competition fail our customers?
2. Host customers to be your honored guest at a meeting where sales, service, and administration get to hear what is really happening in the market place.
Time out!
Every year I love the changing of the seasons in Central Pennsylvania. This past year was a particularly challenging winter with cold, snow and ice and it seemed to stretch on forever. Spring comes with newness, a refreshing of the air, birds singing, new smells and the warmth of the sunshine which gives us hope of what is to come. Stop what you are doing today and everyday and enjoy the change.
Several years ago, while working in Scranton, PA, I walked out the door of the hotel where I was staying and stood waiting for an associate to pick me up. While waiting, I could not help but notice the doorman standing off to my right with a bright cheerful smile and I noticed his name tag read “John”. “John” I said, how are you?” He smiled and said “Sir, I am Terrific!” I continued with “John, that is great, but why are you terrific so early this morning in the middle of Scranton, PA?” He said “Sir, listen. Do you hear them…the birds?”
That day I decided that for the rest of my life I would be terrific as well! If John the doorman in Scranton, PA can be terrific and up lifted by a beautiful newness of a spring day with nothing more than the singing of birds…I had no excuses.
I wonder what would happen to our businesses if we approached our markets, our current customers and new potential customers with the same freshness as we embrace the changing of the seasons. I wonder what we would really hear! What new customer motivations might influence our offerings that would directly impact our cash flow and profits? I wonder what John the doorman would hear because he would be beyond the normal customer and prospect needs, wants and benefits. John the doorman would hear the motivations behind the benefits!
Action Steps:
• Tune into your environment, enjoy this Spring like none other
• Tune into the motivations behind the benefits of what really motivates your customers to buy
• Adjust your offerings, if necessary, or tell a refreshing new compelling story about your offerings
• Stop and smell the daffodils
Several years ago, while working in Scranton, PA, I walked out the door of the hotel where I was staying and stood waiting for an associate to pick me up. While waiting, I could not help but notice the doorman standing off to my right with a bright cheerful smile and I noticed his name tag read “John”. “John” I said, how are you?” He smiled and said “Sir, I am Terrific!” I continued with “John, that is great, but why are you terrific so early this morning in the middle of Scranton, PA?” He said “Sir, listen. Do you hear them…the birds?”
That day I decided that for the rest of my life I would be terrific as well! If John the doorman in Scranton, PA can be terrific and up lifted by a beautiful newness of a spring day with nothing more than the singing of birds…I had no excuses.
I wonder what would happen to our businesses if we approached our markets, our current customers and new potential customers with the same freshness as we embrace the changing of the seasons. I wonder what we would really hear! What new customer motivations might influence our offerings that would directly impact our cash flow and profits? I wonder what John the doorman would hear because he would be beyond the normal customer and prospect needs, wants and benefits. John the doorman would hear the motivations behind the benefits!
Action Steps:
• Tune into your environment, enjoy this Spring like none other
• Tune into the motivations behind the benefits of what really motivates your customers to buy
• Adjust your offerings, if necessary, or tell a refreshing new compelling story about your offerings
• Stop and smell the daffodils
1st quarter is in the books. How did you do?
Scale of 1-10, one being disaster and ten meaning we exceeded expectations. Above a six, what must you keep doing? If below a 6, what must you stop doing? Regardless of your score what do you need to make happen in the 2nd quarter?
This past week I had the opportunity to meet with several executives; although none were completely satisfied. I heard more optimism and hope than I have heard since last fall. An executive in a retail chain said that business was strong and profits were up because they are doing more with less people. An executive with a large construction manufacturing facility was excited about the next 6 months, specifically, the next two months of planned overtime to meet production requests. A C-level executive in technology was encouraged with the 1st quarter, but with April projections, believes production will be ahead of planned revenue goals. In all cases they were great examples of companies adjusting to their customer wants by always being in tune with their motivations to buy and then quickly matching their offerings or adjusting their business strategy.
The key point is simply this: the days are gone when you can lay out a one year business strategy and then simply work the plan. Successful businesses of the future will always need to adjust to their market demands and changing their offerings to match their customer’s motives to compete and win against their competition.
Robert Fritz, in his book The Path of Least Resistance for Managers, talks about 11 key questions to continually build and adjust your business strategy:
1. What is our Offering?
2. Who are our Customers? (internal and external)
3. What do they want?
4. What do we want?
5. Is their a match between their wants and ours?
6. How do they know about us?
7. How do they obtain our offering?
8. What is the current market?
9. What is the future market?
10. How will our offerings change?
11. Where are we going?
In the coming weeks this news letter will dig deep into these questions. Regardless, together let’s revolutionize our businesses to meet and deliver what our internal and external customers are motivated to buy.
I have enjoyed the last 90 days sharing with you some insights through my customer visits and my executive coaching. If you have enjoyed or more importantly value some of these insights please send me a quick note at midweekmentor@dalecarnegie.com.
All right! Let’s go make the 2nd quarter rock!
This past week I had the opportunity to meet with several executives; although none were completely satisfied. I heard more optimism and hope than I have heard since last fall. An executive in a retail chain said that business was strong and profits were up because they are doing more with less people. An executive with a large construction manufacturing facility was excited about the next 6 months, specifically, the next two months of planned overtime to meet production requests. A C-level executive in technology was encouraged with the 1st quarter, but with April projections, believes production will be ahead of planned revenue goals. In all cases they were great examples of companies adjusting to their customer wants by always being in tune with their motivations to buy and then quickly matching their offerings or adjusting their business strategy.
The key point is simply this: the days are gone when you can lay out a one year business strategy and then simply work the plan. Successful businesses of the future will always need to adjust to their market demands and changing their offerings to match their customer’s motives to compete and win against their competition.
Robert Fritz, in his book The Path of Least Resistance for Managers, talks about 11 key questions to continually build and adjust your business strategy:
1. What is our Offering?
2. Who are our Customers? (internal and external)
3. What do they want?
4. What do we want?
5. Is their a match between their wants and ours?
6. How do they know about us?
7. How do they obtain our offering?
8. What is the current market?
9. What is the future market?
10. How will our offerings change?
11. Where are we going?
In the coming weeks this news letter will dig deep into these questions. Regardless, together let’s revolutionize our businesses to meet and deliver what our internal and external customers are motivated to buy.
I have enjoyed the last 90 days sharing with you some insights through my customer visits and my executive coaching. If you have enjoyed or more importantly value some of these insights please send me a quick note at midweekmentor@dalecarnegie.com.
All right! Let’s go make the 2nd quarter rock!
Remember the three most important functions of business...
Remember the three most important functions of business:
1. Keep your current customers
2. Find new customers
3. Make a ton of money
Too often we take for granted our current customers. Let’s take a quick look at some strategies to keep our valued customers.
This past week I spent 5 days at Disney. My son’s baseball team was spending a week playing practice games in Orlando at the Disney ESPN Sports Complex. Once again Disney exceeded expectations and the team booked next years visit with 100% support from the coaches, players and parents. There were challenges and disappointments but what made the experience so positive was their people; they responded to every situation with class and professionalism. Again, it was their people that made us feel almost happy about the expense and created a willingness to give 20% to 25% tips whenever possible.
How about the prank that was played on my son’s team! Someone, apparently from a rival team, called his coach at 1:15 AM claiming that their game the next day, scheduled at 4:30 PM, had to be moved to 7:00 AM the next morning due to a water main break. The entire team showed up dressed and ready to play at 6:00 AM only to find out they were the only team in the complex. When Disney discovered what happened, of no fault of their doing, they arrived on the scene turned on the lights for practice and brought in, at their expense, a custom breakfast with smiles for the entire team.
From Dale Carnegie’s Book “How to Win Friends and Influence People” here are seven strategies to help you keep customers; all of which were demonstrated by Disney’s employees:
1. Give honest appreciation
2. Become genuinely interested in others
3. SMILE
4. Remember that a person’s name is to that person the sweetest and most important sound in any language
5. Begin in a friendly way
6. Try honestly to see things from the other person’s point of view
7. Make the other person feel important – and do it sincerely
Make it a great week and when thinking about keeping customers…go make their day!
1. Keep your current customers
2. Find new customers
3. Make a ton of money
Too often we take for granted our current customers. Let’s take a quick look at some strategies to keep our valued customers.
This past week I spent 5 days at Disney. My son’s baseball team was spending a week playing practice games in Orlando at the Disney ESPN Sports Complex. Once again Disney exceeded expectations and the team booked next years visit with 100% support from the coaches, players and parents. There were challenges and disappointments but what made the experience so positive was their people; they responded to every situation with class and professionalism. Again, it was their people that made us feel almost happy about the expense and created a willingness to give 20% to 25% tips whenever possible.
How about the prank that was played on my son’s team! Someone, apparently from a rival team, called his coach at 1:15 AM claiming that their game the next day, scheduled at 4:30 PM, had to be moved to 7:00 AM the next morning due to a water main break. The entire team showed up dressed and ready to play at 6:00 AM only to find out they were the only team in the complex. When Disney discovered what happened, of no fault of their doing, they arrived on the scene turned on the lights for practice and brought in, at their expense, a custom breakfast with smiles for the entire team.
From Dale Carnegie’s Book “How to Win Friends and Influence People” here are seven strategies to help you keep customers; all of which were demonstrated by Disney’s employees:
1. Give honest appreciation
2. Become genuinely interested in others
3. SMILE
4. Remember that a person’s name is to that person the sweetest and most important sound in any language
5. Begin in a friendly way
6. Try honestly to see things from the other person’s point of view
7. Make the other person feel important – and do it sincerely
Make it a great week and when thinking about keeping customers…go make their day!
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