Category: business development

5 Killer Mistakes – Part 3

5 Killer Mistakes – Part 3

The last 2 posts covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake: Up Cash Creek Without a Paddle.

Even when business is good there’s still a change of running out of cash flow. You have to always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.

Here are some tips to speed up the payment process:

  • Always send invoices on time and adjust your records for potential audits.
  • Learn how the client processes payments on their side and find out precisely where to send invoices.
  • Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
  • Have a follow-up procedure in place, just in case.
  • As a last resort, call your contact to ask questions.
  • Always make sure your invoices are correct before sending them out.

You also need to make sure your cash flow is protected. You can do this by:

  • Always know which accounts need paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your own inventor network.

These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the best success.

If you need help with any step of the process of catching your fish or subsequent big fish clients, try our GUIDED TOUR for access to a wealth of great tools and resources as well as our business coaching staff.

5 Killer Mistakes – Part 2

5 Killer Mistakes – Part 2

In the last post we covered the first two of the 5 biggest mistakes you can make in dealing with big fish clients. Today we’ll cover the third and fourth ones: Taking on More Than You Can Handle.

When you take on too much, your business can’t keep up and therefore you can easily lose control of everything and find yourself barely functioning. You want your business to be successful, no doubt, but you need to have a plan for how you will handle the growth. Your clients expect great customer service and highly quality products/services, they don’t know or care about your behind the scenes operations to get those things done.

  • Look for these signs that you are taking on more than you can handle:
  • Clients’ needs aren’t being met.
  • Employee morale is low, clients are upset and you’re in a panic.
  • You have to react in emergency mode to save accounts.
  • Your current clients are suffering from trying to keep up with new business.
  • Profits are going down.
  • You are just trying to pick up the pieces of your business.
  • Your clients/customers leave.
  • Resources are being reallocated.

There a trick called the Mock Fish Plan. This plan can help you react positively when you are facing some or all of these things and help you get your business back on track. This plan will:

  • Help increase sales in a short period of time.
  • Alter your products/services for the better.
  • Fulfill promises you made to your clients.

There are six steps to this plan:

  1. Bring in your best team and have them all help to meet the fish needs.
  2. Review your operational system.
  3. Anticipate future problems better.
  4. Communicate better.
  5. Include costs in your quotes.
  6. Always have a back-up plan.

All Your Eggs in One Basket

You can allow your company to become dependent on any one fish. Eventually or for certain periods there is going to be a slowing down period with your fish. In order to stay in the game you need to diversify.

If you’ve ever mishandled a fish, you could drive away potential fish as well. In order to keep balance and prepare for a strong future, there are a few things you can do.

  • These things include:
  • Stay in the loop and try to know what’s going on inside your fish company.
  • Constantly reinvent yourself and stay at the top of your industry.
  • Stay exclusive.
  • Try to secure multi-year commitments and contracts.
  • Spread your contracts out.
  • Price your products/services correctly.

You also need to work to reduce your dependency on your fish. This can generally be measures in sales or profits. Take a look back at the process we’ve used thus far to snag more fish to keep this all in balance.

These are the ways you can help avoid the killer mistakes that can make you lose it all. If you need help with any of these tips or tricks, try our GUIDED TOUR to get the help you need fast.

Next time we’ll talk about the last of the killer mistakes and how to combat it from hitting your business hard.

Keep Up the Momentum

Keep Up the Momentum

In the last post we talked about negotiating with your big fish and how to nurture and build on the relationships you are creating. Today we’ll talk about the power your fish has and how to utilize that for your benefit.

One of the most important aspects of this is to keep your cheerleader cheering. This refers to the ally you created in the company and who needs to stay loyal to you for you to continue a profitable partnership with your fish. You can keep your champion going by offering or doing a number of things to show appreciation. Some of these things are:

  • Share the limelight.
  • Help them thank their company with new products and services.
  • Emotionally connect them to your company.
  • Know when to leave them alone.
  • Keep your “family” happy.
  • Stay on the front lines.

Now that you have some ideas of how to build solid relationships, you need to seek out people to build these relationships with. These alliances will help you get bigger clients that stay with you forever. You can often get in the door by offering them something in exchange for something they need:

  1. Power
  2. Information
  3. Better work experience

These are all great ways to feed your alliance. You need to go into a relationship considering the things a big fish can offer you besides money. These can include:

  • The opportunity for your business to expand
  • The opportunity to learn from the experience and find ways to grow
  • The opportunity to improve your processes, systems and other means of doing business

These are some of the best ways to keep your alliances going strong and your partnerships fresh and content.

If you need help with any of these tactics, try our GUIDED TOUR for great tools and resources that can help you every step of the way.

Bring Them Flowers

Bring Them Flowers

There are a few things you need to do and consider to prepare for your first face to face meeting:

  • Make a list of what you want to accomplish during the meeting.
  • Anticipate potential concerns from the client.
  • Check to make sure you are completely prepared.
  • Listen more than you talk.
  • Bring support staff with you.
  • Use and respect the clients’ format.
  • Always follow through.
  • Ask for what you need and seal the deal.
  • Simplify your prospects life.
  • Find ways to boost your credibility.
  • Build and nurture relationships.
  • Learn from “no”. Find out what didn’t work so you know how to change it for the next time

These are all important things to do both before and during your presentation. With confidence behind your company and product you will catch that big fish. The next step of the process is negotiation. This can seem a little intimidating but with a few tips and tricks can become natural to you.

Here are some tips to help you negotiated successfully:

  1. Build a pricing strategy and stick with it.
  2. Prioritize what you plan to offer. This should include what really matters to you and what you are willing to give in on.
  3. Don’t give in too quickly.
  4. Negotiated with a person, not a “company”. Don’t let their answer be that they would like to, but can’t.
  5. Don’t sell yourself short.
  6. Mitigate your pricing. If you go to low you won’t be able to raise it back up and you need to make a profit.
  7. Don’t sacrifice quality for the deal.
  8. Your services should always count as costs.
  9. Boost margins with add-ons.
  10. Handle request for proposals with the utmost care.

These are the ways you make sure that both parties are getting the best possible situation from the partnership. Once you start meeting or working together, it’s important to continue to build your relationship so that that representative becomes a big of an ally for you. They are more likely to vouch for you and build on the partnership you have with their company.

We like to call this person a champion. They are champion for your company and can bring a stronger, brighter future to your company. Here are the characteristics of a great champion:

  • They are respected by supervisors.
  • They are socially networked.
  • They think in the best interest of their company’s long run.
  • They are able to quickly navigate through the company to get things done.
  • They are willing to give credit to another person.
  • They share the same business philosophy, values and vision as you.

Now, that you know how to negotiate for what is best for both parties and build on relationships, we’re going to talk about how to use your fish’ power to the best of your benefit.

If you need help with any of the negotiation or courting process, try our GUIDED TOUR to get access to a wealth of great tools and resources to help you be successful.

Who’s Your MVP?

Who’s Your MVP?

In the last post we talked about making first contact with your prospective big fish and how to make a positive first impression. Today we’re going to talk about feeling out the personality of your prospective big fish to match the right salesperson to the fish.

You need to do this in two steps:

  1. Profile your salespeople’s personalities.
  2. Match the right salesperson to your target fish.

There are essentially three different selling personalities:

  • Sage
  • Pal
  • Pit Bull

The Sage

This salesperson offers knowledge, experience, comfort and trust. They can make a concerned customer feel at ease. In order to be successful they need plenty of information, a demo of the product/service, references and case studies, if possible.

The Pal

Much like it sounds this is a salesperson that shines at building relationships. They can instantly relate to the prospective client and make them seem like old friends in no time. They work best with clients who are looking for friendship, information and in a similar peer group as the salesperson. This can include anything from age and culture to hobbies and nightlife. While, sharing experiences can be beneficial to creating a new relationship, your salesperson must always keep it professional and dignified. The resource’s this personality type needs is help pairing with the right client, entertainment (or schmoozing) budget and the right information to meet the client’s needs.

The Pit Bull

Obviously, this personality type is a little more aggressive than the others. They are all about business and the bottom line. While this may seem harsh to a lot of people, there is a set of business people out there that want the same thing and respect someone who can get down to business and the benefits of a partnership. This salesperson will need to be trusted with a little authority as they will likely be closing deals on the spot. They’ll need plenty of resources and access to products and services. They are best placed in environments where they can work independently, exercise their authoritative discretion and seal deals quickly.

These can all be successful when each is used in the right selling environment. You can easily see how matching the right salesperson for the client can secure more big fish and for a longer period of time.

If you need help figuring out which of your salespeople fit into these three areas, try our GUIDED TOUR and work with one of our amazing coaches to get your big fish plan in action.

The Perfect Bait

The Perfect Bait

In the last post we talked about how to learn about your big fish and prepare for the first contact you’ll make with them. This first contact is essential to your success. You need to instill confidence in them. They need to know you can fulfill exactly what you are offering on time, at a good price and at the quality you promise.

Today we’ll actually go through the big approach and how to make that perfect first impression. Before you put together your approach plan, you need to choose with big fish you’re going after. Take a look at your notes and the research you’ve done about prospective fish. Then decide which one will be the easiest approach to start out with.

There are a series of things to go through in choosing which fish to start with. They are:

  • Position Your Business
  • Compile Your Hit List
  • Select the Best Target

Position Your Business

You need to position your business to make the first move by listing your revenue streams, id and list your operational procedures, where your fish is initially positioned, your big-customer research, and putting it all together.

Compile Your Hit List

Start with a list of all the companies you’ve been considering. Then narrow it down to the ones who know could use your products or services. Don’t overlook obvious choices, whether they are big or small. Even small companies could be big fish in the future.

Select the Best Target

Once you’ve got your list narrowed down, you need to decide which one is the best fish to start with. You need to consider a couple of things:

  • Which have the most purchasing resources to spend?
  • Does their company vision compliment yours?
  • What are their employee incentive programs as they relate to your products/services?
  • What’s the company’s real need for you?
  • Will the partnership lead you off-course?

Now you should have a target in mind to start with. It’s time to plan your approach and execute that plan.

Here’s the step-by-step plan to help you make a good first impression:

  1. Build and analyze your database. Divide your leads into three different categories: hot leads, great fits and secondary leads.
  2. Send out introductory mailings to your target to introduce yourself, your company, services, products, and vision. They need to be short, clean and concise.
  3. Follow up with your first phone call 2-3 days after they would have received the mailings. During the phone call find out whom you need to be speaking with in the future and try to set up a meet with the right person.
  4. Follow up your phone call with another mailing that thanks them for taking the time to speak with you and offer more details about your products/services. Use this letter and opportunity to set up a meeting to do a presentation.
  5. Follow up the letter with another phone call a couple of days after they would have received the letter. This phone call is to help you further develop your relationship with the prospective client. You should also be able to set up a presentation meeting with them.
  6. Call again a week later if they haven’t agreed to a meeting or presentation. Ask if they received your creative letter (the second one) and if they have a minute when you can stop by and introduce yourself in person.

Now, don’t be upset if you don’t seal the deal right away. Some people simply take a little longer to woo. This can all be a little intimidating at first, but when you know you are offering a quality product/service, you can’t go wrong.

Once you’ve gone through this process and make first contact (and hopefully a good first impression) it’s time to put your best face forward, which means sending the right salesperson to seal the deal.

If you need help putting together your approach and make a good first impression, try our GUIDED TOUR to work with a coach and have access to a wealth of great resources and tools.

Untangle the Red Tape

Untangle the Red Tape

In the last post we talked about how to bring the big-company mindset into your business and your team. This will help you overcome the mental obstacles that will keep you from being successful. Now, that you’ve learned how to overcome that, we’re going to talk about who your fish is. It’s important to know about the fish you are looking for before you put a plan together. We’re also going to take a moment to talk about the potential “red tape” you may encounter along the way.

The most important thing to know about your fish is their purchasing habits and procedures. There are four main things you need to work on in order to be successful:

  1. Responsibilities: You need to know who has influence over purchasing, who does the actual buying and who can kill a deal if they want.
  2. Get on Their List: You need to know how to get on their list of people to buy from. Your name needs to not only be on the list, but at the top of it and in as many categories as possible for the more interaction. Ask about a procurement program and what you need to do to go through the application process.
  3. Lingo: You need to learn the company’s unique language and communications methods. These could include report names, buzzwords and even the nicknames they have for their employees.
  4. Fiscal Budgets: It’s essential you know the fishes fiscal budget, so you know exactly when they are planning their expenses for the year.

Now that we’ve talked a little about what you need to know about your fish, let’s a quick look at the “red tape”.

Bureaucracy might as well be a four-letter word with the emotions it stirs in all of us. “Red tape” is a necessary evil, but one you can use to learn from. There are two ways to learn from their system:

  1. Analyze their activity.
  2. Review their correspondence.

Being an outsider looking in can have its advantages too. If you hate dealing with the “red tape”, imagine how their employees feel dealing with it. If they need to crunch some numbers, offer to do it. If they need more info, make sure you are giving it to them in a user-friendly way.

The things we talked about in this lesson will help you prepare for the big approach. If you need help with any of this, try our GUIDED TOUR to find the right tools to get the job done.

Be One with the Fish

Be One with the Fish

In the last post we started our series on catching big clients, or “fish”, that will sustain your business over the long run. Today we’re going to take that a step further by talking about how to understand and think like a big fish company and how that can help you plan your approach and find success.

Before you can start the process of landing big clients, you have to make sure your entire team is onboard with your approach and vision. There are six keys to finding big client success. They are:

  1. First Impression: You must remember you have one shot to land a big client. If you make a mistake, they aren’t going to consider you again. Never give them a reason to doubt your abilities.
  2. First Priority: Your fish must always feel like they are your first priority. Returns calls and emails immediately and find solutions to their problems or questions as quickly as possible.
  3. Flexible: You need to be flexible in your negotiations. If they need a special service or for you to customize a product, say yes for the benefit of the long term. A little hassle now will be a big pay off later.
  4. Long-term: This goes along with the last one a bit. As you are approaching and negotiating with big fish you need to think about the long term benefits for your business. If you go for a ones-time big score you will lose their interest.
  5. Have Fun: Work should be fun, even when trying to land big clients. In fact, this should be the most fun. You are sharing your vision with new people and including them in your future success and likewise. People simply work better in a fun, happy environment. Your passion will also be contagious and pull the fish into your vision even more.
  6. Help Them: If you take just a little bit of time and offer your clients ways to save money or time by introducing them to potential business partners, this will show you really are invested and interested in their business. Strive to find balance between your business needs and your client’s needs.

There are also a few tactics you can use to bring in a big-company vision to the people on your team. You can:

  • Post these six keys for all to see.
  • Put together a performance based incentive program.
  • Conduct frequent team meetings.
  • Use a “right now” policy that dictates big fish calls be answered immediately.
  • Offer awards/recognition for big-company ideas and executions.
  • Put together a training and certification program based on the six keys above.

These 6 keys and tips will help you instill a big-company mindset through your company which will help you be more prepared and more likely to land your big fish. Once your team is thinking this way, you’ll be unstoppable.

If you need help putting together an incentive program or other way to push your team toward the big-company mindset, try our GUIDED TOUR to work with one of our coaches or check out our resources and tools.

Mortar Makes it Happen

Mortar Makes it Happen

Today I’d like to talk about the three keys to business development and how you can put the right bricks in place to build a solid foundation.

There are three main areas of business development:

  • Innovation
  • Quantification
  • Orchestration

If done well these three areas will help you build a solid foundation for you business. Let’s talk about each one of these for just a minute.

Innovation

Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into action. This is where a large amount of your focus should be in the beginning and even throughout your business’ entire lifespan.

Quantification

This, of course, refers to the numbers. We are talking about the value of your innovation. The best way to gauge this is by your customer response. Look to positive responses for what you are doing right-and keep doing it. Look to your negative responses to find out what you’re doing wrong-and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.

Orchestration

Once you’ve had a chance to find what areas are working, you can narrow down those areas and concentrate on making them the stand out ideas. You shift your focus here to get the most out of your business and to meet the needs of your customers.

We can help you work through these three areas to put together your franchise prototype during your GUIDED TOUR.

In the next few lessons we are going to transition to the 7 specific areas you need to consider in your franchise prototype process:

  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These 7 areas will fine turn your plan for the ultimate level of success.