Making the Best Use of Your Networks

You’ve heard it before, and you’ll hear it again – successful leaders and business owners leverage their networks.  Imagine having a big network of resources to tap into, and knowing exactly who you need to talk to every time you need to get something done.  So how do you build your network if you aren’t already there? How about starting with the first step today – taking inventory.

Here is a quick example of a networking model that I like to use.  It consists of 3 categories:

• operational
• strategic
• personal growth

Operational networks are people who can help you get things done more efficiently in the running of your business operations.  They could be your employees, your suppliers, your IT support crew, your bookkeeper, etc.  These are the people that can work with you in your current role – they can help you run a smoother operation and make your business more efficient.

Strategic networks are people that make you think bigger.  They ask the tough questions – are you moving in the right direction, are you focusing on the right priorities, etc.  These could be your advisory board members, your mentors, or industry experts in your field of interest, or a seasoned business owner.  These are the people that work with you on looking at the future.

Personal networks are often neglected in business discussions, but they do form an important role for your business.  They are often safe places for you to develop personally, and give you perspectives beyond your industry or business interest.  These could be people in your personal communities, alumni groups, or other professional organizations.   They are the ones that give you breadth and perspectives beyond your current environment.

Now list who you know in each category, and see if the list lines up with your networking efforts and your business goals.  For example, if you are looking to grow your business in new ways, do you have the right strategic networks in place?  If not, are you actively building networks in that category?

Convincing Customers to Adopt Your New Mouse Trap

Ever wonder why your potential customers don’t act, even if you can clearly see the benefit of what your products or services can bring to their business?  How do you convince them to adopt your mouse trap, which is clearly more superior than what they are currently using?

Do you have a process for gauging whether your customers will adopt a new product?

It’s likely that your customers are quite happy with what they already have in place.  They are reluctant to part with what they have in place, are unable to see the need for a new product, and may also be skeptical about a new product’s performance.  Ask yourself this question:

1. Do they have to make significant adjustments to how they have been operating to use your product?
2. Does your product offer significant benefits when compared to what they use currently?

If your answer is yes and no, then you have a problem.  As an example, a family that has been using disposable diapers for their first child will have more resistance switching to a new cloth diaper product for the next child.  Switching from disposable to cloth requires a significant change in routine, while both options do the same job.  However, if the family had started using cloth diapers for their first child, convincing them to use an improved version of cloth diaper would be a lot easier, as they don’t need to change their routines.

The most successful product introductions are those that bring substantial benefits but require little behavior adjustment.  Think switching from standard to high-definition TV.

If you are launching a new product, or overhauling an existing one, think about whether your customers would need to adjust how they have been operating.  If they do, make sure you build in ways to make the change easier for them.

Do let your kids work at McDonalds

I was talking to a business owner this week, and our conversations drifted into how both of us got into our lines of work.  We were debating on what skills entrepreneurs need to have, when a thought occurred to me.  Ever noticed that the skills you are using for your business today might have been acquired through completely different periods in your life, in completely different jobs?

For example, my problem solving skills come from having an engineering background.  My patience and persuasion skills comes from being a volunteer summer camp assistant in junior high school dealing with screaming 5 year-old kids.  My sales skills come from a venture in direct selling.  And my systems skills are partially drawn from having worked at a pizza franchise for a couple of years in high school.  At any point in the past, if you would have told me that they were all great work experiences building towards something I could use in the future, I would have laughed at you.  But now I see it all working together.

So don’t discount your knowledge and experience in your past.  Think about what skills you acquired through each of your past job or venture, and leverage that unique list of strengths in your business, and find help for the skills you don’t have yet.

And if your kid wants to work at McDonald’s, let them!  I find franchises to be great places to learn about how to “systemize” your business.  Everything is documented and down to a science.  I still remember the script for answering the phone at that pizza joint.

Now if only I can figure out what skill I’m supposed to have learned from that summer in high school I spent in an electronic warehouse counting inventory.  I’ll be sure to let you know when I figure that one out.

Listen to Your Gut

As a business owner I have made a few mistakes along the way.  We all do.  It’s the only way to you figure out what works.  I had an interesting realization when looking over 2009.   Whenever things went off the rail in my business, it was because I did not listen to my gut.

You know that quiet ‘ping’ you get when your mind is telling you the answer, but you ignore it?   Maybe you listen to other people;  maybe you discount it because it is ‘just a feeling’.  Whatever the reason, I can see very clearly whenever things didn’t work out the way I expected, I had intentionally ignored my radar warning.

Your gut, your radar, your subconscious – whatever you want to call it – is the best GPS you can use for guiding yourself on important decisions.  Listen to it.  I plan to this year.  Every time.

Happy New Year!

A new year starts tomorrow.  You are responsible for the direction of your life. Getting clear on what drives you, what motivates you, will allow you to define what you want to get out of 2010.

Spending a lot of time doing stuff you don’t enjoy is not what life is supposed to be about. Neither am I advocating that you turn into a selfish person.

To strike a healthy balance in life, you must be clear on what makes you happy and then make sure you fit those things into your life.

Life is too short to spend it doing stuff you have to all the time.  Make sure you have fun and play in 2010 as well.

Seize Opportunity in 2010

Why is it that women can organize birthday parties for toddlers, not lose children in shopping malls, plan detailed vacations, and be the keeper of everyone’s calendars and all their stuff, yet often when it comes to setting goals for themselves, they procrastinate endlessly?  What is with that?

If you are one of these procrastinators, give your head a shake, sit down right now and write down the goals you want to complete in 2010.    What kind of income do you want to make?  Where will you go on vacation?  What kind of job do you want?  What projects do you want to take on at work?  Do you want to get fit or take a class?  Do you want to journal every day?  What do you want to do with family or friends?

It doesn’t matter what the goal is; what is important is that you choose some (no more than 5) and write them down.   Don’t chicken out on this.  Remember, you are charting a new course for 2010 and setting goals will allow you to measure your success throughout the year.

Two-Step Follow-Up

People often question the value of going to networking events, tradeshows or conferences. They comment that the time spent out of the office is not a good investment as they rarely have the time to do follow-up with any connections they meet. They come back with business cards that end up sitting on their desk – often for weeks or months. Not following up on these leads is costing you money and opportunity.

So for 2010, implement a system so you don’t continue to miss out. My rule is that all follow-up after an event has to be done within 2 business days of meeting that person. By blocking off 2 hours the morning after the event for follow-up, I get it all accomplished. Then I file the business cards in my electronic address book. No more digging through a pile of business cards looking for that person I want to get in touch with.

Implement this simple system and you’ll be surprised at how little time it does take and how many opportunities that will open up!

Why Pissing Off People is a Good Thing

I don’t normally blog on a Sunday but just read this fantastic article by Tim Ferris on The Benefits of Pissing People Off and loved it so much I had to share it with all of you.  Read it here.   A good reminder to all of you who are playing it too safe!

Don’t Lose Your Passion!

I often get asked what is the most important thing you need to be successful in sales. My answer is always the same – passion. You have to be passionate about the product or service you are selling. Passion makes you enthusiastic and it is that enthusiasm that makes your sales pitch so appealing to potential customers.

As a business owner, your very survival depends on your ability to sell. If you cannot sell anything, you are not going to make any money. Sales is the engine that drives your company – it tells you that you are not a crazy lady – that indeed your idea is good enough that someone else is willing to give you money for it! I still remember the amazing sense of accomplishment and pride I got when I received my first check from a coaching client!

It is that passion that drives most of us to create our own business in the first place. But too often I see entrepreneurs lose their sales spark as they slowly drown in the everyday running of the business.

Are You Selling To The Right Customers?

Great salespeople are passionate about their products and their customers.  Effective selling is not about trying to talk people into buying things that they don’t need or cannot afford.  Effective selling is about selling a solution – giving your customers something that they want.

Where I see people lose passion for selling is when they are selling to customers they are not comfortable with or just plain don’t like.  When Harvard Business Review did research into the qualities that make top salespeople, they were surprised to learn the number one trait was empathy.  People, listen up – how can you have empathy for your potential customers if you aren’t comfortable with them?

My business does well because I have a well-defined target customer and I am very clear on why they buy this product.  Whenever I meet a prospect I get excited because I know I have a solution for them!  If you are not feeling the same way when it comes to making a sale, you need to redefine who your customer is.  You need to be passionate about servicing your customers and if that feeling is not there, then find a different market.