PEOPLE
Every business, regardless of industry, country, or model, consists of people. The quality of your people drive the quality of your business, and most importantly, the experience one gets buying or working with you. How much time, energy, and resources do you dedicate to personnel development? Likely, not enough to meet the rapidly changing demands of the marketplace, including your vendors, customers, clients and partners. Dedicating resources (time, money, training and mentoring) can pay huge dividends as you strive to succeed, in any economy.
PASSION
What is this passion-thing really? Is it joy? Is it love? Is it winning? Is it succeeding? Is it graduating? Is it marrying? Is it recognizing? YES, all those things and too many more to mention, because passion begins with/within YOU. Do you display an energy that resonates, attracts, excites, motivates, encapsulates and dedicates others to follow your lead? Passion is an obsession for better___________, en route to best. It is the stuff that you bring to the equation. It is a force for good. It is a genuine desire, and positive intention. It is always being part of the solution. It helps you to embrace change. It guides you through adversity. It is what together we create, and it starts with YOU.
PREPARATION
How do you make ready for a meeting, a lunch, a client, a prospect, a family reunion, a breakfast, a dinner, a conference call, a convention, a date, or an impromptu encounter? If your answer takes too much thought, you're likely in need of a reminder of how to prepare for success. Research the person. Get to know their industry, company, goals, hobbies, interests, involvements and if possible, their burning desire. The more you prepare, the more someone knows you care, which drives the conversation (and relationship) beyond selling to advising, and success is now within reach.
PRACTICE
So what do you say/write, how do you say it/write it, and why say/write that when you are meeting someone new? Lawyers, doctors, accountants, athletes and musicians practice, so why don't you? Successful sales calls, golf shots , surgeries, trials, investments, and seasons have one thing in common: practice. Are you working hard enough, and smart enough, to achieve the success you say you want? If not, one thing you can do immediately to position yourself/your company/your team more success, is to practice.
PROFITABILITY
In business we measure much of our success in financial terms. Revenues, profits, premiums, assets, ebita, percentages and margins are but some of the measures most commonly used. In networking, people are your gateway to success, and social capital is the currency we measure, and trade. The goodwill you create in the service to others can be deployed for positive results in ways beyond imagination. Social capital is not always tangible, yet we can use it to help others, and ourselves, to ongoing success. How do you get it? By creating value in your relationships beyond the product or service you provide. Always do for others more than you take in return, and watch your social capital (and success) grow.
Friday, May 20, 2011
Tuesday, May 10, 2011
3 Steps to Grow Your Referrals!
The most frequently asked question (FAQ) by my client's, and my business network, is as follows: "how can I/we get more new business by referral?" Over the 20+ years since beginning my sales and marketing career with Deluxe Corporation,(www.deluxe.com) a Fortune 500 company based in St. Paul, Minnesota, it has been my experience that the absolute best way to "get" more referrals, is to "give" more referrals. Aside from that, you and your organization can master the following "3 Steps", and watch your referrals grow!
Step 1 - Practice ProActive Listening!
Consider this simple, yet powerful fact: each and everyday, your friends, family, clients, prospective clients, alumni, association, religious, and non-profit organization colleagues (a/k/a your network) tell you that they have needs. In other words, they want something, or someone, better. Are you listening? I mean, are you REALLY listening to what they are saying, and actively thinking about who you know that might be able to help them, better their business, or their life? The needs are obvious. A better dry cleaning service, an honest auto mechanic, a reliable contractor, a quality locally-owned restaurant, a banker who knows their name and their business, an accountant who files on time, a realtor who presents properties that match their buying ability and lifestyle, an attorney (or law firm) who values the client more than the hourly rate, and the ever-important medical doctor who won't make you wait for an hour (or more) just to see them! I trust you can understand what I am saying, when I say that we all want (and deserve) something, someone, better. If you care enough to proactively listen, you can make an introduction for them that will forever leave them being thankful to you.
2- Become More Visible!
Who are you? What does your firm do? How are you unique or different in the marketplace? These are not what you want someone in your community to say upon hearing your company name! Simply put, when we source your firm name in the business dictionary (assuming there was such a thing), we could then just replace your company name with the following definition: <_____insert your firm name _____ = "an unknown", "invisible", and/or "irrelevant" firm of some kind that does some thing to which nobody really knows, or cares.> If success is your goal, this is NOT what you want anyone to ever say (or think) about your company. So how do we prevent this from happening? Become more visible! Word-of-mouth marketing is more like farming than hunting, so it requires you to be on the ground, in-person, attending, talking, meeting, greeting, planting seeds, opening and nurturing new relationships. This also requires that your team accurately communicates your brand, your story, your uniqueness, and your strategic advantage. To get more business by referral requires you to train your network (a/k/a your friends, family, clients, prospective clients, alumni, association, religious, and non-profit organization colleagues) on what makes you unique, different, and ultimately the preferred company in your field or industry. Unlike business over the internet, which is cold and impersonal, your business referral network is an organic, ever-changing ecosystem of people. In this way, your network is much like a farm, which requires that you invest time, energy, resources, and purpose in order for the seeds you plant, to grow, flourish, and yield those fruitful crops which we call referrals! Through active involvement with your network, and in your community, you and your business will become visible enough to be credibly referred to others.
3- Less is More!
Success by word-of-mouth requires that you communicate clearly, creatively, and constructively - in less than 60-seconds. Think about it: t.v. (or radio) ads rarely run longer than this, and yet, they tell you a whole lot about something. Arguably, they are not always completely clear; however, they are 60-seconds or less. Why? Time is money, in advertising, in business, and in life. Word-of-mouth provides you an opportunity to say less, while accomplishing more. Don't think so? try saying (and timing) this: FLY, SLEEP, DRIVE, CRUISE, CHEAP. If you're like most, 3-5 seconds is as long as it should take to say those five things, which are the entire business model of an online internet travel services firm known as Hotwire. (www.hotwire.com) Do you know your five things? For many years now, I have consulted our clients, and my networks, on the value of saying more, with less. This is especially important for networking events, galas, elevators, airplanes, front lobby/reception areas, restaurants, bars, stadiums, theaters, court rooms, schools, board meetings, parties, and anywhere else where you might happen across that ideal prospective client (which is everywhere!) Why? Because everyone you meet, and yes even at funerals, almost always asks you that involuntary question: "what do you do?" The key to everything in business (and sports, medicine, law, copier sales, insurance and any other business which requires someone to say yes - which is every business), is practice. Every other professional has to practice, so why don't you? Practice being clear when you communicate who you are, what you do, and most importantly, how your clients in _____ industry _____ benefit from working with you. Verbal vomit (anything more than 60-seconds) is the death knell of word-of-mouth marketing, and an expensive proposition for advertising mediums. Be creative about what you say, how you say it, and especially how you say why your clients work with you. Please avoid the boring, biographical, pedigree-laden, plethoric details of your experience and qualifications because to be honest - they do not care! They want to be excited, inspired, and motivated! Finally, be constructive about sharing how you help others, with real stories that showcase two, three at the most, client success stories. This will generate enthusiasm, attraction, and curiosity, which are keys to setting a formal meeting to talk business.
By proactively listening to your network, while getting involved in your local community and organizations, you can deploy the less-is-more tactic, while giving (and gaining) more referrals by word-of-mouth!
Step 1 - Practice ProActive Listening!
Consider this simple, yet powerful fact: each and everyday, your friends, family, clients, prospective clients, alumni, association, religious, and non-profit organization colleagues (a/k/a your network) tell you that they have needs. In other words, they want something, or someone, better. Are you listening? I mean, are you REALLY listening to what they are saying, and actively thinking about who you know that might be able to help them, better their business, or their life? The needs are obvious. A better dry cleaning service, an honest auto mechanic, a reliable contractor, a quality locally-owned restaurant, a banker who knows their name and their business, an accountant who files on time, a realtor who presents properties that match their buying ability and lifestyle, an attorney (or law firm) who values the client more than the hourly rate, and the ever-important medical doctor who won't make you wait for an hour (or more) just to see them! I trust you can understand what I am saying, when I say that we all want (and deserve) something, someone, better. If you care enough to proactively listen, you can make an introduction for them that will forever leave them being thankful to you.
2- Become More Visible!
Who are you? What does your firm do? How are you unique or different in the marketplace? These are not what you want someone in your community to say upon hearing your company name! Simply put, when we source your firm name in the business dictionary (assuming there was such a thing), we could then just replace your company name with the following definition: <_____insert your firm name _____ = "an unknown", "invisible", and/or "irrelevant" firm of some kind that does some thing to which nobody really knows, or cares.> If success is your goal, this is NOT what you want anyone to ever say (or think) about your company. So how do we prevent this from happening? Become more visible! Word-of-mouth marketing is more like farming than hunting, so it requires you to be on the ground, in-person, attending, talking, meeting, greeting, planting seeds, opening and nurturing new relationships. This also requires that your team accurately communicates your brand, your story, your uniqueness, and your strategic advantage. To get more business by referral requires you to train your network (a/k/a your friends, family, clients, prospective clients, alumni, association, religious, and non-profit organization colleagues) on what makes you unique, different, and ultimately the preferred company in your field or industry. Unlike business over the internet, which is cold and impersonal, your business referral network is an organic, ever-changing ecosystem of people. In this way, your network is much like a farm, which requires that you invest time, energy, resources, and purpose in order for the seeds you plant, to grow, flourish, and yield those fruitful crops which we call referrals! Through active involvement with your network, and in your community, you and your business will become visible enough to be credibly referred to others.
3- Less is More!
Success by word-of-mouth requires that you communicate clearly, creatively, and constructively - in less than 60-seconds. Think about it: t.v. (or radio) ads rarely run longer than this, and yet, they tell you a whole lot about something. Arguably, they are not always completely clear; however, they are 60-seconds or less. Why? Time is money, in advertising, in business, and in life. Word-of-mouth provides you an opportunity to say less, while accomplishing more. Don't think so? try saying (and timing) this: FLY, SLEEP, DRIVE, CRUISE, CHEAP. If you're like most, 3-5 seconds is as long as it should take to say those five things, which are the entire business model of an online internet travel services firm known as Hotwire. (www.hotwire.com) Do you know your five things? For many years now, I have consulted our clients, and my networks, on the value of saying more, with less. This is especially important for networking events, galas, elevators, airplanes, front lobby/reception areas, restaurants, bars, stadiums, theaters, court rooms, schools, board meetings, parties, and anywhere else where you might happen across that ideal prospective client (which is everywhere!) Why? Because everyone you meet, and yes even at funerals, almost always asks you that involuntary question: "what do you do?" The key to everything in business (and sports, medicine, law, copier sales, insurance and any other business which requires someone to say yes - which is every business), is practice. Every other professional has to practice, so why don't you? Practice being clear when you communicate who you are, what you do, and most importantly, how your clients in _____ industry _____ benefit from working with you. Verbal vomit (anything more than 60-seconds) is the death knell of word-of-mouth marketing, and an expensive proposition for advertising mediums. Be creative about what you say, how you say it, and especially how you say why your clients work with you. Please avoid the boring, biographical, pedigree-laden, plethoric details of your experience and qualifications because to be honest - they do not care! They want to be excited, inspired, and motivated! Finally, be constructive about sharing how you help others, with real stories that showcase two, three at the most, client success stories. This will generate enthusiasm, attraction, and curiosity, which are keys to setting a formal meeting to talk business.
By proactively listening to your network, while getting involved in your local community and organizations, you can deploy the less-is-more tactic, while giving (and gaining) more referrals by word-of-mouth!
Wednesday, April 13, 2011
Word-of-Mouth is Always Working - For You or Against You?
HEADLINE NEWS - ANYWHERE, USA
Gas prices reach record highs! Real estate prices sink to record lows! Banks and credit markets in crisis - again! Dollar drops - again! Trade deficit disadvantage. Debt ceiling exceeded. Economy signals potential for double-dip recession!
OK, does any of that sound familiar to you? The headline news in your town or city or country likely contains one, if not all of those subjects in the very recent past. WHY? To sell newspapers? YES. To scare consumers? YES. To create reality? YES. It is a strange reality today that "bad news" sells in the newspaper, TV, magazine, and social media. On the contrary, bad word-of-mouth, which is essentially the same thing as a negative headline, is the kiss of death for you, and your business. What do we mean by bad word-of-mouth? Good question!
Consider the last time you dined out at a restaurant that did not meet your expectations. What did you do about it? If you're like most people, you are still talking about it! You've told everyone within shouting distance, and on your social media pages, that this restaurant and the experience were not acceptable. The _____ (insert your own)______ was terrible. You can insert service, food, cost, atmosphere, server, wait time or etc. into the blank, as there were likely all part of the conversation.
Conversely, let's take a look at the last time you dined out at a restaurant that exceeded your expectations. What did you do about it? Nothing, other than to tell one person, maybe two about the service, food, cost, atmosphere, server, wait time or etc.
WOW. Bad experience? Tell everyone everything! Good or great experience? Tell one someone about one thing - maybe. How can this be? Good question!
Because word-of-mouth is always working, it is vital to make sure it is working for you and your business, and not against you. How? ASK! Ask others what their experience was in working with you, buying from you, learning from you, flying with you, or just being served by you. Ask if they are getting what they expected, more-than they expected, or less-than they expected - they being your customers both internal and external. You'll get great answers, and if you listen, and take action, you'll grow your opportunities to serve, and likely your business and your profits, too!
The great litmus test of whether word-of-mouth is working for you (or against you) is to reflect upon the number of times people refer you, prefer you, and/or go out of their way for you. Another test is to measure how many times in a day, week, or month you hear the following when the phone rings: "hi, my name is _____, and I was referred to you by ________ and they said you are the best. When can we meet?"
If you are not hearing this 8 or more times per/month, then take greater control of your word-of-mouth marketing (a/k/a networking) efforts by working harder to ensure that word-of-mouth is working for you! HOW? Good question!
Please contact us if you'd like to know more about how our clients are using word-of-mouth, to grow their relationships, grow their referrals, and grow their revenues, too.
Gas prices reach record highs! Real estate prices sink to record lows! Banks and credit markets in crisis - again! Dollar drops - again! Trade deficit disadvantage. Debt ceiling exceeded. Economy signals potential for double-dip recession!
OK, does any of that sound familiar to you? The headline news in your town or city or country likely contains one, if not all of those subjects in the very recent past. WHY? To sell newspapers? YES. To scare consumers? YES. To create reality? YES. It is a strange reality today that "bad news" sells in the newspaper, TV, magazine, and social media. On the contrary, bad word-of-mouth, which is essentially the same thing as a negative headline, is the kiss of death for you, and your business. What do we mean by bad word-of-mouth? Good question!
Consider the last time you dined out at a restaurant that did not meet your expectations. What did you do about it? If you're like most people, you are still talking about it! You've told everyone within shouting distance, and on your social media pages, that this restaurant and the experience were not acceptable. The _____ (insert your own)______ was terrible. You can insert service, food, cost, atmosphere, server, wait time or etc. into the blank, as there were likely all part of the conversation.
Conversely, let's take a look at the last time you dined out at a restaurant that exceeded your expectations. What did you do about it? Nothing, other than to tell one person, maybe two about the service, food, cost, atmosphere, server, wait time or etc.
WOW. Bad experience? Tell everyone everything! Good or great experience? Tell one someone about one thing - maybe. How can this be? Good question!
Because word-of-mouth is always working, it is vital to make sure it is working for you and your business, and not against you. How? ASK! Ask others what their experience was in working with you, buying from you, learning from you, flying with you, or just being served by you. Ask if they are getting what they expected, more-than they expected, or less-than they expected - they being your customers both internal and external. You'll get great answers, and if you listen, and take action, you'll grow your opportunities to serve, and likely your business and your profits, too!
The great litmus test of whether word-of-mouth is working for you (or against you) is to reflect upon the number of times people refer you, prefer you, and/or go out of their way for you. Another test is to measure how many times in a day, week, or month you hear the following when the phone rings: "hi, my name is _____, and I was referred to you by ________ and they said you are the best. When can we meet?"
If you are not hearing this 8 or more times per/month, then take greater control of your word-of-mouth marketing (a/k/a networking) efforts by working harder to ensure that word-of-mouth is working for you! HOW? Good question!
Please contact us if you'd like to know more about how our clients are using word-of-mouth, to grow their relationships, grow their referrals, and grow their revenues, too.
Monday, April 4, 2011
"PLAN 4" SUCCESS!
“PLAN 4” SUCCESS!
So it’s already April 4th, the 2nd Quarter of 2011, and the obvious is that January, February, and March have now come, and gone. If you are like some, you’ve been planning to put your plan together so that your year is planned and yet your life is still on the non-plan plan – so now what? Stop planning, and start doing!
While there are many fundamentals to a successful plan, the consulting team at STAYSUCCESSFUL has identified four vital elements which must be included in any business or organization’s annual plan in order to be effective. We hope you will agree after reading this article that People, Leadership, Action and Numbers are vital to any plan, and for your consideration, we’ve provided some of the reasons why.
P – EOPLE
We hear it all the time, and especially from those in the human resources or senior executive functions of organizations large and small. Your organization can be for profit, non-profit, and government alike where people make (or break) the success of a business. People are customers, people are consumers – and they hear, see, smell, touch and feel your business – in whatever way you create. It is the “experience” of experiencing your business that matters most, as you get one chance to create that first last(ing) impression. People are the human capital of any business or organization, and the more professionally educated, trained, coached, managed and led they are, generally speaking, the more successful they (and their organization) will become.
Compare the “experience” you have at your favorite fine dining establishment to the experience of visiting your local drivers’ license bureau, tag agency, or county clerk office. Reflect upon your visit to any FEDEX store or office, as opposed to your last visit to the doctor, or the hospital, or any medical services provider. Examine your most recent visit to any cellular services provider, as compared to the check-in process at a Ritz Carlton, Four Seasons or similar scale hospitality venue. I believe we have just illustrated our point that people make (or break) your business, and if you do not understand what we are saying, then you are in the vast minority, we assure you.
In addition to education, training, coaching, managing, and leading – people within any organization must first have a success plan, and we at STAYSUCCESSFUL recommend that it include a shared vision, a common mission, s.m.a.r.t. goals and meaningful objectives from which to work the plan into success for you, and for the organization. A vision statement is the starting point of every plan. One of many methods used to create one includes asking yourself and/or your team, what your organization or company could/should look like five years from now? As Stephen Covey says, “begin with the end in mind”, and we believe the destination becomes the journey.
L – EADERSHIP
Leadership is vital to the process of any successful plan. While there are many definitions of leadership, and little agreement to which one is the right one, we’ll posit that leadership is at all times situational, and best defined for our purposes as a noun as follows: the action of leading a group of people or an organization; the state or position of being a leader. (Source: www.google.com, leadership definition)
To our point that leadership is at all times, situational consider these different types of leadership, and the unique skills, opportunities, and challenges each will bring to bear on the leader: personal leadership, corporate leadership, religious leadership, social leadership, economic leadership, political leadership, academic leadership, non-profit leadership, volunteer leadership, military leadership, sports leadership, medical leadership, and the list goes on – literally – without end.
One thing we can all agree upon is that in business, your plan must include the topic of leadership. Developing leaders within any organization is critical to the delivery of goods and services which ultimately lead to your company or organization being considered best-in-class, world-class, market-leader, or market maker.
A – CTION
One of our favorite quotes is “leadership is action, not position.” (Source: Donald H. Mc Gannon, former Chairman of the Board and President of Westinghouse Broadcasting Corporation, and former President of the National Urban League.) A success plan is a great tool, and yet, without execution, a plan is only as good as the people creating it, and the paper (or server) it is printed upon. This is where the objectives of a success plan become so important, as they are the actions you/your team will take to create momentum, sales, change, interest, desire, and ultimately – revenue!
N – UMBERS
Ah, yes! Get out your balance sheet & income statement, and/or your profit & loss, and/or your receipts and/or your budget and get handle on your numbers. Numbers are everything in business, for they tell you a story, and while never the whole story, certainly enough to shape how you tell your story. Notice how we did not say that your story is necessarily positive, or good news, because numbers when utilized properly, are tracked monthly, reviewed quarterly, and planned annually become fundamental to the decision-making process which ultimately leads to your success. Good numbers allow for great questions, such as: What do you anticipate your sales increase or decrease to be this year and why? What extraordinary expenses do you foresee impacting the business this year? What legislation changes might alter your tax position this year? How does your debt to income ratio compare to others in your industry? What will your payroll look like for the coming year given the outstanding performance of your staff last year? Have you projected your insurance expenses given the climate of the marketplace in your geographic area? A variety of numbers exist in your (in every) business, whether you have 1 employee, or 1,000 employees, and the numbers matter – in fact – they are everything. Get to know them, learn to project them, master a budgeting process for them, demand understanding and open conversations from your team about them, share them openly if/when/where appropriate, lead your people to manage your operations to beat them – and you’ll do beat them more often than not.
Knowing your numbers gets easier when you select the right team of people and procure the appropriate assistance from your professional advisors. Your internal staff should be given the tools, resources, training and expectations about numbers. Your external staff should be hired in accordance with strict agreements which include firm quotes for their services, detailed engagement agreements detailing the scope of their services, and means for regular and effective communication between you, them, and your respective teams. A successful business has financial, accounting, expense, and payment systems which are in sync, under management, within budget, and measured monthly, quarterly, and/or annually. At minimum, your business success plan should be shared with your CPA, your Bookkeeper, your Banker, and your Financial Advisors. They can be very helpful advocates, and strategic consultants to you and your business if/when properly engaged.
We hope this article about People, Leadership, Action and Numbers helps you “PLAN 4 SUCCESS”, and so why wait – get started! If you don’t know how, ASK! We’re here to help.
So it’s already April 4th, the 2nd Quarter of 2011, and the obvious is that January, February, and March have now come, and gone. If you are like some, you’ve been planning to put your plan together so that your year is planned and yet your life is still on the non-plan plan – so now what? Stop planning, and start doing!
While there are many fundamentals to a successful plan, the consulting team at STAYSUCCESSFUL has identified four vital elements which must be included in any business or organization’s annual plan in order to be effective. We hope you will agree after reading this article that People, Leadership, Action and Numbers are vital to any plan, and for your consideration, we’ve provided some of the reasons why.
P – EOPLE
We hear it all the time, and especially from those in the human resources or senior executive functions of organizations large and small. Your organization can be for profit, non-profit, and government alike where people make (or break) the success of a business. People are customers, people are consumers – and they hear, see, smell, touch and feel your business – in whatever way you create. It is the “experience” of experiencing your business that matters most, as you get one chance to create that first last(ing) impression. People are the human capital of any business or organization, and the more professionally educated, trained, coached, managed and led they are, generally speaking, the more successful they (and their organization) will become.
Compare the “experience” you have at your favorite fine dining establishment to the experience of visiting your local drivers’ license bureau, tag agency, or county clerk office. Reflect upon your visit to any FEDEX store or office, as opposed to your last visit to the doctor, or the hospital, or any medical services provider. Examine your most recent visit to any cellular services provider, as compared to the check-in process at a Ritz Carlton, Four Seasons or similar scale hospitality venue. I believe we have just illustrated our point that people make (or break) your business, and if you do not understand what we are saying, then you are in the vast minority, we assure you.
In addition to education, training, coaching, managing, and leading – people within any organization must first have a success plan, and we at STAYSUCCESSFUL recommend that it include a shared vision, a common mission, s.m.a.r.t. goals and meaningful objectives from which to work the plan into success for you, and for the organization. A vision statement is the starting point of every plan. One of many methods used to create one includes asking yourself and/or your team, what your organization or company could/should look like five years from now? As Stephen Covey says, “begin with the end in mind”, and we believe the destination becomes the journey.
L – EADERSHIP
Leadership is vital to the process of any successful plan. While there are many definitions of leadership, and little agreement to which one is the right one, we’ll posit that leadership is at all times situational, and best defined for our purposes as a noun as follows: the action of leading a group of people or an organization; the state or position of being a leader. (Source: www.google.com, leadership definition)
To our point that leadership is at all times, situational consider these different types of leadership, and the unique skills, opportunities, and challenges each will bring to bear on the leader: personal leadership, corporate leadership, religious leadership, social leadership, economic leadership, political leadership, academic leadership, non-profit leadership, volunteer leadership, military leadership, sports leadership, medical leadership, and the list goes on – literally – without end.
One thing we can all agree upon is that in business, your plan must include the topic of leadership. Developing leaders within any organization is critical to the delivery of goods and services which ultimately lead to your company or organization being considered best-in-class, world-class, market-leader, or market maker.
A – CTION
One of our favorite quotes is “leadership is action, not position.” (Source: Donald H. Mc Gannon, former Chairman of the Board and President of Westinghouse Broadcasting Corporation, and former President of the National Urban League.) A success plan is a great tool, and yet, without execution, a plan is only as good as the people creating it, and the paper (or server) it is printed upon. This is where the objectives of a success plan become so important, as they are the actions you/your team will take to create momentum, sales, change, interest, desire, and ultimately – revenue!
N – UMBERS
Ah, yes! Get out your balance sheet & income statement, and/or your profit & loss, and/or your receipts and/or your budget and get handle on your numbers. Numbers are everything in business, for they tell you a story, and while never the whole story, certainly enough to shape how you tell your story. Notice how we did not say that your story is necessarily positive, or good news, because numbers when utilized properly, are tracked monthly, reviewed quarterly, and planned annually become fundamental to the decision-making process which ultimately leads to your success. Good numbers allow for great questions, such as: What do you anticipate your sales increase or decrease to be this year and why? What extraordinary expenses do you foresee impacting the business this year? What legislation changes might alter your tax position this year? How does your debt to income ratio compare to others in your industry? What will your payroll look like for the coming year given the outstanding performance of your staff last year? Have you projected your insurance expenses given the climate of the marketplace in your geographic area? A variety of numbers exist in your (in every) business, whether you have 1 employee, or 1,000 employees, and the numbers matter – in fact – they are everything. Get to know them, learn to project them, master a budgeting process for them, demand understanding and open conversations from your team about them, share them openly if/when/where appropriate, lead your people to manage your operations to beat them – and you’ll do beat them more often than not.
Knowing your numbers gets easier when you select the right team of people and procure the appropriate assistance from your professional advisors. Your internal staff should be given the tools, resources, training and expectations about numbers. Your external staff should be hired in accordance with strict agreements which include firm quotes for their services, detailed engagement agreements detailing the scope of their services, and means for regular and effective communication between you, them, and your respective teams. A successful business has financial, accounting, expense, and payment systems which are in sync, under management, within budget, and measured monthly, quarterly, and/or annually. At minimum, your business success plan should be shared with your CPA, your Bookkeeper, your Banker, and your Financial Advisors. They can be very helpful advocates, and strategic consultants to you and your business if/when properly engaged.
We hope this article about People, Leadership, Action and Numbers helps you “PLAN 4 SUCCESS”, and so why wait – get started! If you don’t know how, ASK! We’re here to help.
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