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Six Keys to Business Success

The Six Keys to Business Success

Running a business can feel like herding cats at times, with so many priorities vying for your attention every hour of the workday. Yet as with most things, the Pareto Principle, also known as the 80/20 rule, is something to keep in mind when making a conscientious decision on how to spend your time. Focus on those few things that will yield the greatest impact for your business.

  • Core Focus

The company WHY of who you are and where you are going must be clear not only with the CEO but across the entire organization. Every employee must have their personal Why defined. If an employee is not invested in where the company is going, their performance will slow the organization down. Some organizations call this Core Focus their Mission.

CEO Action Strategy: Host a team meeting to create and/or confirm the company vision and each employee’s as well.

 

  • Culture

The CEO is responsible for creating, exhibiting, and upholding the culture through defined Core Values created with the Leadership Team. All employees must understand the core values internally and externally adopt how they work together, with suppliers, clients, etc.

CEO Action Strategy: Do a survey of your employees asking their perception of the current company culture and how well the core values are implemented. Ask employees for involvement; create an employee committee to poll employees on how well the culture is reflected within the company and what the leadership team or employee committee can do to ensure the core values are implemented across the organization.

 

  • accountability

The CEO should ensemble a Leadership Team with department heads or division leaders to ensure the entire organization has balanced representation like the three-legged stool – Sales/Marketing, Operations, Finance (IT, HR, Admin, Accounting).

CEO Action Strategy: Meet weekly with the leadership team with a set agenda to celebrate successes, review the weekly business scorecard, review progress on strategic quarterly initiatives, discuss employee/client concerns and company issues, and hold each member accountable to follow-up agreed to by the team.

 

  • Leadership

CEOs must develop those around them in order for the company to grow; leadership team members need to continue to grow both individually and with each other or the company will “hit the ceiling” or outgrow its leaders. Utilize Assessments to help the leadership team understand and recognize their strengths and weaknesses and where the best use of their time is related to their “unique ability” – what they do really well – so they can help their direct reports do the same thing independently and together.

CEO Action Strategy:  Create a development plan in areas of soft skills and technical skills; hold each other accountable. Consider reading a leadership book and discussing the highlights together; some options include Good to Great, 5 Dysfunctions of a Team, Traction, eMyth, etc.

 

  • Long-term Goals

The CEO must determine with the leadership team where the organization needs to be in five years, 10 years, or longer. This group needs to be able to plan, predict, and execute to end up where they want to go. This ensures the business can maximize market share and stay ahead of the competition, while also providing clients with what they need and opportunities for employees to learn and develop.

CEO Action Strategy: Set aside a full-day off-site meeting with the leadership team for strategy planning to determine the long-term goal of the organization; perform a SWOT Analysis in detail that will help identify the multitude of strengths, weaknesses, opportunities, and threats the organization has to capitalize on. Determine what the strategic initiatives are that the leadership team needs to focus on every 90 days to reach the company’s long-term goal.

 

  • traction

The CEO and the leadership team must share the vision, long-term goal, how to get there, and what it means for the company and its employees to create buy-in and participation across the organization. This keeps everyone headed in the same direction and focused on the same goal.

CEO Action Strategy:  Host Quarterly Town Hall Meetings and share successes every 90 days with employees; remind everyone of the core focus, core values, mission, scorecard, trailing 12 months of financials, and refocus on the strategic initiatives for the next 90 days in order to reach your goals.

 

Remember that true leaders don’t create followers, they create more leaders. Work with your leadership team to determine the main pillars of your business and then share them openly and often. When your employees know where the business is going and what’s in it for them, they are invested in the journey and the likelihood of reaching the destination together as an organization is infinitely higher. EOS®, the Entrepreneurial Operating System, provides clear concepts and practical tools to help take any business to the next level. Contact Christine Spray, a Certified EOS Implementer™, at [email protected] or 832-380-8224 or visit www.tractionforbusinesses.com to learn more.

 

About the Author:

Christine Spray is a nationally recognized business development keynote speaker, best-selling author three times, consultant, trainer, coach and Certified EOS Implementer™. Spray serves as a CEO and business advisor with a passion for helping people and companies grow.

 

Photo credit: © Roman Samborskyi | Dreamstime.com

Happy Holidays

 

Happy Holidays – Celebrate YOU this season!

‘Tis the season for joy and celebration with loved ones. And ‘tis the season for hustle and bustle, planning and travel, stress and exhaustion!

It can be easy to get overwhelmed. These short reminders can help keep the season bright:

  • Love thyself. Self-care helps you be your best, for yourself and for others.
  • Be present. Stop planning and worrying to create space to savor the moment.
  • Consume in moderation. Practice a healthy relationship with food and drink.
  • Joy and sadness can co-exist as you remember missing loved ones.
  • Gentle, deep breaths ease stress, even if only for a moment.

2018 has been another year full of blessings, a journey of both ups and downs. Yet it is the journey which is the real blessing. However and whenever I encounter you on this journey, I am joyful because of it. You make a positive difference in my life. Thank you.

Wishing you every blessing now and in the new year to come,

♥ Christine

 

Photo: dreamstimefree_27896421

Prospecting & Lead Generation Pt. 2 – Brand Building

 

Brand Building

Part 1 of our series laid the groundwork needed to implement a prospecting process – making it a priority, identifying the ideal prospect, choosing the best prospecting methods, and making it a habit. With a prospecting process in place, it is time to start generating leads.

Generating new leads requires gaining the trust of your prospects. It is not enough to have an online presence. Prospects need to see you and understand you as a brand they can trust. Trust in a brand is created by showing expertise using blogs, webinars, videos, and other tools.

Become a Brand

Never underestimate the power of branding. Your brand is how your customers view you, so it needs to be authentic. Begin by defining your brand.

  • Review your company mission statement and company goals
  • Determine how your product or service benefits the customer
  • Choose how you want customers to see the company (luxury, reliable, affordable, etc.)

Once you determine your brand, it is important that you express it clearly and consistently. Integrate it into every aspect of the business. This includes the voice in communications, décor, and employee activity. For example, you would not want to write casual communications for a luxury retail brand.

Make sure that the brand is communicated in advertising. This includes marketing materials, logos, and taglines. Once the brand is communicated, you must be consistent in the execution.

Webinars

Webinars are wonderful tools you can use to generate new leads and demonstrate your expertise. Webinars do require considerable work and preparation, but they are worth the effort.

  • Create a webinar with a title that is likely to be searched by prospective customers.
  • Choose a provider such as Adobe Connect, brightTALK, and WebEx.
  • Develop a landing page for registration.
  • Advertise the webinar. Use social media, ads, blogs, and newsletters.

The webinar needs to be prepared well in advance of the scheduled post date and completed flawlessly. A well-executed webinar should be rehearsed. Additionally, the technology should be tested beforehand to ensure there are no surprises.

Blogs

Blogs are effective marketing tools. Blogs can be written content or done as a video so anyone can create a blog. Do not create a blog unless you are committed to it; create a blog posting schedule and stick to it. Blog posts need to be well-written or filmed, and blogs should be updated regularly. Your content should demonstrate your expertise and engage your audience with valuable information.

Tips for increasing blog exposure:

  • Comment on other blogs
  • Ask for comments
  • Guest blog for other outlets
  • Make the link to your blog easy to share
  • Choose topics that your prospects are likely to search

Engaging Videos

Companies can benefit from creating videos for various purposes. Videos can be entertaining or educational. When creating videos, however, it is important to produce a high-quality video – both in content and production –  so that they will become visible in the rankings. There are specific steps that must be taken to create effective and engaging videos.

  • Create videos that will appeal to your target audience
  • Introduce your topic immediately (the first 10 seconds)
  • Spend adequate time planning the production
  • Write an intriguing title with likely keywords in search engines

Avoid Common Lead Generation Mistakes

The failure of lead generation to be successful can often be tied to common lead generation mistakes. Being aware of these common mistakes will help you to avoid them. This list is not all-inclusive, but it is a great starting place.

Limiting Channels

A common problem that occurs in lead generation is limiting the channels being used. While it is reasonable to invest in activities that have a history of success, you should never limit yourself. Try new strategies because the marketplace is constantly changing. For example, do not limit yourself to traditional methods of finding prospects and generating leads. This will cost you exposure and potential customers. Likewise, limiting yourself to high tech channels means that you are overlooking avenues to new prospects.

Failure to Provide Value

Part 1 of this series stressed the importance of providing value to prospects; providing value is a critical piece of earning prospects’ trust. Unfortunately, prospecting and lead generation is often relegated to a sales pitch. Your prospects and customers do not want to feel like they are being forced to listen to an individual who is only interested in their money. Failure to provide value will almost always result in potential customers tuning out your message. Remember to always provide value when you are prospecting and generating leads.

Failure to Connect

Lead generation requires building relationships. Failing to connect with prospects often occurs in the follow-up stage. Sometimes people forget to follow up or wait too long to connect. It is important to follow up within the first three days of meeting a new prospect at the very latest. Additionally, you need to do more than making a phone call and a sales pitch. You need to build a connection. This will create trust and help solidify the relationship, which will improve the chances of a sale.

Failure to Try

A far too common mistake is the failure to try. We have already addressed making it a priority, but some people refuse to even try. People use a number of excuses to avoid prospecting and lead generation. This might include time, money, and lack of customer interest. Most excuses boil down to a fear of failure. For example, someone who has failed at lead generation might avoid attempting it again. It is easier to assume that lead generation does not work than to make changes and risk failing.

As stated in Part 1 of this series, success in prospecting and lead generation ultimately comes down to the salesperson. As renowned author and businessman William Clement Stone said, “Sales are contingent on the attitude of the salesman, not the attitude of the prospect.”

 

By Christine R. Spray

Photo: ID 56295933 © Rawpixelimages | Dreamstime.com

 

Prospecting & Lead Generation Pt 1 – Prospecting

 

Prospecting

Every business needs customers willing to pay for the product or service the business provides. Finding and cultivating new customers should be a never-ending process for any business with a desire to succeed. Surprisingly, many businesses either take a lackadaisical approach, do the bare minimum necessary, or simply overlook prospecting and lead generation.

Prospecting and lead generation, while critical, does not need to be a complex process in order to be effective. Quite the contrary; a business with the commitment and mindset to consistently nurture leads and prospects has already crossed one of the biggest hurdles. Renowned author and businessman William Clement Stone said, “Sales are contingent on the attitude of the salesman, not the attitude of the prospect.”

This article is the first in a series dedicated to successful prospecting and lead generation. People sometimes ask about the difference between these two. The simplest definition is that lead generation is a one-to-many activity, such as sending out a direct mailer, and prospecting is a one-to-one activity, like a phone call. However, after working with hundreds of clients, my advice is to consider prospecting and lead generation holistically, because both are required for success. This first article is a broad view of prospecting.

Prospecting is essential to any sales endeavor but is often overlooked or poorly implemented. In order for prospecting to be successful, it is essential that it becomes both a priority and a habit. Additionally, it is essential to understand your prospect and choose your methods of communication appropriately. Implementing these steps will help to improve prospecting results.

Make It a Priority

Although everyone knows that the prospecting is important to the success of any company that relies on sales, it rarely becomes a priority. It is often put off in favor of tasks that provide instant gratification. Prospecting must become a priority. This requires:

  • Scheduling: Choose a time for prospecting. Many experts advise people to schedule prospecting early in the day, but you need to choose the time that is effective for you and your prospects
  • Preparation: Prepare what you will say ahead of time but be flexible. Do not simply read a script.
  • Professionalism: Remain professional throughout the process. Do not allow an internal negative attitude towards prospecting affect your communication. Similarly, don’t take it personally should you encounter negativity from prospects.

Identify Your Ideal Prospect

Prospecting is time-consuming, which is why it is necessary to identify ideal prospects before beginning the process. Your ideal prospect is your ideal customer. Your company is able to fulfill the needs and wants of your ideal customer. Conduct research to determine who benefits from your product or service. The information you must find beyond how your business meets client needs includes the following:

  • Values and priorities
  • Budgets
  • Age
  • Gender
  • Buying habits
  • Profession
  • Interests

Once you have identified the ideal customer, you will be able to focus time on prospects who are likely to become your customers.

Choose Prospecting Methods

There are numerous prospecting methods available, which will be addressed in greater depth in a later newsletter. While you will probably choose multiple methods of prospecting, you must focus your energy on methods that your prospects will respond to when they are exposed to them. For example, younger prospects are less likely to respond to cold calling and more likely to respond to social networking and webinars. The better your research on your ideal prospect, the better you can select the best prospecting methods! Prospecting methods commonly used include:

  • Cold calling
  • Referrals
  • Content marketing
  • Email marketing
  • Networking
  • Seminars
  • Social networking
  • Webinars
  • Advertising

Every method is considered a “touch”. It will take multiple touches to convert a prospect into a client. Be sure to provide value in every touch you make with a prospect – how your product or service will ultimately make their life better or easier.

Make It a Habit

It is not enough for prospecting to become a priority; it must become a habit. There is a common misconception that habits are easily made within 21 days. Recent studies, however, show that it takes roughly 66 to 200 days. When you first decide to make a new habit, the first few days are easy. After the honeymoon phase ends, it is easy to become disillusioned and fall back into old habits. When this happens, it is important to focus on the positive outcomes and follow your schedule of prospecting activities. After struggling through this phase, prospecting will become second nature. In order to truly make prospecting a habit, you need to ensure that you are working at it daily.

 

By Christine R. Spray

Photo: ID 5122591 © James Steidl | Dreamstime.com

Leading through change

 

Leading Through Change

At Strategic Catalyst, we do believe great leaders can be made because we’ve seen it happen with hundreds of our clients. The Leadership in the Workplace series we just wrapped up focused on traits of leaders and strategies to sharpen leadership skills. These strategies are intended to build the person in the leadership role. With a strong leader in place, it’s time to assess the current business landscape and identify what is needed to propel the business to the next level.

“The next level” will vary by business – it may be penetrating a new market, increased net revenue, adding key staff, or redefining the corporate culture. Such changes can stir a range of emotions in employees; fear, anger, anxiety, and tension are common and can stop progress dead in its tracks if left unchecked. Leadership can be a lonely road when charting through such changes. Strategic Catalyst can be the objective coach and mentor to navigate leaders along the emotional path to the next level.

Create a leadership action plan

Working together, our first step is to define the action plan needed to ensure a leader is equipped to address the challenges ahead:

  • Set Leadership Goals
    In leadership, as in life, you will never come to the end of your learning, but you want to rank in priority order those qualities you want to develop.
  • Address the Goals
    Determine how you will accomplish your goals. Do you feel you need to learn more about teamwork so you can better lead a team? Join a team sport. Do you want to communicate better? Take a creative writing class or join Toastmasters and get some public speaking experience.
  • Seek Inspiration
    Learn about a variety of leaders, their styles and how they dealt with challenges. Read books and conduct research on the internet or at libraries.
  • Choose a Role Model
    Based on your research; choose a role model that fits your personality. Read several biographies and find videos on his or her life.
  • Seek Experience
    Take a leadership role in a social group or club. Gain experience working with people on many levels.
  • Create a Personal Mission Statement
    Imagine your legacy. What do you want to be remembered for? What do you want people to think of you? What kind of leader are you determined to be? Write a statement that defines who you will become.

Be the change

In their book, The Leadership Challenge, authors Jim Kouzes and Barry Posner identified five abilities that were crucial to successful leadership:

  • Model the Way
    You must lead by example. You can’t come into work 10 minutes late every day if you want your employees to arrive on time.
  • Inspire a Shared Vision
    If you capture the imagination, you will inspire creative thought and increase loyalty.
  • Challenge the Process
    Don’t continue doing something just because “We’ve always done it that way.” Situations change, and sometimes a policy or procedure never worked well in the first place. Think outside the box.
  • Enable Others to Act
    Truly empower people to act on their own within their level of authority.
  • Encourage the Heart
    A positive attitude is infectious.

Understand your leadership style

Christine works with leaders to identify their leadership style, and how to leverage it. The Hersey-Blanchard Situational Leadership model addresses four types of leadership styles:

  • Telling
  • Selling
  • Participating
  • Delegating

 

Identify SMART goals

You are prepared as a leader to be the champion everyone in the business needs to follow in order to reach the next level. Now is the time to identify what that next level is and define the parameters of success around it. List the SMART goals and be sure to share them with everyone in the business. Remember the emotions employees may be feeling and help them understand what’s in it for them as the changes are being implemented.

  • Specific: The vision itself is general while the goals are specific targets to be met.
  • Measurable: Goals must be measurable in terms of progress and attainment.
  • Attainable: Clearly, a goal which cannot be met is not a goal, it is an idea.
  • Realistic: A goal may be attainable, but not with the resources at hand.
  • Timely: All goals need to be accomplished within an established time frame.

Change is not easy. People don’t like it. Leaders must be willing to walk alone because some of the team who started the journey with you will not finish with you. And that’s OK. Strategic Catalyst is here to help.

By Christine R. Spray

Photo: ID 128940008 © Daniil Peshkov | Dreamstime.com

Leadership Pt 3 – Coaching and Motivating Others

 

Coaching and Motivating Others

The previous article in this leadership series focused on building trust and reinforcing values. Part 3 builds on this positive momentum through coaching and motivating others.

Leaders are expected to model corporate values and set the bar for desirable employee behavior. Leaders should also be expected to motivate and grow other leaders from within the company. When leaders coach their team, not only does knowledge transfer occur, mission building occurs too. Motivating and coaching are also critical for the future of the business, empowering employees to hone their abilities and prepare for greater roles within the organization.

Coaching is a formalized practice, practiced by thousands of certified professionals. This type of internal coaching is focused on leading by example, demonstrating corporate values, and strengthening relationships with the executive team.

Coach Others

  1. Give selected individuals short but pertinent readings on professional strategies.  Ask them later what they thought of the reading.
  2. Meet with individuals and identify personal goals.  Ask them how you can help them achieve their goals.
  3. Form “new hire” focus groups to discuss workplace excellence and what it means in your business.
  4. Form Learning Circles, peer groups with a variety of skills sets and roles, to share best practices.
  5. Conduct open meetings—no agenda, just open talk.
  6. Don’t forget the easiest strategy of all—ask team members … “How are things going?”

Your coaching should take a more organized approach; schedule regular meetings, record and track goals and outcomes, and consistently take and share notes (or assign someone to this task) from group meetings.

A less organized but no less important way to build future leaders and promote a more cohesive workplace is to make a mindful practice of motivating others. The key is to make motivation a habit, something done without even having to think about it. With the tips below, find the frequency for each that works best, then stay the course.

Motivate Others

  1. Write an “open letter” in which you extol the achievements of your team.  Be certain to use specifics.
  2. Establish peer coaching partnerships to help inexperienced or stressed team members.
  3. Arrange open forums in which volunteers’ exchange ideas and encouragement to support and motivate one another.
  4. Design and administer a team “morale” survey.
  5. Initiate a simple rewards program that offers prizes or recognition—even if you just draw names out of a hat.  Explain that the process symbolizes how you appreciate their hard work.  Note that the prizes can be humorous or donated by team members.  It is the symbolism that counts.
  6. Go a full work week without using attacking or discouraging language when dealing with your team members.

One closing thought is from John C. Maxwell, author of The 21 Irrefutable Laws of Leadership. “Leaders must be close enough to relate to others, but far enough ahead to motivate them.”

 

By Christine R. Spray

Photo: © Adam Borkowski-Dreamstime.com