This is an interesting time. The recent layoff of 80,000 American workers has resulted in all of the financial gurus spouting their drivel about the global economic crisis we are facing. I have even heard some say we are entering another depression. Just a few days ago, I appeared on FOX TV and discussed this with business expert Neil Cavuto. He asked me how I thought this was affecting small business owners and what they could do about it. My comments were that maybe we should put some of these gurus on the firing line of small businesses and see how they do. Their demise would be quick and final. Because as I told Mr. Cavuto, the most important asset that entrepreneurs have today is their attitude.
Without a positive attitude, we are doomed regardless of how well or how poorly the economy is doing. Many of us perhaps have heard the Serenity Prayer – “We must accept the things we cannot change, have the courage to change the things we can, and wisdom to know the difference.” Surely, we cannot individually change the economy but collectively it is certainly possible. We can do this by focusing on the critical business issues at hand like, delivering a higher level of customer satisfaction, creative product development and line extensions, smart financial management, getting longer terms on payables, building customer loyalty programs and penetrating new markets. We do have the ability to turn this economy around but we must first look in the mirror and begin the change within. Do you have the courage to take that challenge? I sure hope so. All of our jobs might depend on it.
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Have a great week!
–Mark Deo
Author Archives: mattwalker
How beliefs affect your Sales Team
It’s 10 am on Monday morning at Hal Company. Everyone knows it’s time for the sales meeting run by Jay, the sales manager. Jay begins by describing the company’s successes over the last week. He mentions that Martin gained commitment from a new client. Everyone claps for Martin but he’s not there. As Jay continues to talk about the company’s goals, he notices Sam disengaged, reading through what appears to be a contract. Adam and Valishia are always upfront. They thrive on these meetings. Jay knows that they both rely too heavily on excitement to keep their sales up.Jay has a problem, but it is hard to see.Now, let’s investigate the real issues.Martin is at his desk working on a proposal. He doesn’t see the need to attend the meeting. From his experience at a large company, he found meetings to be a complete waste of time. In addition, he and his old compatriots would frequently joke about tactics they each used to escape meetings. This cemented the belief that “Meetings are useless, so I won’t attend.” Jay has experienced difficulty changing this behavior. He has pulled Martin aside on several occasions and requested that he attend the meeting. When he doesn’t, Jay permits it to slide because Martin is bringing in more sales than anyone else.Jay notices that Sam is consistently disengaged in various settings. In other meetings and trainings, Sam usually has something to distract him. While sitting with clients, Sam spends more time talking than listening. This prevents him from attaining a high level of sales. He believes that what he has to say is more important what others have to say. This gets in his way.Adam and Valishia learned once-upon-a-time that sales is an excitement game. They believe that if they stay excited, they will close more sales. Because of this, they attend every meeting, event, internal and external training, and industry meeting. The problem is they spend more time meeting people and very little time selling.From the article, “How Beliefs Affect Your Resiliency” we know that beliefs can’t be changed directly and aggressively. They must be changed through coaching. We recommend professional coaching because changing beliefs is difficult, but permanent. In lieu of using a professional coach, we would recommend that Jay sit down with each of them, explain how beliefs work (from the article mentioned above,) and asked questions that get to the heart of their belief. Asking questions such as, “You didn’t attend the meeting, this was the behavior. What was the expectation behind that?” He may say that he expected no value to come from the meeting. Then ask him, “What belief creates this expectation?” He may say something like, “I believe that all meetings are a waste of time.” Then ask him what would need to happen at a meeting to make it valuable for him to attend.Once you know, ask him that if you incorporated this new concept into the meeting, if he would attend. Then ask why he would attend. His answer builds emotional value into the meeting.Follow a similar format with the other individuals.This article was written by SBA Network Consultant Cory Halbardier.SALESPERSON: If you are a salesperson, receive a FREE copy of our audio program Being More Productive by sending an email to me at cory@sbanetwork.org with the name and email address of your sales manager. We will send him this article along with a special audio program titled Motivating Your Staff. SALES ADVANTAGE: We are starting the next session of the Dale Carnegie Sales Advantage class. If you are a salesperson who wants to learn the structure of effective sales, or just to improve your skills, the new class starts March 17th. Sign up today by contacting Aaron Kent at aaron_kent@dalecarnegie.com or 562-426-8327 x210.Have a great week!-Cory Halbardier (cory@sbanetwork.org)
Book Review – Chaotics: The Business of Managing and Marke ting in the Age of Turbulence
This book is very focused on today’s volatile business world, and I really enjoyed reading it. I recommend this book for the business owner who needs practical “fix it now” advice. The reader will gain so much insight just by reading chapter 2, as it covers topics I’m sure today’s business owner is struggling with. I.E. – resource allocation, across the board spending cuts, quick fixes to preserve cash flow, and reducing sales related expenses, etc.
I particularly found a passage in the book that rings true and reinforces my stance that who we are is more important than what we do. The authors state, “So a company’s internal and external behavior leaves a legacy that affects the stakeholder’s future mindsets and behavior toward the company. Often times this reveals the absence of the company’s authenticity, a quality that is becoming increasingly important to consumers.” Being authentic in your marketing and business operations in imperative in maintaining happy customers that return. I recommend this book.
Small Business Advocate Show
I was on The Small Business Advocate show this morning with Jim Blasingame. Take a listen below!
Find interviews with Small Business experts on the Small Business Advocate show
Economic Crisis May Actually Be GOOD for Small Business
There may be a ray of hope for entrepreneurs in all this gloom and doom. Economic leaders believe that this crisis will eliminate the weakest of competitors in nearly every industry leaving greater market share for the strong. While there will be some direct economic relief, small businesses cannot expect significant help from the government. We are on their own. But now may be a great time to attract some of the best talent on the street. It is also a good time to work on refining new technologies. Here are some tips that I talk about in my new book The Rules of Attraction:
1. Become a bigger fish in a smaller pond by shrinking your audience and targeting
your approach.
2. Create standards and systems to leverage efficiency and accommodate growth.
3. Be willing to destroyand rebuild your business or re-invent
yourself especially NOW!
4. Innovate or die! It’s time to launch your most creative products, services and
marketing.
5. Take advantage of all the great talent on the street.
6. Seek out new collaborative alliances, affiliate relationships and joint ventures
to consolidate costs and spread risk.
7. Localize or globalize! There is no center ground today.
This country was built on the backs of small business leaders. The current financial crisis and lack of effective government intervention will allow the smart, innovative entrepreneurs to dominate and succeed. Those using the rules of attraction will be the ones to succeed.
Apple Does A Good Job of Exclusive Positioning & “Unique Selling Proposition”. New iPhone Ad Targets Small Business.
Apple is focusing its new iPhone advertisements on Small Businesses. Since the Apple App Store opened 10 months ago for the iPhone and iPod Touch, it is now approaching its 1 billionth download. Consumer demand caused about 110 million “apps” to be downloaded each month.
Apple has done a good job in their key changes to the iPhone’s functionality from a business standpoint (I.E. – push email, calendar & contacts capabilities, and compatibility with Microsoft Exchange). The new changes include the the ability to: process credit-card transactions using Inner Fence’s Credit Card Terminal application, print a shipping label for a package using the Print & Share app,and check on the status of delivery with the FedEx Mobile app.
Granted, Apple is catering to the demand of more “apps” to download, however Apple does a good job of using a “Unique Selling Proposition” to target Small Business. When thinking about your business, ask yourself:
I. What sets you apart from the crowd?
II. What do you do that no one else does?
Apple has positioned themselves to be the exclusive solution for Small Businesses to do business faster using technology. Blackberry started it’s version of the iPhone App Store called the Blackberry App World. App world has less than 1,000 applications compared with the 31,000 available for the iPhone.
Outlook Better. Missouri aproves $200 million for Small Business. $25K for Business Owners.
Missouri Development Finance Board approved the creation of a $2 million pool of state funds. The state money will provide 80 low interest or no interest loans of $25,000 for small business owners. The funding comes from the same 4% collected on MDFB tax credits.
If you are a small business owner, I recommend implementing time everyday to gaining knowledge about the funds and resources available to you. Contact your regional SBA office. Start asking questions. Take the initiative.
Small Business Administration Announces New Changes to Help With Loans
A small business summit was held in PerrysBurg,Ohio, where more than 100 small business owners discussed: How to access money they need to stay in business, and who might buy their products. The summit was hosted by U.S. Rep Bob Latta, R-Bowling Green. Six other presenters from various agencies were there as well.
Two new very important changes regarding small business loans was discussed by Gilbert Goldberg, Cleveland district director of the Small Business Administration.
I. The SBA can now guarantee 90 percent of small business loans of up to $2 million. Previously, the SBA could only guarantee 70 percent.
II. The SBA will also waive fees that are normally charged for loan assistance.
Stay informed and take advantage of the resources the Small Business Administration has to offer. Strategically target one government program to help your small business in today’s time. Focus on this one program to get you in the door. Leverage the experience and approval process to help qualify you for as many programs as possible.
Missouri house approves first round funding for $200 million in Tax Breaks for Small Business
The Missouri house has approved first round funding in the amount of $200 Million in tax breaks and incentives for small business and shoppers. The two bills that are endorsed would waive state sales tax from July 4th to July 31st, and allow small businesses to keep a greater share of sales taxes collected throughout the year.
The bill will also exempts companies with $1 million in yearly sales from paying workers minimum wage. Currently, businesses with $500,000 in annual sales are exempt. Moreover, the bill would also ban increases on state user fees, as well as new regulations on small business for three years.
It’s good to see that dialogue and action is taking place to help small business.
Outlook bright for Small Business
A new survey of small business owners from FedEx shows that they remain positive about the prospects of future growth, despite the current economic climate. While owners acknowledge a current drop in profits due to reduced consumer and business spending, they expect things to turn around, and 47% plan to actually increase their marketing efforts in 2009.
This is good news for the 47% that invest in their future, which is the topic of my most recent article.