Friday, April 25, 2008
Making a Good Impression
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Coach Dennis Kelley
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2:21 PM
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Friday, April 11, 2008
BE x DO = HAVE
In order to HAVE anything in life we all recognize that we have to DO something to achieve it. If you want wealth you must invest. If you want love you must first give it. If you want respect you must earn it. No matter what you want, you need to DO in order to HAVE.
But DOing is not the only thing you need to change in order to HAVE. You must BEcome the person who would have the things or persona that you desire. You must develop the identity, beliefs and values that the person who has those things has. We’ve all heard of the Lotto winner who, within three years, lost the several million he won. He didn’t become the “millionaire”.
Let’s talk a bit about BEcoming. Everyone has an identity that they developed, usually at a very young age. That identity has values and beliefs that can limit you. Perhaps you believe that customers are always looking for a discount. You will attract that sort of customer to your business because of your belief. Maybe you believe that business owners are greedy. What do you suppose you will be when you own your own business?
In order to HAVE something like a million dollars, you have to develop the beliefs and values of a millionaire, and believe me they have an identity that needs to be copied. In fact it is said that you will earn + or – 10% of the earnings of the three people you associate with the most. Why? Because you develop the values and beliefs of these people.
Business is no different.
In order to HAVE amazing customers, and amazing businesses need amazing customers, you must develop your business into one that will attract amazing customers. What is an amazing customer? It is specific to your business. Only you can define for yourself the characteristics of your amazing customer. Perhaps it includes a customer who always pays cash. Maybe one who sends you lots of referrals. You must identify who your amazing customers are and what these customers want. You must know how these customers shop. You must BE the place where these customers want to shop.
And the same is true of an amazing business. It is one where your amazing customers shop. It consistently delivers more than your customer expects. The amazing business attracts these amazing customers.
Once you are the business, then you must DO the things that make these customers know what the perfect business will do for them. Imagine, if you will, an owner of a Jaguar leaving his automobile at the local garage that looks as though it has never seen anything better than a ’64 VW Microbus. Not likely. If you want the customer to come you must BE the business to which he will come.
Posted by
Coach Dennis Kelley
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12:08 PM
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Monday, March 31, 2008
“If It Doesn’t Add Up, Don’t Do It”
Business coach, Dennis Kelley wrote recently about the “Language of the Numbers” and the importance of understanding what the numbers are telling us. At the risk of being blunt, business is all about making a profit. So if your numbers or business strategies aren’t adding up to business profits, don’t do it, or do it differently; plainly spoken “If It Doesn’t Add Up, Don’t Do It”.
At Action Coach of Akron/ Canton we teach clients that a successful business is, “a commercial, profitable enterprise that works without you”. This means your business must give a good return on investment plus a full wage for every hour you spend working in your business. You can then pay someone to do your job and the business profits are not affected.
Our quote, “if it doesn’t add up, don’t do it” can be applied in all areas of your business. Advertising is an example. If an ad is run and does not get an immediate response, there is no point in keeping that ad running. It is wasting precious time and money. Change the ad or where it is running.
Increasing your team must also add up in dollars. Perhaps a business should consider setting training and operating systems in place so less expensive team members can be hired to follow the systems, rather than hiring seasoned veterans who have the “head knowledge” of how it should be done. Alternately perhaps the business should look at new machinery or technology instead of more team members.
If you want to buy a business the figures also must add up – or have the potential to do so. Make a list of the criteria the business must fill and make sure this list is completed before you commit yourself. Many people buy into something believing it would fulfill their needs, only to discover the figures were inaccurate or did not add up. If you are not sure, get help. Two heads are better than one, and prevention is better than cure.
A great idea when looking at a business is to check the industry average and see how your business compares. Given that four out of five businesses go broke in the first five years, you may want to be better than average.
Finally the bottom line where your figures must add up is in net profit margin. To get this figure a business must add all expenses, including an appropriate wage for all the hours put in the business, plus interest on the capital you put into the business. This will give your real margins.
“If It Doesn’t Add Up, Don’t Do It” must be applied regularly. Don’t wait until the end of the financial year to find if you have made a profit. Business is work, but it should also be fun.
Posted by
Ralph Berge, Business Coach
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1:45 PM
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Tuesday, March 25, 2008
The Language of Business is Numbers!!
The key with numbers is to gain a good working knowledge so you can make quality decisions to positively impact your success. A good accountant and/or bookkeeper can assist you getting the specific and critical numbers you need to interpret in your business. Accountants and bookkeepers have much more to give and do than just your tax returns. Use them to increase your knowledge and get your money’s worth. A coach will then help you to use this information on a weekly or monthly basis in order for you to use it to YOUR advantage in a practical sense.
Putting together the scorecard that you review on a regular basis is one of the keys to business success. At a minimum EVERY business should have an income and expense budget, a cash flow budget and the key performance indicators needed to understand how the business is performing. It is also critical to produce and review performance against these budgets as well as a Profit and Loss Statement, Balance Sheet, and Cash Flow projections. Obtaining this information and analyzing it on a regular basis will keep your business on solid ground.
Making decisions in business without this information can quickly lead to major problems. In fact, a business that is doing really well in sales and growth can get into as much trouble as a business struggling in these areas if the owner doesn’t know the language of business … their numbers! Learn your numbers, and if you need help take ACTION today and ask for it. Your business depends on it!
Posted by
Coach Dennis Kelley
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8:15 PM
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Wednesday, March 12, 2008
Achieving Unlimited Success book launch
Posted by
Coach Dennis Kelley
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5:04 PM
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Friday, March 7, 2008
Building Trust in Your Business
Over the past several months there have been many instances where consumers have been left with trust issues about business. From E. Coli in spinach, to lead in toys -- there have been many concerns about product safety lately. Add to that the trust concerns consumers have about price increases in energy, food and health care and trust in business would seem to be taking a hit.
It's interesting then that a recent study called the "Edelman Trust Barometer of 2007" indicates that 58 percent of U.S. college-educated opinion leaders age 35 to 64 say they trust business, up from 44 percent in 2002. That is a significant increase over the last five years. The study indicates that overall, people trust local brands more than global ones. That could be a major factor in the message you convey to your clients and prospects.
Another interesting finding is that, "People are nearly twice as likely to believe a regular employee of a company as they are the CEO," says Laurence Evans, president of StrategyOne, the research arm of Edelman. Typically, your customers are interacting with your team members on a day-to-day basis so empowering your team to make decisions and take action to WOW a customer will pay big dividends in your customer satisfaction levels.
Take the time to train and build credibility with your team. Create a culture of truthfulness and integrity in your business and this culture will come out when serving your clients. If they trust you and they believe you then they are much more likely to buy from you ... and come back for more!
Posted by
Coach Dennis Kelley
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1:27 PM
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Monday, March 3, 2008
Build Your Referral System
Referrals are your best source of future prospects and can be one of the most economical prospecting methods you will ever use. However, before asking for referrals effective customer service techniques must be implemented.
Before you can ask clients for referrals, you must be sure they are pleased with the product or service they have received. Prior to implementing a successful referral process, effective customer service techniques must be practical, or they are unlikely to be carried out. Most of the customer service techniques are simple and can be easily carried out. This is about doing what you say you will do. Remember: Always under promise and over deliver.
Great customer service builds great relationships.
Be attentive to customers, it will gain customer loyalty and acquire new customers. When customers receive proper attention, they often feel that they are getting their money's worth and that their needs are being satisfied. It is also important for sales professionals to solicit customer opinions often about how products or services can be improved so that customers feel valued. In addition, sales professionals and then-clients can brain-storm regarding cost-saving methods, thus creating customer loyalty by accommodating customers' needs. By taking time at the beginning of a sales negotiation to create better customer service, sales professionals can ensure that customers' needs are being met while maintaining good relations.
Sales professionals need to work "smarter" to meet customers' needs instead of simply closing sales. These simple, inexpensive methods of customer service will establish good relations with customers, which is the prerequisite for requesting referrals.
When should you ask for referrals?
Is it better to ask clients for referrals during the sales closing or during the client follow-up? According to several sales process experts client follow-up is the best time to ask for referrals. Wait until you know that the customer is pleased with your service.
There are several ways to implement the referral process.
- The direct approach, which involves asking customers for referrals after the customer-service techniques have been implemented. If customers do not immediately give recommendations, then the sales professional could mention colleagues or businesses associated with the customers. This will help customers to remember their business contacts, and usually they will give referrals.
- Offer incentives to customers for referrals. For example, sales professionals/management could offer a 10 percent discount on the next purchase or contract after customers' referrals become new customers.
- Give gifts to show appreciation. This can be as simple as inviting customers to lunch (under the presumption of showing appreciation), at which time you can easily request a referral.
Requesting referrals and implementing the referral system are both very basic. First, build a relationship with customers. Once you are confident that a customer has a favorable attitude and opinion of you and your company, it is the ideal time to begin requesting customer referrals. These referrals include the customer's colleagues, friends, or competitors, which can create a huge network and more sales. It is mandatory, once a referral system is implemented, that you create, maintain, and improve relationships with new customers while continuing to build networks.
Always remember these new customers are candidates for additional referrals. Sales professionals who continue to build this process and improve their customer relations will see a significant improvement in their overall dollar sales and number of customer accounts.
Posted by
Ralph Berge, Business Coach
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10:09 AM
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