Eight Steps to Keeping Prospects Engaged In Your Sales Process

Ever have a prospect who reminded you of a submarine? You know the one - actively engaged on Wednesday; ready to move forward on Friday; disappears on Tuesday, never to be heard from again . . .

 You can prevent this phenomenon from occurring eight times out of ten by following these simple tips.

1. Have a clear sales process in place that you can articulate to your prospects. Step one should always include discovery, where you are qualifiying your prospects and determining their time frame for making a decision. Then, simply focus on 'closing' each prospect on taking the next step.
2. Explain the process during the first telephone call. The final step in the process should always be the day the service begins or the contract is signed.
3. Let your prospects know the average length of time it takes most people to make a decision, from the time of first inquiry to close.
4. Tell your prospects that they are 100% in control. They can tell you that they are not interested and you will accept this answer, although you will likely ask 'why' so that you can make changes in the process in the future.
5. Explain that the only thing that you ask your prospects to do is to let you know how they are feeling at each step in the process. Reinforce that 'no' is a perfectly acceptable answer.
6. Ask each prospect if s/he will commit to exploring this opportunity with you. Once they commit, explain that you are at the end of step one in your process. Ask the prospect to rate his/her interest on a 1-10 scale, with one being "not interested" and 10 being "ready to start".
7. Ask this question at the end of each interaction with your prospect.
8. ALWAYS set a time and date for your next conversation or step in the process

Article Source: Fairfield Business Solutions

Enthusiasm & sticking to a system is your guarantee of success.

Greg Longstaff

What are the 2 main reasons people buy a franchise business? Firstly because there is a known brand name, and secondly a business system that allows people to follow guidelines of what should be a successful business model.

When I look at some of the franchise system I have worked with, there are some very clear guidelines that when followed by owners will ensure good sales. As business owners we can sometimes forget the basics of what we did at the start of our business that ensured our initial success.

Enthusiasm, the desire to succeed, even fear of failure are great motivators for you in the initial months of taking over your business!
So getting back to basics, what did you need to do to succeed when you bought your franchise?

Enthusiasm is a great start. Think back to the early days of when you took over your business? That feeling of excitement and adrenalin, nobody would dare say no to you because your excitement for your new venture was infectious. They (your prospects) wanted to jump on the happy train with you. Whether you knew it or not that’s what was happening.


So how did you get your leads initially? That’s right you printed off a marketing area and you called on every business in that area to tell them you’re open for business. You see what I have noticed over the years is that in some cases some franchisees get to a level of turnover and then the operation manual is no longer needed. Sometimes we need to go back and look at got us to where we are today. 

At a certain level of sales a business owner can become tied up in ensuring the production requirements are meeting their deadlines so they no longer find time to do market their business! It's almost like they think they have done enough and the business will just keep coming in to them!

What I am saying is that everyone gets off the ground initially by walking the streets telling people who you are and what you can do for them. To get from $0.00 to $20K this is what you need to do, so to me it would make sense to keep following the same process to ensure your sales keep ascending.

If your sales staff spends all their time quoting because your business is at a level where you are getting enough repeat business, then you as business owners you need to map out a plan for him/her to either keep calling on new businesses or perhaps put on a another sales person (either internal or external). If you current don't have a sales person then maybe now is the time to bite the bullet and hire one. By doing so you WILL take your business to another level. By not doing this you run the risk of your sales either staying stuck on a level, or your sales will more likely go backwards because you’re allowing your opposition to capitalize on the new business in your area that you haven’t yet secured.


Greg Longstaff
Business Development Consultant
Franchise Network Specialist
greg@salesmarket.co.nz
+64 9.307.7860

Are you really listening?

Most management writers these days encourage leaders to be more participative and collaborative in their decision making. Gone are the days of the top-down, hierarchical organization of the past they say (but then they contradict themselves by making heroes out of highly autocratic leaders like Steve Jobs).
Our view is that business is not a democracy. Decision making by committee is a recipe for mediocrity.  “Leaders must lead” and that means making clear decisions.  You are not a politician, and this is not a popularity contest.  You are paid to make the good decisions that are in the best long-term interests of the company.  However, we recommend that in order to make good decisions, it is highly desirable to solicit a variety of different viewpoints and opinions before making your decision.

Peter Drucker in his timeless book The Effective Executive said that effective leaders create dissension and disagreement rather than promote consensus.  In fact, he recommended that you should not make a decision unless there is disagreement first.  If everyone agrees at the outset you should tell them to go away and come back with some counter viewpoints. “Groupthink” – where everyone in a company (sometimes even in a whole industry) thinks the same - is a dangerous pitfall to guard against.  ”If everyone is thinking the same, then someone isn’t thinking”

As a leader you need to have the confidence to surround yourself with people who are willing to disagree with you, and demonstrate that you willing to hear what they have to say.

You may not like hearing criticism, or opinions that are different to yours, but you must ask people to tell you what they really think, so you get to see things from a variety of angles.  Introverts are unlikely to speak up to you, so you need to find a way to get their opinion on the table as well.

Recent research shows that motivation, job performance, and morale increase when employees have the opportunity to contribute their concerns and ideas.  That does not mean that you need to please everybody (you can’t) but you need to show that you are willing to listen.

The study also shows that there is a consequence to giving your employees a voice: The leader must listen.  If you pay lip service to listening, and have no intention of seriously considering their ideas – your staff tend to stop offering input and get increasingly frustrated and dysfunctional in their jobs.

Conversely, employees who think their leaders do pay attention tend to speak up more often, and get along better with one another, improving the organization’s functioning as a whole.

In summary, if you want to make good decisions; get input from many people – especially those with a variety of different viewpoints.  Then provide tangible evidence that you have heard them and seriously considered what they have to say.

Now do your job.  Go and make a good decision! 


Article Source: Results.com


Greg Longstaff
Business Development Consultant
Franchise Network Specialist
greg@salesmarket.co.nz
+64 9.307.7860

A picture really does paint a thousand words

Do you have a mega or a meagre memory? 

 I have just finished a brief two hour programme with an eleven year old boy.

His mother asked me to show Trevor how to use his memory better, with a view

to him doing better at tests in school.

We began with a list of twenty unrelated words which I asked him to try to

remember and write down a few minutes later. The average score for this quick

memory test is between 2 and 5 out of 20. Trevor scored 3. The frst time I did it,

I scored 2! I then learnt the first steps of how to use my memory properly and

within an hour I scored 20/20.

After showing young Trevor this trick, we moved on to creating a mental

shopping list in a supermarket. In fact, within ten minutes he easily retained (and

could recall a week later) two lists, each including five items. The following week

in the second of our one hour sessions, Trevor created a list of all the parts he

would need to put together a worm farm. This is a project he has coming up at

school soon and he will now be able to reel off everthing he needs to collect and

take along with no trouble at all. As you can imagine, both Trevor and his mum

Elayne are extremely happy with the results and amazed to see what Trevor's

mind and memory are capable of.       

I first began to learn how to use my memory from a set of Kevin Trudeau tapes I

bought back in the mid 90's called 'Mega Memory' and from learning and

practising other techniques ever since, I have managed to turn it into a powerful

business and personal tool.

    A picture paints a thousand words 

 

    In my experience working with people's confidence and self image/ belief, I have

    noticed that most human mind's don't think in words but in pictures. We then

    convert those pictures into words and languages in order to speed up

    communication. Memory works much more efficiently when we create and play 

    mental videos of the things we want to remember.

 
    Here are the five things you need to have in your mental video for maximum
    retention/recall:

    1. Colour

    2. Movement/ Action 

    3. Vivid activation of at least one of the senses. Touch, sight, sound, smell and 

        taste

    4. Emotion. Fear/ desire etc

    5. Ridiculous association. Incredible, funny, fantastic and amazing things that

        your mind creates but would never actually happen

    Why Air New Zealand Link staff don't think

 

    For almost ten years I have worked with the new cabin staff of Air New Zealand

    Link during their three week induction course. My session is just one afternoon at

    the end of those three weeks, during which time I show them how to memorise

    their PA's (public address). Once they have mastered this, just like young Trevor,

    I regularly see their confidence and self belief growing right before my eyes.

    Initially, many of these new recruits seem rather daunted by the task ahead.

    Hardly surprising when you consider that study after study says that most

    people's biggest fear in life is speaking in public. All that fades into insignificance

    when they learn the trick to using their memory. 'The human brain thinks in
    pictures, not in words'.

    During the session, these words, handed to them on a page:

    "Please ensure hand luggage is safely stowed either in the overhead locker, or 

    beneath your seat. A reminder that all electronic equipment must be switched off

    for take off and landing. Please fasten your seat belts, check that your tray table

    is folded away and your seat back is in the upright position."

    Becomes a series of bullet point images which I ask them to draw:

    The bullet points act as visual triggers for the mental video clip they create. In

    the space of three hours, the majority of them go from self consciously reading

    just the first three lines of a script which they need to refer to while presenting

    to their peers, to doing it using a group of only five pictures drawn next to their

    bullet points, and finally to reciting entire, lengthy PA's with no safety net at

    all, completely from their memory. They don't need to think about the words,

    they just need to remember the pictures, and their subconscious takes over and

    does the rest.

    I should say that James Hamilton of Air Nelson and his team do a fantastic job

    of choosing and training the people I get to work with, which certainly makes my

    job that much easier, more enjoyable and fun.

 

Article Source: www.paulkernot.com

In Pictures: 16 Ways 9/11 Changed The Way We Do Business

The world changed when those buildings fell—the way we work, get around, communicate, dream. And then, slowly but surely, it was back to the business of making a living. Some of the changes would prove ephemeral, others permanent.

We asked an array of professionals—from manufacturers to marketing consultants, from Arkansas to Minnesota—to identify the tangible consequences 9/11 had on the world of business. We weren’t looking for broad, sweeping statements about the impact of the terrorist attacks (you’ll have had your fill of such fulmination by the time you read this). Instead, we pushed for specific observations regarding the areas these people know best.
Gallery: Big Achievers Share The Greatest Risks They Ever Took
Gallery: 20 Businesses You Can Start Tomorrow
11 images Gallery: Ten Horrible Reasons To Get Rich

Not all the news is bad. Some of it—such as the growth in employee assistance programs and a renewed healthy regard for rainy-day funds—is rather encouraging. In some cases, our subjects offered tangible guidance on navigating the post-9/11 economy.

Taken together, the collection of responses provides rich perspective on commerce in the aftermath of that tragic day a decade ago.

Have your own perspective to share? Please comment on this post.

It Has Helped Us Compete

Rich Carrigan, Chief Executive, United Displaycraft, Chicago, Il., maker of point of purchase displays

As a domestic manufacturer, who also imports from China, 9/11 has actually helped us to be more competitive.  Starting in roughly 2003, new regulations went into place regarding how containers are checked as they arrive at our shores. Result: The cost of shipping a container has gone up, and the time (which was getting shorter) has also gone up. That’s bad if you are a pure importer, but good for us since we still make roughly 80% of our product here in Chicago.

Employee Assistance Programs Have Expanded

Burton Goldfield, President and Chief Executive, TriNet, San Leandro, Calif., provider of HR solutions for small businesses

On the human relations front, Employee Assistance Programs have seen a resurgence. Services include assessments, short-term face-to-face counseling and doctor referrals. EAPs are available 24/7 via a hotline and most often work on a one-on-one basis. EAPs offer guidance on a range of other issues, including health and nutrition, substance abuse/addiction, relationships, emotional well-being, legal and financial issues, personal growth, physical fitness, pregnancy, personal safety, and stress/anger management. As a result of 9/11, they’ve adapted to include critical incidence response that allows service to hundreds at a time after a major event. The power of this shift is dramatic. EAPs are free, completely confidential and available not only to the employee but to their families as well. Some advice: If your company offers an EAP, don’t be afraid to remind employees that it’s there.

It Reminded Us That Doing Well Also Means Doing Good

Paul Jankowski, Owner, Access Brand Strategies, Brentwood, Tenn., a marketing consultancy

On September 11, 2001, our country acted like a family. Since then we’ve had our corporate scandals, foreign wars and political infighting. However, the positive effects can be felt 10 years later through a discernible rise in corporate community involvement. Companies are encouraging employees to contribute time to causes that are important to them. Just one of many examples: Ronald Shaich, Executive Chairman of Panera Bread, who said “bring your humanity to work.”  His vision was to directly impact the one in four children in the US struggling with hunger (beyond the $150 million Panera donates to various causes). The goal: to develop a sustainable, pay-what-you-can community cafe concept called Panera Cares. It now operates in Clayton, Mo., Dearborn, Mich., and Portland, Ore.


It Gave A Wake-Up Call To Entrepreneurs

Martin Zwilling, Founder & Chief Executive, Startup Professionals, Phoenix, Ariz., mentor and advisor to startups
Gallery: Big Achievers Share The Greatest Risks They Ever Took
Gallery: 20 Businesses You Can Start Tomorrow
11 images Gallery: Ten Horrible Reasons To Get Rich

Even for professionals who didn’t lose family, friends and co-workers on September 11, 2001, that day prompted soul-searching about the value of sticking with high-paying, seemingly secure jobs, compared to following their dream and being more in control of their own destiny. The result was an immediate surge in entrepreneurship and startups across the country. Of course, most found out that startups are tough, so we haven’t seen any improvement in the failure rate, which still seems to indicate that 50% are gone within the first five years. Despite the challenges, I see an increased respect for the role of the entrepreneur in our culture, one that has put entrepreneurs almost on a pedestal, as the pioneers of change in the world, up from second-class citizens who couldn’t qualify for high-paying roles in corporate America. Maybe 9/11 was the wake-up call we needed to get American business thinking back to its roots.

It Confirmed That Cash Is King

Gene Marks, President, The Marks Group, Bala Cynwyd, Pa., a technology consulting firm

When the World Trade Towers fell, they took the world economy with them. How did I survive when customers went into hiding? Luckily—very luckily—I had some cash in the bank. I could pay my bills, keep things running, and ride out the aftermath. The truth is that even the powerful American machine can be brought to a standstill with a single incident in a single city. Which is why I’m keeping more cash on hand than ever before–even if it’s earning a little less interest these days. And I’m not the only one.

It Re-energized The Energy Debate (Sort Of)

Glen Tullman, Chief Executive, Allscripts, Chicago, IL, maker of software for the health-care industry.

Since 9/11 we’ve made air travel, our office buildings and our ports less susceptible to those who may bring us harm. But there’s hard medicine we’ve yet to take: using less oil and getting more energy from sources we can control. A larger gasoline tax–say, establishing a inflation-adjusted price floor of $4 at the pump–would help. The average price of a gallon of gas was $1.66 on September 11, 2001; it’s nearly $4 now. Certainty of high gas prices will spur investment in technologies that subvert oil as a fuel. Yet most financiers won’t bet big on solar energy, biofuel or wind farms—that’s because they know that the minute any green-energy project puts a dent in demand for oil as an energy source, the price of crude will zoom straight back downward again and drive up demand.  Big government is good at few things, but providing bedrock reassurance to innovators is one of them. Measures like a gas tax would work best if they were part of a national energy plan that Americans could understand. Washington hasn’t given us one.Yet.

We Got Back To Basics

Marc Compeau, Director, Reh Center for Entrepreneurship, Clarkson University, Potsdam, NY

Work, family and fun have long fought for space on life’s goal lists. The 9/11 aftermath brought some rebalancing—and an urge for simplicity. Upstate New York has seen a rebirth of many downtowns, filled with energetic and innovative entrepreneurs comforted by the notion that no terrorist cares about downtown Saratoga Springs. “We have seen many more visitors who don’t just wish they could live a simpler life, but actually open a store front and make a go of it,” says Erin Draper, Director of the Adirondack Business Center in Saranac Lake, NY. “The migration of urban entrepreneurs has really transformed many of the small towns we work with.” Susan Hirschfeld, a fashion consultant for several major retailers, is one of those who sought simple. “I was always running, so tired all the time but never taking a break long enough to realize it,” she says. So Hirschfeld moved to Lake Placid, NY, where she launched her own line of snowboard clothing, Hardway Apparel: “I don’t have anywhere near the disposable income I had but I have traded that cash for peace,” she adds. “Life is so simple–and so fulfilling.”


Even The Brave Are More Risk-Averse

Steve Berglas, Founder, EgoDoc, Ltd., Pacific Palisades, CA, coaching services for successful entrepreneurs and executives

Gallery: Big Achievers Share The Greatest Risks They Ever Took
Gallery: 20 Businesses You Can Start Tomorrow
11 images Gallery: Ten Horrible Reasons To Get Rich

The business builders I coach now are much more risk-averse relative to those I worked with pre- 9/11. I see neither idealism nor passion in these people, just a CYA (“cover your ass”) attitude. The most salient symptom, not surprisingly, is hoarding wealth. Entrepreneurs were once noteworthy for their need to promote social change. Now many spend a lot more time with their estate-planning attorneys. (See also, 10 Horrible Reasons To Get Rich.)

Fulfilling Orders Got Even More Expensive

Abhijeet Purkayastha, President, The Grippster Company and Tejada Leather, Fayetteville, Ark., manufacturers of home-safety products and leather goods

We are a small company that makes products in India and ships to clients globally. Post 9/11, there has been a lot more regulation enforced by Customs and Border Protection. We have to ship fully loaded containers, so if we can’t fill one, we share it with another company; that lack of control introduces risk, especially as federal agents have ramped up their search efforts. Even if there are ultimately no problems with the contents, we have to swallow the related surcharges for searches. Also, our shipments have to arrive within a specific delivery window, or we get penalized by the retailer, which can charge between 20% and 35% of the purchase order. Before 9/11, Customs would set aside two or three of our shipments a year, out of three to six shipments a month. Post- 9/11, the searches are occurring a lot more.

It Demonstrated That The Best Brands Are Bulletproof

Les Berglass, Chief Executive, Berglass+Associates, New York, NY, an executive search firm

About 70% of the executives we place are relocations. Most people don’t like to move. The 9/11 attacks made recruiting to New York City even more difficult–people were actually afraid to come here. That fear dissipated in less than a year. In fact, in the past ten years there’s been a “rebirth” of Manhattan, from the High Line to Harlem.

It Pounded Nails Into The Venture Capital Coffin

Dileep Rao, Ph.D., President, InterFinance Corporation, Golden Valley, Minn., a small business finance consultant

Venture capitalists were already nursing a massive hangover from the dotcom collapse when the terrorists struck. For most, the aughts were a lost decade. (For more, see 18 Zombie Venture Capital Firms.) Cheap debt filled the void–until that bubble burst. Now the trend is toward asset-based lending–as in, lending against assets such as accounts receivable. (For more on this, and other forms of alternative financing, read Where To Find Capital Now.) For more on availability of credit, and on the small business landscape in general, check out the State Of Small Business.


We’ve Become More Exposed

Dan Schawbel, Managing Partner, Millennial Branding, Boston, a marketing consultancy

Increased security measures taken at airports, combined with the emergence of technologies like Skype and social networking, have made us rely less on being physically present and forced us to rethink the way we interact professionally. This shift has had consequences on how we cultivate our personal brands. We’ve become more exposed; first impressions are made online, before clasping a hand.
Gallery: Big Achievers Share The Greatest Risks They Ever Took
Gallery: 20 Businesses You Can Start Tomorrow
11 images Gallery: Ten Horrible Reasons To Get Rich

It’s The Same Old Song

Kern Lewis, President, GrowthFocus, Castro Valley, Calif., a marketing consultant for small businesses and start-up ventures

In terms of how we market products and services, fundamentally little has changed. Buyers may have temporarily taken a more cautious approach to life, and marketers reacted to that with a shift in positioning and product innovation. And there certainly was, and still is, a knee-jerk tendency to drape much of what we do in good ol’ red, white and blue. But I’d chalk that up to a greater force: the eternal impulse to feed—and profit from—whatever cultural trends are attracting dollars at a given time and place.

It Created A Barrier To Innovation

Rebecca O. Bagley, President and CEO, NorTech, Cleveland, OH, a  regional technology-based economic development organization

Policies created because of 9/11 added significant challenges to get even the most educated immigrants to America. This stance will have a negative economic impact. Immigrants are vital to the U.S. economy, especially with regard to entrepreneurship. Immigrants are nine times more likely to be self-employed compared to native-born Americans, according to the Migration Institute. We’re not just talking about traditional industries: Many of our best scientists and engineers are immigrants. The National Venture Capital Association estimates that, since 1990, venture-backed firms owned by immigrants have created more than 400,000 jobs and represent a combined market capitalization of roughly $500 billion. (For more see Best Cities For Minority Entrepreneurs.)

We Prepare For Anything

Celeste Gudas, Founder and Chief Executive, 24 Seven, New York, NY, a  talent-recruiting firm for the fashion, media and marketing industries

We launched our company in 2000 in the south end of Manhattan’s SoHo neighborhood. When the Trade Towers fell, we were forced to evacuate our offices and not return for three weeks, forcing us to run operations remotely. We now have systems and processes to keep our 200 recruiters and our hundreds of freelancers connected, informed and able to work regardless of location. For instance, our payroll system is now active in three different offices, so in the event of an emergency or closure, we can continue to pay our employees and freelancers. We also implemented a three-tiered level of data recovery—local tapes, off-site tapes and storing all information in the cloud—to ensure that we’re up and running as soon as possible after an emergency. (Cost: just $100 a month.) Recent events, such as the East Coast earthquake and hurricane threats, continue to remind us that disasters can happen anywhere, 24-7.


It Distracted Us From The Real Problem

Brett Nelson, Executive Editor, Forbes

Humans want what they want when they want it. That blind, bones-deep desire for immediate gratification drives us to great achievement. (In this sense Gordon Gekko got it right: Greed is good.) But unchecked, that desire also creates asset bubbles, from real estate to technology stocks. It is why Bernie Madoff managed to destroy $18 billion in wealth; why our Social Security program is in jeopardy of insolvency; and why, with each passing day, China and our other lenders control more and more of our destiny.
Gallery: Big Achievers Share The Greatest Risks They Ever Took
Gallery: 20 Businesses You Can Start Tomorrow
11 images Gallery: Ten Horrible Reasons To Get Rich

The events of September 11, ghastly as they were, weren’t enough to dull that desire, to reconfigure our primordial coding. Chris Carey, owner of an eponymous consultancy to small businesses and a very perspicacious fellow, put it this way recently:

“The terrorist attacks created a common bond for us. We had a common enemy, we presented a common front against terror, we were collectively going to kick some butt for our loss. This feeling of camaraderie and common purpose spilled over into business. It gave us a common language and rallying point. We were all working together to defeat a foe, and we were bonded by our cause.

“I don’t know whether it was the recession, or just time, but the opportunity seems lost.  The wars in Iraq and Afghanistan have gone on too long.  We didn’t experience the sense of closure we had hoped for in the capture of Saddam Hussein and the killing of Osama bin Laden.  Our government is fractured, our economy in shambles, thousands of our children have been killed in places most Americans couldn’t find on a map, and too many of us are unemployed.

“We missed an opportunity which could have drawn us together.  The power of the moment was lost and we are left with long lines at the airport and politicians squabbling over who gets to speak at the memorial event.”

I hope we’ve learned something more. I do.

Article Source: www.forbes.com






Greg Longstaff
Business Development Consultant
Franchise Network Specialist
greg@salesmarket.co.nz
+64 9.307.7860

The Seven Pitfalls of Business Failure And How to Avoid Them

1. You start your business for the wrong reasons.
Would the sole reason you would be starting your own business be that you would want to make a lot
of money? Do you think that if you had your own business that you'd have more time with your family?
Or maybe that you wouldn't have to answer to anyone else? If so, you'd better think again.

On the other hand, if you start your business for these reasons, you'll have a better chance at
entrepreneurial success:

You have a passion and love for what you'll be doing, and strongly believe -- based on
educated study and investigation -- that your product or service would fulfill a real need in the
marketplace.


You are physically fit and possess the needed mental stamina to withstand potential
challenges. Often overlooked, less-than-robust health has been responsible for more than a
few bankruptcies.

You have drive, determination, patience and a positive attitude. When others throw in the
towel, you are more determined than ever.

Failures don't defeat you. You learn from your mistakes, and use these lessons to succeed
the next time around. Head, SBA economist, noted that studies of successful business owners
showed they attributed much of their success to "building on earlier failures;" on using failures
as a "learning process."

You thrive on independence, and are skilled at taking charge when a creative or intelligent
solution is needed. This is especially important when under strict time constraints.

You like -- if not love -- your fellow man, and show this in your honesty, integrity, and
interactions with others. You get along with and can deal with all different types of individuals.

2. Poor Management
many a report on business failures cites poor management as the number one reason for failure.
New business owners frequently lack relevant business and management expertise in areas such as
finance, purchasing, selling, production, and hiring and managing employees. Unless they recognize
what they don't do well, and seek help, business owners may soon face disaster. They must also be
educated and alert to fraud, and put into place measures to avoid it.

Neglect of a business can also be its downfall. Care must be taken to regularly study, organize, plan
and control all activities of its operations. This includes the continuing study of market research and
customer data, an area which may be more prone to disregard once a business has been established.

A successful manager is also a good leader who creates a work climate that encourages productivity.
He or she has a skill at hiring competent people, training them and is able to delegate. A good leader
is also skilled at strategic thinking, able to make a vision a reality, and able to confront change, make
transitions, and envision new possibilities for the future.

3. Insufficient Capital
A common fatal mistake for many failed businesses is having insufficient operating funds. Business
owners underestimate how much money is needed and they are forced to close before they even
have had a fair chance to succeed. They also may have an unrealistic expectation of incoming
revenues from sales.

It is imperative to ascertain how much money your business will require; not only the costs of starting,
but the costs of staying in business. It is important to take into consideration that many businesses
take a year or two to get going. This means you will need enough funds to cover all costs until sales
can eventually pay for these costs.

4. Location, Location, Location
Your college professor was right -- location is critical to the success of your business. Whereas a good
location may enable a struggling business to ultimately survive and thrive, a bad location could spell
disaster to even the best-managed enterprise.

Some factors to consider:

Where your customers are

Traffic, accessibility, parking and lighting

Location of competitors

Condition and safety of building

Local incentive programs for business start-ups in specific targeted areas

The history, community flavor and receptiveness to a new business at a prospective site

5. Lack of Planning
Anyone who has ever been in charge of a successful major event knows that were it not for their
careful, methodical, strategic planning -- and hard work -- success would not have followed. The same
could be said of most business successes.

It is critical for all businesses to have a business plan. Many small businesses fail because of
fundamental shortcomings in their business planning. It must be realistic and based on accurate,
current information and educated projections for the future.

Components may include:

Description of the business, vision, goals, and keys to success

Work force needs

Potential problems and solutions

Financial: capital equipment and supply list, balance sheet, income statement and cash flow
analysis, sales and expense forecast

Analysis of competition

Marketing, advertising and promotional activities

Budgeting and managing company growth

In addition, most bankers request a business plan if you are seeking to secure addition capital for your
company.

6. Overexpansion
A leading cause of business failure, overexpansion often happens when business owners confuse
success with how fast they can expand their business. A focus on slow and steady growth is optimum.
Many a bankruptcy has been caused by rapidly expanding companies.

At the same time, you do not want to repress growth. Once you have an established solid customer
base and a good cash flow, let your success help you set the right measured pace. Some indications
that an expansion may be warranted include the inability to fill customer needs in a timely basis, and
employees having difficulty keeping up with production demands.

If expansion is warranted after careful review, research and analysis, identify what and who you need
to add in order for your business to grow. Then with the right systems and people in place, you can
focus on the growth of your business, not on doing everything in it yourself.

7. No Website
Simply put, if you have a business today, you need a website. Period.

In the U.S. alone, the number of internet users (about 70 percent of the population) and e-commerce
sales (about 70 billion in 2004, according to the Census Bureau) continue to rise and are expected to
increase with each passing year. In 2004, the U.S. led the world in internet usage.

At the very least, every business should have a professional looking and well-designed website that
enables users to easily find out about their business and how to avail themselves of their products
and services. Later, additional ways to generate revenue on the website can be added; i.e., selling ad
space, drop-shipping products, or recommending affiliate products.

Remember, if you don't have a website, you'll most likely be losing business to those that do. And
make sure that website makes your business look good, not bad -- you want to increase revenues, not
decrease them.

When it comes to the success of any new business, you -- the business owner -- are ultimately
the "secret" to your success. For many successful business owners, failure was never an option.
Armed with drive, determination, and a positive mindset, these individuals view any setback as only
an opportunity to learn and grow. Most self-made millionaires possess average intelligence. What
sets them apart is their openness to new knowledge and their willingness to learn whatever it takes to
succeed.

Article Source: Written by Patricia Schaefer  www.businessknowhow.com

Sweat the small stuff to improve job satisfaction

Many of us spend more time at work than we do with our families.  Even when we are at home, we’re often thinking about work issues, or working remotely using technology.  Job satisfaction surveys indicate that even in times of high unemployment (where you might think people would be grateful just to have a job), up to a third of those employed report being unfulfilled at work and would willingly jump ship to another firm if they could. What can we do as leaders to create a more fulfilling work environment for our people? Sweat the small stuff. As leaders, we know the importance of focusing on the big picture.  We choose our key strategic priorities, break them down into individual projects, and make sure our key performance indicators are moving in the right direction.  Business execution is all about working on the right things – the big stuff. However, when it comes to job satisfaction, it is the little things that matter.  It is the recurring daily hassles and frustrations that chisel away at your people’s motivation: The machine that doesn’t work; the bug in the software; the flickering light bulb.  Surprisingly, it is the little things that are out of our control that frustrate us the most. Keep your ears open for the little hassles and niggles that your staff complain about.  Don’t brush them off - fix them.  Sometimes the simplest improvement can have a huge positive psychological impact.  It doesn’t have to cost much either.  I was amazed at how grateful our people were when all I did was install new paper towel dispensers in the restrooms at one of our offices.  Seeing progress being made every day is a key motivator. What little thing could you fix in your work environment this week that would address a daily frustration for your people? A Sense of Achievement. Similarly, people report higher job satisfaction when they feel like they are achieving something every day.  It’s all about visible progress.   At the beginning of every day ask your people, “What is the #1 thing you are going to achieve today?”   Don’t let people get away with saying something general like, “I’m going to work on project X”.  Specificity has power.  If your people are working on a large project, get them to specify what piece of that project they can get done by the end of the day. The best way to eat an elephant is one bite at a time.  Get everyone to name that bite they are going to cut off, chew down, and swallow today.  Write it down.  Check it off when it is done.  Make sure your people finish every day with a sense of achievement. What is the #1 priority that you will get done today?

Do you need help setting a winning strategy? Check out our new webinar - The Missing 98%

Stephen Lynch Chief Operating Officer - Global Operations - RESULTS.com Liked this Business growth tip? Send to a Friend RESULTS.com can transform your business  Connect with us

Article Source: Results.com

Greg Longstaff
Business Development Consultant
Franchise Network Specialist
greg@salesmarket.co.nz
+64 9.307.7860

Business File Sharing – Protect your internet access

Lizandra  Bailey

The Copyright (Infringing File Sharing) Amendment Act 2011 will become current law on 1 September. The Act makes it easier for copyright owners’ to enforce protection of their copyright. Current internet activity is covered because owners can act on infringements which occurred up to 21 days before the law becomes current. There are a few things that you should be aware of:

• You are responsible for any content downloaded or uploaded over your connection.
• The Act targets file sharing where a user makes available to other people on the internet copyrighted files that they do not have the rights for.
• There are four stages of enforcement within the Act.

1. A detection notice from your internet provider, stating that they have received notice from a copyright owner that you have breached their copyright. This notice lasts for 9 months before it is removed off your account.
2. A warning notice can be issued if further sharing is reported at least 28 days after you were sent a detection notice. This notice also expires 9 months after the detection notice is sent to you.
3. An enforcement notice can be sent if illegal file sharing is reported at least 28 days after the warning notice is sent out.  This notice expires 35 days after it is dated.
4. Once an enforcement notice has been issued the copyright owner can seek a $15,000 fine through the Copyright Tribunal and/or apply to the District Court for a six month suspension of your internet access.

• You will have 14 days after each notice to challenge the complaint by writing to your internet provider using the prescribed form.

There are several steps you can take to minimise the possibility of file sharing on your account:

For staff use

• Restrict the installation of any software you haven’t approved.
• Monitor your employee’s internet usage.
• Restrict access to all except the most regularly used ports (such as 80 and 8080 for the world wide web) to prevent some file sharing software from functioning.
• Educate your employees about appropriate usage of the internet.  Have an internet policy which each employee reads and acknowledges. Review your employment contracts.

Wireless access

• Make sure your wireless (WIFI) connections is secure or require a login and password or voucher system that you can control. The WEP security used as default on many older devices is no longer secure so ensure you move to WPA or WPA2 security.

For customers/clients/guests

• Port restrictions, as mentioned above, can be used; however, they may have to be more relaxed if your business is a hotel where a customer may need to use specialised software that uses an unusual port. One option is to offer a service that naturally restricts access to general use, but that allows you to offer a user less restricted access on their request.
• Software is available that will watch internet use and attempt to determine what is illegal file sharing. It can then stop these transfers. While this method has a chance of incorrectly detecting standard use, over time it should learn what is expected behaviour and what could be illegal.
• Obtain an acknowledgement from your customers that they are aware of your rules regarding internet access.

You should speak with your IT service provider as soon as possible to ensure that all possible measures are in place to prevent an infringement of this new Act, and legal advice should be sought immediately if you receive any form of infringement notice. 

Contact Lizandra Bailey or Arran Hunt from Macdonald Pilcher Partnership for more information on (09) 307 3324 or lizandra@macdonaldpilcher.co.nz or arran@macdonaldpilcher.co.nz


Article Source: BuyaBiz Blog 

Are You Buying A Business?

Craig Weston Inspired Director

If you are contemplating buying a business, there are numerous matters to be considered.

The numbers:

• copies of financial accounts for the last 3 years 
• schedule of sales, on a monthly basis, for the last 3 years
• reasons for any large credit notes processed after 31st March
• trading terms for the business
• recent Debtors' Aged Analysis

People and Systems:

• If you are taking over employees, obtain:
• –  an organisation chart and all position statements
• –  all employment agreements
• –  a schedule of employees’ entitlements
• Is there a systems manual for the business? Is it current?

Who you deal with:

• customers' list
• suppliers' list

IP

• Details of patents, trademarks, trade secrets and intellectual property systems

What and Where:

• methodology for valuing stock
• a copy of the business' lease agreement. 

Check:

• option period
• reinstatement conditions (painting, new carpets etc)
• business uses permitted 
• can the lease be reassigned?

Other issues to be aware of:

• Never sign a contract until you have had legal and accounting advice
• Make sure you are buying the business in the appropriate entity
• Keep full records of everything that is said or given to you by the vendor or vendor's representative
• Do your own due diligence and check all the information supplied to you
• Is the location satisfactory for your business?
• If you would like a copy of our Guide to Buying a Business, please contact Craig Weston.

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Article Source: www.buyabiz.co.nz