Posted: March 27, 2012 | Categories: Management, Sales

We all know why gold and diamonds are so expensive: They are in high demand and the supply is limited.

The same rules apply to you and I regarding our product or service. If what we do and how we do it is exceptional, in demand, and rare, we can make more profit. This is why it is so important for us in business to find our “gold.” Here is a process that can help us do that:

1.  Think of all the problems we solve for our clients.
2.  Consider all the competencies we have to solve those problems.
3.  Make a list of these competencies
4.  Put the list in a chart form with four columns
5.  Label the columns: Me, Customer, Competency, and Competition.

Here is what the headings stand for:

Me = How important do I think the competency is?

Customer= How important do my customers think it is?

Competency: Of all the competencies, where am I most strong and competent?

Competition: How strong is my competition in this area?

To complete heading #2, you will need to survey a handful of your most important customers. Ask them to rate the competency on a scale of 1-10. After you have tabulated the information, look at the data to determine:

• Consider what both you and your customers think is most important
• Evaluate how it matches up with your greatest competency
• Research your competition’s website and see how strong they are in that area

In most cases, what you will come up with is an area where you are uniquely qualified. Once you have done this, you have now discovered your “gold.” This is your unique selling proposition, and also where your greatest profit margin should be. Clients will pay you well since they do not believe they can replicate what you do for them.

Posted: March 26, 2012 | Categories: Management, Self-Improvement

One thing I love about coaching is the opportunity to get to what is most important.  In every conversation I have with clients and teams, they all start the same way.  It all boils down to focus and desired outcome.  What my clients are really saying is, “This is my “Here and now” and here is my “then and there”…How I get there?

The outcome of such a conversation always involves one or both of two components:  Building a new competency or skill and forming a new habit.

This morning I was talking to a client who was looking to connect with a person in a key position.  Jim had been thinking about calling the VP for several months.  He kept postponing the phone call.  So what was getting in the way?  Selling skills.  We did some role-playing practicing some key fundamentals, and at the end of the conversation Bill had both a commitment and eagerness to call the prospect.

Jim’s situation is one we can probably all relate to in some way:  When we are avoiding doing something that needs to be done, there is a reason.  If we can identify the reason, we can make the adjustment in our skill or habits to turn it around.  The other option is to keep avoiding the task, and we all know the definition of insanity.  Simply put, “If nothing changes, nothing changes”.

From this point on, as Jim and I continue to work together, he will become more and more competent in his selling skills.  As he does, sales will become easier and more enjoyable.  In time, what was once avoided will become a productive habit.  His skill and attitude will have changed, and making this new activity into a habit will be a natural evolutionary process.

Here is what we can do right now:

Ask ourselves:

1.  Am I where I want to be in my career and life?
2. What new habit or skill do I need to move forward?

Once we have  determined the key action we need to take, remember the 4 rules to build a new habit or skill:

1. Seize the first opportunity
2. Launch the strongest possible initiative
3. Keep the faculty of effort alive with daily practice
4. Never allow an exception to occur

It’s simple! (But not easy)

Posted: March 15, 2012 | Categories: Management, Self-Improvement

 There are some indicators that our economy is getting better, and you may be one of those whose business and profits are robust.  If so, here is some wisdom I will pass along to you courtesy of the late Peter Drucker:

“An organization should not grow faster than its ability to manage”

 That is the “what”.  Now we can turn to Ben Franklin to get a better idea of “how”.

Benjamin Franklin built his success on defining and living by clearly defined virtues.  He used these virtues every day to check the rightness of his actions or thoughts.  He originally had 12 virtues.  After a short time, he realized he needed to add one more – humility.  As he put it, “Every time I find myself getting very good at something, I start to feel too proud about it”

In his painfully helpful book, “How the Mighty Fall”, “Good to great” author Jim Collins analyzes five key phases in the decline of success.  Sears, GM, Motorola, and Circuit City are some examples he studied.  Here are the five steps as outlined by Mr. Collins:

1. Hubris born of success

2. Undisciplined pursuit of more

3. Denial of risk and peril

4. Grasping for salvation

5. Capitulation to irrelevance or death

He also emphasized that stage #1, “Hubris of success”, is the trigger that leads to the remaining steps of decline.

Let’s see how Webster’s Dictionary defines “hubris” and “humility”

Humility:  Refrain from boasting. Minimize personal accomplishments in favor or building others.

Hubris:  Wanton insolence or arrogance resulting from excessive pride.

Which word do you like better?  (I thought so)

Many businesses believe that their toughest challenge is generating more revenue.  In my experience, I find that the most stressful situation is when we are making tons of money.  There is a strong tendency to let our pride get out of hand, and when that happens, we can make some stupid decisions.

GM didn’t see foreign cars as a threat.  Sears didn’t take Wal-Mart seriously.  Motorola chose to be more engineering driven that customer driven.  As Mr. Collins puts it, “they lost sight of the underlying factors that created their success in the first place.”

So if you are at the top of your game, and enjoying profits beyond your dreams, take some time to do the following:

1. List the underlying factors that created your success

2. Determine which one needs the most attention

3. List and commit to one or two specific action steps you can do to improve the area of focus.

Have a “healthy discontent” with where you are at!

Posted: March 7, 2012 | Categories: Management, Team Building

Earlier this week, I was talking with a client whose company is substantially ahead their revenue goals for 2012.  That is exciting, especially considering we are not even finished with the first quarter.   You are probably asking how this is possible.  How did they do it?… Was it luck?.. .Did they just have the right product at the right time?…Was it good management and planning?  The answer:  All of the above.

You have probably heard the expression, “Luck is where opportunity meets preparation”.  Looking at what we can control, let’s take one of the most operative pieces of preparation:  CLARITY.

Clarity of goals:  This business owner (Jim) took the time to craft his 2012 business plan in November of 2011.  At the top of his plan in bold letters were his specific revenue goals and profit margin baseline.

Clarity of strategy:  If you were to ask Jim how he planned to achieve the goals, he would enthusiastically detail all the actions and categories of activity that would lead him to his goals.

Clarity of roles:  If you were to ask each of Jim’s team members what their role was, each of them could clearly tell you.

Clarity of responsibility:  Each role contains certain responsibilities in terms of desired results.

Clarity in tracking and accountability:  Everyone on Jim’s team clearly understands what is expected of them.  They all have an action plan with specific steps containing deadlines and benchmarks.  Each member does their best to do what they say they will do when they say they will do it. When they fall short, the group comes together to focus on the problem and agree on a plan of action.

Clarity in goals, strategy, roles, responsibility, and accountability can defeat finger-pointing and excuses and can enable a team to “advance confidently in the direction of their dreams”, as Thoreau once said.

To put these fundamentals immediately into play, check you clarity on the key areas mentioned.  If you find something fuzzy, take the time to make it clear.

Posted: February 6, 2012 | Categories: Management, Team Building

Here is an all-too-familiar scenario:  Something got goofed up.  It is time to huddle and solve the problem.  So we sit down together and the boss says, “What’s the deal?”

The next thing that happens…finger-pointing and blame.  No one wants to take the rap for the costly error.  (If is wasn’t costly, we wouldn’t be talking about it)

After the blame comes the next phase:  “OK, here is what I think we should do. ”  “No, let’s not do that…I think we should do this.”  The discussion intensifies, and the team finally ends up with the action to be taken.  If this is how your team solves problems, you may be missing an ideal opportunity to make your company stronger.  In order to capitalize on problems, we need to level the playing field and get everyone engaged in the process.  Here is a 9-step method that has stood the test of time:
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