Insights for Restaurant Owners: Keeping Good Employees, Profits

 

If you, as a restaurant owner, have trouble keeping talented employees, consider insights from a report on a Sacramento, California TV station. It will also help you stay in business.

The headline, “Servers Say Groupon Leads to Smaller Tips,” on Jan. 25, 2012 is enlightening. The KXTL-TV report cites numerous comments on YCombinator.

It seems restaurant employees across the nation are unhappy about the small tips they get from customers who use discounted Groupon coupons. Groupon has about 150 million subscribers.

Consumers get coupons from Groupon for discounts. The rub is that restaurant customers are tipping on the 50 percent discounted price, not the regular menu price.

What’s worse, the article states: “The State Restaurant Association tells FOX40 that with the stressed economy, business owners are finding it hard to keep giving such big discounts.”

Indeed, the report confirms informaiton in a Biz Coach column last year: Daily Deal Sites and Pricing Principles – What’s Sustainable and What Isn’t.

The column cited research by Rice University that shows many restaurants find it impossible to be profitable by partnering with Groupon and other daily deal sites.

I wrote:

“The study caught my eye because this business portal has long maintained it’s dangerous to sell products at the cheapest price in the marketplace vis-à-vis focusing on value and customer service. (See What are the Secrets for Success from Advertising?)

“Companies that focus solely on price attract the smallest segment of consumers – 18 percent – the least-desirable customers who make buying decisions solely on price. Such consumers are not loyal. Additionally, they’re the biggest complainers and more likely to return products.”

The warning is still valid.

Listen to your employees – here’s how and why to partner with your employees. Consider eight simple strategies to give you pricing power.

From the Coach’s Corner, for business success in marketing, here are related resource links:

Fast-Food Restaurateur Shares Secrets for Success

Tips To Get Strong Results From Your Marketing Plan

Fast, Easy Ways to Create Buzz

Marketing Essentials on a Shoestring Budget 

“Incentives are not strategy, they are tactics. Defensive measures.”
-Carlos Ghosn 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

CES: Best Business Strategies to Get Tech Funding

 

Jan. 24, 2012

If you have a tech startup looking for funds, you already know the competition is intense. But there are strategies that will help you to get funded. Investors revealed their preferences for funding technology firms at the 2012 Consumer Electronics Show (CES) in Las Vegas.

On her blog, the chair of the CES venture capital panel, Joey Tamer, writes “each early stage fund planned to invest in a Series A for four or five new early stage companies during this year.”

When she’s not chairing venture panels, Ms. Tamer is an outstanding Los Angeles-based strategic consultant to technology and media (www.joeytamer.com).

“In the case of Jerusalem Venture Partners, Yoav Tzruya reported that this number represents no more than 1 percent of the 600 companies JVP reviews each year for its early stage fund,” says Ms. Tamer.

“Kevin Spain of Emergence Capital which has a focus on B2B applications, and Chris Petrovic of GameStop Digital which is a strategic investor/acquirer of game companies, as well as Habib Kairouz of Rho Capital agreed with the plan for four to five new deals this year,” she adds.

Improved environment

“We are in a boom period again, this time for the number of early stage companies in play in the market,” Ms. Tamer explains. “The continuing trend that allows for new technologies and applications to be built with many off-the-shelf tools, using world-wide technical expertise, for much less capital, has created many new companies competing for the funding resources available.

“The new trend of incubating companies in accelerators has added some seed capital to these concept-companies to get them through their initial product development,” she says. “But then these companies need to get some traction in the market, hopefully to significant revenue, before they can hope to move from seed capital to Series A.”

Optional strategies

Ms. Tamer indicates you have options to consider if you can’t get from seed to Series A or from Series A to Series B.

“Early stage companies not attracting that critical Series A or Series B funding should consider connecting strategically or through acquisition or merger with other similar-stage companies to create a stronger offering for funding,” she advises. “Aligning with other early companies that would enhance your market position or extend your product offerings or brand, you might attract that essential next stage of funding.”

She explains a developing trend.

“Kevin Spain added a new point, that he sees a strong emerging trend in B2B and enterprise applications using the new technologies that are mostly focused on the consumer market now,” she writes. “He advised companies to look for those B2B market opportunities for their current B2C products and applications. A doubling of your target markets, which rise and fall under different economic conditions, may present a strong offering to investors.”

She explains the motivation of two investors.

“Scott English from Hearst and Chris Petrovic of GameStop approach their investments as strategic additions to their portfolios, rather than as pure venture investments –even though each has a different priority for these investments,” she explains.

“The first point made was to conduct your due diligence about how strategic investors value their target companies,” Ms. Tamer says. “Hearst, for example, is a later stage investor focused on financial ROI to Hearst first, and strategic value to the portfolio second. GameStop, focused on early stage game companies, values its acquisition targets first as an operational addition to its portfolio plan (does the company add to GameStop’s infrastructure, product mix, learning about new markets, or strategy) before financial and ROI considerations.”

She explains some lessons:

1. Do your homework about your company’s “fit” with what an investment group might be seeking.
2. Talk with other companies in the investor’s portfolio.
3. Narrow down your list and your efforts to those investors that prefer your company’s stage, market sector, and your possible enhancement of their portfolio’s current companies.
4. Some strategic and corporate investors function very much like venture capitalists, and others have different priorities. So, after your due diligence, and as you enter discussions, read the deal’s restrictions and the detailed legal conditions before negotiating or accepting any investment.

Critical factors to help you win

“Norm Fogelsong of Institutional Venture Partners, a later-stage venture fund, insisted that your company’s vision must be big, very big, to attract the rounds of capital needed to become a major player,” she points out.

“The panelists agreed that they are very focused on execution, in particular execution on market penetration,” Ms. Tamer advises. “After you have been funded on your product’s unique value, it is time to turn your attention to your market, especially your customer acquisition and retention strategies, tactics and results.”

She provides another insight: “Yoav related that he looked for CEOs with deep market savvy, a founder who knows his or her product and its market realities, and has a strong go-to-market strategy.”

Ms. Tamer shares the insights of Sharon Wienbar of Scale Venture Partners, a later stage investor, who wants to minimize risk three ways:

• Proof of market responsiveness: Does your customer commit to your vision of your product’s value, price and use?
• A business model that prioritizes customer acquisition and retention: Do you have a plan that acquires each new customer quickly and for less and less cost of acquisition?
• Compelling metrics: are your projections for market penetration, growth and profitability backed up by proven metrics?

“So, amid the growing competition for capital we are seeing this year, particularly in the consumer market, investors’ focus seems to move quickly from unique technologies and applications to strong execution,” concludes Ms. Tamer. “Early stage companies need strategies to present compelling offerings to investors, and an increasing focus on market execution that leads to growing a big company and taking significant market share.”

Hope you enjoyed these insights. As usual, Ms. Tamer speaks and writes with authority.

(Note: I’m very familiar with Ms. Tamer’s expertise. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)

From the Coach’s Corner, here are more of Ms. Tamer’s valuable insights:

How To Get More Opportunities As A Guest Speaker

How To Obtain The Most Profit From Speaking Opportunities

6 Values for Financial Protection

Options to Navigate This Marketplace Bedlam

What Should You Divulge When Asking for Investment Capital?

Downturn Survival

Leadership

Eight Strategies to Consider Before Starting A Tech Business

What No One Tells You about Raising Investment Capital

“If you can dream it, you can do it.”

-Walt Disney

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

RIM Provides 9 Lessons in Best Turnaround Strategies

 

Jan. 23, 2012

RIM, Research in Motion, needs more than just advertising and marketing strategies. Companies – from big to small – can learn business turnaround lessons from RIM’s predicament. RIM has failed to respond to marketplace changes. Despite installing a new CEO, Thorsten Heins, and hiring a vaunted crisis management firm, Sitrick and Company, RIM’s comeback attempt is already off to a poor start.

Analysts, investors and customers are troubled by the headline: “New RIM CEO says drastic change not needed.”

Numerous published reports quoted Mr. Heins: “I don’t think that there is some drastic change needed. We are evolving … but this is not a seismic change.”

To the contrary, my sense is that drastic changes are needed – externally and internally. Unless the company can upgrade its products, solve its product delays, and fix its reputation, the company will go under unless it’s sold. (Note: To be clear, I’m a long-time Blackberry user.)

Yes, RIM has marketing challenges. But as any savvy salesperson knows, it’s difficult to sell a product that’s considered inferior to competitors. Apple’s iPhone and iPad, and Google’s Android operating system have taken market share from RIM, which is why the once-proud company has also lost market value.

So, RIM needs to develop a strategic plan and wisely invest its $1.5 billion in cash. It only has until May 2012 to win applause from Wall Street analysts who sway investor opinions. And telling the world that drastic change isn’t needed is the wrong approach.

RIM’s demise provides these turnaround lessons:

1. Understand first things first. It’s important to move current product inventory, but simultaneously make long-term product development a priority. The company needs effective decisions. There are nine dos and don’ts for best decision-making. RIM will earn praise if it can unveil a strategic plan to publicize successful development of software for its Blackberry 10. So strategically plan and implement management strategies for a successful turnaround.
2. Develop a strategic marketing plan and align it with sales. Notably, RIM is looking for a new marketing director. Hopefully, innovation will result. Consider tips to get strong marketing plan results, and the 14 reasons why major marketing campaigns fail. And for profits, don’t forget to align marketing with sales.
3. Attract visionary product-creation relationships. It’s important to stay atop marketplace volatility. Hire or partner with visionary innovators. RIM lost ground because it didn’t have enough developer support, which opened the door for competitors. Think about nine key questions before you form a partnership and here the nine steps for strategic alliance success.
4. Create an iconic product. Innovation is key to be a Ninja innovator. In RIM’s case, the company should create excitement by intensifying its research and development for a blockbuster smartphone – bigger screen, 4G, and better camera.
5. In view of the economy, remember Henry Ford’s success. A salient reason Mr. Ford was successful: He manufactured an everyday car – the Model A – a car the average American could afford. Think 1930s for business success. Consumer attitudes are changing. RIM used to own the corporate market and didn’t create a consumer niche. It needs regain corporate market share and its own version of the Model A for the digital phone age.
6. Restructure the team. If Mr. Heins really believes drastic change isn’t necessary, he better wake up quickly and reverse course. He should make certain he employs a lot of thought leaders who serve as devils’ advocates. RIM needs to earn marketplace confidence by exploring and communicating all its strategic options. Unfortunately, it appears RIM needs to take the six steps to implement a cultural change for profits.
7. Operate profitably. Develop a laser focus on profitability. Understand in any economy, what drives your profit. Here are 10 basic tips — leadership for business profit.
8. Continue to focus and promote security. Daily, the media is filled with headlines about identity theft and security. Blackberry is known for its security, but the message has been diluted. Android is successful despite its security weaknesses. After all, who profits from Android’s security issues? Not users.
9. Manage your reputation. The key is to create positive images. But RIM is suffering in reputation management.  Here are the best practices to optimize your brand and manage your Web reputation. It’s also vital to know how to leverage the news media for publicity, and to implement PR  crisis management tips.

From the Coach’s Corner, here are developing trends and solutions for manufacturing success.

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

– Peter F. Drucker

 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

How To Get More Opportunities As A Guest Speaker

 

Jan. 8, 2012

If you’re successful in generating speaking opportunities, you’ll create opportunities for your career. At the least, you’ll be in a position to raise your business profile.

Ideally, prospective clients or customers will be in the audience. Count on opportunities to develop centers of influence — people who can refer business to you. You can expand your comfort zone. Also, you can learn a lot by teaching or speaking. By elevating your profile, it’s easier to keep your clients. At the very least, public speaking will help to keep your skills sharp.

Joey Tamer is in demand as a public speaker and moderator. Based in Los Angeles with an outstanding record of success, Ms. Tamer is a strategic consultant to technology and media.

She’s graciously shares her recommendations on how to be invited to speak at events for your niche industry.

Key first four steps:

1. List of all the conferences special to your industry.
2. List the events and conferences at which your competitors present (search your competitors’ websites).
3. Select the ones that put that targeted decision maker in the audience.
4. Refine your selection to prefer events that allow you a solo presentation. Panel participation is fine, but often is not as effective due to the limited time to show your expertise, bad moderators, and other conditions beyond your control. Another high priority includes events that allow either solo or panel presentation, but add on a breakout session or workshop as well.

Due diligence:

1. Explore each event or conference website to determine if it attracts your target market in its audience. There will be a list titled “Who should attend.”
2. Contact the conference (use an email address not associated with you or your company) to send you the promo package for sponsors or exhibitors. This should give you a much more detailed demographic and psychographic description of the attendees, by percentage (10% CxO, 25% VP, etc.) of rank.

Pitch:

1. If the conference or the Call for Speakers lists its agenda of panels or speaking sessions, select the one or two that fit your expertise.
2. Draft an introductory email (or fill in a Call for Speakers form) pitching the topic(s) you can offer for those items on the agenda. If there is space allowed, drop the names of at least two major conferences where you have presented this topic (or something similar) previously.
3. If the Call for Speakers is open-ended, and no agenda is offered, then study the audience and mission statement of the conference and pitch a series of topics that they might be interested in considering.
4. When offering to present, offer a list of two or three topics that might fit. Attach the Speaking page of your website as a PDF attachment.
5. In your email, add a link to your speaking page and a link to the home page of your website.
6. Your speaking testimonials should be included, usually on the Speaking page of your site. If they are on a separate page of your website, add a link to that page as well. Of course, if you know someone inside the organization that is hosting the conference, connect with that person to get any inside information you might use, or ask him/her to get your pitch letter to the best decision maker inside.

So now you know how to garner invitations to speak. But your job is only half-done. Here are Ms. Tamer’s tips on how to obtain the most profit from speaking opportunities.

For more of Ms. Tamer’s insights, visit JoeyTamer.com. You might also want to read her six-part series for a downturn survival, as well as her 10-part series on the 10 characteristics of a successful CEO.

(Note: I’m very familiar with Ms. Tamer’s expertise. She is a fellow member of Consultants West, www.consultantswest.com, a roundtable of veteran consultants in the Los Angeles area.)

From the Coach’s Corner, here are public speaking tips – for speeches in accepting awards and honors.

“Speech is power: Speech is to persuade, to convert, to compel.”

-Ralph Waldo Emerson

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 Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

 

Tips To Get Strong Results From Your Marketing Plan

 

Why do seemingly great marketing plans fail to yield the desired results?

Well, one reason: Such plans don’t turn the ideas into reality because they’re not action-oriented. What counts is the scheduled specific footwork, and then tracking the results.

There’s a second reason, quality of execution, but more on that later.

Four action-oriented keys to success

Action key No. 1: Develop specific action items for each key piece of your plan with specific target dates to take action. In other words, if 12 big customers will largely solve your revenue issues, set a goal for each monthly interval. For example, write: “We will get one major client each month.”

Action key No. 2: List specific footwork to achieve your monthly goal of one new client. For example, write: “To get a major new client each month, we’ll have to look for new opportunities to network with our existing Centers of Influence and to create new Centers of Influence.”

If you belong to your local chamber of commerce or Rotary Club, ask your friendly chamber peers or Rotarians for two referrals: “What are the names of two people with your qualities who might need our product?” Then, while dropping the name of your friend, make the contact.

Consider other ways to enlarge your prospect list, and write something like this: “We will also get a list of business leads via…”

Action key No. 3: Benchmark your action items that can lead to the desired results. For example, write: “From our list of prospects, we will meet with three new prospects each week.”

It’s a numbers game, but rest assured referrals are usually the strongest leads – especially, if you use the right networking strategies.

So don’t worry about the results. Focus on taking steps. The results will take care of themselves.

Action key No. 4: Define your list of specific actions to meet your targets. For example, write: “I will telephone or visit 15 prospects a day asking for an appointment.”

Focus on making the contacts, but again, don’t worry about which doors will open. It might be a lost art, but here’s how and why to use cold-calling for higher sales. Here are eight tips for cold calling by e-mail and telephone.

Quality of execution

Despite all the hype about the benefits of social media, face time works best. If you have good branding, elevator pitch, and use the right sales steps, you will be successful.

Here’s more:

Branding: Here’s a checklist to build your brand on a budget.

Elevator pitch: Here are the top 11 tips for a great elevator pitch.

Sales Steps: Here are the seven steps to higher sales.

You might also want to review the eight best practices in small business marketing.

From the Coach’s Corner, here are two advertising resource links:

What are the Secrets for Success from Advertising?

Checklist for Branding, Selling Your Biz as Green

“A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.”

-Brian Tracy

 

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Overview: Marketing Plan Essentials For Best Results

 

If you haven’t completed a strong marketing plan to complement your business plan, you’re missing some salient benefits.

An effective marketing plan generates revenue and alleviates uncertainty for your business.

In addition, a marketing plan provides you with tangible values:

• When employees are apprised of your marketing vision, you’ll benefit from more teamwork and employee loyalty. Provide them with an abridged copy of your marketing vision for growth.
• Development of a marketing plan means you are up-to-date on your company’s situation. You thoroughly know your company. You’re more aware of your dynamic marketplace.
• A malleable marketing plan is an action to-do list. At the minimum, it’s a roadmap to success in the coming year.
• When you get really good, you’ll think two to four years from now. Details won’t be forgotten. It keeps the focus on the long-term objectives.

So you need to begin with an executive summary. Keep in mind your preferred end results from the specific actions you’ll take. Include your resourceful ideas and voluminous research, but specificity in measurable plans is vital.

Your marketing plan needs four specifics:

1. Situation analysis – a market analysis with customer data, segmentation, market needs analysis and market forecast; a SWOT analysis of your strengths, weaknesses, opportunities and threats; your brand’s personality; and competitive analysis.
2. Strategy – including a mission statement, goals, branding, product positioning and pricing. In other words, remember the 4 Ps of marketing – product, price, place and promotion.
3. Sales forecast – by product and market segment, sales channels, responsible departments and managers – all designed to be tracked.
4. Investment budget – enough details about sales programs, management and strategies to track expenses each month.

You’ll need input from virtually everywhere in your firm – consider finance, human resources, manufacturing, and marketing. You’ll learn unforeseen insights on problems and opportunities.

It may be a bit hackneyed, but as part of your checklist in setting goals, consider the acronym, SMART:

• Specific  – who, what, when, where, and how
• Measurable – determine how you’ll attain your goals
• Agreed upon – make sure there’s a consensus or agreement
• Realistic – Make certain you’re being pragmatic
• Target date – a feasible timeline is best

Marketing plans are also helpful for better time management — once you have determined the annual big picture for your goals — then determine the intermediate steps for each month.

Oh, and in this age, consider whether your business would benefit from branding and selling your business as green or how cause-related marketing can increase sales by double digits.

Again, even after you’ve written your marketing plan, remember you’re not done. You must be relentless in continuously monitoring your progress. Fine-tune your plan as needed. Figure out what’s wrong and what needs to be done to remedy any undesirable situation.

From the Coach’s Corner, for Internet resource links, consider: Why B2B marketers like content marketing; the 14 strategies to rock on Google; and the best practices to optimize your brand and manage your Web reputation.

“Marketing is the distinguishing, unique function of the business.”

-Dr. Peter Drucker

 

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Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

11 Sales Strategies to Outsell Your Big Competitors

 

Big companies have obvious advantages over small businesses. Their brands are well-known. They can afford sales training, sales-support staff and customer-relationship management software.

On the other hand, there are good reasons why Cyber Monday has become big. Yes, many online customers do it to save money on sales taxes. The other salient reason – poor customer service by many companies. Yes, their Achilles heel – poor customer service.

So don’t let such advantages dissuade you from doing the necessary footwork for success. Remember size doesn’t matter but image, professionalism count.

Here are basics you need to put into practice:

1. Know your strengths and capitalize on them. Differentiate your business in quality, convenience, and service. Don’t forget to highlight the quality of your people. Practice the eight best practices in small business marketing.
2. Know your weaknesses and capitalize on them. Smallness is a quality. It means you’re more mobile, and it takes less time for you to provide solutions – there are no out-of-town committees making decisions. You provide more value. You don’t waste money – your customers won’t have to pay for expensive facilities for your business-lunch entertainment.
3. Make cold calls. Here’s more on the lost art – how and why to use cold-calling for higher sales.
4. To grow, remember two concepts – “Act as if…” and “fake it till you make it.” Even if you are apprehensive but if you do your best to speak to prospects with conviction, they will feel your passion.
5. Know when to cut your losses. That’s an adage from economics 101. If you’re making sales calls but sense you’re getting nowhere, focus on your other prospects. On the other hand, there’s another adage – “The longer they keep you waiting, the more they want you.” Some prospects might be interested but they’re too busy to act, or they might be waiting to see if you’re stable and going to be around for a long time. I’ve had many likeable vendors call on me, but they give up too soon before I’m ready to buy.
6. Understand that you are the company. First impressions are critical. Be mindful – of your appearance, enthusiasm, empathy, talent and commitment– to provide solutions.
7. Remember your time, service and products are valuable. Providing added value can be helpful. But don’t let customers take advantage of you. When you’re asked to do something for free, look for opportunities to capitalize on the request. Get something in return. Make certain such customers reciprocate. Use the 22 do’s and don’ts for successful negotiations.
8. Make certain you cater to appreciative clientele. Make certain you get a thank you. If they don’t show gratitude, ask for it in a subtle way (“So you like our product?” Or, “You like the way we handled the problem?”)
9. Know which customers are profitable. Be congenial. But don’t break your back for a customer who expects you to repeatedly bend over backwards. In any economy, know what drives your profit.
10. Make certain each employee understand sales and customer service. See profit drivers – how and why to partner with your employees.
11. Make the right investments for selling and serving your customers. That means cost-effective technology, and customer service and sales training for your employees. Learn how small businesses can capitalize on cyber strategies for profit. Here are 8 tips for cold calling by e-mail and telephone.

From the Coach’s Corner, for consulting and service firms, here are three resource links:

Consultants / Service Firms: Why Hourly Billing Isn’t Best

60 Ground Rules for Effective Client Service

Your Dream is to be a Consultant? Here’s How to Develop Your Vision Plan.

“Remember, you only have to succeed the last time.”

-Brian Tracy

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Lagging Profits? Year-End Is Ideal For Reflection, Planning

 

Dec. 15, 2011

Year-end is a perfect time for reflection and planning for your business.

Don’t be distracted from improving your business because of all the negative news: RealtyTrac reports homeowners from Seattle to Sarasota face another round of foreclosures. Nearly 50 percent of Americans are either characterized as low income or in poverty. U.S. business expects anemic growth and Europe anticipates a recession.

The only possible bright spot is in employment numbers, and CFOs plan more hiring in 2012 according to the Duke/CFO Global Business Outlook Survey.

Yes, you are busy and overwhelmed. You can’t do much about the macro developments but you can do something about your company. Even if you’re a retailer scrambling to make your numbers from holiday sales, it’s fitting that you start reflecting about 2012.

Start with an attitude of gratitude – make a gratitude list about what is working well. If you’re still operating as a business, you do have some blessings. Consider your customers, employees, family and close friends. All deserve your gratitude, time and attention.

If you’ve been feeling beleaguered, chances are you’re focusing on the 10 percent that needs correction instead of the 90 percent that’s working well in your professional and personal life. Consider these 23 tips to reduce stress, and work Happier for top performance.

Now that you feel better from a more positive perspective, think about what is needed for a better 2012 – Reflect on your strengths, weaknesses, opportunities and threats.

If you need a complete turnaround, here are13 steps you can take;  plus these 12 tips for profits to keep your business dreams alive.

Here are 31 New Year’s Resolutions to Recover from the Great Recession.

Otherwise, consider:

• Start with your role. Have you performed at a high level as a boss? Did you know there are 10 key differences between leaders and managers?
• Finances and cash flow – analyze your profits and expenses. Don’t forget to review your break-even point. Plan to make any needed changes.
• Regarding employees, decide what is needed in performance appraisals, salary reviews, training, and corrective action.
• Check your online customer service reviews. Write responses for negative reviews, but strategize on the internal changes you need to make to prevent more complaints. If you don’t have enough reviews, give an incentive to each of your best customers to take a moment to write a favorable review.
• Identify what you need in technology and make an investment to innovate for profits. That includes a strategy for a Web site update, online mentions and social media – LinkedIn, Facebook, Google+ and Twitter. Get your employees involved.
• If you’re frustrated in looking for new business, soften your approach.

Here’s to your serene holidays and a prosperous New Year.

From the Coach’s Corner, continue to fine-tune your strategies as events occur. But remember to think 1930s for business success. Consumer attitudes are changing. Maybe you should, too.

“I am still determined to be cheerful and happy, in whatever situation I may be; for I have also learned from experience that the greater part of our happiness or misery depends upon our dispositions, and not upon our circumstances.”

- Martha Washington

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Columnist Terry Corbell is also a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

8 Tips for Cold Calling By E-mail and Telephone

 

Since the advent of the digital age, cold calling went out of vogue. But in the lingering downturn – whether you’re in advertising or staffing services – cold calling has become the logical tool to use to generate clients or business customers.

For most businesspeople, cold calling isn’t the easiest route but it is a proven way of getting clients and customers. It gets easier and more fun with practice – using your value propositions.

Once you get some results, it will actually create a domino effect. A little bit of footwork leads to some business, which leads to even more business.

So it’s all about attitude – an attitude of gratitude and providing a valuable service to your prospects.

Here are eight tips:

1. Make certain all online references about you – social media, Web site and press releases – are professional. Once a prospect is interested in you, the person will search your name on the Internet. So do the footwork now.
2. Remember you’ll only get a brief moment to pique the person’s interest in a phone call. Develop a tantalizing phrase for your subject line, if you’re e-mailing. Know your elevator pitch before you start the sales process – benefits that differentiate you. Your initial goal is just to get face time to lay the foundation for a possible relationship. Don’t try to sell your products or services. Go for a single instead of a home run.
3. After you’ve identified the right prospects, also target centers of influence – people and organizations that can direct business your way. That means a business association, chamber of commerce or the news media using press releases.
4. The best time to make contact via e-mail or telephone is early in the morning. If you get the person’s assistant or receptionist, indicate you’d like to call back. Try to learn the best time to try again. But try never to allow an employee to forward a message to the person for you.
5. Engage the prospect by setting up a dialogue by asking open-ended questions. The best salespeople listen 90 percent in such conversations.
6. Demonstrate that you care about the person and her/his business, and that you listen. Follow up with a handwritten thank you note – or an e-mail, if you must. Include a restatement of the prospect’s concerns, an appropriate value proposition with additional information, and a statement to prevent buyer’s remorse.
7. Unless you are able to schedule an appointment in the initial contact, allow five business days before you follow up. Remember your image — you want to earn the business, but you don’t “need” it.
8. Be patient and persevering. Only a small percentage of the contacts will turn into prospects or sales. It often takes five positive contacts before a person buys. Make sure you’re not committing the seven deadly sins of selling. So use the best selling techniques, the seven steps to higher sales.

From the Coach’s Corner, here’s another resource link: The Lost Art – How and Why to Use Cold-Calling for Higher Sales.

“If you don’t take a chance, you won’t have one.”

 

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Columnist Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

Risk Management – Picking the Best Cloud Storage Provider

 

Dec. 13, 2011

There’s been quite a buzz about using the cloud. Personally, I’m still not sold on using cloud services for many businesses. There have been too many problems, and I prefer to maintain controls to alleviate uncertainty in business. Not to mention one of the lessons I learned very early — when there’s a lot of hype like there is with the cloud — go slow with due diligence.

But if you feel you must go the cloud route, remember choosing the right cloud storage provider is a must for risk management.

You have a vast array of options. Cost is important, of course, but so are your company’s risk-management needs – just like the federal government.

It’s taken two years, but now the government has launched FedRamp, the federal risk and authorization program (FedRAMP). It established security standards for providing cloud services to the government. FedRAMP also provides agencies with monitoring tools to insure continuous compliance with security standards.

Those are important considerations.

So what about cloud risk-management for your business?

Here are basic questions to ask of your potential cloud provider:

1. If they’re a large provider, has the vendor been qualified by FedRAMP?
2. What is the company’s financial situation? According to federal data, there were 1,467,221 bankruptcies last year. Of which, 49,895 were business bankruptcies. Have a frank discussion with the supplier. Find out if they expect to gain or lose business in the next year. And ask about their cash flow, and for references regarding the status of their banking relationships.
3. What would be their total charges? Is it a flat fee? What are the additional costs for storing each gigabyte or for transferring data?
4. What about the security of their services, and what does their service level agreement (SLA) provide? Keep in mind commitments for performance and reliability, and what happens if they fail to perform according to the SLA.
5. What do they provide in the way of data availability each month? What will be the percentage of time you will be able to get into your data or add new data?
6. What do they provide in data transfer rates? Data storage is important, but so is your ability to rapidly transfer your data.
7. What level of data durability do they offer? That is the amount of potential data loss from data corruption.
8. Does the vendor provide data shuffle or bare metal service? This service is a hard copy backup. Will you be able to present a hard-drive data copy to the cloud or will you be able to retrieve a copy of your data?
9. What do they support in operating systems? Make certain they’re capable of working with all your operating systems.
10. What are their backup services? You’ll have problems if they simply backup your data. You’ll also want assurances that they will back up all your computer applications and operating system, and will provide virtual servers for crashed systems.

From the Coach’s Corner, here’s How Small Businesses Can Capitalize on Cyber Strategies for Profit.

“It’s not a faith in technology. It’s faith in people.”
-Steve Jobs

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Terry Corbell is a business-performance consultant and profit professional. Click here to see his management services (many are available online). For a complimentary chat about your business situation or to schedule Terry Corbell as a speaker, why don’t you contact him today?

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