Biz Coach Steve

Tag: sales

  • 5 mistakes to avoid on LinkedIn

    5 mistakes to avoid on LinkedIn

    It seems people have been talking about LinkedIn quite a bit lately.

    They tell me, they love LinkedIn, but get lots of spammy messages and they are not finding prospects on LinkedIn. What I am finding out is that these people are complaining about the spam they get, but in turn, they are spamming others in the same fashion.

    Most people try to add and accept meaningful connections on the professional network.

    Still, there are reasons why you might not be making the connections you are hoping for.  Here are 5 simple mistakes to avoid on LinkedIn.

    1. You’re not sending a personalized message

    If someone walked up to you at a networking event and said, “I’d like to add you to my professional network,” you would probably give him a confused look. Sending a generic LinkedIn invitation to a stranger without introducing yourself is a big mistake.

    Instead, check their profile and find a meaningful interest that you share. Start by introducing yourself, and then mention the thing you have in common. Your potential connection needs to understand who you are. It is also crucial that they see how they, too, can benefit from this professional connection. Make sure it’s someone you want to connect with. Stop just inviting the world.

    2. Your profile is lacking significant information

    Hand down this is the simplest item to fix and the biggest mistake I see on LinkedIn. If you don’t have a headline or a professional profile photo, chances are your connection requests are going to be ignored. Having a complete LinkedIn profile and optimizing it for search help potential connections to know that you are legit.

    Don’t say in your message you are LinkedIn lead generation guru and your profile is not complete or use archaic phrases and show you are working at a fast food place.

    Make sure you have these important components:

    • Headline. Describe what you do and whom you work with.
    • Summary. This is arguably the most important element on your profile. The LinkedIn algorithm searches for keywords on your page, so take full advantage of the 2,000-character space to tell people what you do. Jazz it up by adding mixed media, such as images and videos.
    • Experience. Your profile will seem incomplete and humdrum if you don’t go beyond what’s on your résumé. Adding relevant images, videos, presentations or articles will help your profile stand out and enhance your credibility.
    • Endorsements. Unfortunately, our competitive society loves numbers. Opting out of endorsements or having very few will make your profile seem suspicious. Reach out to family members or co-workers to boost endorsements.
    • Connections. When someone is considering your invitation, they think, “How will this connection benefit my network?” Ten to 20 connections are a small, unimpressive network. Try connecting with friends, co-workers, family members, neighbors, fellow alumni, and former colleagues before you send connection requests to prospects and recruiters.
    • Customizable LinkedIn URL. You can create your URL based on your first and last name or the industry in which you are knowledgeable.

    Although there is no one right way to craft a LinkedIn profile, you will be more likely to connect with prospects and recruiters if your profile is complete and optimized.

    3. Your spelling, punctuation, and capitalization are flawed.

    If you have improper spelling, punctuation, and capitalization, people will be inclined to delete your request. Most prospects and recruiters will call you out for it every time. On a professional network, you must clean up your mistakes and have a polished profile. PLEASE DO NOT USE ALL CAPITALS IN ALL YOUR TEXT ON LINKEDIN.  That’s yelling and very unprofessional.

    4. You’re spelling their name wrong.

    Check and double-check the name of your potential connection. If you misspell their name or call them by the wrong name, you will be ignored.

    5. You’re trying to sell something.

    If you want to sell something to a prospect on LinkedIn, do not try to do so on your initial request. Many prospects and recruiters want to cultivate their professional networks. They don’t want you sending some crappy sales pitch to all their connections. Try having a more meaningful conversation rather than sending a template sales pitch.

    No matter how you change your approach to connecting, some people will not accept your request. Don’t take it personally; users have varied philosophies. It might just be an indication that your targeted person isn’t seeing what they would gain by connecting with you.

    Why do you accept or reject LinkedIn connection requests?

    Update your LinkedIn profile. Connect with your true target market using personalized messages. Don’t sell your stuff in your first message to someone.

    To your business success.
    Biz Coach Steve

    #

    Steve Feld, MBA, Certified Business Coach, and Author, a coffee enthusiast, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations and conducts workshops and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • Do you shelve Knowledge?

    Do you shelve Knowledge?

    This past week I attended an annual conference for over 120 high-performing coaches from all over the world.

    Yes, it was amazing.

    All the presenters were coaches sharing their knowledge, wisdom, strategies, and tactics so we can learn from them and help our clients in a greater capacity.

    I know many of you have attended a conference of some kind. Maybe it was for your company. Your industry, or a conference/convention where you can gain more knowledge to help your own business grow or improve your life.

    As I am preparing for my first TEDx talk, I do mention how we as attendees to events like these, shelve our knowledge.

    We take the time to travel to these events and spend money on the event, hotel, transportation, food, etc. Sit in a cold conference room, and drink bad coffee. Listen to speakers that are giving away gold that could help us in our lives or business. Get the workbooks, handouts, etc. Take copious notes. Maybe even buy the presenters books or programs.

    The event is over. We go back home, tired, and excited, and do what 98% of the attendees do with that information.

    They put it on a shelf or in an electronic file and say, “I will get to implementing everything I learned – one day.”

    Sad to say, that day never comes for most people.

    Shelving knowledge.

    No one will get around to implementing what you took away from the event unless you block time out after the event to develop a solid plan of action to implement all that knowledge you just gained into your business or life.

    One technique I learned a long time ago was to block out time immediately after the event. As soon as the event was done, block out time to create a plan on what I wanted to implement in my business and my life from everything I just learned.

    I had everything down to less than one page.  Then rank each action item from 1 to 4.

    • 1’s are items that can be implemented very fast without doing anything else and would give me and my business the biggest impact.
    • 2’s are items that can be implemented that would lead to a big impact but may need to have to do something first before implementing.
    • 3’s are items that would time some time to implement.
    • 4’s are long-term action items that can be completed after all the 1’s, 2’s, and 3’s are done and may need some outside assistance to get them implemented.

    Once everything is ranked, then put a due date or timeline for each action item. Now put those tasks in your calendar to get them completed.

    One tactic I have heard (and it works very well) is to block out the first business day after the event to create and implement your action plan.  No matter what, just block out dedicated time to look at your notes, and all the materials, put down what you want to implement in your business and life, then rank them in the order to accomplish the action steps, put them in your calendar and start implementing those great ideas.

    One great idea that I took away from the conference was building a new Podcast – Experts over coffee.

    This podcast will be different than our current podcast – Biz Coach & Coffee.

    Looking to launch it in January of 2023 and have started booking business owners who are experts in their industry to share their expertise to help all the listeners grow their businesses and improve their lives.

    So, if you own your own business for 5 or more years, have more than 3 employees (who are not relatives), and are willing to be interviewed on the podcast. Then let me know. Or if you know of a great business owner that fits our criteria and would like to be our guest and talk about their business and industry, please let me know.

    If you have that shelved knowledge. Book some time on your calendar. Get that material off your shelf or computer files and look at it again. See what you could use to grow your business or improve your life. Then create an action plan and start implementing that knowledge.

    Un-shelf that knowledge.

    #

    Steve Feld, MBA, Certified Business Coach, and Author, a coffee enthusiast, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations and conducts workshops and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • Are you a good Negotiator?

    Are you a good Negotiator?

    I was having coffee with a fellow business owner, and he was telling me that he is expanding his office into the suite next to his current office and he is about ready to start negotiating with his landlord. He confessed he has never had to negotiate anything like this before and was worried that he will not get everything he wants with the larger space.

    Many business owners just accepted a lease from a landlord and never entered into negotiating with them, which is normal.

    In a sense, all of life is a negotiation.

    You are always negotiating in some way. When you drive from one place to another, you negotiate through traffic, letting other people get in front of you and you get in front of them. When you go to a restaurant you negotiate, to get a table and then get the kind of table you most like. You negotiate all the elements of your work life and all the things you do or don’t do. You negotiate prices, terms, schedules, standards, and a thousand other details all day long. The process is never-ending.

    Your ability to interact, communicate, persuade and negotiate with others determines your income more than any other factor It is therefore well worth your while to do everything possible to be very good in this area.

    It is not really a question of whether or not you negotiate. The only question is, “How good of a negotiator are you?”  If you want to get things in life faster and easier then you need to be better at negotiating than the other person.

    How many times have you heard someone say, “I am not good at negotiating.”  The reason they feel this way is that negotiating is a learned skill, just as learning how to ride a bicycle.  They may not be good at negotiating because they were never taught how to negotiate.  Learning how to be an effective negotiator takes time and practice.

    Why does everyone hate to negotiate with a car salesperson? Because the salesperson has been taught how to negotiate and usually has the upper hand in the discussion.  Now, if you were trained as they were on how to negotiate and understood the rules of negotiating, would you dread negotiating with a car salesperson?  Probably not.

    The primary purpose of negotiating is to come to an agreement between two or more parties and then fulfilling that obligation.  That’s it. Simple right?

    Your ability to negotiate will for yourself and your company will make an enormous difference in the quality of your sales and the degree of profitability you achieve for your organization. So being an effective negotiator will make a great difference in your life.

    There are many rules for negotiating. 

    Rule #1) This is a shocker – AVOID IT!  Yes, that is correct, avoid negotiating. If the other party is good at negotiating and you feel you’re not, then why go into a negotiation with that attitude-you’re not going to fair too well on the outcome.

    Rule #2) Delay negotiating as long as possible. You must first have a desire to buy before offering concessions. Never use negotiating as a substitute for salesmanship (value).

    Rule #3) Negotiating is a sales tool – use it as one. Early concessions have very little impact on the deal and decrease the attractiveness of your product or service.  Early concessions create an appetite for more & bigger ones later and the first person to concede will usually concede again & again.

    Rule #4) There are several requirements for negotiating.  All parties involved must first have the authority to negotiate as well as to uphold what has been agreed upon. Many times, you may enter a negotiation, and come to an acceptable outcome only to find out that the person you have been negotiating with must get someone else’s approval.

    Rule #5) Some primary aims of negotiating in sales.  Remember if you don’t need to negotiate, then don’t.

    • Negotiate only when it’s necessary to get the sale
    • Negotiate to build a long-term relationship
    • Negotiate to find a way to satisfy both parties

    There are only six outcomes of negotiating.  If the outcome is NOT a Win/Win or No Deal, then end the negotiation. You may win in a Win/Lose outcome for now, but the party that lost will not be doing business with you after that deal.

    1. Win/Lose
    2. Lose/Win
    3. Lose/Lose
    4. Compromise
    5. Win/Win
    6. No Deal

    Finally, always prepare to be successful at negotiating. Remember negotiating is a skill that can be learned, and you need to prepare and practice before entering a negotiation. Some ways to prepare are;

    • Lawyer method:  Prepare your position from the other party’s point of view.
    • 20 Idea Method: Write out 20 benefits for the other party and when negotiating present those ideas.
    • Research the other party: Many times, this simple step is avoided.  Find out what they are looking to gain from the negotiation.
    • Get the fact before you enter a negotiation:  Make sure you are clear on why you are entering the negotiation with the other party and what they are willing to offer to enhance the negotiation.
    • Ask the customer for the information you need to negotiate effectively. Pretty simple, but how many times have you just asked the other party for their information?

    The next time you must enter into a negotiation with another party, be prepared, practice, do your research, qualify them to make sure you are dealing with the decision maker, research them (talk to some of their customers), and only accept a Win/Win or No Deal as the outcome.

    Good luck negotiating.

    #

    Steve Feld, MBA, Certified Business Coach, and Author, a coffee enthusiast, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations and conducts workshops and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • Develop a vision for your future

    Develop a vision for your future

    Where do you envision your business to be in a year?  5 Years?  10 Years?

    Where do you envision your personal life to be in a year?  5 Years?  10 Years?

    When I ask business owners these questions, I usually get them spewing a bunch of platitudes with no definitive answer on where they see their life and business in the future. They have no clear vision for their future.

    Simple questions, but with hard answers. 

    One quality that all leaders have in common is that they have a clear and exciting vision for their future. This is something that only the leader can do. By leader, could mean the business owners. Parent, Guardian, Manager, etc.…  Only the leader can think about the future and plan for the future each day.  Think of it like this. If you are the captain of a ship, are you just floating around the ocean? Or, do you have a clear plan to go somewhere or do something? Pirates had a clear plan. Sail the seas, find other ships, steal everything they have, and move onto the next ship.

    Excellent leaders take the time to think through and develop a clear picture of where they want the organization to be in one, three, and five years. Leaders can communicate this vision in such a way that others “buy-in” and eventually see the vision as belonging to them.

    Set aside sometime over a weekend and put some thought into your vision. Write it down. Be as detailed as possible. Then write one simple statement that you can say to convey your vision to others. This will help you get crystal clear on your vision and stay on track to reach your goals.

    Use your vision to motivate others. Your vision shows your future possibilities of what can be, and that arouses emotion and motivates you and others to give their best. The most powerful vision is always qualitative, aimed at and described in terms of values and mission rather than quantitative, described in terms of money. Of course, money is important, but the decision and commitment to “be the best in the business” is far more exciting.

    A clear vision that is communicated properly can encourage others, instill confidence in them, to help them to perform at their best. It does require you to lead by example and stick to your vision.

    A clear vision for your future can create great team players.
    A study at Stanford Business School examined the qualities that companies look for in promoting young managers toward senior executive positions, especially the position of Chief Executive Officer. The study concluded that there were two important qualities required for great success in leadership. The first is the ability to put together a team and function as a good team player. Since all work is ultimately done by teams, and the managers’ output is the output of the team, the ability to select team members, set objectives, delegate responsibility, and finally, get the job done, was central to success in management.

    Keep Your Cool
    The second quality required for rapid promotion was found to be the ability to function well under pressure, and especially in a crisis. Keeping your cool in a crisis means practicing patience and self-control under difficult or disappointing circumstances.

    Everyone Is Watching
    The character and quality of a leader are often demonstrated in these critical moments under fire when everyone is watching, observing, and privately taking notes. As Rudyard Kipling once said, “If you can keep your head when all around you are losing theirs and blaming it on you, then the world is yours and all that’s in it”.

    Your job as a leader is to have a clear vision of where you want to go and then to keep your cool when things go wrong, as they surely will.

    Action Exercises
    Here are two things you can do immediately to put these ideas into action.

    First, project forward 3-5 years and imagine your ideal future vision. What does it look like? What steps can you take immediately to begin turning your future vision into your current reality?

    Second, resolve in advance that, no matter what happens, you will remain calm and cool. You will not become upset or angry. You will take a deep breath and focus on the solution rather than on the problem.

    #

    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, conducts workshops, and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • Speed Networking

    Speed Networking

    When I tell business owners one of the easiest ways to expand your network is to attend a speed networking event, they always think I am pulling their leg.  I’m not.

    All business owners, salespeople, and those that live on commissions should always attend a speed networking event to “PRACTICE” your elevator pitch. This is the best testing ground to test your elevator pitch in a relevant environment.

    Speed networking programs are showing up all around the world. These events tend to be a fun, exciting, and effective way to make a lot of initial connections in a very different environment from the standard business networking meetings.

    Speed networking programs generally involve people meeting each other one at a time for a short interval and then moving on to the next person in line. They are fairly structured in the way people queue up to meet. For example, one variation is to have two concentric circles of people. The individuals sit across from one another and after the set period–generally one or two minutes–the outside circle of people gets up and moves in one direction around the circle until everyone has met.

    You might not be surprised to learn that I have some definite opinions and ideas about how to best use speed networking as a tool for creating viable referral partnerships. First, I think speed networking is a great way to meet other business professionals in a short period. It’s a good tool for business people to be the viability to a high number of people in a short amount of time.

    The potential downside to speed networking is if someone thinks this is “all” they have to do to network effectively. The key to making speed networking work is to take those contacts and develop them over time into “credible” relationships that lead to “profitable” referral partners.

    Some people have likened speed networking to speed dating. While there are some similarities, there is also a subtle but significant difference. Speed dating is done to eliminate potential suitors and keep from wasting time on people with whom you share no common interests and no mutual attraction. The presumption is that you are going to follow up with only the ones you connect with during the exercise.

    I don’t feel speed networking can be used to its potential if you treat it as a means to eliminate potential referral sources, but to attract potential referral sources. Developing a strong referral base is about developing relationships with a variety of people, even when it seems you have nothing in common.

    So how do you go about participating in a speed networking exercise with the proper focus to make the most of your time? Here are several points to consider:

    1. Start with the end in mind. You’re not there to bag the big one. You are NOT there to sell your stuff, nor is someone there to buy your stuff. You’re not there to eliminate referral sources or referral partners. You’re there to find ways to connect with every person you have the opportunity to sit (or stand) in front of for that one- to two-minute period.

    If you are going to a speed networking event to “refine” your elevator pitch, bring 3 versions and practice each pitch to a third of the room and gauge their reaction to your elevator pitch to see which one engages the other person to what to know more.

    2. Conduct the exercise as a mini-interview. Think in terms of what you can find out about the person you’re meeting. That’ll allow you to help further the goals of that individual. Forget about mining their database or trying to determine who they know to further your goals. In working to mutually benefit one another, ask questions that’ll clarify where and how you can best help your new referral source.

    3. Make notes during the exercise. If you’re not provided some type of contact card on which you can jot notes while in the exercise, be sure to use your pad of paper to write down the information you discover. Be sure to note the person’s interests and goals you could help achieve.

    4. Follow up. Follow up. Follow up. If you don’t follow up with those you meet during the speed networking exercise, you will only have succeeded in wasting your time–which is exactly what you were trying to avoid by attending the event in the first place. Collect the business cards of each person you sit with during the exercise. The magic happens after the exercise, in the weeks and months to come.

    Set appointments with each person, not to convince them they need your product, but to become better acquainted, finding out what their needs are and how you can positively impact their lives. You’ll realize the reason you went to the speed networking exercise in the first place: to develop more referral business.

    I believe speed networking can work if it’s done the right way. It can be a fun, energetic, and dynamic way to further your own goals of having a thriving, successful word-of-mouth-based business.

    #

    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, conducts workshops, and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • Do you have scarcity in your business?

    Do you have scarcity in your business?

    Can you take on hundreds of clients or only a handful?

    Can you only have a specific number of people inside your store, building, business?

    Do you accept appointments 24-hours a day? Or do you limit the number of appointments during specific hours on certain days?

    Have you created scarcity in your business?

    Scarcity is a deeply rooted psychological principle which states that a limited supply of a product will increase the demand for that certain product.

    A new bar recently opened up, that created scarcity out of the gate even before they opened their doors. The bar can only hold 28 people – very limited. You must have a reservation in advance to be in the bar – no walk-ins allowed. They are booked 4 months out before officially opening up. You must adhere to their dress code.  They promise an experience that you have not had before in a bar that is under a restaurant. It makes you feel like you are sitting in the middle of a greenhouse. The drinks are created using elements such as fire and smoke.

    I bet you want to go and check out this bar right now, even if you don’t drink alcohol.

    Why?

    They created scarcity. 

    In Michael Port’s book, “Book Yourself Solid,” he talks about the ‘red rope.’  The red rope is the rope outside your business that keeps the prospect you don’t want out and allows you to only let those you want in to do business with you.  Think of that hot nightclub and the bouncers on the inside of the rope only letting who they want into the club or those on the list. Scarcity

    Scarcity does create attraction if it’s done correctly.

    Think of a restaurant, a bar, an event, or a store that has a line out the door, or a waiting list month’s long. They all created scarcity.

    If you are a Green Bay Packers fan that wants to get a season ticket for their football games, you will have to wait 30 or more years to get a season ticket at Packer Stadium.  Scarcity.

    How about a manufacturer who produces oversized wood benches?  This business has only 4 people working-including the owner and produces around 2 (maybe 3) benches per month. Here’s the kicker. All his clients are Fortune 500 companies. When they place an order, it is usually for 30 or more benches. Do the math. That means one order keeps his company busy for 15 months straight.  You may be thinking he should get more staff and produce more benches and you may be right. All his staff is highly trained woodworkers with years of experience. Each bench goes for around $15,000 to $50,000. Lifetime guarantee. They are customized to the company that purchases them and they are immaculate. His waiting list is 5 years long and the clients are more than happy to wait on him to get their benches from him. Why?  He created scarcity for his product.

    There is a difference between creating scarcity and just running out of your product. Knowing that a scarce item generates more attractiveness is a delicate subject for any business and overusing this principle or using it falsely will most likely lead to the opposite desired outcome, it will decrease sales and even the business’ reputation, overall.

    We could provide you with many examples of scarcity.

    • Why are there only 1 or fewer Lamborghini dealerships in a major city, but more than 50 Toyota dealerships?
    • When Tesla started selling their cars, they didn’t sell the cars through dealerships-appointment only showrooms?

    You may be thinking, I am giving you high ticket examples. Here are very low-ticket examples.

    • McDonald’s only has the McRib available for 1 to 2 months every few years.
    • People travel hundreds of miles to go to a corporate-owned In and Out Burger restaurant.
    • Chick-fil-a receives over 60,000 applications from wanting to be franchisees owners, and they only award less than 1% (.13 according to Business Insider magazine) of them a franchise per year. It’s easier to get into Harvard than own a Chick-fil-a.

    All these companies created scarcity.

    Think of your business. Do you cater to everyone, or do you focus on a particular target market and only cater to them?

    Why not improve your service? Improve your product?  You may have to work with fewer people, or not have as many items to sell as you did before. But that will eliminate those penny-pinching clients that are beating you up over price because they don’t see the value you are bringing them.

    Scarcity will not work for every business.  Do you believe that Coke-a-cola would want to create scarcity?  They will lose their market share fast if they reduce the number of outlets around the world.  They do create scarcity with limited edition collector sets and cans/bottles.

    What can you do in your business to increase the value of your products or services?  Put up the red rope and control who you want as a client. Create scarcity.

    #

    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, conducts workshops, and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme#bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • 5 Business Growth Traps

    5 Business Growth Traps

    Most small businesses will struggle to meet their strategic goals. Why? They fall into “growth traps.”  Sometimes they try to mimic their competitors to ignoring the lessons of failed companies.

    Here are five traps to avoid staying ahead of the pack. Not only will avoiding the traps lead companies away from the brink of disaster but be prepared for the traps.

    Trap 1: Playing your competitor’s game: The goal is not to win at someone else’s game, but to change the game to one that you can win.

    * Don’t get drawn into competing at the margin for incremental share. Even if you appear to win for a while, fringe customers can go as fast as they came.

    * Don’t do something just because your competitors are doing it. Only take action if it will strengthen your business.

    * Focus on customers, not competitors. Identify what customers value most from among all the factors your industry sees value in, and deliver it.

    Trap 2: Denying reality and missing an industry shift: Competition comes in many forms. The Internet always adds a wild card to the deck, making competition harder to predict. It means that competition can come from organizations you had never thought of as competitors – including companies from outside your industry. Newcomers like this need, especially careful watching. As a rule, they have no history, no legacy systems, and no intention of doing business the way you do.

    Trap 3: Creeping, not leaping, and failing to innovate: Slow growth will fail to attract capital and talent, and fail to deliver shareholder value. The antidote is innovation, although not necessarily in the technology area. It may be innovation in terms of product,
    service, or delivery, but it must offer value to the customer.

    Trap 4: Neglecting the lessons of the dot-com era and economic downturns: It is not just about placing some ads anywhere anymore. It is about the business of business, and about taking advantage of new tools that must either work for you or against you. Business owners have seen plenty of changes in the last few years with the economy, pandemics, fads, new social media platforms, and so forth.

    * Relationships between businesses, partners, consumers, and suppliers have been revolutionized, and open dialogue is not only possible but expected.

    * Technologies developed to outflank traditional companies are now being used to capitalize on new channels, improve productivity, and drive down costs.

    Trap 5: Taking on the world single-handed, without allies: In a static business environment, self-sufficiency might be an option. In today’s world, it is a major growth trap, setting dangerously inflexible limits on what the company can do and when it can do it.

    * Competitive pressures are forcing businesses to reconfigure their products, services, information systems, and processes to differentiate themselves from their rivals and satisfy their customers. These changes need to be made so fast that it is no longer feasible to rely on a company’s core competencies or to bank on being able to buy them at short notice. Increased complexity and the need for continual change are making partnerships essential.

    Here are a few recommendations to help avoid those traps:

    Recommendation 1: Deliver value innovation in leaps. Avoid the trap of tiptoeing to disaster.

    Recommendation 2: Re-examine assumptions, check facts, and do not discount evidence that contradicts your opinions. Identify the cliches and received wisdom-of-the-day and challenge them.

    Recommendation 3: Set revenue goals at twice the average for your industry, and set profit goals even higher, to spur innovative thinking. Shock your employees out of complacency. To reach both targets at once is difficult, but stretch goals are not meant to
    be easy.

    Recommendation 4: Harness social media platforms and other opportunities as more than just another sales channel. Look for nonlinear and disruptive forces that will redefine the way your business operates. Simply Web-enabling a business is not enough.

    Recommendation 5: Exploit strong alliances and shift the focus from competing on your core competencies to utilizing those of the alliance.

    What are you doing in your business to avoid the traps?

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    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, conducts workshops, and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • Understanding Your Target Market

    Understanding Your Target Market

    No business can be all things to all people. Instead, you must reach specific customers and satisfy their particular needs. As an entrepreneur, you must identify those customers and understand as precisely as possible what they want.

    Having presented many workshops to new and existing business owners, I continually hear that they truly believe everyone on the planet is a potential customer for their business.  That couldn’t be farther from the truth.

    Look at major corporations. The ones that are growing and making money have their products and services segmented out even though they may cross over. Proctor and Gamble (P&G) have 100’s of products. They know and understand who the target market is for each one of those products and market a specific product to a specific target market. That is what makes their brands very effective. If they had ads that showcased all their products at once their message would be lost and consumers would be very confused.

    The process of finding and studying potential customers for your business doesn´t have to be complex or expensive — but it is extremely important. In a nutshell, it requires you to find out everything you can about the customers you intend to pursue. Once you have that information, you´ll have a much better chance of capturing those customers for your business.

    The simplest way to do this is to look at your existing customers and see who they REALLY are. Many business owners believe they are targeting one market, but when we do a deep dive on who their customers are it is not the market they are targeting.

    The facts you need to know about your target market fall into these three categories:

    Demographics. Begin your research by checking the demographics of the region you plan to target. You´ll want to know the population´s make-up in terms of age, gender, income level, occupation, education, and family circumstances (married, single, retired, and so on).

    To find that information, you´ll probably need to visit the local library (can be done online if you have a library card). Good sources available at most libraries include:

    • Country and City Data Book, published by the U.S. Department of Commerce
    • Survey of Buying Power Data Service, published by Sales and Marketing Management

    Geographic and lifestyle factors. Give some thought to where and how your target customers live. Are they Southerners or Yankees, urbanites, suburban soccer moms, or country-folk? Are they risk-takers or conservative; athletes or couch potatoes; spenders or savers? The answers will help determine what you can sell to them, how you should sell it, and at what price.

    Customer needs. Consider all the reasons why people might buy your product or service. For example, say you´re opening a string of health clubs. Will your customers come to meet other people, to take exercise classes or to play racquet sports with their friends? Find out by talking to people in the local fitness industry and by quizzing friends or acquaintances who go to health clubs. Then you can design and market your club accordingly.

    Once you´ve considered the key demographic factors, you can begin to assemble a customer profile, a more focused statement that describes your target market in detail. Consult that profile when you make decisions about issues such as what products and services to offer or advertise; how much to charge for various products and expansion plans.  We could get into other areas such as Psychographics-looking at your consumers based on their activities, interests, and opinions. It goes deeper than demographics.

    For now, who is your true target market?

    Is your marketing speaking to them or someone else?   

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    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, conducts workshops, and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • The 5 Non-Negotiable Disciplines Of a High Achiever

    The 5 Non-Negotiable Disciplines Of a High Achiever

    Daily interruptions are inevitable. Acting on a fear of missing out, we allow the beeps, dings and vibrations to interject, to assure us that we’re connected, and subconsciously we tell ourselves that that constant connection has no impact on the amount of work we can accomplish. But we’re so bombarded with outside noise, it becomes almost impossible to avoid—and our productivity suffers because of it. Not to mention, it increases our stress levels.

    It takes a real effort—a conscious choice—to separate ourselves from that mindset. But when you adopt and practice these simple disciplines of high achievers, you will be better equipped to set goals and achieve them, without losing focus or direction.

    1. The discipline of believing.  Most of us think about doing great things. The difference between the average person and the high achiever is a commitment to belief. Because possessing the unqualified belief that you can do something is the first step to achieving it.

    Will Smith states: “There’s a redemptive power that making a choice has. Decide what you’re going to be, who you are going to be and then how you are going to do it. From that point on, the universe is going to get out of your way.”

    When you commit, truly commit to a choice, then everything else will fall into place to make it happen for you. Your decisions will be guided by your mindset.

    2. The discipline of eliminating interruptions. The world around you is structured to interrupt you. If you already struggle with focus, you are fighting a losing battle from the moment you wake. If you are normally a focused person but don’t control your environment, your day will become a series of interruptions. To combat this, you need to turn off everything that could attract your attention. Everything.

    My phone never makes an audible noise, I keep it face down most of the time so I can’t see the screen light up, and when I install new applications, I disable notifications. And that is exactly the way I want it. I lived a great life before text messages, and life will go on if I miss one now.

    Learn to be comfortable with silence and focus. The quality of your work will drastically increase, and you will be more productive, and the depth of your thinking will increase because you will have long periods to dedicate to your thoughts.

    3. The discipline of time management. Some might say time management is a myth because we have no control over time—it marches on with or without you. I don’t buy into that. But you should consider the limited amount of time you must get things done. I know when you are sitting at a desk staring at a project all day, the eight hours ahead of you can feel like 100.

    If I know something must be done, it will go on my calendar. I will only focus on that item for the time I have blocked-nothing else can be done during that time.  Try to “Eat the Frog.” It’s a term (and book) from Brian Tracy that states, do the most pressing item or the task that you are avoiding the most and do it first. Why? First, it will be completed and you can move onto the next task. Next, by you keep putting it off builds’ anxiety and stress. Lastly, everything after that will be easy.

    Schedule specific tasks (outbound calls, exercise, strategic planning, etc.) on a recurring basis and work the mundane around it.

    I lay out my high priority items as recurring weekly appointments. The appointments are with nobody but me, and nobody will know if I miss them. My exercise time is scheduled four days a week at 6 a.m. Because health is a priority to me, I’ve made these non­negotiable in my mind. When that time of the day hits, I stop everything, change and go to the gym. Any work or other tasks will be there when I return.

    Start doing the same on your calendar. It could be writing a book, spending time with a loved one, practicing piano or learning a new programming language. Nobody is going to knock on your door and push you to do it. It must come from you. Be stingy with your time. Protect it.

    4. The discipline of being health. If your body is not capable of handling your goals, you will become physically and mentally exhausted.

    To keep yourself healthy and ready to achieve your goals, you need to allocate regular, recurring time in your calendar to take care of your body—like I do with my exercise time. Ideally this should be multiple times a week and it should be non­negotiable. Exercise, done correctly, trains your muscles, heart and lungs to withstand larger levels of stress. So, if your body is used to the stress from regular exercise, it will have an easier time managing the stress in other areas of your life.

    The better you are at managing your stress and energy, the better you will be at accomplishing the goals you have set for yourself. Take care of your body.

    5. The discipline of ignorance. Ignorance is the epitome of focusing. You can’t possibly know everything, and you don’t need to. Once you are willing to live with not knowing everything, the things you choose to pay attention will get more of your attention and you will produce better results.

    If you want to achieve a higher level of skill at any venture in life, use this list to help you get started on your journey of being disciplined.

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    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training.  Focusing on the lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday

  • 7 Steps to the Perfect Social Media Plan

    Do you dream about the perfect social media plan? The perfect social media template? Many business leaders wanting to get social dream about it.  They think they need it. The social media magic template. The one that includes the perfect strategy, tactics and themselves as the social hero of their company and social superstar of their market niche!

    You know the social media template I am talking about.  The one that will help you see a positive return on investment where everything is measurable and justifiable to stakeholders. The one that will make your employees scream with delight and as a result enable you grow your business even faster!

    The question is… does the perfect social media template or strategy for your business exist?

    A perfect strategy or template, well probably not! A good template and structure, yes!

    Do you want the answer? Are you ready for the top 7 tips to develop a social media strategy that will make your ROI zoom?

    Here ya go…

    Step 1: Do your own research on how to best leverage social media to meet business goals and objectives. Don’t be on every social media platform. Find the right ones for your business.

    Step 2: Develop a business and integrated marketing plan inclusive of goals and objectives. Be sure to focus clearly on your target market segments with a goal of knowing them and getting in their head the best you possibly can.

    Step 3: If you don’t have the skills and knowledge of social media internally, hire the agency or consultant to help you integrate social media into your business. Be sure that they understand integrated marketing, the importance of setting goals and objectives and can help you develop and execute a plan to meet yours! Refuse to accept a list of random acts of social media (RAMs). If the plan is not integrated then the RAMs will eat your ROI for breakfast, lunch and dinner!

    Step 4: Integrate social media into your business plan with a focus on leveraging social media to support your business goals and objectives. Your business plan may need to be adjusted based upon your new findings and research of the social media landscape.

    Step 5: Develop an integrated social media strategy, approach and plan that best supports your business goals and objectives. Just like your marketing plan, have a detailed social media plan. When, where, what, how you are going to post content. What is that content? Be detailed in your social media plan

    Step 6: Execute the integrated marketing, social media and business plan.  DO IT!  Don’t put your social medial plan in a drawer and forget about it. Act on it and measure the results.

    Step 7: Continuously analyze, measure and refine your approach, strategies and tactics based upon achievement to goals and objectives. Things will change based on the data you receive from your social media plan, be ready to make those adjustments to get the ROI you are looking for.

    Now, start on Step 1 and start researching social media platforms that are relevant to your business and where your customers are.  Then go through the other steps to build your perfect social media plan.

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    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training.  Focusing on the lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you get the results you want in your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday