SubscribeSMALL BUSINESS LEADER March 2005
SMALL BUSINESS LEADER
ISSUE # 69
March, 2005
Last month I was faced with a physical challenge like nothing I'd ever experienced before. I broke the pinkie finger on my left hand. While this may sound like no big deal, I learned a few important lessons as a result: 1) sometimes things happen that will unexpectedly and severely cut into operations; 2) when that happens, it's time to prioritize. As a result the February newsletter didn't get out.
The time involved in seeking medical care, waiting for it and receiving it can eat up days and even weeks. It's also tough to type with only one hand. I'm back to using one hand and one finger for at least another 3 -4 weeks, but I'm determined to get this month's issue out to you.
This month's events include our popular Brain Exchange Roundtable meeting on Monday, March 21st, http://primestrategies.com/bxrt, and the Lunchtime Telephone Roundtable on March 31st, http://primestrategies.com/roundtable_mar05, with Guest Expert, Emil Everett. Details are below.
In this month's Feature Article I'm sharing (with permission, of course) what I consider a great example of a Business Operating Plan which was created by one of my clients. Plans can be hard for some people because the task seems so daunting. You'll learn how this one was done. I'm sure there's something here you can use for yourself.
The first quarter of 2005 is fast coming to an end. How is your year going so far? If you're not thrilled with your results, this is the ideal time to take corrective action. If you'd like the benefit of another perspective, let me know and we'll schedule a time to talk.
To your success,
Marian Banker
Publisher
Small Business Leader
marian@primestrategies.com
www.primestrategies.com
In This Issue:
Feature Article:
Have Fun and Make Money
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Special Program
"Brain Exchange Roundtable"
March Lunchtime Telephone Roundtable
"Handling Objections: Tips & Tricks"
Articles:
INTO THE FUTURE
DON'T LOSE YOUR COOL
STREAMLINE YOUR LIFE
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About the Publisher
Feedback
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FEATURE ARTICLE:
Have Fun and Make Money
In working with small business owners for many years I've learned that committing things to paper is hard for a lot of you. You probably didn't like doing homework either. It was necessary, however, in order for you to move up to the next level.
It's the same in business. Writing an Operating Plan is the result of having thought through all of its elements and deciding, at least for the short term, on a course of action.
Although I provide a template, each client has total freedom to change it to best serve their needs. Sam, who is a financial services provider, wrote the following Operating Plan for his business. I'm sharing it in the hopes of inspiring you to write your own.
Sam has the right idea at the very start. He knows the purpose of this business is to "have fun and make money".
OPERATING PLAN - FY 2005
Purpose
Have fun and make money for our clients and ourselves.
Vision
SA is the firm of choice for our clients, the employer of choice for our associates and our community, the investment of choice for our owners, and the model of integrity and continuous improvement for our profession.
Mission
SA is a financial partner that uses strong relationships and leadership to assist our clients determine their vision of the future and to creatively assist them to locate a clear path to attain that future, which includes protecting assets, minimizing taxes and building wealth.
Strategic Themes
1. Enhance Revenue.
2. Eliminate Debt.
3. Continuous improvement of named processes.
4. Delighted clients that reward us, appreciate us, acknowledge us, and refer us to their friends.
5. Autopilot practice.
6. Well paid owners
Marketing Message
Message x credibility x visibility - Not only do we help you determine a vision for your business and then help you creatively achieve it we also insure your future by showing you how to 1) Minimize your taxes 2) Protect your net worth and 3) Enhance your net worth.
Competitive Advantage
The MOMENT OF TRUTH (every contact with a client or prospect can help us build a relationship and provide leadership)
5 Year Goals
1. Annual Revenue Growth of 20%.
2. Zero Debt.
3. Written Procedures for all processes.
4. Client Satisfaction on survey of 97% or better.
5. Company trip as reward for meeting revenue goals.
1 Year Goals
1. A 3.1 to 1 Revenue-to-Salary ratio for the FYE 9-30-05
2. Reduce business debt from $32,048 to $ 17,500
3. Write-up billing of $21,000 a month by FYE 9-30-05
1 Yr. Plan of Action
1. Focus for 30 minutes, increasing to one hour each day, on the most important task.
2. Ask "Is what I'm doing right now leading to my major goal?
3. Take baby steps to the goal.
4. Each day read my purpose, vision, mission and day's actions.
Primary Strategies
1. Cross Sell to existing clients
2. Staff involvement in the sales process
3. The Moment of Truth at any client contact, leaving with a plus sign.
4. Rewards for achieving goals.
5. Measure results and adjust actions monthly.
Tactics & Tools to implement strategies
1. Standard Operating Procedures.
2. Delegate, delegate, delegate
3. Communicate with staff so they can support plan.
4. Only work with clients we like who reward us, encourage us, and say nice things about us.
Skills Needed to implement strategies
1. Focus and concentration.
2. Daily study hour.
3. Refine lifetime habits.
Unique Ability
Use my relationships and skills and my accumulated wisdom and sense of humor to schmooze clients while assisting them to easily reach their goals.
Motto
The best way to attract new clients is to serve our current clients extremely well.
Roles
Coach, leader, relationship builder, creator.
Core Values
1. Fun, Time and Personal Freedom,
2. Relentless continuous daily improvement
3. Client focus and connection
4. Zero defects
Overall Plan
1. Write Purpose, Vision, Mission & Values
2. Organize business to support these statements
3. Create a Plan to make the statements a reality
4. Set performance key indicators
5. Monitor performance key indicators
6. Celebrate success and adjust shortfalls
As Sam has learned, more gets done when you take baby steps than trying to accomplish the whole thing at once. That's how he put this Plan together.
Here's your call to action - seriously reconsider and then write the Purpose of your business as the first step.
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TIP: Keep Your Commitments
I'm absolutely amazed - and concerned - about the lack of integrity I see in the small business marketplace. I know I'm disappointed and totally put off when people don't honor their time, contractual and involvement commitments.
Are you keeping your commitments? If not, you're setting yourself up to lose business.
Stand out from the crowd of losers. Keep your commitments.
Want to take a closer look at where you may be going wrong? Send me an e-mail, marian@primestrategies.com with Subject as Integrity. We'll take a look together.
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QUOTE:
"Those executives who learn more about leadership---and practice what they learn- --will have a distinct competitive advantage over those who do not. It's time to become more assertive, more visible, more influential."
Herman Trend Alert, February 2, 2005, Turtle Leadership, http://www.hermangroup.com/alert/archive_2-2-2005.html
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BRAIN EXCHANGE BUZZ:
Find out what New York regional small business leaders are buzzing about. Join your peers in a brain exchange about business. We cover the issues that are important to you in an atmosphere of give and take.
The next Brain Exchange Roundtable, http://primestrategies.com/bxrt, is Monday, March 21st, 6:00 to 8:30 p.m. EST. You'll really get to know other entrepreneurs and be in a position to introduce yourself in a comfortable and informal business environment. This is where valuable connections are being made.
"I liked the fact that it was a discussion of relevant business issues, not an opportunity for self-promotion and card swapping. I've already begun to use some of the advice I was given on differentiation - and it actually worked."
Kiva Kolstein, Cushman Wakefield
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March Lunchtime Telephone Roundtable
Moderator and Discussion Leader: Marian Banker, MBA, Business Leadership Coach
Topic:
"Handling Objections: Tips & Tricks"
Date: Thursday, March 31, 2005, 1 to 2 p.m. EST
Guest Expert: Emil Everett, the President of The Power of Positive Selling, has over ten years as a sales and presentation consultant. Emil has taught thousands of individuals from over 100 industries. He is highly recognized for his lively and educational programs designed to maximize sales performance and presentation skills. For additional background, visit http://www.thepowerofpositiveselling.com
Do you find yourself unprepared when the prospect presents objections? What is really going on? How can you stay in control of the sale and move the client to the next step?
In this Roundtable Emil will offer tips and tricks from his own, and others, experience dealing with objections.
Some of the topics Emil will cover are:
Why price doesn't matter.
What is an objection and what forms of objections are there?
How to mentally prepare for objections.
Proven steps to handling the most difficult objections.
Five ways to respond to any objection.
Understand the precise issue confronting your prospect.
Get all the objections out on the table.
How to make sure you've handled the objection properly.
And much, much more.
There is NO CHARGE for the Roundtable.
To register and receive the call-in number, send an e-mail to roundtable33105@primestrategies.com. Within minutes you will receive the call-in number and instructions by-email from our autoresponder.
Here's just one example of what's been said about our popular Roundtable.
"Knowledgeable presenter with a message of prime interest to me. Every aspect was relevant."
Gary Oslund, M Nova Design
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Articles:
INTO THE FUTURE
Laura Laaman reinforces what has proven to be a key to success: visioning the future. Spend more time daydreaming about the business you want 10, even 20 years out; then follow through to make it manifest.
http://www.bizjournals.com/extraedge/consultants/sell_more/2005/01/03/column151.html
DON'T LOSE YOUR COOL
Flexibility, rapid recovery and going with the flow add up to staying cool in the throes of business trials. Turns out this is a classic winner characteristic. And don't forget to celebrate your wins. Learn about the four commandments most winners follow.
http://www.inc.com/magazine/20041001/how-to-win.html
STREAMLINE YOUR LIFE
Here are some solid tips to help you get through your business day. Terry Brock offers some good ideas on setting priorities and handling e-mail.
http://www.bizjournals.com/extraedge/consultants/succeeding_today/2005/01/24/column408.html
ABOUT THE PUBLISHER:
Marian Banker has been publishing Small Business Leader since January, 1999. Her focus is on bringing to the busy entrepreneur a quick look into the current world of small business from the perspective she's gained through coaching, consulting and training entrepreneurs in both service and product based businesses.
Marian offers individual coaching, business support groups, seminars and workshops on topics of critical interest to small business owners. Her monthly Lunchtime Telephone Roundtable has proven to be a popular way for business owners to come together around a specific business topic without leaving their office. See notice about this month's topic in the content above.
To learn more about her services, visit http://primestrategies.com.
FEEDBACK:
Your feedback is always appreciated. Please write to marian@primestrategies.com.
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COPYRIGHT 2004 SMALL BUSINESS LEADER
A publication of Prime Strategies, 333 East 23rd St., New York, NY 10010
http://primestrategies.com
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