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SMALL BUSINESS LEADER
ISSUE # 63
June, 2004
Greetings,
In this issue you'll meet Bill Sipes, a client who has made some amazing progress in his business, especially within the past eight months. You'll see what I mean when you read the Feature Article, "Strategy in Action: The Moment of Truth". I hope reading about Bill's application of strategy will be helpful for you in implementing your own.
In May we launched our first Brain Exchange Roundtable (in-person) and it proved to be an immediate hit. Attendees agreed this was an ideal format to exchange ideas and expertise. The second one has already been scheduled for Monday, June 28th. If you're in New York City, or environs, this might be just the ticket if you're looking for a low-pressure, informal format that allows you to connect with other business owners beyond just exchanging business cards at a social event. See details below for time and place and how to register.
The summer months are almost upon us. For some that means things slow down; for others it means using the time to focus ON their business. If you're interested in the latter, plan to join our June 30th Teleforum, "The #1 Reason Your Business Isn't Growing..." There's no charge for this event. Details are below.
This month's Telephone Roundtable features Jude Gorgopa, CEO and Founder of Clout Et Cetera, talking about First Impressions. This is so important in business but a missed opportunity for many. Jude will give you the benefit of her years developing her own clout in the business and entertainment arena. Do plan to join us.
Yes, there's a lot on our plate. New strategic alliances are forming and we're offering more information and services to a broader market. Invite your friends, colleagues and customers to participate in our events and help continue the growth of the Small Business Leaders network.
To your success,
Marian Banker
Publisher
Small Business Leader
marian@primestrategies.com
www.primestrategies.com
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FEATURE ARTICLE:
Strategy in Action: The Moment of Truth
Bill Sipes, CPA, and principal share-holder in Sipes & Associates, http://www.sipescpa.com, Business Advisers and Appraisers, heads a muti-faceted Financial Services firm in Jackson, TN. Bill got caught up in the whiplash at the end of the 2001-03 recession. He missed his Sept. 30, 2003 annual revenue goal by a long way. Based on what has happened so far this fiscal year, projections indicate he very likely will surpass this year's goal. What happened that made such a difference?
Bill decided to create (and implement) a new strategy.
Until a couple of years ago, his services included Write-up, Reporting and Taxes for businesses and some individuals. He also had become certified as a Business Appraiser and Valuation Expert and this contributed a good portion of the revenue. Last year the revenue from Appraisal and Valuation dropped significantly.
In 2001 he had introduced point-of-sale software, which was doing well until last year. No one was making new technology investments. Finally, he had just introduced Insurance and Financial Planning when things started to drop off. He had to cut back on staff hours to keep his cash flow in check.
But Bill was determined to stage a quick come-back. This year's strategy included the following decisions:
1) Focus on cross-selling existing clients
2) Reward existing clients with attractive incentives for new business referrals
3) Spend a limited amount to attract new clients through the most profitable division.
4) Concentrate on attracting potential multiple service clients
5) Purge clients costing more in resources than they were generating in revenue.
6) Bring his staff of four into the sales process.
Eight months into his fiscal year Bill reports that business is great.
He points to one of his strategies as being a major factor in the turn-around: the staff's involvement in the sales process.
He has an open book policy with staff and keeps them aware of what's working, what's not, promotions that are being done and results of sales efforts. His mission is to "take care of his clients". He says, "the moment of truth comes when any staff member communicates with a client or prospect". Staff receive frequent reminders to live this mission every day and to report back to the group on what they learn.
Bill holds weekly staff meetings, sends regular e-mail encouragement, shares good news and offers support to all staff. He also rewards staff individually for bringing in a new client. The entire staff gets a prepaid extended weekend holiday at Disneyworld for their entire family when the annual revenue goals are met. It's lookin' good for this year.
By putting his strategy into action, Bill has been able to increase the average revenue per client, has generated a good number of new clients in his chosen division and is seeing some good cross-selling going on. He's seen a big surge in revenues and the pipeline seems to be easy to fill. Looks like he's got a winning strategy.
Way to go Bill!
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BRAIN EXCHANGE BUZZ:
Find out what New York regional small business leaders are buzzing about. Join the next Brain Exchange Roundtable, http://primestrategies.com/bxrt, on Monday, June 28th, 6:00 to 8:30 p.m. 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 thought the discussion was very helpful, and it is always good to meet other business
owners to share thoughts & experiences. I look forward to meeting again next month.
--
Alan Green, C.P.A.
Alan.Green@AXA-Advisors.com
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Special Program:
Details at
http://primestrategies.com/brp_pressrelease
Business Reconnaissance Program
Business Intelligence (You) + Specialized Leadership (Us) = Winning the Business War (Goal)
It's a battlefield out there. And, no business succeeds alone.
The Business Reconnaissance Program was created to help business veterans take charge, get lean, be strategic and march their businesses to success. Gain the advantage of structure and discipline to take the lead and assure that your business is poised to strike during the economic growth spurt that's just ahead.
The Business Reconnaissance Program uses business leadership and technology coaching to help small business owners bring together their operational, financial and technical strategies to eliminate wasted resources. Are you ready to propel your business to the next level?
Program details at http://primestrategies.com/BRP.
BUSINESS RECONNAISSANCE TELEFORUM:
"The #1 Reason Your Business Isn't Growing: Psst...It's Not About Money"
Hosts: Marian Banker and Lena L. West, creators of the Business Reconnaissance Program
Get ready to take your business to the next level! This teleforum is specifically designed to help you understand what may be holding you back and what you can do about it. After the teleforum, registered participants will be eligible to receive a complimentary, one-on-one, half-hour consultation that will address issues specific to their business.
Wednesday, June 30, 2004, 1-2 pm, EDT
There is no charge for this Teleforum.
To register and receive the call-in number, send an e-mail to marian@primestrategies.com with the Subject as Teleforum 6-30-04.
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INTERVIEW:
Elisa Balabram, Publisher of Women & Biz, http://www.womenandbiz.com, the new online e-zine that was mentioned in the May issue of SBL, has featured an interview with Marian Banker in the current issue. Read the interview at http://www.womenandbiz.com/primestrategies.html.
See what you think of Elisa's publication; then drop her an e-mail to let her know, editor@womenandbiz.com.
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June Lunchtime Telephone Roundtable
Moderator and Discussion Leader: Marian Banker, MBA, Business Leadership Coach
Topic:
"First Impressions: A Fundamental of Clout"
Date: Thursday, June 24th, 2004, 1 to 2 p.m. EDT
Guest Expert: Jude L. Gorgopa, is President and Founder of Clout Et Cetera, Inc., http://www.cloutetcetera.com, the Definitive Lifestyle & Image Resource offering total image consulting and personal style coaching for upwardly mobile individuals, professionals, corporations and entrepreneurs.
Consider these questions:
Does your image measure up to who you are and what you do?
What messages are you projecting to others'?
Are you getting what you want when you want it?
Did you know that wearing certain colors can actually sabotage your efforts?
Very often we have only a minute or two to make a positive impact. And that's especially true when making cold calls and meeting people for the first time.
Learn how you can:
Create an excellent and lasting first impression with a polished, professional image.
Use the power of the unspoken word...body language
Command attention and respect with your voice whether in person or on the phone.
Check to see if your attitude is getting in the way.
Gain an advantage by really listening to what others are saying and observing their body language
Get valuable clues about who you're dealing with so you can successfully negotiate.
This will be another fast-paced interactive Roundtable session with a fascinating expert. Plan to join us.
There is NO CHARGE for this Roundtable.
To register and receive the call-in number, send an e-mail to rhonda@primestrategies.com
with the Subject as Roundtable 6-24-04
Here's just one of the many Testimonials about our popular Roundtable.
"It was nice to hear about others' fears and concerns. It helps to realize that you're not alone. I'm still in the process of figuring out what career I want to move on to. So, I feel like a sponge soaking up any and all good information."
Christi DeLisio".
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Articles:
ABC's OF DELEGATION
Ronni Eisenberg succinctly sums up the elements of productive delegation. Want to get the job done well - and on time? Consider what can be delegated. With proper planning and follow-through delegation is the one thing entrepreneurs often put off far too long.
http://www.staples.com/content/SBA/ABCDelegation.asp
OUTSOURCING: BOON OR BANE
Some businesses have fallen victim to the outsourcing phenomenon; others have benefited. Read Jeremy Kahn's article in FSB online and learn how some small businesses are taking advantage of the off-shore options.
http://www.fortune.com/fortune/smallbusiness/articles/0,15114,614500,00.html
E IS FOR EFFORT
Want your efforts to pay off? Focus your actions, repeat frequently and reap the rewards. Read a review and summary of Ron Hanna's three tips to help you maximize the benefit of your efforts.
http://www.sellingpower.com/html_newsletter/motivation/article2.asp
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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.
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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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Small Business Leader is published the first week of each month. You are receiving this message because you have specifically requested it through our web site or requested to be subscribed by e-mail. In addition to the monthly newsletter you may receive invitations and special offers made available to our subscribers. We will not share your e-mail address with any third party.
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