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The Power Of Small Business Networking Compels You

Does it really? A sunny afternoon, sitting in your chair, the phone is quiet, e-mail is slow and you “have” to fold laundry or vacuum or think of something for dinner. What’s wrong with this? NO ACTIVITY! It is so easy to create “busy to be busy” and avoid the fact that sales are slow and you really don’t know what to do. Guess what… STOP! Close your eyes and take a few deep breaths.

Don't Let Distractions Become Your BusinessTime To Build A Plan

Open your eyes and pull out a pen and paper and write down five people whom you haven’t spoken to in a long time, five prospects who haven’t called you back, and five leads that you should talk to. Next write out three ways your product or service can help other businesses be successful – NOT YOURS! Now, pick up the phone and dial. Leave messages for each one telling them that you have something wonderful to tell them about and to call back as soon as they get the message. If you get them live, set up an appointment to discuss how you can work together to develop results… not success, not sales, not revenues, not money, not moving the conversation forward – just plain old results. The reason you don’t label the outcome is because results can mean different things to each person and you want to “close” them on communication and activity not a quick sale.

Turn Ideas Into Action

Evaluate your success. Did you  reach five of the fifteen? How many appointments? Regardless of the results write down five ideas/issues that came from the conversations or messages. Review them and put them into an e-mail with the subject line… “Help! I need some advice from you because I trust you.” Craft each e-mail message to discuss the ideas and ask for feedback from ten to twenty contacts from your secondary network. You will experience up to 10% response indicating ways to deal with your ideas or issues. Note  I said secondary network. Your primary network knows you, has done business with you, or is active with you socially. The secondary network might be part of your trickle marketing, friends of friends, or people whom you were referred to in the last 60 days because they were a potential “good fit” for your company. They all should be on the outskirts of your “know, like, trust” group but potentially interested in your product or service.

Networking Power

Everything I have discussed so far can be considered “sales 101” in the sense of creating not stagnating in your business. Distractions are far easier than conducting business and I guess that is why we call it work. Having said that, what we are addressing is the difficulty every business owner faces daily in regards to activity, lead conversion, time management, and critical thinking. Setting up a patterned system to contact, promote, and stimulate networking will lead to unrealized rewards. The key is consistency, follow-up, and defined strategy. Don’t waste time with contacts, businesses, or people who don’t really move you forward to your goals.

Who Should I Talk To?

The only thing you can control in your business is you. Your time, energy, drive, self-management, and passion for success. You have to clearly define your goals on paper and talk about them with others prior to launching campaigns, going to networking functions, or … folding laundry. The reason small business owners let distractions take over their focus is because it is easier to complete something immediately tangible than to struggle with a long-term initiative. When was the last time you decided to review billing, evaluate year-to-date numbers, or analyze resource capability rather than picking up the phone or sending a directive e-mail? I suffer from the same issues and literally rise from my chair and walk in a circle and sit back down to re-focus.

Develop Good Habits

Take the time to analyze your reaction to stress, lack of activity, and how you deal with distractions. Develop a system to break the status quo and launch new activity-driven campaigns or initiatives and  better your business today. For example, in the first part of this article, focusing on five cold prospects, five active leads, and five potential targets gears you up for action not stagnation. The system should include simple actions that are performed in order, be measured, and slightly changed for maximum benefit. Strengthen the habits that lead to positive outcomes and ignore ones that lead to distraction. Now is the time to start. Don’t wait, don’t think, just do! Remember, the only one you have control over is… YOU!

 

What’s In It For Me When Hiring A Business Consultant?

Each day in the controlled chaos which is a small business, owners rely on what they know in making decisions that change their future, for better or worse. They are unaware of potential problems or issues that arise from these decisions until results start to appear. This is The Consulting Advantagea crisis that many business managers choose to ignore and avoid thinking about by staying busy – to be busy. I always ask myself, why? Is it because staying in the comfort zone is easier than pushing for more information or perhaps it comes down to fear of the unknown. Regardless, business decisions made with partial information create solutions that cost time, energy, and money and don’t produce RESULTS!

Now that the problem is identified what are the options for an open-minded, entrepreneurial business owner to address the constant state of change which is today’s small business environment? Prior to discussing the options let’s talk about the market forces that affect small business and how they create the tipping points which lead to forced change. They include change in technology, infrastructure optimization, human capital issues, and costs related to production, business development, marketing and sales.

Change In Technology

Small businesses are just now benefiting from sweeping change in availability of affordable software platforms and applications designed to put them on a level playing field with larger competitors. Sales enablement tools, project management software, mobile applications, and online subscription marketing platforms are examples of technology that can support steady growth and  business optimization without bankrupting a struggling company. Issues arise in selection, implementation, and management of these tools which opens the door for third party support or yours truly- a business consultant.  Consultants assist in making the right decisions based on their immediate knowledge and experience leading to faster conversion to profit and lower risk exposure.

Optimization

Even now, in many small businesses. “what worked for dad works for me” is still a common thread. This trend leads to conducting daily activity in the same way as before, ignoring change in the marketplace. So what happens? The business falters, fails, is sold, or is forced to adapt rapidly leading to negative shifts in personnel, culture, and operations. Changing orientation of the business model to focus on a proactive approach to the market compels a company to find better ways to compete or optimize by doing more with less. A great example of this is the financial flexibility provided by online financial services companies like Kabbage, that offer a dynamic approach to funding everyday expenses and business emergencies through a working capital loan. Customers can obtain and manage business loans to address the constant change represented in their target market. Managing this type of change requires more knowledge than many business owners possess or have access to. Once again, a consultant can be the first step to finding a solution.

Human Capital

There is an art to managing people and most of us don’t understand the necessary components to successfully build and manage an empowered, entrepreneurial  work force. Owners lean on friends, relatives, and gut instinct rather than studying how to make human capitalization work for their business. Human capital is the total value brought to a business by the combined education, experience, and knowledge of various employees, supervisors, managers, and executives. Growing it will lead to happier employees, better products, greater revenues, and a strong bottom line. Ignoring it will cause a slow spiral to lost market share, weakened product mix, and an unproductive business culture. Examples of success are Starbucks, Southwest Airlines, and Microsoft who sponsor employee-led innovation and growth to make daily activities more profitable and efficient.

Change In Cost Structure

Businesses have always struggled with supply and demand particularly small businesses who don’t possess the asset pool sometimes necessary to support large complex deals or market initiatives. A simple shift in raw material costs can effectively eliminate a business from offering a competitive product or service.  Higher production and distribution costs simply price the product out of the market. The answer lies in constant awareness of change in production costs, effective relationships with vendors, and application of industry best practices to daily operations. Managing costs can lead to a more profitable relationship with marketing and sales as well as the final buyer and revenue growth based on value not discounting or sales.

Sales And Marketing As Part Of Business Development

Although business development is considered part of the marketing camp, we can lump it together with sales and marketing for the purpose of discussing how all three are affected by decision-making in daily operations. In many businesses short-term focus is always on revenue production stemming from financial pressures rather than linked to long-term strategy and initiatives. The adage cash flow is king creates an artificial reality that sucks you in and won’t allow open-minded behavior. Knee jerk reaction rather than careful planning become the strategy each day.  This mindset can lead to higher expenses, bad deals, and lower profits not to mention inability to leverage assets, partnerships, or liabilities. By bringing in a consultant to evaluate the situation, create an action plan, and execute, a company will become more efficient and achieve higher margins. Sales training, marketing support, and sales enablement should be the norm not the exception.

Back To The Options

Now that we have discussed some of the forces that may influence daily decisions, how  can a business manager become more knowledgeable and effective? Doing nothing and staying with the norm leads to paralysis and slow or no growth. Adding to the workforce might be an option if the accompanied costs are justified in comparison to output. In my opinion, the best option is to hire a consultant who can facilitate change, provide immediate knowledge, assist in avoiding expensive mistakes, and provide a sounding board prior to making decisions leading to sweeping change. I suspect in your business, it’s your call… Just be sure to make the right one.

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