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Scaling Up 3: Maximize Your Resources

Hi Champ!

In the last post we talked about three more ways you can work on maximizing your current resources. They included:

  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:

  • An offer they can’t refuse
  • Would you like fries with that?
  • Stay away from the edge of the cliff

An Offer They Can’t Refuse

The secret to success is to stay ahead of your competitors- maintain the competitive edge. To do that you need make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.

You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your...

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Scaling Up: Maximizing Your Resources

Hi Champ!

Over the next few posts we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximize what you already have. These include:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

 

Recognize the Obvious

Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and really take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.  Quick wins can come from focusing on the following.

  • Safety
  • People
  • Cleanliness
  • Accounts Payable

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new...

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5 Killer Mistakes - Part 1

There are 5 big mistakes you can do that will kill a deal with a big fish. They are:

  1. Not meeting the client’s expectations
  2. Mishandling a client crisis
  3. Taking on more than you can handle
  4. Putting all your eggs in one basket
  5. Up cash creek without a paddle

Any one or combination of these can not only kill the partnership, but have the ability to take down your company as well. We’re going to take a bit of time to talk about each one of these, in this lesson we’ll cover the first two.

Not Meeting Client’s Expectations

It’s essential you give your client’s exactly what you promised during the negotiation portion of your relationship. If an event does happen where there is no way to meet the client’s expectations, not only do you have to find a way to fix the situation, but you also have to find out where it all went wrong.

A couple of things could have contributed to this problem:

  1. Bad salesmanship. This could mean the salesperson was trying too...
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Be Prepared And Find Your Internal Champ

Hi Champ!

There are a few things you need to do and consider to prepare for a face to face meeting:

  • Set clear goals for what you want to accomplish in the meeting.
  • Anticipate potential concerns from the client.
  • Check to make sure you are completely prepared by researching the prospect personally and professionally on social media and news sources.
  • Listen more than you talk. Prepare your questions beforehand.
  • Bring support staff with you.
  • Use and respect the clients’ format.
  • Always follow through.
  • Ask for what you need and seal the deal.
  • Simplify your prospects life.
  • Find ways to boost your credibility.
  • Build and nurture relationships.
  • Learn from “no” if you get one. Find out what didn’t work so you know how to change it for the next time.

 

These are all important things to do both before and during the sales process. With confidence behind your company and product you will catch that big fish.  As you move forward from first meetings to more in...

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Untangle the Red Tape

Hi Champ!

In the last post we talked about how to bring the big-company mindset into your business and your team. This will help you overcome the mental obstacles that will keep you from being successful. Now, that you’ve learned how to overcome that, we’re going to talk about who your fish is. It’s important to know about the fish you are looking for before you put a plan together. We’re also going to take a moment to talk about the potential “red tape” you may encounter along the way.

The most important thing to know about your fish is their purchasing habits and procedures. There are four main things you need to work on in order to be successful:

  1. Responsibilities: You need to know who has influence over purchasing, who does the actual buying and who can kill a deal if they want.
  2. Get on Their List: You need to know how to get on their list of people to buy from. Your name needs to not only be on the list, but at the top of it and in as many...
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Shhh... I Have a Secret Love for Customer Service

Customer service is a pretty hot topic and can make or break your business. Consumers have little patience for lousy customer service and easily get tired of waiting in long lines, trying to get a live person on the line, going through an interrogation to return something or trying to communicate through a language barrier.

If you provide them with a simple, efficient, pleasant experience they will revisit your business over and over. More importantly, they will tell everyone they know!  Customer advocacy or word or mouth is still the number one way to grow a business.

There are three secrets to good customer service, the first one we’re going to conquer is knowing exactly what YOU want for your business reputation.

You are the captain of the ship and the visionary for the future of your business, so you need to have a clearly defined plan for your business and that includes customer service. There are three main goals you need to consider:

  1. It needs to be easy for your...
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Strategic Growth Comes When You Take Action.  Do It!

HI Champ!

When you think of strategic growth, think of constructing your business model like planting a tree. At first, it’s so small and weak you wonder if it will even make it through the night. But, you keep watering, fertilizing and nurturing it. Your ideas will grow the trunk and each of these strategies will extend out as the branches of your now strong tree. Finding the perfect support staff, employees, vendors/suppliers and other relationships will make your tree flourish with leaves and flowers.

Here are four key areas to start thinking about an integrated growth strategy.

Management Strategy

The way you structure your management team is not only essential to your growth, but the happiness of your employees and, ultimately, your customers/clients. This strategy is results-oriented and doesn’t depend on the people, but the actual system that’s in place.

A management strategy is, in short, a set of standards that include goals, rules, a mission statement and...

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Franchise to Multiply & Fly

Hi Champ!

This strategy is best applied in the Expansion and Mature stages of our Elevate Your Business consulting model. 

The biggest area of turn-key businesses growth is a franchises.  We have worked with a few very successful dealer and franchise models such as MetroPCS/T-Mobile and RX2live. There is a franchise for every industry in the world and they are fairly easy to acquire and come with practically a pop out of the box pre-assembled system. McDonald’s is a prime example. In fact, a $40 billion, 28,707 strong example.   

There are a few things we are going to talk about:

  • Business Format Franchise
  • The Franchise Prototype
  • Franchise Prototype Standards

 

Business Format Franchise

The business format franchise came from an earlier model call the “trade name” franchise. The big change was in the rights. During the “trade name” days the franchise owner only had marketing right’s, now franchise owners have owning...

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What Does A Startup Have In Common With A Mature Business?

Hi Champ!

We have been talking about the life cycle and maturity levels of a business and we did this out of order!  This was not a mistake...

The main reason is that survival, growth and expansion are where we see the most confusion with business leaders pertaining to growth, change, and people issues.  The second reason is the inception stage otherwise known as “startup” and Mature stage have some huge similarities as one starts to look for ways to Springboard the business.  We will discuss this today.

As a reminder, the five different stages of a business life cycle are:

  1. Inception
  2. Survival
  3. Growth
  4. Expansion
  5. Mature

The Inception and Mature Business Stages

Inception is about driving revenue and getting traction to see if the business idea is viable.  In the same manner, a mature business looks for ways grow new revenue streams to stay relevant and not be replaced.  The difference is a mature business has to focus on operational continuous...

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Building Blocks For Growth

Today I'd like to chat about the different types of capabilities and potential staff roles necessary as one grows from inception and survival into growth mode.  At Springboard Consulting we developed a business consulting tool that helps to identify key objectives necessary to springboard your business to the next level.  These levels represent the maturity of the business and here is a brief explanation of the model.

  • Inception / Startups; Less than 2 years old
  • Survival / More than 2 years or making a profit
  • Growth / Business experiencing fast growth, growing staff needs
  • Expansion / Planning Franchising, Licensing, or Multiple Locations business models
  • Maturity / Brand recognition, People, Process, and Technology needs fulfilled

As a company moves towards the growth level, there are essentially three key roles that need to be filled as a building block for growth.

  • The Expert
  • The Manager
  • The Leader

All of these roles need to be played simultaneously by different people...

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