Janna's Blog Article

You are ready—ready to start the transition process for your business. What you’d really love is to pass the business on to the next generation; keep it in the family; pass down that legacy to your kids and hopefully your grandchildren.
 
But your kids are hesitating. They aren’t sure they want the business, and frankly you don’t get it. Why wouldn’t they want to be their own boss, set their own hours, never work for someone else. Isn’t that the dream?
 
A little self-reflection might help you better understand their hesitation.
  • How often did you come home and complain about your customers and how they always wanted something for nothing?
  • How often did you miss events due to “the business?”
  • How often did you share the good days and the joys of running your own business?
  • Did you ever offer a surprise – like taking the day off unplanned just to hang out with the family? (Yes, it is possible to do this, and I’ll discuss it in future articles.)
Are you seeing a theme here? We see all the joys of owning a family business, yet we forget to practice that process of “selling it” to our kids during their formative years. After a rough day at work, it’s common to unwind (and sometimes unload) by sharing things with our family. However, if we don’t also share the excitement, the joys, and the financial opportunities of running a business, then we shouldn’t be surprised when no one wants to follow in our footsteps.
 
As you ponder this, ask yourself: “Would I want to follow in my footsteps? Am I selling the complete picture—the good and the bad—to the next generation so they can make an informed decision?”
 
Too often the answer is no. We share the downside and not the up, and then wonder what happened when our kids want to do anything else but take over the family business. Start now to share the positive as well as negative aspects of running your business, and you might find the next generation eagerly waiting for you to hand hand them the reins.
 
 

Marketing without sales is a waste of time and money.  Yet, as a business coach, that is what I see continually in businesses I meet.  The marketing team (even if it is a team of 1) does the marketing activities: advertising, networking, strategic alliances etc.   Yet, when the phone rings does the sales team know how to close the sale?  Statistic indicate that almost 70% of sales are not closed due to the sales person never asking for the sale.  If you don’t ask for the sale, you probably won’t get it.  The sales team needs training.  I have joked that the sales team needs WEEKLY training, only to have sales people agree with me.  It isn’t a joke, train your sales team, train them well and train them often!

Who is your sales team?  My answer – every employee in the company?  Who needs sales training – every employee.  Who is the core sales team?  The team of people who regularly talk, meet with customers and prospects.  That includes receptionists, customer service, Presidents, management etc.  All it takes is one word to make the difference in a sale.

What do you train the sales team on?

  1. Conversion rate – The phone rings – a prospect – everyone is excited (or at least they should be).  How do you talk to them?  What questions do you ask PRIOR to your answering their question?  As prospects very few of us really know what we want to purchase.  We just think we know.  If you don’t help to educate us – we will then buy on price.
  2. Products – You know your products (or do you).  How do you describe them?  Do you create emotion as you share the value of your product to me?  Do you know how to create emotion for your product?  Does everyone really understand the value of the product?  For 98% of companies I believe the answers to the above questions are no.  Changing those answers will make a difference.
  3. Customer – Do you know what the customer wants?  Not what YOU think they want, but what they truly want?
  4. Competition – Who are your competitors and how are you different?  Why should they buy from you and not them?  If you are more expensive then why, if you are less expensive – then why.  Know your competition – they probably know you.
Category:Business Coaching Business Management Business Systems Executive Coaching Family Business Profitability Sales Success In Business 
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Entrepreneurs and setting goals is a popular topic. Dan Sullivan had a perspective worth sharing in the May issue of Success Magazine. The concept is rather than trying to double or 2 times where you are– go for 10 times where you are. “WHAT?” I hear you all scream. “It is hard enough to achieve 2 times where I am, how on earth can I even consider a 10 X goal?” That is exactly the point.

A 2 X goal is really just pushing what you are already planning into the future (assuming you are planning). The ability to achieve the 2 X goal is a probable anyway. There really isn’t rocket science, you know the basics—hard work and you will achieve the 2X goal.

Now for the 10 X goal that starts pushing you out of your comfort zone. I can already feel the squirming. A 10X goal forces you to look at what is really going on in your business. It forces you to look at inefficiencies. It challenges you to think out of the box, to put systems in place to handle 10X, to understand your business, structure your business, and PLAN. You must now think differently, observe differently, plan differently and execute differently. Once you start thinking 10X you will notice opportunities, changes, and perspectives. Then you can start making the changes that are required.

Here are my perspectives and 4 ¾ downsides to this type of thinking:

1. Shooting for 10 X – you might not make it, you might only reach 5X.

2. 10 X thinking creates perspectives on your business and forces planning.

3. You don’t know how to think 10X? What better way to start looking at everything from a different perspective? Read, ask, get advice, reach out to others, be humble. Even if 10X is achieved, I guarantee your 3, 4 and 5X will be more profitable.

4. For 10X I need to look outside the box, and that creates FEAR. False Expectations Appearing Real – so what are your real fears? Figure them out, since they will probably keep you from achieving 2 X. There is no better time than the present.

4 ¾ Reality is I don’t see any downside to 10X type of thinking. The danger really lies in 2X thinking. Thinking too small limits your potential, who you can be, and can lead to my favorite quote: “Hell on earth is seeing the person I could have been!”

An old adage goes, “Rules are meant to be broken.” In many ways, this is absolutely correct. Simply following the rules, doing the same thing over and over, won’t get you anywhere. Albert Einstein once said, “We cannot solve our problems with the same thinking we used to create them.” Every truly great, major innovation in history has come about as a result of new thinking.

 So let’s say you’ve set up your business, and are doing fairly well. You have a steady stream of revenue, a good customer base, efficient systems in place, and everything is going great. What do you do next? Often, businesses will plateau. They will improve up to a certain point, but things won’t get better from there. Once a plateau is reached, new thinking is required if you want your business to grow-which you should. Now, you should not throw your old playbook out the window, however, change is needed, and in many cases this change is rather unconventional. You need something that sets you apart.

  • What could you be doing that none of your competitors are?
  • What markets are you not tapping into?

Find that niche, and utilize it. Do something new, something different, and blow everyone away with your creativity and innovation. 
(Picture credit:Freeditigalphoto.com)

Like all things in life, running a business has its ups and downs, its highs and lows, and its successes and failures. Celebrating the sweet victories is easy, but how do you cope with the agonies of defeat?

First things first, like it or not, failing is inevitable. Every single person has failed at one time (or in most cases, lots of times). Throughout history scores of renowned great achievers not only failed, but failed over and over again. When Albert Einstein was young, his grades were so poor that a teacher asked him to quit, saying, "Einstein, you will never amount to anything!" Michael Jordan was cut from his high school basketball team for his lack of skill. Winston Churchill failed the 6th grade. Soichiro Honda was turned down for an engineer position with Toyota Motor Corporation.

Here’s another truth: Failure is not something to fear. Failures and mistakes are lessons that can be used as stepping stones. And even though it may feel like it’s the end, it’s actually just the beginning. According to dictionary.com, failing is “an act or instance of failure.” But according to John Maxwell, bestselling author of Failing Forward, “Failure is simply a price we pay to achieve success.”

Failing forward is a willingness to learn from failures and implement the lessons into your actions, behaviors, and business. It’s choosing to pick yourself up and continue to move forward and toward your intended outcome in spite of being discouraged.

Think about the last time you failed and ask yourself these questions:

  • What can I learn from this?
  • What could I have done differently?
  • Do I need to acquire or improve some skills?
  • Who can I learn from?
  • What will I do next?

Now take the answers to these questions and plan how you will incorporate the lessons into your future actions.

So the next time you find yourself flat on your face, be grateful for the learning opportunity, dust yourself off, keep trying, and remember that the most inventive and successful people in the world not only fail, they are the BEST at failing.

An old adage goes, “Rules are meant to be broken.” In many ways, this is absolutely correct. Simply following the rules, doing the same thing over and over, won’t get you anywhere. Albert Einstein once said, “We cannot solve our problems with the same thinking we used to create them.” Every truly great, major innovation in history has come about as a result of new thinking.

 So let’s say you’ve set up your business, and are doing fairly well. You have a steady stream of revenue, a good customer base, efficient systems in place, and everything is going great. What do you do next? Often, businesses will plateau. They will improve up to a certain point, but things won’t get better from there. Once a plateau is reached, new thinking is required if you want your business to grow-which you should. Now, you should not throw your old playbook out the window, however, change is needed, and in many cases this change is rather unconventional. You need something that sets you apart.

  • What could you be doing that none of your competitors are?
  • What markets are you not tapping into?

Find that niche, and utilize it. Do something new, something different, and blow everyone away with your creativity and innovation. 
(Picture credit:Freeditigalphoto.com)

Every day, everywhere around us, there is an abundance of fear. No matter who you are, your age, or your profession, you are afraid of something (and probably more than just one thing). These fears can be anything from creepy crawlies, heights, public speaking, and natural disasters. These fears aren’t completely unwarranted. Fear is a basic instinct; a means of survival ingrained in our fight-or-flight response. But just because fear is a natural reaction, doesn’t mean that fear has a place in your business, especially if your fears are holding you and your business back from being a success.

The world of self-employment is ripe with opportunities for fear to creep up and rear its ugly head. Making follow-up phone calls, resolving customer issues, or presenting to potential clients can all feed into many kinds of fears. The difference is if you choose to take the opportunities to face your fear and push your business to the next level.

One of the first steps toward overcoming your fear is to identify the fear itself. You can do this by taking a mental inventory of your fear and jotting them down. If you find you’re having a difficult time compiling your fear, consult a colleague, peer, or business coach to help you brainstorm the fears that are possibly holding you back in your business. Once you’ve written down these fears, review each and assess if these fears are based on real-life experiences or if they are based on your own assumptions.

Of the fears that are based on real-life experiences, recall what about the experience led you to your fear. Take time to really analyze and reflect on the overall situations and circumstances. Was this a one-time experience or is this reoccurring? How did you handle this experience? Was everyone involved satisfied with how you handled this experience? Did you garner any lessons learned from this experience?

Of the fears that are not based on real-life experiences, try to identify a common thread or theme between them. Do they tie into fears of rejection, confrontation, public speaking, failure, or something else?

 After you have identified and assessed your fears, then talk them out. Confide in your network, discuss them with other trusted business owners, and get other perspectives. You don’t have to face your fears alone! Work with an experienced Business Coach to create a specific action plan to help you overcome your fears, gain closure, and move forward.

Working for yourself is scary enough! The last person you need getting in your way is YOU! Choosing to work hard and face your fears isn’t easy, but it sure is worth it!

As children return to school after a busy summer, teachers are busy preparing activities to assess the knowledge they have retained from the previous year.  As a business leader, you must take the time to annually assess your business plan in order to grow your business.  You might look at your business plan as the “answer” to the test of what you have learned about growing a successful business.  The following are three tests that show what you have learned along the way.

Have you met your time line goals during the year and are you on track to finish the year strong.  This shows you have learned valuable lessons in time management and project management including the development of good work flow systems.  If you are behind in achieving your goals, put them through the SMART test.  Are they specific, measurable, attainable, realistic and timely? If they are and you are having trouble meeting your goals, this may indicate you need a bit of extra support and a business coach may be needed to help you succeed in your attaining your business plan. 

 Is your financial picture is on target or exceeds expectations for the year.  A healthy financial bottom line is a good indicator that your business goals for the year are being met.  However, closer scrutiny of both income and expenses is essential to ensure any financial gains and drains were derived from expected sources.  Any deviation may indicate a need for an adjustment in your business plan.  If you are unsure of where your money came from or went to give me a call and we can lay out a plan for getting your business financials in order.

 Are you ready to provide added value to your product line or services for the upcoming new year.  It is a satisfying feeling to review your business plan and check off the successes and milestones achieved.  A successful business is developed by scaffolding the lessons we’ve learn along the way, the lessons learned are simply a foundation for those yet to come.  You’ve heard the Marshall Goldsmith saying, “What got you here won’t get you there.”

  • Where is your next “there”? 
  • What will you need to learn to propel you to the next level?
  • What lessons will you need to learn to master the next test? 
  • Will you need a business mentor to help you get there? 

Test yourself throughout the year and be ready to evaluate what you have learned and what you need to learn to grow your business and achieve the success you deserve!

(Photo compliments of renjith krishnan/freedigitalphotos.net)

Millennials are often not ready to settle down. They move from town to town, job to job looking for what really excites them. Some will change jobs their entire life. Your mission should be to convince Millennials to stay at your company by doing the following:

  • Atmosphere:  Millennials pay close attention to the environment of places they work. Think of the business startup. The open floor atmosphere, the free coffee (which I will talk more about later), the passion and excitement of the employees are all very important to the millennial. Make the Millennial excited to go to work every day. Make the office an exciting place to be. Encourage individuality. Millennials like to express themselves, often with glasses and skinny jeans. Welcome that attitude into your office.
  • Attitude:  Attitude begins with the boss. What is he/she like? Is the boss approachable, or is there an invisible wall separating the boss from the employees? Millennials are a generation that need positive reinforcement. Have the boss check in on them; ask how a project is coming. However, do not micromanage. Give Millennials space, otherwise they will feel suffocated and leave. If they are supposed to arrive at 8, do not berate them for arriving at 8:05. They will start arriving at 8, but after a while, they will leave. Furthermore, allow Facebook access. It seems like a trivial or counterproductive thing, but access to social media sites has become an integral part of most Millennials. Provided it does not interfere with work, allow them access to these sites. They will enjoy looking at what their friends had for lunch, and you will enjoy having them work for you.
  • Perks:  As I mentioned earlier, Millennials love their coffee. Provide them with coffee, donuts, and food. They are little tasks that mean quite a bit to the millennial generation. Furthermore, Millennials often value experiences over money. As a result, it is prudent to give them those experiences. Allow them to try the new Vietnamese restaurant downtown. They will appreciate the freedom, and may even bring you back some.

Millennials are the hardest group to sell to. First of all, they have less money. Many Millennials are on a very tight budget. They are burdened with crushing debt, and many are unemployed or underemployed. Furthermore, they have been “sold to” their whole life. As a result, most conventional tactics fail. Products are overhyped to Millennials, who are used to seeing these things fail, and, as a result, there is a negative correlation between how much hype surrounds a product and how much Millennials want to buy your product.

The Oatmeal, a Millennials web comic, has an excellent illustration of this: Oatmeal Comics

Additionally, location is very important. Can Millennials walk or ride their bike to your business from their homes? Are you easily accessible from public transportation, if your city has it? Are there other businesses nearby that stand for the values that Millennials have? Millennials would much rather stop at your business after they have gone to their local coffee shop than make a special trip to visit you on the other side of town. 

Millennials have different priorities on how they decide to buy things. It is very important how something is made and how the organization gives back to the community. Panera Bread is popular with Millennials partly because they give back to the community through programs such as Panera Cares. Millennials would much rather spend a little more of the money they do not have on a fair trade product that gives the workers a decent wage than buy the cheapest available product. Millennials care far more about the atmosphere of a workplace. What impression do potential customers get when they walk in the door? Is everyone smiling and happy to be there? Is there something unique that no one else has? If your workplace has that, then Millennials will flock to you. 

So how do you stay connected with your clients during the summer?  Many business owners tend to slack off their marketing efforts during the hottest months of the year.  Choosing to connect with clients during June, July, and August may bring you some sweet rewards.  Here are a few ways you might celebrate the summer with your clients.

  1. Send a specially designed note or email to all your clients.  Many remember to thank their client base in December or sometimes in January when celebrating the end of the year, or the beginning of a new one.  June is the mid-year mark on the calendar and a great time to say THANK YOU!
  2. Show up at community events and invite a client to attend with you.  There are many events throughout Colorado Springs that alow you to connect with your clients in new ways as you work alongside them helping others. Walk through the crowds and get to know your neighbors.  You may also want to join in with others and sponsor an event, or if they budget allows, host a community event yourself. 
  3. Provide a “Summer Camp” workshop.  Whether it’s a paid event or a marketing venture, offer to share a skill, talent, or other type of knowledge with clients with a summer camp theme.
  4. Take the heat of the summer holiday and Host a BBQ. More people can attend and it is a relaxed time of the year.  Use your office or a place at a park. Invite your clients to join you for a no host BBQ, it's a fun way to connect with clients and prospects. 
  5. Fast and Fun Ice Cream Socials.  July is National Ice Cream month.  If you want to be really fun and spontaneous, Tweet or Email that you will be at a specific ice cream parlor for the next 20 minutes and you will pay for the first 10 people who show up!

Whatever you choose to do this summer, be creative.  People tend to be happier in the summer, there is more daylight to enjoy, and a great deal of opportunity to be found.  You just have to jump in and not be afraid to make a splash!

One opportunity I have is to work with the local Colorado Springs Chamber of Commerce on their Chamber University.  These monthly workshops are provided to the local business community as a tool to help them in their business.

During the last 2 years of assisting with the planning of Chamber U it amazes me that the only topic people want month after month is marketing.  If the title of the topic includes marketing people attend, if it doesn’t then they don’t attend.  So what is the mystic about marketing?  Why is there such a “demand” for marketing information and education, yet what most business lack is systems and sales processes?

You  can have the best marketing plan on the planet, yet if the team can’t close the sale, why bother.  If there aren’t systems in place to follow up with the leads that marketing generates then it is a waste of money.  If the target market for the business is not identified, then throwing $100 bills off the highest building might generate better results.  Marketing is math nothing more nothing less.  If the calculations don’t add up then the results become questionable.  Here are a couple of tips for your marketing math:

  1. Target – Who is your target and don’t have the words anybody, everybody, anyone etc.  A target is just that a target.   What is the geography, age, likes, dislikes, economic boundaries etc.
  2. Copy – What do you say to them when you advertise?  You have less than 3 seconds to grab your attention – how will you do that.  Hint – Only you Mom cares about your logo so make it small and at the bottom of the page – stop wasting space on your logo.
  3. Planning – Create a simple marketing plan, lay it out for weekly activities, get specific.  Test and measure results.  Too often the marketing plan lacks the action of planning.  What are the short, medium and long term anticipated results?  What will you do today that will bring in business tomorrow, next quarter and a year from now?  Get the details on paper, be consistent, be ready to throw out what doesn’t work and make it happen.

Last week we highlighted the challenges of marketing.  Marketing without sales is a waste of time and money.  Yet, as a business coach, that is what I see continually in businesses I meet.  The marketing team (even if it is a team of 1) does the marketing activities: advertising, networking, strategic alliances etc.   Yet, when the phone rings does the sales team know how to close the sale?  Statistic indicate that almost 70% of sales are not closed due to the sales person never asking for the sale.  If you don’t ask for the sale, you probably won’t get it.  The sales team needs training.  I have joked that the sales team needs WEEKLY training, only to have sales people agree with me.  It isn’t a joke, train your sales team, train them well and train them often!

Who is your sales team?  My answer – every employee in the company?  Who needs sales training – every employee.  Who is the core sales team?  The team of people who regularly talk, meet with customers and prospects.  That includes receptionists, customer service, Presidents, management etc.  All it takes is one word to make the difference in a sale.

What do you train the sales team on?

  1. Conversion rate – The phone rings – a prospect – everyone is excited (or at least they should be).  How do you talk to them?  What questions do you ask PRIOR to your answering their question?  As prospects very few of us really know what we want to purchase.  We just think we know.  If you don’t help to educate us – we will then buy on price.
  2. Products – You know your products (or do you).  How do you describe them?  Do you create emotion as you share the value of your product to me?  Do you know how to create emotion for your product?  Does everyone really understand the value of the product?  For 98% of companies I believe the answers to the above questions are no.  Changing those answers will make a difference.
  3. Customer – Do you know what the customer wants?  Not what YOU think they want, but what they truly want?
  4. Competition – Who are your competitors and how are you different?  Why should they buy from you and not them?  If you are more expensive then why, if you are less expensive – then why.  Know your competition – they probably know you.

The family business.  It is the foundation of the small business world in the US.  Approximately 80% of small business are family owned.  That can mean brothers, sisters, parents, grand parents, aunts, uncles and children.  Why are there so many family owned businesses?  One reason – blood is thicker than water.  There is a trust factor that comes with working with family.  I hear laughter from some of you.  Some of you wouldn’t trust your family with a dollar let alone own a business with them.  While that can be true, the reality is even where the family has a trust and verify.  The family business has a set of dynamics that are unlike any other.  Think of your family – what would it be like to work with them every day?  Then, go home each night.  Now I have you thinking…  Yes, that is the joy and challenge of family business.  It is often hard to:

  • “leave it at the office”
  • Ensure there is work/family balance
  • Handle the up and down times of revenue and profit
  • Ignore that irritating habit of the family member when they are always around

Yet, it is wonderful being able to:

  • Share the joys of success
  • Have your family understand the business
  • Be able to know the “team” members strengths and weaknesses
  • Work alongside someone you truly like
  • Share ideas and trust them to look out for your well being.

The list goes on for both sides.  If you are considering starting a family business congratulations – you will love the journey.

What have your experiences been with family businesses?  Are you in one?  Have you done business with one?  Share them with me, I would love to hear the stories.

Entrepreneurs, business owners, leaders, managers need to step back on a regular basis and get back to basics. The temptation when running your own enterprise is to stop doing the foundational elements that made you successful in your business. What are the basics for you? Could they be?

Marketing: Testing and measuring what is working in your marketing program and what isn’t. Are you guessing as to which marketing programs work and which don’t. One of my clients swore that one of their marketing programs worked and worked well, until we ran the numbers. They were investing about $14,000 per year in this program and got about $6,000 back. Even taking into account lifetime value of the new customers, it was an expense and not an investment. Both revenue and profitability went up when they stopped that marketing program.

Sales: It is documented that sales people must be trained and retrained on a regular basis to refine their skills and ensure the basic blocking and tackling is being done. What old sales techniques need to be revisited and are there new ones? Selling today is very different than 5 years ago, however some of the basics like communicating with your prospect are foundations which often get forgotten due to bad habits.

Closing: Are you asking for the close in the sale? I have a client that lost the potential of a big new account because the prospects perception was that they didn’t want it enough. They asked for the close, but not often enough during the final presentation. Their competition asked for the sale more.

Advertising: Are you running the same old ad that you always do? It works – great, but could it be better. What is your shock and awe with your advertising? Do you get their attention, or are they yawning through the whole process?

Basics are critical. Innovation is critical, yet if the innovation is built on a rocky foundation the whole business may fail before you know it.

Basics are critical. Innovation is paramount, yet if the innovation is built on a rocky foundation the whole business may fail before you know it. The foundation of your business is the same as the foundation of a building. If the wrong materials, wrong design, wrong measurements have been used then the foundation begins to crack under the pressure. Pressure for a building can be weight, weathering, erosion of soil and much more. Crumbling of a business can also come from pressure of the growth of the business. Cracking appears when the systems are not in place to handle the growth or changing in the business. How do you know if the basics are failing within your business?

Key Business and Sales Performance Indicators:

o Are your leads increasing or decreasing? If you don’t know then that is the first sign that the basic foundation has a few cracks.

o Do you measure your closing ratios now to a year ago, last quarter, last month? Do you measure them by sales person?

o Each lead that you receive you should know where it originated? Was it a referral from a customer, generated by networking, an ad in the paper, pay for click, SEO etc.

Innovation in your business is paramount. If you have always done something the exact same way, do you need to stop and consider a new way to address the situations. Even a 1 degree difference can make a tremendous difference in the future and especially the profitability of the business.

What are your KPI’s?  How often do you measure them?

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Janna Hoiberg
Telephone : 719-358-6936

Colorado Springs, CO 80920 
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