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Reinventing TGIF: Top Business Development Activities for Summer Fridays

July 9th, 2015

There are nine Fridays between the Fourth of July and Labor Day. How much new business will you generate with yours?

The idea of working on Fridays in the summer seems counterproductive. It can be easy to talk yourself into not working or leaving early: everyone’s on vacation; no one’s serious about business on Fridays.

Here’s the surprise: research indicates that taking Fridays off during the summer can be counter-productive. In a survey conducted by Captivate Network, fifty-three percent of those surveyed said that reduced hours on Friday lowered their productivity and increased their stress. Leaving early on Friday and dreading Monday all weekend is the ultimate waste of time.

Summer Fridays are the time to work smarter, not harder. Take advantage of the relaxed vibe and the slower pace with these tips.

Schedule Friday Morning Meetings

Busy executives wind down on Fridays and their calendars are often more open than other days of the week, especially during the summer. Meeting at a breakfast or coffee spot that is convenient to your prospect’s office can provide a brief change of venue without taking up much time. This approach can be especially effective as a follow-up conversation to an initial meeting. Nine Fridays? That’s nine opportunities to move nine potential buyers closer to a close.

Do Lunch, Get an Introduction

Summer Fridays are an ideal time to schedule lunch with former colleagues or business associates. Always confirm that you’ll meet at their offices, and ask in advance if they’d be willing to introduce you to their boss or other executive at the company that you’d like to meet. When you meet your new contact, be sure keep the conversation brief and informal. Remember, it’s not a sales call; it’s an introduction. By the end of the summer, you’ll be back in touch with nine colleagues and you’ll have nine new business contacts.

Send “Three by Three” Emails

Fridays are also a good time to refine and test your email messages to prospects. Pare yours down to three sentences, then test sending a few by 3:00 p.m. on Friday to three types of prospects:

  • New prospects you haven’t met
  • New contacts you have recently met
  • Contacts you know but have not approached as prospects

The typical business executive receives over 600 emails a week. This inflow slows down as the work week closes, and your email may get more attention on a Friday afternoon than on a Tuesday morning. 

Clear Your Desk and Your Head

When I worked for a global consulting firm, we had an unwritten rule: don’t leave the office on Friday until your desk is clean and your week ahead is planned. It seemed restrictive at the time, but it’s a practice that pays big benefits: it frees up your head space for weekend pursuits. Nothing boosts productivity like coming back to a clean desk and a game plan on Monday morning.

If you work smart on Fridays in the summer, you won’t be alone. But you will be ahead of the competition.

Letting Go: Delegating for Business Growth

May 28th, 2015

Ann started her company from her dining room table fifteen years ago, and gradually grew it into a nationally recognized brand in a specialty market. Like most business owners, she wore many hats in the early years. She wanted to grow the company and knew it was time to stop doing everything herself.  Ann learned how to delegate the hard way – by not getting the results she wanted.

Ann announced to her team that she was only going to focus on the activities that she enjoyed: managing the company’s social media presence and creating new products. She told them to figure out how to deal with “everything else.” Within a few weeks, Ann was inundated with questions from her team on everything from how to deal with distributor relationships and customer fulfillment issues, to partnership opportunities and production adjustments. 

Here’s what Ann learned about delegating for business growth.

Don’t Delegate by Default

Ann defined her own responsibilities without clarifying her team’s responsibilities. Before you delegate, ask yourself what you expect your team to do, as well as what you intend to do.

Let Go of the Right Things

Ann decided to focus only on what she enjoyed doing, but letting go of what she didn’t like doing may not grow her business. It’s a fact of business ownership – doing what you like to do is sometimes different from doing what you need to do. You can explore your own want to/need to activities with these questions:

  • What do I enjoy doing most?
  • What activities do I need to do myself, and why do I need to do them?
  • What activities do I need to be kept informed about, and what information do I need to stay informed?

Delegate to the Right People

Ann didn’t match specific activities with specific team members’ strengths. Assigning additional work to a team won’t compensate for a lack of specific skills or expertise. If you don’t have the right people on your team, delegating for growth requires hiring or outsourcing.

Delegate Authority and Accountability

Because Ann didn’t specify what “everything else” meant, her team brought everything back to her for resolution. Effective delegation requires three elements:

  • Assigning specific activities to specific team members
  • Empowering them to make specific decisions
  • Clarifying what results they are expected to achieve and how to keep you informed

When you’ve built your business from scratch, delegating can feel strange and uncomfortable at first.  You can make it easier by applying Ann’s lessons before you delegate for growth.

Finding Your Champion: A Field Guide for Sales

April 1st, 2015

Elvis. Sasquatch. The ivory-billed woodpecker. In business-to-business sales, finding your champion in a prospect company can sometimes seem like the quest for an elusive creature. The truth is, most champions don’t announce themselves; they need to be identified.

Champions don’t sell for you. They are your guides – your channel through the purchase process from the prospect’s point of view. If your contact provides you with information about the product/service decision-making process, introduces you to the decision maker and helps you navigate the obstacles, you have a champion. A champion has the influence and the ability to help you and their company to complete the purchase.

How do you identify possible champions? Here’s a field guide to observing and listening for them.

End user clues: People who use your product or service in their daily tasks are often the most enthusiastic. While they often lack the influence to be a champion, an enthusiastic end user can help you to identify the touch points a level or two further up in the company. In the case of a software application, for example, an end user might access the application in their daily activities. The end user’s supervisor might generate reports for their boss, who in turn makes business decisions based on the reports. Finding the highest-level user in the chain can often uncover a champion.

Behavior clues: The behaviors of the people who participate in a first meeting, demo or even a conference call can provide clues to their champion potential. Listen for individuals who open discussion and raise questions about relevant business issues, or those who offer points of view that challenge yours in a respectful way. Seating order in a physical meeting can also reveal possible champions: watch who sits near the decision maker or leader. Observe their responses to your comments and how others respond to them.

Motivation clues: Champions support a purchase decision because they have something to gain. A rising star may be eager for advancement and may see bringing in your product or service as contributing to their record of success. A long-term employee may value professional recognition and the respect of colleagues. Champions who want what’s best for the company might be motivated by helping to maintain the company’s competitive edge. Finding the common ground between your product or service and your champion’s motivations is one of the most influential factors in moving toward a purchase decision.

In the past seventy years, there have been only twenty-two alleged sightings of the possibly extinct ivory- billed woodpecker. If you look for the telltale clues, your next sales champion will be much easier to find.

Growing Your Business? January is Get Real Month

January 21st, 2015

It’s claimed as Hot Tea month, Hobby month, and even Divorce month. I think of January as Get Real month. It’s time for reviewing your business behaviors. What’s moving you forward? What’s holding you back? Here are three behaviors that top the list:

I’m Not Wired to Sit at a Desk: Some business owners will do anything to evade think time. They’re great at networking and generating ideas. When it comes to thinking through the implementation, they are equally adept at evasion tactics.

I Put Out Fires: I once worked for a boss who felt most productive when putting out fires. When his company was operating smoothly, he would create a crisis that he could step in and resolve. Constantly dealing with crises prevents you from thinking about your business.

I Have to Do It Myself: These business owners are overwhelmed with daily decisions and tasks that others should be doing. Every business owner must eventually face the operational consequences of growth: you can’t continue to make decisions or execute on every detail of your business.

If you recognize these behaviors in yourself, maybe it’s time to get real.

First, make and keep a recurring weekly appointment with yourself to think about what’s happening in your business and prioritize your activities. Figure out which day and time of day you feel most focused and open to stepping away from the daily details and claim that time as your own. Consider choosing a non-office location for your appointment if interruptions or distractions are an issue. Make certain that you’re not substituting office interruptions for distractions in another location.

During your appointment, keep your business goals, opportunities and issues visible. Reviewing a standard list of questions at each meeting can help you to focus.

Business Changes

What needs to change in my business?

Who or what resources do I have to make this change/who are my best change agents?

Whom do I know who can help with this?

Which of m y current activities need to change?

Opportunities and Issues

What can be done right now to help to resolve this issue/leverage this opportunity?

Who can take this action?

What is the most productive use of my time?

What were the top three things I did last week?

How do these things contribute to my business goals and opportunities?

Priorities and Productivity

What percentage of my time did I spend on those things?

What were the least important things I did in the last week?

How could I have deferred or delegated those things?

Then ask yourself the same questions for the coming week.

The most important appointment you can keep is the one you make with yourself. Get Real in January, and you’ll see results in 2015.

Would You Hire This Person?

October 2nd, 2014

I recently led a whiteboard session at Summit Technology Academy. This forward-thinking high school accelerator is a national model for providing pre-professional, college-level coursework for students interested in science and technology-related careers.

The session was like many productive whiteboard sessions – a sometimes messy, muddy, process. Getting to clear outcomes requires asking crystal-clear questions – and answering those questions with honesty.

During a break in the session, I took a walk through the hallways to incubate my questions. As I turned around a corner, I came face to face with myself.

A full-length mirror was mounted on the wall. Above it was the question: Would you hire this person?

Well, there’s a crystal-clear question. Most of us have thought about that question when it pertains to someone else. The students that call the Academy home pass by that mirror on a daily basis, and are challenged to answer it for themselves. How would you look at yourself from an external point of view and answer that question from an internal point of view?

It’s about more than just what you’re wearing. It’s the intangibles that the mirror challenges you to confront. Do you project the confidence and determination to do what it takes? Does that show in your expression? Your demeanor?  Can you look yourself in the eye and honestly answer, “Yes, I would hire myself?”  If you honestly answer no, what could you change? How could you develop those intangibles? 

Beyond the job interview, every business interaction is an opportunity to be hired. Lunch with a colleague, a sales presentation, informal networking over coffee or a department meeting – all of these interactions give everyone you meet a full view of what you bring to the table. If you take an honest, full- view look at yourself and challenge yourself to answer “yes,” you just might bring more to the table and get better results.

Take a look in your mirror today and ask yourself: “Would you hire this person?

 

Strategy: What the Greeks Knew

September 19th, 2014

The Greeks knew it. The Trojans learned the hard way. From its political and military origins thousands of years ago through the current business climate, strategy – how to develop it, execute it, out-position your competition with it, achieve results with it – is essential to business success. Results matter more than ever to business owners and company leaders, who expect more from the strategy development process than a plan in a binder.

Ask yourself or your team about strategy, and you’re likely to uncover long-held assumptions about the process. Here are two of them:

Assumption #1:  Strategic planning is a logical, intellectual exercise. True, the strategy development process is partly logic-driven, and it’s also very much colored by emotions. Strategic planning involves people – individuals and teams who have a stake in the outcomes. Some may initially see the process in terms of an evaluation of their performance, as a challenge to the ways they’ve become accustomed to working, or as a change that alters how their value to the company is perceived.

The variations on these perceptions are as numerous as the people who hold them. When emotion-based perceptions are not acknowledged, the collaborative benefits and outcomes of strategic planning suffer. Participants can become defensive and competitive. The process can be compromised by hidden agenda, or take on a tone of risk management. These unintended consequences are avoidable. Leaders that recognize and accept strategic planning as a non-linear, often emotional process can make a significant difference in the outcomes.

Assumption #2:  Classic strategic planning is the only valid approach. Classic strategic planning emerged in the 1950’s. Assessment and analytical tools such as SWOT (strengths, weaknesses, opportunities and threats) evolved during the 1960’s and 1970’s. The classic approach can be effective. It’s also one of many approaches. I sat down recently with a company president to discuss his company’s upcoming planning retreat.  When I suggested that the company could consider a range of options in addition to a classic approach, he visibly relaxed and commented, “I didn’t realize we could do this in other ways.” 

The optimal approach and tools for your company depend upon a range of factors – your current business situation and market position, the personalities involved and your expected outcomes from the process. Exploring a range of approaches to strategy development can be energizing, especially if you aren’t aware that you have options. You do.

Strategic planning is big thinking about the big picture. And it’s only part of the story. Developing and implementing strategy also takes continual refocusing on the intended outcomes. Refocusing doesn’t end with the retreat, the whiteboard diagrams and the carefully bound document. It’s an ongoing and constantly evolving process. As the Greeks knew.

Going Portfolio

July 1st, 2014

Reinvent your work and career before someone else does

In his book “Great Work, Great Career,” Stephen Covey describes Charles Handy, the Irish oil executive-turned-academic-turned-social and organizational philosopher and author, waking  up one morning and deciding to Go Portfolio. That pivotal morning marked the moment when Handy’s full-time professional attention was no longer devoted to one prescribed job using one defined set of skills in one organization. That day, Handy himself became the professional he describes in his books and lectures: the portfolio careerist.

Consultants are arguably the ultimate portfolio professionals. The best adapt broad experience and deep skills to a wide range of companies, business situations and buyer communities. They are not alone. From consultants and entrepreneurs to corporate managers and functional specialists, all professionals are part of an increasingly portfolio-based business environment. Going Portfolio is not a luxury or an option. It’s a requirement for thriving in any business, whether it’s a business of one or a global corporation of one million.

Deciding to Go Portfolio is only the first step. The greatest gains come from managing your portfolio once you’ve gone there. When a business unit identifies a previously undefined niche market, it’s on the path to Going Portfolio. The sales team who understands that they need to reinvent their business development strategy and their sales skills is beginning to manage its portfolio. When you take a chance to develop new skills or apply your skills in new situations, you are Going Portfolio. When you learn to adapt your skills and experience in response to your business environment, you are actively managing your portfolio for both business results and personal satisfaction.

Intentionally or not, we are all going portfolio because our world demands it. The companies, customers and communities we serve with them are constantly fluctuating, and so it the value they seek from each of us. You have to be willing to continually adapt the skills you use and the experience you rely on to add value, right here and right now.

That’s Going Portfolio.  What’s in yours?

Elizabeth Usovicz is principal of WhiteSpace Consulting®, specializing in top-line revenue and business strategies for high-growth companies, new ventures and business units within established companies; keynote speaking and strategy session facilitation. She can be reached at elizabeth@whitespacerevenue.com or (913) 638-8693.