New Year, New Strategies

"If your team is going to win, you need to play better than the other quarterback." - Peyton Manning, Quarterback, Indianapolis Colts

This is the first of three blogs that will address simple strategies for getting yourself off to a good start in 2010. Some of them are conceptual, and some are activities or resolutions that will keep your business healthy and fit in the coming year.

The first step is to look backward. Take a few minutes to analyze what worked in 2009. Some things to review are:

• Where did you make money?
• What products sold the best?
• What key decisions did you make that improved your bottom line?
• What systems or processes did you change that resulted in greater efficiency or cost reduction?
• What lessons did you learn that you can take into 2010?
• What risks did you take that paid off?

Make a list of things that worked and acknowledge your success in those areas.

Next, look at what didn't work. Did you have employees that didn't function as a team? Did you have expenses that trended sharply upward? Where did you lose money or time? Make a list of these things and rank how they impacted your bottom line.

Once you have a handle on what worked and what didn't in 2009, it's time to look forward and make a comprehensive plan for 2010. Here are some key questions to ask yourself when developing your winning strategy:

• What is your primary goal or company directive for 2010?
• What is the biggest challenge your company faces in the coming year?
• What is your sales target? Your net profit target?
• What percentage growth are you after?
• Are you ready to commit to your company's plan? What does being committed to that plan look like?

There are bound to be questions that are germane to your particular business or industry. make a list and be honest with yourself about possibilities and challenges that you face. Consider working with a business coach who will hold you accountable for your intentions and keep you on the path to winning results.

Next in the Series: Winning Stories from 2009

Are you ready to win?

Get in the Social Media Game for 2010

“You have to learn the rules of the game. And then you have to play better than anyone else.” ~ Albert Einstein

Social media marketing has become so common place that major corporations are creating departments to manager their outlets. Businesses today who aren't utilizing social media are missing out on the new way of connecting with potential clientele. Here are some simple steps you can follow to get yourself on the social media bandwagon for 2010.

1) Commit to a schedule

Like any change in business, the first step is figure out how much time you are willing to commit to make it happen. Social media can be a huge time drain, which is why most companies avoid it. But it doesn't have to be. Read The Social Media Diet and figure out when your schedule can be freed up to allow some time to market online.

2) Define your goals
Why are you engaging in social media? Some common goals are:

• Is this just to see what it's all about?
• Is it part of your SEO campaign?
• Are you using it to research and find new leads?
• Are you using to it creating a buzz around your business?
• Are you using it to learn how your competitors use social media?
  

Before you can determine what outlets are best for your company, you first have to decide what you want in return for your participation. The following articles may assist you in determining your social media objectives:

• Build Your Online Business Network 
• How Many People Are Really Using Social Media?
• Why Do Corporations Want their Executives to Use Social Media?

3) Choose your outlets

Not all social media outlets are created equal. They do different things and require different time input in order to get a return. You need to read about each one and determine if it fits your goals. You might want to take a social media class or hire a social media coach in order to help narrow down your choices. The following articles might help you make a decision amongst the most popular social media platforms:

• Study: Inc 500 CEOs Aggressively Use Social Media for Business
  
• 10 LinkedIN Tips to Grow Your Business
• Should You Use Twitter to Promote Your Business?
• 32 Ways to Use Facebook for Business
• Should Your Small Business Have a Blog? 

4) Follow through on your commitment

Just like any other marketing plan, if you don't follow through, you won't get results. Implement your social media plan for at least 3 months, and then gauge if it is right for you. It takes some time to see results, but if you put in the time, you will definitely see them.

Follow Consulting2Win on Twitter:

Ralph White: @ralphwhitecoach
Bonnie Landau: @LandauDesign
Lee Ann Famer: @LeeAnnFarmer
Mary Mullenhoff: @MaryMullenhoff

Are you ready to win?

Divorcing Clients - When It's Time to Say Goodbye

“The secret to winning is constant, consistent management.” – Tom Landry, Legendary NFL Football Coach

In a recent sales training session, we started talking about the issue of difficult customers and the strain they place on a business. One of the participants stated that his high-maintenance clients took up about 80% of his time but contributed only 20% of his revenue. That’s the old 80/20 rule in reverse. He was frustrated that his high-maintenance clients kept him from doing his job but was fearful about losing them.

I believe that especially in these tough times, you need a client base that will yield as much profit as possible and not be a drain on company resources. Here are some actions to help you develop a desirable client base:

The first step is to identify who your ideal clients are. Make a list of at least ten characteristics of an ideal client – consistent payer, a certain company size, a likelihood of repeat business, a minimum order amount – whatever makes sense for your company.

Next, go through your existing client base and see what percentage of your customers fit this profile. What percentage of your sales do they represent? What percentage of profit? Then look at your clients who fall outside this profile. What percentage of your time do they take up? What percentage of your profit do they represent?

Year end is a great time to do this kind of analysis. You can always institute new terms of agreement with your clients at the beginning of the year. Do you need to rewrite and enforce payment terms? Do you need to make your contracts more stringent as to what types of customer service you provide?

Once you know what kind of client is best for your company, work hard to find more of those kinds of clients. Where do they network? What kinds of associations do they belong to? Who are they buying from now, and what can you offer that they might not already be getting?
Don’t waste time pursuing prospects that don’t fit your definition of a good client. Sure they may pay a little, but in the long run, you stand the chance of losing out on getting good clients that pay regularly and are nice to deal with. I firmly believe there are still a lot of possibilities for doing business with good people in this marketplace.

Finally, what to do about those problem clients? Be professional and polite as you show them the door. If you have clearly stated your conditions for working together, and they have repeatedly abused the privilege, then explain that you can no longer service their needs.
It makes no sense to be spending 80% of your time on the worst 20% of your client base. Let your competitors put up with high-maintenance, non-paying clients. You go after the cream of the crop. You will soon find that this strategy frees you up to be more productive and work with people who pay. And that’s a winning strategy in any economy.

Are you ready to win?