Do I need a Passion Statement for my business? Take the short quiz…

 

 

As I discussed in my post : Want to Jump Start Sales and Morale? Write a “Passion Statement” For Your Business…. A passion statement will jumpstart your sales and improves your team’s morale. Business leaders often spend a great deal of time on mission statements, their unique sales proposition as well as their stated team values. These are all needed , however nothing unties a team and inspires your buyers to buy like an authentic passion statement.

So how do you know if your organization needs a passion statement?

Please answer the below questions with the first answer that comes to your mind.

What I am looking for is your feeling more than an answer you spend time rationalizing.

  1. Do your customers perceive your product as a commodity?

  2. Has your overall gross profit as a % of sale decreased in the last 6 months?

  3. Do your team members work 9-5, no more, no less?

  4. When you work with salespeople in the field do you discover your key accounts are purchasing products from competitors because they were not aware you carried them?

  5. Has 50% or more of your sales team missed their goals over the last 6 months?

  6. Do your competitors always seem one step ahead of you with new products or services?

  7. When you launch new products, do they miss their ROI targets?

  8. When you review the performance of your last 3 new products would they be categorized as “evolutionary”? ( instead of revolutionary)

  9. Is you employee turnover greater than 20%?

  10. Have you lost one or more of your Key accounts in the last 6 months?

  11. Has your AR increase by 10 or more days to collect?

  12. Do your salespeople complain your products are significantly priced higher than competitors?

  13. Are salespeople listing features you must build into your product to make the next sale?

  14. Are you frustrated that your team does a good job of identifying roadblocks, but fails to develop plans to break through them?

  15. Have you ever said…” I am frustrated; I want my team members to act like owners and not just employees”.

  16. Have you lost a key employee over the past 3 months unexpectedly?

  17. Are you having difficulty identifying and recruiting new team members?

  18. Do your team members have more than 3 key performance indicators you evaluate them on each week?

  19. Is more than 3 hours of your week in meetings?

  20. Do you feel the need to create weekly objectives and activities for your subordinates, and “manage” them closely?

 

Here’s the deal….if you said “Yes” to more than 5 of the above you and your team need a quest, you need a passion statement to jumpstart your business.

If you answered “Yes” to 10 or more you are already on the slippery slope of becoming a Market Loser.( take corrective action now!)

 

How does your organization answer the above questions?

 

Based on your answers do you need a passion statement?

 

How do your clients describe your team and your products when you are not around?

Want to Jump Start Sales and Morale? Write a “Passion Statement” For Your Business….

 

Business leaders for years have been taught to write a mission statement, a values statement , distinctive competence, and their Unique Sales Proposition. Leadership teams are sequestered off to three-day retreats to write these statements only to often return and go right back to practicing what prompted the retreat in the first place…Why? The reason is far too often is the “work” they did at the retreat was all “head work” and lacked “heart work”.

The quickest way to jumpstart sales as well as the morale of your team is to create a “Passion Statement”.

 

So what is a passion statement? A passion statement is something I help my clients to create that explains;

  • what problem your product or service solves?

 

  • who do we solve it for? Who are our buyer personas?

 

  • what emotion does our solving the problem create in our clients?

 

  • what emotion does solving our clients problems create for us?

 

If you study companies who have become market leaders they very seldom set out to build huge profitable companies. In the majority of the cases they saw a problem that someone had and set out passionately to solve that problem. Their focus was not as much a business as it was a quest.

For years we have heard; “fake it until you make it” , unfortunately however you can not fake a passion to serve your clients and your market.Your customers will quickly detect inauthentic commitments to serve.

An authentic passion ( quest)  to serve your markets unresolved problems takes your business to another level in the minds and hearts of your market.

 

Let me give you two examples of companies I have helped. One is a typical stale example without passion often find after interviewing their team and their customers, the other a passion statement we all can rally behind.

Example A

 “our business’s purpose is to create wealth for our owners and shareholders. We plan to accomplish this by charging the maximum price the market will bear for our product and service and we plan to hold our employees and partners accountable to this objective…” ( don’t worry once the CEO understood this was his teams’ perception ( and his customer’s) of why they were in business we helped them to change this )

 

Client Name not shared for obvious reasons

 

Example B

 

“Our passion is to helping consumers with physical disabilities from the waist down experience the rush and  freedom that results from riding a motorcycle.We are committed to helping our clients connect to their passion or riding”

 

Mobility Conquest

 

 

Which company would you like to buy from?

Which company would you like to work for?

Which company is “selling” you and which company is “helping you buy”?

 

If you had to state your company’s passion statement today…is it more about what you want? Or is it about serving an unmet need of your customers? ( by the way, I do not mean the statement written on posters, shared in quarterly meeting …I mean the mission your team ( and your customers) perceive it to be)

 

Who would you rather compete against… company A or B? Why?

Ok …I hear you CFO’s and bottom line driven CEO’s out their saying …”Ya… but…” so let me assure you that if you study the most profitable market leading companies they have a passion statement.

Still not a believer? In my next post I will share the signs that you need a Passion Statement.

Entrepreneurial Best Practices: #16 “Make a Wish” come true with Focused Passion

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One common trait all market leaders have is passion. When you speak with a market leader they do not discuss their “job” but instead it is more of a quest. Entrepreneurial market leaders have learned how to focus their passion to drive unprecedented results regardless of economic condition and competition. In this post I will share how one entrepreneurs question led to one of the most successful charities for children with focused passion.

I was recently invited to attend a local WITI meeting to get a feel for their venue and meet the director to discuss how my content may be of value to their membership. The night I attended had an inspirational speaker named Frank Shankwitz. Frank is a retired motorcycle state DPS policeman in Arizona. He shared 20 years ago he heard about a young seven year old boy named Chris Greicius who was dying of leukemia. Frank heard little Chris had a few weeks to live and just loved the show Chips about motorcycle patrolmen and how his dream was to be a motorcycle patrol man. So Frank got to together with others in his department and had the police helicopter pick up young Chris from the hospital and fly him to their headquarters. Frank said he expected a very sick boy on IV’s but when the helicopter landed out bounced Chris.

pic_first-wish-founders

 

Frank gave Chris a tour and offered to give him a ride on his motor cycle but Chris said he would prefer a ride in something with doors…so Chris climbed on an officer’s lap and drove a squad car around the parking lot blowing big bubble gum bubbles. The squad had a ceremony and made Chris an honorary DPS state patrolman. Chris was then flown back to the hospital and his doctor said Chris could go home for the night.

Frank went to the local uniform store where all the officers get their uniforms custom made and told the owners about young Chris and the husband and wife owners stayed up all night and make a custom uniform for Chris. Frank drove to Chris’s house and presented the uniform to Chris and he quickly tried it on. Frank set up some cones and had Chris navigate his electric motorcycle around them and Frank certified him and a motorcycle patrolman. Chris then asked if he would have the wings that are displayed so prominently on Frank’s uniform so Frank contacted the company that makes all their wing pins and ordered Chris’s wings. By the time the wings were ready Chris had slipped into a coma back at the hospital. When Frank went to Chris’s bedside there he saw the miniature uniform, hat and certificate at his bedside. Just as Frank pinned Chris’s wings on his uniform Chris came out of his coma and asked if he was now officially a motorcycle state patrolman and Frank told him he was. Chris passed away that night. But his wish to be a state patrolman came true. Chris’s doctors were amazed how Chris seemed to feel so much better when focused on his dream versus his disease.

On a plane ride back from Chris’s funeral in Indiana, a full officer’s funeral, Frank had a question; if we could do this for Chris, why can’t we do this for other children? …and Make a Wish was born. Today Make a Wish has served over 3,000 children like Chris with wishes. Some as simple as a basket ball and some that included trips to Disneyland.

Frank shared this story with such passion that at times he had to gather his composure to keep speaking. He shared how he had the passion and vision and in the early days would not accept no for an answer. Through shear will and tenacity he started Make A wish with a handful of volunteers and a $15 donation from a Grocery store. Today Make a Wish is a worldwide organization that helped over 174,000 children. Franks passion is still just as strong as he shared his vision to serve 500 children a month as they cannot make all the wishes from sick children come true.

Frank shared that as they grew his now organization grew beyond his personal capabilities so he hired a professional staff to insure his vision became a reality.

As I drove home from this evening I was so inspired by Frank. Frank had a vision that started with a simple question in response to a big market problem. Frank had laser like focus and channeled his passion into one of the most successful children’s charities in the world.

If a motorcycle cop can focus his passion into Make A Wish…what can you focus your passion to create?

Market leaders do not just serve their customers they create movements…what movement is your market waiting for you to create?

Once you connect your vision and passion to a market problem, will you have the emotional intelligence to know when to hire a professional team to insure your dream becomes a reality?

How will you know when it is time to hire additional leaders?

Make a Wish Arizona shared a new vision with me and that was the desire to connect with others in the social media space. My challenge to everyone who reads this blog is to follow them on twitter at twitter.com/MakeAWishAZ and re tweet your follow to be a part of 1 million followers of Make a Wish by this time next year. Like the uniform maker, and the company who designed the wings, people like to connect; they like to give their time, money, energy to something bigger than themselves. Please be a part of Make a wish and help them gain 1 million followers by this time next year!

Entrepreneur Best Practices: #15 Beware of “Smores”…Social Media Whores

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As I meet with entrepreneurs I am amazed at the number of people professing to be experts that are preying upon entrepreneurs struggling to grow their businesses. I discussed “marketing tools “in my previous post; who they are and how to quickly spot one so you don’t get burned. A new entrepreneurial predator has emerged that is referred to as “smores” or social media whores. In this post I plan to share how social media, social marketing, is a key component of any businesses overall integrated marketing, and how to quickly spot the smores so you do not get burned.

Last week I had lunch with David Barnhart a local thought leader in the social media space here in Arizona and we were discussing my post about the amount of “marketing tools” that are out there preying upon trusting entrepreneurs. David shared with me the new predator he sees is what he called a smore”. I did not want to show my ignorance as I had not heard this term before so I let David keep discussing this topic that was obviously a subject he was deeply passionate about.

What he described as “smores” are self professed social media experts who take large retainers from unsuspecting clients, they over promise and under deliver. They chase shiny social media objects but lack business acumen.They are familiar with the tools of social media, but they are not master craftsmen in marketing and business growth.He went on to say how this new marketing tool gives others who practice social media with a focus on helping clients achieved desired outcomes a bad name. Guy Kawasaki refers to smores as opinion leaders so I am a bit confused.Eventually I had to ask….why do you call them “smores”? He explained, “Oh that’s easy,… it’s because they are social media whores”. So for this post smores are social media whores who understand social media tools but lack an understanding of how to apply these tools to solve the business problems of entrepreneurs.

So what can an entrepreneur do to add social media to their integrated marketing and not fall prey to smores? Most of the entrepreneurs I work with value the benefits social marketing can provide, however they lack a clear plan and a desired goal for this tool and do not know how to determine the marketing tool smores from the strategic social media partners who will add value to your business.

 

So I thought I would create a post, based on my admitted limited knowledge in hopes of starting a discussion on this growing problem.

 

You may be dealing with a smore if…

 

 

 

 

Knowledge

If you are going to make the investment in social media do some research first. I am shocked how quick some entrepreneurs are to cut checks but not crack open a book, read a few blogs, or do a little googling. I am not a social marketing expert but there are expert’s readily available, thought leaders in the space. Before you start investing in social media I recommend you read David Meerman Scotts two books : The new rules of marketing and PR, The World Wide Rave, and spend some time on his blog Webink and watch the following free webinar.

 

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In addition I recommend you read the book Groundswell by thought leader Charlene Li, and the book by Seth Godin tiled : Tribes to gain a baseline understanding of this thing everyone is calling “social media” and learn how you can use it for your “social marketing” efforts.

 

In my view, social marketing is about creating relationships and leveraging those relationships that ultimately results in revenue.

 

 

If someone in the social media space does not know who Guy Kawasaki, Charlene Li, David Meerman Scott or Seth Godin is…you may be dealing with a social media whore.

 

 

 

 

 

 

Cost

I hear smores saying social media is free…They are often correct in that you may not be cutting checks to ad firms for creative or media buys, and you may not be paying a $5,000 PR monthly retainer, however one common challenge all the entrepreneurs I work with have is time. Your time, the time of your team members has a cost. You may capture it as a fixed cost, or variable for outsourced contractors, but there is a cost. Often the biggest cost is not the hourly rate your time is worth, but the opportunity cost. When you engage in an activity you have strategically decided this activity ranks higher and will produce greater outcomes than other activities you could be doing.

If someone in the social media space tells you that social media is “free” you may be dealing with a Smore.

 

 

 

 

 

 

Goals

Everything you do should have an objective, a goal that is in alignment with the flight plan for your business. I think it was Einstein who said “if you can’t explain something to a six year old you probably do not know it yourself”. Before you invest, your time or hard costs with a social marketing out sourced partner make sure you have a clear set of objectives and goals in mind that you can clearly explain. Do not invest until you can explain what you are about to do , or have a social marketing partner explain what you are about to do, so that a six year old can understand it.

If you meet with someone in the social media space and they want to talk about “putting you out there” without discussing goals and some measurement of those goals… you may be dealing with a smore.

 

 

 

 

 

 

Location

Social Marketing is about marketing you, your business in areas that build relationships that offer the optimum return. Social Marketing strategic leaders like Elizabeth Hannan will discuss with you the creation of “outposts” in which you strategically plant yourself and begin building relationships. Each of these outposts has specific demographic patterns and their own educate. You will also want to cross pollinate your outposts once they are established.

For example, I chose Linked In, Twitter, Facebook and Freindfeed and my blog as my initial outposts that I wanted to develop based on targeting entrepreneurial leaders. The location of the outpost you choose is based on those who participate in those communities. You will want to have your strategic partner clearly explain with the use of techno graphic data how your buyer personas use technology and this will guide you to the right social marketing tools.

If you meet with someone in the social marketing space and they talk about putting you “everywhere” as opposed to strategically placing you in outposts based on your market and buyer persona’s…you may be dealing with a smore.

 

 

 

 

 

Your Brand

Before you begin your efforts in social marketing you must clearly understand your brand, your brand promise, and the problems you are promising to solve for your market. Decide the voice you wish to have that would resonate most with your buyer personas.

For example, back in the day …one of the market’s I opened for the plastic packaging company I was serving was libraries. Librarians are highly educated amazing underutilized resources for entrepreneurs in the area of research by the way. They are proficient at finding and researching areas of interest for themselves and those they serve. The voice we chose to use for this buyer was a very detailed explanation of our products and how they specifically solved issues for librarians like the protection of their VHS movies being returned in drop boxes that also has large books falling thought the trap door. We listened to their pain points, and we clearly explained how we solved them, and provided additional data on the type of resin we used, the molding process, and so on.

Our brand promise was “video packaging designed for libraries” when our competitors focused on the other industries they supported and their message was…”if it’s good enough for Hollywood video it would work for you”. Within 24 months we dominated the library packaging space and this new adjacent market produced over $4 million dollars in incremental revenue and profits 20% higher than our primary market.

If you meet with someone in the social marketing space and they do not spend the time on the upfront to understand your brand and your brand promise….you may be dealing with a smore.

 

 

 

 

 

Establish Key Performance indicators

As market leading entrepreneurs you know the value of inspect what you expect, and “a goal that is not written down is a dream”. So establish clear measurable indicators that you want as outcomes for your social marketing efforts. These objectives will be different that typical goals like sales by region, by client.

For example you may want to measure the number of followers of your blog. You will want to connect with Google analytics and quantcast so that over time you can gain insight into who is visiting you, what is their demographic, key words searched for , how they came to find you and your bounce rate. I attended a workshop recently by Jennifer Maggorrie who is an obvious key strategic partner in the social marketing space and she discussed some other goals may include; the frequency of repeat business, number of new prospects by month, number of new inquires, and establishing things like Yacktrack.com and Google Alerts to see what people are saying about you, your business and your other team members.

Social marketing is about establishing and leveraging relationships. A key component of any relationship is trust. Your social marketing efforts help to establish trust much earlier in the relationship and therefore it is my theory (and I may get blasted by David Meerman Scott for saying this) but I believe a strong social marketing effort will reduce the selling cycle for your products. So determine the current cycle and measure the cycle over time after the implementation of your social marketing initiatives. With every engagement ask your prospects and clients how they found you and increase you efforts in the areas that rise to the top and reduce or eliminate your investments that do not bear fruit in relation to your objectives.

If you meet with someone in the social media space who says you can’t expect a return on your social marketing investment …you may be dealing with a smore.

 

 

So back to Jennifer Maggorie… not only has she been recently recognized in the business community, but in her workshop she clearly articulated a six step process on how she serves her clients with social marketing. (Even an old sales guy like me could understand it)

 

I have listed a few of the strategic social marketing thought leaders that I have gained knowledge from but in no way am I an expert in this space. I am someone who helps entrepreneurial leaders reach and exceed explosive growth in revenue and profits and I recommend the use of social marketing as a key component of a team’s overall marketing strategy. I have a strong respect for social marketing.

 

 

 

 

love sale

 

 

 

How about your organization….

 

 

Have you decided to make an investment in social marketing?

 

 

 

How did you pick your outposts? Strategically with an appreciation for techno graphic data or did you just jump in and hope?

 

 

 

How do you feel about establishing goals for your social media efforts? Do you feel it’s unrealistic to have an ROI expectation? If so let me know why…

 

 

 

Do you have a smore preying upon you right now? Was this post any help?

 

 

 

As entrepreneurs we have enough to keep us busy and we cannot afford to engage with self proposed experts who we learn after months of paying retainers are actually marketing tools and whores.

 

Entrepreneur Best Practices: #9 Don’t Let the Two Most Important Plates Drop

 

 

 

As an entrepreneurial spirited leader there is always something to do. There are more potential new accounts to call, people to hire, bankers to meet, and the list goes on and on. It reminds me of the plate spinners I would see when I was a child visiting the circus. They start spinning one plate, then two and before long they have 12 plates spinning on long staffs. Just as one more begins to spin, one of the previous plates need attention so they do not stop spinning and fall to the ground.

 

There are only two plates entrepreneurs can never let fall; your family and your values.

 

All the other plates can fall, and often will, and they bounce. If they break they can be glued back together again, adequately enough so they continue to spin.

 

The founder of Kaboodle put it another way at a recent TIE Arizona event; as an entrepreneur you are juggling a number of balls in the air, but two are made of glass and must never fall; your family relationships and your core values. If those balls fall they do not bounce, they shatter and can never be replaced.

plate

Your Family      

 

At the end of the day, your family is the only real relationship you have that truly matters. We justify the nights and weekends away from home telling ourselves it is for them. The truth, in my case (and maybe yours is) we work like we do for the “rush” the addictive thrill of solving customer problems.

It comes down to making choices. We fail to recognize we have a choice, but we do. I made bad choices over the years. I traveled for example domestically 3-4 nights per week for 15 years. In addition, when I was home on weekends, for two years I completed my Executive MBA. I used to describe myself back then as “focused”. I was focused all right, but on the wrong plates. Missed baseball games, dance recitals and anniversaries almost made my family plate fall. Couple my passion to grow businesses with an international expansion for three years being gone weeks at a time, my family plate almost fell. Today I find myself connecting someplace between Pacing the Cage as I discussed in a previous post and the popular cat’s in a cradle song.

It truly is about “focus”, “intentional focus” to be more precise. We set our priorities each day consciously or unconsciously . When I work with young entrepreneurs, once we have trust built I ask to see their day planner (today it’s often a phone) and their checkbook. These two simple tools very quickly show me an entrepreneur’s focus.

I recommend entrepreneurs consciously put dates and times on your schedule for family. I recommend you take notes, just as you do with key accounts, but at home when your daughter is sharing what is important to her, or when your wife needs her life partner to bounce ideas off of.

I have learned that no matter how much “money” your work can produce, nothing is more valuable than your family, and this plate must never fall.

plate

Values         

Your core values shape your outlook and your actions. Just last Sunday Pastor Jason was discussing how your;” beliefs shape your actions….so what do your actions say about your beliefs”

When I work with new clients one of the first things I need to understand is their values. I do not judge their values I just need to know what they are. Far too often they are not black and white, but land somewhere in the grayness due to compromises made. Values are at the core of you as a leader, and must be at the core of your business. Just as a strong core is essential to strong physical health, strong core values establishes boundaries. Some of my clients struggle with the idea of boundaries, I had one young man who took over the family business put it this way; “it sounds like you are asking me what the rules are…if I wanted rules I would not be working for myself, …I make the rules” and he could not have been farther from the truth.

 

I came to faith in the mid 1990’s in a program called Alpha. In this series of nights watching DVD’s in small groups and discussing our beliefs, the founder of Alpha, Nicky Gumble, tells a story. His son loves to play soccer. One day they arrived at the pitch and there were no officials, so Nicky was asked to fill in so the kids could get started and he agreed. So the ball would go out of bounds, but he would say play on. The players would make a foul and Nicky would say…play on. Before long the match was pandemonium with children being hurt, parents and children frustrated, and no one was having fun. When the referee finally arrived the first thing he did was blow his whistle. He reviewed the rules, established the boundaries, and play began. Nicky goes on to say how much the children actually enjoyed playing the game once they understood the rules and had firm boundaries.

In business we must also establish boundaries. What often occurs is not gross violations of core values, but small, minor compromises…often later justified as…”for the good of the team”. I have never seen those small compromises truly add long term value. I have seen companies short pay vendors, or purposefully pay their bills 45-60 days late thinking they were so clever to use their vendor’s cash to support their growth. However the vendors, if they have boundaries quickly shut down supply until you pay, or they increase your cost of goods to offset the cost of money. The net result always is your customers suffer.

I also see compromises with regards to key team members. A team member does behaviors that are unacceptable based on your company mission and core values…but company leaders look the other way because he or she…”produces”. They produce alright, they may be producing sales, or operational efficiencies or so on, but they also are creating a disruption at the core of what your team stands for. You see, everyone is watching when, let’s call him “Mark” is not living by the rules the team established. The longer Mark is allowed to play outside the boundaries established by your core values the weaker your team becomes internally and in your market. In addition to your team, your market is always watching as well. As I discussed in my post about the “Law of the Locker room” …it truly is a small world” Your market, like a neighborhood talks. I promise you they talk about you. You must insure what they say about you and your team helps grow your business and not make them seek more trusted partners.

Your core values as a leader and as an organization must be defined and they must establish clear boundaries.

 

Failure to do so and your team will make compromises and one day you may have a large company, but not like each other when you get there.

 

You can judge a leader much more by their walk, than by their talk. Their actions do illustrate their beliefs.

 

What do the actions of key leaders and influencers in your organization illustrate about your core values.

(And now the real hard one) What do your actions say about your core values and that of your organization?

 

As an entrepreneurial leader you will often feel like a plate spinner in a circus. You always have something you can be doing. For me I often felt like a “one legged plate spinner” trying do too much, too quick, and I had many sleepless nights over the plates in my mind that were almost ready to fall.

 

There are two plates you must never let fall, for once broken can never be fully repaired; your family and your values.

 

What are your core values and beliefs?

 

Are the right plates still spinning?

 

Entrepreneur best practice #3; If Sales are Scary, You Can NOT Afford to NOT get Creative..

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Market leaders act different. They understand it’s about more than taking your customer’s money. They go out of their way to teach their clients about their products and they show their clients creative new ways to use their products or services .

 

Market leaders focus on the buying experience.

 

 

The net result is they deepen the bond, the trust, with their clients and their sales increase.

 

I needed some chlorine tablets for my pool floater so I went to Paddock Pools. I have tried a number of pool supply stores over the last eight years, but I always come back to Paddock. I could buy my tablets at Home Depot, or even Big Lots if I time running out correctly, but I prefer to pay a little more and buy my chemicals from someone who knows pools.

 

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As I entered the store I could not help but notice a mini Haunted house to my right. I thought how cool…just like they create amazing Christmas tree displays to offset their down season sales, they also have Halloween decorations.

How smart…they created a merchandising customer experience.

As I checked out with my new bucket of chorine tablets I was asked …” Did you go inside?” I admitted the young boy still inside me wanted to, and she encouraged me to go inside and check it out. So I ducked my head and went through the cray paper streamers and went inside.

 

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Inside there where all kinds of products merchandised to illustrate how to use them, even a spooky fireplace in the back of the room. Everything in this mini Haunted house were product’s the store sells and they showed how to use them with a little creativity.

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I just had to ask the cashier how long this took to build and the cost. She said with a smile…” well we argues about how to do it for an hour, …we planned it for another, then it took two hours do when the store was slow.” I asked; “was it expensive?” …she said “no, not really.. I think we spent about $75”, (and my gut said they spent their own money and did not expense it.) I asked if I could take pictures of their handiwork and their faces just lit up with smiles.

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When business is tough you must be creative. As I discussed in my post about leveraging what you have, you must assess what you have instead of doing what most struggling entrepreneurs do and that is make a list of what they need to be successful…”if we only had….we could hit our revenue numbers”.

This store, this organization, did a number of things right…

 

They leveraged what they had.

 

They stuck to their “flight plan

 

Created an experience and not just a floor display

 

They “showed” their clients how to use their products

 

They “taught”their clients

 

They empowered their associates to be a part of the solution

 

They recommended I check it out

 

Once inside they had a create Halloween Christmas tree, reinforcing their other seasonal products

 

If I had young children, I promise you this display would spread in their network of friends and parents would be visiting this store, or junior would make their lives miserable until they did.

 

Market leaders act differently.

 

They understand it’s about more than taking your customer’s money. They go out of their way to teach and show ( versus tell and sell) their clients creative new ways to use their products or services and they focus on the buying experience. The net result is they deepen the bond, the trust, with their clients and their sales increase.

 

 

How about your business….

What can you do today that is creative, but is not expensive?

How can you create a customer experience instead?

 

 

When sales are scary you must leverage what you have and get creative to; “create sales velocity”.

 

 

I plan to circle back with this Paddock store and hopefully their manager will share with me the sales this year compared to last year as a % as my guess is their seasonal Halloween merchandise sales will see an increase AND their other products will as well.

 

Great Job to those at Paddock Pools who built this display in the store on Shea near the 101 freeway,… if you live nearby , bring the kids and check it out!

 

When Bootstrapping, Leverage What you Have….

 

boot

So you want to be an entrepreneur? You sure?

 

I am just finishing an eBook that will be titled; 50 “UGLY TRUTHS” about owning your own business …and 5 reasons to do it anyway. I have served entrepreneurs in a variety of industries for 25 years. Some of my clients today are people passionately setting out to launch their new service or product. Some have owned their business for years and want to take it to the next level in revenues and profit.

 

One common area I help entreprenuers  with in the start up, bootstrapping stage, is to focus on; Leveraging what you have….as opposed to making a list of what you need.

 

Look, I’ve been there….you’ve mentally made the commitment, you have made some investment, you’ve told your family and friends about your business… and you are all in. Very quickly what most entrepreneurs do is start making a list of what they need.

 

I often see lists that include; new buildings, office space, people, a new printer, fax machine, a custom showroom, new cell phone, new computer, business cards, stationary….and so on. I spoke with one entrepreneur that went out and leased a new Lexus and he has yet to open his first customer. He contacted me because he needed sales velocity because he had no cash.When I inquired as to why he leased a new car…I heard the common response when buying wants versus needs…” I needed to look successful…” Really? (So he must think I am a real loser driving my 2003 Toyota Camry huh?)

 

 

If you are about to launch your business or planning your growth, focus on leveraging what you have and not making a list of what you need. It is in this phase you build your leadership muscles.

 

In 2005 I was asked by an entrepreneur I was serving at the time to launch a new retail business as an independent division of his company VMI. VMI is the second largest manufacturer of wheel chair accessible vehicles in the world. I was the VP of Sales and Marketing and created a repeatable sales process and adjusted our messaging to be more specific to the problems we solved for our three main buyer persona’s rather than” features and benefits speak”. We modified some of our designs based on customer and user feedback and sales were exploding. The owner asked me to take on the new challenge; open a local retail store.

 

When we launched what soon became Arizona Mobility Products we had arguably…nothing. We did not have a business name, a building, a website, a logo, a sign; computers….you get the idea. So I too quickly went into list building mode. However I quickly learned this business needed to “eat what we killed”…we needed to be self funding.

 

So like my clients, I went off to think at a local restaurant as I don’t know about you, but I do my best thinking out of the office. I took inventory of what I did have;

 

  • as VP of Sales and Marketing I had worked with the most successful mobility dealers in the world for the past four years; I intimately knew best practices of market leading dealers

 

  • I have observed what dealers have done well, and the mistakes like signing leases for expensive elaborate show rooms that only erodes the bottom line

 

  • I knew our customers, our community, from the market research we did for our new corporate marketing, website, and product designs

 

 

  • We had over 400 finished vehicles available for sale in every configuration , ready for sale

 

  • The company had warehouse space vacant, old extra computers, extra phones

 

  • A small customer list of local consumers who have bought accessible vehicles over the last eight years or so

 

  • I had an amazing salesman named Pat with over 30 years of vehicle sales and local connections with car dealers

 

  • I know sales, marketing, and I have developed sales acceleration programs for companies for 20 years

 

  • I know that one common problem consumers who need a wheel chair accessible van have is the ability to see one, they lack transportation to get to the dealer

 

  • I personally have a network of thought leaders in internet marketing, marketing creative, and print marketing support

 

After making the list, I asked myself ;based on what I know from meeting with other dealers and customers, the inventory we did have, how can we… leverage this to grow this business? To make this operation a market leader?

 

We could give our customers what they needed, with the specific options they wanted, and we could do it same day.

 

We didn’t have large fancy showrooms, so we went to our customer’s homes. We did not have an ad budget so I wrote content that was picked up for free in local magazines that served the community, like; Arizona Mobility Products makes doing-good good-business…

 

With each unit we sold we accrued money to support a web site, ads, direct mail to past customers who’s vehicles were about to go out of warrantee, and business cards. I called my network and asked for favors. I offered to barter when possible and thanks to our service partners we launched.

 

In case I never said so, Thanks go out to some amazing partners;

 

John Scott Dixon and his team at Thought Lava for our web site

Jay Wilson and his creative team at Real World Marketing

Phil and Barry at BC Graphics

Bill at Tempe Dodge

 

Within months we were averaging what most successful mobility dealers sell each month, and after the first year we were in the top 10 dealers nationally in total revenue. We had five people, and we were focused;

 

“Serve our customers with what they need and want…we bring mobility vehicles to you”

 

When bootstrapping your business, focus on leveraging what you have as opposed to making lists of what you need.

Lists of what you need are good for the future but they do not fill the cash register…as a matter of fact we did not even have a cash register…smile.

 

Have you launched and business?

 

What can you leverage to serve your market?

 

Did you rush out and buy a bunch of office furniture, equipment, or did you learn to ;“eat what you killed

Your leadership muscles grow in the bootstrapping stage as you learn to leverage and scale what you have. Those expenditures that add value you keep and those that do not produce your desire ROI are removed.

 

Although I left AMP years ago to help other entrepreneurs, Pat now running the store and continues to provide amazing service and bringing vehicles to his customers. Pat continues to serve his market as opposed to selling them, and continues to be in the top 10 mobility dealers nationally.