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Showing posts with label Networking Partners. Show all posts
Showing posts with label Networking Partners. Show all posts

Tuesday, June 4, 2013

Increasing Business with Strategic Partners



By Laura Lake

In business, it's important to align yourself with strategic alliances. For example, this week I received a call in my office of someone seeking marketing advice. "Laura, I have a company that has a small mailing list of approximately 2000 people. This list is broken out into two groups - one being those that have purchased our product and the other are those who have not yet purchased but have interest in a contest that we were running. What can I do with this list?"
While the company carries an interesting product, it is only one product. So how can we market to this list? More than likely the people that have purchased the item and they are not in need of an additional one at this time.
Many small businesses are in this same situation they offer one product or perhaps one service and do not the have or time to create new offers - so what do you do with those lists that you've accumulated?
The answer is easier than you think, you find other companies that cater to the same audience that you do, but are not direct competitors. For example, let's say that you are specializing in renting wedding gowns - your list has grown and you get fantastic referral business but how can you drive revenue from past customers. You find another supplier or merchant that is catering to your same target market. Take for example a photographer or catering service. Your list would of interest to them and their list could be of interest to you. Although, timing would be the key factor in this situation.
Let's take a look at another scenario. You specialize in selling art. The artwork that you sell has a specific target market. They are professionals with an income range of $150,000 to $300,000 per year. The pieces you sell are very rare therefore carry a steep price tag. While you continually market to your clients and enjoy repeat business, you'd like some fresh prospects. How about finding an interior decorating that is interested in joint venturing with you. It's a win-win. You both exchange lists and send out a special offering to the interior decorator's clients and she does the same. You could also just create a special offering and split the advertising and marketing costs.
The key is knowing who your target market is. Learn who they are:
  • How old are they?
  • What is their income range?
  • What are their occupations?
  • What other interests do they have?
If you don't have the answers to these questions it's time to create a market survey and find out this information. By not having it you are wasting opportunities that could increase your revenue and drive you new business at minimal cost.
When you've gathered the information above it's time to so some brainstorming. Who else markets to these people? What other businesses around me have the same target market?
Then pick up the phone and get in touch with these companies. Ask them if they would be interested in joint venturing with you and creating a win-win business situation. If they say no, time to move on to the next. There will be some who are not interested - but to be honest you find more that are.


Thursday, May 16, 2013

The Most Successful Leaders Do 15 Things Automatically, Every Day





Leadership is learned behavior that becomes unconscious and automatic over time.  For example, leaders can make several important decisions about an issue in the time it takes others to understand the question.   Many people wonder how leaders know how to make the best decisions, often under immense pressure.  The process of making these decisions comes from an accumulation of experiences and encounters with a multitude of difference circumstances, personality types and unforeseen failures.   More so, the decision making process is an acute understanding of being familiar with the cause and effect of behavioral and circumstantial patterns;  knowing the intelligence and interconnection points of the variables involved in these patterns allows a leader to confidently make decisions and project the probability of their desired outcomes.   The most successful leaders are instinctual decision makers.  Having done it so many times throughout their careers, they become immune to the pressure associated with decision making and extremely intuitive about the process of making the most strategic and best decisions. This is why most senior executives will tell you they depend strongly upon their “gut-feel” when making difficult decisions at a moment’s notice.
Beyond decision making, successful leadership across all areas becomes learned and instinctual over a period of time. Successful leaders have learned the mastery of anticipating business patterns, finding opportunities in pressure situations, serving the people they lead and overcoming hardships.   No wonder the best CEOs are paid so much money.   In 2011, salaries for the 200 top-paid CEOs rose 5 percent to a median $14.5 million per year, according to a study by compensation-data company Equilar for The New York Times.
If you are looking to advance your career into a leadership capacity and / or already assume leadership responsibilities – here are 15 things you must do automatically, every day, to be a successful leader in the workplace:
1.  Make Others Feel Safe to Speak-Up
Many times leaders intimidate their colleagues with their title and power when they walk into a room.   Successful leaders deflect attention away from themselves and encourage others to voice their opinions.  They are experts at making others feel safe to speak-up and confidently share their perspectives and points of view.   They use their executive presence to create an approachable environment.
2.  Make Decisions
Successful leaders are expert decision makers.    They either facilitate the dialogue to empower their colleagues to reach a strategic conclusion or they do it themselves.  They focus on “making things happen” at all times – decision making activities that sustain progress.   Successful leaders have mastered the art of politicking and thus don’t waste their time on issues that disrupt momentum.  They know how to make 30 decisions in 30 minutes.
3.  Communicate Expectations
Successful leaders are great communicators, and this is especially true when it comes to “performance expectations.”   In doing so, they remind their colleagues of the organization’s core values and mission statement – ensuring that their vision is properly translated and actionable objectives are properly executed.
I had a boss that managed the team by reminding us of the expectations that she had of the group.   She made it easy for the team to stay focused and on track.  The protocol she implemented – by clearly communicating expectations – increased performance and helped to identify those on the team that could not keep up with the standards she expected from us.
4.  Challenge People to Think
The most successful leaders understand their colleagues’ mindsets, capabilities and areas for improvement.  They use this knowledge/insight to challenge their teams to think and stretch them to reach for more.   These types of leaders excel in keeping their people on their toes, never allowing them to get comfortable and enabling them with the tools to grow.
If you are not thinking, you’re not learning new things.  If you’re not learning, you’re not growing – and over time becoming irrelevant in your work.
5.  Be Accountable to Others
Successful leaders allow their colleagues to manage them.  This doesn’t mean they are allowing others to control them – but rather becoming accountable to assure they are being proactive to their colleagues needs.
Beyond just mentoring and sponsoring selected employees, being accountable to others is a sign that your leader is focused more on your success than just their own.
6.  Lead by Example
Leading by example sounds easy, but few leaders are consistent with this one.   Successful leaders practice what they preach and are mindful of their actions. They know everyone is watching them and therefore are incredibly intuitive about detecting those who are observing their every move, waiting to detect a performance shortfall.
7.  Measure & Reward Performance
Great leaders always have a strong “pulse” on business performance and those people who are the performance champions. Not only do they review the numbers and measure performance ROI, they are active in acknowledging hard work and efforts (no matter the result).    Successful leaders never take consistent performers for granted and are mindful of rewarding them.
8.  Provide Continuous Feedback
Employees want their leaders to know that they are paying attention to them and they appreciate any insights along the way.  Successful leaders always provide feedback and they welcome reciprocal feedback by creating trustworthy relationships with their colleagues..   They understand the power of perspective and have learned the importance of feedback early on in their career as it has served them to enable workplace advancement.
9.  Properly Allocate and Deploy Talent
Successful leaders know their talent pool and how to use it.  They are experts at activating the capabilities of their colleagues and knowing when to deploy their unique skill sets given the circumstances at hand. 
10.  Ask Questions, Seek Counsel
Successful leaders ask questions and seek counsel all the time.  From the outside, they appear to know-it-all – yet on the inside, they have a deep thirst for knowledge and constantly are on the look-out to learn new things because of their commitment to making themselves better through the wisdom of others.
11.  Problem Solve; Avoid Procrastination
Successful leaders tackle issues head-on and know how to discover the heart of the matter at hand.    They don’t procrastinate and thus become incredibly proficient at problem solving; they learn from and don’t avoid uncomfortable circumstances (they welcome them).
Getting ahead in life is about doing the things that most people don’t like doing.
12.  Positive Energy & Attitude
Successful leaders create a positive and inspiring workplace culture.  They know how to set the tone and bring an attitude that motivates their colleagues to take action.   As such, they are likeable, respected and strong willed.  They don’t allow failures to disrupt momentum.
13.  Be a Great Teacher
Many employees in the workplace will tell you that their leaders have stopped being teachers.   Successful leaders never stop teaching because they are so self-motivated to learn themselves.  They use teaching to keep their colleagues well-informed and knowledgeable through statistics, trends, and other newsworthy items.
Successful leaders take the time to mentor their colleagues and make the investment to sponsor those who have proven they are able and eager to advance.
14.  Invest in Relationships
Successful leaders don’t focus on protecting their domain – instead they expand it by investing in mutually beneficial relationships. Successful leaders associate themselves with “lifters and other leaders” – the types of people that can broaden their sphere of influence.  Not only for their own advancement, but that of others.
Leaders share the harvest of their success to help build momentum for those around them.
15.  Genuinely Enjoy Responsibilities
Successful leaders love being leaders – not for the sake of power but for the meaningful and purposeful impact they can create.   When you have reached a senior level of leadership – it’s about your ability to serve others and this can’t be accomplished unless you genuinely enjoy what you do.
In the end, successful leaders are able to sustain their success because these 15 things ultimately allow them to increase the value of their organization’s brand – while at the same time minimize the operating risk profile.   They serve as the enablers of talent, culture and results.


Source:




Monday, December 3, 2012

Top 10 New Year's Resolutions for Business Success



Improve Your Work-Life Balance With These New Year's Resolutions

By Susan Ward, About.com Guide

The end of the year is a good time to reflect on your business's progress over the past year and plan how you want your business to develop. Do you want increased success in the coming year or the chance to enjoy the success you've achieved more? These top 10 New Year's resolutions are designed to help you strike a better work-life balance, so you can achieve a truly satisfying success in the New Year.

1) Learn how to delegate and do more of it.
There are so many things to do when you're running a small business, it's easy to delude ourselves that we need to do all of them. Then we wonder why we're so tired and frazzled and have no time to do anything else! Determine Your Personal Return on Investment, and decide to let someone else do some of the tasks for a change. Delegation is the key to a healthy work-life balance.

2) Promote your business regularly and consistently.
Too often the task of promoting a small business slips to the bottom of the to-do list in the press of urgent tasks. If you want to attract new customers, you have to make promotion a priority. Make a New Year's resolution to hire a marketing expert, or take the time to create a marketing plan on your own and follow through. Try some of these Low-Cost Ways to Promote Your Business to get started.

3) Make business planning a weekly event.
Planning is vital if you want a healthy, growing business. Business planning lets you take stock of what worked and what didn't work, and helps you set new directions or adjust old goals. So why do it just once a year or once a quarter? Set aside time each week to review, adjust, and look forward - or even better, make business planning a part of each day. Not only will this help you avoid costly mistakes and stay on track, but you'll feel more focused and relaxed.

4) Learn something new.
What you choose to learn may be directly related to your business (as are the four free ecourses I offer on this website) or completely unrelated. Learning something new will add to your skills and add a new dimension of interest to your life - another important part of achieving a healthy work-life balance. Depending on how you choose to learn, you may meet new and interesting people, who may become customers, colleagues, or friends. How will you find the time to learn something new? By delegating, remember?

5) Join a new business organization or networking group.
There's nothing like talking to other business people for sparking new ideas, refining old ones, and making contacts. Whether it's a group specifically designed for networking or an organization dedicated to a particular type of business, in person or over the 'Net, making the effort to be a part of a group will revitalize you and your business.

6) Give something back to your community.
There are all kinds of worthy organizations that make a difference in your community. Make a New Year's resolution to find a cause that matters to you, and give what you can. Make this the year that you serve on a committee, be a mentor, volunteer, or make regular donations to the groups in your community that try to make the place you live a better place. And those that give get. As I say in Top 10 Ways to Get Known, nothing will seed and grow goodwill for you and your business better.

7) Put time for you on your calendar.
In Schedule Time for You, I point out how important it is to take the time to recharge and refresh yourself; a healthy work-life balance demands time out. All work and no play is a recipe for mental and physical disaster. So if you have trouble freeing up time to do the things you enjoy, write time regularly into your schedule to "meet with yourself" and stick to that commitment. If you won't invest in yourself, who will?

8) Set realistic goals.
Goal setting is a valuable habit - if the goals lead to success rather than distress. Make a New Year's resolution that the goals you set will be goals that are achievable, rather than unrealistic pipe dreams that are so far out of reach they only lead to frustration. If you have trouble setting realistic goals, see Goal Setting Is the First Step to Achievement for a formula to help.

9) Don't make do; get a new one.
Is there a piece of equipment in your office that's interfering with your success or something that you lack that's making your working life harder? Whether it's an old fax machine that's a pain to use, or the need for a new employee to lighten your work load, make a New Year's resolution to stop putting off getting what you need. The irritation of making do just isn't worth it. You'll find information on both office equipment and business software in the Running Your Office section of this site.

10) Drop what's not working for you and move on.
All products aren't going to be super sellers, all sales methods aren't going to work for everyone, and all suppliers or contractors aren't going to be ideally suited to your business. If a technique or a product or a business relationship isn't working for you, stop using it. Don't invest a lot of energy into trying to make the unworkable workable. Move on. Something better will turn up.

Achieving a healthy work-life balance is like maintaining a good relationship; you have to keep working on it. But if you apply these New Year's resolutions throughout the year, your success is guaranteed!

http://sbinfocanada.about.com/cs/management/a/bizresolutions.htm