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

Wednesday, June 12, 2013

Grow Your Business: Friends & Strategic Partners



Grow Your Business: Friends & Strategic Partners 
Your marketing strategy will be more powerful when you build a network of trusted friends. This is a very different category than personal friends. Many women who get involved with a direct marketing line – as well as many marketing pros – will tell you that the fastest way to grow your business is to make a list of all your friends and family, and then start marketing to them first. But have you noticed that when you try that approach, they rarely seem to want to buy from you? It’s frustrating, isn’t it?
So a trusted friend is different. A trusted friend is someone you hold a business relationship with—and with all the advertising we get every day, this is an important strategy. Think about it! Are you more likely to read that SPAMMED email sent to you anonymously, or an e-mail a trusted friend sent, saying they thought you would be interested? Then imagine your trusted friends forwarding e-mail from you to others. Powerful concept!
Trusted friends are business partners who:
• Know your business and respect what you do
• Understand and value the small business owner
• Believe in relationships and referrals
• See potential clients for you in their own daily business
• Will, if the opportunity presents itself, refer business to you
• Are often willing to advertise you on their web site
• Over time, may package and bundle with you
Another way to describe a trusted friend is as a “strategic partner.” Strategic partners are people who are in alignment with your business, and are not in competition; their customers often need what you offer.
Entrepreneurs struggle with this concept. At networking events where I ask, “Who are your strategic partners?” I often hear, “Everyone who wants to be healthy.” Or: “All women are my strategic partners.” No, “everyone” is a lead or someone who might buy from you. A trusted friend mayNEVER buy from you, but is committed to growing your business in alternative ways.
The key is to build a network of trusted friends. How do you do that?
First, determine who they are, and then you will be able to network by asking to meet them.
Once you have met them, it is time to build and nurture a relationship that will turn into a partnership:
• Show interest and care about what your trusted friends do. You must remember to give!
• Keep in touch on a regular basis. Remember birthdays, and milestones. Don’t forget to send things that they will find informative or interesting.
• Be willing to reciprocate. As you meet people, keep them in your mind, can refer to them!
In late 2007, my coaching and speaking business started to feel the effects of the economy. Many clients were canceling business dates, and contracts were not getting renewed. Then, in January 2008, one regular client, who had over 20 days of business already booked in the coming months, slowly started cancelling them all. Suddenly I had no revenue, and I was worried about paying my team – let alone paying myself.
I reached out to my network of trusted friends. Through working my relationships with them, my business is now better than what it was projected to be.
I commonly hear small business owners say, “I just do not have time for it, Ann.” I am glad I took the time to build a network of trusted friends, because the payoff is tremendous! So make time for it, and you too will benefit!

Source: excelle.monster.com

Thursday, June 6, 2013

Why Your Team Matters More Than You



Ilya Pozin, Contributor


Contrary to popular belief, the success of a business isn’t ensured by an amazing CEO or even the work of a few all-star employees — it’s all about the team. Even without your key players, your business should function without change.
In light of the recent news regarding the health of Google CEO Larry Page, companies everywhere should be considering how their business would function if their CEO stepped out of the picture. Would you “keep calm and carry on” as usual, or would your company take an irreversible stumble? One thing’s for certain: a strong team will keep you afloat in a variety of both foreseen and unforeseen situations.
The future of your company shouldn’t depend on you–whether you’re the manager, CEO, or unanimous company superstar. It depends on a well-rounded, unwavering team. But working for your team, rather than having them work for you, isn’t so simple in the heavily structured, management-focused settings companies have come to thrive in today.
Kick your bad habits and put your team first. Here are seven ways to ensure every employee is able to step up to the plate without a second thought:
1. Build a strong foundation. Set the teamwork bar high from the beginning. If your company culture and mission don’t encompass the power of team-focused efforts, there’s no way to ensure your company’s strength will lie in the team. Your employees need to know that you work for them, and not the other way around.
2. Empower your employees. Every one of your employees has something they can bring to the table. Since you work for your team, it’s your job to find out where your employees excel individually. Highlight their strengths and challenge them to set an example for others. This will not only increase their interest in staying on top of their game, but also motivate them to live up to their reputation. Even when you’re not in the office, they’re still going to want to retain their image.
3. Establish goals. You can’t have a team without a vision. Throw out the idea of your employees acting as task-doers and let them collectively achieve goals within teams. Establish your company’s teams and give each one a goal to accomplish in a short timeframe. This will allow your employees to focus on the big picture, rather than accomplishing smaller tasks. Working toward team goals will benefit your employees sense of ownership and responsibility — positively impacting your company from the inside out.
4. Learn to delegate. Place your trust in your employees. If you’re a micromanaging perfectionist, you can kiss your team-focused culture and project ownership goodbye. Set your teams on the right path by delivering the big picture message and the measurable outcomes — the rest is up to them. Your delegation efforts will allow them to work creatively to get things accomplished, and they may even surprise you in the process.
5. Let them figure it out. If you swoop in every time there’s a problem, how can your employees ever solve things on their own? Giving orders to your employees may seem easy, but it leaves them out of the decision-making process. Stop telling your employees what to do and start asking them how they would do it themselves! You will immediately increase team autonomy, responsibility, motivation, and create a powerful change in the way your employees make decisions.
6. Recognize their efforts. Praise is the key ingredient for boosting motivation and engagement. Want a more inspired team of employees? Tell them what they’re doing right and encourage them to continue onward. Too many employees think of their manager or CEO as the most critical member of the company. Remove this stereotype and be the person to give the necessary pat on the back. This also makes the occasional call for improvement easier to swallow.
7. Remove hierarchy. Your teams don’t need a manager, I promise. “All for one, one for all” should be your employees’ new motto. By removing the project manager or supervisor, your staff will feel empowered to work together as a team and the structure will form naturally. Your employees will want to go the extra mile for the good of the entire team and the accomplishment of a goal. Why? Because there’s nothing worse than letting down your entire team.
If you let the power of your business lie in the hands of one or two people, you’ll be certain to fail in their absence. Build a team-focused business to keep you afloat under any circumstance.


Source:
http://www.forbes.com/sites/ilyapozin/2013/05/22/why-your-team-matters-more-than-you/

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.


Monday, June 3, 2013

Does Your Business Have Strategic Partners? Why Not?



Dave Lavinsky, Contributor 

One of the biggest mistakes business owners make is trying to do everything alone.  To combat this error, business owners must hire and train the right employees. In addition, they should leverage strategic partners.
So what is a strategic partner? A strategic partner is another business with whom you enter into an agreement that aims to help both of you achieve more success.
Below are several types of strategic partners that you might consider for your business.

Strategic Marketing Partners
Effective marketing is one of the most important keys to a successful business.  Without a proper marketing strategy, customers will never be aware of a business or its location, products, or services.  The problem with marketing is that it can actually hurt a business if done incorrectly (for example, if adverting costs exceed gross margins from advertising).
Developing strategic marketing partners can help you grow your business at a very low cost. For example, if the partner is in a complementary business, you could refer clients between one another. Both partners would increase revenues with no additional advertising costs.

Strategic Financial Partners
Strategic partners can fill a number of financial roles.  They can be accountants, bankers, investors or financial advisers. Their purpose is to help monitor the flow of your business’ money and come up with new solutions which increase the amount of money available to you.
Revenue is the life blood of any business but keeping a constant eye on the flow of money can be a full time job.  This is why financial partners are incredibly important.

Strategic Suppliers
Nearly all businesses will end up dealing with suppliers at some time or another.  These partners can be manufacturers, distributors, or vendors and they will supply your business with everything it needs.  These needs may range from complex raw materials to simple, yet critical every day office supplies.
Developing strategic partnerships with suppliers has a number of benefits.  Working closely with suppliers will ensure that everything is delivered properly and might even lead to special discounts and lower prices. Most importantly, strategic partnerships with suppliers could result in them creating new products tailored to your specific needs that give you competitive advantage.

Strategic Technology Partners
The modern world is heavily reliant on technology and no business can hope to succeed without strategic technology partners.  These can be the people who set up and fix office computers, who design and implement office networks, who create custom software to allow your business to run more efficiently, or even the people who design and run your website.
These partners are incredibly important and developing a relationship with them ensures that your business has dedicated technology experts (particularly if technology is not your core competence) who understand the specific needs of your business.

Building Strategic Partnerships
The first step to building a strategic partnership is to identify which firms could help you achieve key goals (e.g., get more customers, lower fulfillment costs, etc.) and/or otherwise give you competitive advantage.
Then, start reaching out to these firms. While it will take time, once you secure these partnerships, your business’ revenues and profits can start to grow. And, if you make these partnerships exclusive, you can gain critical competitive advantage.

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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.


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